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Full Show 7-23-18

Jul 23, 2018|

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This is the financial exchange with the Barry Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chunks. The funny thing here on the financial exchange. Areas out for the week so you've got shocked and Mike we've got talker here as well. Big big week for earnings we've got to hold on to companies reporting this week about 40% of the S&P 500 reports that you are beginning earnings updates all week we got a whole bunch of data coming out this week. Including I'm I believe it's Thursday. We end up getting the first the advance report of second quarter GDP that is coming out on actually knows that Friday but it's 27. I bright idea for product coming out on Friday so we get back coming out later this week we've got a housing data that's out today. Now that just came out there we're gonna get two and a little bits. But we begin today with a big shake up at the Helm of a major auto maker. With Fiat Chrysler. Replacing Sergio Marchionne he as the head of their company. Due to health struggles as I guess he had. Surgery a few weeks ago when done now being pushed out after. August of health problems have Bo worsened in in recent days. Yeah and that there must be more to the story that we're seeing Beazer is a shoulder surgery that an idea shoulder surgery can be serious and there can be complications and its complications from shoulder surgery that are causing him to retires there must be you know much bigger either health issues there were other concerns but nonetheless. A very. Quick and unanticipated. Replacement of the CEO. And stock doesn't really love it right now stocks down about two and a half percent. Yeah and it in obviously this is unexpected. In in particular for a company like Fiat Chrysler. They're somewhat at the center of all of these trade issues that are going on now whether you're talking about tariffs on aluminum and steel potential tariffs. On. You know imports exports of automobiles. This is a company. That is really at at at the core of some of those issues and really at the epicenter there. And so. Then the new leadership is going to have to make sure that they end up you know charting the proper course over the next six to nine months I think. Obviously you know that they're not. Bringing someone in from outside to bring in somebody who is familiar with the company again who someone who I think you said it brought in the Jeep brand under Fiat Chrysler for. And a number of years now but this is you know a big shake up for a company that is Pentaho Blanche struggles over the last decade to I mean. We we've seen GM really get itself. On yourself putting in terms of being a major US auto makers of Chrysler again had to be sold to Fiat in order to kind of keep itself afloat they've never really. Gotten things together complete. Since they have and they're there in this kind of strange place for their a smaller sized auto maker they're they're not Toyota they're not. Four murdered in General Motors and they're they're trying to adapt to the quickly changing industry you know it is all of the competitors are making big investments in electric vehicles and self driving vehicles and dad he had just isn't of the scale to build it do that. And I do wonder if you know one of the there what I figured was indeed a big legacy of Sergio mushy on was he was gonna sell the company he'd been looking for a buyer for years. Knew to be hinting around that and just never carry quite came to fruition and they're kind of a crossroads where. If they don't make these big investment at this point I could see them falling even further behind pretty quickly. Yet it's company that has a whole bunch of issues they need to sort through it and the problem is as you mentioned. If they don't move rapidly enough that they're going to find themselves in a very difficult spot so this is something that you caught us by surprise that he first autumn pick any of us were expecting it. And will continue to follow this as we get further developments. If anything continues. You CEO Mike Manley who has mentioned re in the Jeep brand for several years ago man that's old news we have right now on. Wouldn't be a Monday if we didn't have some president trump tweets talked about in this case we got I think this was. Late last night 11:24 PM we got a well it was in all caps tweet to be president of Iran now historically. This probably would have been handled BO in you know back room somewhere and talked about you know through back channels and this and that. But in the 21 century 2018. We get a no. Two or three sentence all caps. An explosion of flavor that says and and I quote this is from the tweet. And this is against all caps never ever threaten the United States again and you'll suffer consequences the likes of which few throughout history have ever suffered before. We are no longer country that stands you're demented words of violence and death be cautious exclamation point. This isn't all that different from the stuff we saw with North Korea last year. It was time it's an all caps it is a new series always it is you know he's not he's gonna know usually it's the capitalization easy strange words capitalized but in this case we have all capped a full suite it's also it's on CNBC as we're talking about the so we're not the only ones chat on this. I I I look at this and I say it it is that classic Shakespeare on full of sound and fury signifying nothing. We we've seen this before we saw this you know six months before it came to the table with North Korea. And until there is a change in action I kind of interpret this is a whole lot of noise is not much going on. I do I guess is well I mean I guess. I'm not in the president's position by you know I wouldn't probably even dignify it with a response days these kind of historically Iran Iran has just off the deep end and you just kind of ignored them because it'd even dignify them with an answer attention seems to be what they're going for here. And I don't know where we'll see what comes of it again a it's a similar situation so with North Korea similar sort of language. Oil markets are terribly happy about it. What an and here's the key difference between North Korea and Iran is Iran does have a central place in world oil markets not just because they produce oil and our nearly. Significant and not a huge producer of oil the nearly produces significant amount that but because of where they sit geographically and specifically with regards to what's called the straight formulas and this is an area to waterway. We're about twenty to 30% of the world's oil is typically transported through on any given day and the reason why it is. Something that is important when it comes to new. World energy's. Iran has the ability if they wanted to either block he in this area sink boats and at whatever they wanted to do. They could potentially cut off a massive amount of oil supply coming from other countries through the streets. And it does have the potential to significantly disrupt world oil markets because there is not enough pipeline infrastructure out there. To pump this a little weird needs to go. Right now there is not a you're seeing that reflected you know price of barrel oil sent the dollar right now about one half percent. Day two when when the trump pullout of the the Byron nuclear agreement that was a couple months ago and also wants it back in May yeah we're in that ballpark outside main. Things are heating up mayor as we get closer to the point where sanctions and go back in place for a seem more of this returned back and forth and it's. Mean. All else aside it's likely to Jack up oil prices as you have these you know concerns it in. And we've seen Iran historically has threatened to close that straight under in on multiple occasions the most recent actually being earlier this month big about two weeks ago it came up but this is something that is going to be in focus. As you know these tensions really continue to ramp up heading towards. The US deadline for countries to stop importing Iranian oil. Which is later on this year heading into the fall. Mean and enjoy about talk about destabilizing effects I mean I don't wanna deal with four dollar gallon gas again by. They have far more damaging to the Iranian economy that it would be the US economy did decide to close that up. Let's go from something that's you know somewhat serious to something that is incredibly serious and that's golf. Because you know the if you if you were watching the British Open yesterday and and I was Mike I don't know if you were you know you're not golf fans prefer tennis Sino. Tucker I know you were watching Nelson John I was just at 7:30 yesterday morning watching. And I'm curious yet have you seen any readings for this yet I have not yet. I'm very curious to see what the ratings look like for two reasons number one you that he really crowded field in this British Open at the end I think they were in separate people yet in one or two stroke the leaderboard you the the winner. The other is US Tiger Woods making a run on the the final day of major torment for the first time in. 67 years probably yeah it's. And while some series and that close of contention for major in it in and the reason why we bring this up today is. Financially golf courses golf equipment manufacturers golf retailers they have all struggled since Tiger Woods has. Well not been good golf and. Yes you know like old acting obviously with the controversy around them and having more importantly just the recovery from his back injury which it was a devastating back injury. I think that's the biggest story line. Tucker your your big golf guy via. What is art and what on those a year your scores are large to do battle like that aside for now what is the reason wind none of these other guys have been able. Kind of build the following the historically we've seen the top players like there's no Barney's army there's no you know people following people like Jack Nicklaus this. You don't know what everyone looks at Jordan experiences with these really Japanese get a great deal from under armor but. I don't feel a connection that. A lot yet just feels like a rotisserie of consisting guys but nobody to really pull away from the pack you have Rory McIlroy Jordan's speech Jason Day. Rickie Fowler he's a guy without a major. And so on and so forth Justin Thomas and not a guy. I don't know it just not a lot of personality there it seems like I mean. I think that they flammable Watson got a bubble Watson's decent personality but she is never great reputation amongst you know I disc golfers in. You know film across and it looks like he beat another golfer each is getting fatter and fatter. I think the biggest falling out there's dust Dustin Johnson. But he he's kind of a choke artists and he's a little inconsistent he's yet. You get to win a major as well correct don't you guys yet he finally got one was a last year two years ago US open. Yet he he does have a major he's got one yet so. I look at golf and I say that they need that next door to kind of carried things forward and they don't have now. I think that the quality golf you see is generally. Really good but you just you don't see anyone who has that star power Mike Woods did and yes today you know. The winner of the British Open Francisco Molinari. Odd that didn't help I'm sure golf overall is upset about that behind closed doors because just every bush is like how who. Who want right pro America area of our guys I've played well but yet you know if he doesn't have you know the market in its. He doesn't. You need that person who's going to transcend sports do you see this with big sports figures who you become the face of this guy you see with Michael Jordan you sell with Tom Bree. You saw with Tiger Woods you saw with you know Bobby or Wayne Gretzky. Don't see that with Justin Thomas you don't seem right Rickie for our like they're great golfers they're great guys don't deny that and you have that. Factor right they just they don't have it so this leads us to our trivia question out of Akamai Owen Monday holy crap. This brings us to our poll question of the day. Up right now on financial exchange showed dot com. Did you watch the British Open simple answer yes or no we don't even know how much you watched but did you watch the British Open. Go to financial exchange showed dot com and let us know if you watched and we'll check in with some results a little bit later on. Quick break here when we come back and talk a little bit of Tesla and GE on the back said this break on the financial exchange radio network. Have a question for Varian jock. Now you can text us at 63566. And take part in the show at any time you start your text through keyword battery and join our exclusive club. This is the financial exchange radio network. If you Google passive protection planning to get more than six million results priceless to make sense of all that information. The answer is you shouldn't would you need to do is called Cushing and Dolan the experts and elder law they've written a brand new guide told top misconceptions about Medicaid you're applicable trusts this guy details thirtieth the most common misconceptions about using irrevocable trust to protect your assets did your free guide by calling 8668485699. Many people have concerns about how to access their own money if their kids or their trustees and about paying higher taxes if they want their assets to be unavailable for nursing home costs these are just a few of the myths that Cushing -- Dolan reference in their new -- the top misconceptions about Medicaid irrevocable trusts Cushing in Dolan has been helping families like yours for nearly thirty years call for your free guide today at 8668485699. That's 8668485699. You can also downloaded right now on our website and legal exchange showed dye job. Are you having problems the blocked sink or drain. What a leaky Foster a shower. 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Security suffered through securities America income members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. The financial exchanges all over New England to go to financial exchange showed dot com and search for the station closest do you. This is the financial exchange radio network. Talk a little bit on Tesla hear me out report emerged over the weekend. And this is according to a memo that was reviewed by the Wall Street Journal. That was sent to a supplier last week effectively. What what I've gathered from this is Tesla requested. That the supplier return lead meaningful amount of money that they paid for goods they've already balked since twenty sixteenths a pretty much hassle saying. Hey we bought parts from you. And we want some additional money to be given back to west for the parts that we bought that would prince who bought the. And lets you know confirm a few things here it's not like hey you know went through their books in us away we actually sense extra payment to we overpaid for this. Your specific item or even hey you know the negotiations. Were done in bad faith or something like that. This a case where they had pre negotiated contracts presumably they paid the company's for the supplies that they brought and another going back and they're saying hey we're really have a tough time meeting or profit numbers we need you give us some money. So a couple things standout while with regards as number one I've never heard of this happening ever. It doesn't mean that has happened the chair leg is so eight I do want to be clear on that just because I haven't heard of it doesn't mean that it has happened before. But this is a Tesla problem a purist supplier for Tesla. This is not your problem well that just made. Your problem because today if presume the good and the assumption here is the presumption here that I'm making about Tesla is. You have to be in pretty bad financial health. To be making these sorts of requests from your suppliers be you know it's gonna get out and it's going to be embarrassing for and it's gonna make negotiations down the road difficult. And so do the supply you looking at this and say well this wasn't my problem but you know maybe test is my biggest customer by far. And maybe they're not going to be in business and it. An Intel it if the company has drilled that well too deep and said look we'd just wanna be a supplier to Tesla not supply anyone else. That's that company's process does not test a position so. If if the company didn't diversify its revenue streams and didn't set up the right channels say look if if one of our beer companies that we work with goes out of business we still have a company after this. That's a problem that they've existed independent of tassel her so well when I look at this I see. It if this turns out to be true I see it potentially being a real negative for Tesla the future because. If you're company that says gee I really like what Elon Musk is doing and an interest in doing business the business with them. How do you northern Arctic asking for money back in the future. Half. I mean I'd yet that that's a guess exactly my point is if you're supply and you're going into the into the boardroom to go and negotiate a contract with Tesla. You're going to be a heck of a lot more scrupulous on the details of you know. Exactly what the payment is when it's due and how it's going to be prepaid at this point you're gonna be asking for much stricter terms than you normally would. And I think it's one thing if a company in and we see this all the time I'll give you a couple examples apple is notoriously difficult to negotiate with because. They know they are the big you know the biggest company in the world when it comes some of the products they make and so. They will put the screws to company and say look for this next batch of chips for the next batch of screens whatever it is this next batch of computer case it's. We need you to come through XY in Zeev pricing on this time line and and Nokia A company is AG we don't wanna do that but will do because we have no choice. They don't go and say. OG all the stuff you made for us before give us money back for now you know it's one thing to be demanding. For business that has yet to be done because you're setting the terms up brought you saying look this is what we need in order to come through. When you're going back and saying hey we bought the seat belts from media for X dollars and we bought these brake pads for Y dollars. And then you say that now we need a percentage of that act. Whether or not it's happened in other companies. It's not a good look from a business course record dinners and it's. It's not a good look from a business perspective so. That's my the I don't know if this happened some morals before they've our listeners have seen this in in companies before I'd be interested to know just because I've never heard of it but it it might be just as in maybe this doesn't make news of its not a company like tassel. But I'm curious to know if there's any. Any truth is happening at other places previously. And invade talking about it Tesla is down I mean they've been having some struggles recently yeah of the stocks down below 300 bucks a share at this point about. 5% down from where they opened urban close on Friday. It keep my back in June the stock was trading at 383384. This is a pretty big fall for them. They have a lot of benchmarks to really ahead of the next few months and this is is that bad story for Tesla. We still haven't seen any information from tussle about any capital raises or anything coming in the future we now live what is it there and act. Billion dollar month cash earned that right billion dollar quarter mile and a quarter cash and debt as of the last quarter that about two point seven billion on hand in terms cash though. The thought was that if that cash burn continued. By the end of this year they would likely need a cash raised now we don't have updates based on you know some of those model three orders converting into deliveries. Whether or not their financial burn rate is Neeon decreasing or increasing right now. They report earnings believe it's next week or maybe two weeks from now. Let me see when it is going to be 81 so that's August 1 and yet they report earnings. A week we have big one coming up next Wednesday so I think that that was going to be really interesting to watch but. Hopefully getting a little bit more clarity about where they go in the second half this year is. Questions right now there are. Quick break here when we come back we're talking GE progress on their cost cutting and also. Lobster prices going down not good for lobster and developed Jewell might be cheaper for you right here on the financial exchange radio network. Life goes on FaceBook and followers on Twitter. Show breaking business news is always first right here on the financial exchange radio network. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently. In believe me. I've had all kinds of trouble trying to get people who can come in and do capable qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. All easy plumbing. 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Toy makers in the news today because of earnings of start off first with Hasbro Mike what's going all of them Dresser has reported earnings they add 48 cents a share for the second quarter which. Beat the consensus missed by quite a bit yes there was about two point nine cents. Revenue is above forecast again all these numbers have actually been declining they've had a pretty tough year this four thus far but everyone knew there and have a tough year because of the bankruptcy and liquidation of toys are so these. Last few quarters have been pretty important for these companies Hasbro and Mattel. Mattel didn't report earnings yet it has bird did in them tells me because at that. Effectively the numbers were not great but heck of a lot by the most analysts had been anticipating Casper right now is up. Twelve dollars and twenty cents a share nearly 13%. On these this news here and Mattel via just being competitor of theirs and hearing the news about 4% on the news. There's a lot of conjecture going around you know in this particular market right now that because there is no longer in nationwide toy retailer yes there's still Wal-Mart target. But Hasbro and Mattel might be able to go pick couple of these smaller reach you know like the smaller Torre companies so. Back in June has actually acquire Power Rangers and the theories that you might see a little bit more of that as they pick up fewer items for sale. I never watched powering fall I sweated our Anders you did all. Aria I was more an eternal god audit puts them wolf come on and Ortiz will you ha ha. Power Rangers please talkers the and Power Rangers button and I'm the last guy dream was about there is some conjecture out there that. And India Italy a lot of consolidation in this specific this relatively narrow industry. Hasbro and Mattel doing quite well today. Good start a little bit of General Electric and they reported earnings last week. The stock did move up on the news because the stock doesn't really move up on any news or regardless of whether it's good or bad it seems. Today continues to watch decline down below thirteen dollars a share down to 1295. At the moment. And I believe the 52 week low is around 1260. Years somewhere in that range or been a couple percent of the 52 week low here Ford GD. You know they they announced last week they're continuing on their cost cutting moves that they're trying to shore things up on their power segment which just is not very. Not very good and nice way to put it right now. Then where does this company go to big if any clarity as to any growth engines for them going forward. Engines I mean is they've announced that they're really trying to focus their only have three major operations we jet engines electrical power generators and wind turbines. But your are right this spin it yeah. That's what GE does they have things that space affect. Which you know they have these very profitable business is that health care unit was doing quite well that's not where they wanna focus their time and energy and goodness presumably spend that off. Hey there main focus has really been talking to us about how they're going to. Cut costs. Get rid of much business units and really drive growth from these three main areas. But I did general consensus seems to the we're not to give you any benefit out until we see growth coming in from from my. You've got to sell more stuff. Year over year and they have yet to show that they have something that is a cure Procter killer app. That will allow them. To gross sales year after year right now and you know that they're jet engine sales are good they make great engines there in the of the the bulk of the day there one of the major engine suppliers to both Airbus and Boeing. What's what's the next think it would do what you can only build so many planes are given year down and what are the big issues right now actually is that. What these engine plants actually campers engines quickly enough to meet all of the demand for planes and so. You know you I look at this and say okay like. You you got to kind of picked things up and get things moving. Because you know that that's a place where maybe could have growth but you're if if you don't get it while it's there. It disappears eventually the economy slows down those orders go away you've got to strike while the iron is hot. Just not sad man is to stay for the US now or whether it scares me is I've run into so many people who invested in GE for 4050 years. And and unfortunately these days the good advice that a lot of people were given from parents and family members as hey this is your G stock it's yours don't ever sell and manner Ira to a lot of people who that's been you know that's been and we not a don't sell G. I think they need new name. General Electric is not a bad idea in in I don't think it's because people won't buy their products I think it's because it's a tough sell when you are recruiting today. There if if you're going up against if you're trying to get top talent from kids who wanna go to Microsoft to Google. To snap jets may disappeared pictures which are weight less valuable than jet engines but that's a whole another story. You have to be able to compete on a brand level from you know from recruitment standpoint. And I just I I don't know with GE has that cachet right now and I wonder if changing their name. Could help them so it's something that I would consider if I were any leadership position. I don't know if they've talked about it but I avoid mention this one other time before that was of Dunkin' Donuts as of this change their name just Duncan. Well a couple of years later the city were changed their name and our branding to dunk it. So watch this is have been right on these kinds things before I ask the General Electric brands. Really tough and if you went when you're talking about a kid who's eighteen years old and he said hey go work for GE USA I don't wanna build washing machines there I want oval toasters and you know. That's not all they do but that's what kids think of when they think of GE. So it's fair folks were all trying to think outside the box when it comes to giving gifts for special occasions of this year. Currency cult leader bank a bank while what I call bank for gift wolf first you're Smart person and second because you've heard me talk about leader banks incredible assortment. Of precious metals you can visit all leader bank locations from Arlington to the seaport in Boston and they've got one ounce and 110 ounce silver and gold bullion points. All their locations and other precious metals are available upon request. These kinds of purchases can be a Smart meaningful investment in addition to being a great gift for someone you love. Cult leader bank today 8776917900. Learn more about their precious metal collection that's 8776917900. Or you can visit the online leader bank dot com for more information. Not a deposit not FDIC insured not insured by any federal government agency. Not guaranteed by the bank and may go down in value leader bank a step ahead. So lobster prices are down. Why they'd why are terrorists. With you know any price fluctuations that we're seeing these days it all seems to be about terrorists but pretty significant drop just a couple of weeks the the short prices you know what the now what we're pain at the storm with the dealers are paying the lobster man yeah about two weeks ago it was. Between five and 525 pound we've come down to 375 to 380 pound. That is a big he'd be dropping short yours Tony 5% dip yeah. The main thing here is China has imposed a 25% tariff on a number products but Chris stations happened to be one of them lobsters. Crabs you know other types of vast seafood and good for us I guess in a good third for us that wanna go bio lobster roller ago we don't have a clam bake that. Lobster and Fiona right. It in it's it's tough business to begin oh yeah because it's you know it's it's an industry that has a lot of competition now in particular from Canada. You know and other kinds of lobsters and so forth and of the Canada and the EU have a trade agreement. That lowered tariffs on Canadian law strikes and that's something that also BO hurts US lobster men at this point. But right now you've got lower lobster prices than just couple weeks who normally the price drops midsummer anyways just because this is when Hofstra and shedding that exit skilled in the get the soft shell ones which are. Where it is desirable the hard shell ones that come in the mid to late spring and into the early summer but. It's it's still tough if you are lobster mansi nearly 20% decline in what you can get for your couch just couple weeks later. They were on SIA have banner read one of the beaches this weekend for 499 pound and then restore wow really. Interest she acts should reflect in restaurants though in terms of you know the lobster rolls of the world IBO well then they'll just that same market price and yeah and honestly like I never order it. Because I don't hear tonight I orderly you tell you what it cost usually regularly three to five them across the the course of the summer because like. It could be like seventeen dollars one place and 35 and enough decked and you just don't know us like go to the dependable places I know when I get them but. I haven't bought an awful ops two rules to be a Lucy you know what whether I actually don't studies. Let's talk well. Yeah let's do this now let's talk me we've got two and a half billion pounds of meat that is piled up. Ian. In these warehouses right now. Because. Exports have slowed of you know meet we're talking anything from chicken to red meat you know whatever it is livers we've got all these meat that's piled up because we've got bumper BO my years for pigs and chickens. And we've got trade concerns that means that international buyers aren't necessarily buying those pigs and chick once again comes downstairs. Decade we haven't figured something out on NAFTA and this is him put a lot of our. Meet prize for go to Mexico is they're not going there right now by and large. It does that surprise by this point. This was from the Wall Street Journal US consumers' appetite for meat is growing. I didn't think that it was that attitude their eyes and I thought that US appetite for me on a per capita basis was actually shrinking. That I've I'm gonna look at some numbers surprised by that does this mean we're cheaper bacon. He almost anyone done a bacon study you know I saw I haven't seen some pretty good prices at the grocery store I had you know grass fed organic. Ground beef 59 map pound that's good that's usually close to nine box if it's organic grass that no I really good prices I've been seeing lately. That is good. Let's take a break when we come back Brad Hawpe now from wobbly is gonna join us. And talk about retail sales in the state of Massachusetts that's coming up right after this break on the financial exchange radio network. Join or brand new tax club by texting the word 26356. X send your first and last name and get involved today you're listening to the financial exchange radio network. Hi this is very Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamlined the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered there information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and even send out annual interest payments directly to the -- -- called the Z deposit team to get started at 7816418691. That's 7816418691. Or visit them online at C deposit dot net member FDIC leader bank step ahead. Getting up before the sunrise definitely makes you a morning person identified problems and you get a head start on -- let them hi this is very arm strong I'm up early every day helping advise my clients about their problems one of which can be understanding that fees associated with mutual funds there are management fees twelve B one fees and reinvestment fees among others they can have a negative effect on your portfolio let my firm helped you make sense of these bees by requesting our free guide it's called the hidden cost of mutual funds call 803934. Zeros or one to get your copy today at 803934001. Or download it right now. At Armstrong advisory dot com. Securities are for it to securities America incorporated member finreg SIPC and advisory services are printers securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated hybrid. Buddy it's very Armstrong and I'm joined by estate planning attorney Todd Lipsky. From the law firm of Cushing and dole and for your legal exchange quick tip of the day we're talking about Medicaid. Irrevocable trusts Todd. And one of the concerns that I hear from listeners is that. People are afraid of giving up control to their trust B when they use these herbal global trust. Is that in fact valid concern. It is not a valid concern but that's not a good enough answer let me help you understand why it's not. First and foremost. Their concern is that way because they're not serving as trustee right and they can't if they want the protection. From the nursing however two things they need to remember. One. During their life. 95%. Of the things that need to be done with that trust. Will be done by them so they can still make the investment decisions talked to the financial advisors to make the investment decisions like our house yeah so. So all of this stuff can be done by them. There's only about 5% of the time that we need a lawyer. Or is that not a lawyer the trustee to do anything is a trustee opt in one of the children idiots it is and so that's another good point that it normally it's a child. And the last that the number two reason you don't have to worry is they retain the right to remove and replace the trustee anytime they want. So there really still what the boss that's nice folks if he'd like to learn more about the top misconceptions. Regarding Medicaid durable global trusts. Call Cushing in Dolan to hold free at 866. 8485699. If you let that guide right now he simply go to their website which is legal exchange showed dot com. Legal exchange showed dot com or call the couple free. 8668485699. The financial exchanges live 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. Leaky shower heads and a lack of salt water. Not really the way you wanna start date don't let troublesome plumbing problems affecting daily routine. Call easy plumbing and let their team of experts fix it bill be there on time and when they leave. The bees if they were never there easy makes it easy call easy calming at 781862. 1190. Or visit them online at easy plumbing MA dot com mass master license number 10183. Subject always doing something really interest in here and I I go back and forth between whether I think this is good or bad but. I've kind of tended to push towards the good side of things because I like to edit in a city as you left chipped away. It is because Iowa particularly. But what they're doing here is they're gonna start selling meal kits at a 150 locations. In the Atlantic. Area and what exactly is in the I mean it's effectively what you're getting from a blue apron. My assumption is you know we don't have a ton of details on exactly. If it's gonna directly to me to meet the blue apron cell is that they were using fresh ingredients and it's relatively healthy I mean that does mean it's all vegetarian day it's it's not deep fried chicken with Mac and cheese and down. That might be what we're getting here among other things. It's gonna be cheap PRA it's fifteen bucks I think for the two person meal 1589. For two person meal. It'll obviously beat chicken centric and they're testing and out and their locations in Atlanta which acts this was the most surprising part of this article. They're selling the meal kits at 150 locations the Atlanta area. Personal I didn't realize they had a 15150. Locations in what I say Atlanta area alone it's incredible. What's interesting about this is I thought about just from the perspective of overall when you think of one of the being gay. He entrances to fast food sometimes. Affect you have to go get it. And so. From my respect to wonder if more companies would take a look at this like you walk into McDonald's and I don't know if you've been in any of the the new McDonald's that they kind of retro fitted and updated for the new look at. They got a ton of space in the east and I almost wonder if they just near a bridge on one side with you know oh here's you know frozen burst here's frozen nuggets. And you can go just by exactly what you would have eaten at the story anyways. And just be able to have at home you can make now I think it's healthier anything but just yet it's another way that people can get your product. Yeah that that's not a bad idea I don't. I don't see if fast food company work and the mutiny the mule kicked solution. For some reason in my mind. And maybe I'm in an opinion on the majority here that's when I go to faster place and drugs and is paid out and it's disgusting and knocking them. Do it frequently. We'll see what they do I mean. They're they're Russell there's triggered upon the chicken enchiladas. Pan roasted chickens flat breads so maybe it's going to be healthier than what you can get in the store. They're also entering a market that is flooded with competition attempt. I was that I had BJ's yesterday and they had a BJ's version of home delivery mucus. They got never Wear their their whole foods they're wegmans that they're everywhere at this point now. And I I do just like that it's it's a company and saying look we we still are going to base on products that we know yet but it's a different way to get into the hands of their core customers and I think it's it's it's an interesting approach and I don't know Tucker do you remember Andy have you ever seen this from a fast food company before like. I'm a meal kit yeah no nos the first that I've seen the east. I'm trying to think of anything comparable I mean I know of some there's some local restaurants around here I can think. That. You going to buy their products and you can also go to the free agent pick up like frozen in only item in there and sharing rules all the time that's not fast food noted that I'm I'm I'm saying aria you know there's there's restaurants that it via built products I mean you see that near bread soups and you know you Kirsch restores or something like that he knows where we're. Tournament a few stories there that usually at the prepared launch. Section. Yes it's an error and know that there does W spring rolls -- all their rumbling to life. Every time I seen its appeal to skip to more boxes you know elaborate yours you know ball floats. Rattled it off whatever. But I haven't seen it from a company like it successfully able to now work. It's interesting approach I mean they're capitalizing on the popularity they just got named the number one yeah aid. Most satisfied. The best fast food restaurant chain yeah. And so I think they're just kind of thrown everything at the wall and seeing what sticks it's just off the top my head in terms of fast food I you were call seemed like Taco Bell taco seasoning. And taco shells. In a Taco Bell branded. Product at a grocery story but that's off the Thomas had. We're getting a couple of Texans apparently little Caesars had meal kits at one point early six of three is texting in him. Maker competes obviously I would imagine something along those lines are. But that's the only one that I have here at the moment. Let's take a quick look at our poll question of the day coming off the phenomenal British Open. Yes today our question was did you watch the British Open it's up right now financial exchange showed dot com poll question is the British Open is there. Tucker what kind of responses that we. Yes 67% ever listeners opted not to watch the British Open or your great ornament or even shut down and which surprises me especially since it was early. You know given the time change wasn't recognized the morning sports on the weekends at the aria I thought it was great of the cardinals and awhile of the Premier League stuff that's on yet however sat down and I'm in the morning's open. 9 AM and eleven and it's got two games before noon and it's it's Phnom you get the rest of the day audience yeah it's good stuff but so only about sixty or about 30% of people watched the British Open according to a poll questions so far. You can head on to financial exchange showed dot com and vote there. And makes you participate just because obviously you know. Golf has been a business has struggled over the last decade since tiger's dominance ended. And with tiger back yesterday and with the very crowded field. I am I'm still thinking around trying to find ratings for this thing and have been a common later today or Tuesday. Most we might have to wait a little else out Q here's our eyes peeled whatever I I did see some numbers for off for Saturday. We had a five year high for open ratings on Saturday. Came through with the two point six rating. Which was up 8% in twelve pursue arms are up 24%. From last year so we'll see what Sunday did. All the time for this power of the financial exchange we will be back in just a little bit. With a whole lot. It's not too late to get a great grade and home mortgage leader bank specializes in a wide variety of purchase 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 lead 776917900. That's 8776917900. Or visit leader bank dot com member FDIC's equal housing lender. And MLS number 449250. Subject to credit approval leader bank a step ahead. According to consumer reports nearly 15 of available mutual funds have raised their expenses over the past five years a mutual fund with higher expenses doesn't mean you'll get a higher return Armstrong advisory group has written a free guide to help you understand these these so call 803934001. And get yours today call 803934001. Or downloaded right now and Armstrong advisory dot com securities arbitrage securities America incorporated an advisory services are registered as America advisors incorporated member of general as a PC Barry Armstrong represented a strong advisory group the securities America companies are unaffiliated. As we get older estate planning becomes that much more important hi this is Todd let's ga partner with Cushing and Dolan and if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like cares for more than thirty years what their state planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trust and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show dot com. 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 Z rent 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 the reduce 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 Tillman McCall does he ran team at 781 at 6418691. That 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 add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 781641869178164. And specifically the costs of all morning different kinds of mutual funds Mike. Let's first talk about the differences between load in no load funds what to those terms actually mean. Yes when you talk about a load you're talking about compensating someone for the sale of that mutual fund there are a lot of different options when it comes to these but. Typically the most common is just an upfront load that you and paint the advisors so if you put 101000 dollars in to a mutual fund that. Mutual fund may charge you 45%. Bank and gets paid to the eyes. In a no load fund you don't necessarily have that up front feet but you still do not operating expenses each year just because the fund has paid to employees and so force you do so you know let's say just go to fidelity dot com and pick up one of their mutual funds. You might not be compensating. An advisor sales person for recommending that the island but fidelity has their expenses that they are running in the air still charging new. It's all detailed and expense ratio that you every year what is a typical expense ratio on a mutual fund these days you know I would really hesitate to give a typical because they vary so much UNC funds as low as. Three basis points all the way up to wave over 1% so there is a huge range of mutual fund expenses. As Mike said there's a lot to know about mutual fund expenses and what you're actually paying it fortunately the Armstrong advisory group has put together a great new guide called hidden cost of mutual funds. All you have to do to get it is call 800. 3934001. Or go to Armstrong advisory dot com once again that number 80393. 4001. Armstrong advisory 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 America companies are unaffiliated. Precious metals are Smart meaningful investment one ounce and 110 down silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader 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 bank. A step ahead getting up before the sun rise definitely makes you a morning person you identify problems and you get a head start on salted them hi this is very Armstrong I'm up early every day helping advise my clients about their problems one of which can be understanding the fees associated with mutual funds there are management fees twelve B one fees and reinvestment fees among others they can have a negative effect on your portfolio let my firm help you make sense of these bees by requesting our free guide it's called the hidden cost of mutual funds call 803934001. To get your copy today that's 803934001. Or download it right now. At Armstrong advisory dot com. Securities offered to securities America incorporated member finreg SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Time for bank the pays you with liter maximum reward accounts can 1% cash back with a debit purchases and an extra 10% back when you use your card in featured businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn more call 8776917900. Or visit leader bank dot com minimum to open and earned annual percentage yield ten dollars mass residents only these may reduce earnings rate subject to change without notice member FTSE. Leader bank a step ahead hi this is very are -- and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and will even send out annual interest payments directly to attendants -- called the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them online at C deposit dot net member FDIC leader bank step ahead. This is the financial exchange with the Barry Armstrong in chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and does today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and sharks done us. We've got market slightly in negative territory as we kick off the fourth week of July the Dow off about fifty points right now the S&P off three. NASDAQ down oh Levin. As we sit here today there is out for the week right now chuck might give talker in here for you. And Mike let's start first with some awesome home sales data that we got this morning around 10 AM. Existing home sales which make up. Eighty to 85%. Of the home sales in the United States. Down for the third month in a row unexpectedly. Not missing by about 1% year. And from everything I can gather continues to be inventory. He had to say 85 point 38 million homes sold. There is the decrease is all coming in the single family space condos and co ops are apparently still moving in the prices are. Generally maintaining. And bade good deadly day average sale price yet it was 2769. In single piece is your first time homebuyers were 31% of sales in June that's unchanged although I've from the last few months although it is slightly down from a year ago. All cash transactions. Work. Up a little bit point 2%. In June as it was 21%. Last month and 18% a year ago. Which I don't really like that statistic I mean it's good. From a housing stability standpoint as those but it just means a lot of investors rather than you know first time homebuyers. And then the typical length on the market was 26 days in the month of June which was unchanged from last few months although it's down for a year ago as well. 50% of home so engine are on the market for less than a month. Instill and I think. A lot of people trying to get into the housing market right now if you take a look at the data in this is coming out of the the US Census Bureau. We currently have that 64 point 2% of families owning a home in the United States. That the long run average that we've normally seen as bit about 65 to 66%. So it Hosea based on the number of households that we have about a 140 million. Hosea hey we've got probably somewhere in the ballpark. Of one point four to one point eight million families that want to own a home today. The can't wreck and it's what when it comes down to it eats its availability and pricing. There's the two issues that keep people away from owning homes. You know we're not gonna get back up to what we saw in 2005 were 69%. Are shipment of you know people own their homes and as you said Mike it's it's not something that I think we should aspire to because having their a lot of people who should necessarily own homes because it's not even their best interest. Based on their credit history there were you know the way they like to move around her job up in things like that. There's a good case to be made that hey. We don't have enough homes for all the people that want them now who does that want to own the east. So this is something that continues to be an issue as we head into the second half of 2018. Recapping a big story from the weekend Francisco Molinari winning the British Open and why we talked about this on a financial show. Well the reason why we're talking about is that the business of golf has been in decline for the last decade since Tiger Woods ran into a tree in his golf game fell park. And so. Golf has been looking for a star to kind of take the mantle from tiger and run with that you know woods was kind of the answer to. You know who would be that star after Jack Nicklaus after Tom Watson after Arnold Palmer you know the people who. Dominated the 60s70s and eighty's and ninety's. We haven't found that answer yet for golf today you know people so it's gonna be or Mac were coming in at that you won its first major when he was either. 121 I can't remember but it was their usual it was either 121. And Mac were his career has kind of stalled a little but he still very good player but has won a major and I think five or six years now guys it was competing but it just never can pull through it seems like Jordan speaks very good players still competitive I mean was in the with a final pairing on sat on Sunday. But for one reason or another hasn't quite clicked with young people and hasn't quite been that marketing superstar that they want. I have a theory on this what's just to watch golf can't find anyone. To market. Also cookie cutter. The players yes Kelly other country called boys and little brats. Even a little brats you know it's a super. Even worried about being like is constantly golfers historically an assist someone who loves golf and plays golf. Is a brand sport. They gave its parent like all these snooty like it's okay to save them like it's a snooty sport yet there's a lot of sport you have to Wear collared shirt to play and a good point. Very good point you know. But. There has to be someone who just comes in NC is look I want to be bigger than the game. I want to be bigger. Dent in it some who has the skills to back it and we haven't seen that companies it. We've seen people I think who want to be bigger but don't have the skills you know that those people existed for awhile. But don't have that person says look I want to be more than just the golf. And and has the swagger in the attitude to back him up it's just personality every once too polite now right there all the world its its oldest oh yes well I try to hit all the shots a blow. But I want some news is. He uses book I don't want anyone else to win I want everyone else to loosely part if you ask tiger that after lake is 97 masters winner 01 US open win. Hewitt said I wanted to destroy ever won an idea it. You know it's not while playing with some great friends here like they were told a story out on Saturday I guess eight of the Americans travel together and and lived in the house together for the British Open. That's cute. Think you're completely look and a vacation guys thank god bell sunny vacation time go and be friends and everything right you are competing. Men getting into league compete like you can be friends later right now I totally agree there'll frat boys. Hey they're too buddy buddy Ian has no competition really there's no rivalry in golf I can't name a single right now not one. So when when it comes down to it is leads us to our poll question of the day up right now on financial exchange of dot com. Did you watch the British Open to answers yes or no there's no maybe. And Tucker what are the results so far today. We have results so far are in favor of that knows 70% of our listeners ship had to not watch the British Open over the weekend. Interesting about a it was it was was a little weird seeing tiger we're at the Nike hat. In the Nike shirt and play with the Bridgestone Paul little bit yeah I mean that's because ninety dropped that are out golf. Equipment pretty much and they start the apparel via but it just lower that's all. It's it sucks for the last forty years you've seen that you know familiar Nike logo on all of woods is balls now and then you look at and understand. Their clubs to what what's he put me in the right it it didn't quite collects. No this is a big story Lester but I haven't heard of it since really last summer we were talking about a lot of golf courses closing. I haven't seen that story come back up I don't know if he hasn't seen anything that I mean it there is a concern there you know all these communities they were based around golf clubs. Are in a little bit trouble but you seem big closures happened. I've seen a lot that used to be private that are now semi private and that's kind of the way they're trying to dig out a singer Hayley you know open up nine holes that's open to the public or something the latter being a there's gonna be tee times that are open to the public in addition you know that are blocked off just for members. I've seen a lot of that happening in the last couple years now. There's definitely bits of closings to. Around here. Is an irony here I think it's not our color around here a lot Florida. Arizona earlier do you see a lot and Arizona just because you know water costs are so high items like that. But yet not not a ton around here necessarily that you've seen a couple momma can I can remember off Anders went on the tape I thought that it was going to talk on trouble turn maybe it may have changed hands or something it can't remember all of them. Struggled a bit about under armour and Mike this the company and you've been following a little bit this year they're scheduled to report earnings on Wednesday. And they had big problems with oversupply of their product over the last couple years. We have any idea how things are shaken out heading into this earnings report. Well I mean you can just to get some contact the shares ride over 35%. Just in the last three months in and under armour was if not the worst there's one of the worst five performing stocks in the entire S&P 500 last year. Really just had some struggles competing with an improving Nike brand seems to be there mean main issue here. There domestically and having some troubles but also very internationally this haven't really need the inroads that they've seen so in spite of you know a very strong recovery year for under armour mania right now stocks trading at its 2141. A share. A 52 week low on us it was eleven bucks and forty cents a nearly doubled their stock price. There seems to be a little bit of concern here. And that they may still be just sitting on a lot of oversupply of merchandise and that might become and hit their bottom line when they go report earnings. We had a couple days until we find out but that's something that I'll be eagerly anticipating watching actually I bought a couple pair of odd couple pairs of Bach of under armour golf shorts over the weekend actually founded a deal at Dick's Sporting Goods. And it was buy one get 150% off and I needed while so I said hey this is not a bad time wasn't specifically under armor does yup that's concerning specifically like I was looking through the red I had other pairs of shorts in my hand actually those about to buy. And I saw the deal just for the under armour products. That's concerning. Quick break here when we come back we're gonna give you the I guess we're gonna talk currency war 101 what is a currency war we've been talking a ton about trade wars. We're gonna talk currencies when we come back to stick around right here on the finance exchange we've also got some trivia coming up right after this break. Only this there is the charts graphs and numbers all day and just listen to us there's the financial exchange with Barry Armstrong and chuck sun up on the financial exchange radio network it. According to consumer reports nearly 15. Of all available mutual funds have raised their expenses over the last five years Titus is very Armstrong do you know what you're paying for your mutual funds and understand the difference between ongoing yearly fees and transaction fees the costs of mutual funds eating into your returns which is one reason why some funds end up with sub par performance you may own funds that have higher expenses but that doesn't mean you'll get a higher return the Armstrong advisory group has written a three guide called hidden costs of mutual funds to help you make sense of these fees so call now 803934001. And get your copy today understand the true cost of your investments don't get surprised by hidden please call 803934001. Port download the guide right now at Armstrong advisory dot. On securities offered to secure his American corporate members in as the PC and advisory services are with the securities America advisors incorporated Gary Armstrong representative Armstrong advisory group the securities and are two companies are unaffiliated. If you're landlord looking to find an easier way to collect rent payment than you need to hear about leader bank's own line rent collection product called zebra and it's a great service landlord allowing them to collect tenants rent payments electronically and he rent dot net without the need to collect checks mostly in the reduce 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 require this he ran technology Tillman McCall does he ran team at 7816418691. That's 7816418691. Or visit C Rand dot net stop chasing down late payments and running the bank to make your deposits at your bank to add zero to its list of offerings. Visit he Rand dot net or call 7816418691. For more information that 7816418691716418691. Or see rent dot. Net as we get older state plane becomes that much more important hi this is Todd let's ga partner with cursing and dole and and if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like cures for more than thirty years what their state planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trust and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show dot com. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've had all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy coming in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices cold easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care viewer issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781. 862. 1190 that 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781862119. No. We wanna hear from. Thanks Steward diaries 263566. And let us know what you think about the stories we discuss your team to the financial exchange radio network. Yeah. This segment's financial exchange brought you in part by Peter bank it's not too late to get a great read on home mortgage leader bank has some of the most competitive rates around call 8776917900. Or visit leader bank dot com for more information databank is an equal housing lender and member FDIC and MLS number 449250. Still a little bit of trivia here on the financial exchange we do trivia every day at this time all you have to do in order to be the winner of trivia is text us at 63566. With the correct answer. And if you do get the correct answer take away fifty dollar gift certificate to Arnold's lobster and clam bar located on US route six east ham Massachusetts. They got lobster rolls fried clams and injuries that they got all. They got him so you want this fifty dollar gift certificate and what what numbers should we make the winner today. Is let's see what's gonna do is to 77 or five. Seven sounds good Denise of the seventh person with the right answer to 63566. Is going to while win that fifty dollar gift certificate. And we're doing trivia based on Mick Jagger since he turned 75 years old this week. Where did Mick Jagger attend college before dropping out to join The Rolling Stones. If you know the right answer be the seventh person to Texas at 63566. Where did Mick Jagger attend college before dropping out to join The Rolling Stones winner gets a fifty dollar gift certificate to Arnold's. Near field dislike. It could have been me. Mick Jagger. If I could have been a projector which which part. Of his entire life just you know just. The lead several weeks on most iconic rock icons ever like our should've a lot that you guys are acting like I don't like my life is over. I put it I I got a long runway ahead of me you know I'm I'm just taken off right now chuck jagr. I'd like you have a I like it let's let's talk to mix people and we'll see if weakened make something happen let's talk currency war we've we've talked a whole lot about trade wars recently. Mike what that what is a currency. Well I mean. Yeah had a talked abouts when trump took office gators talks about trump name means the US government naming China a currency manipulator and the fact of matter is for a number of years they were a currency manipulator and by that we mean you know they did not have a free trading currency pegged at a certain rate. And that rate was intentionally low to try and make it exports cheap and they succeeded with that. Not a currency war mean at its base is just you know one way or another trying to manipulate currency to make it advantaged your economic situation. So why would a country like China want to manipulated currents of the big the big thing that I see. Is China historically if you look at how they've handled their currency the you want over the last thirty years. They have pegged it to the dollar and what that means is that it's pretty much moved in lockstep. They have only. Allowed to rise or decline based on you know what they specifically want. In the way that they do this is by either buying or selling their own currency are buying your cell right other countries' currencies. So as an example if they want the value to go down relative to the dollar mean the dollar is up in value. They're gonna buy more dollars or issue more of their own currency in order to do so. The benefit to having your currency go down in value people say why would you wanna have a currency go down. The benefit. Let's say that we are sitting in the United States which. Wheeler you know we're we're here and let's say that China is exporting goods to office which they are. If it costs and right now I'm looking at what the exchange rate is today right now there are about six point six you want to every dollar okay. Which means let's say that I wanna buy something that is six point six you want I've to spend the dollar on that today. If they let their currency go down in value to where it is seven you want to a dollar. But I'm only buying something more six point six Ilie have to spend 95 cents so depreciating the value of your currency. Lowers the cost of goods when you export them it does potentially hurt your country with regards to imports is imports become more expense. But it lowers the cost of your exports and makes those exports more competitive. On a world stage. Now where this comes into. Reality here in the last few months OK in particular in the last six weeks. The Chinese have depreciated their currency by about 6%. This is in Dave rector response. To the US tariffs that have been imposed Durbin talked about being imposed. You know that's true but you have seen with all the free floating currencies pretty stark too after depreciation of messing peso the Canadian dollar against the US dollar as well and so yeah there is some this intentional manipulation mapping match and a I've no doubt and it's very obvious what their doing. But if the terrorists in general are going to you know impact the price the US dollar and positive fashion. But remember China. Has historically kept that relationship between the dollar in the U wanted to very tight reign true. If they didn't want it to move. They wouldn't they wouldn't let him dip and so they're saying look you wanna raise the value of the dollar fine let's do that mall will pretty much say bay it's going to be cheaper for us to export now. In this is what we talked about when we talk about kind of a symmetric warfare in the economic sense. The US obviously can raise tariffs on China because we important town. China doesn't have the same weapon against us because they don't import as much from the United States so the way that they come back and it is through things such as currency manipulation and things along those lines so. This is something that is very much a real thing right now. And has the potential to have all kinds of impacts over the second half of the year. Yeah you know and China has to feel a bit more careful men were a decade ago their economy is very very different from when they were just starting up and having a really weak you land was. Use very valuable to them. These days it's it's a different story and you wonder why you see. A ton of I hear people talk about all the time and the Boston housing markets homey feeling you receive a lot of Chinese and foreign investment coming in here and if you're a rich Chinese citizen you wanna hold US assets BC your terrified about the price fluctuations of your own currency yet that the reason why you see. A lot of Chinese or Middle Eastern investors that come over and buy property in the United States is because either worried about capital controls their own country and worried about you know am I going to be able to spend this money when I want to wreck and also they are worried about potential currency depreciate they're worried about losing money on the currency conversions and so they say look. We've been paid all these dollars for imports were sitting on these dollars we need. We don't wanna take him back into our own currency we need to buy assets in dollars right because that's that's what we have and we don't want to be subject. Two new potentially fluctuating currencies and things like that so that is one of the major reasons why you see. So much real estate being bought up. By people. From China from Indonesia from Vietnam from you know wherever it might be it's because all of these dollars have flowed to those countries and in the form of buying. Manufactured goods from there. And then you have these wealthy businessman Anderson they're saying. We want through this back into our home and we we need to take this somewhere else and so easy all full back into the US in the form of capital flows. Let's take a quick look at markets just to see where we stand as we head towards the bottom of the hour right now. All three major US indices still slightly negative territory but making a run towards positive numbers Dow was off 24 points. S&P is off less than one the NASDAQ is off about nine right now. Gold is down about seven dollars announced 1224. Tenure US treasury is selling off today as well up to 29 before this is something that I was talking about earlier this morning. Not you do have a little bit of a sell off happening on the US ten year treasury historically not historically but earlier this year. The last time we got close to three we saw all kinds of instability in markets. Watch out a little bit on this one to something to be aware of as we you kind of watch that here let's take a quick break when we come back we're talking G-20 meeting and also. The latest struggle for Hoover right here on the far. Answer exchange radio network. The financial exchange is alive on FaceBook so make sure to like your page and watched the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. As we get older state plane becomes that much more important Titus is Todd let's ga partner with cursing and all and and if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is drew a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like yours for more than thirty years with their state planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trust this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trusts and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show dot com. Getting up before the sunrise definitely makes you a morning person you identify problems and you get a head start on salt in them hi this is very Armstrong I'm up early every day helping advise my clients about their problems one of which can be understanding that fees associated with mutual funds there are management fees twelve B one fees and reinvestment peace among others they can have a negative effect on your portfolio let my firm help you make sense of these fees by requesting our free guide it's called the hidden cost of mutual funds call 803934001. To get your copy today that's 803934001. Or download it right now. At Armstrong advisory dot com. Securities offering to securities America incorporated member finreg SIPC and advisory services are for your securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Are you having problems the block sink or drain. What leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me I've that all kinds of trouble trying to get people who can come in and do capable qualified work I talked easy coming in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. Goalies he plumbing. Easy makes it easy they're experts they're knowledgeable they're courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781. Eat six to 119781. 8621190. Or he can visit them online at easy pull me MA dot com for more information. Massa master license number 10. 183 again the number is 781. 862119. No. Hi this is chuck and Mike from the financial exchange and today we're talking about the hidden costs of mutual funds. And Mike a lot of times people look at the sales load they Payer they look at the expense ratio on a fund. But they don't realize there are other expenses built into on what kind of expenses do we see in addition to the ones people note well. The biggest one that usually gets left out is something around the trading costs of mutual funds. And a few years ago the SEC pretty much came out and told the mutual fund companies that. Because these costs are so complicated. To calculate. They are not action required to disclose them in the operating expenses so if you look at a fund that trades a lot. And by that I mean turning over the portfolio maybe hundred or 200% a year. Those costs can be significant. Are there any types of funds that typically have lower turn over rates that don't trade is much that you can get a better deal absolutely I mean when you look at that. Basics of trading how much 100 vs another. Usually an index fund trades a lot less than actively managed mutual funds are for instance you can buy an index fund. That just replicate the S&P 500 that's gonna have a lot less turnover then actively manage large cap mutual fund in case. Folks beyond just the headline numbers there are other expenses associated with owning mutual funds and they are strong advisory group has put together a guy on these expenses. Titled hidden cost of mutual funds all you have to do to get it is call 800. 393. 4001. Or you can go to Armstrong advisory dot com once again the title is hitting costs of mutual funds in you can get it by calling 800. 393. 4001. They're going to Armstrong advisory dot com. Securities are pretty securities America incorporated member finreg SIPC and advisory services are there securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Marion Jones no finances and you care about your finances it's good for you know Barrington shot. Leave me here for the financial exchange on the financial exchange revealing them work. Our trivia question. The last six it was weird to big jagr attend college before dropping out of doing it The Rolling Stones the edges the London school of economics. He was studying there before he gave up being a student and said edged wanna. Rock and roll man rock and roll now. Our seventh correct answer was from mark and East Falmouth and archery contest has brought you by Arnold's lobster clams are located on US route six and east in Massachusetts. They're lead chef Suzy has won the Cape Cod stepped clam contest for the third year in a row. Get down Arnold's and check out they're great food for yourself call 508. 2552575. Or visit them online at Arnold restaurant dot com for more information. So we had the the G-20. Finance ministers and central bankers they met over the weekend. Down in Buenos sorry so I believe. They didn't really accomplish anything demands. And Imus anything. Is pretty contentious OK so if people aren't happy with each other why aren't they happy with each other. I mean verb in the middle of huge trade negotiations. In a had a comment from the EU ministers saying. Quote we refuse to negotiate with a guy on tour had. I mean there's just a lot going on here between. Not only a we tend to focus on the US and China to that's really the biggest economic impact but for a lot of these countries that. Are close to you know close allies the United States. They couldn't Woodruff. And not not terribly happy the Germans and the French in particular. Are not particularly happy with the with the negotiations. Do do we get the sense that there is any resolution coming on any of these we've we've got there's a whole bunch of different fronts that are open. When it comes to trade right now you know we've got conversations going on with NAFTA members we've got the EU we've got China. I don't know if we've said anything about Australia. Yet. I don't know if we've said anything about Japan at this point. Japan we might of Arizona. Analysts in Japan was the only one that did not get waves on the steel aluminum tariffs I believe remember when there initially ways for the year that's our union yet. Japan and they stopped. So we we've we've got all the stuff going on at at some point what I what I worry about is with all of these trade questions out there. There is a delayed fuse the effects of you know questions on whether or not free trade is going to be. Available between certain countries and in countries that may have integrated supply lines. If you start to see that impacts felt you know three to six months out. We're getting towards that as we get towards this fall and I'll tell you every day that we go without any kind of meaningful progress. Start to get a little bit nervous about you know what's potentially coming because you do have businesses that say look we're not sure if we're going to be able to have you know free trade between our suppliers and our business and so they after Rio reorient you know other supply lines. It raises costs and you know it there's too it doesn't happen all once is businesses don't just pivot on a dime. And I just the the closer we get to the ball without any progress the more nervous I get to be. Yeah I agree I mean it is the this really saving Greece beat me take a look at the European Union and think. And it's tough to be negotiate with all this country unified they're not you know is trying to deal with the United Kingdom leaving the EU right now as well so away from a negotiation standpoint at least in the United States as a bit of a leg up there but it is. Yeah you don't wanna fight a war of any sort and. Trade war on multiple fronts that seems like when you talk a little bit about Cooper's latest issue while they had a driver who according to while. This report from the Saint Louis post dispatch originally. I guess in her driver was suspended. Because. He was live streaming videos of passengers. Without consent. Eighty it. Edit. It's. Highly illegal hit that Hampshire could get some popular. Pretty entertaining stuff on and put that on YouTube substance and style is pretty stud stupid stuff cab but. Yeah I mean and you'll hit it to be fair this guy had some really. Not good stuff to say. Be originally asked writers for consent to videotape. And then he said quote I didn't like it it was fate if Phil reduced. And so he opted to not ask for parishioners by the way is actually legal in Missouri. Were only one party guest consent to being recorded. On and so. Pretty much he would record these new people taking over trips and broadcaster Matt to his 4500 followers. And I'm sure that Angeles lift have a policy. That I have to I have to see same Missouri is the only place at the wage is what it out there they're different laws in different state yeah regarding how what kind of consent you need in order to do and in order to record a conversation. Ensue in misery I guess is actually one party consent it's not to them for recording something like this. I just wonder like this is someone who was driving for Hoover as a job in baton it would when he wanted to obviously. And says I'm not getting enough out of office. So what I want to do is figure out a way to entertain people. By taking them through what my rides actually oh and I find the part that I find most troubling actually. Is that someone who was just broadcasting videos of people riding in cars had 4500 followers. That there'll creepy their 500 people who have nothing better to do in the watch other people ride and movers. Darn right I mean I don't think they'll be doing anything out Regis I don't think now. Let unless it's like New York City on Saturday night at 2 AM and idiots like you little different views you do over wire way to win a job as a police officer. Along and ups and it's not a deal. You know post getting up before the sunrise deftly makes your morning person near identify problems and get a head start on solving this is Mike Armstrong and we're up early every day helping advisor clients about their problems are one of which can be understating the fees associated with mutual funds. Their management fees twelve B one is reinvestment fees among others that can have a negative impact on your portfolio. Let my firm help you make sense of these fees they're requesting our free guide the hidden cost of mutual funds. Call 803934001. To get your copy today that's 803934001. Or download it right now it Armstrong advisory dot com. Securities offered to securities America incorporated members Jenrette SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Big milestone for wave mode which is the self driving car division of alphabet formerly known as Google so we've now gone through a three companies to get to finally owns this thing. They just drove a million miles on public roads with their self driving vehicles. In just a month. Averaging 25000 miles a day on public roads. Yeah is good we got argue native news about a transportation company out and now we're onto some pretty darn positive news. That brings it up to eight million total miles driven I guess I think that this is getting pretty close to ready for prime time. Because he took them years to get to the four million miles mark which they cross in November of last year it took only another eight months effectively. To get to eight million miles though. They are really crank and right now. My question to the to view how soon like let's say that way moat next week. Came out and said you've got the ability to hop and self driving these. Would you. Yes I would get probably know my kids but I pride myself Duma so. No doubt about it. I would do and you know harp now OK and want people would tell people what we've seen that most Americans about fifty it's about a 5050 split right now. In terms of whether or not people would be willing. 21 actually drive in a self driving vehicle what I find fascinating about this is. He answer awful drive. Thank like so that won't really bad that the reason why we have car insurance is the colors were so bad. Art it's it's not because you know only got a flat tot. No it's because you know Jimmy is texting and driving it Susie who is eating in the car now and then Susie plows and Hank who's shaping because he didn't have enough time to you know shape before he got and it was card commute. I would love to get into one of these cars because computers don't shave. They don't eat they don't text all they do was not drunk they are not distracted. When I'm really excited to see is the auto insurance rates coming plummeting. Once these things really become common in this is usually the part of this over the text are coming in on would never ride in one of those how to trust computer over your own judgment. Trust me I've seen humans drive. There's not they're not good out. And some dude it was news Conan might lean this morning and I was like right next on. Let that would never happen in a softer compare what is it like eighty or 90% of American drivers think they're better than average 90% of American drivers think their above average which according to the law of averages is statistically impossible is only 50% could actually be above average Marie so what were were bad drivers and we don't know which is the most dangerous you know if you know you're not good at something you say OK I can avoid them like. I'm five foot seven I know life sucked at basketball right I avoid playing basketball actively as I say if one of my friends to say let's play bass mostly notes due soccer. I do think OK that I am capable driver OK but most people say oh like I'm a bit or what Limbaugh. Struck just walks on her pocketbook and equipment. EDS wanna get anymore he's on the night SR as there is there anything else they can that day that kind of framed this you sitting on a phone book over there and if it. Hopefully but the point is I know to avoid my weak spots. Most drivers think they're good at it in so they say apology like I'm the only person I trust driving in the snow we're on the 1% or trust driving and hurricane. We'll know you're not good that there's a reason why your car into on the side of the road during those. I think the tough part here is that these are going to be first rolled out to whiff the likes you know an uber tight service and yeah that's where people are gonna feel most uncomfortable. I think if you gave people the self driving car technology with an override option and that would be a really good way to phase it in whereas there's just going to be a large person population that just won't get into the backseat of a self driving car they field. That avenue. No control with Lola and the other thing is again we've seen this with any kind of self driving vehicle the second there's a crash gives apology hear about the self driving cars well. Gee let's report on the hundred fatalities every day from human striving cadets we should do a whole show on that but we choose not to. Because again it will be you'll be the hole shall be the most depressing thing ever because we are good drivers in people die as a result of humans drive I will point out one other thing here. Most of the miles are being driven in the Phoenix area. For Wayne now which is. All grids and there's no snow there's very little rain yeah flat there's not it's not you know overly hilly. Yeah so I mean it's going to be for issues to see what they do in this you know when this car comes up to. You know seven intersection rotary in in ball fan Massachusetts. That's going to be a much different scenario what their deal with in the Phoenix wrote. In a continues think that the places you'll see this first it's it's gonna expand throughout the south you go from Phoenix to Dallas today you know it all all the new order is still on grids that generally flat in don't have a ton of snow and ice. Those of the first places they go in the they're gonna have to adapt okay how do we drive in the ice how do you know. Do we do this or is something or say no we're not gonna Porter vehicles out in certain conditions you know maybe that is the solution to be honest is that hey you have to drive manually in certain conditions there. Don't know but that could be something that's possible speaking of driving we're gonna take a quick break here and on the back end. ME hall from CNET road shows can join us talk about the 2018. Land Rover discovery right here on the financial exchange radio network. It's Marian Cilic in the financial exchange on the financial exchange radio network if you Google passive protection planning to get more than six million results. Priceless to make sense of all that information. The answer is you shouldn't would you need to do is called Cushing in Dolan the experts and elder law they've written a brand new guide told top misconceptions about Medicaid -- applicable trusts this guy details thirtieth the most common misconceptions about using a remarkable trust to protect your assets get your free guide by calling 8668485699. Many people have concerns about how to access their own money if their kids or their trustees and about paying higher taxes if they want their assets to be unavailable for nursing home costs these are just a few of the myths that Cushing and Dolan reference in their new guide the top misconceptions about Medicaid -- remarkable trusts Cushing in Dolan has been helping families like yours for nearly thirty years call for your free guide today at 8668485699. That's 8668485699. You can also downloaded right now on our website and legal exchange showed dot com. Hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and will even send out annual interest payments directly to the tennis -- call the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them online and -- deposit. Dot net member FDIC leader bank step ahead. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've that all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing and their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices all easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781. 862. 1190s that 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781. 862119. 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Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency -- guaranteed by the bank and may go down in value leader -- a step ahead. Security suffered through securities America income members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. What's hot then. What's trending. The world of finance find out from Barry Armstrong and chuck son on the financial exchange radio network. I'm to talk some cars here on the financial exchange and joining us now is in the hall from CNET roadshow and Emmy thank you for joining us today. There it was a we're talking about the 2018 Land Rover discovery before we get into some of the specs on the vehicle I understand that you've got a little story about this vehicle. I like you don't ever are down there our ability. And I. What I like about it every that it ate good I hit or opera not big. One. Ring response and then they got all of the different copper at those were like. Grass gravel now and Brad rock solid. Deep trance irk me. It it also hasn't aired and and that bring that up. At eleven in the ground and he really could geometry terms that a part approach and departure angle. Don't use their land Robert opera but I love. Yeah that the people are capable. We decided to pick out and opt broad arc. Up here in northern California. And because a lot of people don't use the vehicle or opera it comes from the factory and not very aggressive hired I mean they're very much more of the wrote that they are there short and it wanna. The if the outlet at he ability of the vehicle itself could overcome the in capability of the higher. And there is when your other 27 degree you know would pretty neat. And no. So we got ya I got. There are about one Z pop and I had to be recovered. I had read out there centrally by a a rock solid at forty by the. Now is is the discovery the when they have that out of it going up like all the steps somewhere is that a different vehicle. I've got in the vehicle and and honestly I'm not where that would pop with the higher. I mean I don't know a lot of help has that meant and has to be on an easy it. Was really good at like detecting the lip and pushing toward another deal that actually had tracked all of that yup that problem was I got that. Top of the hill. What that could be from the bottom I noted that it was a very large rat but I kept going in the same line I was them I would. What is damaged vehicle there it right in that over in Columbine and at that point I didn't have not read on. Hired act you opt out of that little lie that I am. Stop. It was I would base. A company. Or lined it on my part and inappropriate tired on the actor. So stripping out the tires you're saying this thing can still you know do some serious damage off road. Oh yeah and impact when earlier that I was regular car read or video. That are being that would make it operate in different wheeled and fired at him and abducted. At our. And it didn't have out but it. We had a lot of fun. What do we get on the discovery in terms of Bach creature comforts let's say you don't wanna take it off road near more concerned with you know video screens and Wi-Fi in this that what what do what do I get inside the vehicle. The vehicle I had eight at lecturing and I'd really like. Optical line vehicles is when they have luck. And then one at Eden will meet and on the side and in that love. Me. In terms of input payment. You know jaguar land broker there. There there electronic and and the epidemic be a little. On the dot I mean Eric time and for example would wreck I'd like I don't have to write like it and I can connect to Bluetooth they're you know apple by apple cart there and Otto. Back. And old man about my favorite thing. But it have adapted well which will be a complete stop that white spot monitoring the epitome. It didn't add it suvs but the little lark that I have that. A little bit technology makes it took up a motorcycle or car. You're an Emmy we've actually got to run but we appreciate the time to name thanks thanks for the update the story on this one. ME all from CNET roadshow to augment the 2018. Land Rover discovery. Quick check on markets just as we wrap up the hour here the Dow still in negative territory only slightly down about twelve points right now. S&P is up two at the moment the NASDAQ is up eight right now. That's where he stands we head into. The next hour. Told time that we have for the day we'll be right back at it tomorrow though. On the financial exchange radio and.