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Full Show 2-20-19

Feb 20, 2019|

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This is the financial exchange with the Barry Armstrong and sharks are now. Tour exclusive look at business and financial news affecting your day you're sick leave your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. Two companies are eating that news cycle this morning at least in the business world. They are meeting cycle for her to completely different reasons were talking about Tesla and we're talking about seat yes good morning everybody it's very sharp with you here. It's a Wednesday morning. And Tesla it sounds like there was a leak that occurred tests yesterday truck. And you're now gonna be able to lease the Tesla model's battery. Yeah this is a a story that they're talking about as far as. Nearly 888. Beyond new wave you're going to be able to bite hassles leasing them now instead of selling them so immediate. If you're making this move here it suggests that you've got a demand problem. Well he yet I got the same sense of it but most companies like forward General Motors. BMW to A you make all the other main factors. Least pretty patrol cars to open. Oh no we leeson's a small part of the overall business. Or maybe a small part but be that keeps. They're making it would I cada founding usual position it's very usual for current company at least their cars so the big least 20% of their other cars. And I think what they're doing is trying to make this car affordable for the every day drivers like the guy that's. Drive and I don't know 15100 miles a month this actually might work out to be pretty good doesn't that suggest that they have a problem with the way its price though. Oh yeah absolutely I mean you're talking now. I think you knew last count you told me to get a model three year close to 50000 dollars before sales factory. Yeah I mean that the cheapest one that got one at forty I think it's 429 now all look at butts you know you even that that there's not a whole lot that are available on that range. And I've set for awhile but I think they have a demand problem and they just don't want to admit it publicly. This would seem to indicate that that's the case in here here's why. If if you look at how tests if you look at how they make money. Effectively. When they sell a vehicle today OK whether it's using a loner whether someone's paying cash for it. They get to say okay this is off our books and we get to recognize all that revenue today. If they are moving to re leasing model. You can't recognize all that revenue today yeah it's it is a more gradual more drawn out cash flow which is really great for Tesla. Given that you their cash situation. That they're dealing with us. And so you can sell those leases track you you can go do on hedge fund and say hey we just leased 2000 cars. And people are committed to paying 500 dollars a month for the next five years. You can't but it still doesn't give you the full revenue recognition and the reason why is that you're not selling the full price the vehicle you know you're selling that depreciation cost models for that time period so. Yeah the depreciation there might be twenty grand who's leading recognized 40% of it in that to me suggests OK they need to do anything they can to get revenue. Because they've got some problems yeah I. I don't see I I think he CR I'm looking at his glass half full 'cause I'm saying to myself okay. Now your pride deal to lease a tussle for 4500 dollars a month. I would imagine cheaper than that even. I mean if you're talking like a 40000 dollar vehicle you're probably talking if it's a little mileage least probably in the high two's those threes. See that's gonna make it every man's car you're gonna have people. Just graduated college that are gonna go out in these tests. They might but again people are least like no first of all no one after college buying cars were way. Lady you look at the statistics and no one's buying and in that range not ides I just look at this they need to sell 500000 these a year and is there. I think it's Elsa. I I think this helps a met me there volume car rented. And I think what it does chuck is it it'll. Has done many people are gonna write a check for which state 42900. Yeah give 43008 the average sales prices probably still north of fifty on the models three right now. That's that's a high price and I think if you can least one yet because then what happens chuck is your neighbor will have a tussle. In you're gonna ride around at that tussle in years ages is pretty nice and maybe I'll get one and it's only 300 dollars a month you know is your second car and. Which is all well and good but it doesn't solve the problem the Tesla has which is they can't make money they're gonna make even less on leasing. And and he's our president I'd be surprised it was 300 Altamont modeling. Yeah I anchors talk every night night on it was 292. No would have to lol I'm talking like a low mileage Lisa's future and it's 121008121000. Miles a year it'll probably in the 400 range. Yeah but I just look at it and Tesla needs to sell vehicles at full price to make money. If they're not doing that what's the point Blake. It's shuffling the deck chairs it doesn't solve. The probably don't like to eat your weaknesses and this is a bad side protests. I don't understand how could be a good one might buy thinking in my reasoning for think it's a good thing Turkey's. If the product is as good as I think it is and and I have high regard for the product having driven one on multiple occasions. I I think it's a heck of a car and I think if you talk to people who all of it today Davey. Have you written in a test solar talked of people little ones I've talked people alone but I haven't talked anyone who owns the model three. And that's that's like the model threat to client who owns the three and she loves. It has it all bets are yet. No it is not. She she's she's said to me said Mary this is the best car world divot is they don't make money on late I could make a great car that loses money. I just I can't get past the business problems that Tesla hands yeah. All right looking at it quite normal with the business models sucks well maybe it the stock still traded at 300 dollars. I know it is but you know you look at this and Ronald Reagan a hundred but before it went out of business that Wall Street says it's worth worth in the Ford Motor Co. will. It does today but that doesn't mean that it does for ever. I just like a tests as much as cars a year. You know you turn there are analogy you afford to lose money on batteries they lose money on one the solar panels they they've a lot of businesses that they lose money. I guess I just cars where there was money. This is kind of my point late at the business model sucks like I cannot be changed somewhat facetious. I'm not like it the business model sucks for the company like. They've had two quarters where they've been able to turn narrow profit and they suggested that it's not gonna be likely to continue. To cedar General Counsel resigned the sport to another good feel and he's been on the job for two months. Grieving happened there. No idea but Jenner is like here's the thing when you have all of these high ranking. People who come for a short period of time and then leave. Does suggest an underlying issue with the company. While not act I buttress the company so much isn't an easy one night from what I'm told and it's leaking out on CNBC. Is that he just had a tough time getting along with the law. Picnic it could be I don't know the case I mean again I've I've never met you on must effort that he's neo demanding and borderline and reasonable on things but there's. Your boss is that are viewed demanding and borderline and what do you want to say for Steve Jobs was you know the definition of that you know that there's a lot of people that didn't like working for Steve Jobs but he built a phenomenal company when it was all said and done so. I don't really worry too much about you know people not getting along and a personal level because. Did they who cares unit it's like OK you don't like the person great go work somewhere else what worries me is if yeah you see these people in different departments and everything they continue to run into these problems mean that the chief accounting officer left after eight months they have this. Guy leaving after two months they got in of Chad taking over as the CFO who you know and even knew who Chad was because they didn't give a last name form. I just I. At some point you get to a critical brain drain you say okay what do we have. Left. Right now I get a CVS shares will be your down eight point 4% what happened there. Yeah and not a good good guidance from them effectively is what we saw this is a company. That if your members in the process of merging with Aetna and pretty much have they got that done that was done in November when though it's still being held up. Audiences. It was sort of it it's still being held up by this judge in terms of that crazy judge yeah you get the judges kinda you know go back and forth on okay what are we gonna do here. The big thing. They gave their first full year revenue guidance with the merged company. The revenue actually was stronger than expected by about two maybe 3%. The downside though. Was it their earnings came in about six or 7% lower than what analysts were expecting it was earnings guidance came in lower. In the reason for that is that they're saying that the yet at an acquisition is gonna have some additional costs. Associated with Thea integrating it into the new company. Over the next year or so and so pretty much what you see here is look at is not a revenue problem they're still guiding that their sales are going to be just fine. But the problem is going to be. That's overall when you look at Vietnam acquisition is gonna cost them more. Suited to. That that they're dealing with right now. Millions of Americans. Keep this dirty secret from their partner nearly 20% element. Of people are keeping a savings credit card or checking out hidden from their live in partners so. You two newlyweds. A day skinny secrets from rear spouses. There dueling. Well I I don't I do not but I'm pretty sure my weight is keeping secret secret. Well really what makes you think that. To see seat she always has money you know late day will be broken and so she wants and is needed. And those set their seems to be extra money liner and a so it is sheer suspicion on on my part but it's. It's if it's not uncommon. It to news we have people keeping financial secrets from the spouses from backing. Yeah it's almost according to this survey that was done by credit cards dot com. 20% or almost 20% of people are keeping either savings credit card or checking account hidden from their live in partner. It apparently is more common in the south in west which had both north of 20%. Where's the northeast only has about 16% of people that do this in the midwest only 12% so. Apparently. You know this is something that is neo more common I don't quite understand this response here more than half. Half of people 55% say that keeping a secret account is as bad as actually cheating on someone. Size pay you've got that extra money that's the same as you go and out with a neighbor you know late. It's. Today. The who's The Big Talker in your household who pays the bills who's the family finance manager. It's a collaboration. In on it and we both you know kind of run things by each other and yeah its it's teamwork Perry you know. I I pay the bills are house. Would we are on auto pace at parties yeah it's you set up once. More than 77%. Of people consider their credit card debt. Consider credit card debt and an attractive treat in a meat according to recent survey. On average people say that 111525. Dollars in credit card debt is enough with the red flag. To. Walk away from a potential partner. Yeah that is a man who fights credit card debt attractive. With the excellent that we got such great credit card that Tucker it is little wonder really like to go out with you owe their unattractive to credit card debt. Anyway that's our poll question today do you keep any financial secrets from your spouse Saturday voted tonight to not. But we'd love to hear you're. Thoughts on that topic you can text us 63566. Or can participate in the poll by visiting our website financial exchange showed dot com. When we come back Tony with the next big stock market catalyst will be in when you learn about it that's. Next to exchange. Mean this there's the charts graphs and numbers all day and just listen to. Us fix the financial exchange with Barry Armstrong in chunks of up on the financial exchange radio network. 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Getting married is one of the great pleasures in life growing old together in making incredible memories is something that can never be taken away but as we grow older the death of your spouse is something that is painful as it is you need to play it for hi this is very Armstrong in my firm the Armstrong advisory group as a brand new guide out this month to help you prepare your finances in the case of a spouse's death we have identified several strategies that can serve as a guide including sharing the responsibility for monthly expenses updating specific beneficiary information and examining how to clean your Social Security benefits call right now 803934001. That's 803934001. -- get your free guide today you can also download your free guide right now by visiting Armstrong advisory dot com. Dirty suffered mysteries Merck incorporated member and SIPC advisory services after she turns America advisors incorporated Barry Armstrong represented a strong advisory group the securities America companies are on affiliated representatives of securities America do not offer legal or tax advice always he did voice of a professionally with the laws in your state. Hi everybody it's very Armstrong from the financial exchange and I'm joined by Jake to Lee who's the executive vice president of leader bank were talking about SBA loans. You know we hear a lot about SBA loans small business loans Jack. But I don't think people really understand. How they can be used and why they're so valuable to the small business can. They spare yet we had been really focused on providing small business lending to local community and local business owners. And the programs that are available power very helpful so we Europe preferred SB under the what that means is that. We can quickly make decisions and under rates small business loans in house. Andy can be used for right purposes for small business owners give us an example. Well one example that recently happened was there was a restaurant in Cambridge when I was growing very rapidly they are always full occupancy. And the space next Jordan became available and so they wanted to. Take on that space needs capital to sort build out. The restaurant. And you know was about a 300000 dollar loan. About it how many years did that pay it back typically these types of loans vary anywhere between five to ten years lots of time. So you know we were able to quickly make that. Underwriting decision provide in the capital expanded rexrodt has grown tremendously them as is one it is one of many examples in when they're landscaper or. Factional services unit loan officers that are available to blog talked a small businesses we have dedicated small business lenders. Folks if you wanna learn more about small business loans cult leader bank there one of the best in the business 8776917. B 900 is their phone number. Or visit them online leader bank dot com 8776917. B 900 Unita small business banking partner. Leader bank is the one to think about 8776917900. Security suffered through securities America ain't member Sandra SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated we have part of the financial exchange in an instant. By texting us and 63566. Starter tell extra keyword Barry and become a member of our brand new textbooks tell us what you think 24/7. Right here on the financial exchange radio network. Well we got a text from 617. Pretty accurately sums up the whole issue family finances. Barry what's mine is mine what's ours is nine and what's yours is mine marriage one no one that included of course was from Kathy. That seems to kind of be the latest. Yet it's at the cat he might have little. Little knowledge on this one now seems to be pretty spot on in my book. A number of fellas stated their wives are in charge of finances. Dipped below one for 617. My wife works for financial advisors there are no secrets none of the 603. And down my wife works for the bank so would not much gets pastor. But occasionally keep a stash of usually a few hundred dollars well yes he's listening now then. She might know about that. 57%. Of our listeners say they keep the stash of cash in from their spouse interesting that's for higher than the national average. I didn't know we have so many women listeners. I know they're all women thought picture. Manner too afraid to do that. At anyway let's move on to the next big stock market Cal's what's gonna move the market going for. Earnings. Earnings so that's not quite what world and we're so the the big thing here is an announcement from the done now so we have to look at the Fed minutes this afternoon. Yeah when we get fed minutes he's usually pretty massaged into you know looking not too different from what we've already gleaned from the Fed's so I don't anticipate anything major coming out here. As far as what we're going to see here it's most likely going to indicate that during discussions. The Fed you know has talked about how they need to be patient given the slowing economy. They might give some additional clarity on what the Fed is going to be doing with bear balance sheet of all the bonds they bought up in the aftermath of the financial crisis. Without really what the market's looking for an all John and Mary Eunice slowdown and so on office bonds he stick into the plan will be deal. Yeah ending in all signs of me pretty much everything if you look at you know how the Fed typically messages the way it typically happens is you'll have them come out and not so much from themselves but near closely please newspapers will say hey here's what we're hearing about what the Fed might be doing and then a couple weeks later. You know minor fed official says yeah we've talked about doing this than a few weeks after that. Now do you Jerome Powell or someone else will come out and say. Yeah we're pretty close to making a decision then finally two months after the whole charade started they'll say yeah we finally reached a decision so usually about an eight week process. Ticket to get the whole messaging new apparatus rolled out in in everything. Taking care of their so. I would anticipate some guidance here saying yeah we've discussed you know potentially ending the the balance sheet roll off it and I would imagine. We're probably within six weeks of that you know stopping at this point at least starting to taper off and maybe stopping over the course of the summer. Woody who what you think the next move by the Fed is in terms of interest rates duties up or down down. Lot of people feel. The date there at the seemed to be reading the team lead saying that the economy's slowing down but. The only you know earnings are okay rate would do what it would grow earnings by this year 56%. In what are projections for 2019. Yet. I don't know I I know that stuff first quarters actually turn negative now for projections. I know first quarters now down to I think it's a point 8% loss point 8% decrease actually. In transition a bit of bump last year 'cause tax break. Yes so ways I don't know I haven't seen the any consensus for all of 2019 yet so not sure there. You don't. Yet earnings growth stocks are expensive today. Maybe if earnings are just flat intimacy yet you're earnings growth does that markets but looking at you know date to current pricing seems to be based on. Earnings growth of maybe five to 7%. If you don't get five to 7% if you get a negative number or flat number that means stocks are overvalued by a press perhaps about 10%. Yeah I mean you you've got forward. Yea your probably somewhere in the range of five to 10% overvalued if you're just looking at that type setup. Some of the data that we've continued to get there hasn't been good we got number overnight on Japan's exports. In Europe rear those are down eight point 4% overall. System continued slowdowns in you know big manufacturing economies. And that's typically something that doesn't give turn on a dime so I think there's there's definitely slow down that is. Going on I think China is at the epicenter of when you talk about what's going on in the Chinese economy eventually that stuff spills over to the US we haven't -- necessarily failed to it. To that extent at this point. But you can only go on for so long with you of the German Japanese and Chinese economy's contracting before the US starts to feel we have significantly impacted. You know the ten year treasuries reflecting things slowing down it's down to two point 64% as the yield that's good for people that want to club by house because the cost of borrowing money. Pass to come down by a pack half a percent think. Yeah I mean it's it's a more attractive buy time to be buying a house at least if you're just looking in terms of you know borrowing costs and so forth we saw that reflected a little bit. Yesterday with the NHB the national association of homebuilders numbers. Came in about three points higher than expected in particular. Buying conditions one of the factors that was cited. Stocks are drifting slightly higher will give you full market update when we return to the financial exchange. Life goes on FaceBook and followers on Twitter. Show breaking business news is always first right here on the financial exchange radio network. That speaks theory a great family friendly mountain when something for everyone including day and night skiing snowboarding snow tubing aired a special pop. Pay one price program on Saturday night had a pats peak on Saturday nights for one low price from 3 PM to ten via Versteeg. Snowboarding do you think rentals lesson tips and entertainment. That's because one of the largest night skiing areas and all of northern New England fans when a New Hampshire most accessible to learn to ski and snowboard mountains bring your family and your friends whatever your age or ability level you'll love pats peak. The latest info go to pats peak dot com that's pats peak got jobs pats peak ski area and had her New Hampshire pats. 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Or visit them online at C deposit dot -- member FDIC leader bank a step ahead -- to. Loss of a loved one is hard enough when it's your spouse and you're not prepared for the overall damage can be severe this is Mike Armstrong and our shark advisor group has written a brand new guide to help you with your investment strategy in your overall financial well being in the case of a spouse's death or several strategies that we suggest you consider including creating a spreadsheet of all assets pulling all wills and estate plans in compiling numerous documents such as life insurance policies mortgages and tax returns all of which will contain crucial information that can help you through this difficult time call right now at 803934001. That's 80393400. Wanna get your free guide today and I'm sure you'll be glad you did that number again is 803934001. Or download it right now at Armstrong advisory dot com. He suffered two securities America incorporated members can SN BC and advisory services offered through securities America advisors incorporated Barry Armstrong represented a strong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. Hi this is chuck Zahn and I've been doing business with leader bank for many years if you're in the market for mortgage leader bank has some of being best rates around and if you call right now they'll make your process even easier by sending you a free copy of their residential mortgage survival guide in it you'll find critical information for pre approval closing it'll also help you with the required documentation the purchase and sale agreement as well as what to expect when dealing with agents I've owned a few homes and a whole lot about the home buying process. But this guy and really helped me reconnect on issues that are so important to the overall process cult leader bank today at 8776917900. And ask for their residential mortgage survival guide if you're looking for a mortgage this will definitely help be the number again is 877. 6917900. Or visit them online at leader bank dot com member FDIC equal housing lender. Male customer for Portland to find zero subject to credit approval leader bank a step ahead. And medieval times sharp says was often the difference between victory and defeat. For skiers and riders at Killington. The end point of pride and admiration. No matter your battlefield the more you prepare for more triumphant. Here's to living more life on the edge save up to 40% on lift tickets when you purchase an advance at Killington dot com. No one wants to deal with the death of a spouse but if it happens and you're not prepared your finances to be severely affected Colby Armstrong advisory group and get their new free guide on how to prepare for the loss of a spouse can help you understand the various pitfalls that may come call 803934001. That's 803934001. Or download it right now and Armstrong advisory dot com securities are protestors America incorporated member of generous IPC and advisory services are for the securities America advisors incorporated Barry Armstrong represented a strong advisory group in the securities America companies are unaffiliated. Time now for mostly watch a look at the market's performance so far today you until Darian jug right here on the financial exchange radio network. It's time now for Wall Street watched brought to you by early to make it. You're in need of a purchaser refinance loan. We are back at some of the most competitive rates in New England the dedicated loan officer. Will work with the every step of the way. In their local decision making means a pastor close call right now for more information at 8776917900. Or visit them online at leader bank dot com member FD eyes see and taken a look around markets at the moment. Not a whole lot of movement overall the Dow was up thirty points the S&P up three. The NASDAQ up 2.2 so little bit of a rally happening. In tact best performing sectors today materials actually leading the way of about one point 4% taken energy also while. On the downside today real estate health care and consumer staples lagging. So little bit of a shift towards risk on at least as far as types of stocks people are buying today. Taken a look at big winners and losers at the moment now Garmin ups about 16%. Devon Energy at fifteen. Garrett motion up eight in on the downside. CVS down about seven point 8%. Southwest Airlines off about five point six and Mattel off three and a half percent. Crude oil very quietly. Sneaking up ports that 5621. Now it it has its been one of you for some reason it kind of caught me off guard I looked at the other day instant G. Where the heck did that come from but you have seen a ticking up. Over the last few weeks now now back in that mid fifty range. US production at the moment for the last week we have data on is that below eleven point nine million barrels a day. That is up about one point six million barrels over the last year at this point. And exports up about one point one million barrels day over the same time period now to 2.3 million barrels day on apple. You know we keep puppet 56. Whereas when we got below fifty he saw that rig count start to decline. Yeah eight if you did see that. That that number start to kind of get a little wobbly. When we got down in the kind of the mid. Mid forties in terms of where that rig count is right now. US rig count is currently 2051. Operating that's up to from the previous week and up 76 from a year ago. So you have seen a little bit of stability there it's a no win in early January we did see. Yet a couple weeks of declines there but it was pretty short lived as prices bounced back. I don't know how relevant the rig count is in that not all rigs in the same right yet some breaks are pumping lots of oil and some that are pumping very little. Yeah it's I don't view it as necessarily significant as far as the amount of oil. I view it significant as far as what kind of activity and money is flowing into investment there. And that's something that I think is far more important than the amount of Willie you're actually getting out of the ground. He. Listener asked me about this. The foreign investors led by China and Japan are now holding six point two trillion. Of American treasuries that's as of November of last year the latest stat I've got truck. Only 40% to just under 40%. Of total US treasury debt is held by foreign investors it's the lowest it's been in fifteen years. It interest rates have come down so it's it's raising a lot of questions in my mind like why. Are foreigners not buying US treasuries would be one question. And secondly. If they're foreigners are buying them who is in in white interest rates come out so much. This is the the great question that I think we're gonna have to answer over the next two years I think I think we're getting close to a major tipping point when it comes to the worldwide currency system at this point and this is why if you look at the US over the last fifty years the way that we have historically funded our deficits. Isn't by buying more treasuries domestically. It's been by saying okay we want Europe to go buy treasuries then we want China to go buy treasuries right in the last five years that's pretty much stopped. And so you have a major question going forward as far as hey if you're not going to have foreign buyers of US debt. Where where's the funding come from that. And you know that the one answer is yuppie can neo have additional reserve requirements for banks and things like that and they have to be you know secure those with collateral likelihood of treasuries and things like that. But that's slows the economy down. You could just have more individuals going out and buying treasuries which is kinda what you're seeing right now you're seeing more individuals flocking there which. Historically would be individual investor does is usually the exact wrong thing to do so to go. To clarify that because. You know somebody might think I don't own any treasuries but they've got half a million dollars in bank CDs. Is not the same thing zoning treasuries. Effectively yes. It was. Has the same impact on the market right like if I go to my bank let's say went to a small bank. And it's only got one branch and I walked in and I make a five million dollar deposit to that bank what does the bank do with a five million books. Well they don't have to keep all of that in reserve. Now you know stick to keep a big chunk it they'll they'll keep an again I don't know necessarily with the reserve requirements offer small our our first small community bank these days but let's say they've got to keep fifteen to 20% at. They'll likely secure that by buying mostly treasuries likely short term ones are trying to match the maturities up to you know CD year deposit or something like that but they'll have to go in and likely buy some treasurys or go to the Fed and you know by some reserves there. And so it's you know it's a case where you know you can you can play around but at the end of the day that deficit has to get funded one way or another. And so there's a few different options for how it's funded number one is UC dollar devaluation which means that foreign. Currencies can buy more. Dollars in more treasuries by extension so pay that's easy waited to deal with the funding problem. Option to raise taxes. Not really palatable this environment but you hear a lot of popular you you're hearing an awful lot of Democrats talking about it. ER number three OK is you could say we just want to add more new capital requirements to banks and stuff like that again. To effectively taxed as it's pulling money out of the economy and in doing so. But one way or another. You've got to deal with that and I think. That we're getting close to a point where it's going to start to matter you know US deficits of not really mattered over the last fifty years because there's always been a source of foreign capital. To offset the additional debt that we need to take out. You're not really seen evidence of any sources right now and that to me. Is something that's really interesting along with the fact that. No one's talking about the deficit you know you go back to 2001. Every Democrat was talking about the deficit is President Bush wanted to pass tax cuts go to 2008 every Republican was talking about. The deficit to present Obama want to pass the Affordable Care Act. You talk about right now is anyone Republican or Democrat talking about the deficit. You get Democrats that they're saying hey deficits don't matter here's modern monitors the year you got Republicans saying yeah we might wanna pass more tax reform or go through infrastructure. Is anyone worried about the deficit. So do you think that deficit will rise more under president trumped that it did under President Obama. In nominal terms or in percentage terms dollars missed dollars yeah I mean if she typically just about every president ever. Ends up adding more than deficit in the previous one just it just 'cause of that that is the way the economy grows in the way the gap outlet like it's just how it works right yeah I think the only one in the last you know even nine presence in that wasn't the case for was Clinton and that's because he kind of walked out with. Get the dot com another dot com bubbles of snuff commanding Clinton necessarily did it's just favorite guy at the right time I guess it did raise taxes. Reached a raise taxes including spent the first are. He raised taxes increased spent lower rates. What what's taxed the raised and no bush don't raise taxes. I don't know maybe he praised income taxes Coca. Anyway. Somebody who should be worrying about taxes would be money mug shot well he agreed to a 300 million dollar contract. With the San Diego Padres now. As I understand at the top income tax rate in California is about 13%. It is now I believe if if this is one of the the wrinkles so much auto if you looked at that and said okay what's key is effective tax rate going to be. He's going to be earning about thirty million bucks a year. Which means he's got to pay you know that top California rate. Plus the top federal rate which is now 37% happily. I averaged five ironies Bergen and the state of California 39 million dollars just because of this contract with the tax rate. Yes yes you are usually uses already playing in the for the Dodgers but prior to that he played for Baltimore there's that there's a 37% bracket. There is yes that is that if a. There's a 37% bracket so. Effectively it would be 50% but there's one of these wrinkles because Appel Major League Baseball works. In some cases I don't know if they still do this but I know they used to. You're away games you actually and of getting taxed in the state that you play them because that's where you're doing the work yeah. And so true that's still the case so professional athlete whether they're hockey player soccer player. In an effort by lap ways that it returns that they do me they have to file a tax return in every state where they played a game yeah because it's. States cut onto that years ago when it's been a great source of revenue but he signs this three hitter is he the highest paid ball player now. I believe in terms of so no. In terms of average annual value I forget who but someone is getting paid 34 million a year I can't remember who. So how does a small market team like San Diego fourths because they that this is unusual laid it in baseball is very top heavy at figured it go like this would sign with. You're one of the big market teams either Chicago team and LA team in New York team or the Red Sox. Yes so the big thing that you have with San Diego is they didn't really have any other. Hughes that they have a couple other decent sized contract but everything else was kind of bargain basement for them. Sophie actually go through and look at their payroll and it's not particularly significant pretty much they've got three guys that make north of ten million a year. And then just about everyone else is less than four million. So where's the shuttle from Tucker's the Dominican disease vector where's he hill. Many Mitch god go I think he's from the Dominican he's Dominican yeah yeah yeah. And then you got yours traitors to the Dodgers mid season last year from the Orioles even the so I sees these demand. He's Dominican by heritage I believe he actually grew up in Florida. All cut so I I believe he was born and raised in Florida but. He might be you know second generation crowd a citizen corps so he's sort of team San Diego he'll make a lot of money but the team still stinks them. They do they do have the best rated farm system in Major League Baseball though so it's something where they might say hey we've got a couple guys who might becoming you know into the majors in the next couple years in and we got much out of that we can build around and who's the other guys it's gonna sign. Bryce Harper's the other big one most most rumors right now have go to the Phillies who have been kind of the only team really interested in and but the G yeah the giants are another team yet the estimates are that he'll get a deal it's probably somewhere maybe ten to 15% higher than this one. Connolly goes. Turn haven't signed these caskets and RT opened debts ridiculous yet the Major League Baseball the whole free agency system there's kind of broken at the moment at least in terms of timing I mean obviously Machado got. You paid 300 million dollars but normally if you go back ten years these guys are resigning in November and early December. They coming up or talk. But who wants to raise taxes on the wealthy. It's not hard to figure that that's next. Does this in stunt to yeah. Close your portfolio beats the financial exchange with Barry Armstrong and jokes done well on the financial exchange radio network. Getting married is one of the great pleasures in life growing old together in making incredible memories is something that can never be taken away but as we grow older the death of your spouse is something that is painful as it is you need to play it for hi this is very Armstrong and my firm the Armstrong advisory group has a brand new guide out this month to help you prepare your finances in the case of a spouse's death we have identified several strategies that can serve as a guide including sharing the responsibility for monthly expenses updating specific beneficiary information and examining how to clean your Social Security benefits call right now 803934001. That's 803934001. -- get your free guide today you can also download your free guide right now by visiting Armstrong advisory dot com. Dirty suffered histories are incorporated member and as a PC advisory services for procedures are advisors incorporated Barry Armstrong represented a strong advisory group and secure is America companies or an affiliated representatives a secure is America did not offer legal or tax advice always seek the voice of professionally with the laws in your state. 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Hi this is very Armstrong and I've been doing business with leader bank for many years it's not too late to get a great rate on homework meter 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 music faster closing we're bank is the number one purchase wonder among banks in the state they have sixty loan officers throughout Massachusetts Connecticut and Florida who were ready to help you find the best solution for your mortgage needs at some of the best rates around call 8776917900. That's 8776917900. Thing get your great rate on home mortgage -- now and dale milieu a free residential mortgage survival guide detailing the home buying process from pre approval to the closing it 776917900. Is the number to call or visit them online at leader bank. Dot com member FDIC equal housing lender MLS number 449250. Are subject to credit approval leader bank a step ahead. It's our daily poll question had financial exchange showed Doug John. Vote your conscience and Erin just vote go to financial exchange of god come and test away. A majority of people support. Democratic proposals to raise taxes on the wealthiest Americans this according to a poll conducted by. The New York Times by the online report the New York Times by the online research firm's survey monkey. You mentioned this to media to date talkers you thought there not to shock art tracker chart chalker. That you you felt that he the younger generations. Kind of were gravitating towards. Higher taxes on the wealthy. I don't even think it's necessarily younger generations. I think that in general what you are seeing. With the the level of populist sentiment that we have in the US at the moment. I think you're seeing a more across the board pushed towards this. Right now and zero. Because of jealousy as it relates to wealthy people as it because they want or certainly has some reading different things I'm reading like you pocket trump wants. More you know child care may be made available to young families they Democrats wanna make universal child care proceed you know businesses somebody take you raise your kids Angus. Universal health insurance of course is another big. Proposal by Democrats. I think in in general there's a couple different reasons why you see people talking about this in some cases it is to pay for additional social programs whether it's child care whether it's. You know paid family leave whether it's health care you know that their programs out there that are being proposed. And there's some candidates are proposing new taxes as seek solutions as to where's the revenue going to come for. In terms of why you know you're seeing this you know brought up in other cases. It's you have an awful lot of sentiment out there right now. That feels and I think rightly feels that a lot of people have been left behind by near the growth that we've seen in the last decade. And as such near the field that's. In 2008. You effectively saw socialism for the wealthy where pay all the losses that the big banks had were kind of dispersed among ever won and so we all had to feel the pain. But the problem is that the gains over the last ten years have been concentrated in the wealthy and so there's a new Hussein will be that doesn't make sense we help you out back then why aren't you helping us out today. And so I think that sentiment is very prevalent as well and still makes these proposals. You know very popular as far as mute. As as far as campaign messaging. Well today certainly hit in the polls mean look at the polling data it does indicate that there's a lot of people disgruntled. Both on the right handle as a relates to income and while. It's it's across the board until they can that this is something I don't think there's a strict party line split on this I think it is more based on incomes and so forth that you're seeing this this happening right now in that represents a big shift from what we've seen you over the last 125 years of American history. For those. Folks it's pretty hard to find a bank the best checking and savings accounts that can provide decent return but if you're in the market for one we gonna deal that you can wanna check out. I've been doing business with the leader bank for many years and so if you need in need of a bank with great rates on checking and savings accounts. Look no further than leader bank super rewards account. Qualifying customers get 1% back on debit 10% back to feature businesses with no minimum balance required and no monthly fees but that's not all. Leader banks you've missed savings account has a 2.3 5% APY which is a great perk presume in the customers if you're searching for great rate. It's time to call leader bank at 8776917900. That number again is 877. 6917900. Or visit them online leader bank dot com. Minimum deposit open and Ernie. 22 point 33% interest rate. Mass residents only fees may reduce earnings were subject to change that notice. Leader bank a step ahead member FDIC. So the FDA has warned older Americans a week from services in several states. That offer to inject them with younger people's blood plasma. As a treatment for dementia. Alzheimer's disease Parkinson's disease and other debilitating maladies. You know like I I get the message from the FDA when you think about it logically right if you see the state your 59 years old. In your blood has been in your body for 59 years. Isn't that make me healthier fight fused my. Boy if I get a blood donor whose eighteen years old than an athlete is that better bullet in my system that is that a real question. Your take tied earlier spoken phonetically but it's the pace a bit. They keep the eight knowledge that. It contains blood young blood contains proteins that can be used to treat bleeding and clotting orbit abnormalities. But they say there's no demonstrated care that it actually helps anybody handled. No no that's because it doesn't. Blunt bluntly it's totally change in the oil and cars and. We'll know your your bloody it hasn't been in your system for all of your life. Hasn't where's event. Well your your body produces new blood that's that's kind of cold being alive you produce new cells on a regular basis regenerate rejuvenate. These days confused me. Anyway go to sudden that I do understand fully in that is the NASDAQ is up 22 points the Dow is up seventeen points the S&P 500 is up three point. And the price of crude oil is up to when he sets apparel 5629. And here. 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. That speaks theory a great family friendly mountain with something for everyone including. PM to ten via reverse ski. Snowboarding do things rentals lesson tips and entertainment that's because one of the largest night skiing areas and all of northern new England and is one of New Hampshire most accessible to learn to ski and snowboard mountains bring your family and your friends whatever your age or ability level you'll love pats peak. The latest info go to pats peak dot com. That's pats peak got jobs pats peak ski area and had appeared New Hampshire. That's peak seven interest premier ski and snowboard mound is a 100% opened with day and night skiing and right. Make plans to spend your upcoming Faber school vacation on the slopes at Pat's cheek with skiing snowboarding and snowed two things always information on conditions photos videos and events go to pats beat dot com. Hi this is very Armstrong and I've been doing business with leader bank for many years it's not too late to get a great rate on home mortgage meter 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 music faster closing we're bank is the number one purchase wonder among banks in the state they have sixty loan officers throughout Massachusetts Connecticut and Florida who were ready to help you find the best solution for your mortgage needs at some of the best rates around call 8776917900. That's 8776917900. Thing get your great rate on home mortgage call now and they'll mail you a free residential mortgage survival guide. 8776917900. Is a number to call or visit them online at leader bank. Dot com member FDIC equal housing lender MLS number 449250. Are subject to credit approval leader bank a step ahead. The money matters radio network WB MW Lemmon William and W 275 CM FM or Austin the money matters radio network. This is chuck and Mike from the financial exchange in Riyadh today to talk about the new guy that we're giving away this month it's titled how to prepare for a spouse is passing Mike and fortunately this is a topic ever when needs to prepare for but. Lot of people don't take the steps because it's a little bit intimidating so let's start from the beginning. Happens to both to be at the same time this would avoid probate process for children or anyone else that's listed on the account by the way folks not just your investment account not just your 401K go to the bank you can have pay on death beneficiaries on really basic accounts elsewhere too like what if I have a will or trust in addition to beneficiaries named on an account how does that work well the beneficiaries on the counter actually going to supersede. The wheels in the trust so. Let's say you change your will and say you know lots. Something happened and I need to cut my son or my nephew out of mind will I don't want them to inherit anything you must go up to date those beneficiaries on those accounts as well it will not just automatically change because you up teacher real warrior trust the beneficiary designation takes precedence. Folks we have a new guy out this month it's titled how to prepare for a spouse's death in all you have to do to get it is call 80393. 4001. Again that number is 80393. 4001. Or you can also get it Armstrong advisory dot com. Securities offered to securities America incorporated member Finneran SIPC and advisory services offered through securities America advisors incorporated Barry Armstrong represented their Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. In medieval times sharp was often the difference between victory and defeat. For skiers and riders at Killington. The end point of pride and admiration. No matter your battlefield the more you prepare for more triumphant. Here's to living more life on the edge save up to 40% on lift tickets when you purchase an advance at Killington dot com. Hi this is chuck Zahn and I've been doing business with leader bank for many years if you're in the market for mortgage leader bank has some of the best rates around and if you call right now they'll make your process even easier by sending you a free copy of their residential mortgage survival guide in it you'll find critical information for pre approval closing it'll also help you with the required documentation the purchase and sale agreement as well as what to expect when dealing with agents I've owned a few homes and a whole lot about the home buying process. But this guy who really helped me reconnect on issues that are so important to the overall process co leader bank today at 8776917900. And ask for their residential mortgage survival guide if you're looking for a mortgage this will definitely help be the number again is 877. 6917900. Or visit them online at leader bank dot com member FDIC equal housing lender ML customer for Portland to try zero are subject to credit approval leader bank a step ahead. Hi this is Rachel from Shawnee peak in beautiful Princeton man. Joni peak profits forty said Kurt trails or boasting gorgeous views of the presidential mansion. And lakes region of name. Comes skiing entreaties we offered stiff and related areas to play and and free trade pacts that range from begin tenth street expected to. Did you know that Sony. Nineteen about sales and at six nights a week and the cost of nineteen it's always included in your daily ticket. Johnny PR for his family friends maps and action packed calendar of events. And fantastic ski and write programs to get used and you crew on the snow and having fun. He all day and into the night to make plans now it's Johnny. Calm. Conditions are outstanding play lives notebook coming adventure camps moving night's deadly day fireworks Bruschi and more visit China keep doc called fallen for. It's pretty hard to find a bank that as a checking and savings account that can provided decent return and if you're in the market for one I've got to deal that you're gonna wanna check out tie this is Barry Armstrong and I've been doing business with leader bank for many years so if you're in need of a bank with great rates on checking and savings accounts look no further than leader banks Zuma rewards account qualifying customers will receive 1% back on debit charges 10% back at featured businesses no minimum balances required and no monthly fees but that's about all leader banks zug will rewards account has a two point 05%. Annual percentage yield if you're searching for great -- it's time to call leader bank at 8776917900. In addition you'll receive a free information packet featuring a guide to Zuma businesses that number again is 8776917900. Or visit them online at -- bank dot com. Minimum deposit to opener annual percentage yield is two dollars two points or 3% interest rate messrs. insulate these reduce earnings re subject to change without notice leader bank a step ahead member of the icy. And me. This is the financial exchange with Barry Armstrong and jokes are you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about an economic and market trends plus get breaking business news every day it's. And now the financial exchange with the very Armstrong and chuck Exxon. Tesla and CVS arc in the news but for very different reasons Tesla. Leaked out last night that they're gonna start leasing their model three car which should lower the price and make it available to many more consumers. CBS suddenly gone. Just merged with that. And they had a really tough quarter hybrid bodies buried truck with you here it's Wednesday morning. And Tesla saying hey what lease a car come we so model three. Yet Tesla now Lott talking about opening up its leasing program to was the model three they do web leasing programs on the model ass in the model acts. Leases account for about 20%. Of the the vehicles they move in both of those platforms. But now likely going to be opening this up Chu was first employees in the next couple weeks. And then beyond that the masses once they iron out the kinks and make sure they get everything you worked out on the for a. I'm curious to see with the monthly cost will be and and how that's gonna work. Because that's the the big thing is you know how much do with the ball but Buckley the beat him by air to lease a 43000 dollar cart I don't know the answer to that. Well I'll I'll give view in an idea so I I I wanted to I was curious you know so as it OK you know what what does it look like. Yeah you know four BO compare bold BO cars and in that price range something along those lines and so. During the the last break actually I went over to wat Mercedes-Benz. Mercedes-Benz USA dot com and you want to go to. And I pulled up their seat costs which is their new kind of entry level model. Four Mercedes-Benz. And I built one and I said OK I wanna see if I can get it to be me or somewhere right in line with that cost and I was able to do that pretty much exactly. And so what I did is I got a car that the total bill was 43450. Dollars to Mercedes. It's a Mercedes so again to be that you're talking like that that's the car the model threes probably competing right. And so what if looked like I then ran the numbers for police. And I did 121000 miles a year. I've put 10% downs about a 4500 dollar down payment. And said OK you know what what do the numbers look like an added a 36 month police is that if you're years kind of pretty standard and lease terms. But check in my experience most people who lease cart don't want to put anything as a down payment. So OK if it will receive might change that what it does okay secure ago so let's say that you do no down payment. In that case the estimate at least is about 560. Dollars a month. By six. 560. Chris Tucker you say you had wonders about 300 a month but it was for upon or correct. Now I bet you can knows no money you can do low mileage Tesla if you did you know 8000 or 101000 miles a year a bit you can get that down into the low four hundreds because there's far less appreciation. But it's tough though it's tough what it is so. You know if you're doing at an average mile Michigan 121000 is new kinda in that ballpark you're talking 500 a month old that necessarily moves the dial for a ton of people. We'll see it right if that's the interesting part is to see would impact it has on demand. And then a lot of people wanna know what the heck is happening at CBS their stock is down seven point 7% as we speak. Yes CBS this morning announcing their earnings as well as guidance for the rest of the year the big thing earnings came in pretty much where people expect not a bad quarter. The guidance revenue was good actually two to 3% above where people were expecting silly sit there and say OK good revenue guidance that's good to see from a company. The problem is there anticipating a whole bunch of additional cost due to be at number insurer. And soon it's gonna be a little bit more costly for them to complete that merger than they initially anticipated. And that in turn has impacted their projected profits for the year. Decreasing them by about six to 7% and as a result stocks down about seven and a half percent right now in. It's early to mid day trading I guess this is where we are right now as they cut as the market digests. What CBS told them. And ornery visit our whole question of the day and the question is do you keep any financial secrets from your spouse. According to a recent poll by the credit cards dot com nearly 20%. Are keeping savings. Credit cart or checking account. Hidden from their live in partner. They surveyed a thousand people while I can tell you it's a lot more than 20% with our audience 41 point 6% of our listeners. Are keeping a financial secret from their spouse. Very lucrative audience. You there are just secret that you can have participated our poll by visiting our website it's funny to exchange showed dot com where he can send us a text. At 63566. And I did want to talk about the bond market the Fed this afternoon I think it's about 215230. We gave a look at here. They're a dish called their beef booked but it's basically a report as to how dear fueling about monetary policy going forward. Yeah they're going to be releasing the the minutes from on their last meeting that was come out and about 2 o'clock today. Am pretty much not anticipating any major bombshells were not expecting to be surprising is no one ever expects to be surprised but. In terms of the with the big items of focus I think the biggest one. Is gonna be on this that the Fed balance sheet they bought up all these bonds in the aftermath of 2008 and 2009 and the reason they did so. Was to provide an injection of liquidity into the economy. And effectively you know it also serve to me a boost asset prices to a certain extent. And so the talk is okay boarded the gonna be doing with this going forward. Reading the tea leaves the suggest the near kind of between the lines it looks like they're likely going to be. Tapering down that bond sell off that that sell off of the balance sheet in the next few months certainly starting to wind that down at this. I talked to the guys that are in that business that truck and they said you know Barry it's the the bond. Buying program didn't do a heck of a lot when they implement it and it's not doing much from the cell in and it's kind of a secretive process to write like we don't really know until after the fact what they did or not. No merely they do you see it happening like they announce when they're doing it like this they're they're pretty upfront they have what are called public open open market operations. And so they say hey we're going to be doing this on days XY and Z. I think it didn't do much to change interest rates I think that that's a fair statement I think it did a whole bunch to change asset prices. I think it is a whole bunch to change gas prices on what side like real estate and stocks or real oddities pretty much real estate stocks and bonds you saw prices go through the roof. And it wasn't because of economic activity was because of that activity. Let's talk about southerners and TV watchers they they saw this in marketwatch.com. Is actually pretty interesting. The average American adult works twenty hours per week. Spends over sixty hours per week sleeping in eighteen hours watching TV this according to an ongoing government survey that collects. Thousands of 1001. Date diaries each month from random citizens I've never been. I'd never participated in. I have not eighteen hours a week of TV is species quite a bit delayed it seems like a lot of mean you're talking pretty much almost nearly three hours they're pretty close to it. They when it's all said and done. The big thing that is interesting is they've they broke this out by eight. TV watching they watched. About one point six additional hours per week. Of TV. Compared to westerners who spend the least amount of time watching TV what do westerners do instead. Other outside other leisure activities says things other than TV watching. It's nice about California music you can be outside Oregon right here you can be outside your round. Yeah I mean look you got all kinds obviously evident climates regional those places. What I find interesting though is. That you can do that in the south too so why would you be watching TV. Like so pretty house built if it's it gets really hot summer track ego like ask your mom and dad how much time they spent outside and in July and August. Yeah I mean more going doubted Austin. August and were expecting temperatures you know hundred plus. 110 plus yeah yeah end you will not be outside talker you know you'll be it if you are too momentary. Eight there were bear Summers chock are worse than our winters in terms of having to stay indoors. Yeah I today inexperience when I was about four years ago this is actually gets out west this was in Palm Springs yet and it was we went there in June just because it was cheap and we could also mean a few bodies when we like OK we'll play some golf so we show to this golf course this yacht and we show up and we walk in the got to starts laughing at some Leo what's going on usable you're the only people that were dumb enough to book tee time today so the course is all yours yeah they weren't Alec how bad could it be you know he get out there it's a 116 degrees and it's so dry that you swept but you don't realize it soon you're dehydrated by like the fourth hole. And so finally we get we get to the end we come inside and all three of us to staff. Pounding headaches now because we've been drinking but just because we haven't drank nearly enough water even though we've been pounding bottles of water the whole time. So if you would city in the country do you think has the best client they gave for for your lifestyle which city. You think would have the best climate to. Firm bought your city Vermont late for my personal life yeah you're the way you like to live. Where do you think the best in and year round from talking. Where do you think the best temperatures are best cities for climate for me personally I goes Denver. Tucker you. Are these off the top man had a probably sail like something like Scottsdale. And he Scottsdale brutally hot and dry though it's on that. San Diego guys all you're right. Your parent or being one boring I thought about sandy it's too boring I was born. It's 75 and sunny every day ball how boring that is it is. That that. All of the tragedy Tyler Moore and if I gave you lobster Everett eventually taken write something else I wouldn't accept a five Sonny Purdue week I'm just saying. Coming up or be playing trivia and we have a story regarding Southwest Airlines that may impact Q pay attention that's coming up next on the financial exchange. True. It. Everything business and finance page the financial exchange with Barry Armstrong in chunks of on the financial exchange radio network. Getting married is one of the great pleasures in life growing old together in making incredible memories is something that can never be taken away but as we grow older the death of your spouse is something that is painful as it is you need to play -- -- hi this is very Armstrong in my firm the Armstrong advisory group has a brand new guide out this month to help you prepare your finances in the case of a spouse's death we have identified several strategies that can serve as a guide including sharing the responsibility for monthly expenses updating specific beneficiary information and examining how to clean your Social Security benefits call right now 803934001. That's 803934001. And get your free guide today you can also download your free guide right now by visiting Armstrong advisory dot com. Dirty suffered histories and are incorporated member and SN BC and advisory services overtures to resort advisors incorporated Barry Armstrong represented a strong advisory group the securities America companies are on affiliated representatives a secure is America do not offer legal or tax advice always he did voice and professionally with the laws in your state. Deal with the loss of a loved one is hard enough when it's your spouse and you're not prepared for the overall damage can be severe this is Mike Armstrong and our shark advisor group has written a brand new guide to help you with your investment strategy in your overall financial well being in the case of a spouse's death or several strategies that we suggest you consider including creating a spreadsheet of all assets pulling all wills and estate plans in compiling numerous documents such as life insurance policies mortgages and tax returns all of which will contain crucial information that can help you through this difficult time call right now at 803934001. That's 80393400. Wanna get your free guide today and I'm sure you'll be glad you did that number again is 803934001. Or download it right now and Armstrong advisory dot com. He suffered securities America incorporated members and SIPC and advisory services officer securities America advisors incorporated Barry Armstrong represented at Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. It's 6 AM clear as a bell and winter quiet I'm watching Mike Pratt turned to Steve. If I turn left out of the driveway there's a mountain of paperwork on my desk if I turn right there's a mountainous snow at loon. I am turning bright and. Work we'll still be there tomorrow January delivered over five feet of snow and lose wide open. Three mode peach tree skiing award winning terrain parks and New Hampshire is only super fight to save on tickets at blue and NTS dot com slash tickets. If -- -- -- -- property manager rent collection can be very challenging especially if you own multiple properties leader bank has a program that can help you it's called -- deposit this is another free program which streamline the opening of tenant security deposit accounts to re totally digital experience with -- deposit landlords can open an account online invite tenants to enter their information and manage all their security deposits he deposit also automates many of the compliance headaches for landlords such as generating account disclosure forms and will even send annual interest payments directly to the tenants it's easy to get started just called -- deposit team at 7816418691. -- deposit is a free program to have Euro landlord or property owner call today and make it that much easier to collect and manage your security deposits that 7816418691. Or visit them online at -- deposit dot net member FTS EU leader bank a step ahead. And I say no you probably think that the step that falls out of this guy but he grand more than we see it differently at Kramer's known as a form of art. They craft if you think that he threw it we make it all went through London and he never ever stopped looking for ways to make their conditions that are. He'll feel honored fluke than an hour remaining areas and you see it flying out of our energy efficient snow then. Snow is what we feel that simply print more inexperienced clincher our way. Get at today's conditions and calendar praising it print more dot com. The financial exchange. Is Cole a brutal England and also now in West Palm Beach, Florida. Check out our website at financial exchange showed Doug come and find the station closest to you. This is the financial exchange radio network. Ought to text especially as it relates to the secret that he helped. By the way great secret accounts of any significant size would wreak Havoc on an estate plan we share this important factor with the listeners he's right. Writer she's room. You know you keep an account secret from your your spouse and or your tax return check Reggie got to count and you just don't you attack you're a spouse and it's cut interest on that account. Are we acting goes all kinds of problems either from attacks or state planning perspective I mean look it if it's twenty dollars and checking account patterns nothing. OK it's not really ceiling there's nothing there but you know if your keep in neo hundreds or really when we get to thousands of dollars right there is absolutely has an effect. Six and seven rates my sister in law has a secret credit card with 40000. Dollars what is no idea well. How is how does that listeners know that but the husband does not. I'll tell you what that's a big problem the match you know. At some point you have to fess up I mean clearly be spouses not checking other set spouse is mail. This they'll be getting bills upon bills coming in the mail all the time. I tickled to mail in our house it's it actually gotten the points this is a flat screen the mail to a what I do this is I don't want catalogs getting to my wife Rea but so recycle all the catalogs out to begin with some like it is like a one catalog a month allowance that I give. But it's it's actually gotten the point my wife doesn't like picking up the mail and so last week she actually opened them she went to the mailbox. Open the mail box looked at the mail didn't see anything she wanted instead of take in the mail and important factor in the mailbox I can take it in afterwards. Right that's the point we've gotten to in my house now. That's good division of responsibility it is and I'm in charge of that mail. Are at let's talk about trivia weekly trivia every day here on the financial exchange in if you were the winner ever trivia contest you will receive a fifty dollar gift card. For the purchase of gasoline. NHL and Boston Bruins legend Phil west is Hedo. Turns 77. Years old today will be asking trivia question about bill passed the Zito. In the 19701971. Season. Phil SP Zito shattered. The single season goals record scoring. How many goals to question those of my generation remember as those. Big news in the hockey news that year pays a hockey news still nothing at it it is still a published newspaper I don't. I don't know if they do a hard copy anymore no they have a website. But I'm not sure if they do a hard copy anymore I use are they do they don't. They do yeah I I got the hockey news as a kid my grandfather gave it to music subscription and favorite day of the week. Isn't in the hockey news would arrive and I remembered front page of the hockey is anyway. In in 197071. Analyst Zito shadow shattered the single season goals record scoring how many goals. Our text number 63566. And if you have the correct answer Lois we'll select one of our correct answer winners. And will you know with the answer was after. And then in the excitement. Southwest Airlines. There have been some trouble either with their mechanics or bad luck one of the two. Yet they've have had trouble with being able to get their planes and keep their planes in service. In recent days they actually had over forty of their 750. Aircraft taken out of service about twice as many. As they typically have been the reason for this is because of maintenance problems they've been happening. And what southwest is saying. Is that the near this surgeon out of service aircraft comes the same time that they're going through contract negotiations with the mechanics you need you now and the look this is something that unions have done forever if OK here in the middle negotiation. You don't necessarily walk off and strike but users we have slow down the work that's being done a little bit there near maybe have a couple people call out and you just have a little bit lower attendance than usual. So you know that this is not new in terms of negotiations I think it's look at probably part of most negotiations that happened and a lot of industries. And so would I didn't realize how long this negotiations been going on with the mechanics I don't. Started in 2012. They've been negotiating for like seven years on the steel now. That's been hurting the company though in terms of that can't retention pink because. Mechanics right now like I nephews a mechanic. If he gets calls from headhunters all the time from different car dealerships that wanna hire him away from the dealership that he works for now. So mechanics are clearly. The V you know it there there's a shortage of them so if you're good mechanics for southwest in who worked for American or some other airlines anymore. It it probably to a certain extent and I don't know this but I've. Would imagine that much like pilots and flight attendants have to get trained on specific plane maintenance you have to get trained if your mechanic is whether an operation yet to get trained if your mechanic is well. I don't think you can necessarily go from southwest which only run 730 sevens someone like jetBlue who's running a 320s. And necessarily see those skills translate so I I think that. Is there might be a licensing issue on that front. But if you can find an airline that has the same types of planes I would imagine you could probably hop pretty easily. And Weight Watchers stock is up five point 7%. That's down a lot though when you look at it over a long period of time I was looking at Weight Watchers chuck. It's been as high as a 105 dollars a share in the last 52 weeks and this is the one did Oprah ticket big position in Weight Watchers. She did I believe it was 2015. When she initially did Lleyton that year I think was towards the fall. In in the stock kind of stagnated for about a year and a half and then really took off in 2017 and 2018. Rising from about eleven bucks a share up to that 105. Range. And then it's come straight back down in the the big concerns that investors have at the moment. At least again I don't really follow Weight Watchers but this is what they're saying. Is that they've you know made a big transition tried to make a big transition towards. Digital was an app and so forth and apparently they're just not seeing good retention numbers on the app at this point. They're just not seeing the growth that they want to. And. Because they make a lot of their money cell in the food right IQ but it is the DE by the food. They shipped to via right and you eat that food and you lose the weight. Yeah that was there historical business model I think they've changed a little bit in two. They've tried to bring in this digital and also personal coaching. In some other stuff like that and you know they've tried to diversify away from just the food. And I guess what I'm reading and again I have not done any deep dive on this. But the sense I get is that those other areas just aren't growing rapidly enough. To support the stock price where it was. So that it that that appears to be the issue. At this point. Lot of incorrect. Answers coming in as early stood trivia question in 197071. How many goals did fill us Zito score when playing for the Boston Bruins he set a record that year. And when we come back we'll tell you who are winner was and what the correct answer is not tech tip without any wrong answer for getting the most and the list. That's next on the financial exchange. The financial exchanges and live on FaceBook so make sure to like your page and watched the guys break down the latest on the market every day beginning at ten on the financial exchange radio network. If you haven't started in the state plan yet now's the time the state and message protection claiming his critically important to those of you were nearing retirement age or are already retired. Because without a solid plan many problems can arise take the time to avoid that kind of issue by calling talk about ski a partner with the law firm of Cushing in Dolan Thomas an expert in taxation and elder law and he can help you identify the right kind of planned for your family there are numerous kinds of drugs that are available but two of the most common are revenue Google and irrevocable trusts their major differences between material so before you put pen to paper get some solid advice from some -- notes can advise you on the best way to put together your plan Cushing in Dolan as a free guide out of the slump on the differences between -- Belinda radical trusts and you can get it by calling 8668485699. This guy can even show you how it's possible to eliminate your state taxes while protecting your assets from creditors and long term care expenses call right now to give this free guide an 8668485699. Or downloaded right now from their website legal exchange showed dot com. In medieval times a sharp was often the difference between victory and defeat. For skiers and riders at Killington. The end point of pride and admiration. No matter your battlefield the more you prepare for more triumphant. Here's to living more life on the edge save up to 40% on lift tickets when you purchase an advance at Killington dot com. Hi this is chuck Zahn and I've been doing business with leader bank for many years if you're in the market for mortgage leader bank has some of the best rates around and if you call right now they'll make your process even easier by sending you a free copy of their residential mortgage survival guide in it you'll find critical information for pre approval closing it'll also help you with the required documentation the purchase and sale agreement as well as what to expect when dealing with agents I've owned a few homes and a whole lot about the home buying process. But this guy and really helped me reconnect on issues that are so important to the overall process co leader bank today at 8776917900. And ask for their residential mortgage survival guide if you're looking for mortgage this will definitely help be the number again is 877. 6917900. Or visit them online at leader bank dot com member FDIC's equal housing lender MLS number 449250. Subject to credit approval leader bank a step ahead. It's 6 AM you don't meet your form. Doesn't matter my buddy knows the drill anyway because we do this every chance we get. Like a kid at Christmas he's going to be the window skis at the door hot cup of coffee in hand if you dream just in time for first tracks of them. January delivered over five feet of snow and lute is wide open wheel. The three mountain peaks trees game award winning terrain parks and New Hampshire police who provide a save on tickets at blue and MTN dot com slash tickets. I folks this is Mike Armstrong and I'm joined by estate planning attorney Todd lets you with your financial exchange quick tip of the day. They were talking about the differences between revote Kabul and your revote will trusts have taught you what is the biggest difference between a revote Kabul verses and durable global trust. You know this is probably the most frequently asked questions that that I get here richer people just wanna know that and there are really a lot of differences but what I'm gonna do is to tell you what we're talking about the differences between a Medicaid irrevocable trust has folks there's so many kinds of irrevocable trusts out there. I want to be clear that this is those income only Medicaid. Irrevocable trusts that are designed to protect assets from the owners now verses. Eight re vocal bull family type trust. The biggest difference between the two is that the revote global trust will never protect assets from the nursing a five years ten years doesn't matter how long your assets current. But with an irrevocable trust. After the assets have been put in there for five years. Then they will be protected from the costs of long term care that's really the difference well it's fair to pay an attorney to draft trust to revoke and I just go and have them change it to revoke apple trust so many people love to do that you could tell. You actually have to start over the language of the trust itself is key. In making it protected from the nursing homes so you can't just make the word re vocal irrevocable and they're not here not so easy but that's the big difference lies control wise I think you're still. About the same. Excellent while the state planning experts accretion and don't have written a brand new guys that answer the most common questions that you have about the differences between revote Kabul and irrevocable trusts you gonna press has brand new guide by calling 8668485699. However folks if you wanna download the guide today just as it legal exchange showed dot com. Once again if you want to guide paper though give us a call 866848569. You might not be able to keep up with all the latest business and finance news but we can't fix the financial exchange with Barry Armstrong and chunks not a on the financial exchange radio network. Our trivia question was related to hockey. There's how many goals did Phyllis Zito scored during that 197071. Series. Season. When he shattered the single season goals record correct answer was 76 in the 76 gold record stood. Until the 198182. Season. When Wayne Gretzky scored are ridiculous 92 goals this season Phyllis positional. Ranks second all time in Bruins franchise history with 459. Regular season goals. And the winner on this question was David from Arlington and David takes on that fifty dollar gas card with trivia today. Being brought to you by the Armstrong advisory group. With markets still volatile now's a great time to review your portfolio so call 800. 3934001. Instead appear free no obligation consultation today that's 80393. 4001. The best dancer got it was the funniest answer was someone who wrote in Bobby hall which neither answers the questions or is really related to the question either. Yes but Hughes that the gore goal scorer on his old he was he certainly wants an answer to her. And it's. He has to combat illegal the Phillips whose use cork ball real. As appropriate and nice chuckle I'm sure you'd. Knight foundation is going to invest 300 million dollars to boost local news. A tea with the number of newspapers I keep it here it is. Eight team 400 weekly and daily newspapers have closed since 2004. Yet it in and look at that great of closure is going to continue I mean it to you you're simply just can't hit that it is very few hundred left. Oh overmatched east amiga is think about all the local wanting. There's there's a ton that are still out there almost you know small little ones. But it's. I look at import up I have there's a great thing that was reading on the newspapers recently can't find it now which of course is going to be used. So how many people actually pay for news the other guy like I pity for him I paper a lot of web sites that that's because my profession. I wonder how many listeners actually you know subscribed and paid for were you know the sun sentinel and the Boston Globe the Providence journal. It is easy you think about the heyday you know back in the nineties you know the globe is delivering half a million papers a day. They weren't the the big thing that I come back to his if you look at where the revenue came from wasn't subscriptions where they actually made their money. Yeah the script is the subscriptions were okay that's you get the readership. The with the way they made their money was classified ads and you know and the other general advertising you know in the rest of the newspaper. The subscriptions they they covered some cost but it was really those classified ads and all of the other advertising sure it was how they made their money in the problem is. You know Craig's list effectively killed you know Craigslist and in monster.com and neo eventually all the other companies linked in. Killed classified ads and you know you just don't you don't have to pay a local newspaper for classified ads in the race. And for the rest of the advertising. Google and FaceBook kind of took that model and said hey we got something better. And so would. What does it do to the future journalists I mean. You know if you think about it the that was a major college right in it still is but one that keeps that your son is going to school. And do you really curse and the study journalism. That'd. I deleted but would you would you do that with your son talker yes he would edit the very important. Like I I agree that there's a social ramifications. Of not having journalists. But financially. It's very difficult thing like if you talk to guys that he studied journalism in school Tucker. A lot of them probably are working journalism because it's not that many jobs. Yeah it's definitely a very typical industry and one that's a hard to get into. And then be when you do get into it doesn't pay very well and you really have to pay your dues or work your way up pretty much it. So that's stuff. Folks losing a family member can be eight traumatic experience especially if you're not prepared. Preparing for the loss of your spouse is awful to deal with but if you don't do. Your finances could be severely affected we got a brand new guy out this month designed to help you avoid unnecessary risks and the associated pitfalls that can arise. When your spouse passes we recommend several strategies for you'd will employ. It'll educate you on how to best deal with this unfortunate circumstance. Call right now 800. 393. 4001. That's 803934001. And get your free guide today make sure your affairs or in order. The number again is 80393. 4001. Freer free guide or you can also download now at Armstrong advisory dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Are so let's look at the number of recessions that the United States has incurred since world war two and the numbers eleven. Chuck all but two. Of those recessions. Were preceded. By decline in the housing market. In Europe for a year December existing home sales were down 10%. Compared to a year ago. Yes so he hears the the reason why you often see housing. Really so tied to the economic. Now growth of the US housing in specifically new housing in new construction. Makes up about 8% of the US economy. When you factor all the different things that go along with that so. You know that includes you know the financing that includes. The the insurance that gets under and all the different pieces it adds up to about 8%. So let's say that you go through a period. And I'm just pulling up let's pull up housing starts just as an example. If we don't take a look at housing starts and historical level. And let's just go back to the previous recession. In January of 2006. New home starts new housing starts peaked at about 2.2 seven million units per year that was an annualized rate. That we can agree that was two men that we peaked correct. Over the following two. We went from seeing Nazi. 2.2 million homes constructed on an annual basis to one point one. You know so to what do we now about one point two track yet we're one point 256 about a million and a quarter units per per year. So we saw a 50% decline in the span of two years in the number of homes that were being built in the United States which is the worst economy we've had since 1920s and 1930s right. Correct and so what that means that if you're seeing that big of a decline. In housing makes up 8% of your overall near GDP. Well gee that's not very good if you're losing three to 4% and GDP in a two year period right there you know it's that's something it's hard to overcome and it's not just housing then it's OK the spill over into other areas and that's. Really why we went into the kinda crisis that we went into. I understand that but what people seem to be missing is. You where we're still. You're not building that may need new homes not enough to satisfy the need leash if that day it didn't number you said is one point two and it should be about one point five. I that's the number needed to satisfy. The population growth. Yet you could make the case probably anywhere between one foreign 18 I'd actually lean on the higher side that just populations are higher right now. So I'd actually probably say what you probably need 16217. Realistically. To kind of get things to where they need to be. I wonder though if things are changing in terms of beef because of the aging society. Are are you seeing a lot more multi generational living as talking to some presence over the weekend and they're living with their kids and their grandchildren all under one roof and in a Baptist like is that family dynamic in the country changing. And is that going to decrease our need for additional housing go for you know I've seen a cup. All of those as well where again this is I have another couple that I know. That are they just entered into their eighties and what they're doing right now is they're selling their primary residence. And they are buying a new primary residence with their daughter and son in law. And they're all going to have to get us at two primary residences are getting sold in their moving into one together and so. You know I think that you are seeing a little more than I don't know if it's enough that to make up that entire gap there. But it's. Went when I look at it it it certainly is something that I think has been trending somewhat. And it's it's something I mean what we've also seen you know real trouble with new home buyers going in being able to body. New homes first time homebuyers in some of that could be a lack of supply but some that we talked about is also. The fact that you've got you know student loans a lot of cases that are preventing people from buying at the prices that are out there now. Well I think you'd you'd hit the nail on the head with price yeah I mean it it's just really come down to. You talk to your friends and I'm speaking to millennial say that group I don't know 22 to 3536. Years old. And the more I talk to that it generation the more here now want to buy a house. India I'm scratched together a down payment but I can't afford three grand a month or can't afford five grand a month for the monthly payment. Yes it it it's a real problem and so and the other thing is when you look at the construction it's happening now. They're not largely building two and three bedroom home homes now its ability. I I exceed eight years to your point I see that chart where they're building these 5000 put me mansions. And I I know why they're doing that because that's where they can make the biggest profits but boy from a consumer standpoint people don't want that with the property tax bill. Well it's also if you're only having one or two kids what are you need a five bedroom house that's right threat. Doesn't it a combination of factors were we're not building enough homes we're not building the right kind. Gains to this point it hasn't mattered but eventually all that stuff catches up to. Coming up or talk about what stocks. To hedge funds are buying what you want and know that wealthy hedge funds are buying a certain stock. Beckett bolster its value in you might own the stock. That's coming up next on the financial action. Every child in the financial exchange on FaceBook FaceBook dot com slash the financial exchange this is the financial exchange radio network with all of the different types of trusts that are available for a state plans -- -- keep them -- straight the most -- -- -- a -- and irrevocable trusts and if you wanna keep it -- in the case you haven't -- -- -- -- we -- -- -- -- -- to senior partner with -- and -- -- state planning process overwhelming you because that's exactly what'll happen if you're not -- called today and get -- free -- to tell the difference between -- will -- a remarkable -- it'll help you decide which one may be right for you while also educating you on how to avoid any confusion that -- of making such a difficult decision all right now -- 668485699. That's 8668485699. -- can even show you how it's possible to eliminate your state taxes while the same time protecting your assets from creditors and long term care expenses led -- -- -- -- help your family the way they've been helping others for over thirty years co -- 668485699. The number again is 8668485699. Or downloaded right now for free from their website legal exchange showed dot com. Your dream home is within reach with a Jumbo mortgage a loan from leader bank their Jumbo loan program designed for financing an excess of 500000 dollars offers fixed or variable rates for both purchases and refinance us all originations are managed by a leader bank's local underwriting and processing teams for additional cost information call 8776917900. That's 8776917900. Or visit leader bank dot com member FDIC equal housing lender and MLS number 44950. Subject current approval leader bank a step ahead. Getting married is one of the great pleasures in life growing old together in making incredible memories is something that can never be taken away but as we grow older the death of your spouse is something that is painful as it is you need to play it for hi this is very Armstrong in my firm the Armstrong advisory group has a brand new guide out this month to help you prepare your finances in the case of a spouse's death we have identified several strategies that can serve as a guide including sharing the responsibility for monthly expenses updating specific beneficiary information and examining how to clean your Social Security benefits call right now 803934001. That's 803934001. Thing get your free guide today you can also download your free guide right now by visiting Armstrong advisory dot com -- Dirty suffered histories are incorporated member can SIPC and advisory services officers attorneys America advisors incorporated Barry Armstrong represented a strong advisory group the securities America companies are unaffiliated representatives of security America do not offer legal or tax advice always he did voice and professionally with the laws in your state. If you're real estate property management company you need -- banking partner that has all the right tools to keep your operation efficiently -- bank is one of these premier banks in the property management and real estate space offering a suite of unique products and cash management services helping collect rent managed Condo association payments -- digitize paper checks hi this is chuck Zelda -- to bank utilizes state of the art technology to offer convenient banking services to which real estate clients such as a CH payments mobile banking promote check scanners and its innovative -- rent payment platform leader bank has a team of business bankers that are on called help you -- come to your place of business to make it as easy as possible number to call your interest did is 8776917900. That's 8776917900. Find out why many of greater Boston's premier property management and real estate companies choose leader bank is their banking partner call 8776917900. Or email BBO leader bank dot com for more information member FDIC equal housing one. This is a special announcement for all landlords chasing down league rent payments and making trips to the bank to deposit checks take a hassle out of rent today we're zero and leader banks all mine rent collection tool he ran automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free for all landlords visit WWW dogs he rent dot net to learn more or call 7816418691. Securities offered to securities America income members finreg SIPC and advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. We wanna hear from you. Thanks Stuart Barry's 263566. And let us know what you think about the stories we discuss your team to the financial exchange radio network. We just received an uninteresting texts from 978 ferry. I just bought a home in New Hampshire my entire friends' group in the last two years have purchased homes in southern New Hampshire because of what you get for your money New Hampshire is up and coming. The problem is I mean by a house in New Hampshire. You're you're in your commuting to Boston cut the commute from hell as just is a pretty tough commute. Yeah it's in in I've done the numbers actually when you factor and if if you're still working commuting down into the Boston area. It's when you add in the mileage and you know of depreciation on your car the gas the extra costs and the maintenance and everything. You've got to be making like an extra twenty grand to cover the cost when it's all said and done. With that said though a lot of employers like look at fidelity. The they've opened up that campus sites and Merrimack new here trivia literally thousands of employees lot of big companies are saying hey. We we get better value terms of real estate and employees by going to New Hampshire. Want any you're seeing that with the unemployment rate New Hampshire it's only two and a half percent which is about one point 4% below the national number right now. And it's the 'cause a lot of companies are moving up that way and saying gee this this is a better deal from a cost perspective yeah for us to operate New Hampshire as opposed to any of the surrounding states. Of course she talked to people who lived up at the lakes regional players too many. People from Massachusetts movement to me to be fair it's changing the political landscape and looked on from Massachusetts and I think they're too many people from Massachusetts just in general not even in one place just like there are too many people from Massachusetts were working like I had. We're not we're no picnic deaths were no picnic by a very. Let's talk about pit spots. I I saw the story last night in CNBC a lot of times it is past seized by the I like to know oh. Would hedge funds are buying for stocks in my spot is. Dead in these guys are fairy very secretive you have a friend who works at a hedge fund. They'll never telly what you do for a living bill never talked about with their buying with their selling sixty private equity firm's highly secretive. But now and then we get a look at their quarterly reports that we could see oh what did they actually by interesting to see with the Fed hedge funds are buying. Yeah they they were picking up blossom tech stocks at some bargains so if you look at the the filings from my the third quarter compared to the fourth quarter in terms of the fifty largest hedge funds that owned big tech companies. The biggest surge was in FaceBook which went from having six of those hedge funds. Owning it in the third quarter of twenty team up to fifteen in the fourth quarter. On the other hand Microsoft declined from 21 of those hedge funds down to just fourteen so you so little bit of a ship there. On those names alphabet Amazon and Alibaba also seeing an additional number of funds picking up. There there's stakes. FaceBook was the ball straight. It was FaceBook was the the biggest shift there. What's interesting is historically. You know in general hedge funds have really struggled for the last decade in a lot of cases they have not been worth their money. What you saw is that last year. You actually saw the average hedge fund and this is according to. A firm called each of for the does say an index of hedge fund performance yeah in they actually showed. That it's last year the hedge funds in general. Average the loss of about four point 1%. Beating the return of the S&P 500 which was the first time hedge funds outperformed the S&P since 2008. Well. You know the the problem with hedge funds is that the there's these episode arc you leave the vehicle at a pattern of you've invested in hedge fund folks that. You pay a 2% annual plea. So if you have a 100000 bucks a charging wait to get through the hunt now so what's a typical hedge fund run like 510 million dollar entry point yeah you probably looking in that ballpark. In Goldman Sachs is twenty million. But say you open up ahead fun and you get ten million bucks will the the audit is 2% and then if the ten million gross to be twelve million you pay of 20%. Of the growth. But they don't participate if the Afghan goes down and Zito if you're in the hedge fund business that's a great business. And you've actually seen some compression there in the last decade because of all that underperformance. In 2015 as an example. The average fee is now one and a half percent of assets in seventeen point 7% of profits are still high. But it has come down in the last decade just because the performance has been so bad. They talked to a fellow that runs a family office though in the completely divested of hedge funds. It's such bad experience with them back you know after the last ten years if it. We can just by our own portfolio. Through our investment advisor they pay the investment advisor I think it's twenty basis points. And the investment advisors buying a bunch of stocks and bonds. For the management of the family office and that's how they've chosen to to manage their their money is a very wealthy family if I mention their names you would know them. But that's how they're they're they're managing their money to work. Yeah 88 it's just people who have gotten more feet conscious and in specifically I think feet conscious with regards to. You know returns are key what what are what they're. Doesn't fees there there their whole thing was performance track they said you know we're paying 2% would really irked them was when they hedge fund lost 50% right. If the they'd been given up 20% of their profits all the way along great that hedge fund has a year they lose 50%. And their hold the bag themselves as a customer. Yeah and it it's a geek I think it's fees in relation to performance of the performances they're look if someone says tailed generated 20% a year. Yeah you you'll pay 3% like you'll pay go or percent. For what if someone sizzle a generate 20% a year in the loses 40%. Well no it doesn't so much doesn't equate one I don't wanna pay 4% to lose forty. They were it a little bit of a move in the price of oil to 85 cents a barrel 5694. The NASDAQ is up nineteen point 7506. The Dow is up 42 points. And it when he 5933. Of the S&P 500 is up five points to 2785. It's very chuck good talker. Will be back tomorrow with another edition of the financial exchange.