Better Late Than Never

Greetings and welcome to Inside Baseball with Old Chestnut. I'm Liam Allen with my friend Morse Sax. How you doing, MB? I'm doing great, kid. How about you? I couldn't be better. I could not be better. Nice late Sunday show. Yeah. A busy week. The kids are home with a cold? Uh kids are fine, dude. They're made of steel. It's their frail father who cannot shake the cold. I'm fine during the day. I go to sleep. I start coughing at night. It wakes up my wife.

I get kicked out of the bed, I go to the couch, it's like three o'clock. Next thing I know, five o'clock, and then I'm up. I'm all right, I'm gonna watch this beautiful sunrise and away we go. You ever try a Dayquil? No, dude, I took the Robotussin at night and that stuff is a heavy duty narcotic, okay? Um, dude, I think that w they weren't sick enough. And I wasn't until I I needed it. And my wife was like, go get the robot.

And sure enough dude the tape The taste of that, the memories that that come like backermeister. Oh, it exactly, dude. It is precisely that obscure, hideous herbal flavor. Um But yeah, dude, it does the job. Twenty minutes later, I'm I'm asleep, drooling with my chin on my chest, and my wife saying, Okay, go to bed now. So I'm fine. I'm fine. Well, happy life, happy life. Precisely, precisely. I'm trying to dial that back in. We were up in Canada and um staying with my daughter and

You know, I I'll I'll be completely careful. Let's think before we speak. I no, no, no, no, no, no, no. Total contrition. I'll admit I have embraced a certain cavalier attitude. From my years on Wall Street, which for instance, you know, you do a bunch of stuff, and I would say to the clerk, I did a bunch of these things, now clean it up. And they go, clean it up. That's not how it works around here. And so we were at my daughter's place.

And you know, my stuff's everywhere and it's time to go home and She's trying to pack the stuff and and I'm making absolutely no effort whatsoever. Staying out of the way. Staying out of the way. That's right. It's in my age. How can I be of any help? So she looks at me. Is if this epiphany comes upon her and she says, You just don't give a fuck, do you? I said, No. I I d I don't. Welcome to welcome to the party.

You you knew in town? Um, so you know, I've been in the doghouse. So like, what time do you want to go vote? One o'clock. Okay. So we're going to town how vote. It's forty-five minutes in line. So finally we pulled the ripcord on that and we're supposed to go vote after the show. Why aren't you mailing it in? Well that's what I'm doing right now. I know everything else gets mailed in. Why wouldn't you put the mail? I don't know. I you know I I I need help. I I I looked this up a lot.

Okay. For for more than 10 minutes. You I I'll 10 minutes, I want to bang this out, okay? Okay. And just for research, just for research, I would like you to show up without your ID and just say, yeah, I'm Morris Sacks. Like my signature matches. I'm the guy do my thing.

I'm walking on thin ice. So did you get this memo? Ten minutes ago, an intern walked in there and handed me a memo. Did you see this? The memo was they they want us to do 24-hour live election coverage. Tell me. I read the thing, and and the intern says to me, What should I tell them? I tell them they can blow me. And the intern looks at me and says, What, do I look like Kamala? I'm like, no, no, you misunderstood. I'm like, blah, man, like, fuck you. And so...

Anyway, now I'm getting another letter in my employee file for bad language. You're never gonna get another you're never getting another job. Unhirable. Unhirable. All right. Since nobody came here for the election stuff, since it's been beaten down everyone's no talk, no no election talk. Is that okay? Yeah, yeah, it's fucking great, dude. Sign me up. So so anyway, um I was up in Canada with the grandchildren. What a delight.

Yeah, it's fine now. They don't run around and knock shit over, dude. Wait until they're over at your house running rampant. Didn't you weren't listening? I don't give a fuck. It's true. That's the best attitude. You really can't have it any other way. Okay. At that age, there are two you got two loaves of bread. You got two loaves of bread that sit in goo goo gaga and they smile. It's fantastic.

Now, okay. Wait until you get to my grandparents' phase, which is me showing up at three o'clock Saturday afternoon, tossing them the two under four. All right, here's your two under four, and I'll see you tomorrow. Okay. So they held down the kids for the first time ever. They did the kids on the overnight and we stayed out without the kids for the first time on the overnight.

And the both kids went to sleep like angels, and there was no problem, so they didn't fuck it up off the bat. We um we went there and Cheryl. offered to go solo and let my daughter and her husband go out to dinner, but they're so tired they're like, we're just gonna order in and go to sleep. It's fine. I'll tell you that it's Funny the order this comes in, but the best part of this whole thing for me is seeing how happy. It's made my wife.

Really, it's just i i it's it's one of the greatest moments of my life. of everything. It's the not like everyone. What is the meaning of life? What keeps you up at night? What drives you? Like what link What keeps you up at night? Let's talk about that in a little bit, shall we? Yes, yeah, yeah. Okay. Yeah. Um So do you know uh the depth and breadth of our listening audience? Yeah, dude. I do. I do. It's frightening. Go on.

The lady who comes fix our computers here when they break. IT support, yes. Yes. She has a daughter that I don't know, twelve, I d I I just don't know kids age. I apologize. But she and her daughter listened to inside baseball with old chestnut, which mortified me knowing the language that goes on. So officially decothect from any responsibility whatsoever. Okay. Um, but so I'm sitting in Canada and really just relaxing. You know, it's not much for me to do. And uh Lisa puts on the Spotify.

And uh she says, What do you want to listen to? I said, Well, I haven't heard any Springsteen in a while. So Thunder Road, a big family hit, goes on and there's a picture of Bruce trying to look cool and And I started thinking about When I was really a big fan. I I knew a lot about him and his work practices, and he was notorious for repeating songs and notes over and over until everything was perfect.

And then I started thinking about what we do, and I started feeling a little bad because To be honest with you, I know it doesn't come across this way. Well we just sort of mail the thing in. I mean I I I You can speak for yourself, but I spend all week, as you know, and as our coaches are that's true hundreds of emails, okay. And then speaking of emails, anyone that email me this week? I apologize if I didn't answer. I had a busy week. My my election poll came back dead split.

50-50. Okay, that answers the poll question. I got a 50-50 on the poll. I answer I'll be reading emails. My wife will be like, who are you talking to? And I'm like, you know, another dude from the internet. Um and she she's like she's like, Really? And then and I showed him I'd be like, Dear dear Liam, and she'd be like, Sorry, I there's a lot of emails that I haven't gotten to because my wife is like, Can you stop talking to dudes from the internet and like come to family dinner? you know. So

She's like you spent enough time in the closet on Sunday. I mean the jokes are just they write themselves, okay?

Well, I guess the advantage I have is 40 years of trader impromptu meetings, right? But we were talking about the um I made a comment and said uh So Dr. Torsen Slock put a note out, which I thought basically is the theme of our show. If I can finally find it, it's like 20% of equity. Fund managers don't meet their benchmark? No, no, no. Let me read it. Let's get this right.

Roughly roughly, roughly, okay, roughly ninety percent, roughly ninety percent of ac of active equity fund managers underperform their 90%, 90% of active equity fund management. And they're getting a five percent head start. Imagine that, dude. 81% of active public fixed income managers underperform their index. What are you what are we doing here, folks? We're we're part of the cr the the the herd herd mentality.

So years ago, I worked for a hedge fund that didn't end all that well. But this was, I don't know, 15 years ago, whatever it is. I had the idea that the real way to make money. was to capture a chunk of assets and earn the fees. Kind of like Pimco was doing. Yeah. So I went to the the the King Pooh Bah there and I said, Let's set up this USICS fund. I don't know what USITS stands for, but it's a it's a quick way to take money and under management. And they said, we will meet or beat.

The Lehman Aggregate Index. Yeah. Because I could think of nothing easier to do. And so they're all fired up and I go to get the thing started and they they all of a sudden didn't know me. But I still look back on that thinking that was one of the great moneymaking opportunities because for someone in fixed income to beat a static Index.

I mean it's it's obtuse that you can't do that. So I can't speak to equities because you know I don't have much of a good experience with those. In fact, another example of my great acumen. I saw all this stuff come out about um the idiot with the Bitcoin. Mm-hmm. Michael Say Michael Saylor. Yeah. So they had their they had their auditor quit. Oh and then yeah, so back in my day when there was rule of law.

Like if an auditor quit, that was as bad as it gets. Oh, this is we're talking about super micro. I that that's not uh that's not micro strategy. It's not Sailor. It's super micro. Um with when Ernst and Young walk walked That that to me, there's nothing worse. That's they said it it ha you have to be com

What I heard is you have to be committing crimes that they cannot cover up for them to say no. They say they work with you as long as you're not Yeah. I mean that's the thing. So I saw that and then I saw the... SEC was going to go after Tether. Mm-hmm. Mm-hmm. Yep. Now, I'm the kind of guy that looks for any excuse. to think the stock market's going down. So I call up one of my friends and I won't paint him with my bad brush, but he knows who he is. And we get on the phone and I'm like,

I don't know. I smell a disturbance of the force. I think these things are going down. He's like, yeah, you know, if not today, certainly by the end of the week. And then the next thing I do is I start scrolling for put. Now, I'm gotten so old and there's so many fucking puts to choose from. I can't figure out. So I'm like, you know what?

You're probably wrong, just save the money. So I don't buy the puts. And consequently, the stock market didn't go down. But I had envisioned this cascading failure of The crypto stuff going south, so they don't need to buy all these chips. And as Torres and Slock said last week, Nvidia's the whole stock market. I thought we were I thought we were looking at the big one. And again, wrong, but fortunately, um in this case I didn't lose any money. I did have something.

Quite fortuitous happened this weekend. I don't know how many people are going to share my joy with this, but we were in Canada and when we got to the airplane, the pilot said, I'm afraid we have a slight delay. We have to de-ite. I'm like, yeah. Let's go. Obviously, obviously. And they're pumping the thing and they're spraying it. And I'm like, yeah, you missed the spot. Amazing. Now is that included? Dad you got a you get a fee for that?

Well, that's part of the thing. They keep telling you D site D icing's included. Okay. So no well, I'm gonna they're gonna try the wraparound, but I'm I'm waiting for them. Yeah, yeah, yeah, yeah. Yeah. Um so uh I had a couple of good questions people wrote in about. We start with the five-year, five-year forward. Can we do that one first? You want to do that first?

We want to do life insurance because life insurance is exciting. I say that with a straight face. I'm serious. Okay. You're the producer. Well yeah, I mean you you said you had a life insurance thing teed up and I and I'm sick of getting pop-ups on my computer saying don't be the dad without life. Okay. So okay. Marketed advertising has really gotten good. Yeah, well yeah. That's why I'm getting ads constantly for women's bras and swimsuits. And ketamine.

That's be that's a thing now. You should you know, that's a thing. You you wanna get on the cutting edge of medical um medical youth. You know, I had a friend do that. I don't they weren't convinced it works. And it made'em sick. And it's a lot of money. Okay. But other than that, uh nice to know. Anything anything worth it costs a lot of money and might get you sick. Let's let's keep it real here, you know? Um so let's talk about the life insurance because this is a very complicated product.

I think it's a really important product. And like most things, I don't trust anyone who sells it. The fees these guys get, I miss them. I mean they get the whole thing. The premium just goes to them. Yeah, they need a sales and they need someone to s to sell the product though, so Yeah. So When I was younger, before I had accumulated a uh enough assets that I felt I could provide for Cheryl and my youngest daughter at the time.

At the style to which they had become accustomed, I needed to buy life insurance. And so, you know, everyone knows a life, it's like painter. Everyone knows a life insurance salesman, everyone knows a painter. So um decent guy, Sam Rittenberg. He was in business with my Muni guy. They they went by they went into business, I don't know how. But they've gone into trying to franchise the sale of Pantyhost.

Needless to say, I don't think it worked because Bob stuck to municipal and Sam I think still selling life insurance, but in any event. There's two kinds of insurance. And by the way. I don't know what I'm talking about. So you're on your own. This is merely, you know, good housekeeping. This is a rough draft. This is a rough draft for your own research. There's two types of insurance. the term, which is the one they don't want to sell you, because it's lower price, lower commission.

And then they call it permanent. or whole life. This is the holy grail of life insurance for the salesman. The premiums are enormous and they i i it's crazy. So anyway I sit down with Sam. I kinda go through the math and I said look I I'm not writing twenty million dollars worth of checks for life insurance at this point. I just so I I figured out what I need, a couple million bucks. Yeah, it's like 170 bucks a year, something like that. And I go, perfect. I'm in. So now I

Feel like I've done the right thing. And and I, you know, this is a moral judgment call. But if you're going to go to the difficulty and expense of getting married and having kids. Have a couple hundred grand of life insurance, just so they don't talk bad about you at the wake, right? Absolutely. Okay.

So um I did that and then years later I met some guy, not on the internet. who started explaining to me all these trusts and estates in the advantage life insurance could play. And so we gotta um A text or an email from some young guy. I love this. I got a question for you. I'd love it if you would answer it, but please don't mention my name. Like what are we like the underground? Yeah. Yeah. I get that a lot.

It's not like we're walking around with our dick hanging out. It's not like we're sending pagers to Hamas and blowing them up. Um anyway, uh where was I with this thing? This young man writes and he does the math. Like if I took the premium and invested it at this and I bought it and and by the way, I did the same thing at his age because, you know, it's a lot of money. You want to make sure you're not getting by, you know.

That's why I wanted to talk about the life insurance. And I've already said my piece about the moral obligation. You don't want life insurance? Don't get it. I won't be your wake. I'm not the one who won't be able to You'll never you'll never feel any personal guilt about it. You'll just No, then you know, when you turn out to be Jean Valjean stealing a loaf of bread. Yeah. Yep. Think of old chestnut telling you how it anyway.

So um The thing about the life insurance, and especially this permanent whole life insurance is. Just like everything Congress does to fool the average guy. They pass all these laws and then they come up with trick ways to get around them. So Above some number, I don't know what it is, call it 50 million bucks. There's an estate tax, and the federal government takes roughly half.

These are all approximations. So don't write in saying I got the numbers wrong, because they're, I'm sure they're wrong. But like a state like uh Connecticut, it's like another 12%. So if you earned your money and paid regular income taxes. you pay 50% then when you die the government takes 62 percent so you get the the total wraparound right but here's here's the the deal You can give gift in your lifetime up to certain amounts of money.

And what you can do with this insurance is you can put the premium in one of these trust vehicles created by Congress to subsidize the life insurance business. And the life insurance is highly geared. And then they have this really good product. It's called the second to die. So if you're a husband or wife and you want to max out how much you leave your kid, you get the second to die. And that pays at the death of the second.

So, you know, it takes longer for two people to die generally, unless it's a murder suicide. Right. But um so the premiums are lower, the payout's big. So you get a lot of gearing on the thing. The point that this young man missed when he did his mathematical analysis is the tax advantage. So you take all this money and you put it in a trust as a gift. You don't have to pay gift tax on it because you get a certain amount you can give away before it's taxed. And then when The second person dies.

life insurance bonanza, but it's in a trust which is outside of your estate. So it's not subject to that tax. The other benefit is the premiums are relatively high. So let's say if you bought a a hundred million dollar policy You're probably paying five million bucks a year for ten years or something like that. So$5 million for 10 year, that's$50 million. You got another$50 million out of the government's 50% clause because you paid it, right? So there's tremendous tax advantage.

to the life insurance. The thing that always rubbed me a little bit the wrong way about the life insurance, and and this extends to this day, is, you know, if you're buying life insurance. You're probably not going to be there to make to make sure it's paid, right? So I got two kinds of policies. One was you pay a certain amount for 10 years and then no matter what. At the death of the second person, you got X millions of dollars. Didn't matter.

The second one was a little different, and I picked two different insurance companies because I wanted to spread the credit risk. Now, those more expert than I may tell you there's no credit risk in life insurance because I don't think there's any example of a person getting fucked on a life insurance policy. But I don't, you know, do your own research. Anyway, the second policy was one of these things where the premium was a little lower.

But when you put the money in the policy, they put it in their investment portfolio and it earns interest or diff dividends. So in my case, I said, well, we'll just take those extra dividends. And we'll we'll buy more life. But I said to the guy, I want to make sure no matter what, no matter what, I want there to be X millions of dollars there. So I sign up and then I start getting the statements.

And I start looking at the premium and the outlay and the insurance. And all of a sudden, I'm seeing, you know, the numbers don't fit exactly right. And so I called the guy up. Who I met on the Gimbals ride, by the way. Red flag number one. Yeah, I'm never doing business with anyone from Gimbals again, nor should anyone else. In any event, um I said,

Look, I'm not going to take you to court, but I I asked you a dozen times. There's always going to be this much there, right? And he's like, well, there is. And he shows me the column that says death benefit. Okay. And it's that number. I don't trust this guy. That's the benefit. My daughters are learning this now. That's the benefit of working with someone who you know is a criminal. You just keep working until you find what angle they're working on, right?

So I just took over what happens is when the return on your investment isn't high enough to pay the insurance premiums, they just go ahead and take out a loan for you. And over time You know, at first it's a small, but you got the dreaded word of compound interest working against. And so I turn to the lack last page and I see the debt benefit is the number that shows on the front. But then they subtract out the loan they took to buy the insurance.

I went to one of these guys that I met at the bulge bracket, wonderful human being. Explained the whole thing to him. He ripped the thing apart. At the end of the day. Uh I I'm gonna end up two percent short or something. So I'm just gonna admit I got conned by another slick salesman. Yeah, yeah. Um but um I uh you know, if you're looking

to create wealth for your family and everyone's gotta decide what's what's right for them, right? I set those trusts up. You did that? Are you a master at that now? You can you could have a trust set up by the end of the week. You could. Okay. Yeah. Got it. Am I a m am I a master at it? No, but like with most things in life, I mean I could do the gimbal's ride. Was I an A-rider? No. I

Could I rock climb? Yeah. Did I climb the Matterhorn? Yeah. Was I Reinhold Meissner? No. It it's just the nature of my life. I get to everything to a certain level of competency. And no further, right? So it was a pretty good arbitrage guy, decent cyclist. Clearly award-winning podcaster. Well that's a yes, folks. He he's got trust down cold. Okay. So that's a yes. All right. You can frame it any way you want. You got him down cold. It's uh it's interesting stuff. I I I like it.

selfless, okay? Because It's for when it's not for you. It is not for you. You will not get the benefit other than the memory of this is what he did for us. It will perpetuate Forever. Okay. Like it is the gesture. Thank you. It's very dollars and cents. The dollars and cents, yes, but the gesture and like you said, it to me it's more the the moral It's more you got yeah, y obviously the more obligation you y that's that we don't have to discuss that any further.

Yeah, like you will not see any of this. So, you know, I d the mo the thing that would haunt me is that I wanna make sure that it doesn't get denied or there's no whoopsies or you know. Yeah, yeah. Oh no, they have good attorneys. Yeah. They got this down. Okay, yeah. Yeah. And here's my card. You can call me later. I I'm kidding. Um but um you know. believe it or not Um I'm very sensitive feelings-wise to how our show is perceived. And when people write in and say,

Appreciate this, appreciate that. It means a lot to me. And a lot of people write in are not wealthy people. Yet there's something that we've been able to help them with. And I think there's a few things I want to hit um along those lines. But you know, not a lot of people. can take advantage of estate planning stuff. That you gotta have a bunch of dough. And I I don't wanna come across being, you know,

the antithesis of what I'd like to be, which is a normal human being, and sound like a blowhard rich guy. It's just it's something I've seen and it's a scam. And one one thing in particular, people like Is when we talk about being honest, about bringing up Kathy Wood, Total Con game. I get a I get a new one. A friend of mine. uh has a relative working person and they've saved money in their 401k. And they asked him to go through the 401k. And it's in one of these diversified funds.

So he's a Wall Street guy, so he gets out the prospectus. AKA operating agreement, and he sees that they've got 1% of the assets. of this person's retirement fund in emerging markets. Nice. Nice. Now 1% in emergency, what could possibly happen in the emergency markets that is going to make that 1%? Be worth anything. You know, some obscure currency. You gotta you gotta be you gotta be prepared for that. Some obscure currency might moon go to the moon, you know? Yeah, like gold.

I w look dude, you said it not You wanna talk about that? Wanna talk about that? No, I get that all the time from my middle daughter. We're just saying Where'd you sell Oh yeah, apparently apparently You're on the hot seat with Maddie. I knew it. Just an FYI. That's fun. That's fun for me. Yeah, it's fun for you. Oh, I was kidding, Maddie. I was kidding. I was just kidding.

You picked the wrong child. I do not want to be in the crosshair. Come on. She she is not the one that's take practical judges. I can do no there's nothing no digging out of this. Let's go back to life insurance, geez. Okay. So Um you look at um I won't mention any names, but My wife is... on the board of several worthy organizations, none of which, one I will mention or two, solicit funds from you for. Okay? So I give enough, you guys are all covered. Feel good about it.

Can you look at these portfolios? Oh boy. And I said, I I'm gonna, but I'll tell you right now, you're not gonna like what I got to say. Yeah. And I I start digging through these things and It it's just all wrong. And they're paying a major New York Money Center Bank full fees. And they got them in just one pile of shit after another. And it goes back to Dr. Slock. The reason the average investor, okay, gets shit returns is because

They haven't been brought up to speed on the realities of Wall Street. Okay. It's nothing, myself included, although I I do from time to time go to confession and being a proprietary trader, you know. No contact with widows and orphans. Right, right. But they got everywhere you look. I I saw this the other day and I like my stockbroker. Okay. I had a bond mature. Mature. They charge me ten dollars.

For a maturity fee. Nice. Nice. The biggest fight I ever got into. My brother ran a commodity brokerage house. And he was kind enough to give me very, very aggressive rates. And There was one trait I really liked. It was a it was like a call spread. You heard out a call spread. And I really like it. And I went in and I did a fucking chunk of it. Hammered it. To the point that they talked about it at the firm. Because so many people will lose money and this was so rare.

But I took it to expiration and it was, you know, pick, I won't even, because Kevin would be mad at me if I said the size, but it was a lot by a lot. And It expired and they tried to charge me a commission on expired options. And they're like, well, we've got fees. Like, okay, charge me the fees. Don't charge me the fucking pit brokerage. Why are you charging me a dollar contract for an order that never hit the fucking pit?

Wow. Yeah. So$10 to get my bonds matured? Yeah, yeah. I I just I just can't call because then you fall into the cheap Jew category.

Can't have that. No, it can't have that. So you remember I had a I had a little bit of an epiphany, this will go nowhere, but I'll share with you because We're pals. So so I mentioned it's like five hundred bucks. A week in security we have to pay at the temple? Uh five thousand a month, whatever you want to pick a number. Pick a n it's a lot. Okay. Whatever the number is, I got it wrong. It's a lot. So

Typically the high holidays are in the fall, which you get a lot of rainy nights. And there's of course not enough parking. So people end up parking and walking in the rain. They gotta walk through security. Anyway, this year. They live streamed it. The high ballets. Yeah. In fact, I won't say someone, but someone who normally goes. Stayed home in her dry house and live streamed it. No brainer. No-brainer. So this is my thought. You do a pay-per-view.

You sell the temple. You know where it's at, right? What do you get for that piece of land? Ten million bucks? Pick a number. Yeah, yeah. Yeah. 20 million, probably. Probably 20. Take the 20 million, turn it in in the best part, turn it into low income housing right by the churches there. They'll नब बायाओ, राइ? And then you're not paying the five grand or whatever week security. Yeah. And you got all that cash that you can sit on and you can redeploy to other things like universities that are

Targeting Jewish. You could spearhead that movement. You could spearhead that movement for the temple. Uh I'm on I'm on thin ice here. You guys you guys do a lot of walking around. What is with the w the the walking? There's one there's certain holidays where you guys are not allowed on the holidays to walk or do any work. No, there's solidays that were in Scarsdale they walked. Yeah. You gotta walk. Yeah. Oh yeah. Because if you're really devout, you can't drive.

What's even better, have you ever been trapped in a New York condominium on Shabbos where the elevator stops at every floor? Because the the truly religious aren't allowed. to work which would include touching the floor. My wife had my wife had a boss that used to walk up and down twenty flights of stairs. The the the mo the which which spawns to me some of the most creative human ingenuity.

Is the Jews trying to get around the rules here? I'll give you one. But the biggest slumlord in New York City, David Bistricher. Okay. And his partner in crime, Joe Chitreet. What's his name? Chitreet, Joe Chitreet. Okay. The biggest crooks around, okay? They're Orthodox Jews. They When we bought the Chelsea Hotel, okay. They had to have what was called. Um the sh the Shabbos Goi clause. Okay. And we had To use Ed, because I was clearly Jewish.

Right. Ed, by the way, uh you know, I won't r I won't rat him out. But he's too smart with real estate not to have that blood in there. But I'm trying to think of the guy's name. Rob um it'll come to me. Rob Ivanhoe. He was the creator of the Shagaskoi Clause. And because the hotel was open 24-7, but they were so religious they couldn't own the hotel. during the period of the Shabbos. But they still own their fucking money. So they put Ed in charge.

of the hotel for that 24 hour period and then had this whole big verbiage about money's earned ratibly throughout the year and it can't be pinpointed to the Shabbos. So we're just gonna allocate it by It's fascinating. Shabboskoi Clause is a rule that allows a Jew to ask a non-Jew to perform a task that is prohibited to Jews on Shabbat under certain circumstances.

How about this one? If there's a great mon a great monetary loss, a non-Jew can be asked to perform a rabbinic level action if there is a chance of great monetary loss. Here, Liam, you go do it. Uh you're I'm my you're on my Rolodex, man. Absolutely. I'm honored. Thank you. Okay. Yeah, we didn't talk about the pay. Okay, that's fine. We don't need to. That's fine. Um incredible. Incredible. Dude, I the the creativity. And the hu and and the ingenuity and the stories that you hear about

The Orthodox Jews getting around the rules and like putting up a like a wire up on the telephone poles that makes like a perimeter and makes it their house. It is absolutely fascinating the way you see look at look at this. I've had To most people's chagrin, I've had a thick head of hair my whole life, right? I got a haircut recently almost Marine like. Look what's happening. It looks like I fucking pay us. It looks like I'm ready to go with the with the schmati and the black hat, right?

It's genetic. You can't you can't help it. So anyway, um we were talking about the small investor. Yeah.

You know, Warren Buffett talked about it, you know, fees, fees, fees, fees, fees. Now, look, these people gotta eat too. They're entitled to something. Okay. I don't want to give any names because I don't want to get sued. But for instance, there's those spider things.

I don't know who runs them. But they're known right isn't the State Street. Vanguard or somebody. But a number of these people have Very low fee funds and they're they're diversified and they're pretty safe because these companies have enough. of uh goodwill reputation they can't have something blow up Like a pager in a Hamas front pocket. By the way, whoever complained about that comment, I got bad news for you, bud.

You can start paying for the broadcast, but you're gonna have to sit through it every weekend. Cause that to me, up to when the British took a dead body and convinced the Germans The D Day invasion was gonna be in the wrong place. That's the greatest military move, maybe since the Trojan horse. Really is a good story, dude. There's no there's no debating that, okay?

No debating that. Thank you. Thank you. I I I apologize, Liam. I know this hurts you when I talk about this, but I just you know, I can't help but rub salt on the wound. I understand. I understand. You know what, I went to dinner with some friends last night. Oddly enough, there are people that consider me their friend. And um we were talking about certain things and um The guy is doing what a number of Jewish men are doing is they're flying to Israel and they're paying to work in the army.

What and it's yeah, they're paying like twenty-five thousand bucks. They fly over at their own expense and They get a uniform and now they're in the army. But they're it's not combatant stuff. They're like Yeah. Yeah, driving truck. And and just on the record, if I didn't have like health concerns with traveling, I would I would pay twenty five grand and go do that. I'd offer'em a hundred if I could shoot somebody. Would you send Maddie? That Maddie's an adult.

I wouldn't rule it out. I'm just being I mean it's no burning man. Hey, good. But I'm just kidding. The point we're may I'm trying to make here is The Jews, when there's trouble, congregate and come together. Yet the rest of the time, they're fighting like cats and dogs. They make the stupidest political choices. You know, every Jew voted for Barack Obama. How'd that work out? Who you guys gonna vote for this time? Who who did the who where does the Jewish vote go this time?

Look what we're doing. Now we're gonna break down the Jewish vote in the election. But are the Jews gonna vote for the Jews vote for Trump? How does that I don't want to the no? The answer is no. Okay, all right, thank you. That's all right, that's all I need. Okay. Well, look, I don't I I I make a point of not talking politics and I try not to talk religion.

Um what's the difference? They're all but when you get to Congress, so I had this discussion with Cheryl yesterday about how they're all criminals, it doesn't matter. And I said, well. How did Maxine Waters get a million bucks? And Cheryl's like, she didn't have a million bucks. So I Googled. No, I I was wrong. She has like 600 grand. Now you tell me.

How many listeners went to Colombia, got a degree in electrical and engineering, and are earning 600 grand? Yeah. Probably not a lot. Yet some ignorant woman. Lifelong politician. Yeah. Yeah. Yeah. Yeah. So The thing about, and this is not political party. The only I can concern I have about this situation, you know, not comparing apparently there was a Republican uh convention in Mayaz Square Garden.

And somebody was trying to compare it to a Nazi convention. Oh yeah, didn't f that didn't work out. Yeah. Okay. Yeah. I And I don't buy the Nazi. See, they told people to cut it out with that shit. And and I think it was Jewish people that told them. They were like they were like, cut it out with that shit. Yeah. Yeah. So As far as I'm concerned, if we have a fair transfer of power. Yeah.

Right? Legitimate. Okay. Then it doesn't matter who's president because Nancy Pelosi, Matthews Waters, and the rest of those whores are robbing people blind. 100%. So you know why I'm not am I gonna argue over Trump's bombastic or um Uh uh Kamala got to where she was by giving head. Uh you waste time at dinner. Did you waste time at dinner talking about that shit last night?

Unfortunately we had to because the service is so slow. Nice. Good job. Fucking restaurants, where'd you go? guests of friends. Okay, fine. Not a lovely time. Okay. But his question comes up all the time, cause You know, you've got kids. Cheryl and I are are empty nesters. So every night, every morning it starts out the same way. What are we having for dinner tonight? And the question is, I don't know. There's not one fucking restaurant

in Greenwich that I can eat in. And Cheryl Cheryl says, why why do you think that is? I said, I got one word for you. The goyom. He says, What do you mean? I said, they don't know from good food. They don't they'll eat anything. You know? Can't run a restaurant in Greenwich, okay? Everyone

You can't run a restaurant in Greenwich, dude. No one's there on the weekends. The weekends everyone goes to the city. Okay. No one gotta get paid people up there. You gotta get the account. It doesn't work. It doesn't work. You wanna go to New Canaan, you can have something nice in New Canaan. All right, but you can't you can't do it in Greenwich. Greenwich is too gigantic. Dude, it takes you 20 minutes to get to downtown. We were having dinner during COVID, okay, at the

poodle, whatever that restaurants called. I tell you a story, this is good. If this one doesn't get me sued, I don't know. Well, in the tent in the tent outside? Yeah. Yeah. Can I tell that story? Yeah, it was terrible. So we go to this restaurant called the Poodle and they fucked up our reservation. So you know it's Friday night in Greenwich. I mean, you know you can get a table at Burger King. Yeah. But so anyway, the guy's like, I got a I got a table outside Burger. Under a tenth. Mm-hmm.

So at this point I'm hangry. to steal a phrase out of Leslie's book. I'm like, okay, fine, I don't care. So they take us outside and they got these space heaters, like they make a difference. Anyway, it's an 80 mile an hour wind blowing. And The water is running. down because you know Greenwich Avenue slopes downhill, right? So the water is running through the parking lots, the whole thing. and there's a

Kid just screaming his fucking lungs out. And I and I mean okay with that part of it. But this running water, and I called the the manager over, I said, This is not code. What are you talking about? He said, you cannot have running water on the floor of a restaurant. People piss and shit in the parking lots. I'm not saying I do, but I've seen it done.

And and that water is running through that effluent to use a nicer word, under the our table. I'm like, this is illegal. And then you know it's like me, mean, meh, you want to eat here or not? Well, I I I'll choose not and not get cholera. How about that? I mean, you could get sick eating a Burger King. It's unlikely to kill ya. Uh Sorry. I just had to get that off my chest. In another restaurant review, um, I'm not gonna think I remember the name of this.

uh restaurant. We had dinner in the city the other night. Leslie was kind enough to point out For someone who loaths going into Manhattan as much as I do, I seem to go off a lot. Twice a week. And I'm like, it's'cause of fucking people like you, Leslie, people I care about a great deal. And I yeah, I wanna see them. Yeah. Yeah. So I okay. In fact, we were talking about making a a bucket run, right? You and I at one point? Yep. Yep. I don't know now.

But um Carmelini, I think is the name of the place. Okay. F. What are you doing going out to eat Italian anyway? Can't go out to eat Italian food. My friend picks the restaurant. That's because he's a restaurantor and so he's always checking out the new places. All right. Remember your bachelor party? Yeah, yeah, yeah. That great restaurant. That was great. Well that was my friend, he owned it. Okay. And and and it's not like he cut us a special deal. He just

Treated it treats it professionally. So we got a lot of people. So they had this thing. Tell me how this sounds. Smoked. Spanish mackerel on toast. Yeah. Give it to me with a glass of white wine. I'll eat four. I think I broke a crown trying to get through this thing. Okay. Go on. And you know, look, if you're a single guy and you're looking for eye candy. Yeah. Right, master sonbom. Yeah, beautiful. Yeah, beautiful. But don't go there if you're hungry.

Well, we we you you should know that by now. I mean we w how many times have we gone I mean, I've gone out with my wife where we've gone to one of your places, um And then, you know, we've been like, all right, where do we go next? We'd end up going to the spotted pig or blue ribbon after where we went to dinner, you know? Because I'm so hungry. The best part was that the dinner check comes. Now I'm having dinner with my real estate panel.

I think is one of the all-time great guys. And being in real estate and being a great guy is it's diametrically opposed, right? Right. If you if you don't believe me, ask Ed. Ed'll tell you the same thing. World class best guy. We take turns paying. Clearly it doesn't matter, right? But it's just easier than arguing over who's gonna pay. Of course. So the bill pays and I go to pay and And he said he thinks it's his turn.

I said I gotta be honest with you. I don't remember. He goes, let me remind you, it was the scene of the Danny Meyer debacle where you went to pay with your points. And they wouldn't let you pay with the fucking points. Yeah. Yeah. Still no apology from Danny. Yeah. Yeah. You're not getting I'm not I'm not on speaking terms with him or Bob Roll either. Just to make it clear.

All right, let's go be I don't want to get into Bob Roll. I want to get into the question from the listener about the five year, five year forward. Can we do it? I yeah, we I gotta look at it on my phone. Okay, all right. Well don't crash the show while you're looking it up. That's why it's on my phone. MB has talked about the five year, five year forward previous.

with the current change in the yield curve and Fed policy. Do you see anything interesting out there in the curve? You were talking about memos. I saw they moved the FOMC decision. I don't know if this is true or false. From Wednesday to Thursday, but I saw the FOMC meeting has gotten bumped. Not that it matters. But then are they gonna are they gonna cut rates?

I d hope they don't. I think they have a couple of rate cuts priced in because if they cut rates, the back end of the curve's just going higher in yield. If they cut rates, mortgage rates go to ten percent. If they cut rates, mortgage rates will go up. I think that's correct, yes. So let's make it harder for people to buy homes. I, you know what I was with my son-in-law over the weekend, and we came up the Royal Week.

There's a shortage of affordable housing. Okay? So, and they got the same problem in Canada. They said, why doesn't the government go by Forty hectares of land. And do it like a WPO. Start building affordable housing. You provide jobs, you create. stability within the community. We're doing that in Ukraine. We are. And maybe Greenwich Temple.

Yeah, the affordable housing and the money is i the money's going to Ukraine, okay? All the all the money money is going over there. But you see my point, right? What's what's the most important thing to create a stable society? It's create a stable middle class. Yeah, what happens when people came back from World War Two? It was the baby boom. They were having babies, they were building houses. People were plumbers and they took pride in their work.

You know, guys were putting on roofs of houses. You know, if you ask a parent in Greenwich, how would you feel if your kid grew up to become a plumber? You to you what do you think? Dude, they they turn their nose up so fast that absolutely not. I wouldn't I wouldn't let him you'd hear shit like that. Meanwhile we're at dinner last night and one of the women said Hey, you got a good contractor, right? And I said

Yeah, we got a great contract factor, but I we don't give his name out to anybody anymore. We just as a workout. Yeah. And uh they're like, cause it's like fifty bucks an hour to get a uh uh a plumber. It's probably more to get an electrician. And the woman says, this like this is why I I I like the show because things dovetail. She says, you can't find a plumber. And I said,

You know what else you can't find in Greenwich? They're like what? I said a psychiatrist. And they look at me and they're like, how do you know that? Well let me explain to you. When I go to dinner with people, and you know this, we have conversations. You say something. I listen, I think about what you said, and then I respond. Not in this town. No. They're just waiting you to stop fucking talking so they can spill their bile, right? Anyway, we're out to dinner. Nice.

Italian restaurant, Port Chester. You know, old school red sauce. They got a little thing in the back toilet with the pull chain, you know. Oh, you put the gun. Yeah, the veal's good. Everyone minds his own business. Okay. So one of the people we're having dinner with is involved in administration at one of the Greenwich private schools. And they got so many fucked up kids there, they can't get psychiatrists to see these kids.

So again, if those of you thinking of moving to Greenwich, write for our brochure on 10 top reasons not to move here.

Dude, any smart parent would have their kid be a plumber today. Let me tell you, man. I see. If you have if you have any knowledge in the trades nowadays, you will have a license to print money for the next thirty years because you can't find a plumber. So let me ask you a question.

Like this is people have no concept cost and you want to talk about inflation let me what do you think a new roof for your house would cost let's call your house what is it no I know what it costs quarter million dollars when did you get that price how long though

Year and a half ago. Okay. So yeah, exactly. So that yeah, buck thirty for the new roof on the house. And if it was a year and a half, I mean it might not have changed a lot, but yeah, dude, if you needed to rip a bathroom and to do some plumbing or if Dude, in your house, forget it! No, there's work. And when you talk about work, if you were a plumber in Greenwich, okay, they're putting up and they're knocking down and putting up so many houses.

You would have work for four years. If if you're a good plumber, if you're a good plumber, you have work for life, okay? So we uh we have a guy we ride on that gimbal's ride I don't do anymore. Nice enough guy, nice enough family, but the kids are a chucklehead. Right. They got trouble all the time trying to keep them busy. And I suggested to him politely, and it's not like I don't know the guy. You know, thousands of miles we ride there. I'm like Please take this.

in a nice way, but you know, maybe if you train them to be a plumber or an electrician. He makes 75 bucks an hour, 100 bucks an hour. In two years he'll own his own fucking business. Yep. And the guy looked at me with a scowl. Like you yeah, like you called the kid ugly and stupid. Yeah, that's that's the c in his mind that's what I did. I know.

No, dude, you know the dude the joke now is like HVAC. Like everyone everyone wants to be an HVAC guy and have their business get bought by a private equity firm. Because now private equity firms come sniffing around and they say, okay, Sachs is HVAC business. that does ten million bucks a year, has ten employees and his wife does the book. We're gonna You just you just ruined Anthony Peters weekend. I want you to know that. They've made a mess out of

out of showing up and buying Sachs's HVAC and then y but anyway, but yeah, dude, the trades the trades are nuts. And if you needed a contractor, dude dude, a carpenter, a skilled carpenter a skilled plumber or dude an electrician. I have a buddy that's a local three union electrician. He's forty three years old. Okay. He's gonna retire

in like two years, whenever he's done not if he's given his money to a fund manager. No. And he's not gonna retire. He's gonna be a cracker jack, I think they call him, because they make so much money that they'll he'll make a quarter million bucks a year At 47. All right. He's done with work at 230 in the afternoon. He's never worked a weekend in his life. And it's a dude, he makes a great living. He has a great

family and like yeah, dude, local three, electrician. And, you know, like he I he went to college, he has a college degree. Um, but yeah, dude, the ki the the trades and like, you know, the kids don't want to do that. Is it too late for me? What? I got I got a ton. Learn a trade? Yeah, like uh like electrician. I know like um the right-hand rule. Like if you take the way the current's going, you're laughing. I'm serious.

Yeah, I'm smart. I can do things. No, absolutely not. You just like you stay out of the way. That's what you're good at. Talk to me about the five year forward. Are you looking at that on the phone now? I did now, I lost. Because you got me talking about anyway, if the ease the back end of the curve, the rates are going up. Just stay with me a second. I'll find your fire for them. Um I'm a little embarrassed to tell you um I don't know off the top of my head.

Tenure, jeez. Didn't I didn't I send it to you? But dude, what about the tenure? You want to talk about the tenure in the meantime that went to the moon this week? The tenure once again it's the the I'm not gonna call it the bond vigilantes where you know why not Because it's a nonsensical thing. It's like you think bond traders Scheme together? Yes, yes. I heard that's I heard the I heard the term bond vigilantes this week.

On Bloomberg Radio. And I got all excited. This is the Bond Vigilantes. You're Greenwich Capitol. So you've seen the movie Wall Street, right? So you know how those the banks of phones, so there's all those buttons. So every button is a line. Okay. And it shows up. on a customer's desk and shows on everyone else's desk on the floor. So when Pimpco would come in and ask for an offering.

Everyone would jump on Pimco line and listen to Pimco giving the guy an order, and then they would run in front of Pimco and start. run running the market in front of that was colpocetic or that was Yeah. Yeah yeah. Not with Bill Gross, but he was busy buying odd lots and marking them at par. Okay, so he was busy, yeah. Yeah. You know, um Anthony Peters had a very, very funny joke. I don't know if uh again, I'm I need help. I know. I need like

an assistant producer or something. Cause there was this great joke. He said, the story of my marriage is um oh I'm gonna fuck it up. I'll come back to it in a minute. I'm still looking for the forward curve. I got the five year four for two, but I don't have the c the forward curve. I don't have the five year forward going in front of the couple. Oh, it's it's higher. I'm really embarrassed that I can't find this thing. I sent it to myself.

Like three times. Oh, you sent it to me and it had no i it you didn't attach the thing to the thing. Okay. You sent me a blank screen. Uh while you can't find it. So you're on the wrong side of I don't give a fuck. Yeah, yeah, yeah. Precisely. Exactly. So the five year, five year forward, um but it but we're but that the questi the root of the question is in the yield curve though, you know, like how does the yield curve well the so is the rates move.

You have every everything from the two-year node to the 30-year bond, right? And it's a little bit of a teeter-totter. So as the front part of the curve moves. The rest of the curve has to move to maintain yield equivalency. And why guys like me like looking at the forward curve is because we tend to think we know better. And so for instance, if a bank preferred gets to have a forward yield of nine percent, I'll say I don't think in a year

I'm gonna lose nine percent. And that's what you made a living doing. That's how I do it, yeah. Um the the thing you're asking about is just the formulaic. calculation taking the interest rate swap curve and calculating each of those spots. So as the two-year rate moves, the three-year rate's going to move, the four-year rate's going to move, the five-year rate's going to move. But somebody like myself

Will before I make really any investment decision, think about the forward. So are you gonna buy a stock at a hundred if you think in a year it's gonna be, you know, a hundred and ten? Right. I mean you might because it's up 10 bucks, but you know, you you think it's going up. So you're predicting the forward price. The nice thing about fixed income is the coupons are set.

You don't know the reinvestment rate, which is obviously a bit of a bugaboo. Yeah. But they they make some assumptions in there which aren't completely Irrational Anthony. Um so I think you can get a a a pretty good thing. Um yeah, I'm just mortified that I can't find the um um The chart, I I feel terrible about this. That's right. Um

Um and then like I said, Anthony's joke was just hysterical, but I'm not gonna do it service. Um anyway, you know, we're talking about ethics and These people taking endowment money and sticking them in these funds that are packed full of shit.

It just it really disheartens me because I know in my own experience. You remember I had these investments in like airport deals. And it was it was completely fortuitous. I worked at Greenwich. You know, kind of junior partner kind of thing. And the senior partners, they'd get these big bonuses and they'd spend their days finding places to stick the money. And um One of them... uh found out this airport business where you would go and you would take long-term leases on hangers at airports.

And because many companies were capital constrained, the airlines, FedEx, these people, they would pay higher lease rates. Because they were renting them, right? And so there was a gimmick where if you built a hangar on an airport. And you financed it with municipal bonds. At the end of the lease of that hangar, If you donated the hangar to the airport,

you were able to issue tax free bonds. So you got really, really preferred financing. But you had to build a hangar and and all and you know, so it was And give it and give it to them. Yeah. It was a good deal. It wasn't, you know, like You know, barbarians at the gate. That was fair! Yeah, I thought, you know, and it was really an enjoyable business because I was dealing with a lot of ex-military guys. I was learning a lot. You know, I got to be Mr. Big. We flew into the airport.

And uh next to Google. Google's one of our clients. And as I get to be Mr. Big, right? Remember, I started making these investments in my late 20s. And now I'm in my mid forties. And the partners are all old guys and they're they're they're dying. And I realized These Deals we have are not forever. They expire. And as time goes by, they drop in value because you have less time, right? Pretty straightforward. So there was one other guy I was partners with, real good guy.

My partner Greenwich. And I said to him, I said, you know, other than you and me. There's nothing here. Yeah, yeah. You know, there's a couple of guys, one guy's name, Jerry Halpin. Halperin. I love this guy to death. He really mentored me very wealthy, but very down-to-earth. And um It was clear to me his kids weren't gonna manage a thing well. So I said to my partner, I said, we We should get out of this thing because if something happens to me, I can't do this by myself.

Or you you can't do it by yourself. So we agree to do it. And first thing we do, cause uh know what you don't know. I go get an investment banker. The employees went fucking batshit. What are you doing? Hiring investment banker. We can sell the business. Yada, yada, yada. I'm like, no, you don't get it. You you're you're thinking you think you can, yeah. You're conflicted. You're not gonna get the most money for the partners.

I said, listen, I'll handle the sale. I promise you'll all have good jobs. Okay. So we we we get the thing done and we we we had a um I think we had a nice sale off. Am I sorry now? Yeah, I'm sorry now, because with the fucking AI, we could be leasing these air. I mean, they pay anything, right? But that's water under the bridge. But I felt like I did the right thing.

For my partners, you know. Yeah. Yeah, obviously everyone gets to paint their own narrative. But that was a funny situation I had because Goldman Sachs ended up buying it. And so the investment banker says Goldman wants to buy it. I said, okay, he goes, well, let's go meet him. And so we go to 200 West Street. And it's like a fortress. And the employees there are all It's like central casting professional receptionists.

So I I had two meetings there. They went the same way. You get up to the waiting room and some minority woman comes up to you and says, may I take your code? Oh yes, please. Do you need to see the men's room? No, no, I'm fine, thank you. Well please have a seat over here and you're me okay. So I go again the next time. Same thing. Yeah, same woman. May take your coat. Do you need to use the men's room?

Lovely. Yep. Yeah. So obviously completely spontaneous record. We go in the room with this guy who's partner of M and I. Yeah. And he's not the Ascot Chang shirt on. He's got the big cuffs with the collars, you know, the$500 haircut. Nice. And he's like, we've looked at your business and we think it's worth X. And I'm looking around the room. And I'm like

Are you fucking kidding? That the that room got quieter than the time I said, how many Harvard MBAs does it take to fuck up a deal? And the guy's like, well, what do you mean? I said, this is how it works in my business. You invited me in to buy my business. You show me the offered side. Okay. I don't I didn't come here asking for a bid. You want to buy so you pay the offered side. And it was just nasty.

I'm sure it even actually made my partner Ray quasi uncomfortable, which is not easy to do. Really? Oh yeah. So he broke the ice because there was tension at this point, right? Tell me how he was on the... the committee that designed the new Goldman Sachs building. Okay. His specialty was most people die in building problems by flying glass debris. So they put in special glass.

that if it breaks, it wouldn't it would break into cut proof. Okay. Okay. So if you're thinking of flying a plane in a Goldman, just a little Who hasn't really? Go ahead. But they ended up buying it though. But so what so w so that what so he broke the ice with so say he hyped himself as an architect, so he was a city planner. All right, go ahead. And then Well then then finally the investment bankers since their fee slipping.

And it got back on track. And you know, we we went back and forth. And then one of the older, this is this is gratitude for you. One of the older partners. I won't say his name, because this is just so heinous. He was there since day one when they started the company. So we agree to a price and we're getting ready to go to the close. And he goes, I want an extra$250,000 because I'm entitled to these things called foundershare.

What's that? Well when you're there for the start of a company, you should be issued shares. And they had intended on giving them to me, but they it got, you know, it got lost. They forgot. You know, they said some things and we're like Well they get this phrase in Canada, do you squeeze the beaver till it shits a nickel? This thing, you can imagine me and my partner haggling over the value of this business. Yeah. So there was not 250 grand to be found.

And this guy just basically wrote an email saying, if I don't get my 250 grand, I'm gonna vote no and let the whole thing fall apart. So. I I end up getting nicked for quarter million dollars'cause I just had enough already. Yeah. Yeah. Yeah, that's how it ended up, because the investment bankers realized they sunk all this money into it. Yeah. And uh got back on track. We sold the company. The employers got contracts. Three of them got fired right away.

Amazing. A couple of them are still there. Yeah, yeah. Um so that's kind of how I live with myself, because in those instances. I felt like I did the right thing to people I didn't have the obligation to do the right thing for. Yeah, yeah. Wow.

All right. Well, I saw your boss lurking in the corner, so I know that we're uh I we've already I'm already in trouble with Maddie and if Cheryl's gonna come in and give dirty looks, we gotta get off the air. Um yeah. So I Maddie, I was kidding. Please. I you know I You're my favorite child, okay? You're by far my favorite. You know this, okay?

So anyway, let's uh let's have a nice, peaceful transition of power. We hope we get an election wrapped up by what? Wednesday night? Thursday you think you got an answer by Wednesday or Thursday? Or no chance. I I don't know. I'm just that network wanted us to stay twenty-four-seven run a a live Update. Yeah, that's what people want to do. They want to tune into us on on Tuesday night. Um all right, let me uh let me try pretty funny. Let me um

Dude, let me tell you one thing. If Donald Trump wasn't so Funny, okay. I would he wouldn't appeal to me so much. Okay. Gold. Because let me just before we I mean we've gone this long, let me just talk about the squirrel. Okay. Are you familiar with the squirrel story? No. Our good friend? No, no, no. No. He's touched on the topic already. Um, okay, look, the squ the the president, okay.

Has commented on all right. So there's a guy in New York State. Somewhere in New York, there's this guy that's got he's got a squirrel, all right, like that had a social media account, and the squirrel Dude, they they went and took the guy's squirrel and they and they killed the guy's squirrel. All right. Oh, that's like John Wick. The New York State Department of Environmental the New York State DC, the Department of Environmental Cons Conservation euthanized his cherished pet squirrel, peanut.

All right. The guy like, you know, the mother got hit by the car. The guy saves the squirrel. The squirrel's got um a social media account, all right, and some woman, some lunatic called it in and complained about it. New York State goes and Takes the squirrel, kills it. And there's obviously an uproar on Twitter. All right. Um and the D does Billy Ackman have a position on this? I need to know. I don't know if it was fake or not. It was fake news, but he's a I don't I

Dude, they they they released a statement purportedly by the president, okay, about this the about the squirrel. It was just hilarious. And Trump is just a r dude, Trump went and put his He put his garbage uh did you see him wear the garbage truck driver? He went and put f I Viz Vest on. Dude, he did a five minute soliloquy about how they're like Mr. President he was on the plane. He they go, Mr. President, you should put the garbage.

You should put the high viz vest on and you should get by the truck and and he goes, No, I don't know and they say, Sir, Mr. President. It's it's slimming. And he goes, as soon as they said it was slimming, I put the vest on. He goes, that's how they sold it to me. I put the vest on. Dude, he did a five minute stand-up routine that was hilarious. Hilarious. The um the five year five or it is a four twenty-two. Four twenty-two. What is that telling?

Well, five years the market thinks the five year notes gonna yield five twenty-two. I I think that 522, 522 or 422? 422. Sorry. Thank you. Yeah. Um, I think that's too low. I think that number's gonna be higher. Wow. Okay. Yeah. All right. If you want to see something really funny with Trump, do they checks the position with him and Obama when they killed? The uh the terrorist. Oh yeah, yeah. Oh he's the funniest. Yeah, yeah.

Dude, he's hilarious. I'm crying laughing. Dude, he makes me laugh on a regular basis. I dude, everyone on Twitter knows how funny he is because they just it's just. comedy dude. It's just it's deeply un it's deeply unserious. Okay, let's just summarily ban me from Twitter.

There's nothing good that can come. There's nothing good on there. I told you that's all I ever heard is you should see this thing on Twitter. Yeah, no, I know, but I know, but it's y you don't have time for it. I don't have time. Okay. You can't even get the five year forward. You don't have time to do And I'm s I'm signing up for an at home. Course on how to become an electrician. Be careful, okay? Don't burn the house down. It's the Ryan hand rule. You take the cable in your hand.

You figure out which way the voltage is going and the the magnetic field wraps Around the way your hand does. I can hear the I can hear the sound of of the of the short circuit and the buzz. 220, 221, you know that that's whatever it takes. That's my electric. Electrician knowledge. Yes. Quantum mechanics, it's a form of physics. That's my famous quote. If it looks like chaos to you, you don't understand.

Well I like the markets. Well I'll I I know you're getting itchy and Amy's had enough, so No, I'm worried about Cheryl coming through that door again, dude. You didn't see her the first time, dude. It was like it was like The door when the door opened and Cheryl looked at you and then looked at me and then the door shut, I said it's probably time for us to get off the air. Oh, okay. Well.

In an attempt to get out of the doghouse. Okay. That was fun. We should do this more often. Yeah, absolutely. You should be mailing your vote. Don't go wait in line. Please mail your vote in. It doesn't matter. You're in Connecticut anyway. It doesn't matter. All right. All right, buddy. I'll talk to you next week. See you later. Okay. Well goodbye.