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Speaker 1: Cam Dawson joining us now chief Investment Officer at New Edgewealth.
Speaker 1: Great to have you with us here in studio. Let
Speaker 1: me just get your reaction to these numbers and what
Speaker 1: we heard from Neil there just a moment ago. It
Speaker 1: sounds like the trajectory seems smooth, the glide path is smooth.
Speaker 1: You're destined for this phantom soft landing. Your reaction to
Speaker 1: the numbers we've got and how does that dovetail with
Speaker 1: what you're strategizing and thinking about investments?
Speaker 3: The data continues to thread this needle where it's not
Speaker 3: hot enough that we need to take rate cuts off
Speaker 3: the table, but it's also not cool enough to suggest.
Speaker 2: That gold blocked.
Speaker 3: Yeah, it's right in line in the sense that we
Speaker 3: don't have to pull forward rate cuts. We don't have
Speaker 3: to do fifty bases points in September. So it does
Speaker 3: give the FED the ability to have a certain degree
Speaker 3: of patients, which we think is actually good for equities.
Speaker 3: Urgency would be bad if you're cutting because you have
Speaker 3: to you have to get those cuts in. That would
Speaker 3: be something we don't think risk assets would like game.
Speaker 1: This out for us. Neil Dudda is saying, the next
Speaker 1: stage of this is for the FED to figure out
Speaker 1: what that cut cycle is going to be, like, how
Speaker 1: do you navigate that, how do you think about equities
Speaker 1: within the context of that uncertainty? What the FED is
Speaker 1: going to do here after this begins.
Speaker 3: The big, huge question mark is not when they start
Speaker 3: in what they do in twenty four, it's how this
Speaker 3: progresses in twenty five. You look through twenty six, there
Speaker 3: is nine cuts priced in which, if you don't have
Speaker 3: a recession, that's a really deep cutting cycle. Regardless of
Speaker 3: what you think about where the rate real FED funds
Speaker 3: rate should be. So when we think about the path
Speaker 3: into twenty five, we think the FED will still be
Speaker 3: data dependent, which is why we think that they want
Speaker 3: to keep their options open in twenty four. Don't cut
Speaker 3: it every meeting, don't accelerate cuts, because that then allows
Speaker 3: them to be patient and see how the data comes
Speaker 3: in in twenty five.
Speaker 1: Yeah, I'm telling me to ignore the real rates. I think, yeah,
Speaker 1: you love the real rate.
Speaker 2: Well, no, I just look at it as range bound. Yes,
Speaker 2: what I put Kim. The thing here with Kim Dawson
Speaker 2: is there fluidity across the four accounting statements is an
Speaker 2: act of God. We're starting to see earnings and it's
Speaker 2: like the worry is OMG. Revenues aren't going to be
Speaker 2: where they are free cash? How growth is not going
Speaker 2: to be there? I'm saying, blowney, it's one by one
Speaker 2: every stock matters. Do you detect a trend to day
Speaker 2: in the dynamics of Kim Dawson ratios across seeing the
Speaker 2: accounting statements.
Speaker 3: There is a very important thing that we're seeing with
Speaker 3: revenues versus earnings. Revenues aren't beating at a very high pace.
Speaker 3: Only about forty percent of companies are beating on revenues,
Speaker 3: but they're beating on earnings, which means companies are pulling
Speaker 3: all these levers below the line in order to make
Speaker 3: earnings materialize. And some of those are the quality, which
Speaker 3: is why stocks haven't necessarily been reacting.
Speaker 2: Well, well, she knows, she's laughing at me.
Speaker 4: Can you see there?
Speaker 2: Knows you know she's she's just laughing at me. Cam.
Speaker 2: The bottom line is that theories there, But the key
Speaker 2: thing is forty percent of stocks are getting it done.
Speaker 2: How do you discern those forty percent of stocks that
Speaker 2: are delivering unit and price revenue mix that gets it done.
Speaker 3: It's pricing power. And I think this is the biggest
Speaker 3: theme in question mark over the next World six.
Speaker 2: I've written in the next week this is coming Jack Welch,
Speaker 2: coming back.
Speaker 3: Well, you were hearing from companies time and time again
Speaker 3: that they're having trouble passing on higher cost to customers.
Speaker 3: And this is because inflation is falling. When you see
Speaker 3: CPI fall, that's effectively saying that companies aren't able to
Speaker 3: pass on these higher prices. That translates to margin pressure
Speaker 3: if this continues, and I think that that would be
Speaker 3: the question for twenty five. Maybe the FED like said
Speaker 3: inflation's falling, Maybe consumers like it. Corporate profits might not
Speaker 3: like it as much.
Speaker 1: Cam situate this for us and what we've seen over
Speaker 1: the course of this week last week as well, everyone
Speaker 1: is so blinded buyer distracted by handful of companies, by AI,
Speaker 1: these megacap companies. How do you see through that? What's
Speaker 1: your counsel to those who just have been distracted by
Speaker 1: that for so long now and at this point seeing
Speaker 1: the kind of rotation that we've seen or beginning to
Speaker 1: look elsewhere.
Speaker 3: So if we think about the rotation in the terms
Speaker 3: of the accounting statements, I think it's actually an important
Speaker 3: way to view things. Right now, lower quality companies are
Speaker 3: rallying because they're getting balance sheet relief. What you're seeing
Speaker 3: is that interest rates are falling, and people are hoping
Speaker 3: that interest expense for those small caps, mostly those that
Speaker 3: are unprofitable, will be easier. The thing that is the
Speaker 3: question mark is if you continue to see this deceleration
Speaker 3: and growth, do you get income statement pressure? So balance
Speaker 3: sheet relief is one thing, but does it come with
Speaker 3: income statement pressure, which is why we think you can
Speaker 3: buy left behind areas like small caps, like international, like value,
Speaker 3: but you have to focus on the high quality portions
Speaker 3: of that market. Don't taste junk because junk will reverse
Speaker 3: if you start to see softer growth.
Speaker 2: Is junk.
Speaker 3: No, Big tech isn't junk. But just because it's not
Speaker 3: junk doesn't mean it necessarily was properly priced. If you
Speaker 3: look at the valuations, they of the overall Tech index,
Speaker 3: it was trading higher than it was in twenty twenty
Speaker 3: one at the peak and twenty one. So we do
Speaker 3: see valuation as a risk, as a thing that could
Speaker 3: be reset, but that can be reset in the context
Speaker 3: of a broader medium from uptrend. These areas are still
Speaker 3: in uptrends, which we think need to be respected. At
Speaker 3: a point. If you start to see earning's weakness, that's
Speaker 3: when we'll change our mind and say you should trend
Speaker 3: back on risk in some of these areas.
Speaker 2: The key thing you're on a Friday or everybody's going
Speaker 2: to cash to keep up with me. The bottom line
Speaker 2: is you're still in a bullmarket mode.
Speaker 3: Can anyone keep up now?
Speaker 2: No, I'm trying to make the first folks, I'm looking
Speaker 2: at an odd lot in Apple. I'm thinking like thirty
Speaker 2: two shares, Yeah, Monday morning. But the answers, we're in
Speaker 2: a bullmarket, get over it.
Speaker 3: It is a market that has been absolutely demanding that
Speaker 3: you respect the trend, and we still aren't oversold yet.
Speaker 3: I think that is important to note. We've had this volatility,
Speaker 3: but we're still in an up trend, which I think
Speaker 3: should be respected until that changes.
Speaker 2: Okay, the highlight of the week right well, right now,
Speaker 2: we did led Zepplguy Okay, Lizzie Sauders is doing led Zeppelin.
Speaker 2: Somebody else is doing led Zeppelin. Carl up in New
Speaker 2: Hampshire emails in he's doing led Zeppelin. Madison Square Gardens
Speaker 2: nineteen seventy three. Ken Dawson, you listen and do this
Speaker 2: weekend led Zeppelin?
Speaker 1: Wow, everyone is How did you know that? I just
Speaker 1: know I've got his finger on the pul the Zeitgey's
Speaker 1: on the pulse.
Speaker 2: Told you Ki Ki, Kim won some LEDs upon love.
Speaker 2: Kim Dawson, thank you so much to see you. But
Speaker 2: do it's really really appreciate it. The politics of this
Speaker 2: of this July is simple gir and izing Hail Mary's
Speaker 2: that we won't have to work on Sunday. Also, Greg
Speaker 2: Valier may not have to work on Sunday. Why don't
Speaker 2: you bring in the exhausted Greg Valier of AGF.
Speaker 1: Yes, Greg Valier joining us now with this important perspective
Speaker 1: on what's happening in Washington, indeed, with this campaign overall,
Speaker 1: and Greg, we're going to see this short video shot
Speaker 1: of Kamala Harris taking a phone call from former President
Speaker 1: Obama and Michelle Obama over and over and over again
Speaker 1: at the last one hour is prologue here, explain the
Speaker 1: significance of it. We have seen an incredibly rapid run
Speaker 1: here since Joe Biden dropped out of the run for
Speaker 1: reelection of Democrats getting in line to support him. What
Speaker 1: is your sense of the significance here of this last
Speaker 1: piece going into that puzzle, the Obama's throwing their support
Speaker 1: behind the vice president.
Speaker 4: Yeah, the party all of a sudden is looking pretty good,
Speaker 4: pretty unified on a lot of issues. I think that
Speaker 4: Obama coming on board is crucial, and I think the
Speaker 4: Republicans have not had a good week at the polls,
Speaker 4: and they definitely have not had a good week with
Speaker 4: Taylor Swift and jd Vance and Katz, which is one
Speaker 4: of the craziest issues I've ever seen in my career.
Speaker 4: And Vance, I think is on the wrong side of
Speaker 4: this issue.
Speaker 1: On the Wright side of kats issues.
Speaker 2: Anna Wong Chief Economists Bloomberg sent me a photo of
Speaker 2: George Washington's painting in the National Gallery on this topic.
Speaker 1: Yeah, and we're supposed to hear from Jade Vance later.
Speaker 1: I think he's on Megan Kelly's show and she promises
Speaker 1: she will ask the public comedy about his comment.
Speaker 2: Offspring.
Speaker 4: Yes, the thing is there's a there's a deeper story here,
Speaker 4: as you guys of course know, and that is they
Speaker 4: want to mock Kamala Harris as somebody who never got married,
Speaker 4: never really had her own biological kids. I think that's
Speaker 4: a it's a pretty dirty trick, and I think they
Speaker 4: are trying to make an argument that childless, cat owning
Speaker 4: women are hurting the country. I mean, if that's just
Speaker 4: crazy stuff, you can't make this stuff up.
Speaker 1: Craig, what is sticking you know? I think that this
Speaker 1: threw everything out of whack. Of course, the departure of
Speaker 1: Joe Biden in this race, the introduction of Kamala Harris's
Speaker 1: as the presumptive nominee. You see the Trump campaign fumbling
Speaker 1: a bit here. We got this statement last night saying
Speaker 1: they're not going to commit to a debate later this
Speaker 1: later this year until Kamala Harris gets the official nomination
Speaker 1: from the Democratic Party. What does all this say to
Speaker 1: you and what's your sense of how that line of
Speaker 1: attack is coming focus so much as it is?
Speaker 4: Yeah, you know, it's still July, you know, and I
Speaker 4: don't want to over emphasize. I've never believed a campaign
Speaker 4: really got underway until after Labor Day, so it's a
Speaker 4: time for them to iron out their soundbites and to
Speaker 4: get things in line for September. But it's not a
Speaker 4: fatal week for the Republicans, but they can't keep having
Speaker 4: weeks like this over and over.
Speaker 2: Should they do the VP thing before the Sunday talk
Speaker 2: shows or should they really wait till August fourth before
Speaker 2: virtual anointment.
Speaker 4: I would advise them to tease it like Trump has.
Speaker 4: There's no need to come out with it right away.
Speaker 4: I think it's down to two candidates. Tom It would
Speaker 4: either be Mark Kelly of Arizona, who I think will
Speaker 4: be the pick, or maybe Josh Shapiro, who's very good
Speaker 4: also help us with.
Speaker 1: That calculus there, You look at those two very capable
Speaker 1: candidates for that position. Give us the pluses and minuses
Speaker 1: for each, if you would, Greg Well.
Speaker 4: I would say, for Kelly, he's not in a state
Speaker 4: with a huge amount of Electoral College votes, a state
Speaker 4: the Democrats probably going to lose anyway, so that's a factor.
Speaker 4: And for Shapiro, he's very young, he's not totally experienced,
Speaker 4: but I think he is. He has a lot of upside.
Speaker 4: He's a quality candidate who could maybe make the difference
Speaker 4: of a point or two.
Speaker 1: Greg, I want to get your observations of how these
Speaker 1: last few days have gone. I think what's really fascinating
Speaker 1: to me is, you know, Joe Biden has a very
Speaker 1: close inner circle, but he had a pretty sprawling campaign apparatus,
Speaker 1: and really in a matter of hours they took out
Speaker 1: the candidate and put a new one in. And it
Speaker 1: seems like that mechanism is working pretty seamlessly with that
Speaker 1: new candidate. That's a surprise to me. I wonder if
Speaker 1: it is to you, And I'd love your counsel with
Speaker 1: the campaign of what they need to continue to do
Speaker 1: to keep it running efficiently.
Speaker 4: And Well, it's a good question, David, and it is
Speaker 4: a bit of a surprise. I do think there'll be
Speaker 4: more legal action with the Republican saying that the Democrats
Speaker 4: didn't have the right to transfer all of this money.
Speaker 4: There's talk of trying to impeach Kamala Harris. I mean,
Speaker 4: that's not going to happen. But the one thing that
Speaker 4: stands out for me is that the Republicans still really
Speaker 4: don't have an angle to attack her on. I don't
Speaker 4: think they're quite sure yet where their strongest point is,
Speaker 4: and they got to get that decided pretty soon.
Speaker 2: Are they having meetings now in mar Laga wherever? Are
Speaker 2: they having meetings in weeks where they say we've got
Speaker 2: to move to the middle where they do a Reagan
Speaker 2: or is that just not part of the vocabulary.
Speaker 4: I don't think it's part of the vocabulary, Tom. I
Speaker 4: think this is a group that is going to move
Speaker 4: to the right, just as the Democrats eventually probably will
Speaker 4: move to the left. But I don't see any sign
Speaker 4: in the Republican Party that they're going to try to
Speaker 4: win over, for example, Nicky Haley voters. I think that's
Speaker 4: a big mistake.
Speaker 2: Woll Greg Value, you think it's so much eventful. I
Speaker 2: hope we do not talk to you Sunday afternoon or evening,
Speaker 2: mister Valier with AGF it's a mustard morning note and
Speaker 2: now an important conversation. I want to drive the conversation forward,
Speaker 2: which you can always do with gene Monster deepwater asset Management.
Speaker 2: One of the high points of the summer was a
Speaker 2: lengthy Nathan Hager conversation with Dan Ives and gene Monster
Speaker 2: that was to be kind informative Gene Monster. Brent Braselin
Speaker 2: over at Piper Sandler Year Old Watch has an overweight
Speaker 2: on Microsoft. Loop has a strong strong effort there as well. Over.
Speaker 2: You know where you were years ago, You're now at
Speaker 2: deep water and I don't think you're doing by holds sell,
Speaker 2: but everybody else is saying if you're going to do AI,
Speaker 2: Microsoft is a conservative play, are they?
Speaker 5: I think there's a lot of better places to be
Speaker 5: and maybe taking a step back, is that the first
Speaker 5: question that we should ask is do you believe or
Speaker 5: to what degree do you believe that AI will be transformative?
Speaker 5: And if you're in the camp that this is going
Speaker 5: to be something that comes close, meets or exceeds the hype,
Speaker 5: then Microsoft is going to go up. There's no doubt
Speaker 5: about it. I think there are better places to invest
Speaker 5: related to AI, which just given their pole position, may
Speaker 5: seem a little bit out of touch. But the simple
Speaker 5: reason is that Microsoft doesn't have full control of their
Speaker 5: AI destiny. Is that they of course work closely with
Speaker 5: open AI, but their ownership is not in equity ownership.
Speaker 5: It's related to revenue, so they open EI can do
Speaker 5: things like do a deal with Apple, and ultimately is
Speaker 5: Microsoft has worked more, is building more of these small
Speaker 5: language models to try to diversify, and so I think
Speaker 5: that they will clearly benefit. But we think that the
Speaker 5: best position company, despite the news yesterday around search GPT,
Speaker 5: is Google. And just to put that into the contrast
Speaker 5: to Microsoft is Google. They own their foundation, large language model,
Speaker 5: they have advanced Silicon, and they have distribution of six
Speaker 5: products that have a billion or more daily active users.
Speaker 5: And that's something. Those are three things that Microsoft can
Speaker 5: only claim two of.
Speaker 1: Geane, there's so much of this that's hoping, a prayer
Speaker 1: and a promise when it comes to AI. So, picking
Speaker 1: up on what you said, and Tom's good counsel that
Speaker 1: we should look forward, let me look back only briefly
Speaker 1: to say, what can we take away from what we
Speaker 1: heard from Google, from Alphabet this week and layer that
Speaker 1: onto what we're going to hear next week from these
Speaker 1: other companies. I hear what you're saying about Microsoft in
Speaker 1: the way that they're approaching AI. But is there the
Speaker 1: potential that this is perhaps a savvy move in that,
Speaker 1: you know, if this doesn't pan out to be as transformed,
Speaker 1: as widely transformative as many people think, not being all
Speaker 1: in on it might in fact be a good thing
Speaker 1: going forward.
Speaker 5: Well, I think it would be a historical mistake if
Speaker 5: they're not in that. That's my opinion. But let's take
Speaker 5: the approach that the approach that they're spending a lot
Speaker 5: of money and it may be not money well spent.
Speaker 5: So just quickly to kind of frame that in is
Speaker 5: that these companies are spending about fifty billion a year
Speaker 5: on capex. So you figure over a three year period,
Speaker 5: one hundred and fifty billion, they're generating about one hundred
Speaker 5: billion a year in income. Of that cappex. By the way,
Speaker 5: about half of it is related to AI. So said
Speaker 5: another way, seventy five billion over three years. Their market
Speaker 5: caps are two plus trillion dollars, and as Zuckerberg said
Speaker 5: this weekend, is Bloomberg podcast that there's just too much
Speaker 5: risk if they don't pursue this, because it is the
Speaker 5: biggest changes he talked about in the next ten to
Speaker 5: fifteen years. I think it's the biggest change in the
Speaker 5: next fifty. But the point is is that I think
Speaker 5: that if one of these companies takes the approach of
Speaker 5: let's save ten billion dollars here, ten billion dollars there
Speaker 5: over a over a year period, I think it could
Speaker 5: be just a historic mistake. And so they get it.
Speaker 5: Google set it, Sundar set on their call that they
Speaker 5: have to continue to embrace capex and ultimately David that
Speaker 5: that is the that's the central question of what AI
Speaker 5: investors should focus in on, at least over the next
Speaker 5: year or two years, is what does that capex pace
Speaker 5: look like.
Speaker 2: I mean, the zuck is with Emily, Okay, fine, we
Speaker 2: got to get gene Monster on the big take with
Speaker 2: David Gura.
Speaker 1: I mean, you know, I'd love it.
Speaker 2: You know, I think we can't.
Speaker 1: We can't shoot it as beautiful as Emily shot that
Speaker 1: interview with Zuckerberg.
Speaker 2: No, we can't. So that's great. Gene Monster. Tell me
Speaker 2: about Apple. I guess they're doing Apple intelligence. It's not
Speaker 2: really AI, it's pretend AI. Forget about it. Everybody in
Speaker 2: this room are going to have to buy six, seven,
Speaker 2: eight iPhones come September October? Are we all sleeping into September?
Speaker 2: When Apple stuns us?
Speaker 5: I think this stunt is going to be over the
Speaker 5: next year. And ultimately is that these features, well, they've
Speaker 5: been around for a year plus. Is that the fact
Speaker 5: that Apple is going to make them just work so
Speaker 5: seamlessly together. I think this is going to expose what
Speaker 5: I estimate twenty percent of the world to these AI
Speaker 5: tools many times a day, could be ten, twenty hundreds
Speaker 5: of times a day, and that is going to create
Speaker 5: a powerful upgrade cycle. The next three years for Apple
Speaker 5: is going to be clear sailing. And I use those
Speaker 5: words with caution because you always want to have your
Speaker 5: guard open. But I think that this upgrade cycle, like
Speaker 5: you said, is going to be breathtaking. So I think
Speaker 5: that this is I own Apple, my personal account. I
Speaker 5: think it's going to continue to do.
Speaker 2: Well. What's your Some of the parts on Apple come on,
Speaker 2: so I think that they can come on.
Speaker 5: So I have to preface not investment advice, but the
Speaker 5: way I think about it is that. I think that
Speaker 5: they can earn nine dollars in about a year and
Speaker 5: a half. And I think a reasonable model is kind
Speaker 5: of a low thirties thirty multiple. At the peak of
Speaker 5: the dot com was one hundred multiples across the board.
Speaker 5: I think low thirties is very reasonable and kind of
Speaker 5: gets to about a three hundred and fifteen dollars stock.
Speaker 1: He is that good, I mean, Jean Munster perfectly.
Speaker 2: He's gonna come in here someday with a lime green
Speaker 2: jacket in a flower shirt with a pair of Nikes.
Speaker 2: Nobody in Minnesota has us, Jean Monster, thank you for
Speaker 2: being like Dan Eyes greatly appreciate that, mister. And really
Speaker 2: a high point of the summer, seriously is Deep Water's
Speaker 2: Geene Monster with Dan Eyes of Wedbush Smart. You agree
Speaker 2: or disagree, doesn't matter you, Janie. Look at the front
Speaker 2: pages the Olympic version with Lisa Matteo and Matt Aveton's
Speaker 2: premiere pa Lisa Matteo.
Speaker 6: Yeah what he said, that's right, We're talking about the
Speaker 6: Paris Olympics. Okay, so kicks off. But they wanted to
Speaker 6: make the Olympic village perfect for these athletes, right, so
Speaker 6: they invested in all these things, but one thing that
Speaker 6: they forgot was, well they didn't actually forget, but an
Speaker 6: oversight was air conditioning. No air conditions, no air conditioning,
Speaker 6: no like no. So here's what's happening. They wanted to
Speaker 6: be more friendly for the environment. That's why they chose
Speaker 6: not to do it. So they have these ruling floors.
Speaker 6: So so water goes through the floors and it, you know,
Speaker 6: drops the temperature by ten to twenty degrees, but it's
Speaker 6: still between seventy three and seventy nine degrees, so it's
Speaker 6: still warm for them. So you can purchase portable air conditions.
Speaker 6: It's an option, it's an upgrade. So guess which team
Speaker 6: has the most options.
Speaker 7: That would be Team USA.
Speaker 2: Tuesday ninety two degrees. In August a million years ago
Speaker 2: was one hundred and four. Okay, so what is the
Speaker 2: America doing.
Speaker 6: America is taking the option doing the portable air conditioning units.
Speaker 6: They have five hundred and ninety two members on their team. Okay,
Speaker 6: so they have that many units in every room, some
Speaker 6: for the common areas. But there are some teams who
Speaker 6: are not opting for it. They're going to sweat it out.
Speaker 6: That is Germany. They have three hundred and fifty athletes.
Speaker 6: Only eleven units have been ordered.
Speaker 2: So what does that mean when America turns out the
Speaker 2: air conditioners font and blue DIBs, it's not flash all
Speaker 2: right yet that's very fresh. I mean Pharaoh's like this Pharaoh,
Speaker 2: you know, the Pharaoh clan. They own half of the
Speaker 2: Midlands and they don't have any air condition And when
Speaker 2: it's like ninety five in the United Kingdom, there's.
Speaker 4: Like nothing in the building. See.
Speaker 6: I didn't realize this when people I've had friends who
Speaker 6: went to Europe and they're like, they have no air
Speaker 6: condition I'm like, what are you talking about.
Speaker 2: Share up North is like it's like peaky blinders. I
Speaker 2: mean he grew up. It was just like peaky blinders
Speaker 2: and they don't have air conditioning. And those stone you.
Speaker 1: Know, the miners, you didn't have it Rochester.
Speaker 2: No, we we had screens to keep them lucky.
Speaker 1: Yeah.
Speaker 2: Yeah, I mean you didn't go outside. The deer flies
Speaker 2: are so vicious.
Speaker 6: Next, this I thought was interesting. This stood out to me.
Speaker 6: I'm City Hall in New York City seeing a rise
Speaker 6: in the number of micrids that are going to get married.
Speaker 6: A lot of them spoke to the New York Times.
Speaker 6: So the New York Times put this article together and
Speaker 6: they said they're longtime couples, right, they never married in
Speaker 6: Latin America, where consentral unions are common, people don't get
Speaker 6: married there as often. But now they're being advised by
Speaker 6: immigration lawyers social workers to formalize it because it could
Speaker 6: that certificate that they get it might help in their
Speaker 6: efforts to get asylum. So that's why you're starting to see.
Speaker 2: This is a huge election issue.
Speaker 1: Immigration, definitely a huge immigration and migration.
Speaker 2: Yes, it's two separate things, very true. It's got to
Speaker 2: be right up front.
Speaker 1: Yeah, and I think we'll see a lot of scrutiny
Speaker 1: on how this has played out in New York and
Speaker 1: other cities. And we've had what two hundred thousand migrants,
Speaker 1: I will say, when I was down covering a court
Speaker 1: case a few months back, flood of people getting married.
Speaker 1: It is if you come to New York, see it downtown. Yeah,
Speaker 1: I have been. You've been, no.
Speaker 2: Door, Okay, I have had the privallege of you.
Speaker 1: Okay over there.
Speaker 2: Oh you think that's funny, mademoiselle mateo, continue have some
Speaker 2: bluten here, have some bluten conta.
Speaker 6: Okay, this one is for you, Tom.
Speaker 3: Okay.
Speaker 6: So this was from the Financial Times. They kind of
Speaker 6: broke down the question of can we afford another dog? Okay,
Speaker 6: because people are saying, when your dog passes, do you
Speaker 6: want to get another one? So they broke down some
Speaker 6: of the number. This is in the UK though, so
Speaker 6: it might be a little bit different. You're gonna have
Speaker 6: to tell me if it's different here. But dog ownership
Speaker 6: they said cost anywhere from twenty five hundred to thirty
Speaker 6: five hundred a year. They say, it's not true, it's
Speaker 6: more than that because they have the fancy pet really
Speaker 6: retailer Mungo and mad. I don't know if you go there.
Speaker 6: Maybe that's just a UK thing, but you can get
Speaker 6: there Bob and dog bag for nine hundred and ten dollars. Okay,
Speaker 6: so that's the fancy stuff.
Speaker 3: Then you have the food.
Speaker 6: The price of kennel's when you go on vacation kennel fee, yes.
Speaker 4: You get that.
Speaker 6: L they say is anywhere from one hundred to one
Speaker 6: hundred and fifty a day.
Speaker 1: Is that right?
Speaker 6: Is that how much? Those kids?
Speaker 2: Here's the reality vet Bill got his teeth done.
Speaker 1: Yes, okay, it was so successful.
Speaker 2: The vet said this matters the horrace Man's School of
Speaker 2: Vetinary Medicine, and so kennel Fee needs that their teeth done.
Speaker 2: Plus they want to brightener because Kennelfie's the IQ of
Speaker 2: a Kardashian eighteen hundred large.
Speaker 1: Next second morning to calabasses.
Speaker 4: Next.
Speaker 6: Okay, when you go on vacation and you go to
Speaker 6: the hotel, do you go to the hotel gym?
Speaker 3: David?
Speaker 6: Is this something you do that?
Speaker 1: I notice that I got that question, Tom, Tom definitely
Speaker 1: does I have been on occasion?
Speaker 6: I will yes, Okay, because the thing is some people
Speaker 6: don't want to share the hotel gym. I don't mind,
Speaker 6: but sharing the weights I kind of like, I'm very
Speaker 6: protective about it. So some people are hotels are catching
Speaker 6: on and they're doing wellness sweets. You got to pay
Speaker 6: about one hundred bucks extra. But there are rooms that
Speaker 6: have the equipment inside of it. Okay, So you have
Speaker 6: like the t rex bands, you have the stationary bikes, medicine, balld,
Speaker 6: yoga mats, anything you want. You know, monitors with hit
Speaker 6: classes and yoga classes, so you can get everything done
Speaker 6: in your room and not have to go down.
Speaker 1: Shows up to the hotel gym with his yoga. Matt. Yeah,
Speaker 1: so you gets it to himself.
Speaker 7: Everybody clears out, same Sorr.
Speaker 2: Last time I worked out of a gym was with
Speaker 2: Michael McKee.
Speaker 1: Okay, I will.
Speaker 2: Tell you it was twenty two years.
Speaker 1: You have to ask Michael going to effort him in
Speaker 1: the stand?
Speaker 2: Literally is the last time I darkened the door of
Speaker 2: a hotel? Jim McKee and I thank you for that,
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