1 00:00:03,160 --> 00:00:08,640 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:10,080 --> 00:00:13,239 Speaker 2: All Right, Sam and Tracy, here's the deal. Okay, we're 3 00:00:13,280 --> 00:00:17,600 Speaker 2: recording this on Tuesday. This episode is gonna come out Friday, 4 00:00:17,760 --> 00:00:20,640 Speaker 2: so we're recording this before the big FED decision. So 5 00:00:20,680 --> 00:00:23,280 Speaker 2: how about we planned for this. I'm gonna ask you 6 00:00:23,320 --> 00:00:26,800 Speaker 2: guys what your FED forecast is, and then if and 7 00:00:26,840 --> 00:00:29,320 Speaker 2: then I'm gonna ask you again, and we can record 8 00:00:29,360 --> 00:00:32,840 Speaker 2: two versions of it, and then in the actual episode 9 00:00:33,040 --> 00:00:34,640 Speaker 2: we'll use whichever one was correct. 10 00:00:34,880 --> 00:00:36,080 Speaker 3: That does that sound like a good plan. 11 00:00:36,240 --> 00:00:38,000 Speaker 1: I'm just gonna hedge my bets and say I think 12 00:00:38,000 --> 00:00:41,840 Speaker 1: they're gonna cut by thirty seven point five basis points. 13 00:00:42,440 --> 00:00:45,839 Speaker 3: I mean a Hawkers twenty five or a Dubvish fifty. 14 00:00:46,000 --> 00:00:49,040 Speaker 4: Yeah, you know, I think you know either after after 15 00:00:49,120 --> 00:00:51,800 Speaker 4: the announcement, I think either the high end or the 16 00:00:51,800 --> 00:00:54,240 Speaker 4: low end of the FED funds target's gonna be five percent. 17 00:00:58,680 --> 00:01:05,760 Speaker 2: I did a deadlift one, two, three, Okay, uh barges. 18 00:01:05,880 --> 00:01:07,920 Speaker 2: This isn't after school special, except. 19 00:01:07,680 --> 00:01:10,200 Speaker 1: I've decided I'm going to base my entire personality going 20 00:01:10,240 --> 00:01:13,479 Speaker 1: forward on campaigning for a strategic pork reserve in the US. 21 00:01:13,560 --> 00:01:15,800 Speaker 3: Where's the best with imposta these. 22 00:01:15,640 --> 00:01:18,360 Speaker 1: Are the important question is that robots taking over the world. 23 00:01:18,520 --> 00:01:18,640 Speaker 5: No. 24 00:01:18,720 --> 00:01:21,600 Speaker 6: I think that like in a couple of years, the 25 00:01:21,680 --> 00:01:23,880 Speaker 6: AI will do a really good job of making the 26 00:01:23,920 --> 00:01:27,360 Speaker 6: odd Launch podcast, And people say, I don't really need 27 00:01:27,400 --> 00:01:29,040 Speaker 6: to listen to Joe and Tracy anymore. 28 00:01:29,280 --> 00:01:34,760 Speaker 3: We do have touching, the perfect welcome to lots more? 29 00:01:34,760 --> 00:01:36,880 Speaker 3: Will we catch up with friends about what's going on 30 00:01:37,120 --> 00:01:37,600 Speaker 3: right now? 31 00:01:37,959 --> 00:01:41,199 Speaker 1: Because even when odd Lots is over, there's always lots 32 00:01:41,240 --> 00:01:43,120 Speaker 1: more and we really. 33 00:01:42,840 --> 00:01:44,520 Speaker 3: Do have the perfect guest. 34 00:01:47,640 --> 00:01:49,480 Speaker 4: Honestly that I think we're kind of splitting Harris. But 35 00:01:49,520 --> 00:01:51,280 Speaker 4: don't you think we're kind of splitting Harris twenty five 36 00:01:51,320 --> 00:01:52,200 Speaker 4: fifty bass. 37 00:01:53,960 --> 00:01:54,320 Speaker 5: I don't know. 38 00:01:54,360 --> 00:01:58,280 Speaker 1: I think the interesting thing is, like, well, we're journalists 39 00:01:58,360 --> 00:02:02,080 Speaker 1: or media people, so we all kind of things journalists, Yeah, okay, 40 00:02:02,280 --> 00:02:05,480 Speaker 1: we're journalists, and we all sort of think about things 41 00:02:05,520 --> 00:02:08,600 Speaker 1: in terms of size and scope. So the interesting size 42 00:02:08,600 --> 00:02:12,120 Speaker 1: and scope for this meeting is everyone expects them to cut, 43 00:02:12,240 --> 00:02:15,919 Speaker 1: but there's never been this much uncertainty about twenty five 44 00:02:15,960 --> 00:02:18,760 Speaker 1: BIPs versus fifty BIPs. Like the market the last time 45 00:02:18,800 --> 00:02:21,720 Speaker 1: I checked was pretty evenly split between the two. 46 00:02:21,639 --> 00:02:24,840 Speaker 4: Of those, right, But yeah, no, in terms of backdrop, 47 00:02:24,880 --> 00:02:27,800 Speaker 4: I think that's actually an important thing, right, Like, sure, 48 00:02:27,840 --> 00:02:30,200 Speaker 4: it's never been more split in terms of what the 49 00:02:30,240 --> 00:02:33,640 Speaker 4: consensus is. But well, why don't we also consider the 50 00:02:33,680 --> 00:02:35,240 Speaker 4: fact that, you know, we're not on the cusp of 51 00:02:35,280 --> 00:02:36,359 Speaker 4: an economic crisis. 52 00:02:36,560 --> 00:02:38,040 Speaker 3: Yeah right, We're not at. 53 00:02:37,840 --> 00:02:40,280 Speaker 4: The you know, in the throes of the inflation crisis. 54 00:02:40,320 --> 00:02:43,880 Speaker 4: So I feel like, you know, monetary policy developments and 55 00:02:44,000 --> 00:02:49,519 Speaker 4: rate cut announcements on the press conference probably has more 56 00:02:49,639 --> 00:02:54,040 Speaker 4: risk of market volatility when we're we have a market 57 00:02:54,120 --> 00:02:56,880 Speaker 4: crisis as a pose now, where you know, the stock 58 00:02:56,919 --> 00:02:59,639 Speaker 4: market's at an all time high, unemployment is relatively low, 59 00:02:59,800 --> 00:03:02,440 Speaker 4: and it's pretty calm. So I don't know, I think 60 00:03:02,440 --> 00:03:03,360 Speaker 4: we're splitting hers. 61 00:03:03,880 --> 00:03:05,399 Speaker 3: All right, No more conversation. 62 00:03:05,480 --> 00:03:08,320 Speaker 2: That's going to be completely irrelevant by the time everyone 63 00:03:08,360 --> 00:03:11,519 Speaker 2: listening to this. We are speaking, of course, with Sam Row, 64 00:03:12,040 --> 00:03:17,160 Speaker 2: who writes the Fantastic Ticker newsletter, one of the substecs 65 00:03:17,160 --> 00:03:20,000 Speaker 2: that I actually opened and that's real, Thank you, that's real. 66 00:03:20,080 --> 00:03:22,960 Speaker 2: I actually opened it. I feel like Tracy like newsletters. 67 00:03:23,240 --> 00:03:25,920 Speaker 2: They're the new Economists subscription where like, you know, you 68 00:03:25,960 --> 00:03:28,840 Speaker 2: subscribe the economists and then like eight pile up and then. 69 00:03:28,880 --> 00:03:31,000 Speaker 1: You know, like people use I thought you were going 70 00:03:31,080 --> 00:03:33,160 Speaker 1: to say in terms of prestige, like the way people 71 00:03:33,200 --> 00:03:35,480 Speaker 1: always by the economists when they're at an airport so 72 00:03:35,520 --> 00:03:36,920 Speaker 1: they can just like be in the last. 73 00:03:38,120 --> 00:03:40,240 Speaker 2: But also it is kind of like that, but so 74 00:03:40,360 --> 00:03:43,720 Speaker 2: you subscribe to the economists that I used to, but 75 00:03:43,800 --> 00:03:45,320 Speaker 2: like I didn't really read them, you know. 76 00:03:45,480 --> 00:03:49,360 Speaker 4: Or like I was actually on a content creator panel 77 00:03:50,000 --> 00:03:53,320 Speaker 4: earlier this week for the future Proof conference and that 78 00:03:53,800 --> 00:03:55,840 Speaker 4: question actually came up. You know, how do you guys 79 00:03:55,840 --> 00:03:58,520 Speaker 4: think about cadence and publishing schedule and all this kind 80 00:03:58,520 --> 00:04:00,840 Speaker 4: of stuff. Everyone on the K kind of had a 81 00:04:00,840 --> 00:04:03,040 Speaker 4: different approach to this. Like some people say, you know, 82 00:04:03,080 --> 00:04:04,800 Speaker 4: you got to do a daily thing. You keep the 83 00:04:04,840 --> 00:04:07,440 Speaker 4: volume high because you never know what's going to hit 84 00:04:07,440 --> 00:04:08,440 Speaker 4: in one of those things are going to. 85 00:04:08,640 --> 00:04:11,000 Speaker 1: Or remind people that you're there. I hear that a lot, 86 00:04:11,040 --> 00:04:14,240 Speaker 1: like to remind people and be top of mind all 87 00:04:14,280 --> 00:04:14,880 Speaker 1: the time. 88 00:04:14,880 --> 00:04:18,000 Speaker 4: Exactly, you know, give people, you know, value for their 89 00:04:18,040 --> 00:04:20,800 Speaker 4: money or whatever. I don't know. I kind of taken 90 00:04:21,000 --> 00:04:23,919 Speaker 4: a contrarian approach to that. Sometimes I joke that the 91 00:04:24,000 --> 00:04:27,320 Speaker 4: less I sud, the more valuable my product is or 92 00:04:27,360 --> 00:04:28,359 Speaker 4: whatever my output is. 93 00:04:28,880 --> 00:04:29,480 Speaker 5: I try to. 94 00:04:29,440 --> 00:04:32,560 Speaker 4: Think of, uh, you know, the reader's time as much 95 00:04:32,600 --> 00:04:34,440 Speaker 4: as possible, like kind of like you know, the magazine 96 00:04:34,520 --> 00:04:36,960 Speaker 4: stacking up, Right, There's the reason why that magazine stacks 97 00:04:37,000 --> 00:04:38,880 Speaker 4: up is because you probably have other more important things 98 00:04:38,920 --> 00:04:42,279 Speaker 4: to do. So I try to, you know, be really 99 00:04:42,400 --> 00:04:45,039 Speaker 4: careful about, you know, sending stuff out that I think 100 00:04:45,160 --> 00:04:47,760 Speaker 4: when people open it and read it, that they're glad 101 00:04:47,800 --> 00:04:50,240 Speaker 4: that you did it, and so the next time they 102 00:04:50,279 --> 00:04:52,279 Speaker 4: open it, then they'll be happy to read it. And 103 00:04:52,320 --> 00:04:54,880 Speaker 4: if I'm not sending something out, that probably sends a 104 00:04:54,920 --> 00:04:57,080 Speaker 4: signal that, you know, I don't have anything to say 105 00:04:57,120 --> 00:04:57,479 Speaker 4: that day. 106 00:04:57,720 --> 00:04:58,000 Speaker 3: Yeah. 107 00:04:58,240 --> 00:05:01,000 Speaker 1: I always think that you should do what you're best at. 108 00:05:01,080 --> 00:05:01,240 Speaker 4: Right. 109 00:05:01,279 --> 00:05:03,799 Speaker 1: There are some people who are actually very well Joe's 110 00:05:03,839 --> 00:05:06,000 Speaker 1: one of them, who are very good at putting out 111 00:05:06,040 --> 00:05:07,840 Speaker 1: thoughts on a daily basis. 112 00:05:08,960 --> 00:05:09,400 Speaker 5: Every morning. 113 00:05:09,520 --> 00:05:11,120 Speaker 3: Yeah, thank you. Scroll. 114 00:05:11,320 --> 00:05:15,200 Speaker 1: There are other people, probably me actually, who are better 115 00:05:15,320 --> 00:05:18,279 Speaker 1: at kind of like selecting topics and then going deep 116 00:05:18,320 --> 00:05:18,800 Speaker 1: into them. 117 00:05:18,880 --> 00:05:22,719 Speaker 3: Yeah, and you're very good, Thank you, thank you. 118 00:05:22,960 --> 00:05:26,200 Speaker 2: There was a pause, But that wasn't That wasn't just 119 00:05:26,240 --> 00:05:30,000 Speaker 2: like that sort of like de facto reciprocation as very 120 00:05:30,080 --> 00:05:33,960 Speaker 2: real thing. So we're out here at the future Proof 121 00:05:34,160 --> 00:05:37,080 Speaker 2: Festival about the things on the stage but actually, what 122 00:05:37,080 --> 00:05:38,320 Speaker 2: have you been writing about lately? 123 00:05:38,640 --> 00:05:39,000 Speaker 3: Sam? 124 00:05:39,120 --> 00:05:40,680 Speaker 2: You know you write every once in a while because 125 00:05:40,720 --> 00:05:43,600 Speaker 2: you're so mindful of everyone's like me, who's always trying 126 00:05:43,600 --> 00:05:44,280 Speaker 2: to be top of. 127 00:05:44,240 --> 00:05:47,159 Speaker 3: Mind with everyone. You know, you you store up. What 128 00:05:47,200 --> 00:05:47,839 Speaker 3: have you been talking about? 129 00:05:47,880 --> 00:05:50,799 Speaker 4: Well, I mean market volatility has been kind of fun. Yeah, 130 00:05:50,880 --> 00:05:53,440 Speaker 4: kicking August off with that huge sell off and then 131 00:05:53,520 --> 00:05:55,839 Speaker 4: having the rebound, and then kicking September off with that 132 00:05:55,920 --> 00:05:56,440 Speaker 4: huge sol off. 133 00:05:56,480 --> 00:05:58,600 Speaker 3: Wait, actually here's another media question. 134 00:05:58,760 --> 00:06:02,039 Speaker 2: Yeah, we're coral to the vis It's always good for 135 00:06:02,120 --> 00:06:05,320 Speaker 2: a boost subscribers or listeners or Twitter followers whatever. 136 00:06:05,360 --> 00:06:06,719 Speaker 3: Do you find the same? Yeah? 137 00:06:06,760 --> 00:06:09,760 Speaker 4: Oh, absolutely, Like you know, a bull market with low 138 00:06:09,839 --> 00:06:13,159 Speaker 4: volatility is terrible for business because no one has any 139 00:06:13,240 --> 00:06:15,880 Speaker 4: questions when the market's going up. They just open their 140 00:06:15,880 --> 00:06:17,680 Speaker 4: frow and k plan and they see the numbers going 141 00:06:17,720 --> 00:06:19,320 Speaker 4: up and they're not concerned about They go on with 142 00:06:19,360 --> 00:06:21,640 Speaker 4: the rest of their lives. You know, they'll go shopping, 143 00:06:21,640 --> 00:06:24,480 Speaker 4: they go to Disney World, you know, they watch Netflix. 144 00:06:24,800 --> 00:06:27,480 Speaker 4: It's only you know, when the numbers start going down, 145 00:06:27,560 --> 00:06:29,320 Speaker 4: you know they're wondering, you know, should I actually be 146 00:06:29,320 --> 00:06:31,400 Speaker 4: more concerned about this? You know, how do I think 147 00:06:31,400 --> 00:06:33,200 Speaker 4: about this, Why haven't I made a plan about this? 148 00:06:33,360 --> 00:06:36,040 Speaker 4: And you know, hopefully you know I sent something out 149 00:06:36,080 --> 00:06:39,280 Speaker 4: that helps explain that. But yeah, no, I've mostly been 150 00:06:39,320 --> 00:06:41,719 Speaker 4: writing about and a lot of it is just repetition 151 00:06:41,839 --> 00:06:45,119 Speaker 4: of the same old stats in that, you know, market 152 00:06:45,200 --> 00:06:48,440 Speaker 4: volatility is a thing. When volatility is low and the 153 00:06:48,440 --> 00:06:50,760 Speaker 4: stock market is in your near record high, like, those 154 00:06:50,760 --> 00:06:53,240 Speaker 4: are times where you have to start reminding yourself that 155 00:06:53,800 --> 00:06:56,920 Speaker 4: you know, on average, you see a fourteen percent max 156 00:06:57,000 --> 00:06:59,279 Speaker 4: drawled down in a given year. So when you do 157 00:06:59,400 --> 00:07:02,239 Speaker 4: see that big five percent, you know, ten percent drop 158 00:07:02,279 --> 00:07:04,160 Speaker 4: in a week or two, you know, if you have 159 00:07:04,279 --> 00:07:07,279 Speaker 4: that mindset knowing that, you know, I was prepared for 160 00:07:07,320 --> 00:07:10,960 Speaker 4: a fourteen percent sell off and this is completely normal, 161 00:07:11,080 --> 00:07:12,640 Speaker 4: and you know, you just make the best out of 162 00:07:12,680 --> 00:07:15,320 Speaker 4: that situation as as opposed to panic and try to 163 00:07:15,320 --> 00:07:17,680 Speaker 4: make a plan in the throws of that mess. 164 00:07:18,080 --> 00:07:20,880 Speaker 1: But August was so weird. We've we've spoken about this 165 00:07:20,920 --> 00:07:23,600 Speaker 1: a number of times now, but like it was so 166 00:07:23,960 --> 00:07:28,080 Speaker 1: sharp the draw down and so freaking short lived right 167 00:07:28,200 --> 00:07:30,840 Speaker 1: like three days basically where it was the end of 168 00:07:30,880 --> 00:07:33,640 Speaker 1: the world. Yeah, and the Fed's gonna cut by one 169 00:07:33,680 --> 00:07:36,160 Speaker 1: hundred bases points and the Central Bank needs to be 170 00:07:36,160 --> 00:07:38,960 Speaker 1: out there talking to people about what's going on. And 171 00:07:39,000 --> 00:07:42,000 Speaker 1: then you know, it's September and I can barely remember 172 00:07:42,040 --> 00:07:42,720 Speaker 1: what happened. 173 00:07:43,560 --> 00:07:45,680 Speaker 4: Yeah, it was strange. It was strange, and I still 174 00:07:45,720 --> 00:07:47,600 Speaker 4: think people don't know what, yeah happened. 175 00:07:47,640 --> 00:07:50,200 Speaker 1: I was about to ask, what's your take on what 176 00:07:50,440 --> 00:07:52,640 Speaker 1: caused the sell off? Because this is the other thing 177 00:07:52,680 --> 00:07:54,760 Speaker 1: that I think was interesting. There was such a huge 178 00:07:54,920 --> 00:07:59,960 Speaker 1: narrative around the carry trade unwined, and then it was like, well, 179 00:08:00,120 --> 00:08:02,400 Speaker 1: we all kind of forgot about it a week later. 180 00:08:02,400 --> 00:08:04,200 Speaker 4: Right, I mean, you have to learn all that stuff 181 00:08:04,200 --> 00:08:06,120 Speaker 4: in real time. I mean, I think that's why it's 182 00:08:06,120 --> 00:08:08,960 Speaker 4: such great, you know, work to be in media and 183 00:08:09,000 --> 00:08:11,680 Speaker 4: journalism and research and all that kind of stuff. When 184 00:08:11,720 --> 00:08:14,560 Speaker 4: stuff like that happens and people start screaming about carry 185 00:08:14,600 --> 00:08:17,480 Speaker 4: trade onlines and you know, movements and other markets that 186 00:08:17,520 --> 00:08:21,120 Speaker 4: you should be worried about that might be somehow related 187 00:08:21,160 --> 00:08:24,320 Speaker 4: to why the US markets are down. When you hear 188 00:08:24,360 --> 00:08:27,680 Speaker 4: stuff like that, that to me kind of echoes of 189 00:08:27,760 --> 00:08:30,679 Speaker 4: financial crisis, because you know, there was so much stuff 190 00:08:30,720 --> 00:08:34,679 Speaker 4: going on in the crisis that you know, was completely inscrutable. 191 00:08:35,200 --> 00:08:37,040 Speaker 4: Like you know, you hear a little bit about a 192 00:08:37,120 --> 00:08:39,120 Speaker 4: home price started down and this and that. But it 193 00:08:39,200 --> 00:08:41,599 Speaker 4: wasn't until they start talking about mortgage backed securities and 194 00:08:41,640 --> 00:08:43,959 Speaker 4: asset backed securities and CDOs and all this alphabet soup 195 00:08:44,040 --> 00:08:45,640 Speaker 4: that you've never heard of that you start the panic. 196 00:08:46,000 --> 00:08:49,240 Speaker 4: And then afterwards you realize that was a big deal. 197 00:08:49,600 --> 00:08:51,720 Speaker 4: So when you do hear about these new, you know, 198 00:08:51,920 --> 00:08:55,280 Speaker 4: exotic trades that might be unwinding, you know, you rush 199 00:08:55,360 --> 00:08:56,040 Speaker 4: to do homework. 200 00:08:56,360 --> 00:08:59,040 Speaker 1: Joe, I just realized, we can give the people what 201 00:08:59,080 --> 00:09:02,280 Speaker 1: they want and just make this a conversation about financial 202 00:09:02,320 --> 00:09:03,920 Speaker 1: media during two thousand and eight. 203 00:09:04,240 --> 00:09:05,880 Speaker 3: Oh, we could do that all over again. 204 00:09:05,920 --> 00:09:19,400 Speaker 5: I love that idea. 205 00:09:19,960 --> 00:09:23,680 Speaker 2: You know, we're here at the future Proof Festival, and 206 00:09:24,040 --> 00:09:26,719 Speaker 2: for people who don't know what it is, it is 207 00:09:26,840 --> 00:09:29,600 Speaker 2: sort of like associated with the whole Berry Red Holetz 208 00:09:29,679 --> 00:09:34,240 Speaker 2: Josh Brown crew. Most of the people in attendance are 209 00:09:34,360 --> 00:09:37,560 Speaker 2: registered investment advisors, and that's actually a world that we 210 00:09:37,600 --> 00:09:40,760 Speaker 2: really have not ever covered on much, but it's absolutely 211 00:09:40,800 --> 00:09:44,280 Speaker 2: gigantic and crucial and growing. And so these are people 212 00:09:44,400 --> 00:09:48,400 Speaker 2: or small companies typically a few people maybe, and they 213 00:09:48,440 --> 00:09:50,120 Speaker 2: manage people's money. 214 00:09:50,640 --> 00:09:51,520 Speaker 3: You're pretty plugged in. 215 00:09:51,559 --> 00:09:53,280 Speaker 2: I feel like you're really plugged into the world. I 216 00:09:53,320 --> 00:09:55,839 Speaker 2: feel like you're You're like you're probably like a very 217 00:09:56,480 --> 00:09:59,440 Speaker 2: must read among many of the people here. You're a 218 00:09:59,480 --> 00:10:02,720 Speaker 2: celebrity here, like tell us about ari I a world 219 00:10:02,760 --> 00:10:03,199 Speaker 2: as you see. 220 00:10:03,280 --> 00:10:05,160 Speaker 4: I mean, I don't know, I couldn't speak too much 221 00:10:05,160 --> 00:10:09,160 Speaker 4: about the business, but the culture, you know, actually very 222 00:10:09,240 --> 00:10:12,040 Speaker 4: much reminds me of the whole in the independent, you know, 223 00:10:12,080 --> 00:10:15,640 Speaker 4: newsletter writer media kind of thing where you know, there 224 00:10:15,679 --> 00:10:19,360 Speaker 4: are so many services and things that you can outsource now, 225 00:10:19,559 --> 00:10:22,720 Speaker 4: and the you know, the regulation is very friendly. That 226 00:10:23,760 --> 00:10:25,400 Speaker 4: you know, because a lot of these people here used 227 00:10:25,440 --> 00:10:27,600 Speaker 4: to work at bigger firms. Yeah, you know, they come 228 00:10:27,600 --> 00:10:30,920 Speaker 4: from places like Ubs and Morgan Stanley and decided that 229 00:10:31,040 --> 00:10:33,960 Speaker 4: you know, they're they they were sort of beholden to, 230 00:10:34,320 --> 00:10:35,960 Speaker 4: you know, uh an. 231 00:10:35,880 --> 00:10:39,839 Speaker 3: Organization or a way of doing business, a way of. 232 00:10:39,800 --> 00:10:41,920 Speaker 4: Doing business that they thought they could do it differently 233 00:10:42,000 --> 00:10:45,520 Speaker 4: or do it better, and you know, this whole boom 234 00:10:45,520 --> 00:10:48,480 Speaker 4: and Rias basically said, hey, I can probably take a risk. 235 00:10:48,520 --> 00:10:50,080 Speaker 4: I see all these other people doing it. I'm going 236 00:10:50,120 --> 00:10:51,920 Speaker 4: to give it a shot. And then you know, the 237 00:10:51,960 --> 00:10:54,160 Speaker 4: conferences like this happen where you can just walk around 238 00:10:54,200 --> 00:10:56,920 Speaker 4: and people give you all the answers to all your questions. 239 00:10:56,520 --> 00:10:59,360 Speaker 2: And so like a lot of the attendees are arias here, 240 00:10:59,440 --> 00:11:01,760 Speaker 2: and then there are all these boots and they're all 241 00:11:01,840 --> 00:11:03,280 Speaker 2: the companies selling. 242 00:11:03,000 --> 00:11:05,480 Speaker 3: Services to arias. So it's like we'll. 243 00:11:05,280 --> 00:11:09,199 Speaker 2: Handle your texts things, and will handle your back end infrastructure, 244 00:11:09,360 --> 00:11:12,280 Speaker 2: or will handle your social media marketing or what like 245 00:11:12,360 --> 00:11:16,600 Speaker 2: all of these services, including like we'll handle your portfolio construction. 246 00:11:16,960 --> 00:11:19,040 Speaker 2: So really the only thing that they need to do 247 00:11:19,240 --> 00:11:22,240 Speaker 2: on their own is to read Sam's newsletter and then 248 00:11:22,280 --> 00:11:24,440 Speaker 2: tell their clients about how stocks always go up. 249 00:11:25,280 --> 00:11:27,640 Speaker 1: Always sounds smart in front of clients, but it's. 250 00:11:27,480 --> 00:11:29,120 Speaker 4: Like a big thing, right Yeah, yeah, no, no that 251 00:11:29,240 --> 00:11:31,600 Speaker 4: I mean that really is it? Like even what I 252 00:11:31,679 --> 00:11:33,600 Speaker 4: do is, you know, there's not a whole lot of 253 00:11:33,640 --> 00:11:34,880 Speaker 4: original stuff coming from me. 254 00:11:34,960 --> 00:11:35,840 Speaker 3: I do a lot of curate. 255 00:11:36,080 --> 00:11:38,320 Speaker 4: A lot of my work is curation and just sort 256 00:11:38,360 --> 00:11:41,520 Speaker 4: of amplifying the work of other people. And you know, 257 00:11:41,679 --> 00:11:43,719 Speaker 4: those are the kinds of conversations I do have with 258 00:11:43,880 --> 00:11:46,560 Speaker 4: you know a lot of these professionals here is you know, 259 00:11:46,760 --> 00:11:50,240 Speaker 4: you help me save time, you know, doing the research 260 00:11:50,280 --> 00:11:53,440 Speaker 4: and finding interesting stuff because instead of me having to 261 00:11:53,679 --> 00:11:56,559 Speaker 4: you know, read you know, fifteen pages of the Wall 262 00:11:56,559 --> 00:11:58,800 Speaker 4: Street Journal every morning. You know, I'll read your Sunday 263 00:11:58,800 --> 00:12:01,319 Speaker 4: newsletter and come out with like six different stats that 264 00:12:01,320 --> 00:12:03,680 Speaker 4: I could talk about with clients next week. You know, 265 00:12:03,760 --> 00:12:06,560 Speaker 4: as much as I'm here to you know, enrich readers 266 00:12:06,679 --> 00:12:09,600 Speaker 4: or help people become better investors, there's nothing stopping anybody 267 00:12:09,640 --> 00:12:12,320 Speaker 4: from just ripping stuff off from my newsletter and then 268 00:12:12,600 --> 00:12:13,720 Speaker 4: sending out to their clients. 269 00:12:13,960 --> 00:12:16,040 Speaker 1: That's kind of what media is there for. I feel 270 00:12:16,080 --> 00:12:18,520 Speaker 1: like it's there to provide the talking points. And so 271 00:12:18,640 --> 00:12:23,560 Speaker 1: Bloomberg famously has something called the Market Wrap, yeah, which 272 00:12:23,720 --> 00:12:27,080 Speaker 1: sits on our top menu all the time, and it 273 00:12:27,120 --> 00:12:30,280 Speaker 1: basically summarizes what's going on in the market. And I 274 00:12:30,280 --> 00:12:32,719 Speaker 1: remember there used to be a discussion about, like, well, 275 00:12:32,720 --> 00:12:35,240 Speaker 1: why do you need something that's just telling you if 276 00:12:35,280 --> 00:12:37,120 Speaker 1: the s and P five hundred went up or down 277 00:12:37,600 --> 00:12:39,880 Speaker 1: that day? And the answer is because there are a 278 00:12:39,920 --> 00:12:42,080 Speaker 1: lot of people out there who need to like talk 279 00:12:42,120 --> 00:12:44,840 Speaker 1: to their clients and basically summarize what's been going on 280 00:12:44,880 --> 00:12:46,800 Speaker 1: in the market. And if they can do it by 281 00:12:46,880 --> 00:12:50,360 Speaker 1: just reading this one thing, it's actually really useful, right. 282 00:12:50,360 --> 00:12:52,920 Speaker 4: Right, And you know, there's a lot of ways to 283 00:12:52,960 --> 00:12:55,760 Speaker 4: define a lot of people, right, Like, if you're doing 284 00:12:55,800 --> 00:12:58,000 Speaker 4: this at an organization, where you actually have to have 285 00:12:58,040 --> 00:13:00,320 Speaker 4: really big numbers to justify this kind of star service. 286 00:13:00,800 --> 00:13:03,200 Speaker 4: Then you know you time it and you have to 287 00:13:03,200 --> 00:13:05,320 Speaker 4: actually define what a lot of people is. But for me, 288 00:13:05,400 --> 00:13:08,480 Speaker 4: a lot of people might be twenty thousand people or 289 00:13:08,520 --> 00:13:12,760 Speaker 4: fifty thousand people, and those smaller audiences might be on 290 00:13:12,800 --> 00:13:14,480 Speaker 4: a different kind of schedule or might be on a 291 00:13:14,480 --> 00:13:17,560 Speaker 4: different kind of cadence. When I've done research into the 292 00:13:17,600 --> 00:13:20,440 Speaker 4: newsletter of Business, the financial newsletter Business, I do know 293 00:13:20,480 --> 00:13:24,680 Speaker 4: that the biggest audiences exist in the mornings Monday through Friday, 294 00:13:24,960 --> 00:13:28,320 Speaker 4: daily before the market's open. I don't have the capacity 295 00:13:28,360 --> 00:13:30,960 Speaker 4: to write every morning, but I do know I'm missing 296 00:13:31,000 --> 00:13:33,360 Speaker 4: out on an audience that way. But I'll send something 297 00:13:33,400 --> 00:13:36,200 Speaker 4: out every Sunday, and there's an audience that exists for that. 298 00:13:36,240 --> 00:13:38,400 Speaker 4: It's not as big as the weekday audience, but they 299 00:13:38,440 --> 00:13:40,959 Speaker 4: do exist, and it turns out they are actually being 300 00:13:41,080 --> 00:13:43,960 Speaker 4: underserved by some of these other places that go for 301 00:13:44,040 --> 00:13:45,000 Speaker 4: the high volume play. 302 00:13:45,440 --> 00:13:47,959 Speaker 1: Joe speaking of a lot of people, that's like one 303 00:13:48,000 --> 00:13:50,560 Speaker 1: of two things that I've learned about Arias while I'm 304 00:13:50,559 --> 00:13:52,200 Speaker 1: here is that like there's a. 305 00:13:52,120 --> 00:13:53,320 Speaker 3: Lot of them, a lot of them. 306 00:13:53,520 --> 00:13:56,959 Speaker 1: Yeah, And like the number of rias that are at 307 00:13:57,040 --> 00:14:00,920 Speaker 1: this particular event seems to basically be double every year, 308 00:14:00,960 --> 00:14:04,760 Speaker 1: which you know, a lot of that credit to Barry 309 00:14:04,800 --> 00:14:07,080 Speaker 1: and Josh and what they've built here. And then the 310 00:14:07,080 --> 00:14:09,640 Speaker 1: second thing I learned is that they all wear Polo shirts. 311 00:14:10,080 --> 00:14:17,040 Speaker 4: Yeah, yeah, polo and yeah, uh, leisure work wear yeah. 312 00:14:16,880 --> 00:14:20,880 Speaker 2: And Hoka Hokah sneakers or those nikes that are really 313 00:14:20,880 --> 00:14:22,200 Speaker 2: comfortable and stuff like that. 314 00:14:22,560 --> 00:14:24,120 Speaker 3: I know I have a pair of those nikes. 315 00:14:24,160 --> 00:14:26,920 Speaker 2: I call them my old man early bird buffet shoes 316 00:14:27,240 --> 00:14:30,000 Speaker 2: because I run because they're running shoes, but I don't run, 317 00:14:30,480 --> 00:14:33,280 Speaker 2: but they are really comfortable to stand in. So like, 318 00:14:33,360 --> 00:14:35,720 Speaker 2: if I'm standing in line at a buffet at six 319 00:14:35,760 --> 00:14:37,680 Speaker 2: in the morning, I want to be in running shoes. 320 00:14:37,720 --> 00:14:37,960 Speaker 3: Yeah. 321 00:14:38,000 --> 00:14:42,160 Speaker 1: Actually, I just noticed, Joe, you're wearing like, uh, with socks. 322 00:14:42,480 --> 00:14:44,480 Speaker 2: No, it's I don't know why. I like having my 323 00:14:44,520 --> 00:14:46,520 Speaker 2: feet warm, but I also like being able to slip 324 00:14:46,520 --> 00:14:47,280 Speaker 2: in and out of slides. 325 00:14:47,360 --> 00:14:48,520 Speaker 4: It's very gen z of you. 326 00:14:48,720 --> 00:14:51,640 Speaker 3: Yeah, it is, so I've been told it's very hip. 327 00:14:52,800 --> 00:14:53,000 Speaker 4: You know. 328 00:14:53,040 --> 00:14:55,560 Speaker 2: The other thing too, that I think this crowd is 329 00:14:55,600 --> 00:14:58,280 Speaker 2: really into and it makes sense from the perch of 330 00:14:58,320 --> 00:15:03,400 Speaker 2: the investment advisors. They love behavioral stuff. They love stories 331 00:15:03,440 --> 00:15:05,880 Speaker 2: about how irrational people are. There seems to be a 332 00:15:05,920 --> 00:15:10,120 Speaker 2: limitless appetite for various studies that show that the human 333 00:15:10,160 --> 00:15:13,480 Speaker 2: brain responds more to fear, and that we sell at 334 00:15:13,520 --> 00:15:17,239 Speaker 2: the exact wrong times and just all the ways we're irrational. 335 00:15:17,440 --> 00:15:19,840 Speaker 2: But it makes sense because it's like the main thing 336 00:15:19,880 --> 00:15:21,440 Speaker 2: they have to do to tell their clients, so like 337 00:15:21,520 --> 00:15:23,920 Speaker 2: just remind them not to sell at the bottom, right. 338 00:15:23,920 --> 00:15:26,680 Speaker 4: Right, Yeah, and you know, to your point, it makes sense. Yeah, 339 00:15:26,840 --> 00:15:30,240 Speaker 4: it's funny. There's so much about finance that's theoretical, that's 340 00:15:30,400 --> 00:15:33,680 Speaker 4: very quantitative, that's based off of models with you know, 341 00:15:33,880 --> 00:15:36,960 Speaker 4: different number, you know, quantitative inputs you've put on, like 342 00:15:37,040 --> 00:15:39,480 Speaker 4: something comes out the other end, and that thing never 343 00:15:39,520 --> 00:15:42,680 Speaker 4: happens because people are irrational, right, Yeah, But when you 344 00:15:42,760 --> 00:15:45,360 Speaker 4: hear about that, you realize that the markets are much 345 00:15:45,400 --> 00:15:49,080 Speaker 4: more intuitive than you think, right, Like, I'm one of 346 00:15:49,120 --> 00:15:51,280 Speaker 4: many people who are trying to trade the stock market, 347 00:15:51,360 --> 00:15:53,680 Speaker 4: but I'm also going to panic and freak out when 348 00:15:53,680 --> 00:15:56,360 Speaker 4: the markets sell off, Like that's just sort of my nature. 349 00:15:56,400 --> 00:15:59,240 Speaker 4: And now someone's explaining to me that actually there's a 350 00:15:59,240 --> 00:16:01,760 Speaker 4: whole field of study based off of this, and every 351 00:16:01,800 --> 00:16:04,000 Speaker 4: week someone is coming out with a new paper, you know, 352 00:16:04,080 --> 00:16:06,840 Speaker 4: telling you about behavioral flinance and this is how markets work. 353 00:16:07,040 --> 00:16:09,000 Speaker 4: That's something that I always thought was really interesting when 354 00:16:09,040 --> 00:16:13,200 Speaker 4: I first read The Intelligent Investor, which is honestly, it's 355 00:16:13,280 --> 00:16:15,560 Speaker 4: kind of a dense read and it's kind of boring, 356 00:16:16,080 --> 00:16:18,160 Speaker 4: but there's a lot of it in there that you know, 357 00:16:18,240 --> 00:16:22,040 Speaker 4: talks about, you know, behavioral biases and how. 358 00:16:22,080 --> 00:16:24,520 Speaker 3: So they've known about this forever, forever, forever. 359 00:16:24,800 --> 00:16:27,360 Speaker 4: This is not groundbreaking stuff like I think it's. It's 360 00:16:27,440 --> 00:16:30,960 Speaker 4: more popular now with the work of you know, Faylor 361 00:16:31,120 --> 00:16:33,440 Speaker 4: and Schiller and all these people who are doing a 362 00:16:33,440 --> 00:16:36,160 Speaker 4: really nice job of telling that story. But you know, 363 00:16:36,240 --> 00:16:37,960 Speaker 4: behavioral finance has been around forever. 364 00:16:39,240 --> 00:16:42,360 Speaker 1: You know what I don't get about this particular event, Joe. 365 00:16:42,400 --> 00:16:44,640 Speaker 1: You described how there are all the booths there and 366 00:16:44,680 --> 00:16:48,120 Speaker 1: they're providing services for arias. But what do the arias 367 00:16:48,400 --> 00:16:50,800 Speaker 1: talk about when they talk to each other? 368 00:16:50,960 --> 00:16:54,720 Speaker 2: Yeah, and they're all standing around about and stuff like that. 369 00:16:54,840 --> 00:16:57,440 Speaker 1: They're all competing, they're all competing the same clients. By 370 00:16:57,480 --> 00:17:00,800 Speaker 1: the way, an Ria pitched himself to me and some 371 00:17:00,920 --> 00:17:03,960 Speaker 1: of my fellow Bloomberg journalists, and it was actually it 372 00:17:04,000 --> 00:17:06,040 Speaker 1: was a bit patronizing because he came up to us 373 00:17:06,040 --> 00:17:09,000 Speaker 1: and he was like, oh, I'm an Ria, And we 374 00:17:09,040 --> 00:17:10,960 Speaker 1: were like, well, what do you what do you do exactly? 375 00:17:11,000 --> 00:17:13,639 Speaker 1: And we meant that as like who do you work for? 376 00:17:14,200 --> 00:17:16,440 Speaker 1: What exactly do you do? And he was like, well, 377 00:17:16,480 --> 00:17:19,479 Speaker 1: I manage money. One day, when all of you are 378 00:17:19,560 --> 00:17:22,639 Speaker 1: rich and famous, you need to find someone like me 379 00:17:23,000 --> 00:17:25,399 Speaker 1: to manage your money for you. And we were all 380 00:17:25,480 --> 00:17:29,160 Speaker 1: kind of like, okay, we understand that part. You don't 381 00:17:29,160 --> 00:17:31,320 Speaker 1: need to pitch to us. But I assume they're all 382 00:17:31,320 --> 00:17:33,720 Speaker 1: competing against each other for client money. 383 00:17:34,040 --> 00:17:36,840 Speaker 4: Yeah, I mean, you know what did journalist talk about 384 00:17:36,880 --> 00:17:39,920 Speaker 4: when they get together, Like, you know, there's a big 385 00:17:40,000 --> 00:17:42,320 Speaker 4: CNBC presence out here. You know, what are the CNBC 386 00:17:42,480 --> 00:17:45,840 Speaker 4: people say to the Bloomberg people, Like there's obviously stories 387 00:17:45,840 --> 00:17:47,959 Speaker 4: that I'm sure that they can exchange notes on. And 388 00:17:48,000 --> 00:17:50,280 Speaker 4: you know, as much as you're competing with people, you're 389 00:17:50,320 --> 00:17:54,200 Speaker 4: also exchanging notes, right, like, especially like in this independent game, 390 00:17:54,400 --> 00:17:56,879 Speaker 4: you know, they're probably all talking about how terrible they're 391 00:17:56,920 --> 00:17:59,160 Speaker 4: they're you know, the last company that they worked with work. 392 00:17:59,240 --> 00:18:03,600 Speaker 2: You know, you're also get a tax deductible vacation to 393 00:18:04,400 --> 00:18:05,320 Speaker 2: Orange County. 394 00:18:05,040 --> 00:18:08,159 Speaker 4: California, that's something my accountant has been telling me. 395 00:18:08,480 --> 00:18:11,760 Speaker 1: Yeah, well you run your own business now, so that's sure, 396 00:18:11,800 --> 00:18:14,800 Speaker 1: Like tax is actually something you have to pay attention to. 397 00:18:14,960 --> 00:18:19,600 Speaker 4: Yeah, I'm the CFO. I approved the expenses on HR 398 00:18:19,760 --> 00:18:22,679 Speaker 4: and you know I did all the info tech. But yeah, no, 399 00:18:22,720 --> 00:18:24,560 Speaker 4: it's a it's a big part of it. And you know, 400 00:18:24,560 --> 00:18:26,880 Speaker 4: I think something that's been kind of a positive experience 401 00:18:26,880 --> 00:18:29,800 Speaker 4: about going independent is understanding and appreciating all that kind 402 00:18:29,840 --> 00:18:31,879 Speaker 4: of stuff. But yeah, the tech, No, the tax go 403 00:18:32,040 --> 00:18:35,760 Speaker 4: is designed to encourage businesses to go out and you know, 404 00:18:35,840 --> 00:18:36,760 Speaker 4: do business stuff. 405 00:18:50,880 --> 00:18:51,679 Speaker 3: Here's a thought. 406 00:18:51,800 --> 00:18:55,400 Speaker 2: It's not about the conference. It's not about investing. When 407 00:18:55,440 --> 00:18:58,159 Speaker 2: I come down here, one of the things I'm reminded 408 00:18:58,240 --> 00:19:02,360 Speaker 2: of is like America is just insanely rich. Obviously not everyone, 409 00:19:02,680 --> 00:19:04,879 Speaker 2: but the thing that like bow I think about a 410 00:19:04,880 --> 00:19:09,320 Speaker 2: lot in America is that, like, you can have a 411 00:19:09,440 --> 00:19:13,040 Speaker 2: house in Newport Beach, you can have a boat on 412 00:19:13,119 --> 00:19:15,600 Speaker 2: the marina in Newport Beach. You can go to a 413 00:19:15,640 --> 00:19:18,680 Speaker 2: restaurant where clients, if you're rich enough, have their own 414 00:19:18,760 --> 00:19:21,240 Speaker 2: wine locker in the restaurant so that they can just 415 00:19:21,240 --> 00:19:22,280 Speaker 2: like keep their wine there. 416 00:19:22,520 --> 00:19:24,680 Speaker 3: And you could be a total nobody and have all. 417 00:19:24,600 --> 00:19:26,840 Speaker 2: That, like you really like there's the amazing thing about 418 00:19:26,840 --> 00:19:29,480 Speaker 2: America is like they're all these people that have like 419 00:19:29,640 --> 00:19:33,520 Speaker 2: so much wealth, and like in many other countries, they 420 00:19:33,520 --> 00:19:36,320 Speaker 2: would be like a prince or they would be the 421 00:19:36,359 --> 00:19:40,760 Speaker 2: person that owns the regional Coca Cola beveraging beverage distributor 422 00:19:40,920 --> 00:19:41,320 Speaker 2: or whatever. 423 00:19:41,640 --> 00:19:42,360 Speaker 4: Here, you could. 424 00:19:42,200 --> 00:19:45,800 Speaker 2: Basically be a total nobody and never have really like 425 00:19:46,440 --> 00:19:48,880 Speaker 2: done anything and still like, if you're lucky enough. 426 00:19:48,720 --> 00:19:49,280 Speaker 3: Have that life. 427 00:19:49,320 --> 00:19:51,640 Speaker 4: Well it's not it's not even just southern California. Yeah, 428 00:19:51,640 --> 00:19:53,600 Speaker 4: it's everywhere because it's like, you know, we're surrounded by 429 00:19:53,640 --> 00:19:55,720 Speaker 4: wealth advisors and they come from all over the country. 430 00:19:55,760 --> 00:19:55,960 Speaker 5: Yeah. 431 00:19:56,000 --> 00:19:56,880 Speaker 4: Yeah, and that's something. 432 00:19:56,680 --> 00:19:58,399 Speaker 3: I've I'm not calling them total nobody. 433 00:19:58,440 --> 00:20:00,439 Speaker 4: Oh no, no, no, I just want to be clear about it. Yeah, no, 434 00:20:00,560 --> 00:20:02,560 Speaker 4: they they're flying under the radar and they're not on 435 00:20:02,560 --> 00:20:04,760 Speaker 4: the forms four hundred. Yeah, like you can have one 436 00:20:04,800 --> 00:20:06,440 Speaker 4: hundred million dollars and no one will. 437 00:20:06,240 --> 00:20:08,200 Speaker 3: Ever hear about you, have ever heard of your name. 438 00:20:08,280 --> 00:20:12,479 Speaker 4: But these people exist, these families exist in every state 439 00:20:12,680 --> 00:20:15,000 Speaker 4: of the country. And so you know, when you do 440 00:20:15,080 --> 00:20:18,359 Speaker 4: meet someone who you know has a team of twenty 441 00:20:18,520 --> 00:20:22,800 Speaker 4: you know, analysts, but they're in Sioux City, Iowa. It 442 00:20:22,880 --> 00:20:25,520 Speaker 4: might be jarring for people from bigger cities that are 443 00:20:25,560 --> 00:20:29,080 Speaker 4: dealing with just ungodly amounts of wealth, but there are 444 00:20:29,160 --> 00:20:32,919 Speaker 4: actually massive amounts of wealth across the country in every city. 445 00:20:33,320 --> 00:20:35,720 Speaker 4: And you know, that's something that's kind of interesting about 446 00:20:35,720 --> 00:20:38,760 Speaker 4: going to these events where you know, they all provide 447 00:20:38,800 --> 00:20:41,520 Speaker 4: similar or very same services to all these people, but 448 00:20:41,840 --> 00:20:43,919 Speaker 4: you know, culturally they're a little bit different. I mean, 449 00:20:43,960 --> 00:20:46,639 Speaker 4: did you see there's a booth that's got like guys 450 00:20:46,680 --> 00:20:48,240 Speaker 4: with cowboy boots. 451 00:20:47,840 --> 00:20:51,480 Speaker 3: And Texas Texas something. 452 00:20:51,560 --> 00:20:54,800 Speaker 4: Yeah, yeah, yeah, Texas Capital. I think they also do 453 00:20:54,880 --> 00:20:56,080 Speaker 4: like a barbecue. 454 00:20:56,320 --> 00:20:57,280 Speaker 3: Oh yeah, they. 455 00:20:57,200 --> 00:20:59,960 Speaker 1: Had beers last night, So shout out to Texas Capital 456 00:21:00,280 --> 00:21:05,119 Speaker 1: for providing easily accessible beers at the event. Appreciated that one. Wait, okay, 457 00:21:05,160 --> 00:21:06,879 Speaker 1: so I have an important question. But are you going 458 00:21:06,960 --> 00:21:09,119 Speaker 1: to listen to Third Eye Blind later? 459 00:21:09,600 --> 00:21:12,000 Speaker 4: Yeah? Oh for sure. I mean the only thing I'm 460 00:21:12,320 --> 00:21:15,159 Speaker 4: I mean, I'm really excited about it. The only thing 461 00:21:15,160 --> 00:21:19,000 Speaker 4: I'm concerned about is I only know two of their songs, so. 462 00:21:19,040 --> 00:21:20,480 Speaker 3: It's one more than most people. 463 00:21:21,040 --> 00:21:23,920 Speaker 1: Well there are, I mean, only two of them became 464 00:21:24,280 --> 00:21:26,880 Speaker 1: like the things, So I don't think that's unusual. 465 00:21:27,080 --> 00:21:29,000 Speaker 4: Yes, I don't know how long their set is, if 466 00:21:29,000 --> 00:21:31,200 Speaker 4: it's like thirty or forty five minutes or an hour, 467 00:21:31,320 --> 00:21:34,159 Speaker 4: but I'm sure it'll be great. Live music's always great, right, Tracy. 468 00:21:34,200 --> 00:21:37,639 Speaker 2: I really want to do an episode on the music 469 00:21:37,880 --> 00:21:42,879 Speaker 2: industry tour event because all these event a lot of 470 00:21:42,920 --> 00:21:45,720 Speaker 2: these events have them, and they're always like someone who 471 00:21:45,800 --> 00:21:49,640 Speaker 2: is really big, like twenty years ago, and because everyone 472 00:21:49,680 --> 00:21:51,639 Speaker 2: at the event is like kind of like our age, 473 00:21:51,800 --> 00:21:54,840 Speaker 2: middle age, et cetera. You know, they're like people that 474 00:21:54,960 --> 00:21:57,399 Speaker 2: we liked. I was never in the Third Eye Blind, 475 00:21:57,560 --> 00:22:01,320 Speaker 2: people we quote liked when we were younger. And then 476 00:22:01,359 --> 00:22:03,840 Speaker 2: it's like, oh, we're seeing Third Eye Blind or it's like, 477 00:22:03,840 --> 00:22:05,240 Speaker 2: oh we're seeing you know. 478 00:22:05,600 --> 00:22:07,720 Speaker 3: Nelly, Nelly, Yeah, Nelly. 479 00:22:07,720 --> 00:22:11,120 Speaker 2: Or Sugar Ray or just like any of these bands, 480 00:22:11,280 --> 00:22:14,399 Speaker 2: but like how that works and like they're pricing and 481 00:22:14,440 --> 00:22:17,320 Speaker 2: how like Okay, let's say we're throwing lots event one 482 00:22:17,400 --> 00:22:20,600 Speaker 2: day on the beach and we're like, yeah, we want 483 00:22:20,640 --> 00:22:22,320 Speaker 2: to get someone Like how who do we talk to 484 00:22:22,320 --> 00:22:23,840 Speaker 2: to get the price list of the bands? 485 00:22:23,960 --> 00:22:25,040 Speaker 3: I want to do that episode. 486 00:22:25,119 --> 00:22:25,280 Speaker 4: Yeah. 487 00:22:25,280 --> 00:22:27,320 Speaker 1: There must be like a market or an agency. 488 00:22:27,440 --> 00:22:30,320 Speaker 3: Yeah, there specializes. 489 00:22:29,640 --> 00:22:32,800 Speaker 1: In like one hit Wonders from the nineties, Yeah, or. 490 00:22:32,800 --> 00:22:36,000 Speaker 4: Just like the whole like what happens when a mega celebrity, 491 00:22:36,160 --> 00:22:39,320 Speaker 4: you know, is out of the spotlight. Yeah, like when 492 00:22:39,359 --> 00:22:41,840 Speaker 4: people you know, quote unquote retire in their twenties or 493 00:22:41,880 --> 00:22:44,360 Speaker 4: thirty after they hit their peak, you know, they can 494 00:22:44,440 --> 00:22:47,399 Speaker 4: still go out and have like, you know, a lucrative career, 495 00:22:47,840 --> 00:22:50,480 Speaker 4: either doing exactly what they're doing or marketing their brand 496 00:22:50,560 --> 00:22:51,920 Speaker 4: or just completely going into. 497 00:22:51,920 --> 00:22:54,800 Speaker 2: The other one that's kind of like very closely related 498 00:22:54,880 --> 00:23:00,760 Speaker 2: to this is concerts and musicians and casinos, but not Vegas. 499 00:23:00,800 --> 00:23:03,800 Speaker 2: But like if you go to like Atlantic City and 500 00:23:03,880 --> 00:23:06,040 Speaker 2: go to you know, they're like, oh, earth Wind and 501 00:23:06,080 --> 00:23:08,560 Speaker 2: Fire is going to be performing or something like that. 502 00:23:08,800 --> 00:23:11,240 Speaker 2: And how that works because again they're not like they're 503 00:23:11,560 --> 00:23:14,560 Speaker 2: they're long past their prime, right, but I guess they're 504 00:23:14,600 --> 00:23:17,840 Speaker 2: not like fully retired, And so how that market works 505 00:23:17,880 --> 00:23:19,800 Speaker 2: for like those artists and stuff like that. 506 00:23:20,040 --> 00:23:22,639 Speaker 4: Like I was actually just thinking about this because I 507 00:23:22,760 --> 00:23:25,320 Speaker 4: remember that in high school is a really big fan 508 00:23:25,359 --> 00:23:27,719 Speaker 4: of three eleven and so one day I decided to 509 00:23:27,760 --> 00:23:30,560 Speaker 4: just google it and it turns out there on tour. Yeah, 510 00:23:30,640 --> 00:23:31,360 Speaker 4: and like there's. 511 00:23:31,200 --> 00:23:33,399 Speaker 3: So many things. There's random towns there was. 512 00:23:35,040 --> 00:23:37,280 Speaker 4: Smaller ve and all this kind of stuff. But yeah, 513 00:23:37,440 --> 00:23:39,240 Speaker 4: it's kind of funny. You just think about bands that 514 00:23:39,320 --> 00:23:42,280 Speaker 4: you haven't really thought about for a while, and yeah, 515 00:23:42,320 --> 00:23:42,919 Speaker 4: you just google it. 516 00:23:42,920 --> 00:23:43,920 Speaker 3: They're still grinding away. 517 00:23:43,960 --> 00:23:46,400 Speaker 4: Half of them are like currently on tour, and yeah, 518 00:23:46,400 --> 00:23:48,639 Speaker 4: they're grinding away and you can go see them in 519 00:23:48,760 --> 00:23:49,720 Speaker 4: like an intimate menu. 520 00:23:50,320 --> 00:23:52,480 Speaker 2: Three eleven. I don't know what they're called. They have 521 00:23:52,520 --> 00:23:56,080 Speaker 2: some concerts coming up. They're going to be an Ocean City, Maryland, 522 00:23:56,880 --> 00:24:00,600 Speaker 2: Oh on the September twenty seventh, Agora Hill which I 523 00:24:00,600 --> 00:24:04,520 Speaker 2: don't know where that is on October eleventh, and Anchorage, 524 00:24:04,560 --> 00:24:08,320 Speaker 2: Alaska on September twentieth. Yeah, so they're grinding away. 525 00:24:08,480 --> 00:24:11,240 Speaker 4: Yeah, I mean it's cool that they do that because 526 00:24:11,280 --> 00:24:13,720 Speaker 4: you know, it brings attention to some of these smaller cities. 527 00:24:13,800 --> 00:24:16,480 Speaker 4: Not that you know, this is not a tailor swebt tour, right, 528 00:24:17,000 --> 00:24:20,479 Speaker 4: but like the hardcore fans will drive for two hours 529 00:24:20,480 --> 00:24:21,399 Speaker 4: to go see a show. 530 00:24:21,680 --> 00:24:25,199 Speaker 1: Well, I was gonna say, you're talking about smaller cities, 531 00:24:25,240 --> 00:24:28,600 Speaker 1: but where I am in Connecticut, there's a very famous 532 00:24:29,160 --> 00:24:32,920 Speaker 1: county fair and it's like exactly what you would think 533 00:24:32,960 --> 00:24:36,880 Speaker 1: of as a county fair. There's cows and pigs and 534 00:24:37,080 --> 00:24:41,119 Speaker 1: chickens and things and like prizes for the most beautiful 535 00:24:41,119 --> 00:24:44,760 Speaker 1: tomato grown every year. But they do have a musical 536 00:24:44,840 --> 00:24:46,920 Speaker 1: act and I can't remember who it was this year, 537 00:24:46,920 --> 00:24:50,159 Speaker 1: but it's like it is people well, mostly from the 538 00:24:50,200 --> 00:24:54,000 Speaker 1: nineteen seventies, like smaller bands, and they're all they're touring 539 00:24:54,080 --> 00:24:55,439 Speaker 1: county fairs across America. 540 00:24:55,480 --> 00:24:58,160 Speaker 4: They're always they're always very notable names. 541 00:24:58,400 --> 00:25:00,920 Speaker 2: Yeah, Sugar Ray, I just looked up. They're also playing 542 00:25:01,000 --> 00:25:03,000 Speaker 2: Ocean City, so there must be some sort of festival 543 00:25:03,080 --> 00:25:05,800 Speaker 2: there you go. And then September twenty eighth they're playing 544 00:25:05,840 --> 00:25:08,800 Speaker 2: at the Seneca Casino and Niagara Falls, New York. So 545 00:25:09,359 --> 00:25:10,159 Speaker 2: the tour lives on. 546 00:25:10,520 --> 00:25:12,439 Speaker 1: I think it's funny that we're just talking about like 547 00:25:12,560 --> 00:25:15,000 Speaker 1: touring music acts when we started out with the FED. 548 00:25:15,359 --> 00:25:16,879 Speaker 3: Yeah, but there we are. 549 00:25:17,000 --> 00:25:19,679 Speaker 4: You know, you go from macro to micro and you 550 00:25:19,680 --> 00:25:22,080 Speaker 4: know whatever, there you go. That's the real economy for you. 551 00:25:26,720 --> 00:25:29,840 Speaker 2: Lots More is produced by Carmen Rodriguez and dash Ol Bennett, 552 00:25:29,880 --> 00:25:32,040 Speaker 2: with help from Moses Onam and Kill Brooks. 553 00:25:32,440 --> 00:25:35,600 Speaker 1: Our sound engineer is Blake Maples. Sage Bauman is the 554 00:25:35,600 --> 00:25:37,000 Speaker 1: head of Bloomberg Podcasts. 555 00:25:37,480 --> 00:25:40,800 Speaker 2: Please rate review, and subscribe to odd, lots and lots 556 00:25:40,840 --> 00:25:43,720 Speaker 2: more on your favorite podcast platforms. 557 00:25:43,480 --> 00:25:46,240 Speaker 1: And remember that Bloomberg subscribers can listen to all our 558 00:25:46,280 --> 00:25:50,919 Speaker 1: podcasts ad free by connecting through Apple Podcasts. Thanks for listening.