Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: All Right, Sam and Tracy, here's the deal. Okay, we're
Speaker 2: recording this on Tuesday. This episode is gonna come out Friday,
Speaker 2: so we're recording this before the big FED decision. So
Speaker 2: how about we planned for this. I'm gonna ask you
Speaker 2: guys what your FED forecast is, and then if and
Speaker 2: then I'm gonna ask you again, and we can record
Speaker 2: two versions of it, and then in the actual episode
Speaker 2: we'll use whichever one was correct.
Speaker 3: That does that sound like a good plan.
Speaker 1: I'm just gonna hedge my bets and say I think
Speaker 1: they're gonna cut by thirty seven point five basis points.
Speaker 3: I mean a Hawkers twenty five or a Dubvish fifty.
Speaker 4: Yeah, you know, I think you know either after after
Speaker 4: the announcement, I think either the high end or the
Speaker 4: low end of the FED funds target's gonna be five percent.
Speaker 2: I did a deadlift one, two, three, Okay, uh barges.
Speaker 2: This isn't after school special, except.
Speaker 1: I've decided I'm going to base my entire personality going
Speaker 1: forward on campaigning for a strategic pork reserve in the US.
Speaker 3: Where's the best with imposta these.
Speaker 1: Are the important question is that robots taking over the world.
Speaker 5: No.
Speaker 6: I think that like in a couple of years, the
Speaker 6: AI will do a really good job of making the
Speaker 6: odd Launch podcast, And people say, I don't really need
Speaker 6: to listen to Joe and Tracy anymore.
Speaker 3: We do have touching, the perfect welcome to lots more?
Speaker 3: Will we catch up with friends about what's going on
Speaker 3: right now?
Speaker 1: Because even when odd Lots is over, there's always lots
Speaker 1: more and we really.
Speaker 3: Do have the perfect guest.
Speaker 4: Honestly that I think we're kind of splitting Harris. But
Speaker 4: don't you think we're kind of splitting Harris twenty five
Speaker 4: fifty bass.
Speaker 5: I don't know.
Speaker 1: I think the interesting thing is, like, well, we're journalists
Speaker 1: or media people, so we all kind of things journalists, Yeah, okay,
Speaker 1: we're journalists, and we all sort of think about things
Speaker 1: in terms of size and scope. So the interesting size
Speaker 1: and scope for this meeting is everyone expects them to cut,
Speaker 1: but there's never been this much uncertainty about twenty five
Speaker 1: BIPs versus fifty BIPs. Like the market the last time
Speaker 1: I checked was pretty evenly split between the two.
Speaker 4: Of those, right, But yeah, no, in terms of backdrop,
Speaker 4: I think that's actually an important thing, right, Like, sure,
Speaker 4: it's never been more split in terms of what the
Speaker 4: consensus is. But well, why don't we also consider the
Speaker 4: fact that, you know, we're not on the cusp of
Speaker 4: an economic crisis.
Speaker 3: Yeah right, We're not at.
Speaker 4: The you know, in the throes of the inflation crisis.
Speaker 4: So I feel like, you know, monetary policy developments and
Speaker 4: rate cut announcements on the press conference probably has more
Speaker 4: risk of market volatility when we're we have a market
Speaker 4: crisis as a pose now, where you know, the stock
Speaker 4: market's at an all time high, unemployment is relatively low,
Speaker 4: and it's pretty calm. So I don't know, I think
Speaker 4: we're splitting hers.
Speaker 3: All right, No more conversation.
Speaker 2: That's going to be completely irrelevant by the time everyone
Speaker 2: listening to this. We are speaking, of course, with Sam Row,
Speaker 2: who writes the Fantastic Ticker newsletter, one of the substecs
Speaker 2: that I actually opened and that's real, Thank you, that's real.
Speaker 2: I actually opened it. I feel like Tracy like newsletters.
Speaker 2: They're the new Economists subscription where like, you know, you
Speaker 2: subscribe the economists and then like eight pile up and then.
Speaker 1: You know, like people use I thought you were going
Speaker 1: to say in terms of prestige, like the way people
Speaker 1: always by the economists when they're at an airport so
Speaker 1: they can just like be in the last.
Speaker 2: But also it is kind of like that, but so
Speaker 2: you subscribe to the economists that I used to, but
Speaker 2: like I didn't really read them, you know.
Speaker 4: Or like I was actually on a content creator panel
Speaker 4: earlier this week for the future Proof conference and that
Speaker 4: question actually came up. You know, how do you guys
Speaker 4: think about cadence and publishing schedule and all this kind
Speaker 4: of stuff. Everyone on the K kind of had a
Speaker 4: different approach to this. Like some people say, you know,
Speaker 4: you got to do a daily thing. You keep the
Speaker 4: volume high because you never know what's going to hit
Speaker 4: in one of those things are going to.
Speaker 1: Or remind people that you're there. I hear that a lot,
Speaker 1: like to remind people and be top of mind all
Speaker 1: the time.
Speaker 4: Exactly, you know, give people, you know, value for their
Speaker 4: money or whatever. I don't know. I kind of taken
Speaker 4: a contrarian approach to that. Sometimes I joke that the
Speaker 4: less I sud, the more valuable my product is or
Speaker 4: whatever my output is.
Speaker 5: I try to.
Speaker 4: Think of, uh, you know, the reader's time as much
Speaker 4: as possible, like kind of like you know, the magazine
Speaker 4: stacking up, Right, There's the reason why that magazine stacks
Speaker 4: up is because you probably have other more important things
Speaker 4: to do. So I try to, you know, be really
Speaker 4: careful about, you know, sending stuff out that I think
Speaker 4: when people open it and read it, that they're glad
Speaker 4: that you did it, and so the next time they
Speaker 4: open it, then they'll be happy to read it. And
Speaker 4: if I'm not sending something out, that probably sends a
Speaker 4: signal that, you know, I don't have anything to say
Speaker 4: that day.
Speaker 3: Yeah.
Speaker 1: I always think that you should do what you're best at.
Speaker 4: Right.
Speaker 1: There are some people who are actually very well Joe's
Speaker 1: one of them, who are very good at putting out
Speaker 1: thoughts on a daily basis.
Speaker 5: Every morning.
Speaker 3: Yeah, thank you. Scroll.
Speaker 1: There are other people, probably me actually, who are better
Speaker 1: at kind of like selecting topics and then going deep
Speaker 1: into them.
Speaker 3: Yeah, and you're very good, Thank you, thank you.
Speaker 2: There was a pause, But that wasn't That wasn't just
Speaker 2: like that sort of like de facto reciprocation as very
Speaker 2: real thing. So we're out here at the future Proof
Speaker 2: Festival about the things on the stage but actually, what
Speaker 2: have you been writing about lately?
Speaker 3: Sam?
Speaker 2: You know you write every once in a while because
Speaker 2: you're so mindful of everyone's like me, who's always trying
Speaker 2: to be top of.
Speaker 3: Mind with everyone. You know, you you store up. What
Speaker 3: have you been talking about?
Speaker 4: Well, I mean market volatility has been kind of fun. Yeah,
Speaker 4: kicking August off with that huge sell off and then
Speaker 4: having the rebound, and then kicking September off with that
Speaker 4: huge sol off.
Speaker 3: Wait, actually here's another media question.
Speaker 2: Yeah, we're coral to the vis It's always good for
Speaker 2: a boost subscribers or listeners or Twitter followers whatever.
Speaker 3: Do you find the same? Yeah?
Speaker 4: Oh, absolutely, Like you know, a bull market with low
Speaker 4: volatility is terrible for business because no one has any
Speaker 4: questions when the market's going up. They just open their
Speaker 4: frow and k plan and they see the numbers going
Speaker 4: up and they're not concerned about They go on with
Speaker 4: the rest of their lives. You know, they'll go shopping,
Speaker 4: they go to Disney World, you know, they watch Netflix.
Speaker 4: It's only you know, when the numbers start going down,
Speaker 4: you know they're wondering, you know, should I actually be
Speaker 4: more concerned about this? You know, how do I think
Speaker 4: about this, Why haven't I made a plan about this?
Speaker 4: And you know, hopefully you know I sent something out
Speaker 4: that helps explain that. But yeah, no, I've mostly been
Speaker 4: writing about and a lot of it is just repetition
Speaker 4: of the same old stats in that, you know, market
Speaker 4: volatility is a thing. When volatility is low and the
Speaker 4: stock market is in your near record high, like, those
Speaker 4: are times where you have to start reminding yourself that
Speaker 4: you know, on average, you see a fourteen percent max
Speaker 4: drawled down in a given year. So when you do
Speaker 4: see that big five percent, you know, ten percent drop
Speaker 4: in a week or two, you know, if you have
Speaker 4: that mindset knowing that, you know, I was prepared for
Speaker 4: a fourteen percent sell off and this is completely normal,
Speaker 4: and you know, you just make the best out of
Speaker 4: that situation as as opposed to panic and try to
Speaker 4: make a plan in the throws of that mess.
Speaker 1: But August was so weird. We've we've spoken about this
Speaker 1: a number of times now, but like it was so
Speaker 1: sharp the draw down and so freaking short lived right
Speaker 1: like three days basically where it was the end of
Speaker 1: the world. Yeah, and the Fed's gonna cut by one
Speaker 1: hundred bases points and the Central Bank needs to be
Speaker 1: out there talking to people about what's going on. And
Speaker 1: then you know, it's September and I can barely remember
Speaker 1: what happened.
Speaker 4: Yeah, it was strange. It was strange, and I still
Speaker 4: think people don't know what, yeah happened.
Speaker 1: I was about to ask, what's your take on what
Speaker 1: caused the sell off? Because this is the other thing
Speaker 1: that I think was interesting. There was such a huge
Speaker 1: narrative around the carry trade unwined, and then it was like, well,
Speaker 1: we all kind of forgot about it a week later.
Speaker 4: Right, I mean, you have to learn all that stuff
Speaker 4: in real time. I mean, I think that's why it's
Speaker 4: such great, you know, work to be in media and
Speaker 4: journalism and research and all that kind of stuff. When
Speaker 4: stuff like that happens and people start screaming about carry
Speaker 4: trade onlines and you know, movements and other markets that
Speaker 4: you should be worried about that might be somehow related
Speaker 4: to why the US markets are down. When you hear
Speaker 4: stuff like that, that to me kind of echoes of
Speaker 4: financial crisis, because you know, there was so much stuff
Speaker 4: going on in the crisis that you know, was completely inscrutable.
Speaker 4: Like you know, you hear a little bit about a
Speaker 4: home price started down and this and that. But it
Speaker 4: wasn't until they start talking about mortgage backed securities and
Speaker 4: asset backed securities and CDOs and all this alphabet soup
Speaker 4: that you've never heard of that you start the panic.
Speaker 4: And then afterwards you realize that was a big deal.
Speaker 4: So when you do hear about these new, you know,
Speaker 4: exotic trades that might be unwinding, you know, you rush
Speaker 4: to do homework.
Speaker 1: Joe, I just realized, we can give the people what
Speaker 1: they want and just make this a conversation about financial
Speaker 1: media during two thousand and eight.
Speaker 3: Oh, we could do that all over again.
Speaker 5: I love that idea.
Speaker 2: You know, we're here at the future Proof Festival, and
Speaker 2: for people who don't know what it is, it is
Speaker 2: sort of like associated with the whole Berry Red Holetz
Speaker 2: Josh Brown crew. Most of the people in attendance are
Speaker 2: registered investment advisors, and that's actually a world that we
Speaker 2: really have not ever covered on much, but it's absolutely
Speaker 2: gigantic and crucial and growing. And so these are people
Speaker 2: or small companies typically a few people maybe, and they
Speaker 2: manage people's money.
Speaker 3: You're pretty plugged in.
Speaker 2: I feel like you're really plugged into the world. I
Speaker 2: feel like you're You're like you're probably like a very
Speaker 2: must read among many of the people here. You're a
Speaker 2: celebrity here, like tell us about ari I a world
Speaker 2: as you see.
Speaker 4: I mean, I don't know, I couldn't speak too much
Speaker 4: about the business, but the culture, you know, actually very
Speaker 4: much reminds me of the whole in the independent, you know,
Speaker 4: newsletter writer media kind of thing where you know, there
Speaker 4: are so many services and things that you can outsource now,
Speaker 4: and the you know, the regulation is very friendly. That
Speaker 4: you know, because a lot of these people here used
Speaker 4: to work at bigger firms. Yeah, you know, they come
Speaker 4: from places like Ubs and Morgan Stanley and decided that
Speaker 4: you know, they're they they were sort of beholden to,
Speaker 4: you know, uh an.
Speaker 3: Organization or a way of doing business, a way of.
Speaker 4: Doing business that they thought they could do it differently
Speaker 4: or do it better, and you know, this whole boom
Speaker 4: and Rias basically said, hey, I can probably take a risk.
Speaker 4: I see all these other people doing it. I'm going
Speaker 4: to give it a shot. And then you know, the
Speaker 4: conferences like this happen where you can just walk around
Speaker 4: and people give you all the answers to all your questions.
Speaker 2: And so like a lot of the attendees are arias here,
Speaker 2: and then there are all these boots and they're all
Speaker 2: the companies selling.
Speaker 3: Services to arias. So it's like we'll.
Speaker 2: Handle your texts things, and will handle your back end infrastructure,
Speaker 2: or will handle your social media marketing or what like
Speaker 2: all of these services, including like we'll handle your portfolio construction.
Speaker 2: So really the only thing that they need to do
Speaker 2: on their own is to read Sam's newsletter and then
Speaker 2: tell their clients about how stocks always go up.
Speaker 1: Always sounds smart in front of clients, but it's.
Speaker 4: Like a big thing, right Yeah, yeah, no, no that
Speaker 4: I mean that really is it? Like even what I
Speaker 4: do is, you know, there's not a whole lot of
Speaker 4: original stuff coming from me.
Speaker 3: I do a lot of curate.
Speaker 4: A lot of my work is curation and just sort
Speaker 4: of amplifying the work of other people. And you know,
Speaker 4: those are the kinds of conversations I do have with
Speaker 4: you know a lot of these professionals here is you know,
Speaker 4: you help me save time, you know, doing the research
Speaker 4: and finding interesting stuff because instead of me having to
Speaker 4: you know, read you know, fifteen pages of the Wall
Speaker 4: Street Journal every morning. You know, I'll read your Sunday
Speaker 4: newsletter and come out with like six different stats that
Speaker 4: I could talk about with clients next week. You know,
Speaker 4: as much as I'm here to you know, enrich readers
Speaker 4: or help people become better investors, there's nothing stopping anybody
Speaker 4: from just ripping stuff off from my newsletter and then
Speaker 4: sending out to their clients.
Speaker 1: That's kind of what media is there for. I feel
Speaker 1: like it's there to provide the talking points. And so
Speaker 1: Bloomberg famously has something called the Market Wrap, yeah, which
Speaker 1: sits on our top menu all the time, and it
Speaker 1: basically summarizes what's going on in the market. And I
Speaker 1: remember there used to be a discussion about, like, well,
Speaker 1: why do you need something that's just telling you if
Speaker 1: the s and P five hundred went up or down
Speaker 1: that day? And the answer is because there are a
Speaker 1: lot of people out there who need to like talk
Speaker 1: to their clients and basically summarize what's been going on
Speaker 1: in the market. And if they can do it by
Speaker 1: just reading this one thing, it's actually really useful, right.
Speaker 4: Right, And you know, there's a lot of ways to
Speaker 4: define a lot of people, right, Like, if you're doing
Speaker 4: this at an organization, where you actually have to have
Speaker 4: really big numbers to justify this kind of star service.
Speaker 4: Then you know you time it and you have to
Speaker 4: actually define what a lot of people is. But for me,
Speaker 4: a lot of people might be twenty thousand people or
Speaker 4: fifty thousand people, and those smaller audiences might be on
Speaker 4: a different kind of schedule or might be on a
Speaker 4: different kind of cadence. When I've done research into the
Speaker 4: newsletter of Business, the financial newsletter Business, I do know
Speaker 4: that the biggest audiences exist in the mornings Monday through Friday,
Speaker 4: daily before the market's open. I don't have the capacity
Speaker 4: to write every morning, but I do know I'm missing
Speaker 4: out on an audience that way. But I'll send something
Speaker 4: out every Sunday, and there's an audience that exists for that.
Speaker 4: It's not as big as the weekday audience, but they
Speaker 4: do exist, and it turns out they are actually being
Speaker 4: underserved by some of these other places that go for
Speaker 4: the high volume play.
Speaker 1: Joe speaking of a lot of people, that's like one
Speaker 1: of two things that I've learned about Arias while I'm
Speaker 1: here is that like there's a.
Speaker 3: Lot of them, a lot of them.
Speaker 1: Yeah, And like the number of rias that are at
Speaker 1: this particular event seems to basically be double every year,
Speaker 1: which you know, a lot of that credit to Barry
Speaker 1: and Josh and what they've built here. And then the
Speaker 1: second thing I learned is that they all wear Polo shirts.
Speaker 4: Yeah, yeah, polo and yeah, uh, leisure work wear yeah.
Speaker 2: And Hoka Hokah sneakers or those nikes that are really
Speaker 2: comfortable and stuff like that.
Speaker 3: I know I have a pair of those nikes.
Speaker 2: I call them my old man early bird buffet shoes
Speaker 2: because I run because they're running shoes, but I don't run,
Speaker 2: but they are really comfortable to stand in. So like,
Speaker 2: if I'm standing in line at a buffet at six
Speaker 2: in the morning, I want to be in running shoes.
Speaker 3: Yeah.
Speaker 1: Actually, I just noticed, Joe, you're wearing like, uh, with socks.
Speaker 2: No, it's I don't know why. I like having my
Speaker 2: feet warm, but I also like being able to slip
Speaker 2: in and out of slides.
Speaker 4: It's very gen z of you.
Speaker 3: Yeah, it is, so I've been told it's very hip.
Speaker 4: You know.
Speaker 2: The other thing too, that I think this crowd is
Speaker 2: really into and it makes sense from the perch of
Speaker 2: the investment advisors. They love behavioral stuff. They love stories
Speaker 2: about how irrational people are. There seems to be a
Speaker 2: limitless appetite for various studies that show that the human
Speaker 2: brain responds more to fear, and that we sell at
Speaker 2: the exact wrong times and just all the ways we're irrational.
Speaker 2: But it makes sense because it's like the main thing
Speaker 2: they have to do to tell their clients, so like
Speaker 2: just remind them not to sell at the bottom, right.
Speaker 4: Right, Yeah, and you know, to your point, it makes sense. Yeah,
Speaker 4: it's funny. There's so much about finance that's theoretical, that's
Speaker 4: very quantitative, that's based off of models with you know,
Speaker 4: different number, you know, quantitative inputs you've put on, like
Speaker 4: something comes out the other end, and that thing never
Speaker 4: happens because people are irrational, right, Yeah, But when you
Speaker 4: hear about that, you realize that the markets are much
Speaker 4: more intuitive than you think, right, Like, I'm one of
Speaker 4: many people who are trying to trade the stock market,
Speaker 4: but I'm also going to panic and freak out when
Speaker 4: the markets sell off, Like that's just sort of my nature.
Speaker 4: And now someone's explaining to me that actually there's a
Speaker 4: whole field of study based off of this, and every
Speaker 4: week someone is coming out with a new paper, you know,
Speaker 4: telling you about behavioral flinance and this is how markets work.
Speaker 4: That's something that I always thought was really interesting when
Speaker 4: I first read The Intelligent Investor, which is honestly, it's
Speaker 4: kind of a dense read and it's kind of boring,
Speaker 4: but there's a lot of it in there that you know,
Speaker 4: talks about, you know, behavioral biases and how.
Speaker 3: So they've known about this forever, forever, forever.
Speaker 4: This is not groundbreaking stuff like I think it's. It's
Speaker 4: more popular now with the work of you know, Faylor
Speaker 4: and Schiller and all these people who are doing a
Speaker 4: really nice job of telling that story. But you know,
Speaker 4: behavioral finance has been around forever.
Speaker 1: You know what I don't get about this particular event, Joe.
Speaker 1: You described how there are all the booths there and
Speaker 1: they're providing services for arias. But what do the arias
Speaker 1: talk about when they talk to each other?
Speaker 2: Yeah, and they're all standing around about and stuff like that.
Speaker 1: They're all competing, they're all competing the same clients. By
Speaker 1: the way, an Ria pitched himself to me and some
Speaker 1: of my fellow Bloomberg journalists, and it was actually it
Speaker 1: was a bit patronizing because he came up to us
Speaker 1: and he was like, oh, I'm an Ria, And we
Speaker 1: were like, well, what do you what do you do exactly?
Speaker 1: And we meant that as like who do you work for?
Speaker 1: What exactly do you do? And he was like, well,
Speaker 1: I manage money. One day, when all of you are
Speaker 1: rich and famous, you need to find someone like me
Speaker 1: to manage your money for you. And we were all
Speaker 1: kind of like, okay, we understand that part. You don't
Speaker 1: need to pitch to us. But I assume they're all
Speaker 1: competing against each other for client money.
Speaker 4: Yeah, I mean, you know what did journalist talk about
Speaker 4: when they get together, Like, you know, there's a big
Speaker 4: CNBC presence out here. You know, what are the CNBC
Speaker 4: people say to the Bloomberg people, Like there's obviously stories
Speaker 4: that I'm sure that they can exchange notes on. And
Speaker 4: you know, as much as you're competing with people, you're
Speaker 4: also exchanging notes, right, like, especially like in this independent game,
Speaker 4: you know, they're probably all talking about how terrible they're
Speaker 4: they're you know, the last company that they worked with work.
Speaker 2: You know, you're also get a tax deductible vacation to
Speaker 2: Orange County.
Speaker 4: California, that's something my accountant has been telling me.
Speaker 1: Yeah, well you run your own business now, so that's sure,
Speaker 1: Like tax is actually something you have to pay attention to.
Speaker 4: Yeah, I'm the CFO. I approved the expenses on HR
Speaker 4: and you know I did all the info tech. But yeah, no,
Speaker 4: it's a it's a big part of it. And you know,
Speaker 4: I think something that's been kind of a positive experience
Speaker 4: about going independent is understanding and appreciating all that kind
Speaker 4: of stuff. But yeah, the tech, No, the tax go
Speaker 4: is designed to encourage businesses to go out and you know,
Speaker 4: do business stuff.
Speaker 3: Here's a thought.
Speaker 2: It's not about the conference. It's not about investing. When
Speaker 2: I come down here, one of the things I'm reminded
Speaker 2: of is like America is just insanely rich. Obviously not everyone,
Speaker 2: but the thing that like bow I think about a
Speaker 2: lot in America is that, like, you can have a
Speaker 2: house in Newport Beach, you can have a boat on
Speaker 2: the marina in Newport Beach. You can go to a
Speaker 2: restaurant where clients, if you're rich enough, have their own
Speaker 2: wine locker in the restaurant so that they can just
Speaker 2: like keep their wine there.
Speaker 3: And you could be a total nobody and have all.
Speaker 2: That, like you really like there's the amazing thing about
Speaker 2: America is like they're all these people that have like
Speaker 2: so much wealth, and like in many other countries, they
Speaker 2: would be like a prince or they would be the
Speaker 2: person that owns the regional Coca Cola beveraging beverage distributor
Speaker 2: or whatever.
Speaker 4: Here, you could.
Speaker 2: Basically be a total nobody and never have really like
Speaker 2: done anything and still like, if you're lucky enough.
Speaker 3: Have that life.
Speaker 4: Well it's not it's not even just southern California. Yeah,
Speaker 4: it's everywhere because it's like, you know, we're surrounded by
Speaker 4: wealth advisors and they come from all over the country.
Speaker 5: Yeah.
Speaker 4: Yeah, and that's something.
Speaker 3: I've I'm not calling them total nobody.
Speaker 4: Oh no, no, no, I just want to be clear about it. Yeah, no,
Speaker 4: they they're flying under the radar and they're not on
Speaker 4: the forms four hundred. Yeah, like you can have one
Speaker 4: hundred million dollars and no one will.
Speaker 3: Ever hear about you, have ever heard of your name.
Speaker 4: But these people exist, these families exist in every state
Speaker 4: of the country. And so you know, when you do
Speaker 4: meet someone who you know has a team of twenty
Speaker 4: you know, analysts, but they're in Sioux City, Iowa. It
Speaker 4: might be jarring for people from bigger cities that are
Speaker 4: dealing with just ungodly amounts of wealth, but there are
Speaker 4: actually massive amounts of wealth across the country in every city.
Speaker 4: And you know, that's something that's kind of interesting about
Speaker 4: going to these events where you know, they all provide
Speaker 4: similar or very same services to all these people, but
Speaker 4: you know, culturally they're a little bit different. I mean,
Speaker 4: did you see there's a booth that's got like guys
Speaker 4: with cowboy boots.
Speaker 3: And Texas Texas something.
Speaker 4: Yeah, yeah, yeah, Texas Capital. I think they also do
Speaker 4: like a barbecue.
Speaker 3: Oh yeah, they.
Speaker 1: Had beers last night, So shout out to Texas Capital
Speaker 1: for providing easily accessible beers at the event. Appreciated that one. Wait, okay,
Speaker 1: so I have an important question. But are you going
Speaker 1: to listen to Third Eye Blind later?
Speaker 4: Yeah? Oh for sure. I mean the only thing I'm
Speaker 4: I mean, I'm really excited about it. The only thing
Speaker 4: I'm concerned about is I only know two of their songs, so.
Speaker 3: It's one more than most people.
Speaker 1: Well there are, I mean, only two of them became
Speaker 1: like the things, So I don't think that's unusual.
Speaker 4: Yes, I don't know how long their set is, if
Speaker 4: it's like thirty or forty five minutes or an hour,
Speaker 4: but I'm sure it'll be great. Live music's always great, right, Tracy.
Speaker 2: I really want to do an episode on the music
Speaker 2: industry tour event because all these event a lot of
Speaker 2: these events have them, and they're always like someone who
Speaker 2: is really big, like twenty years ago, and because everyone
Speaker 2: at the event is like kind of like our age,
Speaker 2: middle age, et cetera. You know, they're like people that
Speaker 2: we liked. I was never in the Third Eye Blind,
Speaker 2: people we quote liked when we were younger. And then
Speaker 2: it's like, oh, we're seeing Third Eye Blind or it's like,
Speaker 2: oh we're seeing you know.
Speaker 3: Nelly, Nelly, Yeah, Nelly.
Speaker 2: Or Sugar Ray or just like any of these bands,
Speaker 2: but like how that works and like they're pricing and
Speaker 2: how like Okay, let's say we're throwing lots event one
Speaker 2: day on the beach and we're like, yeah, we want
Speaker 2: to get someone Like how who do we talk to
Speaker 2: to get the price list of the bands?
Speaker 3: I want to do that episode.
Speaker 4: Yeah.
Speaker 1: There must be like a market or an agency.
Speaker 3: Yeah, there specializes.
Speaker 1: In like one hit Wonders from the nineties, Yeah, or.
Speaker 4: Just like the whole like what happens when a mega celebrity,
Speaker 4: you know, is out of the spotlight. Yeah, like when
Speaker 4: people you know, quote unquote retire in their twenties or
Speaker 4: thirty after they hit their peak, you know, they can
Speaker 4: still go out and have like, you know, a lucrative career,
Speaker 4: either doing exactly what they're doing or marketing their brand
Speaker 4: or just completely going into.
Speaker 2: The other one that's kind of like very closely related
Speaker 2: to this is concerts and musicians and casinos, but not Vegas.
Speaker 2: But like if you go to like Atlantic City and
Speaker 2: go to you know, they're like, oh, earth Wind and
Speaker 2: Fire is going to be performing or something like that.
Speaker 2: And how that works because again they're not like they're
Speaker 2: they're long past their prime, right, but I guess they're
Speaker 2: not like fully retired, And so how that market works
Speaker 2: for like those artists and stuff like that.
Speaker 4: Like I was actually just thinking about this because I
Speaker 4: remember that in high school is a really big fan
Speaker 4: of three eleven and so one day I decided to
Speaker 4: just google it and it turns out there on tour. Yeah,
Speaker 4: and like there's.
Speaker 3: So many things. There's random towns there was.
Speaker 4: Smaller ve and all this kind of stuff. But yeah,
Speaker 4: it's kind of funny. You just think about bands that
Speaker 4: you haven't really thought about for a while, and yeah,
Speaker 4: you just google it.
Speaker 3: They're still grinding away.
Speaker 4: Half of them are like currently on tour, and yeah,
Speaker 4: they're grinding away and you can go see them in
Speaker 4: like an intimate menu.
Speaker 2: Three eleven. I don't know what they're called. They have
Speaker 2: some concerts coming up. They're going to be an Ocean City, Maryland,
Speaker 2: Oh on the September twenty seventh, Agora Hill which I
Speaker 2: don't know where that is on October eleventh, and Anchorage,
Speaker 2: Alaska on September twentieth. Yeah, so they're grinding away.
Speaker 4: Yeah, I mean it's cool that they do that because
Speaker 4: you know, it brings attention to some of these smaller cities.
Speaker 4: Not that you know, this is not a tailor swebt tour, right,
Speaker 4: but like the hardcore fans will drive for two hours
Speaker 4: to go see a show.
Speaker 1: Well, I was gonna say, you're talking about smaller cities,
Speaker 1: but where I am in Connecticut, there's a very famous
Speaker 1: county fair and it's like exactly what you would think
Speaker 1: of as a county fair. There's cows and pigs and
Speaker 1: chickens and things and like prizes for the most beautiful
Speaker 1: tomato grown every year. But they do have a musical
Speaker 1: act and I can't remember who it was this year,
Speaker 1: but it's like it is people well, mostly from the
Speaker 1: nineteen seventies, like smaller bands, and they're all they're touring
Speaker 1: county fairs across America.
Speaker 4: They're always they're always very notable names.
Speaker 2: Yeah, Sugar Ray, I just looked up. They're also playing
Speaker 2: Ocean City, so there must be some sort of festival
Speaker 2: there you go. And then September twenty eighth they're playing
Speaker 2: at the Seneca Casino and Niagara Falls, New York. So
Speaker 2: the tour lives on.
Speaker 1: I think it's funny that we're just talking about like
Speaker 1: touring music acts when we started out with the FED.
Speaker 3: Yeah, but there we are.
Speaker 4: You know, you go from macro to micro and you
Speaker 4: know whatever, there you go. That's the real economy for you.
Speaker 2: Lots More is produced by Carmen Rodriguez and dash Ol Bennett,
Speaker 2: with help from Moses Onam and Kill Brooks.
Speaker 1: Our sound engineer is Blake Maples. Sage Bauman is the
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