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Speaker 2: Is this the beginning of maybe something bigger? Let's talk
Speaker 2: it over with Cameron Dawson, chief investment officer at New
Speaker 2: Edge Wealth, joining us here in our studios Interactive Broker Studios.
Speaker 2: So good to have you, Cameron, Thanks for being here.
Speaker 3: Thank you for having me.
Speaker 2: Let's talk about twenty twenty six for a minute. Let's
Speaker 2: look into the crystal ball. What do you see as
Speaker 2: the biggest challenges for this market.
Speaker 3: Well, certainly as we get into twenty twenty six, we
Speaker 3: will be trading at high valuations with high earnings expectations.
Speaker 3: You've seen valuations just like last week they got over
Speaker 3: twenty three times forward earnings. You have earning sexpectations for
Speaker 3: mid teens growth that's baked in already into S and
Speaker 3: P five hundred estimates, and so that does create a
Speaker 3: high bar for the market to jump over. And I
Speaker 3: think the question will be as a is there further
Speaker 3: upside to earning sestiments because of things like AI productivity
Speaker 3: and AI investment. I think that remains a big question mark.
Speaker 3: And B and this is a little bit nebulous, which
Speaker 3: is do you still have a liquidity environment that supports
Speaker 3: even more margin or multiple expansion, because if liquidity starts
Speaker 3: to receive, then twenty three times looks pretty darn expensive.
Speaker 4: Particularly with the MAG seven still putting up some big numbers.
Speaker 4: But the growth rates are decelerated for the MAC seven,
Speaker 4: so that means the four hundred and ninety three need
Speaker 4: to really perform.
Speaker 5: How do you think about that?
Speaker 3: Hope springs a tournament a lot in the broadening out
Speaker 3: trade if that is something that market participants we're hoping
Speaker 3: for in twenty twenty five, this idea that you would
Speaker 3: see the four ninety three catch up even as MAG
Speaker 3: seven dece and what ended up happening is MAG seven
Speaker 3: surprise to the upside and four ninety three surprise to
Speaker 3: the downside. And you didn't see that kind of catchup.
Speaker 3: But if we look at what's going on in twenty six,
Speaker 3: you have this law of large numbers that's pulling MAG
Speaker 3: seven earnings growth lower, and of course secondaryvet is matter
Speaker 3: in markets.
Speaker 5: Do you have a name like Meta.
Speaker 3: Decelerating from forty percent growth this year to a potential
Speaker 3: decline of about two percent next year? And you see
Speaker 3: that across the mag seven names, and this baking in
Speaker 3: of the idea of the broadening out really relies on
Speaker 3: the economy a being very strong and b these businesses
Speaker 3: being able to generate margin expansion. And they don't necessarily
Speaker 3: deserve the benefit of the doubt as we look at
Speaker 3: that four ninety three because they've continuously underperformed or disappointed
Speaker 3: on the earnings front over the last few years.
Speaker 2: What are you looking at at outside the AI trade,
Speaker 2: because there's a lot of good stuff out there that
Speaker 2: we just don't talk a lot about. Is doesn't garner
Speaker 2: the headlines.
Speaker 3: Yeah, our equity portfolio manager j Peters has been absolutely
Speaker 3: salbrating at some of the deals that he's starting to
Speaker 3: see where you have had names simply get left behind
Speaker 3: in the rally. Remember that September and October have been
Speaker 3: incredibly low quality rallies and incredibly narrow rallies, So a
Speaker 3: lot of junk moving higher very very fast, and then
Speaker 3: the quality things that have been moving higher really just
Speaker 3: been in that MAC seven. So if you can broaden
Speaker 3: out the aperture into more value oriented names as well
Speaker 3: as MidCap names, is where we're finding a lot of
Speaker 3: opportunities of parts of the market again that have just
Speaker 3: simply been left behind, but remaining very disciplined on those
Speaker 3: quality metrics, not chasing the junk, not chasing the dumpster dives,
Speaker 3: I think is incredibly important at this time.
Speaker 4: The most powerful leadership in this market over the last
Speaker 4: six months has been low quality, junkie, no profit, no revenue,
Speaker 4: specultive parts of the market that reminds me of me
Speaker 4: in nineteen ninety eight, nineteen ninety nine, parts of two
Speaker 4: thousands of stuff I was selling when I was a banker.
Speaker 4: How concerned are you about that?
Speaker 3: Yeah, it's been some thing that has definitely caused us
Speaker 3: to raise an eyebrow. We wrote about it over the
Speaker 3: week and saying this is not sustainable. We looked at
Speaker 3: the rally that you saw in for example, Korean fried
Speaker 3: chicken stocks in.
Speaker 5: Response freaking fried chicken.
Speaker 3: There was a picture of Ginsen Wong eating fried chickens
Speaker 3: one viral, and you saw this big, huge surge in
Speaker 3: Korean stocks.
Speaker 5: But if you look at the costp it.
Speaker 3: Rallied twenty six percent in October alone, So you.
Speaker 5: Talk about irrational exuberance exactly.
Speaker 3: And the COSTPI has oftentimes had these kind of casino
Speaker 3: capitalism types of moves. So it's a global dynamic, and
Speaker 3: we why we remain really disciplined about qualities because what
Speaker 3: tends to happen is these names can go up a
Speaker 3: lot in a very short period of time, but they
Speaker 3: can also go down a lot in a short period
Speaker 3: of time. So from a portfolio perspective, they actually don't
Speaker 3: add any incremental return and at the same time, they
Speaker 3: just add to volatility.
Speaker 2: What do you like in terms of alternative assets? I mean,
Speaker 2: we saw bitcoin have a little bit more volatility. I
Speaker 2: think it's back up of one hundred thousand dollars now,
Speaker 2: but failled to its lowest level since June. Gold continues
Speaker 2: to hang in there despite whatever is happening in the
Speaker 2: equity market. What do you like in terms of ald assets?
Speaker 3: So when we think about bitcoin, we see it really
Speaker 3: as a function of liquidity, which appears to be tightening
Speaker 3: at this time given the fact that it is broken down,
Speaker 3: but also encapsulating some of these fears about dollar debasement.
Speaker 3: Et cetera, which of course we know is the relationship
Speaker 3: with gold. I would add on to that spectrum of
Speaker 3: real assets, which we would consider gold and bitcoin to
Speaker 3: be a part of infrastructure. Is something that we've really
Speaker 3: liked and added to portfolios. This idea that you can
Speaker 3: get high single digit, low double digit returns depending on
Speaker 3: how you're positioned, and have something that's less correlated to
Speaker 3: equity markets. We like that in a world where equity
Speaker 3: markets could have lower forward returns. So that's been an
Speaker 3: area where it's certainly peaked our interest over the course
Speaker 3: of the last year and definitely into twenty twenty six.
Speaker 5: What are we doing in the bond market here?
Speaker 4: I could sit there and to your treasury three point
Speaker 4: five three point six percent, that's not a bad way
Speaker 4: to make a living here.
Speaker 5: Do we stick there or do we take some credit version?
Speaker 3: Yeah? I mean continuously we keep talking about how this
Speaker 3: idea that credit really isn't compensating you for the risk
Speaker 3: that is potentially embedded in some of these businesses and
Speaker 3: remaining higher quality and credit doing active management within credit
Speaker 3: to be able to make sure that the right issues
Speaker 3: are being put into portfolios. And I think that high
Speaker 3: yield is what is causing us also to kind of
Speaker 3: look a little bit with a higher eyebrow at this
Speaker 3: market because you've seen those spreads start to widen out.
Speaker 3: The thing to remember about high yield is that it
Speaker 3: is coincident and it is episodic, So spreads will widen
Speaker 3: out as there is pain in other places. Not necessarily
Speaker 3: a leading indicator.
Speaker 2: Now we talk a lot about how this market is
Speaker 2: priced for perfection, and all you need to do is
Speaker 2: look at a stock like Palenteer, right, I mean, by
Speaker 2: all metrics, that was a really good earnings report, yet
Speaker 2: they were punished. What do you make of that? And
Speaker 2: what's an investor to do if you're looking for those
Speaker 2: quality names.
Speaker 3: Yeah, a high bar is a high bar is a
Speaker 3: high bar. And the reality is is that what might
Speaker 3: be baked into the cell side estimates that generates some
Speaker 3: beaten rays might not be being baked into the buy
Speaker 3: side estimates the people who actually own the stock and
Speaker 3: the forecast that they need to drive them to buy more.
Speaker 3: So we think that these reactions to good earnings reports
Speaker 3: is a reflection of a buy side estimates are probably
Speaker 3: too high, and b the fact that positioning is probably
Speaker 3: already very crowded in these areas. So valuations always do matter,
Speaker 3: but they matter eventually, and it's that catalyst of what
Speaker 3: causes evaluation to unwind. That's a really key component of
Speaker 3: potentially driving these high flying stocks lower.
Speaker 2: All right, but again we've got futures on the downside
Speaker 2: right now, looking at possibly back to back down days
Speaker 2: for Wall Street. Cameron Dawson, Chief Investment Officer knew Edge. Well,
Speaker 2: thanks so much for stopping by the studios.
Speaker 5: Stay with us. More from Bloomberg Surveillance coming up after this.
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Speaker 5: Jennifer Lawless, Georgia.
Speaker 4: She's a professor of politics and public policy at the
Speaker 4: University of Virginia and lovely Charlottesville, Virginia. Been there many
Speaker 4: many times, Jennifer, talk to us about what you saw
Speaker 4: coming out of Virginia and New Jersey with democratic wins,
Speaker 4: pretty solid wins as well.
Speaker 5: What did you take away from those governorship races?
Speaker 6: Well, good morning.
Speaker 7: I think it was a good night for Democrats because
Speaker 7: both Abigails Bamberger and Mikey Cheryl had double digit wins.
Speaker 7: They both exceeded expectations, and they were able to, especially
Speaker 7: in the case of Virginia, bring a long down ballot
Speaker 7: candidates that included j Jones for Attorney General in Virginia
Speaker 7: as well as flipping as of right now, thirteen House
Speaker 7: of Delegate seats. So there was a moment on the
Speaker 7: Democratic side. There was excitement for these candidates at.
Speaker 5: The top of the.
Speaker 7: Ticket, and that's necessary, although not sufficient, if the Democrats
Speaker 7: are going to do well in twenty twenty six, professor.
Speaker 2: Professor, were these races the sweep by Dems last night,
Speaker 2: is it a verdict on Trump's second term? Do you think?
Speaker 5: I think it's a mix of factors.
Speaker 7: Some of it is certainly dissatisfaction with Trump, but that's
Speaker 7: really among Democrats who were enthusiastic and independents who got
Speaker 7: out to vote. There's not much evidence that Republicans decided
Speaker 7: that they were no longer going to support the Republican administration.
Speaker 7: It was just they weren't that excited about their candidates
Speaker 7: at the top of the ticket, and Democratic turnout surge.
Speaker 6: So it was in part a referendum on the Trump administration.
Speaker 6: But the Democratic candidates who.
Speaker 7: Won last night were not only running as alternatives to Trump,
Speaker 7: they were also putting forward their own plans that would
Speaker 7: resonate with independent voters.
Speaker 4: It's interesting, Jennifer. I'm a resident of New Jersey and
Speaker 4: President Trump had a very, i want to say, a
Speaker 4: low profile in this race here in terms of supporting
Speaker 4: the Republican candidate, mister Chittarelli, What does that tell you,
Speaker 4: if anything, Well.
Speaker 7: I think the Trump administration and the Republican candidate's campaigns
Speaker 7: are aware of the liabilities associated with Donald Trump.
Speaker 5: In blue states.
Speaker 6: There's no question that.
Speaker 7: Trump overperformed expectations in New Jersey in twenty twenty four,
Speaker 7: but it's important to keep in mind that Kamala Harris
Speaker 7: didn't really campaign there. So I think the Republicans thought
Speaker 7: that they were stronger in some of these blue states
Speaker 7: than they actually were, simply because there was one presidential
Speaker 7: candidate campaigning there last year and not two. And the
Speaker 7: outcomes in both Virginia and New Jersey suggest that Donald
Speaker 7: Trump can be a liability, especially when Democrats are excited
Speaker 7: and energized about their own candidates.
Speaker 2: Triser, I want to step away from the elections for
Speaker 2: a moment and just talk about what's going on with
Speaker 2: the Supreme Court today, going to hear arguments over Trump's
Speaker 2: unilateral decision too sweeping global tariffs. What's at stake here,
Speaker 2: besides possibly trillions of dollars in refunds needing to be given.
Speaker 7: Back, This is one of the cases where we're really
Speaker 7: going to see what the Supreme Court thinks about presidential
Speaker 7: power and executive power and the ability of the president
Speaker 7: to engage in unilateral action. If we've learned anything over
Speaker 7: the course of the last several months is that the
Speaker 7: Supreme Court seems to be willing to grant Donald Trump
Speaker 7: more in the way of authority than previous presidents thought
Speaker 7: they were entitled or sought.
Speaker 6: So this is just one more example of that. We'll
Speaker 6: see what happens.
Speaker 4: So, given the what we saw yesterday, just kind of
Speaker 4: the elections here, Professor, what are the takeaways for I
Speaker 4: don't know the Democratic Priority writ large, the Republican Party
Speaker 4: writ large?
Speaker 5: Are there lessons to be learned here?
Speaker 7: I'm always a little bit leery about using a couple
Speaker 7: of races to forecast what could be done in the future,
Speaker 7: but I do think there are a few lessons.
Speaker 6: The first is that despite the.
Speaker 7: Fact that the overwhelming majority of the American people are
Speaker 7: turned off to politics are disgusted with what's going on,
Speaker 7: they voted in record numbers yesterday, and that bodes well
Speaker 7: for the Democrats. It suggests that even though the Democrats
Speaker 7: have been demoralized and have felt that they haven't had
Speaker 7: a win in a long time, when push came to shove,
Speaker 7: they turned out. They turned out with enthusiasm, and they won.
Speaker 7: The second take home I think is that different kinds
Speaker 7: of Democratic candidates win in different kinds of places, which
Speaker 7: is not rocket science, but it's something that we often forget.
Speaker 7: And so the kind of Democrat that can win in
Speaker 7: New York City does not look like the kind of
Speaker 7: Democrat who can win.
Speaker 6: Statewide in Virginia.
Speaker 7: That doesn't mean that Democrats can't win in both of
Speaker 7: those places, and that should also be encouraging for the
Speaker 7: Democratic Party heading into twenty twenty six.
Speaker 6: And the final message I think is that.
Speaker 7: When Donald Trump is not on the ballot, Republicans have
Speaker 7: a tougher time. He's really what motivates turnout among Republican candidates,
Speaker 7: and he's not going to be on the ballot in
Speaker 7: twenty twenty six. So I think last night should have
Speaker 7: injected some enthusiasm into the Democratic Party.
Speaker 6: We'll see what they do with it over the course
Speaker 6: of the next twelve months.
Speaker 5: All right, very good.
Speaker 4: So I guess one final question here at Monica is
Speaker 4: just simply who is the face of this Democratic Party?
Speaker 3: Here?
Speaker 4: It doesn't seem to be mister Schumer, doesn't seem to
Speaker 4: be even King Jefferies. Might it be one of these
Speaker 4: folks who won yesterday?
Speaker 6: It's unclear.
Speaker 7: There was definitely a generational shift yesterday. All of these
Speaker 7: candidates are relatively young, some younger than others, but a
Speaker 7: lot of them have not been career politicians either. They've
Speaker 7: been elected just for the last three or four cycles.
Speaker 7: And so I think the face of the Democratic Party
Speaker 7: might be just fresh faces.
Speaker 6: And new ideas and new energy.
Speaker 7: And as long as Jeffries and Schumer embraced that, I
Speaker 7: think that the twenty twenty six elections could go better
Speaker 7: than they probably anticipated a week ago.
Speaker 4: And shutdown who's paying the cost here? I mean, we're
Speaker 4: in day thirty something or that. I can't even keep track.
Speaker 4: Is there anybody paying a cost here for these shutdown.
Speaker 7: The American people are clearly paying the cost. It seems
Speaker 7: based on last night that at least in terms of
Speaker 7: the Virginia results, federal workers broke for spam Berger. And
Speaker 7: it seems like they are blaming the Republicans. When the
Speaker 7: Republicans have unified control of government, when they control the House,
Speaker 7: the Senate, and the White House, it's hard not to
Speaker 7: blame them for the shutdown. And it seems that at
Speaker 7: least in terms of the ballots cast yesterday, they are
Speaker 7: bearing the brunt.
Speaker 5: All right, Jennifer, thank you so much. We appreciate that.
Speaker 4: Jennifer Lolas, Professor of politics and public Policy at the
Speaker 4: University of Virginia, to stay with us. More from Bloomberg
Speaker 4: Surveillance coming up after this.
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Speaker 4: Daniel Di Martino Booth joins us. She's one of our faves.
Speaker 4: She's a CEO and chief strategistic QI Research. She looks
Speaker 4: at data that I don't even know where it comes from.
Speaker 4: And you know, she doesn't rely upon the government stuff.
Speaker 4: She gets her own data sets. I have no idea
Speaker 4: where that comes from. But it's really really smart and
Speaker 4: really helpful here. Danielle, thanks so much for joining us
Speaker 4: here again with the dearth of economic data out there
Speaker 4: for those of us that are trying to figure out
Speaker 4: where this economy is going? What are you looking at?
Speaker 4: What are you seeing at there in this US economy?
Speaker 8: So I mean, I think the good news a month
Speaker 8: ago is that QI Research was always looking at alternative
Speaker 8: data sets.
Speaker 5: The Reuters poll that.
Speaker 8: Came out that said that eighty nine percent of economists
Speaker 8: did not trust the official data prior to the shutdown,
Speaker 8: So I don't think that I'm necessarily alone. But anyways,
Speaker 8: to answer your question, we look at macro Edge, which
Speaker 8: is an alternative to Challenger. They use kind of big
Speaker 8: data to scrape headlines. For the month of October, we
Speaker 8: learned that it was almost one hundred and fifty five
Speaker 8: thousand job cuts that were announced, and that helps to
Speaker 8: kind of put into context what we heard from ADP
Speaker 8: this morning. Because these are large companies making big job
Speaker 8: cut announcements and yet what we saw for the month
Speaker 8: of October is that ADP job creation was exclusively with
Speaker 8: the largest companies. Of course, you count an employee as
Speaker 8: being on the payroll until their severance runs out, so
Speaker 8: we know that that's kind of a ticking time bomb.
Speaker 8: We follow Google trends every day Americans search or don't
Speaker 8: search to file for unemployment, and when you look at
Speaker 8: that the five twenty twenty five trend really has gone
Speaker 8: off of what we saw in twenty two, twenty three,
Speaker 8: and twenty four. We also follow individual state warn notices,
Speaker 8: which they have to provide to workers when they're going
Speaker 8: to be laid off, and right now, in the aggregate,
Speaker 8: on a nationwide basis, warn notices are running at the
Speaker 8: highest pace since September two thousand and nine.
Speaker 5: So the data has always been there. You just have
Speaker 5: to know where to look.
Speaker 2: And what does all this mean for the FED and
Speaker 2: that December meeting. You know, in just a few weeks
Speaker 2: are we going to get one more cut? Do you
Speaker 2: think before the end of the year.
Speaker 8: Well, I think given the headlines that we've seen subsequent
Speaker 8: to Powell being at the podium in the beginning, that
Speaker 8: the odds of a rate cut tick down to like
Speaker 8: fifty five percent. Now as of today, we're back up
Speaker 8: at seventy percent, and I think that that's because we're
Speaker 8: not seeing, especially when you hear from companies like Cava
Speaker 8: and Chipotle, we're not seeing companies able to pass through
Speaker 8: higher costs to their end customers.
Speaker 5: And that means that there's not going.
Speaker 8: To be as much pressure on the Fed's inflation mandate
Speaker 8: as there is going to be on its employment mandate.
Speaker 8: And I think that that's why we've seen odds of
Speaker 8: a subsequent December rate cut stay hover around this seventy
Speaker 8: percent level. And Jerome Pals never defied markets when it's
Speaker 8: been north of even fifty percent, so there is the
Speaker 8: presumption in the markets that we will see this next
Speaker 8: break cut.
Speaker 4: Danielle, So we've seen a lot of I guess, headlines
Speaker 4: on layoffs and from companies we all know and people
Speaker 4: can relate to. Is that headline risk or does that
Speaker 4: really reflect oh boy, we've got a labor market that's
Speaker 4: at the margin, really kind of struggling here.
Speaker 8: Well, I think it's the ladder of the two. Yesterday
Speaker 8: we heard from trip Advisor, American Airlines IBM, and every
Speaker 8: day we seem to get a new laundry list of companies,
Speaker 8: and I think that that it's indegative, that it's more
Speaker 8: endemic kind of At the beginning of the year, we
Speaker 8: had this so called low hiring, low firing situation, and
Speaker 8: Powell warned when he gave a speech a few weeks
Speaker 8: ago that if we see a continued lack of hiring
Speaker 8: but also see a pickup in firing, that that really
Speaker 8: does change the construct. It's going to change the FEDS thinking.
Speaker 8: And I think that that's where we are at this point, Danielle.
Speaker 2: I just want to get your thoughts on AI because
Speaker 2: we seem to be doing that every day with our guests.
Speaker 2: And earlier we had Brad Konger on he's a chief
Speaker 2: investment officer over at Hurdle Callahan, and he said that
Speaker 2: he thought the AI data center boom was a big,
Speaker 2: huge bubble. He went on record saying that what are
Speaker 2: your thoughts on that?
Speaker 8: Well, you know, I'm not an expert in this field,
Speaker 8: but I would have to say that Main Capital would
Speaker 8: have agreed. Just yesterday when they came out and they
Speaker 8: said that they were not going to be joining with
Speaker 8: other large investors in trying to pump up this boom.
Speaker 8: We also know, you know, this is the day after
Speaker 8: election day. We also know that a lot of communities
Speaker 8: are pushing back against these data centers being in their
Speaker 8: backyard because one of the main sources of inflation are
Speaker 8: food prices and electricity prices. But yes, when when the
Speaker 8: United States has ten x that of Germany or China
Speaker 8: in terms of the number of data centers, it brings
Speaker 8: you back to the days of fiber optics and makes
Speaker 8: you question, is this optics two point zero? I would
Speaker 8: agree with your guests earlier today.
Speaker 4: Yeah, I remember those fiber optic days when that was
Speaker 4: kind of the bomb and telecom stocks are going crazy, Danielle.
Speaker 4: On the inflation front here, you know the headline numbers,
Speaker 4: they're still a little bit above obviously where the FED
Speaker 4: would like to see it. But boy, I kind of
Speaker 4: feel like we're dodging a bullet here on this tariff inflation.
Speaker 4: Here is that writer or is it still perhaps to
Speaker 4: come listen to your point.
Speaker 8: Ism came out a few days ago and said we
Speaker 8: are no longer seeing the effect of tariffs in our
Speaker 8: price structure. Manufacturers, factories are no longer feeling these tariffs
Speaker 8: they've mainly come through the pipeline, And in fact, what
Speaker 8: we're seeing now is one company after another saying they've
Speaker 8: got too much inventory on hand because they had a
Speaker 8: lot of stock building going on into the tariffs, and
Speaker 8: now they're trying to work that down. And we're hearing
Speaker 8: from one company after another, especially in the housing space,
Speaker 8: that they've simply got too much stock on hand right
Speaker 8: now and they're having to discount to get rid of it.
Speaker 8: So you're actually saying the opposite effect on inflation due
Speaker 8: to tariffs.
Speaker 2: Do you think also that just they've been successful negotiating
Speaker 2: with other countries or with you, whatever it is they
Speaker 2: have to pay at the port, So I mean there's
Speaker 2: got to be some heavy duty negotiating going on here.
Speaker 2: It's hard to believe they're absorbing all the cost. Well, yes,
Speaker 2: and you hear one company after another say we have
Speaker 2: found alternatives. It's like I'm finding alternative data sets every day.
Speaker 2: Companies are finding alternative suppliers if need be, and I
Speaker 2: think that that is something that is probably a healthy
Speaker 2: development because you always want to be able to whether
Speaker 2: it's hedging your portfolio or hedging your supply lines. And
Speaker 2: I hope to see this trend continue going forward, because
Speaker 2: I think it could have been pursued more aggressively after
Speaker 2: COVID and.
Speaker 9: It was not.
Speaker 4: Danielle, thanks so much for joining us. We always appreciate
Speaker 4: getting a few minutes of your time. Danielle Di Martinez,
Speaker 4: Booth's CEO and chief strategist, QI research on the smart
Speaker 4: folks we chat with to stay with us from Bloomberg
Speaker 4: Surveillance Coming up after this.
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Speaker 4: Let's do some newspapers right now. It's that time of
Speaker 4: the day we do. Lisa Matay, what do you have
Speaker 4: for Lisa Okay? I want to start with this in
Speaker 4: the Washington Post. This is a sign that more college
Speaker 4: students are worried about getting a job in this economy analysts.
Speaker 9: This is an analysis of federal data. They're choosing more
Speaker 9: double majors, which is interesting. They have nearly five point
Speaker 9: four million credentials, which are degrees or certificates. They were
Speaker 9: earned by the four point eight million college and university
Speaker 9: graduates in twenty twenty three and twenty twenty four, So
Speaker 9: that means about twelve percent of graduates earned more than
Speaker 9: one credential. That was compared to six to ten percent
Speaker 9: years ago. So you see there's more of them doing
Speaker 9: and experts are saying, you know what, the students think
Speaker 9: more is more because there is a study that shows
Speaker 9: graduate who add two majors, they're fifty six percent less
Speaker 9: likely to be laid off and have their pay cut.
Speaker 9: So these are kind of the decisions that students are making.
Speaker 9: I had a double major when they're specially back.
Speaker 5: In the day. But what was your double was it journalism? Communications?
Speaker 5: Very closely aligned?
Speaker 6: Nice?
Speaker 2: Well, you know what for me, it would come down
Speaker 2: to you also, how much more money is that going
Speaker 2: to be? Most colleges will not charge you for the
Speaker 2: double major because it still falls within why I guess,
Speaker 2: however many credits you need to graduate, But if it
Speaker 2: means summer classes, if it means more money, you might
Speaker 2: want to rethink that college is expensive.
Speaker 9: For me, it took a little summer class and it
Speaker 9: took like a few more classes to take, but four
Speaker 9: years they got it done.
Speaker 5: You gotta do here. You are to do it all, right,
Speaker 5: burger King?
Speaker 9: Okay, yeah, so we talked about McDonald's earlier, right, so
Speaker 9: now we're going to hit burger King. It's not about
Speaker 9: the burgers and fries, though, It's about the change that
Speaker 9: they're giving to customers.
Speaker 5: This was in the Wall Street Journal.
Speaker 9: It's actually says that it's struggling with pennies, and you
Speaker 9: mentioned this before. They're wondering what's going to happen when
Speaker 9: they run out of them because most of their customers
Speaker 9: still pay with cash over at McDonald's. So one operator
Speaker 9: is saying, you know what, I have thirty boxes of
Speaker 9: pennies squirreled away. I hope it makes me go through
Speaker 9: two months at least. President Trump, you know, has that
Speaker 9: order stopping production of new pennies. So it has all
Speaker 9: these you know, folks scrambling. So what are they doing.
Speaker 9: In the meantime, you have cashiers who are having to
Speaker 9: get used to like split second rounding. It's all this
Speaker 9: math at the counter that's trying to figure a round.
Speaker 5: Up and then the rounding up in a round up.
Speaker 4: I go for uh breakfast under lunch on Saturdays in
Speaker 4: Mike Town, cash only and you be surprised. Now, for
Speaker 4: all the locals that go there, we all know it
Speaker 4: and we're all prepared for it. But for the tourists
Speaker 4: to come in, they're like, what cash? I mean, where
Speaker 4: do I get cash? You know Venmo. You know, they're
Speaker 4: freaked out because they have to deal with cash. So
Speaker 4: it's so true. It's a dying art.
Speaker 5: It's so true.
Speaker 9: I mean sometimes you go, but usually they have the
Speaker 9: big sign that says cash all right, exactly, it's to
Speaker 9: warn you. Okay, So this last one, this has a
Speaker 9: panic setting in for moms and dads. Okay, K Pop
Speaker 9: Demon Hunters toys may not be here in time for Christmas.
Speaker 9: They don't know what to do with themselves. They're struggling.
Speaker 9: What are we How are we going to get these toys?
Speaker 9: They're not going to get them. The Netflix said, it's
Speaker 9: it's less. It is high demand for merch you have
Speaker 9: like action figures, dolls, plushies. The kids want them all.
Speaker 9: The reason why it's not happening, it's because of the
Speaker 9: time required to produce ship the you know, the consumer products.
Speaker 5: But no one thought it would become.
Speaker 9: These things take like a long time in the making,
Speaker 9: you know, to start, Like Netflix was pitching retailers about
Speaker 9: the film years ago and they said, no, we're not interested,
Speaker 9: you know.
Speaker 5: And now they're now APAs Bro Mattel.
Speaker 2: They're scrambling to uh, you know, to get these items
Speaker 2: out there. So I wonder what the big thing is
Speaker 2: going to be for Christmas. Then that's a good question.
Speaker 3: Toy.
Speaker 5: I don't know. My kids are toys now. I don't
Speaker 5: electronics for our house. I'm not zoned in on that anymore.
Speaker 4: I just get they get a pat on the back
Speaker 4: of my kids. What's the demo for these kpop things?
Speaker 4: Is it teenagers? Is it younger?
Speaker 9: It's younger and I'm teens too. I kind of watched
Speaker 9: it over the weekend with my daughter, and what do.
Speaker 5: You think, Well, I haven't seen it yet.
Speaker 9: I actually it was kind of a me fun movie
Speaker 9: to watch, Like it's very like uplifting and kind of
Speaker 9: like dancing to the seek.
Speaker 5: But I do have to say it's good. But for
Speaker 5: those kids who wanted these toys, they're going to be
Speaker 5: a little bit bit upset about it. It's not going
Speaker 5: to be in the stock. Thanks for them to strive towards,
Speaker 5: you know. Okay, very good, All right, that's it. Newspapers,
Speaker 5: Lisa Matteo, you know it, you love it.
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