WEBVTT - Fostering Financial Literacy with Kyla Scanlon

0:00:02.440 --> 0:00:11.160
<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. This is Master's in

0:00:11.240 --> 0:00:14.720
<v Speaker 1>Business with Barry red Holds on Bloomberg Radio.

0:00:15.680 --> 0:00:19.000
<v Speaker 2>This week on the podcast, I have a delightful guest.

0:00:19.520 --> 0:00:24.119
<v Speaker 2>Kyla Scanlan is the person who created the phrase vibe session,

0:00:24.160 --> 0:00:27.560
<v Speaker 2>and twenty twenty two she wrote the book In This Economy,

0:00:27.640 --> 0:00:31.000
<v Speaker 2>How Money and Markets Really Work. She is quite an

0:00:31.000 --> 0:00:35.240
<v Speaker 2>accomplished twenty six year old who has built a career

0:00:35.520 --> 0:00:42.080
<v Speaker 2>as a investing and economic literacy expert, helping to educate

0:00:42.159 --> 0:00:46.280
<v Speaker 2>people about how the economy really works, why there's a

0:00:46.360 --> 0:00:51.040
<v Speaker 2>disconnect in what people feel versus what's really happening, what

0:00:51.120 --> 0:00:54.600
<v Speaker 2>we should think about things like centiment and the dollar,

0:00:54.840 --> 0:00:58.720
<v Speaker 2>and green energy, and go down the list. I thought

0:00:58.720 --> 0:01:01.560
<v Speaker 2>this was a fascinating conversation. I really enjoyed it, and

0:01:01.680 --> 0:01:05.080
<v Speaker 2>I think you will also. With no further ado, my

0:01:05.280 --> 0:01:07.240
<v Speaker 2>interview with Kyla Scanlin.

0:01:07.840 --> 0:01:08.880
<v Speaker 1>Thanks for having me.

0:01:08.840 --> 0:01:10.680
<v Speaker 2>Well, thank you so much for coming. I've been looking

0:01:10.720 --> 0:01:13.520
<v Speaker 2>forward to this since I got the book over the summer.

0:01:13.640 --> 0:01:15.880
<v Speaker 2>I will tell you I didn't see many other people

0:01:16.160 --> 0:01:18.800
<v Speaker 2>on the beach in the Hampton during this, but I

0:01:18.959 --> 0:01:23.440
<v Speaker 2>enjoyed it. It's filled with fun, not only concepts, but

0:01:23.600 --> 0:01:26.480
<v Speaker 2>sketches and illustrations, and I could tell you had some

0:01:26.560 --> 0:01:27.319
<v Speaker 2>fun writing this.

0:01:27.520 --> 0:01:28.119
<v Speaker 1>Yeah I did.

0:01:28.319 --> 0:01:31.000
<v Speaker 2>So let's talk a little bit about your background. You

0:01:31.360 --> 0:01:37.560
<v Speaker 2>graduate Western Kentucky in twenty nineteen, triple major financial management, economics,

0:01:37.600 --> 0:01:42.080
<v Speaker 2>and business data Analytics. That sounds like you knew exactly

0:01:42.200 --> 0:01:43.240
<v Speaker 2>what you wanted to do.

0:01:43.680 --> 0:01:44.559
<v Speaker 1>Well I didn't.

0:01:44.720 --> 0:01:45.360
<v Speaker 2>I did not.

0:01:45.600 --> 0:01:47.600
<v Speaker 1>Yeah, I didn't even know you can major in economics

0:01:47.680 --> 0:01:48.600
<v Speaker 1>til I got to college.

0:01:48.960 --> 0:01:53.840
<v Speaker 2>But in college those three things scream markets and the economy, right.

0:01:53.840 --> 0:01:55.520
<v Speaker 1>Yeah, I mean it was like kind of funny. I

0:01:55.520 --> 0:01:57.440
<v Speaker 1>don't know why they were such a big disconnect, but

0:01:57.480 --> 0:01:59.680
<v Speaker 1>I was trading options when I was in high school

0:02:00.280 --> 0:02:02.160
<v Speaker 1>and I got to college and I was like, oh,

0:02:02.160 --> 0:02:04.080
<v Speaker 1>I'll just be an engineer, like I'll, you know, do

0:02:04.240 --> 0:02:06.880
<v Speaker 1>that path. And then I took an econ class as

0:02:06.920 --> 0:02:09.680
<v Speaker 1>a general education course and I just loved it. And

0:02:09.680 --> 0:02:11.919
<v Speaker 1>then I was like, oh, you can actually major in finance,

0:02:11.960 --> 0:02:14.000
<v Speaker 1>and like you can trade options for a living, which

0:02:14.040 --> 0:02:17.519
<v Speaker 1>I didn't end up doing for obvious reasons. But yeah,

0:02:17.560 --> 0:02:21.200
<v Speaker 1>so I really fell in love with the data and

0:02:21.280 --> 0:02:24.960
<v Speaker 1>with the analysis, and just the classes were so fun.

0:02:25.040 --> 0:02:25.920
<v Speaker 1>I had a great time.

0:02:26.200 --> 0:02:29.760
<v Speaker 2>You know, the old options traders joke, right, No, I

0:02:29.760 --> 0:02:35.320
<v Speaker 2>don't really. Option traders never die. Oh they just expired, right,

0:02:35.400 --> 0:02:38.000
<v Speaker 2>I mean that's a that's a classic. We've all dabbled

0:02:38.000 --> 0:02:43.160
<v Speaker 2>with options. I find them compelling and addictive. But I

0:02:43.200 --> 0:02:48.000
<v Speaker 2>am you know, ninety percent investor ten degenerate speculator. Options

0:02:48.000 --> 0:02:50.160
<v Speaker 2>are perfect for that. How did you do as an

0:02:50.160 --> 0:02:50.720
<v Speaker 2>option straight?

0:02:50.840 --> 0:02:53.760
<v Speaker 1>I did poorly, which is why I don't really do

0:02:53.800 --> 0:02:55.919
<v Speaker 1>it anymore. More of a buy and hold sort of person.

0:02:56.040 --> 0:02:56.480
<v Speaker 2>There you go.

0:02:56.600 --> 0:02:58.480
<v Speaker 1>Yeah, but options were fun. It taught me a lot

0:02:58.480 --> 0:03:00.480
<v Speaker 1>about risk, It taught me a lot about manage. It

0:03:00.520 --> 0:03:00.880
<v Speaker 1>was great.

0:03:01.200 --> 0:03:04.440
<v Speaker 2>So so you you graduate, you joined Capital Group as

0:03:04.440 --> 0:03:08.040
<v Speaker 2>an associate, pretty much right into the pandemic. Tell us

0:03:08.040 --> 0:03:11.120
<v Speaker 2>what you were doing at Capital Group when? What was

0:03:11.160 --> 0:03:13.560
<v Speaker 2>it like starting work right into that mess?

0:03:13.840 --> 0:03:16.760
<v Speaker 1>Yeah? It was hard. I remember I graduated, you know,

0:03:16.919 --> 0:03:19.640
<v Speaker 1>basically June of twenty nineteen, and I moved out to

0:03:19.800 --> 0:03:22.919
<v Speaker 1>LA from Kentucky like five days after I graduated school.

0:03:22.919 --> 0:03:25.280
<v Speaker 1>Had never been to LA before. That's where Capitol Group

0:03:25.320 --> 0:03:28.320
<v Speaker 1>is based. And you know, six months later, pandemic happens.

0:03:28.480 --> 0:03:32.080
<v Speaker 1>But Capitol Group was wonderful. There was a rotational program

0:03:32.080 --> 0:03:33.760
<v Speaker 1>that I was a part of called the cap Group,

0:03:34.040 --> 0:03:36.520
<v Speaker 1>and so I got to experience fixed income, I got

0:03:36.520 --> 0:03:39.200
<v Speaker 1>to sit on an equity desk, I got to do

0:03:39.280 --> 0:03:42.080
<v Speaker 1>macroeconomic research, I got to do a big stock project.

0:03:42.680 --> 0:03:45.800
<v Speaker 1>But I ended up leaving to focus more on financial

0:03:45.920 --> 0:03:48.960
<v Speaker 1>education because that's where I felt I wanted to be,

0:03:49.600 --> 0:03:51.560
<v Speaker 1>which was really surprising. I thought I'd been the rest

0:03:51.600 --> 0:03:53.640
<v Speaker 1>of my life at Capital Group. It was kind of

0:03:53.640 --> 0:03:55.920
<v Speaker 1>the perfect path. And then I was like, I just

0:03:56.040 --> 0:03:59.600
<v Speaker 1>I can't know what happens without like trying to do this,

0:04:00.080 --> 0:04:01.680
<v Speaker 1>to do the financial education stuff.

0:04:01.840 --> 0:04:06.880
<v Speaker 2>I can't imagine two places more different than Kentucky and LA.

0:04:07.280 --> 0:04:08.600
<v Speaker 2>What was that transition? Like?

0:04:08.680 --> 0:04:11.520
<v Speaker 1>It was really hard. Yeah, I didn't understand what it

0:04:11.560 --> 0:04:12.960
<v Speaker 1>was like to live in a big city. I'd never

0:04:13.000 --> 0:04:15.040
<v Speaker 1>been to New York at that point, I'd never really

0:04:15.120 --> 0:04:17.880
<v Speaker 1>left Kentucky those couple of years, the whole life that

0:04:17.920 --> 0:04:21.320
<v Speaker 1>I had there, And yeah, I mean I used to

0:04:21.360 --> 0:04:23.400
<v Speaker 1>have to be at Capitol Group very early in the

0:04:23.400 --> 0:04:25.240
<v Speaker 1>morning because it's on the West coast. We to East

0:04:25.240 --> 0:04:28.600
<v Speaker 1>coast hours, and so I would just like walk around

0:04:28.640 --> 0:04:30.840
<v Speaker 1>really early in the morning in LA and that's not

0:04:30.880 --> 0:04:33.039
<v Speaker 1>so safe. And I got a couple of run ins there.

0:04:33.360 --> 0:04:35.400
<v Speaker 2>Oh no kidding, yeah, yeah, because I just.

0:04:35.320 --> 0:04:37.640
<v Speaker 1>Didn't know any better, Like nobody gives you a playbook

0:04:37.680 --> 0:04:40.360
<v Speaker 1>when you moved to la on, like how to live there,

0:04:41.400 --> 0:04:44.040
<v Speaker 1>and so it was a really good experience. The pandemic,

0:04:44.120 --> 0:04:48.359
<v Speaker 1>of course, was difficult, but it definitely helped me grow

0:04:48.400 --> 0:04:50.480
<v Speaker 1>a lot faster being in a big city like that.

0:04:50.839 --> 0:04:54.600
<v Speaker 2>Did the pandemic and being locked down at home lead

0:04:54.640 --> 0:04:55.960
<v Speaker 2>to you writing this book?

0:04:56.800 --> 0:04:59.880
<v Speaker 1>I think so. Yeah. I had a blog all throughout college,

0:05:00.279 --> 0:05:03.200
<v Speaker 1>ending with Julie actually was reading when I was in

0:05:03.200 --> 0:05:06.200
<v Speaker 1>college was crazy, but it was called scan lit on Stocks,

0:05:06.200 --> 0:05:08.520
<v Speaker 1>and so I'd always been really passionate about writing. I

0:05:08.520 --> 0:05:11.280
<v Speaker 1>had always been really passionate about sharing ideas. And then

0:05:11.279 --> 0:05:13.800
<v Speaker 1>when I got to Capitol Group, obviously I was under compliance.

0:05:13.839 --> 0:05:16.279
<v Speaker 1>They really you really can't be talking about stocks online.

0:05:16.320 --> 0:05:18.599
<v Speaker 1>That's like not cool, and I was like, okay, fine.

0:05:18.600 --> 0:05:22.640
<v Speaker 1>So I started doing these big data analysis pieces and

0:05:22.720 --> 0:05:25.280
<v Speaker 1>like harvesting data from the various apps I would do that.

0:05:25.240 --> 0:05:27.400
<v Speaker 2>You could do just not specific stocks.

0:05:27.120 --> 0:05:30.039
<v Speaker 1>Yeah, not specific stocks. So I do things like with

0:05:30.080 --> 0:05:32.560
<v Speaker 1>the ride, shared data with Uber and Lyft that I had,

0:05:32.720 --> 0:05:36.440
<v Speaker 1>like dating app data, like all these different projects. But

0:05:36.720 --> 0:05:39.000
<v Speaker 1>then during the pandemic, I think a lot of people,

0:05:39.160 --> 0:05:42.479
<v Speaker 1>myself included, were like, oh, you know, maybe I don't

0:05:42.520 --> 0:05:44.920
<v Speaker 1>want to spend the rest of my life doing this thing,

0:05:45.040 --> 0:05:46.719
<v Speaker 1>and like, I do want to take a chance because

0:05:46.720 --> 0:05:48.760
<v Speaker 1>I don't know what's going to happen next. And so

0:05:48.839 --> 0:05:51.240
<v Speaker 1>that's how I ended up leaving Capitol Group, which was

0:05:51.279 --> 0:05:53.920
<v Speaker 1>really scary, and I joined a tech startup called on

0:05:54.040 --> 0:05:57.160
<v Speaker 1>Deck and built out their investment education arm, and then

0:05:57.160 --> 0:06:00.400
<v Speaker 1>I started doing social media basically at the same time time.

0:06:00.880 --> 0:06:03.839
<v Speaker 2>So it's funny I had the exact same experience with

0:06:04.000 --> 0:06:08.040
<v Speaker 2>compliance at a brokerage firm in the early two thousands

0:06:08.080 --> 0:06:11.400
<v Speaker 2>when I launched the Big Picture, write whatever you want,

0:06:11.560 --> 0:06:15.000
<v Speaker 2>just don't recommend or buy or sell any specific stocks.

0:06:15.000 --> 0:06:16.640
<v Speaker 2>You know, if you stay away from that, you're fine,

0:06:17.200 --> 0:06:19.960
<v Speaker 2>which in hindsight was pretty hip. A lot of places

0:06:20.000 --> 0:06:23.520
<v Speaker 2>wouldn't even have given you that much. But data analytics

0:06:23.600 --> 0:06:25.120
<v Speaker 2>knock yourself out whatever you want to do.

0:06:25.279 --> 0:06:26.640
<v Speaker 1>Yeah, it was just cool. So the name of the

0:06:26.680 --> 0:06:29.880
<v Speaker 1>blog changed the scaling on stocks or scaling on stats,

0:06:29.920 --> 0:06:32.640
<v Speaker 1>sorry on stats on stats. Yeah, I didn't stay the same.

0:06:32.760 --> 0:06:36.680
<v Speaker 2>Can't scaling on stocks to scaling on stats. So I'm

0:06:36.720 --> 0:06:40.120
<v Speaker 2>fascinated by the partnership you have with O'Shaughnessy Ventures. I

0:06:40.160 --> 0:06:42.919
<v Speaker 2>love what Jim is doing with that tell us about

0:06:43.200 --> 0:06:46.800
<v Speaker 2>that experience and that help you transition to what you're

0:06:46.839 --> 0:06:47.320
<v Speaker 2>doing today.

0:06:47.480 --> 0:06:52.360
<v Speaker 1>Yeah, I know, Jim O'Shaughnessy is amazing. So I approached

0:06:52.440 --> 0:06:55.440
<v Speaker 1>him with an idea for a financial education startup and

0:06:55.520 --> 0:06:57.960
<v Speaker 1>he had been you know, really supportive him Patrick, both

0:06:58.040 --> 0:07:00.840
<v Speaker 1>his son, and I was like, hey, Jim, like, I'm

0:07:00.880 --> 0:07:04.200
<v Speaker 1>thinking about starting this tech company that might do financial education,

0:07:04.880 --> 0:07:07.000
<v Speaker 1>and he was like, do you have a plan? And

0:07:07.040 --> 0:07:10.680
<v Speaker 1>I was like sort of. And then this book deal

0:07:10.720 --> 0:07:12.480
<v Speaker 1>came along, and so I was like, it's gonna be

0:07:12.480 --> 0:07:15.440
<v Speaker 1>really difficult for me to build a company and then

0:07:15.520 --> 0:07:19.080
<v Speaker 1>also write a book. And I ended up deciding to

0:07:19.080 --> 0:07:21.760
<v Speaker 1>focus fully on the book, and so Jim kept me

0:07:21.800 --> 0:07:24.960
<v Speaker 1>on the team as an entrepreneur in residence for a year,

0:07:25.400 --> 0:07:27.080
<v Speaker 1>and so that was neat. It was just kind of

0:07:27.080 --> 0:07:29.880
<v Speaker 1>like almost a fellowship of sorts that supported me as

0:07:29.920 --> 0:07:31.400
<v Speaker 1>I did this like book endeavor.

0:07:31.520 --> 0:07:34.080
<v Speaker 2>Were you the first entrepreneur in residents that he did,

0:07:34.120 --> 0:07:38.840
<v Speaker 2>because now O'Shaughnessy Adventures almost does like a MacArthur grants

0:07:38.880 --> 0:07:41.880
<v Speaker 2>to a number of people. Were you literally the first one?

0:07:42.040 --> 0:07:44.880
<v Speaker 1>I was the first one. Yeah, yeah, it was really cool.

0:07:44.880 --> 0:07:48.360
<v Speaker 1>I think what he's doing is incredible. It's really nice

0:07:48.400 --> 0:07:50.600
<v Speaker 1>to see. I guess I guess you'd call it venture

0:07:50.640 --> 0:07:54.120
<v Speaker 1>capital money, you know, be used in that way, like just.

0:07:53.760 --> 0:07:59.000
<v Speaker 2>Just less focused on traditional technology companies and more towards

0:07:59.080 --> 0:08:01.520
<v Speaker 2>content orient of things. Is that is that a fair test?

0:08:01.680 --> 0:08:03.560
<v Speaker 1>And like maybe stuff that isn't going to have a

0:08:03.640 --> 0:08:06.680
<v Speaker 1>media returns, like it's not so much a multiple, which

0:08:06.720 --> 0:08:09.680
<v Speaker 1>I think traditional VC tends to focus heavily on because

0:08:09.720 --> 0:08:12.080
<v Speaker 1>that's their whole game. But I think he is like, okay,

0:08:12.080 --> 0:08:14.000
<v Speaker 1>like there's a bunch of people who need just a

0:08:14.040 --> 0:08:16.440
<v Speaker 1>little bit of money, right right, Like I didn't. They

0:08:16.440 --> 0:08:17.840
<v Speaker 1>didn't give me a ton of money, but it was

0:08:17.960 --> 0:08:20.080
<v Speaker 1>enough for me to be like, Okay, I'm safe to

0:08:20.200 --> 0:08:22.200
<v Speaker 1>focus on like this project that is going to take

0:08:22.280 --> 0:08:24.640
<v Speaker 1>up so much of my time, but also eat away

0:08:24.640 --> 0:08:26.920
<v Speaker 1>at the other projects that would have earned me money.

0:08:27.080 --> 0:08:31.360
<v Speaker 2>Huh. Really kind of interesting. So at your YouTube channel,

0:08:32.160 --> 0:08:35.600
<v Speaker 2>you do a lot of short clips, explaner videos, short

0:08:35.640 --> 0:08:41.040
<v Speaker 2>form contents on financial topics, really just financial literacy and education.

0:08:41.720 --> 0:08:45.760
<v Speaker 2>What motivated this idea? This is not your typical Most

0:08:45.760 --> 0:08:50.920
<v Speaker 2>people go through a cycle of working their way through

0:08:51.000 --> 0:08:54.479
<v Speaker 2>various aspects of Wall Street before they at a sheer frustration,

0:08:54.640 --> 0:08:57.560
<v Speaker 2>say hey, we need a lot more financial literacy and

0:08:57.600 --> 0:08:59.960
<v Speaker 2>we don't have it. What led you to financial logic

0:09:00.440 --> 0:09:00.840
<v Speaker 2>so young?

0:09:01.120 --> 0:09:03.320
<v Speaker 1>Yeah, I mean I think growing up in Kentucky you

0:09:03.480 --> 0:09:09.840
<v Speaker 1>just kind of see like financial literacy. And I sold cars.

0:09:10.000 --> 0:09:12.920
<v Speaker 1>I sold hun days for a summer, and I think

0:09:12.960 --> 0:09:16.560
<v Speaker 1>that was really formative because people would come in the

0:09:16.559 --> 0:09:18.800
<v Speaker 1>car lot and they wouldn't even really know what an

0:09:18.800 --> 0:09:21.160
<v Speaker 1>interest rate was, right, And so you were signing these

0:09:21.200 --> 0:09:23.440
<v Speaker 1>people on eighty four month, you know, car.

0:09:23.360 --> 0:09:26.839
<v Speaker 2>Leading four months, believe it Monday. By the way, you're

0:09:26.840 --> 0:09:29.280
<v Speaker 2>not paying off a Ferrari, You're paying off on Monday.

0:09:29.040 --> 0:09:31.600
<v Speaker 1>Day, right, Yeah, And like you'd have to do all

0:09:31.640 --> 0:09:34.199
<v Speaker 1>sorts of financing tricks to make sure they could get

0:09:34.240 --> 0:09:36.760
<v Speaker 1>a card, even if their credit wasn't so good. And

0:09:36.800 --> 0:09:39.200
<v Speaker 1>so I just saw a lot and I saw a

0:09:39.240 --> 0:09:42.280
<v Speaker 1>lot of people that could have possibly just been helped

0:09:42.320 --> 0:09:44.440
<v Speaker 1>if somebody had taught them what an interest rate was,

0:09:44.520 --> 0:09:46.600
<v Speaker 1>if somebody had taught them like what a car payment meant,

0:09:46.640 --> 0:09:50.439
<v Speaker 1>if what appreciation was right. And so that was when

0:09:50.480 --> 0:09:53.480
<v Speaker 1>I was nineteen, and it stuck with me all Throughout

0:09:53.720 --> 0:09:57.000
<v Speaker 1>the rest of my time in college. I worked at

0:09:57.040 --> 0:10:01.640
<v Speaker 1>a small asset manager in Kentucky called Hilliard Lions, and

0:10:01.720 --> 0:10:04.120
<v Speaker 1>I saw a little bit of stuff there, but it

0:10:04.160 --> 0:10:08.120
<v Speaker 1>was really the car dealership and just my time growing

0:10:08.200 --> 0:10:12.000
<v Speaker 1>up in Kentucky that was so formative to this idea

0:10:12.120 --> 0:10:15.560
<v Speaker 1>that financial education really matters. Like the fact that I

0:10:15.559 --> 0:10:18.520
<v Speaker 1>didn't know economics was a major until I got to college,

0:10:18.600 --> 0:10:21.400
<v Speaker 1>Like is it something that should happen? Right? And so

0:10:21.440 --> 0:10:23.200
<v Speaker 1>I think that's the goal is just like talk about

0:10:23.200 --> 0:10:26.000
<v Speaker 1>econ more, make it more interesting for people, bring more

0:10:26.000 --> 0:10:28.840
<v Speaker 1>people into the fold, because not only will they learn

0:10:28.840 --> 0:10:31.000
<v Speaker 1>more and hopefully make better decisions, but it can also

0:10:31.040 --> 0:10:32.880
<v Speaker 1>put a lot of people on a path that they

0:10:32.960 --> 0:10:34.800
<v Speaker 1>might not have gone on in the first place.

0:10:35.040 --> 0:10:37.920
<v Speaker 2>So I'm a little older than you, just to touch

0:10:38.120 --> 0:10:41.480
<v Speaker 2>when I was in middle school, in high school, this

0:10:41.559 --> 0:10:45.080
<v Speaker 2>is how long ago the boys would get segmented off

0:10:45.120 --> 0:10:48.480
<v Speaker 2>into shop class, where you would lose a finger if

0:10:48.480 --> 0:10:51.600
<v Speaker 2>you weren't paying attention. And the girls, and I'm saying

0:10:51.640 --> 0:10:54.959
<v Speaker 2>boys and girls purposefully because we were ten and twelve,

0:10:55.440 --> 0:10:58.960
<v Speaker 2>they would get shuffled off this way into home economics,

0:10:59.400 --> 0:11:02.240
<v Speaker 2>which has much less to do with economics than you

0:11:02.240 --> 0:11:06.840
<v Speaker 2>would imagine. It's more about housekeeping and cleaning and cooking,

0:11:07.040 --> 0:11:11.079
<v Speaker 2>not here's how to manage a household budget. People are

0:11:11.200 --> 0:11:16.400
<v Speaker 2>parennially discussing about bringing things like Civics back to high school,

0:11:16.480 --> 0:11:21.120
<v Speaker 2>bringing things like basic budgeting and economics. It never seems

0:11:21.160 --> 0:11:26.400
<v Speaker 2>to happen. How important is it to teach just basic economics,

0:11:26.520 --> 0:11:32.480
<v Speaker 2>basic budgeting, basic things that we take for granted to

0:11:32.920 --> 0:11:33.720
<v Speaker 2>high school kids.

0:11:34.000 --> 0:11:36.360
<v Speaker 1>I think it's important. Would you agree?

0:11:36.679 --> 0:11:41.079
<v Speaker 2>One hundred percent? I'm you know, it's amazing. I can't

0:11:41.080 --> 0:11:44.160
<v Speaker 2>remember the last time I use calculus, but I deal

0:11:44.200 --> 0:11:47.960
<v Speaker 2>with a budget every day. I have a running total

0:11:48.000 --> 0:11:51.320
<v Speaker 2>of my checking account in my head. I know where

0:11:51.360 --> 0:11:57.120
<v Speaker 2>my investments are. These are all skills, you know, autodidactism.

0:11:57.160 --> 0:12:01.240
<v Speaker 2>Teaching yourself this you kind of forced to unless you

0:12:01.360 --> 0:12:04.800
<v Speaker 2>study this as a major in college. Nobody teaches you

0:12:04.800 --> 0:12:06.640
<v Speaker 2>how to do this. It's just trial and error, and

0:12:06.679 --> 0:12:12.840
<v Speaker 2>hopefully the errors aren't too expensive. So I'm completely in

0:12:13.320 --> 0:12:15.360
<v Speaker 2>agreement with you on that. And to take it a

0:12:15.360 --> 0:12:19.679
<v Speaker 2>step further, the big challenge with financial literacy is it

0:12:19.720 --> 0:12:22.800
<v Speaker 2>has a very short half life. Even people who are

0:12:22.840 --> 0:12:26.880
<v Speaker 2>fairly financially literate, you know, six to twelve months later,

0:12:26.960 --> 0:12:29.839
<v Speaker 2>half that stuff is gone, So you have to keep

0:12:29.920 --> 0:12:34.000
<v Speaker 2>drilling into people. Here's how this works. Here is what happens.

0:12:33.760 --> 0:12:37.079
<v Speaker 2>There's something you wrote sort of related to what we're

0:12:37.080 --> 0:12:39.240
<v Speaker 2>going to talk about later that I want to bring

0:12:39.320 --> 0:12:43.840
<v Speaker 2>out here. A quote from the book in This Economy,

0:12:43.920 --> 0:12:48.080
<v Speaker 2>which is you write that people are the economy, So

0:12:48.200 --> 0:12:52.000
<v Speaker 2>let's make the economy about the people. Explain the thinking

0:12:52.080 --> 0:12:52.640
<v Speaker 2>behind that.

0:12:53.240 --> 0:12:57.040
<v Speaker 1>Yeah, I mean the general idea there is kind of

0:12:57.080 --> 0:13:00.320
<v Speaker 1>tied into the vibe session where it's to say, idea

0:13:00.360 --> 0:13:03.640
<v Speaker 1>that like how people feel really matters, like how people

0:13:03.640 --> 0:13:06.840
<v Speaker 1>feel about their economic circumstances, how they feel about their

0:13:06.880 --> 0:13:12.560
<v Speaker 1>ability to have upward mobility. Basically, like how people are

0:13:12.600 --> 0:13:16.480
<v Speaker 1>thinking about themselves is going to influence how the economy

0:13:16.800 --> 0:13:19.440
<v Speaker 1>succeeds or fails. And so I think that's just something

0:13:19.480 --> 0:13:22.480
<v Speaker 1>I tried to center throughout the book, was that ultimately,

0:13:22.640 --> 0:13:26.199
<v Speaker 1>people and the decisions that they make are the entire economy, right,

0:13:26.240 --> 0:13:29.120
<v Speaker 1>Like everything that we do is the economy, Like a

0:13:29.160 --> 0:13:32.440
<v Speaker 1>coffee cup is an economic transaction, the labor of the beans,

0:13:32.760 --> 0:13:37.040
<v Speaker 1>the supply chain, all of those things. And throughout the

0:13:37.040 --> 0:13:39.760
<v Speaker 1>book I tried to center people because I feel like

0:13:40.240 --> 0:13:43.120
<v Speaker 1>most of the time in economics education. The reason it

0:13:43.160 --> 0:13:46.040
<v Speaker 1>doesn't work in high schools is because the kids are like,

0:13:46.120 --> 0:13:49.160
<v Speaker 1>this doesn't really relate to me. I don't really understand budgeting,

0:13:49.520 --> 0:13:51.679
<v Speaker 1>Like I don't have any tangible experience with this.

0:13:52.000 --> 0:13:53.839
<v Speaker 2>Sure they do. They have an iPhone. Here's what the

0:13:53.880 --> 0:13:56.920
<v Speaker 2>iPhone costs. Here's the credit that's built in, here's the

0:13:56.960 --> 0:13:59.880
<v Speaker 2>interest rate impact on it. Here's supply chains from a million,

0:14:00.440 --> 0:14:02.520
<v Speaker 2>here's what you pay for apps. Like, I think you

0:14:02.520 --> 0:14:04.920
<v Speaker 2>could take an iPhone and teach kids everything they need

0:14:04.960 --> 0:14:08.640
<v Speaker 2>to know about the economy, markets, and budgeting one device. Yeah.

0:14:08.720 --> 0:14:10.520
<v Speaker 1>No, I think that's a great idea. And that is

0:14:10.559 --> 0:14:13.360
<v Speaker 1>an experience with the economy, and it's a people centric one, right,

0:14:14.200 --> 0:14:16.880
<v Speaker 1>And so that's exactly it is, Like you have to

0:14:16.920 --> 0:14:19.920
<v Speaker 1>sort of center it on people's lived experiences so that

0:14:19.960 --> 0:14:21.720
<v Speaker 1>way it all feels relatable.

0:14:22.120 --> 0:14:24.560
<v Speaker 2>And so this theme comes up over and over again.

0:14:25.040 --> 0:14:28.120
<v Speaker 2>You can't separate the economy from people. It's one and

0:14:28.160 --> 0:14:28.960
<v Speaker 2>the same, isn't it.

0:14:29.040 --> 0:14:31.200
<v Speaker 1>Yeah, I would. I would definitely say so. Some people

0:14:31.240 --> 0:14:34.200
<v Speaker 1>might argue with that, but I think that that is

0:14:34.320 --> 0:14:38.560
<v Speaker 1>ignoring the fact that like all the decisions that people make,

0:14:38.840 --> 0:14:40.600
<v Speaker 1>you know, consumer spending is such a big part of

0:14:40.600 --> 0:14:43.520
<v Speaker 1>the economy. Government spending, all of these things, and those

0:14:43.520 --> 0:14:45.360
<v Speaker 1>are all people making decisions, right.

0:14:46.000 --> 0:14:49.040
<v Speaker 2>I have to ask you, you're the ripe old age

0:14:49.040 --> 0:14:52.080
<v Speaker 2>of twenty six. What led you a few years ago

0:14:52.120 --> 0:14:54.880
<v Speaker 2>to say, I know, I'm going to write an economics book.

0:14:55.200 --> 0:14:58.640
<v Speaker 1>Well, so it actually I've always really loved writing. I

0:14:59.040 --> 0:15:02.400
<v Speaker 1>wrote these books eight about a Penguin, and so I've

0:15:02.440 --> 0:15:05.920
<v Speaker 1>always been writing. And I wrote a book a book,

0:15:05.920 --> 0:15:09.760
<v Speaker 1>you know, quote unquote every year for I don't know,

0:15:09.880 --> 0:15:13.720
<v Speaker 1>five or six years after that little Penguin book, and

0:15:13.760 --> 0:15:18.040
<v Speaker 1>so being an author had always been something I was

0:15:18.160 --> 0:15:21.280
<v Speaker 1>really excited about. I never thought I'd have the opportunity

0:15:21.920 --> 0:15:25.000
<v Speaker 1>so early. I never actually thought I'd have the opportunity

0:15:25.360 --> 0:15:28.320
<v Speaker 1>to be a published author. But how it came about

0:15:28.600 --> 0:15:31.320
<v Speaker 1>was I published this piece with New York Times Opinion

0:15:31.600 --> 0:15:35.000
<v Speaker 1>on the Blob session, and Penguin Random House approached me

0:15:35.040 --> 0:15:36.560
<v Speaker 1>and they were like, have you ever thought about writing

0:15:36.560 --> 0:15:39.800
<v Speaker 1>a book? And I was like, yeah, I have. And

0:15:40.080 --> 0:15:43.320
<v Speaker 1>we came up with this idea to do almost like

0:15:43.360 --> 0:15:46.440
<v Speaker 1>a beginner Guide to the Economy, but with sixty illustrations,

0:15:46.480 --> 0:15:48.800
<v Speaker 1>all done by me, just doing it in a much

0:15:48.840 --> 0:15:53.600
<v Speaker 1>more fun and accessible way, you know, trying to make

0:15:53.600 --> 0:15:55.680
<v Speaker 1>an economic guide for the twenty first century.

0:15:55.960 --> 0:15:58.960
<v Speaker 2>It's funny you mentioned the penguin because in the book

0:15:59.160 --> 0:16:02.960
<v Speaker 2>you compare the labor market to a goat steadily climbing

0:16:02.960 --> 0:16:06.640
<v Speaker 2>a mountain, while the Fed actively trying to slow the

0:16:06.640 --> 0:16:11.600
<v Speaker 2>goat down in their progress. So, first, is this frequent

0:16:11.760 --> 0:16:15.880
<v Speaker 2>usage of animals and metaphors something you've been doing a while?

0:16:15.960 --> 0:16:18.480
<v Speaker 2>And what made you think of the labor market as

0:16:18.480 --> 0:16:21.080
<v Speaker 2>a goat and the Fed pulling the rope trying to

0:16:21.120 --> 0:16:21.720
<v Speaker 2>slow them down?

0:16:21.840 --> 0:16:25.200
<v Speaker 1>Yeah, I know lots of metaphors in my in my writing.

0:16:25.280 --> 0:16:28.360
<v Speaker 1>I have a subject too, kylotisubsec dot com and I

0:16:28.720 --> 0:16:31.640
<v Speaker 1>always employ some sort of metaphor that I think my

0:16:31.680 --> 0:16:34.200
<v Speaker 1>readers are like, okay, you know, calm down. So the

0:16:34.200 --> 0:16:38.120
<v Speaker 1>book was definitely heavy with metaphors, but I really wanted

0:16:38.320 --> 0:16:41.320
<v Speaker 1>there to be tangible visualizations in the book. So the

0:16:41.360 --> 0:16:44.040
<v Speaker 1>beginning of the book is this economic Kingdom, because I

0:16:44.080 --> 0:16:46.840
<v Speaker 1>think the interconnectivity of the economy is where a lot

0:16:46.840 --> 0:16:49.320
<v Speaker 1>of people get stuck. It's like, well, how does the inflation,

0:16:49.400 --> 0:16:52.760
<v Speaker 1>How does inflation you know, influence libramarket how do they work? Like,

0:16:52.840 --> 0:16:55.480
<v Speaker 1>how does the Fed influence labor market, How does the

0:16:55.520 --> 0:16:58.440
<v Speaker 1>Fed influence inflation? How does fiscal policy work? What does

0:16:58.440 --> 0:17:01.120
<v Speaker 1>the dollar do? So I drew that at the beginning

0:17:01.120 --> 0:17:03.560
<v Speaker 1>of the book as kind of like this economic kingdom

0:17:03.640 --> 0:17:06.560
<v Speaker 1>land where all the castles are interacting, and then yeah,

0:17:06.600 --> 0:17:10.120
<v Speaker 1>the Fed and the labor market mountain or the Fed

0:17:10.160 --> 0:17:13.560
<v Speaker 1>and the mountain goat. It was just another metaphor on

0:17:13.600 --> 0:17:14.040
<v Speaker 1>top of that.

0:17:14.359 --> 0:17:17.400
<v Speaker 2>So you tackle a number of weighty topics in the book.

0:17:17.680 --> 0:17:21.480
<v Speaker 2>Let's do a speed round. Tell me what people either

0:17:21.520 --> 0:17:24.919
<v Speaker 2>get wrong or don't understand about each of these issues.

0:17:25.000 --> 0:17:27.159
<v Speaker 2>Let's start with national debt.

0:17:27.440 --> 0:17:29.600
<v Speaker 1>I mean, I think this is a tough one because

0:17:29.680 --> 0:17:32.560
<v Speaker 1>sometimes people are right, but a lot of people think

0:17:32.560 --> 0:17:35.160
<v Speaker 1>it's solely unsustainable, like the US is going to go bankrupt.

0:17:35.520 --> 0:17:39.840
<v Speaker 1>And there's definitely a plausible case that the US could

0:17:39.920 --> 0:17:42.760
<v Speaker 1>go bankrupt, especially because we have that debt ceiling situation

0:17:42.840 --> 0:17:45.199
<v Speaker 1>that's coming up in I think twenty six days as

0:17:45.200 --> 0:17:47.879
<v Speaker 1>of time we're recording, And so a lot of people

0:17:47.920 --> 0:17:50.000
<v Speaker 1>get that wrong where they are like, oh, the national

0:17:50.040 --> 0:17:51.919
<v Speaker 1>debt's going to explode, the dollar is going to not

0:17:51.960 --> 0:17:53.440
<v Speaker 1>become the reserve currency anymore.

0:17:53.760 --> 0:17:55.679
<v Speaker 2>By the way, I've been hearing that since I was

0:17:55.720 --> 0:17:59.320
<v Speaker 2>in college, since Reagan was president, and it's always it

0:17:59.359 --> 0:18:01.119
<v Speaker 2>has yet to be yeah and wrong. I think if

0:18:01.160 --> 0:18:04.040
<v Speaker 2>you're wrong for half a century, you're not early, You're

0:18:04.040 --> 0:18:04.440
<v Speaker 2>just wrong.

0:18:04.520 --> 0:18:07.439
<v Speaker 1>You're wrong absolutely, And like you could say, maybe in

0:18:07.640 --> 0:18:10.359
<v Speaker 1>five hundred years the dollar will be reserve barranty, and

0:18:10.400 --> 0:18:10.840
<v Speaker 1>then I.

0:18:10.840 --> 0:18:12.879
<v Speaker 2>Won't even give you. I'll give you two hundred years,

0:18:12.880 --> 0:18:14.080
<v Speaker 2>two hundred and fifty years.

0:18:14.119 --> 0:18:16.560
<v Speaker 1>But if you're dead, and like, are you still right?

0:18:16.560 --> 0:18:17.480
<v Speaker 1>If you're dead, you know.

0:18:18.600 --> 0:18:21.080
<v Speaker 2>More importantly, does it even matter? I don't know right

0:18:21.160 --> 0:18:25.200
<v Speaker 2>at that point. Recessions? What do people get wrong about recessions?

0:18:25.200 --> 0:18:27.119
<v Speaker 1>Two quarters of negative GDP growth?

0:18:27.720 --> 0:18:29.800
<v Speaker 2>That is a pet peeve of mine that I have

0:18:29.880 --> 0:18:34.440
<v Speaker 2>been pushing back against for years. It's there have consistently

0:18:34.480 --> 0:18:38.520
<v Speaker 2>been two quarters of negative GDP that haven't been recessionary.

0:18:38.880 --> 0:18:41.639
<v Speaker 2>And if you look at what took place in twenty

0:18:41.720 --> 0:18:45.280
<v Speaker 2>one and twenty two, remember GDP. People don't realize this.

0:18:45.359 --> 0:18:49.879
<v Speaker 2>GDP is reported in real terms, meaning inflation adjusted terms.

0:18:50.440 --> 0:18:53.439
<v Speaker 2>When you have two negative quarters, maybe it means the

0:18:53.480 --> 0:18:55.760
<v Speaker 2>economy is slowing down, or maybe it means the economy

0:18:55.800 --> 0:18:58.440
<v Speaker 2>is overheating and prices are going up. Those are two

0:18:58.520 --> 0:19:00.240
<v Speaker 2>totally different things, aren't they. Yeah.

0:19:00.240 --> 0:19:02.560
<v Speaker 1>Absolutely. I think a lot of people get stuck on

0:19:02.560 --> 0:19:04.520
<v Speaker 1>that one. That is unpopular, Yeah.

0:19:04.720 --> 0:19:07.920
<v Speaker 2>Very unpopular. What about labor market dynamics? What don't people

0:19:08.000 --> 0:19:08.880
<v Speaker 2>understand about that?

0:19:09.040 --> 0:19:10.760
<v Speaker 1>I mean, I think the biggest one here is that

0:19:10.800 --> 0:19:15.720
<v Speaker 1>when the labor force participation read expands, the unemployment rate

0:19:15.760 --> 0:19:19.160
<v Speaker 1>can still go go up. That's a tough one because

0:19:19.160 --> 0:19:21.119
<v Speaker 1>people are like, oh, like, well, the unemployment rate is

0:19:21.160 --> 0:19:23.240
<v Speaker 1>going up, so people are losing their jobs. But sometimes

0:19:23.240 --> 0:19:25.000
<v Speaker 1>it's just more people are entering labor force.

0:19:26.000 --> 0:19:29.440
<v Speaker 2>I like to call that denominator blindness, because people don't

0:19:29.440 --> 0:19:32.600
<v Speaker 2>pay attention. They just see the big, scary number. They

0:19:32.600 --> 0:19:37.000
<v Speaker 2>don't see the context of the larger data set underneath, Like, hey,

0:19:37.400 --> 0:19:40.879
<v Speaker 2>this company's laying out laying off ten thousand people. Is

0:19:40.920 --> 0:19:43.520
<v Speaker 2>that a bad thing? Do they have twenty thousand people?

0:19:43.600 --> 0:19:46.119
<v Speaker 2>Or is it Walmart with four million and ten thousand?

0:19:46.280 --> 0:19:48.480
<v Speaker 2>Is you know a rounding error? It's one out of

0:19:48.560 --> 0:19:51.920
<v Speaker 2>one person at every fourth store something crazy like that.

0:19:52.480 --> 0:19:55.800
<v Speaker 2>People ignore the broader context. Then you talk about context

0:19:55.880 --> 0:19:59.480
<v Speaker 2>and framing throughout the book. What about housing market issues

0:19:59.520 --> 0:20:04.800
<v Speaker 2>and the problem with affordable housing and first time home buyers.

0:20:04.760 --> 0:20:06.680
<v Speaker 1>Yeah, housing is something I spend a ton of time

0:20:06.720 --> 0:20:09.119
<v Speaker 1>on right now. I mean, I think the biggest issue

0:20:09.200 --> 0:20:12.360
<v Speaker 1>is that people think that expanding the housing supply will

0:20:12.400 --> 0:20:15.200
<v Speaker 1>make all home values go down. That's not necessarily the case,

0:20:15.560 --> 0:20:18.240
<v Speaker 1>but it's very important to expand housing supply. It's very

0:20:18.280 --> 0:20:21.640
<v Speaker 1>important that people have access to housing. So I think

0:20:21.680 --> 0:20:24.080
<v Speaker 1>that's a big one. There's a lot of nimbiism that

0:20:24.119 --> 0:20:27.359
<v Speaker 1>can arise. And then also, this is something that I

0:20:27.359 --> 0:20:29.560
<v Speaker 1>don't think a lot of people realize, is that if

0:20:29.560 --> 0:20:31.960
<v Speaker 1>you have a mortgage, you have to have insurance.

0:20:32.680 --> 0:20:34.399
<v Speaker 2>Which is another crisis you talk about.

0:20:34.720 --> 0:20:37.560
<v Speaker 1>I'm really concerned about insurance right now. But yeah, I

0:20:37.560 --> 0:20:39.160
<v Speaker 1>would say those are the two things with housing.

0:20:39.359 --> 0:20:42.680
<v Speaker 2>Yeah. Right. There was an interesting piece that came out recently.

0:20:43.119 --> 0:20:45.320
<v Speaker 2>I don't remember if it was Bloomberg or somewhere else,

0:20:45.359 --> 0:20:49.399
<v Speaker 2>but I definitely soared in the past two weeks that

0:20:49.720 --> 0:20:52.639
<v Speaker 2>the states that build the most amount of houses are

0:20:52.680 --> 0:20:55.720
<v Speaker 2>having the fastest GDP. So if you look at places

0:20:55.800 --> 0:20:59.080
<v Speaker 2>like Florida and Texas, and I think we're probably at

0:20:59.080 --> 0:21:02.679
<v Speaker 2>peak Florida right now, but hold that aside. Florida cranking

0:21:02.760 --> 0:21:05.360
<v Speaker 2>up housing left and right. Texas builds a lot of houses.

0:21:05.680 --> 0:21:09.639
<v Speaker 2>When you look at even fairly robust economies California and

0:21:09.680 --> 0:21:14.880
<v Speaker 2>New York, they're growing much more slowly than those southern states,

0:21:16.000 --> 0:21:19.600
<v Speaker 2>and they have horrific nimbiism and really challenging to put

0:21:19.640 --> 0:21:22.479
<v Speaker 2>up new housing unless you're knocking down another house and

0:21:22.560 --> 0:21:26.679
<v Speaker 2>just replacing it, that you can do, but expanding the

0:21:26.760 --> 0:21:30.000
<v Speaker 2>amount of housing. Big problem in big states, Yeah, big problem.

0:21:30.240 --> 0:21:32.080
<v Speaker 1>Like it's kind of funny. I think we maybe saw

0:21:32.080 --> 0:21:34.679
<v Speaker 1>the same graph where it's like blue versus Red, Like

0:21:34.720 --> 0:21:37.040
<v Speaker 1>it's actually a political divide where red states are doing

0:21:37.080 --> 0:21:39.960
<v Speaker 1>a great job building more housing and blue states aren't.

0:21:40.720 --> 0:21:42.800
<v Speaker 1>And that's you know, we should all be building more

0:21:42.800 --> 0:21:45.199
<v Speaker 1>housing because that's kind of the housing theory of everything

0:21:45.240 --> 0:21:48.080
<v Speaker 1>is something I heavily subscribe to, where if people feel

0:21:48.119 --> 0:21:49.960
<v Speaker 1>like they're able to get a home, they're able to

0:21:50.000 --> 0:21:52.680
<v Speaker 1>afford it, it's not a big worry. You know, everything

0:21:52.720 --> 0:21:54.080
<v Speaker 1>will hopefully improve from that.

0:21:54.680 --> 0:21:56.760
<v Speaker 2>You buy a house, you're then gonna furnish it, You're

0:21:56.760 --> 0:21:59.840
<v Speaker 2>gonna buy durable goods and appliances. You're probably gonna buy

0:21:59.840 --> 0:22:02.480
<v Speaker 2>a horror to You're going to spend a ton of money.

0:22:02.480 --> 0:22:03.960
<v Speaker 2>It means you have a job. It means you have

0:22:04.040 --> 0:22:08.520
<v Speaker 2>good credit. The housing theory of everything is pretty persuasive.

0:22:08.760 --> 0:22:09.840
<v Speaker 2>Tell us a little bit about that.

0:22:10.000 --> 0:22:12.239
<v Speaker 1>Yeah, I mean, I think it's it's super important. It

0:22:12.280 --> 0:22:15.119
<v Speaker 1>is that idea that like you will participate in the economy.

0:22:16.119 --> 0:22:18.560
<v Speaker 1>And I think also for you know, there's a chart

0:22:18.800 --> 0:22:21.439
<v Speaker 1>the distributional financial assets from the Federal Reserve. It's one

0:22:21.440 --> 0:22:22.760
<v Speaker 1>of my favorite charts and I talk about it all

0:22:22.760 --> 0:22:23.000
<v Speaker 1>the time.

0:22:23.000 --> 0:22:24.840
<v Speaker 2>Do you one flow of funds or something else.

0:22:24.840 --> 0:22:27.720
<v Speaker 1>It's a distribution of financial assets. So it shows the breakdown.

0:22:27.320 --> 0:22:29.880
<v Speaker 2>Of wealth, oh by death stiles or yeah.

0:22:29.920 --> 0:22:32.320
<v Speaker 1>Yeah, So like they'll have like the bottom fifty percent,

0:22:32.400 --> 0:22:34.520
<v Speaker 1>you know, the top zero point one percent and if

0:22:34.520 --> 0:22:36.520
<v Speaker 1>you look at the bottom fifty percent, all their wealth

0:22:36.560 --> 0:22:38.840
<v Speaker 1>is in their house. The top ten percent and it's

0:22:38.840 --> 0:22:40.879
<v Speaker 1>in business ownership in equities. So there's a lesson to

0:22:40.880 --> 0:22:43.640
<v Speaker 1>be learned there. But yeah, homes are a wealth generation

0:22:43.800 --> 0:22:45.800
<v Speaker 1>tool for a lot of people. And I think to

0:22:45.840 --> 0:22:47.840
<v Speaker 1>the point of, like, what do people get wrong about

0:22:47.880 --> 0:22:52.400
<v Speaker 1>housing is that maybe it can't be both a speculative

0:22:52.440 --> 0:22:55.160
<v Speaker 1>asset where you know, people do invest so much into

0:22:55.200 --> 0:22:57.840
<v Speaker 1>it and expect it to appreciate so rapidly in a

0:22:57.880 --> 0:22:59.399
<v Speaker 1>place to live. I think that's going to be a

0:22:59.400 --> 0:23:01.320
<v Speaker 1>tough dichotomy over the next to you year.

0:23:01.440 --> 0:23:06.200
<v Speaker 2>Right, you know, my parents' generation when they were buying

0:23:06.200 --> 0:23:09.880
<v Speaker 2>houses for twenty five thirty five, forty thousand dollars and

0:23:10.040 --> 0:23:13.520
<v Speaker 2>they live through that big inflationary cycle and then rate

0:23:13.800 --> 0:23:19.520
<v Speaker 2>crash over from nineteen eighty to twenty twenty two. You

0:23:19.640 --> 0:23:23.280
<v Speaker 2>have to live somewhere. Plus, if your home prices appreciate dramatically, hey,

0:23:23.320 --> 0:23:27.800
<v Speaker 2>that's great for your retirement. I'm not so convinced that

0:23:27.840 --> 0:23:30.000
<v Speaker 2>the current generation are going to have the same experience.

0:23:30.480 --> 0:23:32.400
<v Speaker 1>I don't know if I'll ever be able to buy

0:23:32.400 --> 0:23:34.840
<v Speaker 1>a home, and I think a lot of people in

0:23:34.880 --> 0:23:37.439
<v Speaker 1>my generation feel the same way. So I'm technically a

0:23:37.480 --> 0:23:40.560
<v Speaker 1>Gen Z and one and four Gen Z do own homes,

0:23:40.600 --> 0:23:43.080
<v Speaker 1>but seventy eight percent of them got help from their

0:23:43.119 --> 0:23:45.960
<v Speaker 1>parents to buy that house. And so I think that's

0:23:45.960 --> 0:23:48.240
<v Speaker 1>going to be the thing for this upcoming generation, is

0:23:48.280 --> 0:23:51.840
<v Speaker 1>that it's really going to help. If your parents did well,

0:23:51.880 --> 0:23:55.640
<v Speaker 1>the greatest wealth the greatest generational wealth transfer is about

0:23:55.680 --> 0:23:56.119
<v Speaker 1>to happen.

0:23:56.440 --> 0:23:59.200
<v Speaker 2>It's already happening right as it was. I keep seeing

0:23:59.359 --> 0:24:03.120
<v Speaker 2>forty eight sixty eight trillion, Yeah, crazy, crazy number.

0:24:02.880 --> 0:24:04.840
<v Speaker 1>Ninety trillion by twenty forty five.

0:24:05.400 --> 0:24:06.719
<v Speaker 2>Wood it's a ton of money.

0:24:07.280 --> 0:24:09.520
<v Speaker 1>And yeah, some people will get a house out of that,

0:24:09.720 --> 0:24:12.080
<v Speaker 1>and I think that's going to be maybe the only

0:24:12.119 --> 0:24:13.240
<v Speaker 1>way that you get a house.

0:24:13.520 --> 0:24:15.400
<v Speaker 2>Even if you get a down payment out of it,

0:24:15.400 --> 0:24:17.720
<v Speaker 2>it's still it's going to help move you in the

0:24:17.800 --> 0:24:21.359
<v Speaker 2>right right direction. Public transit give us. What are people

0:24:21.400 --> 0:24:23.000
<v Speaker 2>getting wrong about public transit?

0:24:23.080 --> 0:24:25.400
<v Speaker 1>I mean, I think people think it's like not useful

0:24:25.480 --> 0:24:27.840
<v Speaker 1>to have public transit. Whenever it come to New York,

0:24:27.880 --> 0:24:30.840
<v Speaker 1>it's so wonderful because the subway is so efficient. But

0:24:30.880 --> 0:24:32.439
<v Speaker 1>I think a lot of people are like, no, we

0:24:32.480 --> 0:24:35.520
<v Speaker 1>should just expand the highways. But if we invested just

0:24:35.600 --> 0:24:38.600
<v Speaker 1>in light rail in these cities rather than adding another

0:24:38.680 --> 0:24:42.080
<v Speaker 1>lane to the highway, you could transmit so many more

0:24:42.119 --> 0:24:45.439
<v Speaker 1>people and you could free up the gridlock. People really

0:24:45.480 --> 0:24:47.600
<v Speaker 1>love their cars in the United States because it's in

0:24:47.800 --> 0:24:49.239
<v Speaker 1>you know, it's a place where you can go. It's

0:24:49.280 --> 0:24:53.240
<v Speaker 1>an individualistic thing. But if we are able to invest

0:24:53.240 --> 0:24:56.399
<v Speaker 1>in public transit, the economy will grow. People will be

0:24:56.400 --> 0:24:59.439
<v Speaker 1>able to get around better. Just imagine, like you know,

0:24:59.640 --> 0:25:02.320
<v Speaker 1>not how having to rely on a commute in order

0:25:02.400 --> 0:25:05.359
<v Speaker 1>to go into work. It would expand the opportunities for

0:25:05.400 --> 0:25:08.320
<v Speaker 1>so many people who right now are maybe strapped by

0:25:08.320 --> 0:25:10.080
<v Speaker 1>not having a car or not wanting to do a

0:25:10.119 --> 0:25:11.320
<v Speaker 1>certain commute.

0:25:11.119 --> 0:25:15.080
<v Speaker 2>Right and the data shows adding additional lanes to highways

0:25:15.600 --> 0:25:19.439
<v Speaker 2>just creates additional traffic. It does not solve the problem.

0:25:19.640 --> 0:25:22.800
<v Speaker 2>The other thing that's so interesting about housing is the

0:25:22.920 --> 0:25:26.520
<v Speaker 2>racial divide when you look at who's wealthy and who's

0:25:26.560 --> 0:25:30.359
<v Speaker 2>not and where it comes from. African Americans tend to

0:25:30.400 --> 0:25:33.439
<v Speaker 2>own houses at a much lower percentage rate when you

0:25:33.480 --> 0:25:36.560
<v Speaker 2>look at the sources of wealth, let's call it the

0:25:37.119 --> 0:25:41.280
<v Speaker 2>we'll ignore the top quartile, like the bottom seventy five percent.

0:25:42.000 --> 0:25:45.320
<v Speaker 2>Very often people who are middle class or above. Housing

0:25:45.359 --> 0:25:47.639
<v Speaker 2>wealth is a big part of it, and you just

0:25:47.680 --> 0:25:51.520
<v Speaker 2>see much lower ownership rates amongst blacks in America than

0:25:51.560 --> 0:25:55.719
<v Speaker 2>amongst whites. Has a huge impact on income inequality by

0:25:55.840 --> 0:25:57.040
<v Speaker 2>racial device.

0:25:57.200 --> 0:26:00.560
<v Speaker 1>Oh no, we have true. I think I believe incoming

0:26:00.600 --> 0:26:04.960
<v Speaker 1>equality has improved, but wealth inequality has worsened since the pandemic.

0:26:05.320 --> 0:26:08.160
<v Speaker 2>Meaning the difference between salary and your assets.

0:26:08.280 --> 0:26:10.240
<v Speaker 1>Yeah yeah, yah. So like a lot of people you

0:26:10.240 --> 0:26:12.760
<v Speaker 1>know didn't appreciate or didn't get to benefit from the

0:26:12.760 --> 0:26:16.359
<v Speaker 1>appreciate of the rise in stock market values, they didn't

0:26:16.400 --> 0:26:19.240
<v Speaker 1>have a home that was appreciating and value. Real wages

0:26:19.280 --> 0:26:22.760
<v Speaker 1>did go up, but you know that's not quite enough

0:26:22.840 --> 0:26:25.360
<v Speaker 1>I think for a lot of people, and it has

0:26:25.400 --> 0:26:28.360
<v Speaker 1>created a lot of disparity, and I think that's it's

0:26:28.440 --> 0:26:31.880
<v Speaker 1>really tough to navigate that. I think the candidates for

0:26:31.960 --> 0:26:33.680
<v Speaker 1>the election are like trying to figure out, like, Okay,

0:26:33.680 --> 0:26:36.080
<v Speaker 1>how do we sort of fix this? And like one

0:26:36.080 --> 0:26:38.600
<v Speaker 1>way that the government could address it is by taxing

0:26:38.680 --> 0:26:40.560
<v Speaker 1>people so they have more money, so they could maybe

0:26:40.640 --> 0:26:43.879
<v Speaker 1>distribute more money. But that's very unpopular, So like we

0:26:44.000 --> 0:26:46.840
<v Speaker 1>have to have a total rethink I think of these

0:26:46.840 --> 0:26:50.480
<v Speaker 1>social programs because we're like just helping people to close

0:26:50.520 --> 0:26:53.720
<v Speaker 1>that inequality gap because that is going to be a

0:26:53.840 --> 0:26:56.000
<v Speaker 1>massive issue over the next decade.

0:26:56.359 --> 0:26:59.240
<v Speaker 2>And our last speed round question green energy. What are

0:26:59.280 --> 0:27:01.840
<v Speaker 2>your thoughts on renewable or green energy?

0:27:01.960 --> 0:27:04.120
<v Speaker 1>Oh? I think it's so important. I mean, I think

0:27:04.200 --> 0:27:06.760
<v Speaker 1>the thing is a lot of people think it's all

0:27:06.840 --> 0:27:09.080
<v Speaker 1>or nothing. You kind of still have to have fossil

0:27:09.080 --> 0:27:10.560
<v Speaker 1>fuels as you try.

0:27:10.520 --> 0:27:13.280
<v Speaker 2>Natural gas going to be a transitional fuel for decades

0:27:13.280 --> 0:27:13.640
<v Speaker 2>to come.

0:27:13.920 --> 0:27:16.679
<v Speaker 1>Transitional is the perfect word for that. Yeah, you have

0:27:16.760 --> 0:27:19.439
<v Speaker 1>to like still have all that stuff. You can't just

0:27:19.440 --> 0:27:21.760
<v Speaker 1>go green right away. But you know, solar power is

0:27:21.800 --> 0:27:25.879
<v Speaker 1>becoming extraordinarily useful, you know, hydrogen, all that stuff is.

0:27:26.000 --> 0:27:28.359
<v Speaker 2>Solar is now cheaper than coal, and it's about to

0:27:28.359 --> 0:27:31.760
<v Speaker 2>become cheaper than oil, which is a huge Like twenty

0:27:31.840 --> 0:27:33.360
<v Speaker 2>years ago that was unthinkable, you.

0:27:33.320 --> 0:27:34.840
<v Speaker 1>Know, and it's exciting, and I think a lot of

0:27:34.880 --> 0:27:38.359
<v Speaker 1>people are still stuck on, you know, oil being so important.

0:27:38.440 --> 0:27:40.919
<v Speaker 1>But green energy is the only way that we can

0:27:40.960 --> 0:27:43.320
<v Speaker 1>move forward as a society. We're just going to have

0:27:43.320 --> 0:27:46.200
<v Speaker 1>to rely on the traditional fuels for a little longer.

0:27:46.760 --> 0:27:50.080
<v Speaker 2>Tell us about I like the way you phrase this,

0:27:50.320 --> 0:27:52.520
<v Speaker 2>the abundance mindset.

0:27:52.840 --> 0:27:57.080
<v Speaker 1>That's Derek Thompson's term from The Atlantic. Yeah, he's tremendous,

0:27:57.440 --> 0:28:00.320
<v Speaker 1>but that is kind of this idea that we tend

0:28:00.320 --> 0:28:03.120
<v Speaker 1>to think limiting, right, Like we're like, oh, we can't

0:28:03.160 --> 0:28:04.840
<v Speaker 1>have all this, we can't have all this, we can't

0:28:04.840 --> 0:28:08.040
<v Speaker 1>have that, we can't do this, And Derek Thompson argues like,

0:28:08.080 --> 0:28:10.119
<v Speaker 1>well we can, Like we can have abundance, like we

0:28:10.119 --> 0:28:12.200
<v Speaker 1>can focus on immigration, we can build more housing, like,

0:28:12.240 --> 0:28:14.600
<v Speaker 1>we can have all these things. We can do green energy,

0:28:14.680 --> 0:28:18.080
<v Speaker 1>like we can do all of these things. Right, there's

0:28:18.080 --> 0:28:18.919
<v Speaker 1>a Keynes quote.

0:28:18.960 --> 0:28:22.640
<v Speaker 2>That's about that about scare the scarcity mindset right where.

0:28:22.440 --> 0:28:24.480
<v Speaker 1>It's like if the I think it's if the government

0:28:24.480 --> 0:28:26.399
<v Speaker 1>can pay for it, you can do it essentially, Is

0:28:26.440 --> 0:28:26.800
<v Speaker 1>that right?

0:28:26.840 --> 0:28:28.679
<v Speaker 2>And why can't the government pay for it? If you

0:28:28.720 --> 0:28:33.240
<v Speaker 2>think about you know, it's ironic how often politicians ignore

0:28:34.080 --> 0:28:37.920
<v Speaker 2>what lord Kin's taught us a century ago, which is,

0:28:38.320 --> 0:28:41.200
<v Speaker 2>during economic contractions, the government should spend to make up

0:28:41.200 --> 0:28:46.520
<v Speaker 2>the short fall and consumer and business spending. What politicians

0:28:46.520 --> 0:28:49.600
<v Speaker 2>always tend to forget is and when the economy is expanding,

0:28:49.600 --> 0:28:51.560
<v Speaker 2>well then you pull back and let the private sector

0:28:51.600 --> 0:28:54.120
<v Speaker 2>fill that gap. The problem is we never seem to

0:28:54.160 --> 0:28:56.880
<v Speaker 2>pull back. It's it's pedal to the metal all the time.

0:28:57.040 --> 0:29:00.520
<v Speaker 1>Yeah, which is that's going to be interesting with inurnching

0:29:00.560 --> 0:29:02.800
<v Speaker 1>that we were talking about, because the government's gonna probably

0:29:03.160 --> 0:29:05.640
<v Speaker 1>backstop all of that, and I don't know how that'll go.

0:29:06.080 --> 0:29:10.080
<v Speaker 2>But why should the government backstop that? If you move

0:29:10.200 --> 0:29:14.080
<v Speaker 2>to a part of the world that is being dramatically

0:29:14.080 --> 0:29:17.040
<v Speaker 2>affected by climate change. Oh and by the way, if

0:29:17.080 --> 0:29:20.200
<v Speaker 2>your state governor doesn't believe it and refuses to do

0:29:20.280 --> 0:29:23.800
<v Speaker 2>anything to moderate it, why do I, as someone in

0:29:23.840 --> 0:29:26.200
<v Speaker 2>a different part of the country have to bail out

0:29:26.320 --> 0:29:29.840
<v Speaker 2>your bad decision. It's one thing when a hurricane hits

0:29:29.880 --> 0:29:33.360
<v Speaker 2>and everybody is shocked. It's another thing when you're building

0:29:33.440 --> 0:29:38.520
<v Speaker 2>waterfront property and no private sector ensure will cover you

0:29:38.840 --> 0:29:40.760
<v Speaker 2>because they're like, no, the odds are you're gone in

0:29:40.880 --> 0:29:43.120
<v Speaker 2>ten to twenty years. We're not going to take that risk.

0:29:43.200 --> 0:29:47.760
<v Speaker 1>Yeah. I don't think the government should backstop those decisions,

0:29:48.280 --> 0:29:51.160
<v Speaker 1>but I think it's going to be really tough because

0:29:51.440 --> 0:29:54.800
<v Speaker 1>there is that mindset where it's like, oh, I should

0:29:54.840 --> 0:29:56.920
<v Speaker 1>be able to build wherever I want, and.

0:29:57.200 --> 0:29:59.440
<v Speaker 2>You can build wherever you want. Well, you just can't

0:29:59.480 --> 0:30:01.600
<v Speaker 2>ensure where if you want. Those are two very different

0:30:01.640 --> 0:30:02.360
<v Speaker 2>then yeah, but.

0:30:02.560 --> 0:30:05.080
<v Speaker 1>If people expect insurance and you can self ensure if

0:30:05.080 --> 0:30:05.960
<v Speaker 1>you do cash, but.

0:30:06.400 --> 0:30:11.200
<v Speaker 2>Yeah, a bank will't finance you. So I remember during Sandy,

0:30:11.640 --> 0:30:14.120
<v Speaker 2>my wife and I went for a drive along Dune

0:30:14.240 --> 0:30:17.240
<v Speaker 2>Road out in the Hampton's and it was shocking to

0:30:17.320 --> 0:30:20.800
<v Speaker 2>see what essentially is a barrier island that's been there

0:30:20.800 --> 0:30:23.280
<v Speaker 2>for hundreds of years, the ocean going straight through it,

0:30:23.600 --> 0:30:26.720
<v Speaker 2>like there are parts where houses were floating away and

0:30:27.240 --> 0:30:31.560
<v Speaker 2>big gaps. It was crazy what had taken place there.

0:30:32.080 --> 0:30:34.360
<v Speaker 2>And the Army Corps of engineers come in and they

0:30:34.440 --> 0:30:37.640
<v Speaker 2>rebuild it. The only thing that really has changed is

0:30:37.640 --> 0:30:39.600
<v Speaker 2>that FEMA has mandated, I think you have to be

0:30:39.640 --> 0:30:42.920
<v Speaker 2>eleven feet above sea level above high tide, and so

0:30:42.960 --> 0:30:45.800
<v Speaker 2>all these houses are built on stilts, and so you

0:30:45.840 --> 0:30:48.360
<v Speaker 2>could kind of drive up to like the third or

0:30:48.360 --> 0:30:50.920
<v Speaker 2>fourth step, and so by the time you get to

0:30:50.960 --> 0:30:54.920
<v Speaker 2>the ground floor, you're relatively safe. If we get another sandy,

0:30:55.040 --> 0:30:59.280
<v Speaker 2>the house at least shouldn't wash away. But that doesn't

0:30:59.320 --> 0:31:01.240
<v Speaker 2>do any good if the rest of the barrier island

0:31:01.360 --> 0:31:04.080
<v Speaker 2>pus is the way, right, So should I know we

0:31:04.160 --> 0:31:06.160
<v Speaker 2>have a shortage of housing? Do we have a shortage

0:31:06.240 --> 0:31:08.200
<v Speaker 2>of housing that's ocean front?

0:31:09.040 --> 0:31:10.960
<v Speaker 1>I mean, that's a good question. It's like not only

0:31:11.080 --> 0:31:15.080
<v Speaker 1>ocean front though, Like insurers have pulled out of California too.

0:31:15.520 --> 0:31:17.680
<v Speaker 2>It was a wildfire, those fires, right.

0:31:17.960 --> 0:31:20.080
<v Speaker 1>And they've pulled out of Louisiana for the same words

0:31:20.360 --> 0:31:23.240
<v Speaker 1>of hurricanes. They pulled out of Florida because of the

0:31:23.280 --> 0:31:26.239
<v Speaker 1>issues with hurricanes too, And so I think it's just

0:31:26.360 --> 0:31:31.880
<v Speaker 1>like there's an increasing climate risk, and that's across.

0:31:30.960 --> 0:31:34.280
<v Speaker 2>The board, right. It's one thing for politicians to argue

0:31:34.400 --> 0:31:38.160
<v Speaker 2>about climate risk, but when insurers say, oh no, we're

0:31:38.160 --> 0:31:40.680
<v Speaker 2>not going to cover that because we've done the numbers.

0:31:40.720 --> 0:31:43.920
<v Speaker 2>This is an opinion they're uninsurable in that part of

0:31:43.920 --> 0:31:46.560
<v Speaker 2>the world or that part of the country. It really

0:31:46.640 --> 0:31:48.240
<v Speaker 2>raises some fascinating questions.

0:31:48.320 --> 0:31:51.280
<v Speaker 1>Yeah, when Florida's second biggest insurer is the government, it's

0:31:51.320 --> 0:31:55.040
<v Speaker 1>Citizens Insurance, And so that's kind of the funny situation

0:31:55.120 --> 0:31:58.080
<v Speaker 1>that we're going to be in. You know, natural disasters

0:31:58.120 --> 0:32:02.000
<v Speaker 1>are only increasing just because of what's happening to the environment,

0:32:02.000 --> 0:32:04.680
<v Speaker 1>which is why green energy is so important. And I

0:32:04.760 --> 0:32:07.160
<v Speaker 1>think that'll just be a big reckoning moment where it's like,

0:32:07.200 --> 0:32:09.120
<v Speaker 1>you know, housing is so important, but we also have

0:32:09.160 --> 0:32:11.600
<v Speaker 1>to have this huge conversation about how we're going to

0:32:11.640 --> 0:32:15.240
<v Speaker 1>ensure these homes right because insurance has gone up twenty

0:32:15.280 --> 0:32:18.160
<v Speaker 1>percent on average, I think since twenty twenty three across

0:32:18.240 --> 0:32:21.600
<v Speaker 1>the whole country. Like property insurance is a huge burden

0:32:21.640 --> 0:32:23.760
<v Speaker 1>for a lot of people right now, and that's something

0:32:23.800 --> 0:32:27.080
<v Speaker 1>that you have to consider with the broader conversation around

0:32:27.080 --> 0:32:28.680
<v Speaker 1>what does it mean to own a home in the

0:32:28.760 --> 0:32:29.520
<v Speaker 1>United States?

0:32:29.880 --> 0:32:32.920
<v Speaker 2>Right I recall when my mom moved to Florida, you know,

0:32:33.040 --> 0:32:37.720
<v Speaker 2>decades ago, there was a fantastic arbitrage opportunity the cost

0:32:37.720 --> 0:32:40.400
<v Speaker 2>of living there was a fraction, real estate was a fraction.

0:32:41.120 --> 0:32:46.280
<v Speaker 2>Now between taxes, problems with insurance and all the HOA fees,

0:32:46.320 --> 0:32:49.120
<v Speaker 2>the homeowners association fees for condos and houses have gone

0:32:49.200 --> 0:32:52.239
<v Speaker 2>up because their costs have gone so much up, it

0:32:52.320 --> 0:32:55.800
<v Speaker 2>doesn't feel like that it's a bargain anymore. Hey, maybe

0:32:55.840 --> 0:32:58.440
<v Speaker 2>you get nicer weather when there's not a hurricane, but

0:32:58.480 --> 0:33:00.000
<v Speaker 2>it doesn't seem to be the same bargain.

0:33:00.480 --> 0:33:04.040
<v Speaker 1>No. I think Florida is in a really unique spot

0:33:04.240 --> 0:33:08.280
<v Speaker 1>as a state because they there's nothing that's being done

0:33:08.360 --> 0:33:10.720
<v Speaker 1>to make the homes more ensurable. Because one way that

0:33:10.720 --> 0:33:13.040
<v Speaker 1>you could do that is to maybe invest in climate

0:33:13.080 --> 0:33:14.360
<v Speaker 1>resilient infrastructure.

0:33:14.720 --> 0:33:16.680
<v Speaker 2>I don't know, it's a hoax. We can't waste money

0:33:16.680 --> 0:33:18.040
<v Speaker 2>on that. Climate change is a hope.

0:33:18.160 --> 0:33:20.719
<v Speaker 1>No, it's it's it's a And like there's other reasons

0:33:20.720 --> 0:33:23.040
<v Speaker 1>why insurance has increased other than climate, Like you do

0:33:23.120 --> 0:33:26.120
<v Speaker 1>have to talk about the reinsurance companies, the people who

0:33:26.200 --> 0:33:29.360
<v Speaker 1>ensure the insurance. They've raised greats. You know, inflation has

0:33:29.360 --> 0:33:33.840
<v Speaker 1>impacted the costs rebuilding the homes. So like there's other

0:33:33.880 --> 0:33:36.080
<v Speaker 1>reasons outside of climate change, But like we can't live

0:33:36.120 --> 0:33:38.160
<v Speaker 1>in this state of denial. Not to like turn this

0:33:38.280 --> 0:33:40.480
<v Speaker 1>into a climate change conversation, but it's.

0:33:40.360 --> 0:33:42.600
<v Speaker 2>A it's a factor, and I think it's a more

0:33:42.640 --> 0:33:45.680
<v Speaker 2>of a factor for your generation than my generation, because

0:33:45.840 --> 0:33:49.280
<v Speaker 2>by the time climate change is really bad will be

0:33:49.320 --> 0:33:51.719
<v Speaker 2>done and buried for a long time, You'll still be

0:33:51.760 --> 0:33:54.920
<v Speaker 2>clearing up the mess that I like to blame my

0:33:55.040 --> 0:34:00.840
<v Speaker 2>parents on. I'm semi green. You're probably much greener than me.

0:34:01.120 --> 0:34:03.520
<v Speaker 2>I have a hybrid, I have an electro vehicle. I also,

0:34:04.160 --> 0:34:07.040
<v Speaker 2>you know, fly, and my house is probably too big

0:34:07.120 --> 0:34:10.359
<v Speaker 2>relative to what I really need. But that's a very

0:34:10.480 --> 0:34:14.959
<v Speaker 2>generational thing. You could see how people's carbon footprints really

0:34:15.040 --> 0:34:19.440
<v Speaker 2>vary with age. So what happened with the egg situation

0:34:19.600 --> 0:34:23.160
<v Speaker 2>in twenty twenty two? What did people get so wrong

0:34:23.239 --> 0:34:24.720
<v Speaker 2>about that? Oh?

0:34:24.760 --> 0:34:27.839
<v Speaker 1>Man, I think eggs were It's funny, like thinking back

0:34:27.880 --> 0:34:29.440
<v Speaker 1>to it, I'm like, that was so long ago now,

0:34:29.480 --> 0:34:30.319
<v Speaker 1>but it was, you know.

0:34:30.480 --> 0:34:33.120
<v Speaker 2>It was a year or so, right, So there was

0:34:33.160 --> 0:34:37.440
<v Speaker 2>a chicken flu going around that was killing that millions

0:34:37.480 --> 0:34:40.560
<v Speaker 2>of hens, and people lost their mind when eggs were

0:34:40.600 --> 0:34:42.000
<v Speaker 2>like seventy eight dollars a dozen.

0:34:42.160 --> 0:34:44.120
<v Speaker 1>Yeah, yeah, I know, people freaked out and they were

0:34:44.120 --> 0:34:46.480
<v Speaker 1>like oh, you know, inflation is so bad. Everything is

0:34:46.520 --> 0:34:49.359
<v Speaker 1>so bad. You know, the eggs, there's pray scouging going on,

0:34:49.840 --> 0:34:51.880
<v Speaker 1>all this stuff, and it was really just kind of

0:34:51.920 --> 0:34:54.840
<v Speaker 1>like a supply and demand misbalance because of the chicken flu.

0:34:55.000 --> 0:34:57.880
<v Speaker 2>And there was price gouging going on, just not with eggs,

0:34:57.880 --> 0:35:00.440
<v Speaker 2>of all the things. To point out to eggs was

0:35:00.440 --> 0:35:03.560
<v Speaker 2>a legitimate Hey you kill fifty million chickens, guess what

0:35:03.840 --> 0:35:04.440
<v Speaker 2>less eggs.

0:35:04.680 --> 0:35:06.640
<v Speaker 1>Yeah, and I remember there being egg shortage at the

0:35:06.680 --> 0:35:09.240
<v Speaker 1>grocery store if people were freaking out. But it all,

0:35:09.360 --> 0:35:11.960
<v Speaker 1>I mean, it all calmed down like a month, like

0:35:12.239 --> 0:35:14.160
<v Speaker 1>it really normalized quite quickly.

0:35:14.400 --> 0:35:17.960
<v Speaker 2>Yeah, that's a pretty short gestation period for birds, right.

0:35:17.920 --> 0:35:20.399
<v Speaker 1>Yeah, they lay a lot of eggs. Good for us,

0:35:20.440 --> 0:35:23.279
<v Speaker 1>I guess when we eat them. But yeah, that was

0:35:23.360 --> 0:35:25.400
<v Speaker 1>just kind of I think the a good example of

0:35:25.440 --> 0:35:27.800
<v Speaker 1>you know, people and how important they are for the economy,

0:35:27.800 --> 0:35:31.600
<v Speaker 1>because how people freak out ultimately does impact how everyone

0:35:31.600 --> 0:35:33.799
<v Speaker 1>feels about things. Because that was kind of like mass

0:35:33.880 --> 0:35:37.719
<v Speaker 1>hysteria in a really big way too, like the egg situation.

0:35:38.080 --> 0:35:40.520
<v Speaker 1>I mean, I remember some of my friends were texting

0:35:40.560 --> 0:35:42.080
<v Speaker 1>me about it, and they're like, Kylo, what's going on,

0:35:42.160 --> 0:35:44.560
<v Speaker 1>the eggs, like economically speaking, by.

0:35:44.440 --> 0:35:46.560
<v Speaker 2>The way, that that would take you a little thirty

0:35:46.600 --> 0:35:50.040
<v Speaker 2>seconds to figure out on Google, I'm always surprised, like,

0:35:50.280 --> 0:35:53.240
<v Speaker 2>there there's an acronym that I haven't seen recently on Twitter,

0:35:53.280 --> 0:35:55.400
<v Speaker 2>but it used to be let me google that for

0:35:55.480 --> 0:35:59.000
<v Speaker 2>you lmgt me f y. And it's just like, come on,

0:35:59.040 --> 0:36:01.840
<v Speaker 2>why are you asking me so much of readily accessible answer?

0:36:02.400 --> 0:36:06.600
<v Speaker 2>Ask something more complicated. But people see highering prices, they

0:36:06.640 --> 0:36:09.319
<v Speaker 2>lose their mind. Let's talk about something else that I

0:36:09.360 --> 0:36:14.280
<v Speaker 2>found fascinating from the book. People's eyeballs are now dollar signs.

0:36:14.480 --> 0:36:15.680
<v Speaker 2>Explain what you mean by that?

0:36:15.920 --> 0:36:17.720
<v Speaker 1>Yeah, so this is something I talk a lot about

0:36:17.840 --> 0:36:20.799
<v Speaker 1>the presentations I give too, because the attention economy is

0:36:20.880 --> 0:36:24.080
<v Speaker 1>really important. I think that our eyeballs are the most

0:36:24.120 --> 0:36:27.680
<v Speaker 1>expensive things that we have because advertisers will pay so

0:36:27.800 --> 0:36:30.839
<v Speaker 1>much to acquire them, and so I think that is

0:36:30.880 --> 0:36:33.600
<v Speaker 1>both good and bad, right, Like it's valuable as a

0:36:33.600 --> 0:36:35.960
<v Speaker 1>consumer because you kind of ordered the product, and so

0:36:36.000 --> 0:36:38.240
<v Speaker 1>a lot of products can be free, like the social

0:36:38.280 --> 0:36:41.640
<v Speaker 1>networking sites. But I think there's this general sense of

0:36:41.680 --> 0:36:44.399
<v Speaker 1>exhaustion where people are like, I'm really sick of being

0:36:44.440 --> 0:36:47.919
<v Speaker 1>advertised too. I know how expensive. My attention is and

0:36:48.040 --> 0:36:50.319
<v Speaker 1>I don't want to pay attention anymore. And so I

0:36:50.320 --> 0:36:51.920
<v Speaker 1>think that's kind of what we're seeing with the attention

0:36:52.040 --> 0:36:54.680
<v Speaker 1>economy is people are quite tired of it because their

0:36:54.719 --> 0:36:55.880
<v Speaker 1>attention is so valuable.

0:36:56.080 --> 0:37:00.720
<v Speaker 2>And you mentioned advertising. The younger guys in my office,

0:37:01.080 --> 0:37:04.719
<v Speaker 2>half their wardrobe comes from Instagram. They see something they like,

0:37:05.200 --> 0:37:08.520
<v Speaker 2>click and buy it right from that. It's it's it's

0:37:08.560 --> 0:37:13.200
<v Speaker 2>almost as if the advertisers are being removed from the middle.

0:37:13.320 --> 0:37:16.920
<v Speaker 2>It's here's an influencer wearing this, Oh I like that, Bang,

0:37:16.960 --> 0:37:18.879
<v Speaker 2>You're purchasing it in real time.

0:37:18.960 --> 0:37:23.719
<v Speaker 1>Yeah, Instagram shopping is extraordinarily powerful, and that's true, is

0:37:23.800 --> 0:37:26.399
<v Speaker 1>people like and that's kind of I think the exhaustion too,

0:37:26.440 --> 0:37:29.160
<v Speaker 1>Like you do see sort of this influencer pushback. I

0:37:29.200 --> 0:37:30.960
<v Speaker 1>wrote about this at the end of last year, like

0:37:31.000 --> 0:37:34.160
<v Speaker 1>the influencer apocalypse that could be upon us, where people

0:37:34.200 --> 0:37:37.640
<v Speaker 1>are very sick of like not knowing what's an advertisement

0:37:37.719 --> 0:37:40.880
<v Speaker 1>and whatsnot. But there's also such power in the curation

0:37:41.080 --> 0:37:44.239
<v Speaker 1>that influencers provide that I think it's more just people

0:37:44.280 --> 0:37:46.000
<v Speaker 1>are like, I don't want to deal with it, but

0:37:46.280 --> 0:37:48.960
<v Speaker 1>I think it's really valuable and the influencers do get

0:37:49.000 --> 0:37:51.920
<v Speaker 1>paid quite a bit of a course to be essentially

0:37:51.960 --> 0:37:53.360
<v Speaker 1>a billboard for these companies.

0:37:53.520 --> 0:37:55.879
<v Speaker 2>Right. You know, it's funny because you and I both

0:37:55.920 --> 0:37:58.440
<v Speaker 2>do a lot of content marketing, which is a phrase

0:37:58.480 --> 0:38:02.360
<v Speaker 2>I don't love. But anybody who pays attention to someone

0:38:02.360 --> 0:38:05.560
<v Speaker 2>who does that, it's because, hey, I've been following them

0:38:05.600 --> 0:38:09.160
<v Speaker 2>for a while. I understand their process. I trust their judgment.

0:38:09.880 --> 0:38:12.200
<v Speaker 2>They're not for sale, and if they're telling me go

0:38:12.280 --> 0:38:15.040
<v Speaker 2>read this or go look at that, it's because they've

0:38:15.040 --> 0:38:18.080
<v Speaker 2>done it and they think it's valuable. Like is that

0:38:18.160 --> 0:38:21.040
<v Speaker 2>going to go away? Also? At what point how far

0:38:21.120 --> 0:38:24.400
<v Speaker 2>down does the influence or apocalypse go? I don't know,

0:38:25.040 --> 0:38:28.000
<v Speaker 2>he asked self interestedly, Right.

0:38:28.080 --> 0:38:31.600
<v Speaker 1>Like what do you think? Yeah? I wrote this piece

0:38:31.680 --> 0:38:35.200
<v Speaker 1>in February of this year around trust and because I

0:38:35.200 --> 0:38:38.319
<v Speaker 1>think trust is a very expensive commodity too, and I

0:38:38.360 --> 0:38:41.040
<v Speaker 1>think that trust is you know, there's not a lot

0:38:41.080 --> 0:38:43.360
<v Speaker 1>of it going around. It's very difficult to gain trust,

0:38:43.640 --> 0:38:45.319
<v Speaker 1>and so I think people will still have, you know,

0:38:45.360 --> 0:38:48.480
<v Speaker 1>people like you where they trust, they trust your judgment.

0:38:48.520 --> 0:38:50.520
<v Speaker 1>They're like, he knows what he's talking about. He's not

0:38:50.560 --> 0:38:52.600
<v Speaker 1>going to try and pedle me a product. But like,

0:38:52.640 --> 0:38:54.080
<v Speaker 1>once you do pedal, somebody a.

0:38:54.000 --> 0:38:57.120
<v Speaker 2>Product now variable of newit. He's coming to you from right.

0:38:57.280 --> 0:38:58.120
<v Speaker 2>Once that happens.

0:38:58.120 --> 0:39:00.239
<v Speaker 1>Once that happens, trust you're done.

0:39:00.560 --> 0:39:02.960
<v Speaker 2>So I've told this war story a million times, but

0:39:03.040 --> 0:39:06.520
<v Speaker 2>it's just so perfect. The same day, during the lockdown,

0:39:06.520 --> 0:39:08.360
<v Speaker 2>I want to say it was like March or April

0:39:08.640 --> 0:39:11.640
<v Speaker 2>early in twenty twenty. No, maybe it's May or June,

0:39:11.719 --> 0:39:14.640
<v Speaker 2>but you know, first half of the year still early days.

0:39:14.960 --> 0:39:18.759
<v Speaker 2>I get an email from two different companies the same day,

0:39:19.440 --> 0:39:23.160
<v Speaker 2>and one was Delta saying, hey, listen, we know you're

0:39:23.200 --> 0:39:26.359
<v Speaker 2>stuck at home and this sucks and everybody's really frustrated.

0:39:26.840 --> 0:39:29.400
<v Speaker 2>One thing you don't have to worry about are your miles.

0:39:29.440 --> 0:39:34.719
<v Speaker 2>They're gonna last forever. And your silver medallion status now platinum.

0:39:34.920 --> 0:39:38.960
<v Speaker 2>Your silver medallion status won't expire, will extend it for

0:39:39.000 --> 0:39:41.319
<v Speaker 2>another eighteen months. You don't have to worry about it.

0:39:41.920 --> 0:39:44.000
<v Speaker 2>Once you're ready to once this ends and you're ready

0:39:44.040 --> 0:39:46.680
<v Speaker 2>to start traveling, Delta is ready when you are. And

0:39:46.760 --> 0:39:49.439
<v Speaker 2>I'm like, holy cow, that's fantastic. And then I read

0:39:49.480 --> 0:39:53.680
<v Speaker 2>the next email from Starbucks and it was, hey, your

0:39:53.719 --> 0:39:58.120
<v Speaker 2>Starbucks points, which are nonsensical things that you get a

0:39:58.160 --> 0:40:01.319
<v Speaker 2>free latte if you, you know, buy enough stuff, they're

0:40:01.360 --> 0:40:02.920
<v Speaker 2>gonna expire at the end of the month, so go

0:40:02.960 --> 0:40:05.080
<v Speaker 2>out and use them right away. And it's like, are

0:40:05.120 --> 0:40:08.040
<v Speaker 2>you kidding me? I don't know if it was the juxtaposition,

0:40:08.680 --> 0:40:11.960
<v Speaker 2>but I know that since then, I fly Delta a

0:40:11.960 --> 0:40:14.960
<v Speaker 2>whole lot and I go to Starbucks a whole lot less.

0:40:15.560 --> 0:40:18.440
<v Speaker 2>And I don't know if the guy from Chipotle is

0:40:18.480 --> 0:40:21.360
<v Speaker 2>gonna do anything about that, but it just seemed like

0:40:21.440 --> 0:40:26.000
<v Speaker 2>such a petty, silly, panicky thing to do. Like, wait,

0:40:26.800 --> 0:40:30.080
<v Speaker 2>your cost of food is like the least expensive part

0:40:30.560 --> 0:40:34.319
<v Speaker 2>of the real estate, the labor, everything you do. My

0:40:34.680 --> 0:40:38.399
<v Speaker 2>dumb egg white whole wheat McMuffin, you're gonna just take

0:40:38.440 --> 0:40:41.640
<v Speaker 2>that because we're in the middle of a pandemic. Nobody's

0:40:41.680 --> 0:40:44.960
<v Speaker 2>going to your store, don't you want to encourage. I

0:40:45.320 --> 0:40:48.560
<v Speaker 2>guess that was their attempt use it or lose it.

0:40:48.680 --> 0:40:52.920
<v Speaker 2>That look, I'm curious your thoughts on how does corporate

0:40:52.920 --> 0:40:59.320
<v Speaker 2>America capture and maintain trust from people who my generation

0:40:59.480 --> 0:41:03.040
<v Speaker 2>is arguable will be more loyal to brands like my

0:41:03.160 --> 0:41:06.000
<v Speaker 2>neighbor's growing up. He's a Ford guy, he's a Chevy guy.

0:41:07.120 --> 0:41:10.400
<v Speaker 2>I don't know if that sort of brand loyalty really

0:41:10.760 --> 0:41:11.640
<v Speaker 2>exists anymore.

0:41:11.920 --> 0:41:15.080
<v Speaker 1>There's a really good piece called Life After Lifestyle by

0:41:15.120 --> 0:41:17.919
<v Speaker 1>Toby Shoren, and he kind of talks about this, how

0:41:17.960 --> 0:41:21.319
<v Speaker 1>like some parts of brands are influencing culture, but it's

0:41:21.360 --> 0:41:24.319
<v Speaker 1>not the traditional brands. So it'd be brands like you

0:41:24.320 --> 0:41:26.759
<v Speaker 1>know how your office guys go on Instagram. It would

0:41:26.760 --> 0:41:29.400
<v Speaker 1>be like all Birds. All Birds is now a terrible stock.

0:41:29.440 --> 0:41:31.480
<v Speaker 1>But that's just one example, like where.

0:41:31.280 --> 0:41:33.600
<v Speaker 2>Oh god, we've had those for like seven eight years,

0:41:33.680 --> 0:41:35.279
<v Speaker 2>that's like mid twenty ten.

0:41:35.360 --> 0:41:38.040
<v Speaker 1>But they were kind of like the pinnacle of like

0:41:38.080 --> 0:41:40.960
<v Speaker 1>forming some part of culture and some sort of brand identity.

0:41:41.320 --> 0:41:44.919
<v Speaker 1>But as you're saying, people jumped immediately to the next thing.

0:41:45.040 --> 0:41:48.240
<v Speaker 1>So I don't think it's like cohesive brands stories anymore.

0:41:48.239 --> 0:41:50.719
<v Speaker 1>It's kind of like these brands that patch together to

0:41:50.760 --> 0:41:53.000
<v Speaker 1>create like an archetype of a person.

0:41:53.400 --> 0:41:57.080
<v Speaker 2>Especially in fashion that changes so rapidly. Although these aren't

0:41:57.120 --> 0:42:00.239
<v Speaker 2>Warby Parker's, but they seem to be doing pretty okay.

0:42:00.719 --> 0:42:04.840
<v Speaker 2>Like some companies develop a relationship I love my Maui

0:42:04.920 --> 0:42:10.040
<v Speaker 2>Jim's or my Olaci shoes, And at a certain point,

0:42:10.080 --> 0:42:12.640
<v Speaker 2>maybe this is being an old man. But it's just

0:42:12.680 --> 0:42:15.520
<v Speaker 2>like you just know, just reorder the next one. Oh,

0:42:15.560 --> 0:42:17.600
<v Speaker 2>these shoes are ratty, all right, leave them out at

0:42:17.600 --> 0:42:19.520
<v Speaker 2>the beach house, order another pair, get a new pair.

0:42:20.000 --> 0:42:23.560
<v Speaker 2>But I don't know if that's true for your generation. No.

0:42:23.800 --> 0:42:25.759
<v Speaker 1>I think it is that you know, you sort of

0:42:26.040 --> 0:42:28.840
<v Speaker 1>follow the trends. There's a really good book by douglash

0:42:28.920 --> 0:42:32.080
<v Speaker 1>Rushkoff called Present Shock where he talks about how everything

0:42:32.120 --> 0:42:36.239
<v Speaker 1>moves in a fashion timeline now, so like people just recycle,

0:42:36.360 --> 0:42:38.240
<v Speaker 1>like they just moved through stuff so quickly.

0:42:38.520 --> 0:42:41.960
<v Speaker 2>Literally fast fashion is what you know, shine in those

0:42:41.960 --> 0:42:43.200
<v Speaker 2>companies are all about.

0:42:43.280 --> 0:42:45.520
<v Speaker 1>Yeah, trends move so fast, and you want to be

0:42:45.600 --> 0:42:49.640
<v Speaker 1>on top because your whole life is you know, on screen.

0:42:49.520 --> 0:42:52.440
<v Speaker 2>On screen, to say the least. So what were you

0:42:52.520 --> 0:42:57.200
<v Speaker 2>looking at that led you to the phrase vibe session? Yeah?

0:42:57.280 --> 0:43:00.840
<v Speaker 1>I mean I think for me it was really fortunate

0:43:00.880 --> 0:43:04.040
<v Speaker 1>because I had all these comments, Like I was making

0:43:04.120 --> 0:43:06.400
<v Speaker 1>these social media videos, so I'd get hundreds of comments

0:43:06.440 --> 0:43:09.840
<v Speaker 1>a day of me talking about how GDP was going okay,

0:43:10.040 --> 0:43:11.920
<v Speaker 1>and then people would be like, we're in a recession.

0:43:12.480 --> 0:43:14.840
<v Speaker 1>I'm upset, Like what are you talking about? And so

0:43:14.880 --> 0:43:16.600
<v Speaker 1>I was like, what's going on? Like why, Like the

0:43:16.600 --> 0:43:20.480
<v Speaker 1>economic data is okay, but all these people are extraordinarily upset.

0:43:20.920 --> 0:43:22.480
<v Speaker 1>And so I was on a bike ride one day

0:43:22.640 --> 0:43:24.239
<v Speaker 1>and I was thinking about that, and it's kind of

0:43:24.239 --> 0:43:27.200
<v Speaker 1>like this disconnect of vibes, right, Like it's this disconnect

0:43:27.239 --> 0:43:30.200
<v Speaker 1>with beading consumer sentiment and economic data, and that gap

0:43:30.280 --> 0:43:32.520
<v Speaker 1>is really the important part. The vibe session has taken

0:43:32.560 --> 0:43:34.200
<v Speaker 1>a life of its own, which is really cool. But

0:43:34.600 --> 0:43:36.719
<v Speaker 1>it's been used incorrectly. A couple of times.

0:43:36.800 --> 0:43:38.719
<v Speaker 2>Do people use it incorrectly.

0:43:38.320 --> 0:43:42.160
<v Speaker 1>They'll be like, people shouldn't be feeling bad. It's like,

0:43:42.360 --> 0:43:44.000
<v Speaker 1>and that's not the point of that word.

0:43:44.200 --> 0:43:46.680
<v Speaker 2>That's a generational thing, isn't it. You and I were

0:43:46.680 --> 0:43:50.120
<v Speaker 2>talking earlier, my buddy Dave, our friend, mutual friend, Dave

0:43:50.239 --> 0:43:54.200
<v Speaker 2>Nadic was saying, hey, people over fifty hey, vibe session

0:43:54.280 --> 0:43:58.080
<v Speaker 2>concept and people under seem to get it. What is

0:43:58.120 --> 0:44:01.880
<v Speaker 2>it about the way it's being misus used? That reflects

0:44:01.880 --> 0:44:04.280
<v Speaker 2>the lack of comprehension.

0:44:04.000 --> 0:44:06.799
<v Speaker 1>From my experience of having conversations because a lot of

0:44:06.800 --> 0:44:10.680
<v Speaker 1>people don't like the word. I got death threads over it.

0:44:10.680 --> 0:44:15.000
<v Speaker 2>It was toxic social media? Right? What is better than Twitter?

0:44:15.120 --> 0:44:16.399
<v Speaker 2>Since Elmo took it over?

0:44:16.480 --> 0:44:20.400
<v Speaker 1>Oh, God, it's a nightmare right now. It was lucky.

0:44:20.400 --> 0:44:22.200
<v Speaker 1>This was two years ago, you know, just to make

0:44:22.239 --> 0:44:24.080
<v Speaker 1>that word because I don't know what the comments would

0:44:24.080 --> 0:44:26.719
<v Speaker 1>be like currently. But we're kind of seeing a real

0:44:26.800 --> 0:44:30.160
<v Speaker 1>time social experiment with that. Like it's almost like four

0:44:30.239 --> 0:44:32.640
<v Speaker 1>chun come back to life. But none of these people

0:44:32.680 --> 0:44:33.880
<v Speaker 1>are anonymous.

0:44:34.600 --> 0:44:37.480
<v Speaker 2>Well, plenty of them are anonymous, and my guess is

0:44:37.560 --> 0:44:39.920
<v Speaker 2>thirty forty percent of them are just bots.

0:44:40.320 --> 0:44:44.799
<v Speaker 1>Yeah, yeah, that's the foreign interference is a really big thing.

0:44:44.920 --> 0:44:47.160
<v Speaker 2>Some domestic, but a lot of China and North Korea,

0:44:47.239 --> 0:44:51.800
<v Speaker 2>Russia elsewhere. For sure. Arguably I ran, although I'm not

0:44:51.800 --> 0:44:56.520
<v Speaker 2>not as convinced of that. So you coin this phrase.

0:44:56.880 --> 0:45:02.240
<v Speaker 2>June twenty twenty two. By Quinn's ends, CPI inflation peaked

0:45:02.600 --> 0:45:06.719
<v Speaker 2>at nine percent in June twenty twenty two. How much

0:45:06.880 --> 0:45:12.800
<v Speaker 2>of vibe session was just utter frustration with rapidly rising inflation?

0:45:13.160 --> 0:45:15.080
<v Speaker 1>A lot of it. Yeah. So the way that I

0:45:15.080 --> 0:45:17.399
<v Speaker 1>talk about vibe session now, you know, tw years later,

0:45:18.000 --> 0:45:21.279
<v Speaker 1>is that it is an element of structural affordability, right, Like,

0:45:21.320 --> 0:45:24.880
<v Speaker 1>inflation is really high. Even with inflation going down, that

0:45:24.880 --> 0:45:27.400
<v Speaker 1>doesn't mean the prices are going down. Housing is unaffordable

0:45:27.400 --> 0:45:32.160
<v Speaker 1>as we talked about Eldercare is extraordinarily unaffordable. Childcare costs

0:45:32.160 --> 0:45:35.960
<v Speaker 1>are up thirty two percent since twenty nineteen. So like

0:45:36.000 --> 0:45:39.920
<v Speaker 1>there's a structural affordability that is being captured in people's

0:45:40.000 --> 0:45:43.120
<v Speaker 1>vibes that doesn't necessarily show up in the broader economic data,

0:45:43.160 --> 0:45:45.560
<v Speaker 1>Like you don't look at GDP and say, okay, people

0:45:45.560 --> 0:45:47.279
<v Speaker 1>can't afford to put their mom in a nursing home.

0:45:47.840 --> 0:45:50.600
<v Speaker 1>And there's also media headlines like the media has become

0:45:50.640 --> 0:45:55.400
<v Speaker 1>really negative. Sentiment has you know, decreased over time too,

0:45:55.440 --> 0:45:57.719
<v Speaker 1>and so I think it's those two things where it

0:45:57.840 --> 0:46:03.200
<v Speaker 1>is unaffordable, and then also there's a lot of stories

0:46:03.280 --> 0:46:07.799
<v Speaker 1>about things being really bad and that is creating a vibesession.

0:46:08.400 --> 0:46:11.960
<v Speaker 2>So it's interesting you mentioned sentiment. I did a blog

0:46:12.000 --> 0:46:14.560
<v Speaker 2>post around the same time, and I was kind of

0:46:14.600 --> 0:46:21.080
<v Speaker 2>fascinated that the University of Michigan sentiment survey was lower

0:46:21.120 --> 0:46:24.440
<v Speaker 2>than the pandemic, lower than the financial crisis, lower than

0:46:24.520 --> 0:46:28.600
<v Speaker 2>September eleventh, lower than the dot com implosion. That seemed

0:46:28.640 --> 0:46:34.840
<v Speaker 2>to be wildly inappropriate. What else do you think factored

0:46:34.840 --> 0:46:36.399
<v Speaker 2>into that disconnect?

0:46:36.800 --> 0:46:38.680
<v Speaker 1>Well, I don't know if you saw the Harris Guardian

0:46:38.719 --> 0:46:41.719
<v Speaker 1>poll that like a lot. God, I can't remember the

0:46:41.760 --> 0:46:44.920
<v Speaker 1>exact number, but a number that is way too high.

0:46:45.040 --> 0:46:48.080
<v Speaker 1>Percentage of people think that now was worse than the

0:46:48.080 --> 0:46:50.920
<v Speaker 1>Great Depression, And so I think that that's kind of

0:46:50.960 --> 0:46:54.719
<v Speaker 1>what's going on is people are looking at circumstances and

0:46:55.080 --> 0:46:57.719
<v Speaker 1>as we were talking about earlier, maybe not having context

0:46:57.880 --> 0:47:00.840
<v Speaker 1>for what's happening right now. Right now, we're not in

0:47:00.920 --> 0:47:01.880
<v Speaker 1>a great depression.

0:47:02.239 --> 0:47:06.400
<v Speaker 2>It's unaffordable, but we're not even in a recession. Arguable,

0:47:06.440 --> 0:47:09.920
<v Speaker 2>you were expanding two and a half three percent somewhere

0:47:09.920 --> 0:47:12.160
<v Speaker 2>in that range in the third or fourth quarters of

0:47:12.640 --> 0:47:17.160
<v Speaker 2>twenty twenty four. So I have to ask you this question.

0:47:17.560 --> 0:47:21.839
<v Speaker 2>I forgot. I looked up the quote the future is here.

0:47:21.880 --> 0:47:25.760
<v Speaker 2>It's just not evenly distributed by William Gibson. How much

0:47:26.440 --> 0:47:30.719
<v Speaker 2>of what you described Vibe session is about the abundance

0:47:31.040 --> 0:47:35.560
<v Speaker 2>of our economies here, it's also not evenly distributed. I'm

0:47:35.600 --> 0:47:38.760
<v Speaker 2>old enough to recall that the Baby boomers are in trouble.

0:47:38.920 --> 0:47:43.560
<v Speaker 2>They're never gonna pay the wealthiest generation in history. Everybody

0:47:43.719 --> 0:47:46.240
<v Speaker 2>got that wrong, or a lot of people got that wrong.

0:47:47.320 --> 0:47:50.000
<v Speaker 2>We see gen X doing well, we see Gen Z

0:47:50.960 --> 0:47:53.520
<v Speaker 2>kind of coming up a little bit and now they're

0:47:53.560 --> 0:47:56.600
<v Speaker 2>a new generation that's calling jen Alpha or something like that.

0:47:57.080 --> 0:48:02.880
<v Speaker 2>So how does the ditribution of wealth back and loaded

0:48:02.920 --> 0:48:06.000
<v Speaker 2>to the oldest people who have been working and saving

0:48:06.000 --> 0:48:09.160
<v Speaker 2>and investing the longest. How does that impact the concept

0:48:09.239 --> 0:48:10.000
<v Speaker 2>of vibe session.

0:48:10.280 --> 0:48:14.000
<v Speaker 1>Yeah, I mean I think you know, there's so there's

0:48:14.000 --> 0:48:17.320
<v Speaker 1>a couple of things there, right, Like there's a saying

0:48:17.520 --> 0:48:19.560
<v Speaker 1>where America has a lot of wealth but not a

0:48:19.560 --> 0:48:21.600
<v Speaker 1>lot of prosperity. And I think that's kind of the

0:48:21.640 --> 0:48:23.560
<v Speaker 1>situation where a lot of people have a lot of

0:48:23.560 --> 0:48:25.960
<v Speaker 1>money and a lot of assets, but that is not

0:48:26.040 --> 0:48:29.439
<v Speaker 1>evenly distributed, as you said. And I think also because

0:48:29.480 --> 0:48:32.760
<v Speaker 1>people are living longer and you know, staying in jobs longer,

0:48:32.880 --> 0:48:37.280
<v Speaker 1>taking longer to retire, there isn't maybe as much upward

0:48:37.320 --> 0:48:39.319
<v Speaker 1>mobility as there used to be.

0:48:39.520 --> 0:48:43.440
<v Speaker 2>Will you people hurry up? And what's the problem?

0:48:43.680 --> 0:48:46.319
<v Speaker 1>No, I just it isn't it's I don't think people

0:48:46.360 --> 0:48:51.160
<v Speaker 1>should die. But it is interesting because there's I need

0:48:51.160 --> 0:48:53.239
<v Speaker 1>to do more work on this. But there's almost kind

0:48:53.239 --> 0:48:57.719
<v Speaker 1>of like a leadership slash mentorship crisis where it seems like.

0:48:58.760 --> 0:49:02.239
<v Speaker 2>Certainly with remote work is giantly problematic.

0:49:01.800 --> 0:49:03.759
<v Speaker 1>Absolute because like how do you train up the next

0:49:03.760 --> 0:49:06.560
<v Speaker 1>generation if you're not with them. And also there is

0:49:06.600 --> 0:49:09.720
<v Speaker 1>an element of resistance to training up the next generation,

0:49:09.840 --> 0:49:12.640
<v Speaker 1>I think, because there's elements of agism, like the older

0:49:12.680 --> 0:49:14.800
<v Speaker 1>people don't want to be pushed out of their jobs

0:49:14.840 --> 0:49:18.120
<v Speaker 1>and they feel like that's happening, and it's tough within

0:49:18.520 --> 0:49:21.400
<v Speaker 1>like within the generations too, Like I think it's forty

0:49:21.440 --> 0:49:25.279
<v Speaker 1>three percent baby boomers have no retirement savings and then

0:49:25.480 --> 0:49:26.759
<v Speaker 1>some of them have, you know, a.

0:49:26.800 --> 0:49:29.520
<v Speaker 2>Bubble toimes right, it's not even lead distributed, no doubt

0:49:29.520 --> 0:49:29.800
<v Speaker 2>about it.

0:49:29.800 --> 0:49:31.880
<v Speaker 1>And so I think that's totally true because in the

0:49:32.000 --> 0:49:35.719
<v Speaker 1>US we are very much in all or nothing society,

0:49:35.760 --> 0:49:38.120
<v Speaker 1>like you either figure it out or you don't, and

0:49:38.160 --> 0:49:39.759
<v Speaker 1>there's nobody who's going to help you.

0:49:40.239 --> 0:49:43.520
<v Speaker 2>So you're hinting with the mentorship issue, you're hinting at

0:49:43.520 --> 0:49:48.839
<v Speaker 2>something vibe session related, which is I mean, let's talk

0:49:48.880 --> 0:49:52.080
<v Speaker 2>about the eight hundred pound gerill in the room. How

0:49:52.120 --> 0:49:56.320
<v Speaker 2>big an impact was the pandemic, the lockdown, being forced

0:49:56.320 --> 0:49:58.560
<v Speaker 2>to work remotely, not being able to have the sort

0:49:58.600 --> 0:50:02.640
<v Speaker 2>of social interaction that my generation took for granted when

0:50:02.640 --> 0:50:05.160
<v Speaker 2>I was your age. How big of an impact was

0:50:05.320 --> 0:50:10.600
<v Speaker 2>that mess on? And let's be blunt the pandemic was

0:50:10.640 --> 0:50:15.160
<v Speaker 2>not well handled by the previous administration. You can argue

0:50:15.239 --> 0:50:17.319
<v Speaker 2>the at least they got the vaccine out and was

0:50:17.360 --> 0:50:21.520
<v Speaker 2>somewhat better handled by the next administration, although both of

0:50:21.560 --> 0:50:25.719
<v Speaker 2>them contributed Karzac one, Karzac two, and Karzac three that

0:50:26.000 --> 0:50:30.320
<v Speaker 2>massive fiscal stimulus is a big part of the inflation spike.

0:50:30.960 --> 0:50:35.680
<v Speaker 2>How much did the pandemic contribute to Vibe session feelings.

0:50:35.960 --> 0:50:38.640
<v Speaker 1>I think a lot. Yeah, I think, you know, to

0:50:38.719 --> 0:50:43.000
<v Speaker 1>the point of social interactions, Like I graduated basically into

0:50:43.000 --> 0:50:45.440
<v Speaker 1>the pandemic and I still don't know how to like

0:50:46.080 --> 0:50:48.839
<v Speaker 1>talk and adult species, right, right, So I think that's

0:50:48.960 --> 0:50:50.680
<v Speaker 1>definitely a big part of it, is like the lack

0:50:50.760 --> 0:50:53.840
<v Speaker 1>of social interaction. And then two, like a lot of

0:50:53.840 --> 0:50:56.759
<v Speaker 1>people ended up just consuming content all day long, right,

0:50:57.160 --> 0:51:00.520
<v Speaker 1>and what goes viral, as you know, on social media

0:51:00.680 --> 0:51:03.239
<v Speaker 1>is doomer stuff, right, And so I think that's a

0:51:03.239 --> 0:51:06.160
<v Speaker 1>big thing, is like people were consuming because we were

0:51:06.160 --> 0:51:09.640
<v Speaker 1>stuck inside. It was extraordinarily scary. Nobody knew what was happening.

0:51:09.840 --> 0:51:11.560
<v Speaker 1>And you when people are telling you that the world

0:51:11.840 --> 0:51:14.759
<v Speaker 1>is ending, and you're like, okay, yeah, that makes sense

0:51:14.800 --> 0:51:16.720
<v Speaker 1>to me, and you just kind of keep on consuming

0:51:16.719 --> 0:51:19.680
<v Speaker 1>that info even after things get better.

0:51:20.160 --> 0:51:25.799
<v Speaker 2>Right, That lack of information hygiene is really important. Here's

0:51:25.840 --> 0:51:28.440
<v Speaker 2>another generational difference, and I want to ask you how

0:51:28.440 --> 0:51:32.600
<v Speaker 2>this contributed to the vibe session. So people I don't know,

0:51:32.840 --> 0:51:38.440
<v Speaker 2>over fifty, maybe even over forty, like that, were already

0:51:39.000 --> 0:51:41.760
<v Speaker 2>in their teens or twenties when the Internet came about.

0:51:42.200 --> 0:51:44.080
<v Speaker 2>The Internet has always been a room in the house

0:51:44.120 --> 0:51:45.880
<v Speaker 2>we would visit, Oh, I'm going to go online for

0:51:45.880 --> 0:51:50.120
<v Speaker 2>a while, whereas the forty and under generation, the internet

0:51:50.160 --> 0:51:52.799
<v Speaker 2>has always been there. Is that true forty and they,

0:51:52.880 --> 0:51:55.480
<v Speaker 2>let's say thirty and under certainly since the mid nineties,

0:51:55.880 --> 0:51:59.160
<v Speaker 2>and they exist in the Internet. It's not like a

0:51:59.320 --> 0:52:04.480
<v Speaker 2>separate thing. It's part of their virtual reality. So raises

0:52:04.520 --> 0:52:09.359
<v Speaker 2>the question, what's the impact of social media on that

0:52:09.480 --> 0:52:14.279
<v Speaker 2>generation's self identity? They at least a decade ago, we're

0:52:14.280 --> 0:52:17.720
<v Speaker 2>so focused on likes and social approval and you mentioned

0:52:17.800 --> 0:52:22.720
<v Speaker 2>going viral. Does that lead them to be less data driven,

0:52:22.800 --> 0:52:27.520
<v Speaker 2>less more embracing of these subjective measures of reality?

0:52:28.120 --> 0:52:31.719
<v Speaker 1>Maybe? Yeah, that's interesting. I think definitely. Yeah, Like the

0:52:31.760 --> 0:52:33.640
<v Speaker 1>Internet is something that it's like a room that you

0:52:33.680 --> 0:52:36.040
<v Speaker 1>go into in your head, right right, Like you are

0:52:36.040 --> 0:52:38.359
<v Speaker 1>not with other people if you're on your phone, even

0:52:38.400 --> 0:52:40.319
<v Speaker 1>if you're around them, right, And so I think that's

0:52:40.360 --> 0:52:42.839
<v Speaker 1>something that we're like just starting to grapple with. I've

0:52:42.880 --> 0:52:46.120
<v Speaker 1>noticed it within myself where it's like, once I start scrolling,

0:52:46.280 --> 0:52:48.600
<v Speaker 1>I'm not in the room with my friends, like I'm

0:52:48.640 --> 0:52:50.759
<v Speaker 1>in the room on Twitter. And so I think that's

0:52:50.800 --> 0:52:53.600
<v Speaker 1>a big part of it too, where you do everything

0:52:53.640 --> 0:52:57.480
<v Speaker 1>does end up being influenced by feelings versus like quantitative measures,

0:52:57.840 --> 0:52:59.719
<v Speaker 1>and you kind of know how it feels in your

0:52:59.719 --> 0:53:02.600
<v Speaker 1>head and you kind of extrapolate that out into the

0:53:02.640 --> 0:53:05.000
<v Speaker 1>world beyond you. And so maybe we do have a

0:53:05.040 --> 0:53:08.680
<v Speaker 1>more subjective generation that is like, well, this is how

0:53:08.719 --> 0:53:12.360
<v Speaker 1>I feel about stuff, because look how feelings perform on

0:53:12.440 --> 0:53:13.440
<v Speaker 1>the internet.

0:53:13.320 --> 0:53:19.640
<v Speaker 2>Right and listen, social media has perfected the algorithm for outrage,

0:53:19.680 --> 0:53:24.760
<v Speaker 2>because outrage increases engagement even as it slowly eats away

0:53:24.960 --> 0:53:29.920
<v Speaker 2>like a cancer society from the inside. You know. I

0:53:29.960 --> 0:53:32.600
<v Speaker 2>have mixed feelings on the death of Twitter as it

0:53:32.680 --> 0:53:33.880
<v Speaker 2>slowly circles.

0:53:33.480 --> 0:53:34.800
<v Speaker 1>The dreaming it's going to die.

0:53:35.280 --> 0:53:36.440
<v Speaker 2>I think it's dead already.

0:53:36.600 --> 0:53:36.880
<v Speaker 1>Really.

0:53:37.160 --> 0:53:40.680
<v Speaker 2>So last summer, not twenty four to twenty three, I

0:53:40.800 --> 0:53:45.640
<v Speaker 2>lost I got hacked. I call him Elmo but Elmo

0:53:45.880 --> 0:53:49.080
<v Speaker 2>decided to make you pay for two factor authentication, which

0:53:49.160 --> 0:53:52.040
<v Speaker 2>is standard security practices. It used to come with it.

0:53:52.560 --> 0:53:56.239
<v Speaker 2>And I came home from dinner Saturday night. Apparently you

0:53:56.239 --> 0:53:59.759
<v Speaker 2>could send an email requesting a change of password and

0:54:00.000 --> 0:54:02.719
<v Speaker 2>those idiots would just do it, like if you don't

0:54:02.800 --> 0:54:05.960
<v Speaker 2>object to it in sixty minutes, that's something silly. So

0:54:06.320 --> 0:54:09.759
<v Speaker 2>that's how I lost my Twitter account, and fortunately the

0:54:09.800 --> 0:54:11.839
<v Speaker 2>folks here helped me get it back and only took

0:54:11.880 --> 0:54:15.239
<v Speaker 2>three months. And again Dave nottiing and I I was

0:54:15.280 --> 0:54:18.480
<v Speaker 2>like lamenting this, and He's like, you're not missing anything.

0:54:18.520 --> 0:54:21.319
<v Speaker 2>It's died already. This is a year ago, and I'm

0:54:21.560 --> 0:54:25.839
<v Speaker 2>genuinely shocked at how the engagement has gone down, how

0:54:25.880 --> 0:54:31.600
<v Speaker 2>the interaction and half the people I know irl I've

0:54:31.640 --> 0:54:35.359
<v Speaker 2>met on Twitter over the past fifteen years ago. It's

0:54:35.440 --> 0:54:39.040
<v Speaker 2>so terrible, And there's nothing else has come along that

0:54:39.239 --> 0:54:44.160
<v Speaker 2>quite matches it. Just that. So now I'm pretty much

0:54:44.239 --> 0:54:48.759
<v Speaker 2>down to just focusing on my lists. At least it

0:54:48.880 --> 0:54:50.880
<v Speaker 2>used to be with your list, you weren't seeing a

0:54:50.920 --> 0:54:54.080
<v Speaker 2>lot of other junk that even that's starting to get

0:54:54.080 --> 0:54:57.480
<v Speaker 2>corrupted because I know I have a list on behavior

0:54:57.520 --> 0:55:01.440
<v Speaker 2>finance and a list on charts and at markets and economics,

0:55:01.719 --> 0:55:04.200
<v Speaker 2>and a list on automobiles, and a list on travel,

0:55:04.239 --> 0:55:06.239
<v Speaker 2>and a list on I have all these lists, and

0:55:06.320 --> 0:55:08.080
<v Speaker 2>I used to be able to just go, you know what,

0:55:08.200 --> 0:55:11.960
<v Speaker 2>I'm just going to spend some time learning about, you know,

0:55:12.040 --> 0:55:15.719
<v Speaker 2>the hills of southern Spain, and you could do that.

0:55:16.040 --> 0:55:21.360
<v Speaker 2>And now everything is just intruded with craziness and politics.

0:55:21.719 --> 0:55:24.640
<v Speaker 2>But it brings I want to bring this back to

0:55:24.680 --> 0:55:28.680
<v Speaker 2>the vibe session question. So we've talked about the pandemic,

0:55:29.520 --> 0:55:32.920
<v Speaker 2>We've talked about inflation as a driver of the vibe session.

0:55:34.320 --> 0:55:37.920
<v Speaker 2>How much of this is driven by social media? How

0:55:38.000 --> 0:55:41.959
<v Speaker 2>much of this is that doomer loop of people who

0:55:42.000 --> 0:55:45.360
<v Speaker 2>have been wrong since the financial crisis and yet still

0:55:45.400 --> 0:55:46.240
<v Speaker 2>have a big following.

0:55:46.440 --> 0:55:49.400
<v Speaker 1>Yeah. No, it's something I combat all the time with

0:55:49.440 --> 0:55:52.600
<v Speaker 1>the stuff that I post on Instagram and TikTok, because

0:55:52.640 --> 0:55:55.120
<v Speaker 1>that's what goes viral, is like not the truth, but

0:55:55.560 --> 0:55:57.880
<v Speaker 1>big scary things. And that's a huge problem on Twitter,

0:55:58.160 --> 0:56:00.879
<v Speaker 1>as we both know. And so I think it is

0:56:01.120 --> 0:56:03.680
<v Speaker 1>definitely an issue because, like, you know, we have these

0:56:03.719 --> 0:56:06.520
<v Speaker 1>animal brains and they're trying to protect us since they're like,

0:56:07.080 --> 0:56:10.239
<v Speaker 1>you know, pay attention to the big scary thing, and

0:56:10.280 --> 0:56:12.799
<v Speaker 1>that's always going to be a duomer story, right, right,

0:56:12.840 --> 0:56:15.920
<v Speaker 1>Like nobody really wants to hear Okay, the economy's going okay.

0:56:15.960 --> 0:56:18.520
<v Speaker 1>It's like, no, the economy's going crazy and you're in

0:56:18.560 --> 0:56:20.160
<v Speaker 1>a lot of trouble. Like that's what you're going to

0:56:20.239 --> 0:56:22.320
<v Speaker 1>end up paying attention to. And so I think totally

0:56:22.400 --> 0:56:26.520
<v Speaker 1>the vibe session has been heavily influenced by social media.

0:56:26.640 --> 0:56:30.640
<v Speaker 1>Even when I was writing that initial piece, I reached

0:56:30.640 --> 0:56:32.640
<v Speaker 1>out to a lot of people in my comment section

0:56:32.680 --> 0:56:35.480
<v Speaker 1>who had been commenting that they were like not feeling

0:56:35.520 --> 0:56:38.040
<v Speaker 1>good and that they were very worried, and there's of

0:56:38.080 --> 0:56:40.400
<v Speaker 1>course like true economic pain out there. But a lot

0:56:40.440 --> 0:56:42.120
<v Speaker 1>of these people were like, Oh, I read an article

0:56:42.239 --> 0:56:43.600
<v Speaker 1>that things are not okay.

0:56:43.840 --> 0:56:46.480
<v Speaker 2>And what's the track record of that paper on that author?

0:56:46.560 --> 0:56:50.280
<v Speaker 2>How why do you assume that because it was published

0:56:50.280 --> 0:56:52.960
<v Speaker 2>it's accurate. I'm always sure I spend a lot of

0:56:52.960 --> 0:56:57.399
<v Speaker 2>time fending off nonsense that clients read and say, hey,

0:56:57.480 --> 0:57:00.920
<v Speaker 2>you know, New York Stock Exchange margin dead is at

0:57:00.960 --> 0:57:04.439
<v Speaker 2>record highs. So is the New York Stock Exchange. Look

0:57:04.480 --> 0:57:06.480
<v Speaker 2>at the two. As long as you're it's at all

0:57:06.520 --> 0:57:08.680
<v Speaker 2>time highs. Margin dead is also going to be at

0:57:08.680 --> 0:57:12.120
<v Speaker 2>all time highs. Why is that a problem? Back to

0:57:12.200 --> 0:57:14.799
<v Speaker 2>denominator blindness. You got to look at the broader context,

0:57:15.320 --> 0:57:18.320
<v Speaker 2>and yet people don't seem to ask those questions.

0:57:18.440 --> 0:57:21.080
<v Speaker 1>Do you think that's an element of media literacy?

0:57:21.520 --> 0:57:25.680
<v Speaker 2>There's some of that. It's also you brought up you know,

0:57:25.760 --> 0:57:29.160
<v Speaker 2>our lizard brains. Things that are good are not an

0:57:29.160 --> 0:57:33.640
<v Speaker 2>existential threat. So all right, it's great, things that are bad.

0:57:33.800 --> 0:57:36.560
<v Speaker 2>Oh my goodness, this can end. Hey, I'm here to

0:57:36.640 --> 0:57:41.160
<v Speaker 2>propagate my genetic lineage if if this threatens that, you know,

0:57:41.280 --> 0:57:45.960
<v Speaker 2>we were hardwired to be a classic risk aversion. It's

0:57:46.520 --> 0:57:50.880
<v Speaker 2>losses feel twice as bad as gains because losses are

0:57:51.160 --> 0:57:52.360
<v Speaker 2>an existential threat.

0:57:52.600 --> 0:57:56.360
<v Speaker 1>Yeah. Absolutely. I was reading this really interesting article about

0:57:56.400 --> 0:57:59.480
<v Speaker 1>the you know, propagating the generic lineage thing, because I'm

0:57:59.520 --> 0:58:02.040
<v Speaker 1>really interested in the dating apps and how they're sort

0:58:02.040 --> 0:58:05.160
<v Speaker 1>of influencing the mindset of the younger generation around that

0:58:05.640 --> 0:58:08.880
<v Speaker 1>and this guy, he's a sociologist, and he's arguing that

0:58:08.920 --> 0:58:12.120
<v Speaker 1>our brains are actually switching away from the desire to

0:58:12.280 --> 0:58:15.680
<v Speaker 1>repopulate and they're more so becoming focused on the individual

0:58:16.080 --> 0:58:18.720
<v Speaker 1>and that's maybe why we're having more and more of

0:58:18.720 --> 0:58:19.800
<v Speaker 1>a fertility crisis.

0:58:19.880 --> 0:58:22.280
<v Speaker 2>Isn't that a global issue? Oh yeah, seeing a fertility

0:58:22.280 --> 0:58:26.120
<v Speaker 2>crisis around the world across the board. You mentioned the

0:58:26.200 --> 0:58:29.480
<v Speaker 2>quant who works in my shop, Nick Majulie. He did

0:58:29.520 --> 0:58:33.280
<v Speaker 2>some stuff years ago, look scraping the data from the apps.

0:58:33.600 --> 0:58:35.320
<v Speaker 2>You should dig that up. I remember it was like

0:58:35.760 --> 0:58:39.520
<v Speaker 2>just insane the sort of numbers he pulled out of that.

0:58:40.840 --> 0:58:43.760
<v Speaker 2>I think I'm hard pressed to imagine that five years

0:58:43.840 --> 0:58:46.880
<v Speaker 2>or ten years of social media are going to undo

0:58:47.120 --> 0:58:51.280
<v Speaker 2>two million years of evolutionary biology. Maybe I'm wrong, but

0:58:52.400 --> 0:58:55.160
<v Speaker 2>is this something that it's just a novel theory or

0:58:55.680 --> 0:59:00.520
<v Speaker 2>you finding against a lot of wetwear and hardwired aspects

0:59:00.520 --> 0:59:01.960
<v Speaker 2>of the human experience.

0:59:02.120 --> 0:59:05.200
<v Speaker 1>Yeah, yeah, I think it's it's definitely like paper covering

0:59:05.400 --> 0:59:07.560
<v Speaker 1>the deeper, you know, need to do that, because I

0:59:07.560 --> 0:59:11.800
<v Speaker 1>do think that's a genetic desire. But it's just interesting

0:59:12.160 --> 0:59:14.760
<v Speaker 1>and like maybe that's like why the vibes are disconnected, right,

0:59:14.800 --> 0:59:17.840
<v Speaker 1>Like why you see these high rates of depression, anxiety,

0:59:17.920 --> 0:59:21.400
<v Speaker 1>et cetera. You know, whenever you talk about society at large,

0:59:21.400 --> 0:59:24.520
<v Speaker 1>you're always pulling theories and there's always gaps in them.

0:59:24.880 --> 0:59:26.720
<v Speaker 1>But I think it's just interesting to think about like,

0:59:26.760 --> 0:59:28.640
<v Speaker 1>you know, what is the impact of dating apps, What

0:59:28.720 --> 0:59:30.880
<v Speaker 1>is the impact of being on social media and seeing

0:59:31.320 --> 0:59:34.320
<v Speaker 1>you know, not real faces but edited faces, Like how

0:59:34.320 --> 0:59:36.360
<v Speaker 1>does that impact how we actually exist in the real

0:59:36.400 --> 0:59:39.360
<v Speaker 1>world and ultimately how we feel about everything that we're

0:59:39.400 --> 0:59:41.120
<v Speaker 1>doing and the economy at large.

0:59:41.240 --> 0:59:44.120
<v Speaker 2>Well, we know that kids have a much higher depression

0:59:44.200 --> 0:59:47.040
<v Speaker 2>rate than they used to ever since you know, the

0:59:47.080 --> 0:59:50.120
<v Speaker 2>iPhone came out and all the apps, so it's having

0:59:50.120 --> 0:59:53.360
<v Speaker 2>a real effect all right, which leads to my last

0:59:53.440 --> 0:59:57.080
<v Speaker 2>vibe session question, which is there were a number of

0:59:57.120 --> 1:00:01.320
<v Speaker 2>economists who thought a vibe session would be a self

1:00:01.360 --> 1:00:05.320
<v Speaker 2>fulfilling prophecy and that we would end up negative sentiment,

1:00:05.320 --> 1:00:08.400
<v Speaker 2>would end up driving recession. That didn't happen.

1:00:08.680 --> 1:00:11.560
<v Speaker 1>Why, Yeah, that was good. That was actually the title

1:00:11.600 --> 1:00:15.520
<v Speaker 1>of the original piece, you know, vibeesession, self fulfilling prophecy.

1:00:16.960 --> 1:00:19.400
<v Speaker 1>And I don't think it ended up happening because the

1:00:19.400 --> 1:00:21.600
<v Speaker 1>economic data has been so strong, Like the government is

1:00:21.640 --> 1:00:23.520
<v Speaker 1>spending a lot of money, right, and that's going to

1:00:23.520 --> 1:00:25.400
<v Speaker 1>help prop up GDP, and that's going to help a

1:00:25.440 --> 1:00:28.520
<v Speaker 1>prop up the consumer. The consumer had an incredible savings

1:00:28.560 --> 1:00:31.720
<v Speaker 1>buffer post COVID, and we did see real wage gains

1:00:31.920 --> 1:00:34.640
<v Speaker 1>and so you had a resilient consumer who was ready

1:00:34.680 --> 1:00:37.520
<v Speaker 1>to spend, especially on services. And so I think that

1:00:37.680 --> 1:00:40.160
<v Speaker 1>helped us avoid a recession as we had a government

1:00:40.160 --> 1:00:42.280
<v Speaker 1>to you know, spending a lot of money. And then

1:00:42.320 --> 1:00:45.640
<v Speaker 1>we had a consumer that up until recently has been

1:00:45.720 --> 1:00:48.120
<v Speaker 1>quite strong in a labor market that was incredibly strong.

1:00:48.160 --> 1:00:50.480
<v Speaker 1>We're seeing weakness in that now, but I think that's

1:00:50.520 --> 1:00:52.960
<v Speaker 1>why we were able to avoid the self fulfilling prophecy

1:00:53.000 --> 1:00:53.600
<v Speaker 1>aspect of it.

1:00:53.680 --> 1:00:56.280
<v Speaker 2>Are we really seeing weakness? Are we just seeing less

1:00:56.280 --> 1:00:57.080
<v Speaker 2>strength than we.

1:00:57.000 --> 1:00:59.760
<v Speaker 1>Did, We're seeing That's a good point. It's more lukewarm versus.

1:00:59.640 --> 1:01:03.160
<v Speaker 2>High and the crazy thing I think people So you

1:01:03.200 --> 1:01:07.320
<v Speaker 2>talk about the abundance mindset earlier, there are a couple

1:01:07.320 --> 1:01:10.480
<v Speaker 2>of areas in the economy that scarcity has taked. So

1:01:10.600 --> 1:01:14.280
<v Speaker 2>we don't have enough single family homes, there aren't enough laborers.

1:01:14.360 --> 1:01:18.680
<v Speaker 2>We've reduced a number of legal immigrants since nine to eleven.

1:01:19.000 --> 1:01:21.880
<v Speaker 2>We lost a whole bunch of people to COVID we launched,

1:01:22.040 --> 1:01:25.600
<v Speaker 2>We have removed a whole bunch of people from the

1:01:25.800 --> 1:01:31.440
<v Speaker 2>labor force through disability, including long COVID. Arguably we're short

1:01:31.480 --> 1:01:34.400
<v Speaker 2>two or three million houses were short a few million

1:01:34.480 --> 1:01:37.880
<v Speaker 2>automobiles due to the lag in ramping up semiconductor production.

1:01:38.360 --> 1:01:41.840
<v Speaker 2>And we're also short I don't know, pick a number one, two, three,

1:01:42.000 --> 1:01:45.280
<v Speaker 2>four million laborers out of a laborpool of one hundred

1:01:45.280 --> 1:01:48.480
<v Speaker 2>and sixty two million people. So we have all this

1:01:48.560 --> 1:01:52.360
<v Speaker 2>abundance and yet at the same time they're scarcity in

1:01:52.480 --> 1:01:53.640
<v Speaker 2>very specific areas.

1:01:53.760 --> 1:01:56.479
<v Speaker 1>Yeah. Absolutely, in the abundance mindset is like we can't

1:01:56.560 --> 1:01:58.960
<v Speaker 1>have all these things in great numbers, and like it

1:01:59.000 --> 1:02:02.240
<v Speaker 1>doesn't have to be this issue where there's not enough

1:02:02.280 --> 1:02:04.840
<v Speaker 1>of things and that creates so much wordy and concern

1:02:04.920 --> 1:02:07.120
<v Speaker 1>for people. But yeah, I think that's kind of the

1:02:07.160 --> 1:02:09.280
<v Speaker 1>issue across the board is we don't have enough, and

1:02:09.360 --> 1:02:12.200
<v Speaker 1>yet we have so much money as a country, right.

1:02:12.400 --> 1:02:16.520
<v Speaker 2>Wealth, but not prosperity. I love that economy where if

1:02:16.560 --> 1:02:20.280
<v Speaker 2>you go to I remember being in Europe right during

1:02:20.320 --> 1:02:24.720
<v Speaker 2>the dot com implosion and everybody was so stressed out

1:02:24.720 --> 1:02:27.360
<v Speaker 2>in Manhattan you could feel like, hey, I get fired,

1:02:27.360 --> 1:02:29.320
<v Speaker 2>I'm gonna lose my health insurance. What it's gonna happen

1:02:29.360 --> 1:02:32.000
<v Speaker 2>if my kid needs a operation. You go to Europe

1:02:32.080 --> 1:02:34.800
<v Speaker 2>and they're in the cafe is having coffee and they're

1:02:34.800 --> 1:02:38.280
<v Speaker 2>smoking cloth cigarettes and nobody really seems to be bent

1:02:38.320 --> 1:02:42.680
<v Speaker 2>out of shape that hey, the technology is imploding eighty percent.

1:02:43.080 --> 1:02:46.320
<v Speaker 2>They're all kind of just groove in life. It's a

1:02:46.440 --> 1:02:51.200
<v Speaker 2>very different mindset where the focus isn't on wealth, but

1:02:51.280 --> 1:02:56.440
<v Speaker 2>it's on prosperity. Yeah, are there that much geographic differences?

1:02:56.720 --> 1:02:59.560
<v Speaker 2>Is United States that unique compared to the rest of

1:02:59.600 --> 1:02:59.960
<v Speaker 2>the world.

1:03:00.200 --> 1:03:02.280
<v Speaker 1>I don't. I mean, I think there's actually a big

1:03:02.320 --> 1:03:05.880
<v Speaker 1>conversation kind of happening around this right now, like why

1:03:06.120 --> 1:03:09.400
<v Speaker 1>the United States sort of does this to itself? And

1:03:09.680 --> 1:03:13.720
<v Speaker 1>I think the US has these elements of workaholicism, like

1:03:13.800 --> 1:03:17.120
<v Speaker 1>we love the work and Europe maybe doesn't. But yeah,

1:03:17.160 --> 1:03:19.640
<v Speaker 1>we've chosen maybe not to spend so much on the

1:03:19.640 --> 1:03:24.160
<v Speaker 1>social aspect of it, and you do see consequences of that.

1:03:24.200 --> 1:03:26.520
<v Speaker 1>Like I think having a social safety net for people

1:03:27.160 --> 1:03:29.280
<v Speaker 1>is a really good buffer. Like once you have a

1:03:29.320 --> 1:03:31.120
<v Speaker 1>sense of security, there's kind of a lot that you

1:03:31.160 --> 1:03:31.920
<v Speaker 1>can achieve.

1:03:31.720 --> 1:03:35.960
<v Speaker 2>A lot less stress. Also, although although arguably we don't

1:03:36.040 --> 1:03:38.920
<v Speaker 2>have that safety net, we don't and we've achieved I

1:03:38.920 --> 1:03:41.160
<v Speaker 2>think the stress is what has driven us.

1:03:41.560 --> 1:03:43.640
<v Speaker 1>Yeah, because we know that we have to have a

1:03:43.720 --> 1:03:44.160
<v Speaker 1>safe you.

1:03:44.080 --> 1:03:47.000
<v Speaker 2>Better get off your go do something otherwise no one's

1:03:47.000 --> 1:03:49.960
<v Speaker 2>feeding you. Good luck being homalless, which kind of is

1:03:50.000 --> 1:03:54.000
<v Speaker 2>really funning at about the Wall Street bets and all

1:03:54.040 --> 1:03:58.120
<v Speaker 2>the crypto bros that have fun being poor. Was such

1:03:58.120 --> 1:04:01.880
<v Speaker 2>an interesting basic approach to No. No, you've got to

1:04:01.880 --> 1:04:04.880
<v Speaker 2>go do something, even if it's something like NFTs or

1:04:04.920 --> 1:04:08.440
<v Speaker 2>crypto figure something out. That's a uniquely American proposition.

1:04:08.520 --> 1:04:11.680
<v Speaker 1>Yeah. Absolutely, because there's nobody to catch you, right, and

1:04:11.720 --> 1:04:15.000
<v Speaker 1>so you have to go invest in disecoin. And that's like,

1:04:15.120 --> 1:04:18.400
<v Speaker 1>now we have this gambling issue as a society, like

1:04:18.440 --> 1:04:22.160
<v Speaker 1>sports gambling, unbelievable. Gosh, it's awful. Yeah, and it is.

1:04:22.320 --> 1:04:24.480
<v Speaker 1>I really do believe it's because we don't have a

1:04:24.520 --> 1:04:26.240
<v Speaker 1>safety net for people, and so they're like, I don't

1:04:26.280 --> 1:04:28.200
<v Speaker 1>know what to do, I'll just gamble my money.

1:04:28.320 --> 1:04:30.440
<v Speaker 2>That makes sense. Usually if I don't know what to do,

1:04:30.960 --> 1:04:34.360
<v Speaker 2>I'll go watch YouTube. But hey, whatever you have to do.

1:04:35.560 --> 1:04:40.320
<v Speaker 2>So the Vibe session did not become a self fulfilling prophecy.

1:04:41.160 --> 1:04:43.600
<v Speaker 2>I have to do a compare and contrast with something

1:04:43.640 --> 1:04:47.320
<v Speaker 2>he wrote in the book, inflation is entirely dependent on

1:04:47.360 --> 1:04:50.360
<v Speaker 2>what people expect to happen. I disagree, but I want

1:04:50.400 --> 1:04:52.280
<v Speaker 2>you to explain why you think that is.

1:04:52.440 --> 1:04:56.200
<v Speaker 1>Yes, So this is definitely an unpopular opinion. Drew and

1:04:56.240 --> 1:04:58.680
<v Speaker 1>Poll actually talked about this in his Jackson Whole speech.

1:04:58.760 --> 1:05:02.360
<v Speaker 1>You know, infulation nextperts have been tempered, so people don't

1:05:02.360 --> 1:05:05.120
<v Speaker 1>expect as much inflation as it used to and that'll

1:05:05.160 --> 1:05:05.760
<v Speaker 1>help the Fed.

1:05:06.160 --> 1:05:08.080
<v Speaker 2>So let me just let me just stop you right there.

1:05:08.320 --> 1:05:12.040
<v Speaker 2>So after inflation has fallen from nine percent to two percent,

1:05:12.560 --> 1:05:17.240
<v Speaker 2>their expectations go down. That sounds quite backwards looking and lagging.

1:05:17.840 --> 1:05:21.080
<v Speaker 2>Let me also point out that when inflation was about

1:05:21.080 --> 1:05:25.120
<v Speaker 2>to spike up in two thousand and one, everybody's forward

1:05:25.480 --> 1:05:29.680
<v Speaker 2>inflation expectations were pretty low. Isn't this like asking people

1:05:29.720 --> 1:05:32.400
<v Speaker 2>what their risk tolerance is? Aren't you just getting whatever

1:05:32.440 --> 1:05:35.000
<v Speaker 2>happened over the past six to twelve months? Yeah?

1:05:35.120 --> 1:05:38.280
<v Speaker 1>Usually, But I think the reason I said that in

1:05:38.320 --> 1:05:41.240
<v Speaker 1>the book was like, the expectations do matter, and they'll

1:05:41.320 --> 1:05:43.920
<v Speaker 1>ultimately influence how the Federal Reserve makes decisions.

1:05:43.920 --> 1:05:46.000
<v Speaker 2>I mean, Jerome Powell one hundred percent agrees with that.

1:05:46.120 --> 1:05:46.960
<v Speaker 2>I just think he's.

1:05:46.800 --> 1:05:50.440
<v Speaker 1>Wrong because you think it's what, like, what do you think?

1:05:50.840 --> 1:05:52.400
<v Speaker 2>I think people don't know what the hell they think.

1:05:52.480 --> 1:05:54.240
<v Speaker 2>They certainly don't know what they're gonna do you ask

1:05:54.320 --> 1:05:57.200
<v Speaker 2>them a question they don't know. And because of the

1:05:57.240 --> 1:06:02.240
<v Speaker 2>American educational experience where we're tested within inches of our lives, Hey,

1:06:02.880 --> 1:06:06.720
<v Speaker 2>no penalties for filling in that bubble on your multiple choice.

1:06:07.280 --> 1:06:10.120
<v Speaker 2>So people nobody likes to say I don't know, So

1:06:10.280 --> 1:06:13.480
<v Speaker 2>here's a made up answer. Go away. I can talk

1:06:13.480 --> 1:06:15.960
<v Speaker 2>about this stuff with you forever, but we have a

1:06:16.000 --> 1:06:19.360
<v Speaker 2>hard stop. So I have to get to my favorite

1:06:19.440 --> 1:06:23.120
<v Speaker 2>questions that I ask all of my guests, starting with

1:06:24.000 --> 1:06:27.240
<v Speaker 2>what's keeping you entertained these days? What are you listening

1:06:27.240 --> 1:06:31.560
<v Speaker 2>to on podcasts or watching on Netflix, Amazon, Disney, whatever

1:06:31.840 --> 1:06:32.200
<v Speaker 2>you like?

1:06:32.560 --> 1:06:39.640
<v Speaker 1>Yeah? So I really like the podcast Philosophize. This Philosophize, Yeah,

1:06:39.760 --> 1:06:42.440
<v Speaker 1>that's one of my favorite podcasts. It's by Stephen West

1:06:42.800 --> 1:06:45.160
<v Speaker 1>and he talks all about the different schools of philosophy,

1:06:45.200 --> 1:06:49.760
<v Speaker 1>goes back to the very beginning, and it's just phenomenal

1:06:49.800 --> 1:06:52.800
<v Speaker 1>and he walks you through everything and all the different

1:06:52.800 --> 1:06:56.640
<v Speaker 1>schools of thought, and I think he does a fantastic job.

1:06:56.960 --> 1:07:00.480
<v Speaker 1>And then there's this series called Land of the Giants

1:07:00.520 --> 1:07:01.040
<v Speaker 1>by Box.

1:07:01.280 --> 1:07:02.720
<v Speaker 2>You've heard of that, yes.

1:07:02.640 --> 1:07:05.520
<v Speaker 1>Yeah, Peter Kofka has done a couple of them, but.

1:07:05.960 --> 1:07:07.800
<v Speaker 2>He was a Business Week for a long time, and

1:07:07.800 --> 1:07:09.520
<v Speaker 2>then I think it was briefly at the Times and

1:07:09.520 --> 1:07:10.320
<v Speaker 2>now he's at Fox.

1:07:10.520 --> 1:07:12.080
<v Speaker 1>Yeah, I think so. I think that was his path.

1:07:12.120 --> 1:07:14.960
<v Speaker 2>Well unless it was backwards Times Business Week, but whatever.

1:07:16.360 --> 1:07:18.160
<v Speaker 2>He's a good economic writer.

1:07:18.160 --> 1:07:21.240
<v Speaker 1>And he's a great podcast Oh really Yeah, I really

1:07:21.320 --> 1:07:23.880
<v Speaker 1>enjoyed his his dives. They talk about like delivery apps,

1:07:24.040 --> 1:07:26.800
<v Speaker 1>they talk about dating apps, they talk about Twitter and

1:07:26.840 --> 1:07:29.680
<v Speaker 1>what happened with Twitter, and so I really enjoyed that.

1:07:29.760 --> 1:07:31.840
<v Speaker 1>And then I've been listening. I listened to a ton

1:07:31.840 --> 1:07:34.439
<v Speaker 1>of audio books because I'm on a bike a lot,

1:07:34.800 --> 1:07:36.360
<v Speaker 1>and so I'll listen to a book on the bike

1:07:36.840 --> 1:07:38.880
<v Speaker 1>and Blood in the Machine is really good.

1:07:38.960 --> 1:07:41.000
<v Speaker 2>It sounds so from the Oh.

1:07:40.720 --> 1:07:42.560
<v Speaker 1>I can't remember the author's name.

1:07:42.960 --> 1:07:45.360
<v Speaker 2>So I'm going to get to specific books. We'll start, Okay,

1:07:45.440 --> 1:07:50.120
<v Speaker 2>so hold on that for a second. So those were

1:07:50.120 --> 1:07:53.240
<v Speaker 2>all podcasts. Any any video anything you watch on video

1:07:53.400 --> 1:07:56.640
<v Speaker 2>like YouTube stuff, YouTube, Netflix whatever.

1:07:56.840 --> 1:08:01.040
<v Speaker 1>Oh I don't watch a ton of Netflix. I do

1:08:01.640 --> 1:08:05.480
<v Speaker 1>listen to a lot of podcasts. And then on YouTube,

1:08:05.920 --> 1:08:09.600
<v Speaker 1>I've been listening to Eddie Burback. Have you heard of him? No,

1:08:09.920 --> 1:08:12.560
<v Speaker 1>He's kind of like a commentator YouTube guy. But he

1:08:12.600 --> 1:08:15.360
<v Speaker 1>did this thing on Ai. Recently, he did this funny

1:08:15.440 --> 1:08:19.280
<v Speaker 1>video where he visited all the rainforest cafes in the country.

1:08:19.520 --> 1:08:22.120
<v Speaker 1>And he's just a very good producer. Uh huh, and

1:08:22.280 --> 1:08:23.799
<v Speaker 1>I really enjoy think.

1:08:23.720 --> 1:08:26.240
<v Speaker 2>How many rainforest cafes other in the country. There's one

1:08:26.360 --> 1:08:29.080
<v Speaker 2>like didn't that come out like twenty year twenty five

1:08:29.200 --> 1:08:33.400
<v Speaker 2>years ago Bruce Willis and Arnold Schwartz And there wasn't

1:08:33.439 --> 1:08:38.120
<v Speaker 2>like a crazy question like they teamed up so after

1:08:38.400 --> 1:08:42.760
<v Speaker 2>Planet Hollywood. I don't remember. I'm getting that wrong. I

1:08:42.800 --> 1:08:44.880
<v Speaker 2>know that they were involved. Some people were involved with

1:08:44.920 --> 1:08:49.280
<v Speaker 2>Planet Hollywood, and a subset of those people did Rainforest Cafe.

1:08:49.320 --> 1:08:50.760
<v Speaker 2>I could be completely wrong about that.

1:08:50.800 --> 1:08:53.160
<v Speaker 1>I don't know, but yeah, he walks. I don't know,

1:08:53.200 --> 1:08:53.920
<v Speaker 1>maybe not everything.

1:08:53.960 --> 1:08:55.120
<v Speaker 2>Are there a lot of these left?

1:08:55.880 --> 1:08:58.360
<v Speaker 1>Yeah, there are at least one in every state.

1:08:58.400 --> 1:09:02.479
<v Speaker 2>I think, uh huh huh. Good, that's crazy. I'm going

1:09:02.520 --> 1:09:04.240
<v Speaker 2>to share a channel with you because you brought up

1:09:04.360 --> 1:09:07.240
<v Speaker 2>mass transit. Yeah, there is a guy. He's a Canadian.

1:09:07.280 --> 1:09:09.880
<v Speaker 2>He moved to Amsterdam and he has a channel called

1:09:10.479 --> 1:09:14.439
<v Speaker 2>Not Just Spikes and I'm addicted. First of all, I

1:09:14.479 --> 1:09:19.240
<v Speaker 2>love Amsterdam. It just barely edged out Paris is my

1:09:19.320 --> 1:09:23.000
<v Speaker 2>favorite city. But the whole concept of, hey, what you

1:09:23.040 --> 1:09:25.800
<v Speaker 2>do with your mass transit affects everything from wealth and

1:09:25.840 --> 1:09:29.760
<v Speaker 2>incoming equality to quality of life and why people in

1:09:30.240 --> 1:09:35.000
<v Speaker 2>countries with better mass transits have higher happiness quotients and

1:09:35.080 --> 1:09:39.280
<v Speaker 2>better health outcomes. And it's crazy how it just cascades

1:09:39.800 --> 1:09:43.240
<v Speaker 2>after higher education that seems to be the next most

1:09:43.240 --> 1:09:43.920
<v Speaker 2>important thing.

1:09:44.080 --> 1:09:46.160
<v Speaker 1>Do you know that the average car in the United

1:09:46.200 --> 1:09:50.000
<v Speaker 1>States has more space for itself than the average person does?

1:09:50.120 --> 1:09:52.840
<v Speaker 2>Yeah? Absolutely, Yeah, just look at all the plus to

1:09:52.840 --> 1:09:55.599
<v Speaker 2>say nothing of the parking spots that.

1:09:55.640 --> 1:09:59.200
<v Speaker 1>Have you read Paradise? No, Oh, it's about parking and

1:09:59.240 --> 1:09:59.840
<v Speaker 1>it's great.

1:10:00.240 --> 1:10:04.040
<v Speaker 2>So so let's get to your favorite books. No, let's paid Parking, Yeah,

1:10:04.160 --> 1:10:06.200
<v Speaker 2>paid Paradise. About what else?

1:10:06.280 --> 1:10:09.160
<v Speaker 1>The parking Blood in the Machine? Which can It's this

1:10:09.360 --> 1:10:12.040
<v Speaker 1>gorgeous book and he talks about the blood hees and

1:10:12.080 --> 1:10:14.320
<v Speaker 1>he goes into deep detail and like talks about what

1:10:14.360 --> 1:10:16.519
<v Speaker 1>it was like and obviously a very hard time, but

1:10:17.040 --> 1:10:19.360
<v Speaker 1>what it looks like for their lives to be impacted

1:10:19.360 --> 1:10:23.360
<v Speaker 1>by the introduction of like the spinning machine, and how

1:10:23.520 --> 1:10:27.320
<v Speaker 1>AI is like kind of comparing to that, And it's

1:10:27.360 --> 1:10:29.240
<v Speaker 1>just it's really good historical writing.

1:10:29.280 --> 1:10:31.880
<v Speaker 2>And I just saw a research report this morning. I

1:10:31.880 --> 1:10:33.840
<v Speaker 2>don't know who put it out, is the problem with

1:10:34.240 --> 1:10:37.880
<v Speaker 2>being a consumer of just too much jumps that AI

1:10:38.000 --> 1:10:40.080
<v Speaker 2>is going to be a net positive? Oh, I know

1:10:40.160 --> 1:10:43.200
<v Speaker 2>it was Torsten Slock looked at unemployment rates and phil

1:10:43.400 --> 1:10:47.720
<v Speaker 2>the Philippines and somewhere else that a lot of a

1:10:47.760 --> 1:10:50.519
<v Speaker 2>lot of call centers and a lot of outsource stuff

1:10:50.880 --> 1:10:54.000
<v Speaker 2>and despite the introduction of AI, none of these places

1:10:54.040 --> 1:10:56.639
<v Speaker 2>have seen an optic in unemployment yet. Oh. Just kind

1:10:56.640 --> 1:10:59.799
<v Speaker 2>of fascinating, Like you would think that's that's the canary

1:10:59.800 --> 1:11:01.040
<v Speaker 2>and the call, right, And.

1:11:01.080 --> 1:11:02.760
<v Speaker 1>I think like the way that a lot of people

1:11:02.760 --> 1:11:05.160
<v Speaker 1>are thinking about AIM, not this author of blood the machine,

1:11:05.160 --> 1:11:09.680
<v Speaker 1>but as a compliment to the human laborer, where it's

1:11:09.720 --> 1:11:11.639
<v Speaker 1>like it's not something where that places you, but something

1:11:11.640 --> 1:11:15.160
<v Speaker 1>that has an augmentation. Yeah. I've seen AI be.

1:11:15.200 --> 1:11:17.840
<v Speaker 2>An augmentation in my life one hundred percent. Every time

1:11:17.880 --> 1:11:20.680
<v Speaker 2>I do uh, do the prep work for this, the

1:11:20.800 --> 1:11:24.800
<v Speaker 2>last thing I do is entered into perplexity and chat

1:11:24.840 --> 1:11:28.439
<v Speaker 2>GBT and see what comes up. It still is occasionally wrong.

1:11:29.080 --> 1:11:31.680
<v Speaker 2>You have to be very aware that it's not trustworthy.

1:11:31.880 --> 1:11:33.600
<v Speaker 2>But it's getting a little better all the time, and

1:11:34.080 --> 1:11:38.240
<v Speaker 2>every now and then it'll uncover a nugget that we

1:11:38.280 --> 1:11:40.559
<v Speaker 2>miss and it's I have a research team, it's not

1:11:40.800 --> 1:11:44.120
<v Speaker 2>just me. And even still, those deep dives will pull

1:11:44.120 --> 1:11:48.000
<v Speaker 2>pull stuff out. So Paved Paradise blend the Machine. Any

1:11:48.000 --> 1:11:48.479
<v Speaker 2>other books you.

1:11:48.640 --> 1:11:51.760
<v Speaker 1>Oh, gosh, yeah, I read a ton on the bike

1:11:51.800 --> 1:11:55.439
<v Speaker 1>a lot. But I I read this book about the

1:11:55.479 --> 1:11:58.600
<v Speaker 1>founder of Glasciator, which was really interesting. Or Glossier the

1:11:58.600 --> 1:12:01.200
<v Speaker 1>water company. Yeah, it's the makeup company.

1:12:01.320 --> 1:12:02.559
<v Speaker 2>Oh, the makeup Yeah.

1:12:02.640 --> 1:12:05.320
<v Speaker 1>Yeah, So it's about that that founder and like what

1:12:05.360 --> 1:12:07.240
<v Speaker 1>it was like for her to build a makeup company,

1:12:08.040 --> 1:12:10.479
<v Speaker 1>and that was quite good. I read a lot of fiction.

1:12:11.720 --> 1:12:14.240
<v Speaker 2>So right now those first three year all nonfiction you

1:12:14.400 --> 1:12:17.960
<v Speaker 2>just gave me, uh huh yeah, right, so that's three nonfiction.

1:12:18.000 --> 1:12:19.679
<v Speaker 2>Give us three fiction that you're enjoying.

1:12:20.160 --> 1:12:23.360
<v Speaker 1>I'm reading A Gentleman in Moscow right now. Have you

1:12:23.400 --> 1:12:23.720
<v Speaker 1>read that?

1:12:23.800 --> 1:12:26.160
<v Speaker 2>I have it on my list forever, It's always in

1:12:26.200 --> 1:12:26.559
<v Speaker 2>my queue.

1:12:26.600 --> 1:12:29.320
<v Speaker 1>I never get it's like, so I'm probably a quarter

1:12:29.400 --> 1:12:31.479
<v Speaker 1>of the way through it, and it's kind of a

1:12:31.520 --> 1:12:34.080
<v Speaker 1>lot of dialogue, which I don't always enjoy. Like I

1:12:34.080 --> 1:12:37.479
<v Speaker 1>really love world building in fiction novels like Lord of

1:12:37.479 --> 1:12:38.400
<v Speaker 1>the Rings, et cetera.

1:12:38.439 --> 1:12:40.679
<v Speaker 2>Are you a sci fi or fantasy. I mean, obviously

1:12:40.720 --> 1:12:42.560
<v Speaker 2>Lord of the Rings is a classic.

1:12:42.120 --> 1:12:45.800
<v Speaker 1>But like kind kind of it's more of I like

1:12:46.000 --> 1:12:48.519
<v Speaker 1>settings to be very clear, so I can have it

1:12:48.520 --> 1:12:51.240
<v Speaker 1>in my head as a visual. I don't know if

1:12:51.240 --> 1:12:52.040
<v Speaker 1>that makes sense.

1:12:51.960 --> 1:12:55.200
<v Speaker 2>But CJ. Scherer was this and you could tell she

1:12:55.240 --> 1:12:57.280
<v Speaker 2>was a woman because it's initials. Because once she was

1:12:57.320 --> 1:12:59.720
<v Speaker 2>writing back in the sixties and seventies, I had a

1:12:59.760 --> 1:13:03.280
<v Speaker 2>high that she has. If you like world building, go

1:13:03.400 --> 1:13:06.840
<v Speaker 2>check out Pride of channor Cha and you are ok.

1:13:08.080 --> 1:13:10.760
<v Speaker 2>If you're like twenty pages into it and you're not

1:13:10.960 --> 1:13:12.400
<v Speaker 2>deeply in love, just throw it away.

1:13:12.439 --> 1:13:13.040
<v Speaker 1>Okay, done.

1:13:13.360 --> 1:13:16.080
<v Speaker 2>Yeah, but I may just have sent you down a

1:13:16.160 --> 1:13:20.400
<v Speaker 2>rabbit hole that will. Yeah. And she's just this amazing

1:13:20.800 --> 1:13:26.320
<v Speaker 2>builder of worlds, wonderful that very few writers like I

1:13:26.439 --> 1:13:28.360
<v Speaker 2>just remember, of all the sci fi stuff I went

1:13:28.400 --> 1:13:31.960
<v Speaker 2>through as a kid, she just totally all right. So so,

1:13:33.040 --> 1:13:35.400
<v Speaker 2>gentlemen of Moscow, give us two more.

1:13:36.040 --> 1:13:39.479
<v Speaker 1>I'm reading. I read Olive by I can't remember her name,

1:13:39.560 --> 1:13:41.960
<v Speaker 1>but it got turned into a TV show. But it's

1:13:42.040 --> 1:13:45.800
<v Speaker 1>kind of really interesting because it's about and she has

1:13:45.840 --> 1:13:48.639
<v Speaker 1>a sequel too, called Olive Again, and it's about this

1:13:48.760 --> 1:13:50.880
<v Speaker 1>woman who just lives in this little town, and she

1:13:51.040 --> 1:13:54.120
<v Speaker 1>has all these little stories that surround this woman, and

1:13:54.200 --> 1:13:56.800
<v Speaker 1>all the stories interweave really beautifully, and I really like that,

1:13:56.880 --> 1:13:58.160
<v Speaker 1>kind of like time bedding stuff.

1:13:58.720 --> 1:14:00.840
<v Speaker 2>Elizabeth Strout, Elizabeth, thank you.

1:14:01.040 --> 1:14:01.720
<v Speaker 1>Right, And then I.

1:14:01.960 --> 1:14:06.519
<v Speaker 2>Google makes the universal information. We don't know anything, but

1:14:06.600 --> 1:14:08.760
<v Speaker 2>where knowledge, Jason, and there it is.

1:14:08.960 --> 1:14:09.639
<v Speaker 1>Let me google.

1:14:09.760 --> 1:14:13.879
<v Speaker 2>Oh wait, Olive Olive again? She is too, Emma Gannon

1:14:14.160 --> 1:14:17.000
<v Speaker 2>or Allah or Elizabeth Strapp.

1:14:16.720 --> 1:14:17.960
<v Speaker 1>Those it's Elizabeth Stroud.

1:14:18.080 --> 1:14:22.400
<v Speaker 2>Okay, Yeah, there's another book called Olive by Emma Gannon. No,

1:14:22.439 --> 1:14:23.679
<v Speaker 2>it's from twenty twenty one.

1:14:23.880 --> 1:14:24.639
<v Speaker 1>No, it's Stroud.

1:14:24.840 --> 1:14:25.240
<v Speaker 2>Okay.

1:14:25.600 --> 1:14:28.960
<v Speaker 1>Yeah. And then I read Trust by Hernan Diez. Have

1:14:29.080 --> 1:14:29.479
<v Speaker 1>you read that?

1:14:29.960 --> 1:14:30.200
<v Speaker 2>No?

1:14:30.320 --> 1:14:33.160
<v Speaker 1>Oh you should. It's it's all about what this guy.

1:14:33.600 --> 1:14:36.200
<v Speaker 1>It's I think it's a fabrication, but it's this guy

1:14:36.280 --> 1:14:39.240
<v Speaker 1>that lived during the Great Depression. And there's actually three

1:14:39.280 --> 1:14:43.000
<v Speaker 1>stories interwoven into one, and so you get the like

1:14:43.040 --> 1:14:46.200
<v Speaker 1>the fictionalized version of this guy's life. And then that

1:14:46.280 --> 1:14:49.200
<v Speaker 1>guy becomes the second part of the book and we

1:14:49.240 --> 1:14:51.840
<v Speaker 1>get to hear his actual story, not one that's like

1:14:51.960 --> 1:14:55.720
<v Speaker 1>fabricated by this author. And then you get another part

1:14:55.800 --> 1:14:57.960
<v Speaker 1>of the book that goes a little bit deeper into

1:14:58.000 --> 1:15:01.479
<v Speaker 1>his wife's life, and so it's really it's I think

1:15:01.479 --> 1:15:02.200
<v Speaker 1>I want to Poultzer.

1:15:02.560 --> 1:15:05.599
<v Speaker 2>Yeah, I'm looking at it right now. Could surprise winner. Yeah,

1:15:05.640 --> 1:15:09.640
<v Speaker 2>I love when authors are like twenty twenty three, that

1:15:09.760 --> 1:15:10.360
<v Speaker 2>was last year.

1:15:10.479 --> 1:15:11.639
<v Speaker 1>Yeah, it's really good.

1:15:11.680 --> 1:15:14.439
<v Speaker 2>I understand the hardcover and the paperback are now the

1:15:14.479 --> 1:15:15.160
<v Speaker 2>same price.

1:15:15.680 --> 1:15:18.280
<v Speaker 1>The new books are tough, tough industy.

1:15:18.280 --> 1:15:20.479
<v Speaker 2>I guess one of the New York Times one hundred

1:15:20.520 --> 1:15:22.679
<v Speaker 2>best books of the twenty first century.

1:15:22.960 --> 1:15:24.639
<v Speaker 1>Yeah, it's quite good, as.

1:15:24.560 --> 1:15:26.800
<v Speaker 2>Long as they've read every book in the twenty first

1:15:26.800 --> 1:15:30.519
<v Speaker 2>century so they can make an informed evaluation like that.

1:15:31.000 --> 1:15:31.720
<v Speaker 1>It's a big claim.

1:15:31.760 --> 1:15:32.439
<v Speaker 2>I'm down with that.

1:15:32.600 --> 1:15:32.800
<v Speaker 1>Yeah.

1:15:32.840 --> 1:15:37.400
<v Speaker 2>I know it's again more stupid media stuff the modern era.

1:15:37.960 --> 1:15:40.840
<v Speaker 2>So that's a great list of books right there. Yeah,

1:15:41.040 --> 1:15:43.120
<v Speaker 2>I skipped the question to get to books that I

1:15:43.160 --> 1:15:45.760
<v Speaker 2>have to ask you, But I'm not sure if you

1:15:45.760 --> 1:15:48.880
<v Speaker 2>can have a good answer, which is who are your

1:15:48.920 --> 1:15:50.719
<v Speaker 2>mentors who helped shape your career?

1:15:51.000 --> 1:15:53.360
<v Speaker 1>Oh, because what I said about the mentor things, well, I.

1:15:53.320 --> 1:15:55.880
<v Speaker 2>Know, Jim O'Shaughnessy is obviously a big influence.

1:15:55.920 --> 1:15:58.120
<v Speaker 1>Oh gosh, I've had so many people like I could

1:15:58.280 --> 1:15:59.160
<v Speaker 1>we'd be here all day.

1:15:59.200 --> 1:16:01.160
<v Speaker 2>If I listed every give us one or two.

1:16:01.280 --> 1:16:03.720
<v Speaker 1>So the two people that have probably been the most

1:16:03.720 --> 1:16:06.160
<v Speaker 1>influential because they believed in me before I did, was

1:16:06.240 --> 1:16:09.440
<v Speaker 1>my two professors in college, doctor Chocci and doctor Lebedinski.

1:16:09.800 --> 1:16:11.360
<v Speaker 1>I basically would go to them and be like, I

1:16:11.439 --> 1:16:13.200
<v Speaker 1>want to start a club, I want to do research

1:16:13.479 --> 1:16:15.720
<v Speaker 1>around this s and P five hundred, I want to

1:16:16.160 --> 1:16:19.040
<v Speaker 1>go travel to this conference. And they'd be like, all right, good,

1:16:19.439 --> 1:16:21.240
<v Speaker 1>and they would just help me kind of achieve all

1:16:21.280 --> 1:16:25.720
<v Speaker 1>of these streams that I had, And so they were phenomenal.

1:16:25.760 --> 1:16:28.040
<v Speaker 1>Like I remember, I was applying to jobs and I

1:16:28.080 --> 1:16:30.479
<v Speaker 1>wanted to do a PhD because I really wanted to teach,

1:16:30.680 --> 1:16:33.080
<v Speaker 1>and doctor Chacci was like, no, you should go work

1:16:33.120 --> 1:16:35.559
<v Speaker 1>in industry for a little bit and then you can

1:16:35.600 --> 1:16:37.840
<v Speaker 1>go and get your PhD. And so it's just kind

1:16:37.840 --> 1:16:42.160
<v Speaker 1>of like that really tailored advice and support and they

1:16:42.200 --> 1:16:45.320
<v Speaker 1>were probably the most important people to me during my

1:16:45.360 --> 1:16:46.040
<v Speaker 1>college time.

1:16:46.240 --> 1:16:50.480
<v Speaker 2>You know, that's really interesting. Angus Deeton, who is the

1:16:50.560 --> 1:16:54.000
<v Speaker 2>British economist who won the Nobel Prize, and I think

1:16:54.040 --> 1:16:56.880
<v Speaker 2>he's teaching. Is he teaching at Princeton. Yeah, he's teaching

1:16:56.880 --> 1:17:00.320
<v Speaker 2>at Princeton, and he said, you could look across a

1:17:00.439 --> 1:17:05.040
<v Speaker 2>thousand different factors and nothing impacts your life as much

1:17:05.080 --> 1:17:08.320
<v Speaker 2>as a higher education. We see it in wealth, inequality,

1:17:08.360 --> 1:17:11.639
<v Speaker 2>income and equality, health outcomes, whether you go to jail,

1:17:11.640 --> 1:17:15.120
<v Speaker 2>whether you get divorced, like all these social things that

1:17:15.160 --> 1:17:20.200
<v Speaker 2>you would think are unrelated your self described happiness quotient

1:17:20.439 --> 1:17:25.120
<v Speaker 2>like deep deep down the rabbit hole, And consistently there

1:17:25.200 --> 1:17:30.320
<v Speaker 2>is a gap between between what we see on the

1:17:32.280 --> 1:17:35.320
<v Speaker 2>have at college education and don't it's pretty amazing.

1:17:35.439 --> 1:17:37.360
<v Speaker 1>Well, I mean it's kind of for like, I work

1:17:37.400 --> 1:17:40.559
<v Speaker 1>three jobs during college, but it's four years to sort

1:17:40.560 --> 1:17:43.439
<v Speaker 1>of figure yourself out. And I actually think that's really

1:17:43.479 --> 1:17:46.000
<v Speaker 1>important because you learn how to socialize, you learn how

1:17:46.040 --> 1:17:49.800
<v Speaker 1>to learn, You get tested, but in an environment where

1:17:49.840 --> 1:17:52.479
<v Speaker 1>like if you fail, it's okay most of the time.

1:17:52.560 --> 1:17:54.240
<v Speaker 1>Like if you feel out of college, it's not okay,

1:17:54.560 --> 1:17:57.600
<v Speaker 1>but you kind of have the chance to make safe mistakes,

1:17:57.680 --> 1:17:58.559
<v Speaker 1>is what I would call it.

1:17:59.080 --> 1:18:02.479
<v Speaker 2>And that's the true today with well, it seems like

1:18:02.520 --> 1:18:05.000
<v Speaker 2>some of the campuses, some of that has kind of

1:18:05.000 --> 1:18:05.960
<v Speaker 2>become more challenging.

1:18:06.000 --> 1:18:11.200
<v Speaker 1>Well ever, yeah, from a political angle, absolutely, yeah, I think.

1:18:11.120 --> 1:18:14.160
<v Speaker 2>But it should but what you were describing should be

1:18:14.200 --> 1:18:16.360
<v Speaker 2>true it should be a place where you can make mistakes.

1:18:16.400 --> 1:18:18.720
<v Speaker 1>I think. So I graduated in twenty nineteen, and I

1:18:18.760 --> 1:18:22.760
<v Speaker 1>think I was the last year to have that. I

1:18:22.800 --> 1:18:26.800
<v Speaker 1>do because of the pandemic and because I just like

1:18:27.120 --> 1:18:29.280
<v Speaker 1>the scholarship package that I got and the reason that

1:18:29.320 --> 1:18:31.800
<v Speaker 1>I went to Western Kentucky. It was a full ride

1:18:32.000 --> 1:18:35.000
<v Speaker 1>and I was paid to have school, and there's nothing

1:18:35.120 --> 1:18:37.519
<v Speaker 1>like that unless you're like a top, top top student.

1:18:37.640 --> 1:18:40.680
<v Speaker 1>And I was a good student. But it was an

1:18:40.680 --> 1:18:43.720
<v Speaker 1>in state school, and so I had all these opportunities

1:18:43.920 --> 1:18:46.160
<v Speaker 1>because I was able to have a full ride. And

1:18:46.400 --> 1:18:47.080
<v Speaker 1>I just don't think that.

1:18:47.040 --> 1:18:49.760
<v Speaker 2>Where else did you consider going besides in state of

1:18:49.800 --> 1:18:50.600
<v Speaker 2>a Vanderbilt.

1:18:50.640 --> 1:18:52.799
<v Speaker 1>I wanted to stay close to my family, So Vanderbilt,

1:18:52.880 --> 1:18:55.439
<v Speaker 1>which was in Tennessee, I was in Kentucky. I was

1:18:55.479 --> 1:18:58.960
<v Speaker 1>looking at Butler up in Indiana, Notre Dame. Yeah, like

1:18:59.040 --> 1:18:59.719
<v Speaker 1>just kind.

1:18:59.520 --> 1:19:02.479
<v Speaker 2>Of big us little schools both. Yeah, you looked at everything.

1:19:02.680 --> 1:19:05.880
<v Speaker 1>Yeah, I wanted like a good school because I did

1:19:05.920 --> 1:19:06.200
<v Speaker 1>want to.

1:19:06.360 --> 1:19:08.360
<v Speaker 2>Well, none of these are bad schools. You're talking about

1:19:08.360 --> 1:19:09.839
<v Speaker 2>all it good or better schools.

1:19:09.920 --> 1:19:12.439
<v Speaker 1>Yes, yeah, but like I wanted to leave Kentucky and

1:19:12.439 --> 1:19:13.840
<v Speaker 1>the only way I knew how to get out was

1:19:13.880 --> 1:19:17.400
<v Speaker 1>like through education, and so that's why I was looking

1:19:17.439 --> 1:19:20.080
<v Speaker 1>at a schools, but I ended up staying in Western

1:19:20.160 --> 1:19:23.960
<v Speaker 1>Kentucky because the scholarship and it turned out to be

1:19:24.000 --> 1:19:25.040
<v Speaker 1>an incredible experience.

1:19:25.080 --> 1:19:28.800
<v Speaker 2>Huh, to say the very least. And our final two questions,

1:19:29.600 --> 1:19:31.880
<v Speaker 2>what sort of advice would you give to a recent

1:19:31.960 --> 1:19:36.160
<v Speaker 2>college grad interested in a career in either finance or

1:19:36.479 --> 1:19:37.599
<v Speaker 2>investing education?

1:19:38.160 --> 1:19:41.400
<v Speaker 1>So I think for me, and this is the advice

1:19:41.439 --> 1:19:44.639
<v Speaker 1>I give when people ask, is like to read everything

1:19:45.320 --> 1:19:47.320
<v Speaker 1>and to figure out what you'd like to read, and

1:19:47.360 --> 1:19:49.920
<v Speaker 1>then try to challenge yourself to explain it, to write

1:19:49.920 --> 1:19:52.800
<v Speaker 1>about it, to learn about it as deeply as you can.

1:19:52.840 --> 1:19:54.719
<v Speaker 1>And I think the only way that you actually understand

1:19:54.720 --> 1:19:57.120
<v Speaker 1>stuff is if you can explain it simply. And so

1:19:57.160 --> 1:19:59.160
<v Speaker 1>that's what I would recommend to just be a consumer

1:19:59.200 --> 1:20:02.080
<v Speaker 1>and ask questions. You'd be surprised how many people are

1:20:02.080 --> 1:20:04.519
<v Speaker 1>willing to just take thirty minutes to chat with you

1:20:05.040 --> 1:20:06.840
<v Speaker 1>and just ask her help as much as you can.

1:20:07.000 --> 1:20:09.920
<v Speaker 1>But yeah, to absorb as much as possible, but then

1:20:09.920 --> 1:20:12.559
<v Speaker 1>make sure you're digesting it by repeating it back to yourself,

1:20:12.560 --> 1:20:14.000
<v Speaker 1>whether through writing, videos, etc.

1:20:15.000 --> 1:20:17.240
<v Speaker 2>And our final question comes with a little bit of

1:20:17.320 --> 1:20:21.080
<v Speaker 2>a caveat. So I always share the last five questions,

1:20:21.240 --> 1:20:24.439
<v Speaker 2>partly because they require a little recall with our guests

1:20:24.439 --> 1:20:26.800
<v Speaker 2>in advance. And I asked you, what do you know

1:20:26.840 --> 1:20:29.640
<v Speaker 2>about the world of investing today that you wish you

1:20:29.680 --> 1:20:33.280
<v Speaker 2>knew twenty five years ago? And you hilariously wrote back

1:20:33.680 --> 1:20:37.839
<v Speaker 2>twenty five years ago I was one, don't bite the cat.

1:20:37.960 --> 1:20:40.439
<v Speaker 2>I mean, I think that's so funny. I don't know

1:20:40.439 --> 1:20:42.400
<v Speaker 2>if you said that or Dave Knadi said that, and

1:20:42.800 --> 1:20:45.400
<v Speaker 2>our back and forth. I shared your answer with him

1:20:45.400 --> 1:20:47.880
<v Speaker 2>and he think I think he said don't bite the cat. Yeah, yeah,

1:20:48.920 --> 1:20:51.120
<v Speaker 2>But what do you know today that might have been

1:20:51.120 --> 1:20:53.559
<v Speaker 2>helpful earlier in your career.

1:20:54.200 --> 1:20:56.960
<v Speaker 1>I think for me, there's so many facets to finance,

1:20:57.040 --> 1:20:58.840
<v Speaker 1>Like I was very much like, oh, there's one thing

1:20:58.840 --> 1:21:01.400
<v Speaker 1>I can do, and it's portfolio management. But there's so

1:21:01.479 --> 1:21:03.920
<v Speaker 1>much that you can do. Education, you can look into

1:21:04.000 --> 1:21:07.720
<v Speaker 1>ira spaces, you will do you can do media like,

1:21:07.760 --> 1:21:11.000
<v Speaker 1>there's just and there's so many different worlds within finance, commodities,

1:21:11.240 --> 1:21:15.040
<v Speaker 1>fixed income, equities. It's really massive. And so I think

1:21:15.439 --> 1:21:17.840
<v Speaker 1>the advice that I would give to my one year

1:21:17.880 --> 1:21:20.719
<v Speaker 1>old self is to, you know, just keep on learning.

1:21:20.960 --> 1:21:23.599
<v Speaker 1>In similar to the device I give previous, but really

1:21:23.760 --> 1:21:25.519
<v Speaker 1>just know that the world is so big and there's

1:21:25.560 --> 1:21:29.360
<v Speaker 1>so much opportunity within these segments that are just fascinating

1:21:29.400 --> 1:21:31.040
<v Speaker 1>to explore you to spend a lifetime doing it.

1:21:31.120 --> 1:21:33.639
<v Speaker 2>Well, thank you, Kyla for being so generous with your time.

1:21:33.640 --> 1:21:34.880
<v Speaker 2>I'm gonna have to have you sign this.

1:21:35.080 --> 1:21:35.760
<v Speaker 1>Oh, thank you.

1:21:36.479 --> 1:21:39.080
<v Speaker 2>We have been speaking with Kyla Scanlon. She is the

1:21:39.120 --> 1:21:43.479
<v Speaker 2>author of In This Economy, How Money and Markets Really Work.

1:21:44.000 --> 1:21:46.680
<v Speaker 2>If you enjoy this conversation, well, check out any of

1:21:46.720 --> 1:21:49.360
<v Speaker 2>the five hundred or so we've done over the past

1:21:49.560 --> 1:21:53.759
<v Speaker 2>ten years. You can find those at iTunes, Spotify, YouTube,

1:21:53.800 --> 1:21:57.880
<v Speaker 2>wherever you find your favorite podcasts, and check out my

1:21:58.000 --> 1:22:02.040
<v Speaker 2>new show At the Money, short ten minute discussions about

1:22:02.080 --> 1:22:07.000
<v Speaker 2>specific topics in finance, earning money, spending it, and most

1:22:07.080 --> 1:22:11.160
<v Speaker 2>importantly investing it At the Money, wherever you find your

1:22:11.160 --> 1:22:14.960
<v Speaker 2>favorite podcasts, and in the Master's in Business feed. I

1:22:14.960 --> 1:22:17.000
<v Speaker 2>would be remiss if I did not thank the Crack

1:22:17.120 --> 1:22:20.639
<v Speaker 2>staff who helps us put these conversations together each week.

1:22:20.800 --> 1:22:24.559
<v Speaker 2>A Teak of Albron is my project manager. Anna Luke

1:22:24.680 --> 1:22:27.879
<v Speaker 2>is my producer. Sean Russo is my head of research.

1:22:28.360 --> 1:22:32.120
<v Speaker 2>Sage Bauman is the head of podcasts at Bloomberg. I'm

1:22:32.120 --> 1:22:35.800
<v Speaker 2>Barry Ritolts. You've been listening to Masters in Business on

1:22:35.920 --> 1:22:39.920
<v Speaker 2>Bloomberg Radio