WEBVTT - Study Hall: Details on Apple's New Savings Account

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<v Speaker 1>Money.

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<v Speaker 2>It comes with a lot of questions and Fidelity can

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<v Speaker 2>help you get answers. Visit Fidelity dot com slash black

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<v Speaker 2>Wealth to learn more.

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<v Speaker 1>Apple.

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<v Speaker 3>Yes, Apple launches its savings account with one point four

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<v Speaker 3>point one entry.

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<v Speaker 1>Now.

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<v Speaker 3>Apple has launched its Apple Card Savings account, offering a

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<v Speaker 3>four point one five percent annual percentage yield APY with

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<v Speaker 3>no minimum deposit or balance requirements. Users can set up

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<v Speaker 3>an account through a wilet app on their iPhone. Daily

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<v Speaker 3>cash rewards earned through the Apple Card will automatically be

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<v Speaker 3>deposited in the savings account, and the users can change

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<v Speaker 3>the destination of their daily cash or AD funds from

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<v Speaker 3>their bank account the bank. The account is launched through

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<v Speaker 3>Goldman Sacks and a collaboration with Goldman Sacks and offers

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<v Speaker 3>a higher APY compared to the average national rate of

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<v Speaker 3>zero point three five percent. So the average is zero

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<v Speaker 3>points set five percent and Apple is coming in with

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<v Speaker 3>four point one percent. But it's only for Apple cardholders.

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<v Speaker 4>Yeah, Yes, can I go crazy real quick? Yes? About

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<v Speaker 4>you banking, healthcare, fintech.

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<v Speaker 5>We'll talk about quantum sciences later, quantum computing. There's only

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<v Speaker 5>a few categories of business that matter, So of course

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<v Speaker 5>if I was CEO of Coinbase, I would be concerned.

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<v Speaker 5>If I was the CEO Robinhood kudos to Flat, I

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<v Speaker 5>would be concerned. One point eight billion people have iPhones,

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<v Speaker 5>so even if they only get a fraction, let's say

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<v Speaker 5>ten percent of people to use the products, so one

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<v Speaker 5>hundred and eighty million people while banks are collapsing.

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<v Speaker 4>I said this on stock Club earlier.

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<v Speaker 5>You have to decide if your business thrives when there's

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<v Speaker 5>quantitative easing and a bunch of money flowing around, which

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<v Speaker 5>is like a hype beast type company, or if you

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<v Speaker 5>do best in a recession. Meta Facebook came out doing

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<v Speaker 5>a recession. Apple was launched in a recession. So was Microsoft. Now,

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<v Speaker 5>with the trust that they built over forty years and

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<v Speaker 5>all the users, you don't think that they're going to

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<v Speaker 5>take market share away from Bank of America Wells Fargo

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<v Speaker 5>City while teaming up with one of the best banks, Goldman,

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<v Speaker 5>and I'll be interested to see if JP Morgan then

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<v Speaker 5>turns around and does a partnership with someone to kind

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<v Speaker 5>of offset this. And thus in this release, I don't

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<v Speaker 5>know how to frame it any simpler, Like in every

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<v Speaker 5>category you want to go see where Goldman ranks.

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<v Speaker 4>Amongst the banks. They didn't do this with w Kovia

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<v Speaker 4>back in the day for a reason.

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<v Speaker 5>Right, stay focused on the top two, top four in

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<v Speaker 5>the sector. But the easiest strategy involves two tech two index.

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<v Speaker 5>If it's it's a valuable sector or segment of the market,

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<v Speaker 5>they are going to deploy capital there to eat up

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<v Speaker 5>market share.

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<v Speaker 4>And for everyone who's like, yes.

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<v Speaker 5>Capital one has one at four point six, UBS has

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<v Speaker 5>one and five percent. Most people in the United States

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<v Speaker 5>have no fucking clue who UBS is. Most people are

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<v Speaker 5>not going to go to Capital one. This is a

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<v Speaker 5>numbers game. Let's stop making it so complicated because I

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<v Speaker 5>want us to get rich instead of talking about getting rich.

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<v Speaker 3>Right, actually actually have actually have a Capital one account?

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<v Speaker 3>You do me too, I mean, but the check capital one.

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<v Speaker 3>I'm looking at my notes, Respectlet.

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<v Speaker 2>You just you nailed it, man, right, Like there there

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<v Speaker 2>are savings accounts that have higher yields.

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<v Speaker 1>Right, that's great, that's great.

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<v Speaker 2>Right, I think that the four point one five percent

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<v Speaker 2>is like eleventh according to bank rate.

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<v Speaker 1>But here's the thing, Right, the.

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<v Speaker 2>Ten banks that are in front of them number one,

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<v Speaker 2>you probably don't know seven of them. But here's what

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<v Speaker 2>they don't have They don't have one billion people the

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<v Speaker 2>right like they have one billion and growing and growing

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<v Speaker 2>at any point. But when we talk about financials, think

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<v Speaker 2>about how one business helps the next.

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<v Speaker 1>Right.

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<v Speaker 2>So, in order, like she says, right, in order for

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<v Speaker 2>you to have the savings account, you have to have

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<v Speaker 2>the Apple card. So in the past six months, right,

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<v Speaker 2>the Apple card has done well. Right after that they

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<v Speaker 2>have they obviously have Apple Apple Pay. But last month,

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<v Speaker 2>surprisingly nobody made no noise of it, but they put

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<v Speaker 2>out there pay now.

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<v Speaker 1>Save labor, save later applications.

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<v Speaker 2>So if you think about these three things, like we

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<v Speaker 2>got to pay now, buy now, pay later, you got

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<v Speaker 2>the Apple card, Now you've got a great savings account,

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<v Speaker 2>how do banks now respond?

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<v Speaker 1>Right, if the big four are.

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<v Speaker 2>Only providing you with point three five percent, how do

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<v Speaker 2>they respond?

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<v Speaker 3>Collaborate with collaborate with Google Collection? Well, I think, are

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<v Speaker 3>you done?

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<v Speaker 1>Yeah?

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<v Speaker 3>So I think that this is an interesting story of

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<v Speaker 3>a lot of different levels. But what strike what what

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<v Speaker 3>I saw? The first thing that I saw was the

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<v Speaker 3>power of collaboration is what I always talk about all

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<v Speaker 3>the time.

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<v Speaker 1>And it's like.

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<v Speaker 3>This the number one technology company, the number one company

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<v Speaker 3>in the world. Let's say tech company right teams up

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<v Speaker 3>with arguably the number one investment bank in existence.

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<v Speaker 4>Yep, it makes sense.

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<v Speaker 3>Apple has mastered technology, but they have not mastered financial services.

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<v Speaker 3>Gold Mien Sacks Well, gold min Sachs has mastered financial services.

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<v Speaker 3>So what's the easy way to fast track your way

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<v Speaker 3>into financial services? To partner with the best in the business. Right,

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<v Speaker 3>So they best in the business, and.

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<v Speaker 4>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Obviously are gonna, you know, take care. On the financial side,

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<v Speaker 3>Apple has the technology. It's a win win for everybody.

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<v Speaker 3>I think Goldman Sachs is a company to watch IM

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<v Speaker 3>out of this. Everybody's talking about Apple, but what about

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<v Speaker 3>Goldman Yeah? Right is there is a product as well?

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<v Speaker 3>So I feel like this is something that's extremely important.

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<v Speaker 3>Goldman Sacks didn't fight to have their name on it. Right,

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<v Speaker 3>this is this lessons in here, like this lessons in here,

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<v Speaker 3>Like you're partnering with somebody, you see the value. Okay,

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<v Speaker 3>I'm gonna come under your umbrella. That's a humbleingk Goldman

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<v Speaker 3>Sack does is a billion dollar into multi billion, hundred

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<v Speaker 3>billion dollar situation. They don't have to do that, but

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<v Speaker 3>they see the value in the partnership. I'm trying to.

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<v Speaker 3>We're trying to convince regular people to partner and they

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<v Speaker 3>they can't even agree on making a social media post.

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<v Speaker 3>You get even you can't even come to an event.

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<v Speaker 3>And they running trillion dollar entities and they coming together.

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<v Speaker 3>You're fighting over small things at the highest level of business,

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<v Speaker 3>at the highest level. This is how business is done, collaboration.

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<v Speaker 3>This is why I keep saying it over and over again.

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<v Speaker 3>But some people get it. Some people don't get it.

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<v Speaker 3>But for me, I thought it was extremely a smart

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<v Speaker 3>move for Apple. I think that this is going to

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<v Speaker 3>really be beneficial for them. I think that this will

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<v Speaker 3>this will really put them more in the space of

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<v Speaker 3>the financial services and everything that they do is just

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<v Speaker 3>like you know, one brick at the time, whether it's healthcare,

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<v Speaker 3>whether it's you know, rumors that they're going to get

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<v Speaker 3>into the automotive space. They took over music. Absolutely, they

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<v Speaker 3>took over music the entire industry. So it's like, you know,

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<v Speaker 3>Apple is just it's wearables, is there? Here's the concern

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<v Speaker 3>at what point does it become a monopoly and government

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<v Speaker 3>breaks it apart.

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<v Speaker 5>The great part is Apple, Google, and Microsoft have such

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<v Speaker 5>a symbiotic competitive relationship that they'll always find a way

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<v Speaker 5>at the same time to dominate a market at the

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<v Speaker 5>same time where enough of them share enough of the

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<v Speaker 5>market share to not get monopoly chargers. I think they

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<v Speaker 5>learned a lot from Bill Gates. So if they go

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<v Speaker 5>first and then Microsoft goes second, because if you don't

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<v Speaker 5>think that the CEO don't talk, they do. There's a

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<v Speaker 5>reason why Microsoft got opened API and then Google push

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<v Speaker 5>forward will bard even though they have the technology first.

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<v Speaker 5>Say with Microsoft, Microsoft initially had a iPad before Apple did.

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<v Speaker 5>No one just wanted it. For Microsoft, they had a

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<v Speaker 5>nineteen ninety six. Then Apple becomes prominent, then Windows make

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<v Speaker 5>the push. So I think they're going to team up

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<v Speaker 5>enough to make sure they have enough market share what

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<v Speaker 5>they can dominate, but they'll share with each other till

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<v Speaker 5>no one can get that the monopoly thing pushed against them.

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<v Speaker 5>And I truly believe at one point, Apple will be

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<v Speaker 5>the number one technology company while being the number one

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<v Speaker 5>healthcare company, and while being the number one financial services

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<v Speaker 5>company in the world.

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<v Speaker 1>Give it.

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<v Speaker 3>It's like cause it's like Rockefeller at one point. Rockefeller

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<v Speaker 3>did everything right and it was like this as it's

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<v Speaker 3>just when you become so big, now you start to

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<v Speaker 3>put so many different targets on your back, and you know,

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<v Speaker 3>you got government regulators, you got the competition, you got

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<v Speaker 3>people that want to break you apart, even the phone companies.

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<v Speaker 3>That happened with the phone company and they broke the

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<v Speaker 3>phone companies apart. And now Apple is the biggest company

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<v Speaker 3>in the history of the world. So if they try

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<v Speaker 3>to break Apple, that's going to be hard.

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<v Speaker 4>But it's just consumers want it.

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<v Speaker 1>Yeah, the brand recognition is so strong that.

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<v Speaker 4>Can you do too many things at one time? If

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<v Speaker 4>you do, they found a way to do the right

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<v Speaker 4>things well.

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<v Speaker 2>If you're doing well right, like the wearables by themselves

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<v Speaker 2>billion dollar business, they've they've done it well into healthcare.

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<v Speaker 2>It's still I mean, it's kind of premature right now.

0:12:37.400 --> 0:12:38.680
<v Speaker 1>Right they have the Apple Watch.

0:12:39.120 --> 0:12:41.800
<v Speaker 2>They haven't really released what they're doing with the information yet,

0:12:41.800 --> 0:12:43.920
<v Speaker 2>but I'm sure there's a plan in place so you

0:12:44.000 --> 0:12:46.920
<v Speaker 2>get when they get into the EV space. The brand

0:12:47.000 --> 0:12:50.800
<v Speaker 2>recognition will allow it to have errors but also allow

0:12:50.840 --> 0:12:53.439
<v Speaker 2>it to grow exponentially as well, which is interesting. Most

0:12:53.480 --> 0:12:56.120
<v Speaker 2>businesses don't have that where you can have and grow

0:12:56.120 --> 0:12:59.000
<v Speaker 2>at the same time because people just trust the brand

0:12:59.240 --> 0:13:02.800
<v Speaker 2>so much. That's why when you look at it, people

0:13:02.960 --> 0:13:05.360
<v Speaker 2>if they know that they can just have an Apple

0:13:05.400 --> 0:13:08.120
<v Speaker 2>Card number one, it's like, yo, you're part of a society.

0:13:08.160 --> 0:13:10.040
<v Speaker 2>Like when I apply it, this is this is crazy.

0:13:10.200 --> 0:13:13.160
<v Speaker 2>When you apply for it, they're not just taking anybody. Yes,

0:13:13.320 --> 0:13:15.440
<v Speaker 2>your credits calld got to be a seven thirty just

0:13:15.480 --> 0:13:17.880
<v Speaker 2>to have the Apple Card, so you can't even get

0:13:17.880 --> 0:13:20.920
<v Speaker 2>the savings the crowd. So you're thinking about they're getting

0:13:20.920 --> 0:13:24.360
<v Speaker 2>credited people with high scores, right, and usually when people

0:13:24.400 --> 0:13:26.800
<v Speaker 2>have high scores that means they're financially responsible and so

0:13:26.960 --> 0:13:28.120
<v Speaker 2>those are the type of people that you.

0:13:28.080 --> 0:13:31.360
<v Speaker 5>Want, and they prefer better people at higher scial and

0:13:31.400 --> 0:13:33.800
<v Speaker 5>this is a well played people break them up. Let's

0:13:33.800 --> 0:13:36.120
<v Speaker 5>say if you broke off the app store, the app store

0:13:36.120 --> 0:13:37.839
<v Speaker 5>is still going to get thirty percent of every business

0:13:37.840 --> 0:13:41.560
<v Speaker 5>in app store, and if we collapse Apple, it will

0:13:41.559 --> 0:13:44.760
<v Speaker 5>collapse the entire stock market. Apple and Microsoft is really

0:13:44.800 --> 0:13:48.120
<v Speaker 5>the only thing keeping the stock market to float right now.

0:13:48.600 --> 0:13:51.800
<v Speaker 5>Two players is keeping everyone afloat. So you're in a

0:13:51.920 --> 0:13:54.760
<v Speaker 5>damned if you do, damned if you don't situation. Break

0:13:54.800 --> 0:13:57.520
<v Speaker 5>up the company in smaller pieces and they'll dominate the

0:13:57.559 --> 0:14:00.440
<v Speaker 5>top fifteen or keep it together, and it's the stock

0:14:00.480 --> 0:14:04.160
<v Speaker 5>market afloat. Why we're happy to issue with bricks.

0:14:06.040 --> 0:14:10.960
<v Speaker 3>My graduates from my school being forced back, drop bags,

0:14:11.000 --> 0:14:25.120
<v Speaker 3>drop Mike, drop backdrop drop earners.

0:14:25.120 --> 0:14:25.720
<v Speaker 2>What's going on?

0:14:25.880 --> 0:14:26.120
<v Speaker 1>Listen?

0:14:26.360 --> 0:14:29.480
<v Speaker 2>EYLU is relaunching, revamping, retooling.

0:14:29.520 --> 0:14:29.840
<v Speaker 4>That's right.

0:14:29.880 --> 0:14:33.760
<v Speaker 2>We're creating a new educational experience that's more expansive, shoty

0:14:33.840 --> 0:14:34.280
<v Speaker 2>telling we.

0:14:34.240 --> 0:14:35.920
<v Speaker 7>Got Yes twenty twenty three.

0:14:36.560 --> 0:14:37.200
<v Speaker 3>We've got a lot.

0:14:37.240 --> 0:14:39.440
<v Speaker 7>It's still a lot playing for you guys. So you

0:14:39.520 --> 0:14:43.560
<v Speaker 7>know that Eylu already includes monthly financial planning calls with Me,

0:14:43.720 --> 0:14:46.840
<v Speaker 7>book club calls with Troy, real estate calls, then MG

0:14:46.960 --> 0:14:50.640
<v Speaker 7>the mortgage got access to the Home Buying Blueprint Volume

0:14:50.680 --> 0:14:53.880
<v Speaker 7>one and volume two. Part of the revamp will include

0:14:54.160 --> 0:14:57.880
<v Speaker 7>twenty seven local chapters from across the United States, live

0:14:58.080 --> 0:15:03.280
<v Speaker 7>interactive teaching, hands on just pre recorded videos, plus fifteen

0:15:03.520 --> 0:15:05.080
<v Speaker 7>brand new curriculums.

0:15:05.400 --> 0:15:07.040
<v Speaker 1>The biggest just got bigger.

0:15:07.480 --> 0:15:10.640
<v Speaker 4>Head over to e y l university dot com.

0:15:10.680 --> 0:15:14.800
<v Speaker 5>That's e y l U n I V E R

0:15:14.960 --> 0:15:18.120
<v Speaker 5>s i t y dot com.

0:15:18.160 --> 0:15:18.680
<v Speaker 4>See you there,