1 00:00:01,160 --> 00:00:02,280 Speaker 1: I'm Matt Miller. 2 00:00:02,240 --> 00:00:05,000 Speaker 2: And I'm Hannah Elliott, and this is hot pursuit. 3 00:00:12,440 --> 00:00:15,760 Speaker 1: Today. We have a very cool I guess is he 4 00:00:15,840 --> 00:00:16,479 Speaker 1: a guest? Still? 5 00:00:16,840 --> 00:00:18,800 Speaker 2: I feel like he's a friend of the pod at 6 00:00:18,800 --> 00:00:19,560 Speaker 2: this point. 7 00:00:19,360 --> 00:00:23,080 Speaker 1: Oh anchor kind of Barry Dholts is going to join 8 00:00:23,160 --> 00:00:25,680 Speaker 1: us because he's just finished a new book. 9 00:00:25,840 --> 00:00:30,240 Speaker 2: How Not to Invest All of the mistakes that you're 10 00:00:30,240 --> 00:00:32,239 Speaker 2: making when you invest in how to avoid them. 11 00:00:32,440 --> 00:00:36,280 Speaker 1: It's not specifically about cars, but since it's Barry, there's 12 00:00:36,320 --> 00:00:39,839 Speaker 1: probably a lot in it about cars and movies and 13 00:00:40,080 --> 00:00:43,640 Speaker 1: rock and roll and like cool stuff that Barry is 14 00:00:43,680 --> 00:00:47,760 Speaker 1: always getting into. So first of all, Barry rid Hoolts, 15 00:00:48,120 --> 00:00:49,960 Speaker 1: you were going to tell us a car story, like 16 00:00:50,080 --> 00:00:51,519 Speaker 1: during the break and I said, no. 17 00:00:51,479 --> 00:00:54,600 Speaker 3: Wait, tell us you know me, I can't, I can't hold. 18 00:00:53,960 --> 00:00:55,800 Speaker 1: Tell tell me tell us the car story. 19 00:00:56,240 --> 00:01:00,600 Speaker 3: So the electric ev the electric non even one eleven. 20 00:01:01,960 --> 00:01:02,600 Speaker 1: It's quack. 21 00:01:03,440 --> 00:01:06,080 Speaker 3: Well, there's a couple of little tweaks it needs to 22 00:01:06,160 --> 00:01:08,559 Speaker 3: make that I can't quite get the heat to work. 23 00:01:09,040 --> 00:01:12,840 Speaker 3: Turns out there's an just a little connecting line that 24 00:01:13,400 --> 00:01:16,679 Speaker 3: that came loose. But given that it's supposed to be 25 00:01:16,800 --> 00:01:21,360 Speaker 3: four hundred horse and I know how much additional weight 26 00:01:21,440 --> 00:01:24,520 Speaker 3: the batteries and the motor puts Like I've been in 27 00:01:24,600 --> 00:01:27,760 Speaker 3: a bunch of other evasily lately, and I thought the 28 00:01:27,760 --> 00:01:30,880 Speaker 3: car was fast until I got into a takend turbos 29 00:01:31,600 --> 00:01:34,440 Speaker 3: and you know, my eyeballs get sucked to the back 30 00:01:34,440 --> 00:01:37,320 Speaker 3: of your head. So I brought it to my regular 31 00:01:39,440 --> 00:01:42,040 Speaker 3: nine to eleven guy who is there. They're just such 32 00:01:42,120 --> 00:01:45,800 Speaker 3: car nerds, and they're super enthusiastic about what can we 33 00:01:45,840 --> 00:01:47,720 Speaker 3: do to make this faster? And I also want to 34 00:01:47,720 --> 00:01:53,040 Speaker 3: put on bigger breaks. The eighty seven. You can't just 35 00:01:53,160 --> 00:01:56,040 Speaker 3: drop a set of turbo brakes on it because the 36 00:01:56,080 --> 00:01:59,040 Speaker 3: suspension everything is different. But you could go to the 37 00:01:59,080 --> 00:02:02,200 Speaker 3: bigger disc and a four caliber from a two caliber 38 00:02:02,560 --> 00:02:05,800 Speaker 3: and just the additional weight and speed. You know, that 39 00:02:05,880 --> 00:02:08,560 Speaker 3: car was two hundred and ten horse when it first 40 00:02:08,560 --> 00:02:11,400 Speaker 3: came out. But anyway, I was complaining there's a little 41 00:02:11,520 --> 00:02:14,960 Speaker 3: ring that on the sport button that doesn't light up, 42 00:02:15,480 --> 00:02:19,840 Speaker 3: and it turns out that I wasn't engaging the sport 43 00:02:19,919 --> 00:02:23,160 Speaker 3: button properly. You have to there's a series of steps 44 00:02:23,200 --> 00:02:25,920 Speaker 3: you have to do to do it. And mechanic called mean, 45 00:02:25,960 --> 00:02:28,200 Speaker 3: he's like, this thing is now a rocket ship. So 46 00:02:28,800 --> 00:02:31,880 Speaker 3: you better put those new brakes on because it's so 47 00:02:32,360 --> 00:02:33,160 Speaker 3: you're really excited. 48 00:02:33,400 --> 00:02:36,679 Speaker 1: So in your own custom made nine to eleven ev 49 00:02:37,120 --> 00:02:39,359 Speaker 1: you weren't properly putting it into sport. 50 00:02:39,960 --> 00:02:43,520 Speaker 3: You know, it's quick, it's fast off the line, and 51 00:02:44,120 --> 00:02:49,440 Speaker 3: the problem is generally, look, those cars historically have been 52 00:02:49,440 --> 00:02:52,840 Speaker 3: a little tail happy, and they were never designed for 53 00:02:53,760 --> 00:02:57,800 Speaker 3: three hundred plus horse power, right like the original g 54 00:02:58,000 --> 00:03:03,600 Speaker 3: body eighties series' right. Well, now it weighs a little more, 55 00:03:03,880 --> 00:03:08,520 Speaker 3: So I've added about three hundred pounds, so outcomes the 56 00:03:08,560 --> 00:03:13,359 Speaker 3: motor and the transmission which is a good couple hundred 57 00:03:13,360 --> 00:03:18,960 Speaker 3: pounds and is replaced by a Tesla motor and two 58 00:03:19,000 --> 00:03:23,000 Speaker 3: sets of batteries and so net net you're plus three 59 00:03:23,120 --> 00:03:29,800 Speaker 3: hundred pounds. But it's much more center of gravity oriented 60 00:03:29,840 --> 00:03:32,160 Speaker 3: and much lower, much more center of the car. It's 61 00:03:32,200 --> 00:03:35,560 Speaker 3: no longer a seventy thirty, it's more like a sixty forty, 62 00:03:36,200 --> 00:03:39,640 Speaker 3: and the center of gravity is now very low. The 63 00:03:39,760 --> 00:03:43,480 Speaker 3: problem is those aren't exactly big fat tires and a 64 00:03:43,680 --> 00:03:46,840 Speaker 3: little bit of moisture on the ground, or if you 65 00:03:46,880 --> 00:03:49,600 Speaker 3: make the mistake of stomping on it with the steering 66 00:03:49,640 --> 00:03:53,640 Speaker 3: wheel not dead straight like, yeah, how. 67 00:03:53,600 --> 00:03:56,000 Speaker 2: Much are you driving it in the winter time? 68 00:03:56,200 --> 00:03:59,680 Speaker 3: Not much, although we've had a it's been a surprisingly 69 00:03:59,680 --> 00:04:01,520 Speaker 3: cold to in New York, although we had. 70 00:04:01,360 --> 00:04:02,400 Speaker 1: A couple of days. 71 00:04:02,920 --> 00:04:05,480 Speaker 3: So if it's warm and sunny out, I don't care. 72 00:04:05,520 --> 00:04:08,800 Speaker 3: If it's forty five degrees, the top comes down taking 73 00:04:08,880 --> 00:04:12,760 Speaker 3: something fun stuff and you know, nine to eleven throw 74 00:04:12,760 --> 00:04:16,040 Speaker 3: off a lot of heat, as does do BMWs. So 75 00:04:16,640 --> 00:04:19,280 Speaker 3: you can take a top down in February, my wife 76 00:04:19,360 --> 00:04:22,200 Speaker 3: insists on sixty. I'll take the top down at like 77 00:04:22,320 --> 00:04:24,880 Speaker 3: forty five to fifty. You just have to, you know, 78 00:04:24,960 --> 00:04:26,960 Speaker 3: have gloves on, and that's really be dressed. 79 00:04:27,279 --> 00:04:29,720 Speaker 1: I've been driving with it in this Corvette that I'm 80 00:04:29,800 --> 00:04:32,919 Speaker 1: driving with the top down. Yeah, and it's been you know, 81 00:04:33,040 --> 00:04:34,839 Speaker 1: forty or fifty, but I don't care. 82 00:04:35,120 --> 00:04:37,920 Speaker 3: And you know, the more modern car is like the 83 00:04:37,960 --> 00:04:39,039 Speaker 3: next scar from. 84 00:04:40,520 --> 00:04:41,000 Speaker 1: And just. 85 00:04:42,800 --> 00:04:45,320 Speaker 3: Yeah it's no mine does well. 86 00:04:45,200 --> 00:04:48,720 Speaker 2: I know yours doesn't, assuming the assuming the vet doesn't either. 87 00:04:49,200 --> 00:04:52,440 Speaker 1: No, no, it doesn't, but it doesn't. It's such a 88 00:04:52,480 --> 00:04:57,560 Speaker 1: small amount of openness, if that makes sense, right, because 89 00:04:57,880 --> 00:05:01,560 Speaker 1: think about how tight of a two seater and the 90 00:05:01,760 --> 00:05:04,240 Speaker 1: convertible only a little bit goes open. 91 00:05:05,400 --> 00:05:09,080 Speaker 3: I just saw something on the new twelve cylindery the Ferrari. 92 00:05:09,160 --> 00:05:13,840 Speaker 3: They even have these little arrow right behind the buttresses 93 00:05:14,440 --> 00:05:20,279 Speaker 3: that back your head to prevent air from from coming 94 00:05:20,320 --> 00:05:23,479 Speaker 3: into the cabin. Because when when you know, when you're 95 00:05:24,080 --> 00:05:26,839 Speaker 3: put eight hundred horsepower, when you when you mash the 96 00:05:26,839 --> 00:05:29,880 Speaker 3: pedal into the carpet, the last thing you want is 97 00:05:30,040 --> 00:05:35,080 Speaker 3: just a disruptive breeze, so I guess, and people have 98 00:05:35,160 --> 00:05:37,240 Speaker 3: been very very I don't know if you've gotten to 99 00:05:37,320 --> 00:05:38,960 Speaker 3: that car yet, Hannah, but. 100 00:05:39,080 --> 00:05:41,120 Speaker 2: Oh honey, I drove that car in Italy. 101 00:05:41,440 --> 00:05:43,240 Speaker 3: Oh you mean, oh yeah, I. 102 00:05:43,160 --> 00:05:45,640 Speaker 2: Love I'm a I'm a big, big fan. I mean 103 00:05:45,680 --> 00:05:47,520 Speaker 2: I like the styling in Miami. 104 00:05:47,760 --> 00:05:50,239 Speaker 3: Yeah, I like the styling of the eight twelve better, 105 00:05:50,320 --> 00:05:52,960 Speaker 3: but this is supposed to be a much more refined ride. 106 00:05:53,200 --> 00:05:56,600 Speaker 2: Extreme. It is one of my all time favorites. This 107 00:05:56,800 --> 00:06:01,960 Speaker 2: or the A twelve, the twelve twelve cylinder Child. 108 00:06:02,600 --> 00:06:06,120 Speaker 3: Well, I wish it had the I wish it had 109 00:06:06,160 --> 00:06:09,640 Speaker 3: the lines of the A twelve with the refinement of 110 00:06:09,680 --> 00:06:10,880 Speaker 3: the the. 111 00:06:10,839 --> 00:06:13,480 Speaker 2: New I like the line. It's not for you, No. 112 00:06:13,480 --> 00:06:17,160 Speaker 3: It's not bad. Yeah, it's interesting, it's modern, it's fresh, 113 00:06:17,200 --> 00:06:18,080 Speaker 3: it's looking. 114 00:06:18,560 --> 00:06:18,800 Speaker 2: Yep. 115 00:06:18,960 --> 00:06:21,680 Speaker 3: The A twelve is just you know if you it's 116 00:06:21,800 --> 00:06:25,599 Speaker 3: it's this is me being a little boy liking the 117 00:06:25,600 --> 00:06:28,039 Speaker 3: big muscular. 118 00:06:27,440 --> 00:06:31,279 Speaker 1: I agree with front engine much. I think the twelve 119 00:06:31,360 --> 00:06:35,760 Speaker 1: cylinder is a little bit more. I don't know if 120 00:06:35,760 --> 00:06:36,840 Speaker 1: feminine is the right word. 121 00:06:37,080 --> 00:06:40,480 Speaker 3: It's smooths out and it's cleaners, a. 122 00:06:40,440 --> 00:06:42,279 Speaker 1: More refined palate, I would say, you. 123 00:06:42,360 --> 00:06:45,200 Speaker 2: Know, a more evolved palette. I feel like it's discus 124 00:06:45,600 --> 00:06:49,839 Speaker 2: I feel like we have discussed this, right, Matt. 125 00:06:49,760 --> 00:06:51,840 Speaker 1: Yeah, no, we have, and I think it's true. Though, 126 00:06:52,160 --> 00:06:55,960 Speaker 1: it's true the the eight twelve, it hits you like 127 00:06:56,000 --> 00:06:59,400 Speaker 1: a sledgehammer. Look at that and you're like, God, damn. 128 00:06:59,440 --> 00:07:04,400 Speaker 3: I'm a sucker for those twin round tail lights, I agree, yeah, 129 00:07:04,520 --> 00:07:05,400 Speaker 3: love them. 130 00:07:05,520 --> 00:07:07,960 Speaker 1: But and by the way, that's and Hannah and I 131 00:07:07,960 --> 00:07:10,920 Speaker 1: have talked about this before as well. It's so important 132 00:07:10,960 --> 00:07:16,000 Speaker 1: to have like a signature kind of tail light. Look 133 00:07:16,080 --> 00:07:18,440 Speaker 1: to a car that's that's recognizable. 134 00:07:19,960 --> 00:07:23,560 Speaker 3: And now they're just lines, so just tiny, thin stripey. 135 00:07:24,080 --> 00:07:26,680 Speaker 1: I like them both, but I think the eight twelve, yes, 136 00:07:26,880 --> 00:07:30,360 Speaker 1: it's definitely for the little boy in the room, it's right. 137 00:07:31,400 --> 00:07:34,480 Speaker 1: But I want to get back to your comment on breaks, 138 00:07:34,480 --> 00:07:37,600 Speaker 1: because I showed a couple of observations. One is I 139 00:07:38,000 --> 00:07:39,680 Speaker 1: talked about this last week that I was in Austin 140 00:07:39,720 --> 00:07:46,360 Speaker 1: riding Harley Davidson's last week and the first day I rode, uh, 141 00:07:46,800 --> 00:07:53,920 Speaker 1: the Heritage and the Street Bob and the fat Boy 142 00:07:54,400 --> 00:07:59,080 Speaker 1: and the Breakout, and these have only one break cylinder, 143 00:07:59,240 --> 00:08:02,200 Speaker 1: I mean only one brake disc on the wheel right 144 00:08:02,240 --> 00:08:04,720 Speaker 1: on the left side, because they want it's a profiling thing. 145 00:08:04,760 --> 00:08:08,400 Speaker 1: They want to look cool from the but and I thought, wow, 146 00:08:08,480 --> 00:08:12,120 Speaker 1: they these seven hundred pound motorcycles actually stop okay with 147 00:08:12,320 --> 00:08:15,920 Speaker 1: just one disc. But then the second day I rode 148 00:08:15,960 --> 00:08:18,960 Speaker 1: the low Rider s and the st and they have 149 00:08:19,080 --> 00:08:22,240 Speaker 1: the twin discs, and this different story, right, a completely 150 00:08:22,320 --> 00:08:27,360 Speaker 1: different story, I mean, like the responsiveness and the feel 151 00:08:28,000 --> 00:08:30,680 Speaker 1: was amazing. And then so I was thinking more about 152 00:08:30,720 --> 00:08:32,520 Speaker 1: brakes when I got home and I got in this Corvette, 153 00:08:32,520 --> 00:08:34,520 Speaker 1: and I asked GM if I could test out the 154 00:08:34,559 --> 00:08:37,280 Speaker 1: base Corvette C eight. I mean, it's still the three LT, 155 00:08:37,400 --> 00:08:41,040 Speaker 1: but it's like just the normal, no bells and whistles. 156 00:08:41,080 --> 00:08:43,640 Speaker 1: Not the Z six, not the E Ray, not the 157 00:08:43,760 --> 00:08:45,720 Speaker 1: z R one. I do want to drive those as well, 158 00:08:46,800 --> 00:08:51,720 Speaker 1: but uh, the braking is the most fun part. The 159 00:08:51,800 --> 00:08:55,199 Speaker 1: brakes are so much fun to mash down. So I'm, 160 00:08:55,480 --> 00:08:59,120 Speaker 1: you know, drag racing on the Bronx River Parkway, trying 161 00:08:59,160 --> 00:09:00,719 Speaker 1: to get up to one hundred, just so I can 162 00:09:00,760 --> 00:09:03,480 Speaker 1: mash the breaks down as hard as I can because 163 00:09:03,480 --> 00:09:04,720 Speaker 1: it's so good. 164 00:09:05,240 --> 00:09:07,719 Speaker 3: You know. I've had that same experience with the R 165 00:09:07,840 --> 00:09:10,600 Speaker 3: eight that if you ever have to slam on the 166 00:09:10,600 --> 00:09:14,120 Speaker 3: brakes in the emergency, like you were shocked at the 167 00:09:14,160 --> 00:09:17,040 Speaker 3: stopping distance, like wow. And I don't know if it's 168 00:09:17,080 --> 00:09:21,200 Speaker 3: because it's a mid engine car or Audi just knows 169 00:09:21,200 --> 00:09:24,480 Speaker 3: how to beef up the brakes. Yea. 170 00:09:24,600 --> 00:09:26,960 Speaker 2: They need to update that car. I mean that car is. 171 00:09:26,960 --> 00:09:27,760 Speaker 3: Isn't it going away? 172 00:09:28,120 --> 00:09:28,560 Speaker 1: It's gone? 173 00:09:28,840 --> 00:09:32,120 Speaker 2: Yes, it's a ten year old, fifteen year old car. Yeah, 174 00:09:32,200 --> 00:09:34,560 Speaker 2: let's get something new. Audi. Come on, they. 175 00:09:34,440 --> 00:09:37,559 Speaker 1: Should they should, right, So I would like to drive 176 00:09:37,640 --> 00:09:41,920 Speaker 1: more Audis. I don't ever see one or get one. 177 00:09:42,160 --> 00:09:45,240 Speaker 3: You know the They have a sister company you might 178 00:09:45,280 --> 00:09:49,920 Speaker 3: be familiar with called Portie. Yeah, and they don't put 179 00:09:49,960 --> 00:09:52,400 Speaker 3: their engines up in the front most of the time, 180 00:09:52,559 --> 00:09:57,800 Speaker 3: so it's pretty cool. I know people who insist insist 181 00:09:58,600 --> 00:10:01,200 Speaker 3: that the Cayman is a better driver. 182 00:10:01,960 --> 00:10:06,480 Speaker 2: Yeah, professional drivers I've had. I can't tell you how 183 00:10:06,520 --> 00:10:09,760 Speaker 2: many driving pros have told me they prefer the caman 184 00:10:09,800 --> 00:10:11,480 Speaker 2: because it's more predictable and balanced. 185 00:10:11,720 --> 00:10:15,000 Speaker 3: Well, it's men and not rear engine. But what's amazing 186 00:10:15,160 --> 00:10:18,439 Speaker 3: is if you put a caman up against a G fifty, 187 00:10:19,240 --> 00:10:22,000 Speaker 3: you know, eighties ORR nine to eleven, they're the same size, 188 00:10:22,040 --> 00:10:25,880 Speaker 3: the new nine to elevens. They've just gotten sold swollen. 189 00:10:26,440 --> 00:10:30,280 Speaker 3: They're really so you don't realize how big. They don't lie, Yeah, 190 00:10:30,320 --> 00:10:32,000 Speaker 3: they just get big. They've just gotten bigger. 191 00:10:32,160 --> 00:10:37,280 Speaker 2: It's the Kim Kardashian fication of cars. I think there's 192 00:10:37,320 --> 00:10:39,959 Speaker 2: something in there where we could we could track the 193 00:10:40,000 --> 00:10:44,960 Speaker 2: idealized female form along the years as it corresponds to 194 00:10:45,720 --> 00:10:46,679 Speaker 2: the form of a car. 195 00:10:46,840 --> 00:10:49,160 Speaker 1: I like where you're going with this. All of a sudden, 196 00:10:49,200 --> 00:10:50,600 Speaker 1: I'm paying very close attention. 197 00:10:50,760 --> 00:10:54,840 Speaker 2: Yes and yes, it's a it's what's the miniskirt index? 198 00:10:55,040 --> 00:10:55,360 Speaker 2: You know there? 199 00:10:57,679 --> 00:10:57,880 Speaker 1: Right? 200 00:10:58,040 --> 00:11:01,400 Speaker 3: No, not Mario Goobelli. It's the same guy who invented 201 00:11:01,800 --> 00:11:03,360 Speaker 3: and his name will come to me in a moment, 202 00:11:03,720 --> 00:11:07,120 Speaker 3: who invented the magazine cover in DEXI passed away not 203 00:11:07,160 --> 00:11:11,840 Speaker 3: too long ago. Where the more the longer a skirt is, 204 00:11:12,679 --> 00:11:19,160 Speaker 3: the more repressed and generally dour economies to be and 205 00:11:19,240 --> 00:11:22,240 Speaker 3: when you get you know, there's the mini skirts, the 206 00:11:22,280 --> 00:11:26,560 Speaker 3: super mini skirts that became very popular mid sixties. Hey, 207 00:11:26,559 --> 00:11:28,600 Speaker 3: you're at the end of the cycle. Everybody's got a 208 00:11:28,600 --> 00:11:31,160 Speaker 3: ton of money and we're all out partying. And that's 209 00:11:31,520 --> 00:11:36,240 Speaker 3: late late days, not quite late capitalism, but late cycle indicator. 210 00:11:36,800 --> 00:11:39,520 Speaker 1: I see. I thought it was goodbelly because he's he 211 00:11:39,520 --> 00:11:42,200 Speaker 1: he says that when I when I've had him on 212 00:11:42,280 --> 00:11:43,320 Speaker 1: in the past. 213 00:11:43,520 --> 00:11:44,839 Speaker 3: Let me tell you exactly. 214 00:11:46,040 --> 00:11:49,400 Speaker 2: But in any case, I think this is a great 215 00:11:49,440 --> 00:11:52,240 Speaker 2: segue into Barry's book. I feel like because we're so 216 00:11:52,679 --> 00:11:57,160 Speaker 2: you know, we're sort of talking about the economy, and 217 00:11:57,240 --> 00:11:59,080 Speaker 2: Barry has a new book out, which is kind of 218 00:11:59,080 --> 00:12:00,679 Speaker 2: the whole reason why we want to to talk with you, 219 00:12:00,720 --> 00:12:04,240 Speaker 2: as much as we also love your electric nine to eleven. Sure, 220 00:12:04,240 --> 00:12:08,960 Speaker 2: I mean, How Not to Invest is a gripping title 221 00:12:08,960 --> 00:12:12,640 Speaker 2: and one that I personally need to talk to you 222 00:12:12,720 --> 00:12:17,760 Speaker 2: about because it's all about reducing mistakes exactly. 223 00:12:18,280 --> 00:12:20,240 Speaker 3: We have been we have been. 224 00:12:20,760 --> 00:12:22,800 Speaker 1: Oh, Laz Lobrini, youre talking abou Laz Labrini. 225 00:12:22,960 --> 00:12:28,080 Speaker 3: Nope, I'm talking about Paul McCrae Montgomery, who was the 226 00:12:28,080 --> 00:12:32,280 Speaker 3: inventor of the magazine cover Indicator, which is actually referenced 227 00:12:32,320 --> 00:12:36,640 Speaker 3: in the book. But one of the reasons I chose 228 00:12:36,760 --> 00:12:40,640 Speaker 3: the title what is The book called How Not to Invest? 229 00:12:40,840 --> 00:12:45,559 Speaker 3: The bad ideas, numbers, and behavior that destroys wealth? And 230 00:12:46,040 --> 00:12:48,200 Speaker 3: I had a couple of friends and a few publishers 231 00:12:48,280 --> 00:12:50,600 Speaker 3: kind of urged me to write a new book. It's 232 00:12:50,640 --> 00:12:55,000 Speaker 3: been fifteen years since Bailout Nation, and I was reluctant 233 00:12:55,080 --> 00:12:58,680 Speaker 3: because the thought process was, Hey, we've had tens of 234 00:12:58,720 --> 00:13:01,959 Speaker 3: thousands of books over the past century. People are still 235 00:13:02,280 --> 00:13:05,720 Speaker 3: telling us how to invest, and people are still generally 236 00:13:05,960 --> 00:13:10,319 Speaker 3: pretty mediocre investors. And one day I just kind of 237 00:13:10,679 --> 00:13:16,720 Speaker 3: adopted the Charlie Munger aphorism invert always invert, and started 238 00:13:16,760 --> 00:13:19,120 Speaker 3: noodling around with the idea, what happens if instead of 239 00:13:19,160 --> 00:13:22,120 Speaker 3: telling people what to do, what is if we just 240 00:13:22,200 --> 00:13:26,199 Speaker 3: avoided the unforced errors that lead to problems. By the way, 241 00:13:26,240 --> 00:13:29,240 Speaker 3: I'm not the first person who thought of this. There's 242 00:13:29,600 --> 00:13:33,400 Speaker 3: a wonderful book from Charlie Ellis based on a paper 243 00:13:33,440 --> 00:13:36,719 Speaker 3: he wrote in the nineteen seventies called Winning the Losers Game, 244 00:13:36,760 --> 00:13:41,160 Speaker 3: and Ellis points out that when you play tennis, hey 245 00:13:41,800 --> 00:13:45,520 Speaker 3: point one percent of people are professionals, and the pros 246 00:13:45,600 --> 00:13:50,679 Speaker 3: win by scoring aces, hitting with power, hitting slices, placing 247 00:13:50,679 --> 00:13:54,560 Speaker 3: it on the line, like they win by scoring points. 248 00:13:55,280 --> 00:13:58,200 Speaker 3: The rest of us we don't win that way. In fact, 249 00:13:58,320 --> 00:14:02,400 Speaker 3: we lose through unforced sts. We double fault. We hit 250 00:14:02,440 --> 00:14:04,640 Speaker 3: the ball into the net, we hit it wide, we 251 00:14:04,720 --> 00:14:08,080 Speaker 3: hit it long. And if you and this will be 252 00:14:08,160 --> 00:14:12,560 Speaker 3: very familiar to what we've all learned at various driving schools. 253 00:14:12,600 --> 00:14:15,600 Speaker 3: The closest one to me is skip Barber. But if 254 00:14:15,640 --> 00:14:19,200 Speaker 3: you play within yourself, stay within your abilities, stay within 255 00:14:19,200 --> 00:14:22,800 Speaker 3: the abilities of the vehicle and the driver, you make 256 00:14:22,880 --> 00:14:26,720 Speaker 3: fewer mistakes and you're much less likely to have a 257 00:14:26,760 --> 00:14:30,520 Speaker 3: bad outcome, whether it's a portfolio or going into a 258 00:14:30,560 --> 00:14:34,400 Speaker 3: turn too fast. In fact, one of my favorite things 259 00:14:34,440 --> 00:14:37,160 Speaker 3: you'll learn in the performance driving school, to bring it 260 00:14:37,200 --> 00:14:43,560 Speaker 3: back to hot pursuetions, it is that what we pretend 261 00:14:43,840 --> 00:14:48,120 Speaker 3: is high performance lessons, or really here's how to learn 262 00:14:48,280 --> 00:14:53,760 Speaker 3: your abilities and the envelope of the car, the performance 263 00:14:53,880 --> 00:14:57,640 Speaker 3: parameters of the vehicle, and stay within them. People don't 264 00:14:57,640 --> 00:15:01,640 Speaker 3: get into trouble necessarily because their bad drivers. They get 265 00:15:01,640 --> 00:15:05,320 Speaker 3: into trouble because whatever their skill set is, they exceed 266 00:15:05,400 --> 00:15:12,000 Speaker 3: that and the vehicle, and it's exactly exactly this. Every 267 00:15:12,200 --> 00:15:14,880 Speaker 3: sport has a metaphor for this, but it's really true. 268 00:15:15,360 --> 00:15:18,680 Speaker 3: Stay within your abilities, don't make unforced errors, don't make 269 00:15:18,760 --> 00:15:22,880 Speaker 3: dumb mistakes. Avoid. In fact, back to Monger, someone once 270 00:15:23,000 --> 00:15:25,520 Speaker 3: asked him, are you guys? Are you and Warren Buffett 271 00:15:25,560 --> 00:15:30,800 Speaker 3: so successful because you're smarter than everybody else? Classic mongerism. 272 00:15:30,880 --> 00:15:33,920 Speaker 3: He says, we're not smarter than everybody else, We're just 273 00:15:34,120 --> 00:15:38,280 Speaker 3: less stupid. And stop and think about you know, Matt 274 00:15:38,320 --> 00:15:41,920 Speaker 3: doing a buck fifty on the b QE. You don't 275 00:15:42,000 --> 00:15:44,080 Speaker 3: you want to be less stupid. You want to avoid 276 00:15:44,160 --> 00:15:48,680 Speaker 3: those sort of risks. 277 00:15:45,320 --> 00:15:52,720 Speaker 2: And get that I got that wrong. So Barry, how 278 00:15:52,760 --> 00:15:56,760 Speaker 2: do how do you even begin to know what your 279 00:15:56,840 --> 00:15:59,440 Speaker 2: lane is as an investor? How do you even begin 280 00:15:59,520 --> 00:16:01,960 Speaker 2: to know? This is my sweet spot? And I really 281 00:16:01,960 --> 00:16:04,680 Speaker 2: should focus on this area or. 282 00:16:04,880 --> 00:16:09,720 Speaker 3: Safe So your default should be I don't know anything. 283 00:16:10,000 --> 00:16:13,360 Speaker 3: And it's not that we're all ignorant, but you know. 284 00:16:13,520 --> 00:16:15,160 Speaker 3: In the beginning of the book, I go through a 285 00:16:15,240 --> 00:16:21,480 Speaker 3: history of some very famous forecasts and books and market calls, 286 00:16:21,520 --> 00:16:25,160 Speaker 3: and you start to realize and I bring things in 287 00:16:25,200 --> 00:16:30,320 Speaker 3: from outside of finance, from film and television, and music, 288 00:16:30,320 --> 00:16:33,320 Speaker 3: because I kind of feel everybody can relate to those, and. 289 00:16:33,240 --> 00:16:35,800 Speaker 2: Your renaissance man as well well a little. 290 00:16:35,840 --> 00:16:38,720 Speaker 3: I mean, I just easily bored and distracted, so I 291 00:16:38,760 --> 00:16:42,200 Speaker 3: have to keep myself entertained. But what you find out 292 00:16:42,320 --> 00:16:48,520 Speaker 3: is that all of these experts really their expertise stops. Again, 293 00:16:48,720 --> 00:16:51,560 Speaker 3: they should know their own parameters and their own limits. 294 00:16:52,000 --> 00:16:54,120 Speaker 3: And so one of the examples in the book is, 295 00:16:54,760 --> 00:16:58,680 Speaker 3: you know, the Beatles come on at Sullivan and you know, 296 00:16:58,920 --> 00:17:00,840 Speaker 3: by the way, this is the second a third time 297 00:17:02,040 --> 00:17:05,320 Speaker 3: their manager tried to get them on and they just 298 00:17:05,400 --> 00:17:10,280 Speaker 3: kept getting turned down. In fact, Capitol Records, despite all 299 00:17:10,280 --> 00:17:14,200 Speaker 3: these number one hits in the UK, refused to release 300 00:17:14,280 --> 00:17:18,879 Speaker 3: Beatles songs here, singles here, because I think guitar music 301 00:17:18,960 --> 00:17:21,680 Speaker 3: is on the way out. Obviously, Ed Sullivan's show was 302 00:17:21,720 --> 00:17:25,240 Speaker 3: a giant platform for breaking new acts, and they were 303 00:17:25,320 --> 00:17:29,720 Speaker 3: just being opportunistic when they finally, in anticipation of the show, 304 00:17:29,840 --> 00:17:32,280 Speaker 3: released a bunch of singles and they all went to 305 00:17:32,359 --> 00:17:35,600 Speaker 3: number one. But the reviews of the Beatles showing up 306 00:17:35,600 --> 00:17:42,719 Speaker 3: on Insulvin were hilariously embarrassingly wrong. No harmony, no vocals. 307 00:17:43,080 --> 00:17:45,240 Speaker 3: All I could see is a bunch of hair guitar 308 00:17:45,359 --> 00:17:48,520 Speaker 3: music isn't going to be around much long. Don't think 309 00:17:48,560 --> 00:17:52,080 Speaker 3: about the Beatles. They're not going to be around very long. 310 00:17:52,119 --> 00:17:56,399 Speaker 3: And besides, they'll probably be bold soon, like just shocking. 311 00:17:56,920 --> 00:18:00,000 Speaker 3: And no matter where you look, it could be filed, 312 00:18:00,280 --> 00:18:03,560 Speaker 3: it could be television, could be books. It turns out 313 00:18:03,680 --> 00:18:09,399 Speaker 3: that expertise experts have a limited expertise, especially when it 314 00:18:09,440 --> 00:18:12,520 Speaker 3: comes to predicting the future. So one of the things 315 00:18:12,520 --> 00:18:16,520 Speaker 3: one of my favorite quotes from William Gulman, who wrote 316 00:18:16,600 --> 00:18:20,840 Speaker 3: Princess Brighte and you know he was a sharp eyed 317 00:18:20,920 --> 00:18:25,080 Speaker 3: critic of Hollywood and media, is that nobody knows anything 318 00:18:25,160 --> 00:18:28,640 Speaker 3: when you're looking at the future. He points out, everybody 319 00:18:28,680 --> 00:18:31,720 Speaker 3: passed on Star Wars, nobody wants to make e t 320 00:18:32,280 --> 00:18:34,960 Speaker 3: or Raiders at the Lost Dollars or Rocky Right, Yeah, 321 00:18:35,000 --> 00:18:37,480 Speaker 3: you go down the list of all these things. More recently, 322 00:18:38,160 --> 00:18:41,399 Speaker 3: it was john Wick, which has become a two billion 323 00:18:41,440 --> 00:18:44,879 Speaker 3: dollar franchise. The first john Wick was made for something 324 00:18:45,000 --> 00:18:48,440 Speaker 3: like twenty million dollars, which is for an action movie 325 00:18:48,560 --> 00:18:53,840 Speaker 3: is considered modest budget. And the story is and I've 326 00:18:53,920 --> 00:18:59,439 Speaker 3: never verified this independently, but it makes sense. Keanu Reeves 327 00:18:59,440 --> 00:19:03,120 Speaker 3: had a fine and said himself, took a much lower salary, 328 00:19:03,160 --> 00:19:06,959 Speaker 3: put up some money, got back end points instead of 329 00:19:07,000 --> 00:19:10,600 Speaker 3: just getting a big, you know, aless celebrity salary, and 330 00:19:10,640 --> 00:19:13,320 Speaker 3: that's probably worth you know, god knows, close to one 331 00:19:13,359 --> 00:19:14,679 Speaker 3: hundred million dollars to him. 332 00:19:14,920 --> 00:19:18,280 Speaker 1: Just not want to point out that it's not nearly 333 00:19:18,520 --> 00:19:21,600 Speaker 1: as good as Star Wars, Raiders Are Lost, Dark or et. 334 00:19:22,680 --> 00:19:25,040 Speaker 1: I mean, I've watched all of the John Wicks and 335 00:19:25,080 --> 00:19:26,800 Speaker 1: they're okay, you've. 336 00:19:26,640 --> 00:19:31,040 Speaker 3: Watched them all. So as a commercial property, everybody who 337 00:19:31,160 --> 00:19:34,080 Speaker 3: focussed on that said that Matt Miller will never see 338 00:19:34,080 --> 00:19:35,760 Speaker 3: any of these. He saw all of them. 339 00:19:36,080 --> 00:19:39,080 Speaker 1: No, I mean, I'm glad they exist for a number 340 00:19:39,080 --> 00:19:42,680 Speaker 1: of reasons. My entertainment is number one, but also number 341 00:19:42,720 --> 00:19:46,040 Speaker 1: two because I hope that Keanu is able to funnel 342 00:19:46,119 --> 00:19:48,880 Speaker 1: more of that money into Arch Motorcycles, which is which 343 00:19:48,880 --> 00:19:52,800 Speaker 1: are still around. Amazing. Yeah, yeah, still around. I just 344 00:19:52,840 --> 00:19:56,440 Speaker 1: spoke with a guy, one of the designers at Harley 345 00:19:56,520 --> 00:20:01,359 Speaker 1: Davidson who loves those bikes too, But I just wanted 346 00:20:01,359 --> 00:20:03,320 Speaker 1: to say, like, it's not you know, et. 347 00:20:05,920 --> 00:20:09,000 Speaker 3: But the the key takeaway is that even the so 348 00:20:09,240 --> 00:20:14,560 Speaker 3: called experts at the studios wait an a list at 349 00:20:14,600 --> 00:20:16,800 Speaker 3: the time he had already had the matrix, he had 350 00:20:16,840 --> 00:20:21,960 Speaker 3: already had speed. He's an A list celebrity, just Hong 351 00:20:22,080 --> 00:20:28,560 Speaker 3: Kong Gung Fu point break using using guns. And here 352 00:20:28,760 --> 00:20:33,080 Speaker 3: is a here is a retired assassin coming out of 353 00:20:33,119 --> 00:20:37,080 Speaker 3: retirement because somebody killed his dog. Like I don't know 354 00:20:37,119 --> 00:20:38,360 Speaker 3: who said no to that. 355 00:20:38,520 --> 00:20:39,840 Speaker 1: True, I would definitely say yes to. 356 00:20:39,960 --> 00:20:42,640 Speaker 3: But it just goes to show you stop and thinking 357 00:20:42,640 --> 00:20:45,360 Speaker 3: about films are a great example. What you're doing when 358 00:20:45,359 --> 00:20:48,440 Speaker 3: you greenlight a film is kind of making a forecast 359 00:20:48,720 --> 00:20:50,920 Speaker 3: what the public's taste is going to be five years 360 00:20:50,960 --> 00:20:53,640 Speaker 3: out from the day you say yes to whenever that 361 00:20:53,920 --> 00:20:57,560 Speaker 3: hits the theaters or streaming a long period of time elapses. 362 00:20:57,640 --> 00:21:01,320 Speaker 3: And so to bring this back to invest thing, if 363 00:21:01,440 --> 00:21:03,720 Speaker 3: if you don't know what sectors are going to do 364 00:21:03,800 --> 00:21:06,199 Speaker 3: really well, whether the economy is going to have a 365 00:21:06,200 --> 00:21:09,240 Speaker 3: recession or not, whether the market's going to crash well, 366 00:21:09,320 --> 00:21:13,560 Speaker 3: really the basic default should be the core of your 367 00:21:13,600 --> 00:21:18,760 Speaker 3: portfolio should be an inexpensive total market index. And this 368 00:21:18,880 --> 00:21:22,080 Speaker 3: way you own everything rather than trying to pick the Nvidio, 369 00:21:22,160 --> 00:21:26,800 Speaker 3: whatever the next Nvidia or Amazon, or pick your favorite 370 00:21:26,920 --> 00:21:29,720 Speaker 3: is that's coming down the road, the next Netflix, Hey 371 00:21:30,000 --> 00:21:33,520 Speaker 3: buy them all they increase in size as their own 372 00:21:33,560 --> 00:21:36,600 Speaker 3: market gap gets bigger and bigger, so you always own them. 373 00:21:36,920 --> 00:21:41,000 Speaker 3: And that's a very humble way of saying, I really 374 00:21:41,040 --> 00:21:45,160 Speaker 3: don't know what stock, what sector, what country, what style 375 00:21:45,920 --> 00:21:48,359 Speaker 3: is going to be the best perform over the next 376 00:21:48,680 --> 00:21:52,560 Speaker 3: one to five ten years. So by approaching that with 377 00:21:52,640 --> 00:21:55,439 Speaker 3: a little bit of humility, you're more likely to have 378 00:21:55,480 --> 00:21:58,280 Speaker 3: a much much better outcome. Now, if you wanna, you know, 379 00:21:58,320 --> 00:22:02,160 Speaker 3: I use the metaphor of Christmas tree with ornaments in Garland. 380 00:22:02,560 --> 00:22:07,679 Speaker 3: If you want to decorate that that index holding with 381 00:22:08,119 --> 00:22:10,199 Speaker 3: here's a little momentum, And I want to own some 382 00:22:10,320 --> 00:22:13,359 Speaker 3: India and I think Europe is too cheap, and you 383 00:22:13,400 --> 00:22:16,760 Speaker 3: want to hang some ornaments on that, hey, knock yourself out. 384 00:22:16,840 --> 00:22:19,280 Speaker 3: But as long as the core of fifty sixty seventy 385 00:22:19,320 --> 00:22:22,520 Speaker 3: percent of what you're doing is a broad index, you're 386 00:22:22,600 --> 00:22:25,200 Speaker 3: guaranteed to at least keep up with the market, as 387 00:22:25,200 --> 00:22:28,320 Speaker 3: opposed to you know, the day every year we see 388 00:22:28,320 --> 00:22:33,119 Speaker 3: all these runs of data is active mutual fund managers. 389 00:22:33,560 --> 00:22:37,320 Speaker 3: The majority of them underperform in one year. By the 390 00:22:37,359 --> 00:22:39,720 Speaker 3: time you get to five years, it's something like eighty 391 00:22:39,720 --> 00:22:42,879 Speaker 3: five percent, and ten years is over ninety percent, So 392 00:22:43,000 --> 00:22:45,520 Speaker 3: rather than try and pick the manager, you know you're 393 00:22:45,560 --> 00:22:48,119 Speaker 3: not going to pick the next Joel tilling Has or 394 00:22:48,200 --> 00:22:52,240 Speaker 3: Peter Lynch or Warren Buffett, especially when they're new and unknown. 395 00:22:52,680 --> 00:22:54,600 Speaker 3: So at least have the core of what you're doing 396 00:22:54,760 --> 00:22:58,000 Speaker 3: guarantee you're going to get some form of market performance. 397 00:23:05,440 --> 00:23:08,439 Speaker 2: Does your advice in this book apply now when we 398 00:23:08,480 --> 00:23:11,800 Speaker 2: have a new administration in the office in office and 399 00:23:12,960 --> 00:23:15,800 Speaker 2: you know, I just came back from Miami with a 400 00:23:15,840 --> 00:23:18,919 Speaker 2: bunch of car sales and everybody's talking about tariffs and 401 00:23:19,440 --> 00:23:21,679 Speaker 2: you know, buying cars as a way to you know, 402 00:23:22,080 --> 00:23:25,320 Speaker 2: sink some cash somewhere. Can you talk a little bit 403 00:23:25,359 --> 00:23:28,919 Speaker 2: about how what you wrote in the book applies, you know, 404 00:23:29,040 --> 00:23:30,679 Speaker 2: this spring, this summer. 405 00:23:30,880 --> 00:23:33,520 Speaker 3: Sure. So there's a whole section in the book on 406 00:23:33,600 --> 00:23:38,760 Speaker 3: why politics and investing doesn't mix because politics, it tends to, 407 00:23:38,960 --> 00:23:45,560 Speaker 3: especially partisan politics, tends to be a very emotional sport, 408 00:23:45,800 --> 00:23:49,919 Speaker 3: and emotions are the enemy of good investing. But that said, 409 00:23:50,320 --> 00:23:53,440 Speaker 3: there's two ways to think about this, and both of 410 00:23:53,480 --> 00:23:59,320 Speaker 3: these are somewhat helpful, maybe a little unsatisfying. So first, 411 00:23:59,359 --> 00:24:02,800 Speaker 3: if you invest for five, ten, fifteen years out, you're 412 00:24:02,840 --> 00:24:07,040 Speaker 3: saving for retirement or generational wealth transfer. You're not saving 413 00:24:07,040 --> 00:24:09,760 Speaker 3: for a house in two years, but you're looking out. 414 00:24:09,800 --> 00:24:12,840 Speaker 3: You're gonna look out past the next four years of turmoil. 415 00:24:13,320 --> 00:24:15,640 Speaker 3: Kind of tune out that noise and think, all right, 416 00:24:16,520 --> 00:24:18,840 Speaker 3: this is money for ten or fifteen years from now. 417 00:24:19,160 --> 00:24:22,399 Speaker 3: What happens over the next four years doesn't matter in 418 00:24:22,440 --> 00:24:26,679 Speaker 3: the long haul. That said, you can't just be completely 419 00:24:26,720 --> 00:24:30,440 Speaker 3: oblivious and ignore the fact that and this was something 420 00:24:30,480 --> 00:24:35,560 Speaker 3: I wrote up a week ago Monday on the It 421 00:24:35,720 --> 00:24:39,400 Speaker 3: was a week before his quasi State of the Union address, 422 00:24:39,480 --> 00:24:42,199 Speaker 3: which was, hey, we all have to be aware of 423 00:24:42,200 --> 00:24:44,600 Speaker 3: the fact that, yes, you want to tune out the 424 00:24:44,640 --> 00:24:46,800 Speaker 3: noise if you're looking out ten years, but in the 425 00:24:46,840 --> 00:24:50,560 Speaker 3: here and now, we have to admit risk factors are rising, 426 00:24:51,080 --> 00:24:54,600 Speaker 3: possibility of a recession is rising. You saw the Atlanta 427 00:24:54,680 --> 00:24:58,919 Speaker 3: Now GDP. They do these real time prints and they 428 00:24:58,960 --> 00:25:01,720 Speaker 3: get more accurate as the quarter goes on, but they're 429 00:25:01,840 --> 00:25:04,919 Speaker 3: negative two point eight percent for the quarter as of 430 00:25:04,960 --> 00:25:07,679 Speaker 3: the end of February. That's a kind of ugly print 431 00:25:08,320 --> 00:25:09,520 Speaker 3: we have enjoyed. 432 00:25:10,200 --> 00:25:13,320 Speaker 1: Yep, that's not a GDP forecast. 433 00:25:13,400 --> 00:25:16,640 Speaker 3: That's the GDP right then and there, right Yeah, And 434 00:25:16,840 --> 00:25:19,359 Speaker 3: like during the during the pandemic. At one point you 435 00:25:19,400 --> 00:25:23,639 Speaker 3: were negative forty seven percent. Not just a crazy number, 436 00:25:23,680 --> 00:25:26,520 Speaker 3: but that was that day and it tends to be 437 00:25:27,080 --> 00:25:29,680 Speaker 3: a version of that. But at the same time, we've 438 00:25:29,760 --> 00:25:33,480 Speaker 3: enjoyed a VIX of volatility index of in the teams 439 00:25:33,560 --> 00:25:36,000 Speaker 3: for the past five years. Not only is it crept 440 00:25:36,080 --> 00:25:38,639 Speaker 3: up to twenty as of earlier this week it was 441 00:25:38,720 --> 00:25:43,160 Speaker 3: twenty four. Once you're looking at a twenty five vix. Hey, 442 00:25:43,320 --> 00:25:46,200 Speaker 3: we're suffering draw downs. We have a lot of volatility. 443 00:25:46,680 --> 00:25:50,320 Speaker 3: It's a little more nerve wracking to say nothing of. 444 00:25:51,320 --> 00:25:53,879 Speaker 3: You know, we have the exorbitant privilege of the dollar 445 00:25:53,920 --> 00:25:56,119 Speaker 3: as a reserve currency to the world. What does this 446 00:25:56,240 --> 00:26:02,159 Speaker 3: geopolitical realignment due to that? What happens when we I 447 00:26:02,200 --> 00:26:07,600 Speaker 3: don't get the idea of a strategic crypto reserve, it's pointless. 448 00:26:07,640 --> 00:26:11,560 Speaker 3: You want crypto, go by crypto. So all these risks arising. Listen, 449 00:26:11,880 --> 00:26:18,320 Speaker 3: I didn't imagine that the US as an ongoing entity, 450 00:26:18,520 --> 00:26:21,600 Speaker 3: that that was at risk, but it used to be 451 00:26:21,760 --> 00:26:25,280 Speaker 3: pretty much zero and now it's a non zero number. 452 00:26:25,560 --> 00:26:29,159 Speaker 3: So risks are still relatively low across What are the 453 00:26:29,200 --> 00:26:31,440 Speaker 3: odds that the dollar is no longer to be the 454 00:26:31,080 --> 00:26:35,639 Speaker 3: world's reserve currency still low, but higher than it was 455 00:26:35,680 --> 00:26:38,200 Speaker 3: a month and a half ago. So I don't want 456 00:26:38,200 --> 00:26:41,320 Speaker 3: to just be you know, sanguine and say look out 457 00:26:41,359 --> 00:26:44,040 Speaker 3: twenty years and this will all be forgotten. And that's 458 00:26:44,240 --> 00:26:49,960 Speaker 3: probably true. But the chances of an unforced policy error, 459 00:26:50,000 --> 00:26:53,560 Speaker 3: the chances of either the federal government making an error 460 00:26:53,720 --> 00:26:58,880 Speaker 3: or leading to the federal reserve making an error, that 461 00:26:58,960 --> 00:27:02,359 Speaker 3: has continued to increase. There are all sorts of unintended 462 00:27:02,359 --> 00:27:07,800 Speaker 3: consequences from you know, the geopolitical realignment, from cutting spending 463 00:27:08,240 --> 00:27:11,400 Speaker 3: on USAID on just what's going on. 464 00:27:11,600 --> 00:27:14,320 Speaker 1: With joining forces with Russia. 465 00:27:14,680 --> 00:27:17,640 Speaker 3: It's it's you, you don't you. I don't want people 466 00:27:19,359 --> 00:27:21,320 Speaker 3: like you, don't want to just ostrich and put your 467 00:27:21,320 --> 00:27:24,080 Speaker 3: head in the But it also I don't want people 468 00:27:24,119 --> 00:27:27,600 Speaker 3: to overreact. And so that is the challenge to split 469 00:27:27,680 --> 00:27:28,320 Speaker 3: that difference. 470 00:27:28,760 --> 00:27:33,239 Speaker 1: Can I ask about investing in cars? Because so I 471 00:27:33,280 --> 00:27:36,280 Speaker 1: think about what's your strength, right, and Hannah seems to 472 00:27:36,320 --> 00:27:41,120 Speaker 1: have a great ability to watch the car market and 473 00:27:41,400 --> 00:27:46,720 Speaker 1: pick good entry points, you know, and then everybody else 474 00:27:47,280 --> 00:27:50,679 Speaker 1: goes in after her to buy the same vehicles. Is 475 00:27:50,720 --> 00:27:55,760 Speaker 1: it advisable for Hannah to then invest her you know, 476 00:27:55,840 --> 00:27:58,640 Speaker 1: savings in cars rather than the sp. 477 00:27:58,760 --> 00:28:01,840 Speaker 2: Or dollars cash. 478 00:28:01,880 --> 00:28:05,760 Speaker 3: So the way I look at the car market is 479 00:28:06,560 --> 00:28:10,400 Speaker 3: if you buy a good car intelligently, you know, you 480 00:28:10,440 --> 00:28:13,440 Speaker 3: get to drive that car for how many years you want. 481 00:28:14,240 --> 00:28:18,600 Speaker 3: I picked up a five to six YSL twenty years nice, 482 00:28:18,920 --> 00:28:21,879 Speaker 3: I kept that eighty six. I kept that. 483 00:28:22,240 --> 00:28:23,200 Speaker 2: I had that same car. 484 00:28:23,359 --> 00:28:27,520 Speaker 3: I kept that convertible for like seventeen years, and seventeen 485 00:28:27,600 --> 00:28:30,840 Speaker 3: years later I sold it for what I paid for it. Now, 486 00:28:30,880 --> 00:28:33,800 Speaker 3: granted you put a little money into it insurance, but 487 00:28:34,280 --> 00:28:36,120 Speaker 3: it was blast. I had a ton of fun with it. 488 00:28:36,400 --> 00:28:39,280 Speaker 3: So for me, I love that car so much being 489 00:28:39,400 --> 00:28:42,680 Speaker 3: able to drive that around and just have fun with it. 490 00:28:43,040 --> 00:28:46,160 Speaker 3: So most of the cars I've purchased. 491 00:28:45,720 --> 00:28:47,360 Speaker 1: By the way, how do they drive? Because I love 492 00:28:47,400 --> 00:28:47,960 Speaker 1: the way they look. 493 00:28:48,000 --> 00:28:52,200 Speaker 3: I've still driven one solid bank vault doors. They're not 494 00:28:52,360 --> 00:28:55,200 Speaker 3: especially fast, and I wouldn't want to throw them into 495 00:28:55,240 --> 00:28:58,920 Speaker 3: a clover leaf at ninety miles an hour, but their 496 00:28:59,000 --> 00:29:02,320 Speaker 3: confidence in spiriring, they're steady. 497 00:29:02,560 --> 00:29:04,880 Speaker 1: It's it's incredibly well built, right. 498 00:29:04,840 --> 00:29:08,760 Speaker 3: Yeah, they're absolutely just solid. You want to be a 499 00:29:08,800 --> 00:29:11,280 Speaker 3: little aware if you look at the I think it 500 00:29:11,320 --> 00:29:14,240 Speaker 3: was the three eighty came with the single timing chain 501 00:29:14,320 --> 00:29:15,800 Speaker 3: and you had to upgrade that to the double. 502 00:29:15,880 --> 00:29:18,120 Speaker 2: You also want to be aware of how tightly the 503 00:29:18,200 --> 00:29:21,360 Speaker 2: roof fits, because some of them tend to squeak if 504 00:29:21,360 --> 00:29:21,640 Speaker 2: it's not. 505 00:29:22,880 --> 00:29:29,520 Speaker 3: And not only that, you know it's so there's generally speaking, 506 00:29:29,560 --> 00:29:32,560 Speaker 3: they're really solid cars. The biggest risk for buying one 507 00:29:32,560 --> 00:29:36,560 Speaker 3: of those is when those transmissions go. It's an expensive rebuilt. 508 00:29:37,080 --> 00:29:41,720 Speaker 3: Like the engines are just absolutely brick houses. They they're 509 00:29:41,760 --> 00:29:46,480 Speaker 3: just rock solid. Those transmissions Occasionally you have a tendency 510 00:29:46,520 --> 00:29:51,840 Speaker 3: to go, and especially if you're heavy footed, and so 511 00:29:51,920 --> 00:29:53,360 Speaker 3: you really have to stay on top of that. I 512 00:29:53,360 --> 00:29:54,600 Speaker 3: don't know what your experience was. 513 00:29:55,240 --> 00:29:57,200 Speaker 2: I would say that's true, but there's I mean, there's 514 00:29:57,280 --> 00:29:59,800 Speaker 2: always an exception to every rule, and the one we 515 00:29:59,840 --> 00:30:04,840 Speaker 2: have five sixty and eighty eight and that car had 516 00:30:05,320 --> 00:30:09,720 Speaker 2: problems with heat soak that we really ever beat ever, 517 00:30:10,440 --> 00:30:12,880 Speaker 2: And you know, we kept that car for a year 518 00:30:12,920 --> 00:30:15,400 Speaker 2: and it was one thing after another, and ultimately that's 519 00:30:15,400 --> 00:30:17,920 Speaker 2: what I traded him to. The Rolls Royce, which has 520 00:30:17,960 --> 00:30:23,600 Speaker 2: been far more reliable, completely counterintuitively and completely counter preventional wisdom, 521 00:30:23,600 --> 00:30:26,200 Speaker 2: which kind of goes back exactly to what you're saying, Barry, 522 00:30:26,600 --> 00:30:29,520 Speaker 2: which is you don't know anything. 523 00:30:29,960 --> 00:30:33,960 Speaker 3: Well, you know, a well sorted car. And you know, 524 00:30:34,000 --> 00:30:36,840 Speaker 3: I grew up as never a crazy nine to eleven fan, 525 00:30:37,440 --> 00:30:40,680 Speaker 3: always a front engine V eight muscle car sort of guy. 526 00:30:41,160 --> 00:30:43,760 Speaker 3: But I have to tell you my entire experience for 527 00:30:43,800 --> 00:30:48,400 Speaker 3: the past twenty years with a variety of Porsche products 528 00:30:48,760 --> 00:30:52,080 Speaker 3: is just how well designed and well built they're made. 529 00:30:52,600 --> 00:30:56,560 Speaker 3: And the old joke is, you know, Porsche drivers by cars, 530 00:30:56,600 --> 00:31:01,280 Speaker 3: Ferrari drivers, biodometers and one hundred thousand mile Porsches kind 531 00:31:01,280 --> 00:31:05,520 Speaker 3: of just loosening up and getting going. In fact, the 532 00:31:05,880 --> 00:31:09,840 Speaker 3: EV was a three hundred thousand mile car and someone 533 00:31:09,840 --> 00:31:14,360 Speaker 3: bought the transmission and engine because it was it's very 534 00:31:14,840 --> 00:31:16,000 Speaker 3: drivable and very. 535 00:31:16,080 --> 00:31:17,720 Speaker 1: Wait, you bought the car and then you sold the 536 00:31:17,720 --> 00:31:19,840 Speaker 1: transmission an engine and put a battery in it. 537 00:31:20,000 --> 00:31:23,320 Speaker 3: So it when it the folks at Moment Motors where 538 00:31:23,320 --> 00:31:27,040 Speaker 3: the car was, they take everything that's guess you know, 539 00:31:27,120 --> 00:31:30,240 Speaker 3: the gas tank, the oil, everything that's related out and 540 00:31:30,280 --> 00:31:34,400 Speaker 3: a local dealer helps offset the cost ever so slightly 541 00:31:35,000 --> 00:31:38,400 Speaker 3: of the upgrade by they buy the training and the engine. 542 00:31:38,560 --> 00:31:43,000 Speaker 3: Even a three hundred thousand mile Porsche of flat six 543 00:31:43,560 --> 00:31:45,680 Speaker 3: is still a pretty damn good engine. 544 00:31:46,000 --> 00:31:48,880 Speaker 1: I'm kind of obsessed with this. Uh, you know the 545 00:31:48,960 --> 00:31:54,200 Speaker 1: idea that Mercedes Benz over engineered cars for you know, 546 00:31:54,280 --> 00:31:58,640 Speaker 1: until basically the nineties, till the technology started, or the 547 00:31:58,760 --> 00:32:00,680 Speaker 1: idea that I mean. I had a nine to eleven 548 00:32:00,880 --> 00:32:04,880 Speaker 1: for ten years and I never ever had one single 549 00:32:04,960 --> 00:32:08,480 Speaker 1: mechanical problem with it, and I drove it hard. I 550 00:32:08,600 --> 00:32:13,800 Speaker 1: drove it a lot, and I don't necessarily maintain vehicles 551 00:32:13,920 --> 00:32:16,720 Speaker 1: very well. You know, I'm not like a stickler for it. 552 00:32:16,720 --> 00:32:19,440 Speaker 1: It's just so well built, and this is what I'm 553 00:32:19,480 --> 00:32:23,320 Speaker 1: looking for in a vehicle. That's not why I bought 554 00:32:23,360 --> 00:32:26,040 Speaker 1: a Dodge Challenger, you know. But I think it's so 555 00:32:26,200 --> 00:32:30,720 Speaker 1: cool that at least at some point car makers said, 556 00:32:30,840 --> 00:32:33,080 Speaker 1: I want to make sure this could be a dead 557 00:32:33,120 --> 00:32:36,920 Speaker 1: man's car, right. I had Tom Wagner on this morning 558 00:32:36,960 --> 00:32:40,280 Speaker 1: from the Head Capitol on my TV show and he said. 559 00:32:40,120 --> 00:32:42,160 Speaker 3: Oh, we just swapped emails today. That's so fat And 560 00:32:42,200 --> 00:32:45,840 Speaker 3: he said, you know his involvement with Singer, Yes, exactly. 561 00:32:45,880 --> 00:32:48,320 Speaker 1: So I was talking to I was talking to him 562 00:32:48,320 --> 00:32:52,320 Speaker 1: about Singer, and I said, you know, people, car guys 563 00:32:52,320 --> 00:32:54,640 Speaker 1: always play this game like if you could build your 564 00:32:55,000 --> 00:32:57,520 Speaker 1: dream car garage with three vehicles, what would it be 565 00:32:57,600 --> 00:32:59,920 Speaker 1: or four vehicles, and I always have a singer in there, 566 00:33:00,120 --> 00:33:00,960 Speaker 1: just because. 567 00:33:00,720 --> 00:33:03,960 Speaker 3: A singer a go Wing from the fifties, and I'd 568 00:33:04,000 --> 00:33:06,120 Speaker 3: really have to think about what the third car would be. 569 00:33:06,240 --> 00:33:08,680 Speaker 1: But I I My point is I always picked that, 570 00:33:08,760 --> 00:33:10,360 Speaker 1: and he said, yeah, you know, I think it's a 571 00:33:10,400 --> 00:33:14,240 Speaker 1: dead man's car, like Jerry Seinfeld apparently said, that's the 572 00:33:14,280 --> 00:33:15,960 Speaker 1: car that you buy from a guy who owned it 573 00:33:16,040 --> 00:33:18,320 Speaker 1: until he died, and then you own it until you. 574 00:33:18,280 --> 00:33:20,120 Speaker 3: Die, right, That's that's exactly right. 575 00:33:22,160 --> 00:33:25,200 Speaker 1: So much, and I think, and that's why I'm always 576 00:33:25,240 --> 00:33:29,040 Speaker 1: so I'm always so hopeful that one day I'll get 577 00:33:29,400 --> 00:33:34,400 Speaker 1: like Mercedes, like from the seventies or eighties I love 578 00:33:35,280 --> 00:33:37,760 Speaker 1: so well, or that. I mean, I would love. 579 00:33:37,680 --> 00:33:40,840 Speaker 3: Old sls, the two you want, the two eighty sl 580 00:33:40,920 --> 00:33:41,720 Speaker 3: with the stick shift. 581 00:33:42,080 --> 00:33:46,120 Speaker 1: Yeah, I mean, but the idea that manufacturers at one 582 00:33:46,120 --> 00:33:49,880 Speaker 1: point were not engineering obsolescence, right, They were saying, we 583 00:33:49,960 --> 00:33:54,240 Speaker 1: want this to be you know, Steve McQueen's car until 584 00:33:54,280 --> 00:33:56,560 Speaker 1: he eats it, and the Jerry's gonna own it until 585 00:33:56,600 --> 00:34:00,360 Speaker 1: he eats it, and then you know, I think I. 586 00:34:00,080 --> 00:34:04,800 Speaker 3: Emailed both of you that backdated retro mode from a 587 00:34:04,880 --> 00:34:07,120 Speaker 3: Brew Motors that was up for sale on one of 588 00:34:07,160 --> 00:34:08,080 Speaker 3: the auction sites. 589 00:34:08,320 --> 00:34:10,200 Speaker 2: I don't remember that so a. 590 00:34:10,320 --> 00:34:13,440 Speaker 3: B a brew a b ru or what a b 591 00:34:13,840 --> 00:34:17,120 Speaker 3: r e U. I think they're in Indianapolis or somewhere anyway. 592 00:34:17,640 --> 00:34:19,960 Speaker 3: Sort of like a poor man singer for lack of 593 00:34:19,960 --> 00:34:23,520 Speaker 3: a better word. This thing they repainted it in that 594 00:34:23,640 --> 00:34:27,359 Speaker 3: sort of lambeau candy apple green. I don't mean, oh, yeah, 595 00:34:27,400 --> 00:34:29,600 Speaker 3: you did you did show me this, right, didn't you take? 596 00:34:29,680 --> 00:34:33,239 Speaker 3: I texted or did both. Usually when I send something 597 00:34:33,280 --> 00:34:34,839 Speaker 3: to one of you, I send it to both of you. 598 00:34:37,120 --> 00:34:41,320 Speaker 3: But this went for three point fifty. I was genuinely shocked, 599 00:34:41,640 --> 00:34:45,120 Speaker 3: because very often what you're paying for when you're costom 600 00:34:45,160 --> 00:34:47,960 Speaker 3: building a car is hey, I want this interior and 601 00:34:48,000 --> 00:34:51,160 Speaker 3: this this is how I want, uh, this color and 602 00:34:51,200 --> 00:34:53,680 Speaker 3: that that engine and blah blah blah. 603 00:34:54,000 --> 00:34:56,279 Speaker 1: So nice. It looks so nice. I'm on the website. 604 00:34:56,480 --> 00:34:58,040 Speaker 3: It's pretty spectacular there. 605 00:34:58,480 --> 00:35:01,160 Speaker 2: I want to go, well, we're we're dueling over this. 606 00:35:01,280 --> 00:35:03,040 Speaker 2: I want to go back to you kind of started 607 00:35:03,040 --> 00:35:06,840 Speaker 2: to say, are you are you buying cars in this climate? 608 00:35:06,920 --> 00:35:09,840 Speaker 2: I want to go back to what you're asking, are 609 00:35:09,920 --> 00:35:11,080 Speaker 2: you putting your money there? 610 00:35:11,719 --> 00:35:17,759 Speaker 3: I just wildly uh and completely because I'm not a 611 00:35:17,800 --> 00:35:21,239 Speaker 3: kid anymore. Bought a new beach house, so then the 612 00:35:21,320 --> 00:35:23,759 Speaker 3: cabrio is going to go out there. And and by 613 00:35:23,800 --> 00:35:26,160 Speaker 3: the way, I have a battery kill switch on that 614 00:35:26,840 --> 00:35:29,080 Speaker 3: and I could not touch that car for two months. 615 00:35:29,200 --> 00:35:32,600 Speaker 3: Flick on the battery switch and it just fires right off. 616 00:35:32,680 --> 00:35:36,560 Speaker 3: That that's the beauty of the nine to eleven. I'm 617 00:35:36,680 --> 00:35:40,520 Speaker 3: trying to consolidate some cars. So I have an FJA 618 00:35:40,680 --> 00:35:42,600 Speaker 3: forty I'm going to bring out to the beach and 619 00:35:42,640 --> 00:35:46,440 Speaker 3: probably sell. And I have the Jeep Rubicon. I'm going 620 00:35:46,520 --> 00:35:49,200 Speaker 3: to take the top off and leave out by the beach, 621 00:35:49,520 --> 00:35:52,000 Speaker 3: and I'll probably end up keeping that unless I buy 622 00:35:52,080 --> 00:35:55,040 Speaker 3: a Ford Bronco. Some of the Broncos, I thought you 623 00:35:55,200 --> 00:35:57,680 Speaker 3: had one. No. I test drove one for a week 624 00:35:57,960 --> 00:35:59,360 Speaker 3: and it was it was a lot of fun. 625 00:35:59,400 --> 00:36:02,120 Speaker 1: But you mean like a new Bronco Raptor or like 626 00:36:02,120 --> 00:36:03,480 Speaker 1: an old Resto mod. 627 00:36:04,120 --> 00:36:07,080 Speaker 3: Either, just something as like a fun beach car. I've 628 00:36:07,120 --> 00:36:07,600 Speaker 3: seen a buke. 629 00:36:07,719 --> 00:36:09,279 Speaker 1: You don't need the Raptor, by the way, I think, No, 630 00:36:09,360 --> 00:36:09,640 Speaker 1: I don't know. 631 00:36:10,080 --> 00:36:12,920 Speaker 3: I don't like the trucks with a thousand horsepower. It 632 00:36:12,920 --> 00:36:15,800 Speaker 3: doesn't make any sense. Eight hundred horse power. The handling 633 00:36:15,840 --> 00:36:20,879 Speaker 3: isn't there. But you know, I certainly you know if 634 00:36:20,920 --> 00:36:26,560 Speaker 3: the my big takeaway from the pandemic was vaccines, work 635 00:36:26,880 --> 00:36:30,279 Speaker 3: and life is short. If you're If there's something that 636 00:36:30,360 --> 00:36:33,520 Speaker 3: you think will float your boat, go get It doesn't 637 00:36:33,520 --> 00:36:36,400 Speaker 3: matter if it's a trip to Italy or a jet 638 00:36:36,400 --> 00:36:40,000 Speaker 3: ski or you know. Even I had a conversation with 639 00:36:40,080 --> 00:36:43,400 Speaker 3: someone about, you know, a fifteen year old Mazda Miata 640 00:36:43,480 --> 00:36:47,640 Speaker 3: with a stick shift, and why not for fifteen thousand dollars. 641 00:36:48,000 --> 00:36:50,160 Speaker 3: I don't know how you have more fun on a 642 00:36:50,200 --> 00:36:54,360 Speaker 3: back road on a sunny day than a perfectly tossable Miata. 643 00:36:54,440 --> 00:36:58,160 Speaker 3: You don't need to spend six figures on a peak 644 00:36:58,160 --> 00:37:02,120 Speaker 3: car or something like that. There are entry points, you know, 645 00:37:02,200 --> 00:37:04,560 Speaker 3: And and I think that whole we kind of all 646 00:37:04,600 --> 00:37:08,279 Speaker 3: get lost, Hannah, you must get lost in one hypercar 647 00:37:08,480 --> 00:37:13,520 Speaker 3: after another. I'm concerned we all kind of forget completely 648 00:37:13,640 --> 00:37:17,240 Speaker 3: the simple things in life. And that's a cheap fun 649 00:37:17,440 --> 00:37:17,880 Speaker 3: top down. 650 00:37:17,960 --> 00:37:20,719 Speaker 2: Well, you know this car. The old cars really do 651 00:37:20,840 --> 00:37:23,400 Speaker 2: keep me grounded to your point. Yeah, it's easy to 652 00:37:23,440 --> 00:37:26,319 Speaker 2: get a really warped sense of reality, you know, when 653 00:37:26,360 --> 00:37:28,520 Speaker 2: we are driving a lot of these new cars for 654 00:37:28,600 --> 00:37:34,120 Speaker 2: press purposes. I only only own old cars, and it 655 00:37:34,239 --> 00:37:41,520 Speaker 2: really is a wonderful counterpoint and counterbalance exactly what, Because 656 00:37:41,560 --> 00:37:43,960 Speaker 2: I have as much fun, if not more fun. 657 00:37:43,800 --> 00:37:47,280 Speaker 1: In the old things, you know, but they're more beautiful, 658 00:37:47,400 --> 00:37:50,839 Speaker 1: I guess, you know, they're sometimes better made and better now. 659 00:37:50,880 --> 00:37:53,120 Speaker 3: And then every now and then I'll fall in love 660 00:37:53,160 --> 00:37:59,120 Speaker 3: with a particular combination of this car in this trim, 661 00:37:59,560 --> 00:38:04,680 Speaker 3: in this color. So I know a lot of people 662 00:38:04,800 --> 00:38:08,120 Speaker 3: don't love the Porta Finos or the car that came 663 00:38:08,160 --> 00:38:13,399 Speaker 3: before that. The name is drawing the California, the California. 664 00:38:13,480 --> 00:38:14,239 Speaker 1: We don't love those. 665 00:38:14,400 --> 00:38:19,520 Speaker 3: There was a seventy fifth anniversary edition California in this 666 00:38:19,680 --> 00:38:25,600 Speaker 3: sort of sky blue metallic with a light interior. It 667 00:38:25,800 --> 00:38:31,040 Speaker 3: was just so spectacular, And I'm like, nobody likes California, 668 00:38:31,080 --> 00:38:34,080 Speaker 3: and meanwhile likes the Californias. I think it was a 669 00:38:34,120 --> 00:38:38,799 Speaker 3: California m And meanwhile, every person I've spoken with who 670 00:38:38,880 --> 00:38:42,400 Speaker 3: owns a California says, this is just an endless amount 671 00:38:42,400 --> 00:38:45,680 Speaker 3: of fun to drive. It's still a Ferrari. It's still 672 00:38:45,680 --> 00:38:49,760 Speaker 3: a six hundred something horsepower engine, and it handles great. 673 00:38:50,280 --> 00:38:53,120 Speaker 3: And while the snobs and the purists hate it, it's 674 00:38:53,120 --> 00:38:55,560 Speaker 3: still a great mid engine you know, the engine is 675 00:38:55,600 --> 00:38:59,359 Speaker 3: pushed so far back. It's sort of like the Mercedes 676 00:39:00,560 --> 00:39:04,080 Speaker 3: GT are mid rear. Yeah, it's it's mid front, it's 677 00:39:04,120 --> 00:39:08,360 Speaker 3: behind the front wheels. There you go that it handles great, 678 00:39:08,520 --> 00:39:10,759 Speaker 3: and you know, and you could pick them up for 679 00:39:11,880 --> 00:39:14,920 Speaker 3: relatively cheap. I've been seeing the five ninety nine s 680 00:39:15,000 --> 00:39:19,279 Speaker 3: go for you know, seventy five one hundred HoTT right right? 681 00:39:19,840 --> 00:39:20,200 Speaker 2: Crazy? 682 00:39:20,440 --> 00:39:23,759 Speaker 1: Uh, not available with the stick. Yes, you can get 683 00:39:23,800 --> 00:39:26,400 Speaker 1: them with the stit they're very rare, so they'll go over. 684 00:39:27,239 --> 00:39:29,439 Speaker 1: The five seventy five I think was the last one 685 00:39:29,680 --> 00:39:32,640 Speaker 1: that was plentiful. Okay, right, so the five nine to 686 00:39:32,680 --> 00:39:35,600 Speaker 1: nine they did make a few, but only like a handsoke. 687 00:39:35,239 --> 00:39:38,000 Speaker 3: With just someone that came up on bring a trailer 688 00:39:39,719 --> 00:39:41,600 Speaker 3: with a stick, and I have no idea what's going 689 00:39:41,640 --> 00:39:44,239 Speaker 3: to go for. And I was watching one and I'm 690 00:39:44,320 --> 00:39:46,960 Speaker 3: like genuinely only shocked and in it when they go 691 00:39:47,040 --> 00:39:49,759 Speaker 3: for seventy five, there's always a little hair. That's a 692 00:39:49,800 --> 00:39:51,359 Speaker 3: lot of car, Yeah, it's a lot of cars. 693 00:39:51,360 --> 00:39:53,440 Speaker 1: I love ugly twelve cylinder Ferraris. 694 00:39:53,480 --> 00:39:54,480 Speaker 3: I love not that ugly. 695 00:39:54,520 --> 00:39:55,279 Speaker 1: I love the six twelve. 696 00:39:55,400 --> 00:39:57,200 Speaker 3: And I said the four to fifty six is another 697 00:39:57,239 --> 00:40:00,480 Speaker 3: one that was sort of passed by. It's a classic 698 00:40:00,560 --> 00:40:04,880 Speaker 3: GT and that design. I mean, the five fifty is spectacular, 699 00:40:05,239 --> 00:40:09,200 Speaker 3: but the four fifty six is design. It's very subtle. 700 00:40:09,239 --> 00:40:10,640 Speaker 3: It's aged nicely. 701 00:40:10,840 --> 00:40:13,880 Speaker 1: But if you're talking about getting a car that's fun 702 00:40:14,400 --> 00:40:18,560 Speaker 1: and not you know, six figure entry point and not new, 703 00:40:19,320 --> 00:40:21,719 Speaker 1: I think like a C six Corvette. 704 00:40:22,080 --> 00:40:24,840 Speaker 3: Uh, those have become really inexpensive. 705 00:40:25,520 --> 00:40:28,080 Speaker 1: And if you what are you Hannahs laughing? Why are 706 00:40:28,080 --> 00:40:28,560 Speaker 1: you laughing? 707 00:40:28,800 --> 00:40:30,319 Speaker 2: Why would you go for that era? 708 00:40:31,360 --> 00:40:34,480 Speaker 1: Because I'm just thinking like big muscle, Like very likes 709 00:40:34,560 --> 00:40:36,799 Speaker 1: big muscle. Right, Yeah, it's a big V eight up 710 00:40:36,840 --> 00:40:41,400 Speaker 1: front and they're uh, you know, easy to get with 711 00:40:41,440 --> 00:40:45,840 Speaker 1: a stick And I guess if I want, if I 712 00:40:45,880 --> 00:40:47,920 Speaker 1: want to go before that, but I wouldn't like I 713 00:40:47,960 --> 00:40:50,440 Speaker 1: don't think I wouldn't necessarily want to drive like a 714 00:40:50,480 --> 00:40:51,719 Speaker 1: C four or five. 715 00:40:52,000 --> 00:40:54,400 Speaker 3: So if I'm gonna go for big muscle with a 716 00:40:54,480 --> 00:40:58,280 Speaker 3: V eight up front, it's hard to beat. My m sex. 717 00:40:58,400 --> 00:41:02,000 Speaker 3: It's a convertible, it's a stick ship, it's about six 718 00:41:02,080 --> 00:41:05,040 Speaker 3: hundred horse power. It's just a monster. And if you 719 00:41:05,160 --> 00:41:08,719 Speaker 3: want to just go out for quiet drive, it can 720 00:41:09,200 --> 00:41:13,080 Speaker 3: be tamed. But as soon as you you know, unleash it. 721 00:41:13,080 --> 00:41:15,839 Speaker 3: It's a beast, and that really really is a thing. 722 00:41:15,880 --> 00:41:18,920 Speaker 3: You know. The other thing that's kind of interesting is 723 00:41:19,680 --> 00:41:23,440 Speaker 3: do you go for fewer but better cars. So obviously, 724 00:41:23,840 --> 00:41:27,520 Speaker 3: if you want, if you want to spend fifty sixty 725 00:41:27,560 --> 00:41:30,399 Speaker 3: thousand dollars, it's easy to find a well sorted out 726 00:41:30,520 --> 00:41:35,279 Speaker 3: nine to eleven that's ten fifteen years old, and that's 727 00:41:35,320 --> 00:41:38,359 Speaker 3: a tough car to beat for fifty to seventy five 728 00:41:38,400 --> 00:41:39,200 Speaker 3: thousand dollars. 729 00:41:39,360 --> 00:41:42,000 Speaker 2: Well, if you you know, if you're around collectors and 730 00:41:42,000 --> 00:41:44,160 Speaker 2: you're around these people who really have been buying and 731 00:41:44,200 --> 00:41:48,800 Speaker 2: selling for many years, that is the evolution of somebody 732 00:41:48,800 --> 00:41:54,000 Speaker 2: who's slowly learning the business. I mean, you're you're just 733 00:41:54,320 --> 00:41:59,319 Speaker 2: you're simply describing the progress that people make as they 734 00:41:59,320 --> 00:42:01,920 Speaker 2: get a little more savvy, a little more you know, 735 00:42:02,160 --> 00:42:05,719 Speaker 2: a little more mature, a little wiser. Yeah, they go 736 00:42:05,800 --> 00:42:09,279 Speaker 2: for fewer cars, the better examples. They don't go for 737 00:42:09,320 --> 00:42:11,680 Speaker 2: the obvious stuff. They go for the more like this 738 00:42:11,800 --> 00:42:15,319 Speaker 2: is this is this is called growing up. 739 00:42:15,880 --> 00:42:19,479 Speaker 3: You know, in this there's definitely some of that. The 740 00:42:19,480 --> 00:42:21,880 Speaker 3: the other thing is, you know, there's a lot of 741 00:42:21,920 --> 00:42:26,080 Speaker 3: personality involved in cars, and I don't know if I've 742 00:42:26,080 --> 00:42:28,839 Speaker 3: told you guys the story. One day, I'm in the 743 00:42:28,880 --> 00:42:32,880 Speaker 3: backyard with the dogs and I could look out over 744 00:42:32,920 --> 00:42:36,040 Speaker 3: the street behind us, and in front of my backyard 745 00:42:36,040 --> 00:42:43,680 Speaker 3: neighbor's house is a lime Green Hurricane Spider, And I 746 00:42:43,719 --> 00:42:47,360 Speaker 3: ping my neighbor, Hey, did you finally go crazy and 747 00:42:47,440 --> 00:42:50,719 Speaker 3: buy a Lambo? And he says, and I'm horrified about 748 00:42:50,760 --> 00:42:54,600 Speaker 3: the answer. No, that's my son's friend's car. He's seventeen. 749 00:42:54,680 --> 00:42:59,640 Speaker 3: He's a good kid, and I'm like, okay, And just 750 00:43:00,000 --> 00:43:06,160 Speaker 3: personality wise, that like electric lime Green. I can't ever 751 00:43:06,200 --> 00:43:09,200 Speaker 3: see rolling up somewhere in one of those. 752 00:43:09,040 --> 00:43:12,600 Speaker 2: An adolescent maleving that much. 753 00:43:12,840 --> 00:43:15,520 Speaker 3: I'd be dead, No, no doubt. 754 00:43:15,680 --> 00:43:17,919 Speaker 2: Get him in a Miata, get him in a little 755 00:43:18,040 --> 00:43:19,560 Speaker 2: M three or something, right, But. 756 00:43:20,719 --> 00:43:25,520 Speaker 1: I wonder if that's Is that the same thing somebody said, 757 00:43:25,719 --> 00:43:29,319 Speaker 1: you know, fifty years ago when you rolled up in 758 00:43:29,400 --> 00:43:32,560 Speaker 1: a lime Green, you know Dodge charger. 759 00:43:33,239 --> 00:43:36,400 Speaker 2: No, because the charger never had that much horsepower and 760 00:43:36,440 --> 00:43:37,560 Speaker 2: I don't remember them coming. 761 00:43:38,680 --> 00:43:42,040 Speaker 3: You would have to paint it like that. That's factory stock. 762 00:43:42,800 --> 00:43:45,560 Speaker 3: Look at me. I mean, it depends on who you 763 00:43:45,640 --> 00:43:47,160 Speaker 3: are and what how much. 764 00:43:47,480 --> 00:43:50,719 Speaker 1: Dodge definitely had those colors they had. I think two 765 00:43:50,800 --> 00:43:54,600 Speaker 1: shades of like a neon green. They had green go 766 00:43:55,400 --> 00:43:58,400 Speaker 1: and they had I mean they still make those, or 767 00:43:58,400 --> 00:44:01,040 Speaker 1: they did for the for the Challenger, they had purple, 768 00:44:01,160 --> 00:44:02,759 Speaker 1: they had orange. I like the. 769 00:44:02,719 --> 00:44:04,680 Speaker 3: Purple, the purple charge. It was great. 770 00:44:04,760 --> 00:44:08,480 Speaker 1: I love purple for a car. Like I'm playing that's 771 00:44:08,520 --> 00:44:12,719 Speaker 1: my wife's Panamera configurator, and I'm like looking at. 772 00:44:12,600 --> 00:44:15,520 Speaker 2: The purple, like, you know, BMW is making a great 773 00:44:15,520 --> 00:44:19,839 Speaker 2: purple these days. I just had Daytona violet metallic calling. 774 00:44:19,880 --> 00:44:21,000 Speaker 2: I had it on the M five. 775 00:44:21,520 --> 00:44:23,640 Speaker 3: Actually, how'd you like the five? 776 00:44:23,880 --> 00:44:26,239 Speaker 2: I liked it. I really liked it. I really liked it. 777 00:44:26,280 --> 00:44:28,800 Speaker 2: They they are only selling it as a hybrid now. 778 00:44:30,880 --> 00:44:32,360 Speaker 1: As a six thousand pound hybrid. 779 00:44:32,440 --> 00:44:36,200 Speaker 2: No stick, there's a plug. There's no stick. It's under 780 00:44:36,239 --> 00:44:39,200 Speaker 2: six thousand pounds. It's like fifty three hundred or so, right, 781 00:44:40,480 --> 00:44:43,839 Speaker 2: seven hundred and seventeen horse power. How much it's seven 782 00:44:43,920 --> 00:44:44,840 Speaker 2: hundred and seventeen. 783 00:44:45,760 --> 00:44:47,400 Speaker 3: Wow, that's a lot of hor that's a lot. 784 00:44:47,280 --> 00:44:48,040 Speaker 2: Of it's a lot. 785 00:44:48,200 --> 00:44:49,080 Speaker 1: That's a lot of car. 786 00:44:49,560 --> 00:44:52,440 Speaker 2: And it's a big car completely. And the number one 787 00:44:52,440 --> 00:44:55,200 Speaker 2: thing everyone was asking how heavy? How heavy is it heavy? 788 00:44:55,400 --> 00:44:58,920 Speaker 2: It does not feel heavy at all. It's really a 789 00:44:58,960 --> 00:45:01,840 Speaker 2: feed of engineering on that thing. It's yeah. 790 00:45:02,040 --> 00:45:05,600 Speaker 3: I always used to love that the early like the 791 00:45:05,680 --> 00:45:08,960 Speaker 3: late nineties, early two thousand and M five's were wolf 792 00:45:09,000 --> 00:45:13,080 Speaker 3: in sheep's clothing that it looked like a respectable business 793 00:45:13,120 --> 00:45:17,120 Speaker 3: person's car, but dropped the hands for sure, just a 794 00:45:17,280 --> 00:45:20,520 Speaker 3: you know, a Yahoo screaming down the Yeah, yeah, exactly. 795 00:45:21,360 --> 00:45:22,320 Speaker 2: I think we have to wrap. 796 00:45:22,400 --> 00:45:25,319 Speaker 1: It's sad, but we do have to rap because you 797 00:45:25,440 --> 00:45:27,279 Speaker 1: have to go unfortunately. 798 00:45:27,719 --> 00:45:29,960 Speaker 3: Uh yeah, I actually host a podcast. I have to 799 00:45:30,000 --> 00:45:34,600 Speaker 3: go get my guests Masters Masters in Business on Bloomberg Radio. 800 00:45:34,760 --> 00:45:37,560 Speaker 1: I was actually spreading the word this morning because some 801 00:45:37,640 --> 00:45:41,359 Speaker 1: people who didn't know much about Tom Wagner were, Hey, 802 00:45:41,680 --> 00:45:43,439 Speaker 1: I would I want to learn more about that guy, 803 00:45:43,520 --> 00:45:46,359 Speaker 1: and I was like, the number one place to go 804 00:45:46,640 --> 00:45:49,640 Speaker 1: is Masters and Business. Had you had such a great 805 00:45:50,040 --> 00:45:51,399 Speaker 1: interview with him? 806 00:45:51,480 --> 00:45:52,240 Speaker 3: So interesting? 807 00:45:52,440 --> 00:45:55,160 Speaker 2: Yeah, and very I think your podcast is the number 808 00:45:55,200 --> 00:45:56,600 Speaker 2: one Bloomberg podcast. 809 00:45:57,000 --> 00:45:59,640 Speaker 3: Uh, you know, Odd Lots gives me a run for 810 00:45:59,760 --> 00:46:02,319 Speaker 3: my money, but they do two a week, so I 811 00:46:02,440 --> 00:46:07,919 Speaker 3: think on a per capita basis, I think I'm still 812 00:46:08,000 --> 00:46:11,680 Speaker 3: up there. It's what's kind of fun about the podcast, 813 00:46:11,719 --> 00:46:14,600 Speaker 3: aside from the fact that I get people to speak 814 00:46:14,640 --> 00:46:16,520 Speaker 3: to me for an hour and a half that normally 815 00:46:16,560 --> 00:46:19,760 Speaker 3: would not give me the time of day. Is that 816 00:46:20,120 --> 00:46:24,279 Speaker 3: over the past July will be eleven years of doing that. Wow, 817 00:46:25,200 --> 00:46:30,960 Speaker 3: everybody is that how much Bloomberg has become podcastified And 818 00:46:31,000 --> 00:46:36,720 Speaker 3: there are dozens of not just interview podcasts, but serial 819 00:46:37,600 --> 00:46:42,080 Speaker 3: podcasts and shorter form and there's a handful of award 820 00:46:42,080 --> 00:46:47,680 Speaker 3: winning podcasts. It's really become a fascinating way to reach 821 00:46:47,880 --> 00:46:51,520 Speaker 3: a very specific audience. Whether you want to go wide 822 00:46:51,600 --> 00:46:55,560 Speaker 3: and broad or narrow and deep, you can reach that audience. 823 00:46:56,080 --> 00:46:58,640 Speaker 3: And Bloomberg has very much picked up the baton and 824 00:46:58,719 --> 00:47:02,560 Speaker 3: run with it, which I'm proud to take two percent 825 00:47:02,600 --> 00:47:04,960 Speaker 3: credit for starting the process. 826 00:47:06,080 --> 00:47:08,279 Speaker 2: Very cool. Well, congrats Agate on the book How Not 827 00:47:08,440 --> 00:47:12,719 Speaker 2: To Invest I think it is being released on March eighteenth. 828 00:47:12,719 --> 00:47:13,480 Speaker 3: That is correct. 829 00:47:14,160 --> 00:47:14,879 Speaker 2: That's a big deal. 830 00:47:15,239 --> 00:47:18,120 Speaker 1: All right, Well that does it for us. I guess 831 00:47:18,120 --> 00:47:20,279 Speaker 1: we can wrap it up here. I'm Matt Miller and 832 00:47:20,320 --> 00:47:22,520 Speaker 2: I'm Hannah Elliott, and this is Bloomberg.