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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. I'm Matt Miller and

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Speaker 1: I'm Hannah Elliott, and this is Hot Pursuit.

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Speaker 2: On today's episode. I want to talk about the mccon

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Speaker 2: EV because I know that you're driving it. I think

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Speaker 2: that Matt Farrah also bought one, and I haven't listened

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Speaker 2: to his podcast in a while, but otherwise I haven't

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Speaker 2: heard anything about the mccon EV, so I want to

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Speaker 2: get your take on that. I also want to talk

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Speaker 2: about some new lap records multiple set by the Corvette

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Speaker 2: z R.

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Speaker 3: And I really like how I did this too.

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Speaker 2: And I want to talk about BMW keeping a beat,

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Speaker 2: keeping the V eight in the lineup in the future.

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Speaker 3: This is some great goodness.

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Speaker 2: So those those three things, plus we can go back

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Speaker 2: and recap the auction of the car we were talking

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Speaker 2: about last week, the Mercedes are one twenty nine SL

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Speaker 2: six hundred. And I also want to ask you about

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Speaker 2: a rumor I heard speaking of Matt Farrah and one

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Speaker 2: of my former dream cars. Okay, okay, if it's legit,

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Speaker 2: if it's kosher to talk about that, I think so okay.

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Speaker 2: So let's start with the Macan Portia. Is I mean

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Speaker 2: sucking eggs in terms of the stock right, as we

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Speaker 2: were talking about last week. I know, I know they're

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Speaker 2: taking a huge hit. I think an eight hundred million

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Speaker 2: dollars or euro write down this year because of their

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Speaker 2: EV business.

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Speaker 1: Yeah. Their profit margin is going to slump as low

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Speaker 1: as ten percent this year, which is half of what

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Speaker 1: management had floated before the IPO.

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Speaker 3: Yeah. I think the stop stock, like.

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Speaker 1: You mentioned, has is at its lowest as it ever

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Speaker 1: has been. Their market value is half of what it

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Speaker 1: was in twenty twenty three, and a lot of that

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Speaker 1: is do to problems with.

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Speaker 3: Rolling out these evs, right.

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Speaker 1: Yeah, and so and the evs are the Tayken and

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Speaker 1: the Macon.

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Speaker 2: So so far those are the only two evs in

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Speaker 2: their lineup, right, Yeah.

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Speaker 1: I mean we're still awaiting the Mission X, which is

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Speaker 1: the successor to the nine to eighteen Spider Hybrid, which

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Speaker 1: they had sort of floated as an electric vehicle, and

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Speaker 1: we don't have confirmation about whether or not that will

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Speaker 1: be electric.

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Speaker 2: Yes, by the way, did I see you. I'm trying

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Speaker 2: to remember a couple of years ago before we started

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Speaker 2: this podcast, I was in Munich and the McDreamy.

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Speaker 3: Guy from Patrick Dempsey.

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Speaker 2: Gray's anatomy was talking about driving the Mission X in

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Speaker 2: like a some beer hall. I'm pretty sure I saw

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Speaker 2: you there too. Were you there too?

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Speaker 3: I have been in beer halls and Muncheon, Yes, yes

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Speaker 3: I have. That could have been me.

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Speaker 2: I mean, you don't forget when you see McDreamy right

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Speaker 2: talking about driving Porsche's that's true.

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Speaker 1: Have you noticed that Orlando Bloom is now sort of

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Speaker 1: the new.

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Speaker 3: Face of Porsche in a way?

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Speaker 1: And I'm wondering is McDreamy feeling slightly replaced because now

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Speaker 1: there's another actor?

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Speaker 2: Maybe they felt like he betrayed them in going to

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Speaker 2: Ferrari when he did that, when he did that movie

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Speaker 2: with Kylo Wren of Star Wars.

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Speaker 3: I you mean Ford versus Ferrari.

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Speaker 2: No, the Ferrari movie where Kylo played Enzo Wait Patrick

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Speaker 2: Depsey played one of the race car drivers.

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Speaker 3: Oh my gosh, of course.

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Speaker 2: You mean Penelope Cruz played.

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Speaker 3: But what's the guy's name? The actor?

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Speaker 2: Adam Driver?

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Speaker 3: Adam Driver. There you go.

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Speaker 1: Yeah, I don't know Star Wars references, but I do

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Speaker 1: know Adam Driver and and I think we decided that

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Speaker 1: Penelope Cruz was the reason to watch that movie, didn't

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Speaker 1: we decide.

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Speaker 2: That loved her, and I think she was also the yeah.

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Speaker 3: She's good, she's cool, mistress, she was a mistress.

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Speaker 2: Yeah. Anyway, so let's get back to the car. I

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Speaker 2: expect any Porsche Electric or not to be amazing, so

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Speaker 2: as a baseline, right, is that fair?

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Speaker 3: Completely?

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Speaker 1: And I have to say the review for this I

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Speaker 1: still am in the middle of the test drive. The

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Speaker 1: review will come out early next week, and I was

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Speaker 1: so curious to try it because a lot of the

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Speaker 1: problems that we're hearing coming from Porsche have to do

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Speaker 1: with the implementation of the mccon specifically both software issues,

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Speaker 1: supply chain issues, delivery issues, delays at dealership, all of it.

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Speaker 1: And so the problem with doing a product test drive

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Speaker 1: is that probably none of those things are going to

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Speaker 1: come up in the three days.

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Speaker 3: That I have to drive the vehicle.

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Speaker 1: So my big disclaimer on this is that I am

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Speaker 1: not owning this vehicle. I cannot anticipate what would happen

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Speaker 1: after a month or two. And I also didn't have

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Speaker 1: to wait a long time to receive my vehicle, all

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Speaker 1: of which are legitimate complaints and problems. But when it

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Speaker 1: comes to actually simply driving the product for a week,

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Speaker 1: Matt To your point.

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Speaker 3: It's very good. Yeah, it's to your point.

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Speaker 1: Portia is not in the business of selling crap, and

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Speaker 1: it does exactly what it's supposed to do, and it

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Speaker 1: does it extremely well. I don't think you're going to

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Speaker 1: fall in love and have a heart to heart romance

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Speaker 1: with the Porsche Macon Ev. But in terms of driving performance,

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Speaker 1: and yesterday I drove it from my house in Hollywood

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Speaker 1: up Angelie's Crest to Newcomb's Ranch, and I did flog

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Speaker 1: it because I really wanted to see what the battery

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Speaker 1: was going to do in terms of retaining charge. And

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Speaker 1: from the base of Highway to up to Newcombs it's

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Speaker 1: twenty six miles and it's very hilly and windy, and

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Speaker 1: I lost I don't know ten percent maybe of battery charge,

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Speaker 1: which is so wow good, so good, And of course

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Speaker 1: it regathered a lot of that coming back down.

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Speaker 3: It's so fast.

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Speaker 1: I'm not gonna incriminate myself, but I would say that

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Speaker 1: you can definitely probably hit three digit figures easily in

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Speaker 1: this suv on highway too. It's incredibly fast. It really

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Speaker 1: smooths out the road over really crappy roads. I mean,

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Speaker 1: LA has really bad road surfaces, I would say that

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Speaker 1: it felt it's a heavy vehicle, but it doesn't feel sluggish.

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Speaker 1: You can feel the weight when you're going around a corner,

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Speaker 1: of course, but.

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Speaker 3: It's not a sluggish weight. It's just it's just an suv.

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Speaker 2: And and by the way, so you, I think, and

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Speaker 2: also me to some extent, we're spoiled by test driving

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Speaker 2: these really nice cars very much.

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Speaker 1: So.

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Speaker 2: Yeah, but for someone who who doesn't get a lot

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Speaker 2: of seat time in these one hundred thousand plus dollar vehicles,

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Speaker 2: the interior, the intuitive setup of Porsche, like the build quality.

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Speaker 2: It's so solid that I think someone who's not used

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Speaker 2: to it is struck by how well they do at

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Speaker 2: building cars electric or I see, is that is that

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Speaker 2: the case with this as well?

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Speaker 3: Absolutely the case.

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Speaker 1: It's true, you know, through and through from Porsche engineering.

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Speaker 3: It's absolutely tight quality all all of that.

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Speaker 1: And I remember saying back in the day before any automakers,

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Speaker 1: besides a few startups like Tesla, we're making electric vehicles.

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Speaker 1: I would always say the OEMs aren't not making electric

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Speaker 1: vehicles because they can't. They're waiting until they have to.

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Speaker 1: So by that, I mean, once Porsha decided it needed

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Speaker 1: to make.

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Speaker 3: It knows how to do it, and it knows how

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Speaker 3: to do it well.

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Speaker 1: This is this is not a startup trying to figure

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Speaker 1: out how to make cars, which I think is really

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Speaker 1: one of the negatives about many startup electric car companies,

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Speaker 1: which is they don't have experience making cars, and making

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Speaker 1: cars is very hard. A car is a very complex thing,

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Speaker 1: and so it's really nice to be in an electric

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Speaker 1: vehicle that is made by a proper car company because

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Speaker 1: PORTIONA knows exactly what it's doing.

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Speaker 3: It's been making cars for almost what eighty years now.

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Speaker 2: So in my experience, the NVH, which is kind of

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Speaker 2: the noise, vibrations, and harshness of electric cars, is more

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Speaker 2: difficult to get right than internal combustion engines. We've talked

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Speaker 2: about this before, but if you're driving a car with

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Speaker 2: a gas motor or diesel, especially, the motor itself makes

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Speaker 2: so much noise, so that's kind of the main thing

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Speaker 2: you hear experience, and if you're driving an electric car

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Speaker 2: you Alex Roy has talked about this. The road noise

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Speaker 2: is what you hear in experience, and any squeaks right,

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Speaker 2: any rattle, yes, if the headliner is loose and so

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Speaker 2: I think it's much harder to get it right on an.

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Speaker 1: EV Absolutely, there was none of that in the Macon.

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Speaker 1: Of course, it has the you know this this synthetic

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Speaker 1: electric drone, which I'm not necessarily a fan of. You

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Speaker 1: can turn it off, although sometimes it wouldn't let me

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Speaker 1: turn it off, and I wonder I need to ask

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Speaker 1: Porscha about what instances wouldn't allow me to turn it off.

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Speaker 1: But you're right there. The inside of the car was

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Speaker 1: nicely quiet. There was an undue road noise. It just

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Speaker 1: feels like an actual proper vehicle.

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Speaker 3: I would say.

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Speaker 1: There are two charging ports, one on either side of

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Speaker 1: the car, and they're kind of tricky to open it

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Speaker 1: because you can push on the center screen. You can

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Speaker 1: push like a little icon to open them from inside

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Speaker 1: the car, and then to open them from outside the car,

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Speaker 1: you push your you put your hand on them, and

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Speaker 1: then they'll slide open and then I guess I was

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Speaker 1: told this in an email. They close automatically when you

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Speaker 1: drive away. It's not necessarily intuitive to like. It's not

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Speaker 1: just it's so easy as push this button to open

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Speaker 1: the charge port and then you can just.

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Speaker 3: Push it closed.

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Speaker 1: It's a little more complex than that that's a little

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Speaker 1: quirk that I didn't think was especially seamless.

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Speaker 2: Yep, but I don't know.

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Speaker 3: I think let's talk about it that way.

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Speaker 2: I love so not a macn but yeah, on my

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Speaker 2: nine to eleven, and maybe on all of them, I

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Speaker 2: loved filling it up because the gas tank was on

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Speaker 2: the front.

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Speaker 3: Right, like like an actual race car. Yeah, so cool.

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Speaker 3: It is so cool.

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Speaker 1: I mean the minute you pull up at the at

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Speaker 1: the gas station and that's the setup and you just

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Speaker 1: get up, get out casually and just walk over and

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Speaker 1: like you know, Philip.

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Speaker 3: Your car and everyone's feel special. It does make you

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Speaker 3: feel very cool.

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Speaker 1: I am myself, and then you try to act like

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Speaker 1: you don't realize anyone's watching, but you know everyone is.

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Speaker 2: Well. I'm going to try and be more level headed

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Speaker 2: or even handed when it comes to judging EV's because

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Speaker 2: we talked about this last week. Some readers, some viewers,

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Speaker 2: some listeners think that I'm too biased against EV's, And

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Speaker 2: yesterday I actually sat down with the new chief financial

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Speaker 2: officer of the Ford Motor Company.

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Speaker 1: Yes, can I just finish on one spot on the

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Speaker 1: Macon So the MCON I had the turbo electric edition.

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Speaker 1: It's six hundred and thirty horse power, which was plenty,

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Speaker 1: and the price starts at one hundred and five thousand dollars,

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Speaker 1: which I actually think isn't crazy. The total price of

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Speaker 1: the one I drove was one hundred and thirty one

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Speaker 1: thousand dollars. It's significantly more expensive than like an Audi

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Speaker 1: electric suv.

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Speaker 3: But I don't know. I don't think for this type

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Speaker 3: of buyer that's going to be a deterrent.

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Speaker 2: Fin A macan buyer isn't the same as like a

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Speaker 2: Turbo S buyer, you know, a Kayak Turbo S buyer.

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Speaker 1: You're right, You're right, But somehow I think perhaps, well,

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Speaker 1: this goes into a bigger question. I was going to say,

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Speaker 1: the person who's buying an all electric suv is already

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Speaker 1: a different animal, you know, they're not like they're they're

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Speaker 1: they're buying an EV for more of a philosophical reason

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Speaker 1: than a utilitarian one. But I would say, it seems

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Speaker 1: like people don't necessarily want electric Porsches, period, and that's

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Speaker 1: kind of what we're finding out, no matter how good

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Speaker 1: they are. Like this Macon, This electric Macon is great.

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Speaker 1: It's great in terms of how it performs and how

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Speaker 1: it's built and everything, but if nobody wants an electric

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Speaker 1: Porsche s, it doesn't matter how good it is.

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Speaker 3: People don't want them. So that's the big question we'll

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Speaker 3: have to find out.

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Speaker 2: Well, like I said, I'm trying to be more level

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Speaker 2: headed about or handed about EV's because of the critique

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Speaker 2: that I think is fair that we got. And I

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Speaker 2: sat down with the CFO of the new CFO of

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Speaker 2: the Ford Motor Company yesterday, Sherry House, who is so

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Speaker 2: like she clearly loves EV's. I was talking to her. Yeah,

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Speaker 2: and she's an engineer at heart. She started her career

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Speaker 2: at General Motors as an engineer, and she went to

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Speaker 2: the General Motors Institute the Kettering University, and then she

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Speaker 2: joined some She became an investment banker after her MBA,

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Speaker 2: and then she joined some tech companies. She worked for Waimo,

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Speaker 2: but then she went to Lucid and she was the

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Speaker 2: CFO of Lucid for a couple of years. She brought

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Speaker 2: them public. So that's pretty cool experience, yea, But she

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Speaker 2: still is. I mean, I could just get the vibe

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Speaker 2: from talking to her about a number of different issues

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Speaker 2: in love with EV's. You know, she says her family

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Speaker 2: obviously her husband also worked at Tesla, so she was

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Speaker 2: basically saying, like, you know, they've they've grown, not just

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Speaker 2: used to them, but they really appreciate them. I didn't

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Speaker 2: ask her directly about, you know, her relationship to EV's,

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Speaker 2: but I'm just from the conversation I had with her,

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Speaker 2: I was kind of jazzed up myself to give EV's another, sure,

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Speaker 2: another go. And obviously I'm going to be driving them

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Speaker 2: here and there anyway, but to do it with a

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Speaker 2: with a more open mind and to think about them

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Speaker 2: potentially more passionately.

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Speaker 1: Yeah, I mean, it's interesting that she's at Ford now

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Speaker 1: because of course when we think of Ford, we we

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Speaker 1: don't necessarily think of EV's at all.

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Speaker 3: So it's really interesting to hear.

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Speaker 1: That there's someone who's truly passionate about them at this

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Speaker 1: old American company.

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Speaker 2: Yeah, I mean I think of right or Wrong. I

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Speaker 2: think of GM because of the Hummer right and sure

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Speaker 2: the Sierra ev that I drove. Obviously, Ford has a

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Speaker 2: successful product in the Lightning, and they had the Maki,

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Speaker 2: which which Matt Farrah.

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Speaker 1: Was driving for years before the year before you got

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Speaker 1: I think Matt kind of missed being in something electric.

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Speaker 2: Yeah, you know, so I guess there are people out there.

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Speaker 2: Maybe one day I'll become one of them. Maybe you will, Hannah.

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Speaker 1: Oh, I would totally take a Fiat five hundred e E.

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Speaker 1: And I know I keep beating that dead horse, but

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Speaker 1: that was the most fun.

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Speaker 3: I would also take an electric vespa.

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Speaker 2: That'd be cute or yeah, you know I would an

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Speaker 2: electric vespa.

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Speaker 3: Oh, I would for sure take that.

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Speaker 1: I would definitely take a zero electric motorcycle. To me,

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Speaker 1: the application of for electric motorcycles.

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Speaker 3: Is so fun.

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Speaker 1: And I know this may be sacrilegious to you, who

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Speaker 1: are wearing a Harley Davidson baseball hat as we speak,

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Speaker 1: But I got no skin in the game.

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Speaker 3: Would give me an electric motorcycle? I don't care. I

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Speaker 3: think they're cool.

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Speaker 2: No, I don't disagree. I don't know if cool is

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Speaker 2: the right word. I would for me. But I test

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Speaker 2: drove an Inergica innerjica is that how you say it?

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Speaker 2: Like ten years ago, and I had a great time.

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Speaker 2: I've ridden zeros, very interesting. If a vespa, If an

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Speaker 2: electric vespa was properly powerful and had decent range, I

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Speaker 2: would I would rather have that than like the four

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Speaker 2: stroke fifty or one twenty five that a salad rather

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Speaker 2: have an electric one. I just don't think they're quite

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Speaker 2: there yet, and I definitely would not I would not

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Speaker 2: want a live wire. I have to say.

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Speaker 1: You know, I also wrote the live Wire when I

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Speaker 1: was still in New York, and I thought it was nice.

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Speaker 3: I thought it.

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Speaker 1: Yeah. To me, honestly, Harley is probably not my brand

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Speaker 1: of choice. Why wouldn't you want a live wire?

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Speaker 2: It's just it's not what Harley's about or anything.

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Speaker 3: Yeah, I understand.

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Speaker 2: I mean Harley. I want Harley to be making motor

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Speaker 2: that I feel like are barely legal to make. You know,

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Speaker 2: they make two Leader twins. I can't believe they're not

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Speaker 2: regulated out of existence. And the sound, you know, I

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Speaker 2: don't want a catalytic converter on it or a muffler.

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Speaker 2: I just want straight pipes.

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Speaker 3: I get it. Can we go back to Ford for

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Speaker 3: a second.

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Speaker 2: Yeah?

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Speaker 3: Can you talk about what you guys talked about or off?

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Speaker 2: It was off the record, so no, I'll just say

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Speaker 2: I was really impressed with her resume. You know how

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Speaker 2: she came up through the ranks in Detroit and then

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Speaker 2: in California and did so much with Lucid And I'm

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Speaker 2: excited to see what she does it Ford. I'm excited

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Speaker 2: to see what Ford does. Frankly, you know, they've had

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Speaker 2: bigger and worse problems with EV's than anybody else. And

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Speaker 2: Jim Farley, the CEO, seems to be one of the

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Speaker 2: only big CEOs that's really I don't want to say

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Speaker 2: speaking out against the administration, but against the idea of tariffs.

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Speaker 2: Right if they have twenty five percent tariffs from Mexico

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Speaker 2: and Canada. Ford isn't gonna be as hurt as GM

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Speaker 2: or Stilantis. But he's the only one who's out there saying, hey, guys,

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Speaker 2: not a good.

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Speaker 1: Idea completely, And I mean talking about Porsche if tariffs.

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Speaker 1: If tariffs actually happen, Porsa's gonna lose out considerably, you know,

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Speaker 1: even to the point where are they gonna have to

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Speaker 1: start making subs in the United States only because how

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Speaker 1: are they gonna make any money?

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Speaker 2: Right? Well, and that would take imagine how long that

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Speaker 2: would take. Because I know they can't use the Folkswagen

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Speaker 2: plant to build their evs because it's it's tooled for

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Speaker 2: the wrong platform. They would have to build a factory

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Speaker 2: from scratch, right, and by the time they're done getting

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Speaker 2: that all set up. I mean, look at how long

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Speaker 2: Blue Oval City is taking in Tennessee. That would be

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Speaker 2: the end of the Trump administration, and who knows what

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Speaker 2: the next administration is going to do. You just can't

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Speaker 2: operate in the business environment with this kind of uncertainty.

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Speaker 2: And obviously the price increases on cars that already are

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Speaker 2: too expensive would be insane if we put in twenty

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Speaker 2: five percent tariffs.

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Speaker 1: Well, yes, I just see this thing from Bloomberg Intelligence.

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Speaker 1: It says that if Trump increases tar off tariffs on

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Speaker 1: cars coming from the EU to ten percent that are

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Speaker 1: currently at two point five percent to ten percent, it'll

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Speaker 1: wipe out more than two billion euros of earnings before

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Speaker 1: interest in taxes.

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Speaker 2: Now, in fairness, by the way, to US, we only

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Speaker 2: tear iff them at two and a half percent and

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Speaker 2: they tear iff our products at ten percent. So the

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Speaker 2: EU started this protectionist yes, sort of back and forth.

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Speaker 2: I think, you know, if they really wanted to send

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Speaker 2: a message to the Trump administration about no tariffs, they

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Speaker 2: should reduce the tariffs that they have on US vehicles.

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Speaker 2: By the way, By the way, I wanted to point

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Speaker 2: out this story on BMW because as you see, you

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Speaker 2: know EV's becoming not only accepted by consumers to some extent,

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Speaker 2: and we should point out there's still growth right in

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Speaker 2: EV sales. Sure sure, sure you do. See obviously, governments

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Speaker 2: are pushing and really trying to steer people towards evs

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Speaker 2: because most Western world governments think that they're greener and

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Speaker 2: phase out these bigger motors, right BMW after the my

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Speaker 2: Dream seven series in twenty twenty two, the seven sixty

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Speaker 2: will never make a V twelve again. And I don't

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Speaker 2: think they've made a ten cylinder motor since the M five,

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Speaker 2: like ten or fifteen years ago.

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Speaker 3: Sounds about right.

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Speaker 2: The V eight is the most cylinders you can get,

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Speaker 2: and I would have thought that's on the chopping block

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Speaker 2: soon as well, But apparently, according to Automotive News an

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Speaker 2: interview with the BMW executive, it's not.

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Speaker 3: This is great news.

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Speaker 1: And the main thing that I'm remembering now is like

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Speaker 1: when I first moved to New York, every person who

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Speaker 1: worked in finance had an M three basically, and most

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Speaker 1: of the M three's in that era were V eights yep,

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Speaker 1: which is great, and but even at the time I remember,

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Speaker 1: wasn't the M three switch to V eight around two

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Speaker 1: thousand and seven. Six.

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Speaker 2: Yes, it was right after the.

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Speaker 1: Right and people were concerned about that switch. But actually

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Speaker 1: that was a great car. And now at this point

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Speaker 1: we're looking back being like, wow, that was such a

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Speaker 1: great car. I wish I had one.

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Speaker 2: Now at least I am true. You wrote a story

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00:21:54,200 --> 00:21:57,520
Speaker 2: about that, right, the E ninety two. Yeah, yeah, yeah,

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00:21:57,640 --> 00:22:02,320
Speaker 2: I prefer the E forty six M three. But I'm

403
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Speaker 2: older than you, so for me that was like in

404
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Speaker 2: my sweet spot. Yes, yes, but I still want BMW's

405
00:22:09,400 --> 00:22:13,719
Speaker 2: to BMW's to have V eight options in different you know,

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Speaker 2: for example, if I had an X five, is the

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Speaker 2: INLINE six sufficient, Yes, it really is. But would I

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Speaker 2: rather have the V eight the M fifty, Yes I would.

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Speaker 1: I mean, I like, you know, I truly don't care

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Speaker 1: really as long as something gets the job done what's

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Speaker 1: under the hood.

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Speaker 3: But theoretically I.

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Speaker 1: Totally agree with you do we as BMW said, why

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Speaker 1: they're keeping the V eight other than it.

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Speaker 2: Sells because Americans want it. No, it's just it's purely

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Speaker 2: American demand.

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Speaker 3: Well that's simple, yeah, and that's how businesses work.

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Speaker 1: I was gonna say, this is a great example of

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Speaker 1: the automaker listening to what consumers actually want and doing that.

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Speaker 2: Yes, and but not being deterred by governments saying you

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Speaker 2: can in camp.

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Speaker 1: Sure, And we all know the famous Henry Ford quote.

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Speaker 1: If I had listened to what people wanted, they would

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Speaker 1: have wanted a faster horse or something to that. Yes, effect,

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Speaker 1: And that's somehow supposed to prove that automakers have to

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Speaker 1: be visionary and forward thinking and plan, you know, decades

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Speaker 1: in advance, and all of that is true, but also

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Speaker 1: it's sometimes you get you overthink these things, and really

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Speaker 1: the best thing is to just give consumers what they want.

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Speaker 2: Agreed. Yeah, The problem is consumers don't always want what

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Speaker 2: we want them to want, right. I think BMW should

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Speaker 2: sell a three series station wagon with the VA stick yeah,

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Speaker 2: of course in brown, but they won't.

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Speaker 1: You know.

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Speaker 2: You know what, speaking of consumers giving us what we want,

436
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Speaker 2: I want to talk about this Corvette story. Yeah, because

437
00:23:53,480 --> 00:23:57,320
Speaker 2: the z R one is already an absolute monster. One

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Speaker 2: thousand and sixty four horse power, right, eight hundred and

439
00:24:00,640 --> 00:24:03,359
Speaker 2: twenty eight pound feet of torque zero to sixty, not

440
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Speaker 2: that it matters, but two point three seconds and the

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Speaker 2: top feat of two hundred and thirty three miles an

442
00:24:07,480 --> 00:24:11,280
Speaker 2: hour yeah. I mean it's an absolute beast and it.

443
00:24:11,240 --> 00:24:14,080
Speaker 3: Costs under It starts at like one hundred.

444
00:24:13,840 --> 00:24:16,080
Speaker 2: And eighty or so, that one seventy four.

445
00:24:15,960 --> 00:24:18,600
Speaker 3: Okay, So that to me, that's a pretty good deal.

446
00:24:19,080 --> 00:24:22,840
Speaker 2: To be honest, it's I think amazing. I don't Yeah,

447
00:24:22,840 --> 00:24:26,399
Speaker 2: I personally wouldn't want one because I'd rather have a

448
00:24:26,480 --> 00:24:31,399
Speaker 2: Z six Okay, naturally aspirated you know V eight that

449
00:24:31,480 --> 00:24:33,920
Speaker 2: puts out more than six hundred horsepower tracks.

450
00:24:34,400 --> 00:24:35,480
Speaker 3: That definitely tracks for you.

451
00:24:35,720 --> 00:24:37,919
Speaker 2: But if you want the King of the Hill, this

452
00:24:38,080 --> 00:24:40,520
Speaker 2: is it. And there is a great story in Car

453
00:24:40,520 --> 00:24:44,760
Speaker 2: and Driver that the Corvette team went around to a

454
00:24:44,760 --> 00:24:47,840
Speaker 2: bunch of famous tracks in the US and just knocked

455
00:24:48,400 --> 00:24:49,520
Speaker 2: out lap records.

456
00:24:49,600 --> 00:24:52,119
Speaker 3: This is honestly so cool. And they did it with

457
00:24:52,160 --> 00:24:53,119
Speaker 3: their own engineers.

458
00:24:53,400 --> 00:24:56,880
Speaker 2: That's to me the most exciting part because you always

459
00:24:56,960 --> 00:25:01,000
Speaker 2: hear about, you know, these neurveburgering records. Square they hire

460
00:25:01,080 --> 00:25:05,360
Speaker 2: some amazing driver and they wait hopefully they get perfect conditions,

461
00:25:05,480 --> 00:25:09,320
Speaker 2: and you know that it's very much to me, it's

462
00:25:09,320 --> 00:25:12,600
Speaker 2: still controlled, and I think, well, I would never be

463
00:25:12,680 --> 00:25:15,480
Speaker 2: able to squeeze, you know, ninety percent out of that car.

464
00:25:15,560 --> 00:25:17,240
Speaker 2: I don't think I would be able to do it

465
00:25:17,280 --> 00:25:22,040
Speaker 2: in this car either, but GM has some obviously very

466
00:25:22,119 --> 00:25:25,159
Speaker 2: talented drivers working for them as engineers.

467
00:25:25,440 --> 00:25:29,920
Speaker 1: This Aaron Link, the Global Vehicle Performance Manager, Yeah, out

468
00:25:29,960 --> 00:25:34,080
Speaker 1: there setting on vir setting course records.

469
00:25:34,400 --> 00:25:37,880
Speaker 2: I mean he set so Aaron Link as you said,

470
00:25:37,920 --> 00:25:43,040
Speaker 2: Global Vehicle Performance Manager says, production car course record on

471
00:25:43,119 --> 00:25:46,919
Speaker 2: the full course and the grand course layout, and that

472
00:25:47,880 --> 00:25:50,360
Speaker 2: takes the title, at least the grand course title from

473
00:25:50,359 --> 00:25:53,159
Speaker 2: the twenty nineteen McLaren Senna.

474
00:25:53,960 --> 00:25:56,040
Speaker 3: That is so cool and legit.

475
00:25:58,040 --> 00:26:01,760
Speaker 2: Yeah, so lead performance engineer Bill Wise, I'm reading it

476
00:26:01,840 --> 00:26:02,520
Speaker 2: from Car and Driver.

477
00:26:02,560 --> 00:26:04,360
Speaker 3: He set a new track record.

478
00:26:04,440 --> 00:26:09,400
Speaker 2: At Watkins Glen. Brian Wallace, the lead vehicle dynamics engineer,

479
00:26:09,440 --> 00:26:11,680
Speaker 2: broke the production record at Road America.

480
00:26:12,280 --> 00:26:14,040
Speaker 3: Chris Barber Stack Team.

481
00:26:14,320 --> 00:26:18,000
Speaker 2: Chris Barber, the lead development engineer, broke the production car

482
00:26:18,040 --> 00:26:20,720
Speaker 2: record at Rhode Atlanta. I mean, how sweet is this?

483
00:26:21,119 --> 00:26:21,840
Speaker 3: That is crazy?

484
00:26:21,880 --> 00:26:23,840
Speaker 1: And I think we should also point out the McLaren

485
00:26:23,880 --> 00:26:28,480
Speaker 1: Center is a million plus dollar car, right, I mean,

486
00:26:28,920 --> 00:26:33,399
Speaker 1: so to beat that with this like homespun, seeming down

487
00:26:33,440 --> 00:26:35,919
Speaker 1: home group of guys who are the engineers and the

488
00:26:35,960 --> 00:26:40,400
Speaker 1: product managers out there burning it down in.

489
00:26:40,400 --> 00:26:42,520
Speaker 2: A basically two hundred thousand I mean, I don't know

490
00:26:42,600 --> 00:26:46,320
Speaker 2: how much the total price was, but like we said,

491
00:26:46,320 --> 00:26:49,280
Speaker 2: the base price is one seventy four, one seventy five.

492
00:26:50,800 --> 00:26:54,400
Speaker 2: This one apparently had the ZTK Performance Package.

493
00:26:54,440 --> 00:26:56,919
Speaker 3: Definitely they had. They had it souped.

494
00:26:56,720 --> 00:26:58,879
Speaker 2: Up, but you can but these are things that you

495
00:26:58,920 --> 00:27:02,399
Speaker 2: can buy. These are options, right. It just adds a

496
00:27:02,480 --> 00:27:07,480
Speaker 2: rear wing, more aggressive spoiler, Michelin Pilot Sport Cup twos,

497
00:27:08,000 --> 00:27:11,199
Speaker 2: and beefed up suspension, the magnetic ride control.

498
00:27:11,680 --> 00:27:13,760
Speaker 3: I'm sure it's probably a sports car.

499
00:27:14,160 --> 00:27:17,800
Speaker 2: It's probably less than two hundred grand for the whole thing. Yeah,

500
00:27:17,840 --> 00:27:21,000
Speaker 2: speaking of value for money, let's talk a little bit

501
00:27:21,040 --> 00:27:23,840
Speaker 2: about this Mercedes auction that we were talking about last

502
00:27:24,240 --> 00:27:29,280
Speaker 2: last week. So my buddy Philip Richter had this Mercedes

503
00:27:29,440 --> 00:27:33,679
Speaker 2: R one twenty nine SL six hundred a two thousand

504
00:27:33,720 --> 00:27:38,480
Speaker 2: and one V twelve Mercedes, and you wrote a story

505
00:27:38,520 --> 00:27:40,400
Speaker 2: about these as well, the R one twenty nine.

506
00:27:40,760 --> 00:27:42,879
Speaker 3: Yeah, they're so cool.

507
00:27:43,160 --> 00:27:47,280
Speaker 1: They're the perfect era of like end of two thousand

508
00:27:47,280 --> 00:27:49,520
Speaker 1: and one is basically the nineties still, which is the

509
00:27:50,119 --> 00:27:54,440
Speaker 1: ultra cool ERAa of Michael Jordan and Chicago Bulls and

510
00:27:54,520 --> 00:27:57,080
Speaker 1: like the best era of rap and all of these

511
00:27:57,080 --> 00:27:57,520
Speaker 1: great things.

512
00:27:57,560 --> 00:28:04,440
Speaker 2: Well, don't forget about grunge, right, I mean, oh yeah, Grunges, Wirld, Jam, Nirvana, Soundgarden,

513
00:28:04,800 --> 00:28:09,080
Speaker 2: Alison Chain's Hall nine inch Nails.

514
00:28:09,280 --> 00:28:12,240
Speaker 1: I was listening to ring Finger this morning and thinking

515
00:28:12,520 --> 00:28:14,720
Speaker 1: that is a great.

516
00:28:14,880 --> 00:28:19,680
Speaker 2: Song Jane's addiction. Yeah, I mean, so many insane bands

517
00:28:19,800 --> 00:28:21,680
Speaker 2: came out in the span of I think most of

518
00:28:21,680 --> 00:28:26,160
Speaker 2: those bands, says nineteen ninety nine until two thousand and one. Right. Anyway,

519
00:28:26,400 --> 00:28:31,399
Speaker 2: So this car, it's a halo car for Mercedes. I

520
00:28:31,440 --> 00:28:34,440
Speaker 2: don't think they put the V twelve in anything anymore either, right,

521
00:28:34,920 --> 00:28:37,040
Speaker 2: I don't think so. I mean they didn't stop for

522
00:28:37,040 --> 00:28:40,320
Speaker 2: a little while longer. But so Philip Richter has a

523
00:28:40,400 --> 00:28:43,600
Speaker 2: cream puff with only one one hundred and eighty six miles.

524
00:28:43,880 --> 00:28:48,080
Speaker 2: He puts it on bring a trailer through this other business.

525
00:28:48,720 --> 00:28:51,960
Speaker 2: This dude Dean auctions it for him. But this is

526
00:28:52,000 --> 00:28:55,600
Speaker 2: a car that he bought it from the first owner,

527
00:28:55,800 --> 00:28:58,360
Speaker 2: and it's always been serviced at the same dealer where

528
00:28:58,360 --> 00:29:01,240
Speaker 2: it was purchased, and it's perfect.

529
00:29:02,240 --> 00:29:06,600
Speaker 1: So this wasn't a very interesting sale. I have to say,

530
00:29:06,760 --> 00:29:09,960
Speaker 1: I think he did pretty good for himself. Because I'm

531
00:29:10,000 --> 00:29:12,479
Speaker 1: on Hagardy dot com right now and I can see

532
00:29:12,640 --> 00:29:16,880
Speaker 1: that the average price for a two thousand and one

533
00:29:16,920 --> 00:29:22,520
Speaker 1: Mercedes SL six hundred in good condition is twenty five

534
00:29:22,600 --> 00:29:23,360
Speaker 1: thousand dollars.

535
00:29:23,640 --> 00:29:26,080
Speaker 3: And this is way better than good Okay, so one

536
00:29:26,400 --> 00:29:32,000
Speaker 3: one in concor condition mint condish is only seventy four

537
00:29:32,480 --> 00:29:33,400
Speaker 3: thousand dollars.

538
00:29:33,560 --> 00:29:35,960
Speaker 2: Okay, but this is even beyond that. I mean, this is.

539
00:29:35,960 --> 00:29:38,920
Speaker 3: Still new in the read. It can't be that much

540
00:29:39,640 --> 00:29:40,360
Speaker 3: more beyond it.

541
00:29:40,400 --> 00:29:43,880
Speaker 1: I mean, how much newer can you get than concor

542
00:29:43,920 --> 00:29:44,640
Speaker 1: mint condish.

543
00:29:45,240 --> 00:29:48,600
Speaker 2: I don't know as much about these things as you do,

544
00:29:49,240 --> 00:29:51,600
Speaker 2: but I have seen forty year old virgin, so I

545
00:29:51,680 --> 00:29:54,479
Speaker 2: know that if the toy is still completely wrapped up

546
00:29:54,480 --> 00:29:57,480
Speaker 2: and no one has ever played with it, it's much

547
00:29:57,520 --> 00:29:59,040
Speaker 2: more valuable. I just.

548
00:30:00,640 --> 00:30:02,720
Speaker 1: I do think it's a little weird that I got

549
00:30:02,720 --> 00:30:06,680
Speaker 1: a PR email about this car. This was after the

550
00:30:06,680 --> 00:30:08,400
Speaker 1: fact we had already spoken about it. But then I

551
00:30:08,480 --> 00:30:11,920
Speaker 1: did get an email from someone in a PR company

552
00:30:12,040 --> 00:30:14,040
Speaker 1: like telling me about the car, which is weird because

553
00:30:14,400 --> 00:30:16,560
Speaker 1: most cars I bring a trailer don't have a PR

554
00:30:16,760 --> 00:30:17,720
Speaker 1: company behind them.

555
00:30:18,080 --> 00:30:20,800
Speaker 2: True, And that was as the auction was live.

556
00:30:20,960 --> 00:30:23,720
Speaker 1: You got the email, right, which I mean that's a

557
00:30:23,760 --> 00:30:27,400
Speaker 1: little And then and then you know, to have the

558
00:30:27,400 --> 00:30:30,320
Speaker 1: there was one bidder who bid straight into one hundred

559
00:30:30,320 --> 00:30:31,160
Speaker 1: and eighty five thousand.

560
00:30:31,400 --> 00:30:34,520
Speaker 2: All right, so we should say that the So the

561
00:30:34,520 --> 00:30:37,480
Speaker 2: the auction starts on February fourth, It gets a bid

562
00:30:37,480 --> 00:30:41,000
Speaker 2: for two thousand bucks, then a couple more driving up

563
00:30:41,040 --> 00:30:44,800
Speaker 2: to bids, and then all of a sudden, some dude

564
00:30:44,840 --> 00:30:46,680
Speaker 2: comes in and bids one eighty five.

565
00:30:46,560 --> 00:30:48,760
Speaker 3: On some one swoops in and shuts everyone down.

566
00:30:49,080 --> 00:30:52,680
Speaker 2: But this is still four hours into the auction, not

567
00:30:52,760 --> 00:30:57,080
Speaker 2: even right, yes, and then nothing happens for the next week.

568
00:30:57,120 --> 00:31:02,400
Speaker 1: Crickets complete crickets for a week, and then on the last.

569
00:31:02,160 --> 00:31:07,040
Speaker 2: Day someone from Dubai a dealership who.

570
00:31:06,800 --> 00:31:07,440
Speaker 3: His track wreck.

571
00:31:07,560 --> 00:31:10,040
Speaker 1: I looked at his sale, his winning history on bring

572
00:31:10,080 --> 00:31:13,040
Speaker 1: a jailer. He doesn't go for he doesn't go for

573
00:31:13,040 --> 00:31:14,920
Speaker 1: great looking cars. Let me tell you, this is by

574
00:31:14,960 --> 00:31:18,360
Speaker 1: far the best gar he's bought in a while. Just

575
00:31:18,600 --> 00:31:23,080
Speaker 1: bids one thousand dollars more and win wins with no counterbid.

576
00:31:23,480 --> 00:31:25,280
Speaker 2: I can't believe he expected to even get it, to

577
00:31:25,320 --> 00:31:27,360
Speaker 2: be honest, if you see, it's been sitting at one

578
00:31:27,440 --> 00:31:30,560
Speaker 2: eighty five for a week, and then everyone's waiting until

579
00:31:30,560 --> 00:31:34,239
Speaker 2: the last course minute, and so he's like, all right,

580
00:31:34,280 --> 00:31:37,360
Speaker 2: I'll bid one thousand dollars over and then the dude

581
00:31:37,400 --> 00:31:40,320
Speaker 2: who was so enthusiastic that he bid one eighty five

582
00:31:40,600 --> 00:31:41,560
Speaker 2: God doesn't come back.

583
00:31:41,760 --> 00:31:45,040
Speaker 3: There's no repartee, there's no retort, there's.

584
00:31:44,920 --> 00:31:46,880
Speaker 2: No he loses the car for a grand.

585
00:31:47,480 --> 00:31:48,760
Speaker 3: That to me seems so weird.

586
00:31:48,800 --> 00:31:51,880
Speaker 2: To me, I'm doubly shocked because then I read through

587
00:31:51,880 --> 00:31:55,240
Speaker 2: the comments. There were like two hundred different comments, and

588
00:31:56,000 --> 00:31:59,920
Speaker 2: the window sticker was included in the pictures. Everything was included,

589
00:32:00,240 --> 00:32:05,760
Speaker 2: like the seller did an amazing job. The receipts. It

590
00:32:05,800 --> 00:32:08,920
Speaker 2: went for one thirty two new in two thousand and

591
00:32:09,000 --> 00:32:12,080
Speaker 2: one in today's money. I got to figure that's at

592
00:32:12,160 --> 00:32:14,560
Speaker 2: least double. Someone in the comments said in today's money,

593
00:32:14,560 --> 00:32:17,280
Speaker 2: that's two hundred and forty thousand. I also feel like

594
00:32:17,400 --> 00:32:20,080
Speaker 2: in Dubai the dealer is going to put that on

595
00:32:20,120 --> 00:32:23,600
Speaker 2: the floor and get for sure a pretty heaty profit.

596
00:32:24,480 --> 00:32:25,480
Speaker 3: Yeah, that's it.

597
00:32:25,600 --> 00:32:29,800
Speaker 1: I mean in Dubai, I'm guessing probably the market for

598
00:32:30,120 --> 00:32:34,520
Speaker 1: this type of car is not as as healthy. There

599
00:32:34,600 --> 00:32:37,840
Speaker 1: are not as many options for two thousand and one

600
00:32:38,160 --> 00:32:42,960
Speaker 1: Mercedes SL six hundred in Dubai. I'm guessing as in Neptune,

601
00:32:43,000 --> 00:32:46,640
Speaker 1: New Jersey, Right, so it's obviously going to be, you know,

602
00:32:46,680 --> 00:32:48,200
Speaker 1: a big fish and car.

603
00:32:48,240 --> 00:32:53,920
Speaker 2: People love the designer, Bruno Saco, and this was like

604
00:32:54,000 --> 00:32:55,440
Speaker 2: his last great masterpiece.

605
00:32:55,640 --> 00:32:58,640
Speaker 1: Right. I do think these cars are probably slightly on

606
00:32:58,720 --> 00:33:01,160
Speaker 1: the on the rise and value, no question about it,

607
00:33:02,320 --> 00:33:04,120
Speaker 1: this one. I mean, I just can't get over the

608
00:33:04,200 --> 00:33:08,160
Speaker 1: lowm To me, that's honestly such a turnoff. And I

609
00:33:08,280 --> 00:33:11,440
Speaker 1: just roll my like, oh, and that reminds me we

610
00:33:11,440 --> 00:33:15,600
Speaker 1: should talk about this email we got from a listener

611
00:33:15,680 --> 00:33:18,840
Speaker 1: name Rick, and thank you for writing Rick, And I

612
00:33:18,920 --> 00:33:24,320
Speaker 1: totally agree with Rick's point. He brings up a point

613
00:33:24,360 --> 00:33:28,480
Speaker 1: about the economics of quote unquote basically saving a potentially

614
00:33:28,720 --> 00:33:30,440
Speaker 1: valuable car in a garage.

615
00:33:30,080 --> 00:33:31,200
Speaker 3: For its entire life.

616
00:33:31,400 --> 00:33:33,960
Speaker 1: It costs money to store and ensure, and it's a

617
00:33:34,000 --> 00:33:37,840
Speaker 1: constant struggle against rust, dry rot, and nesting squirrels. But

618
00:33:37,880 --> 00:33:38,880
Speaker 1: what a smart investment.

619
00:33:39,680 --> 00:33:44,120
Speaker 2: Yeah. No, And he's talking specifically about this SL six hundred,

620
00:33:44,200 --> 00:33:47,120
Speaker 2: So yeah, I have been thinking about this as well.

621
00:33:47,280 --> 00:33:50,960
Speaker 2: Like it not to be fair, my buddy didn't buy

622
00:33:51,000 --> 00:33:54,600
Speaker 2: this from the original purchaser, so maybe he got it

623
00:33:54,640 --> 00:33:59,400
Speaker 2: for less than the sticker, right, but sure, but I

624
00:33:59,760 --> 00:34:04,280
Speaker 2: agree with his with his I've always thought about this.

625
00:34:04,360 --> 00:34:07,680
Speaker 2: If you go and buy a car new, say I

626
00:34:07,760 --> 00:34:11,520
Speaker 2: go out and buy what's a car that, uh Portia

627
00:34:11,640 --> 00:34:14,840
Speaker 2: nine to eleven to car? Okay, you know I would

628
00:34:14,840 --> 00:34:15,600
Speaker 2: love to have one.

629
00:34:15,800 --> 00:34:17,680
Speaker 3: I'd love to see you in one with that flannel

630
00:34:17,680 --> 00:34:18,160
Speaker 3: shirt you got.

631
00:34:18,520 --> 00:34:19,800
Speaker 2: Or you know what, say I go and buy a

632
00:34:19,880 --> 00:34:22,640
Speaker 2: nine to eleven. St while we're on nine to eleven's right,

633
00:34:23,280 --> 00:34:26,879
Speaker 2: this is a car that's very limited. It's a it's

634
00:34:26,880 --> 00:34:30,000
Speaker 2: a dream car for sure, and you know it's going

635
00:34:30,040 --> 00:34:33,520
Speaker 2: to appreciate, or at least I assume it is over

636
00:34:33,560 --> 00:34:36,160
Speaker 2: the next few years guaranteed. But I figure twenty five

637
00:34:36,239 --> 00:34:38,960
Speaker 2: years for sure. Right then I put it away and

638
00:34:39,080 --> 00:34:42,839
Speaker 2: never drive it. If I bought one for two point

639
00:34:42,840 --> 00:34:45,759
Speaker 2: fifty and then you know, in twenty five years I

640
00:34:45,800 --> 00:34:48,880
Speaker 2: only got like three fifty for it, I would be

641
00:34:48,920 --> 00:34:50,800
Speaker 2: pretty bummed out and it would be a horror. It

642
00:34:50,800 --> 00:34:52,600
Speaker 2: would have been a horrible investment.

643
00:34:52,200 --> 00:34:54,480
Speaker 1: Right completely, And think of all the money that you

644
00:34:54,560 --> 00:34:58,480
Speaker 1: spent to store it and ensure it exactly keep it running.

645
00:34:58,520 --> 00:35:01,200
Speaker 1: And this guy Rick such a good point. He says,

646
00:35:01,400 --> 00:35:04,479
Speaker 1: short of bubble wrapping a two point fifty gto, few

647
00:35:04,600 --> 00:35:06,160
Speaker 1: cars are going to beat the S and P five

648
00:35:06,200 --> 00:35:08,720
Speaker 1: hundred index if you're looking for a long term investment.

649
00:35:09,040 --> 00:35:12,920
Speaker 1: And that's so true, and like it just goes back

650
00:35:13,000 --> 00:35:16,920
Speaker 1: to this common sense thing where yeah, some cars gain

651
00:35:17,440 --> 00:35:19,680
Speaker 1: value over time, but most don't.

652
00:35:20,040 --> 00:35:23,200
Speaker 3: And if you buy a car that.

653
00:35:23,080 --> 00:35:26,359
Speaker 1: You truly like for yourself and you drive it, then

654
00:35:26,440 --> 00:35:31,520
Speaker 1: no matter what, you will have had a great investment

655
00:35:31,600 --> 00:35:35,400
Speaker 1: because you enjoyed it. And maybe you make money on

656
00:35:35,440 --> 00:35:39,080
Speaker 1: the back end, and that's a bonus. But the least

657
00:35:39,120 --> 00:35:42,520
Speaker 1: you can say is, hey, I lost some coin on this,

658
00:35:43,120 --> 00:35:44,600
Speaker 1: but I had so much fun in it.

659
00:35:44,680 --> 00:35:46,360
Speaker 3: I was a happy trade off.

660
00:35:46,440 --> 00:35:46,640
Speaker 1: You know.

661
00:35:47,320 --> 00:35:50,280
Speaker 2: Yeah, I totally agree. By the way, on a side note,

662
00:35:50,400 --> 00:35:53,200
Speaker 2: I want to just tell you one thing that in

663
00:35:53,239 --> 00:35:55,279
Speaker 2: the car world, people may not have heard about this,

664
00:35:55,960 --> 00:35:58,520
Speaker 2: but in my day job as a financial news anchor,

665
00:35:58,600 --> 00:36:01,239
Speaker 2: there's a story that I can't get it over. And

666
00:36:01,280 --> 00:36:06,839
Speaker 2: you mentioned the S and P appreciation, right, Okay, the

667
00:36:06,920 --> 00:36:11,080
Speaker 2: S and P five hundred has done very well since

668
00:36:11,120 --> 00:36:16,200
Speaker 2: I was born in nineteen seventy three, like six thousand percent.

669
00:36:16,640 --> 00:36:21,520
Speaker 2: But gold has done even better. Gold is up more

670
00:36:21,600 --> 00:36:25,360
Speaker 2: like seven thousand percent. And I came across a story

671
00:36:25,400 --> 00:36:27,440
Speaker 2: this week that's not about cars, but I still think

672
00:36:27,440 --> 00:36:30,480
Speaker 2: you'll find it fascinating if you haven't heard. The US

673
00:36:30,520 --> 00:36:35,280
Speaker 2: Treasury owns like two hundred and sixty one million ounces

674
00:36:35,320 --> 00:36:38,840
Speaker 2: of gold right at Fort Knox under the Federal Reserve

675
00:36:39,239 --> 00:36:44,560
Speaker 2: year in New York. On its balance sheet. The Treasury

676
00:36:45,120 --> 00:36:48,719
Speaker 2: last valued its gold holdings the year I was born

677
00:36:48,760 --> 00:36:51,680
Speaker 2: in nineteen seventy three, at forty two dollars and twenty

678
00:36:51,719 --> 00:36:52,680
Speaker 2: two cents an ounce.

679
00:36:53,480 --> 00:36:53,880
Speaker 3: Okay.

680
00:36:54,320 --> 00:36:57,200
Speaker 2: This week gold traded for more than two nine hundred

681
00:36:57,200 --> 00:37:01,560
Speaker 2: dollars an ounce. Wow. The Treasury, on its balance sheet

682
00:37:01,640 --> 00:37:05,080
Speaker 2: is valuing its gold holdings at eleven billion measly dollars.

683
00:37:05,360 --> 00:37:08,120
Speaker 2: If they would mark their gold holdings to market to

684
00:37:08,120 --> 00:37:11,960
Speaker 2: today's price, it would be worth almost eight hundred billion dollars.

685
00:37:12,600 --> 00:37:13,719
Speaker 3: So what does that mean for us?

686
00:37:14,560 --> 00:37:18,840
Speaker 2: Well, for the US, what this means is we're undervaluing

687
00:37:19,040 --> 00:37:23,400
Speaker 2: the assets that our treasury holds. And okay, it's an

688
00:37:23,400 --> 00:37:27,239
Speaker 2: accounting issue. But what they could do through a repurchase

689
00:37:27,280 --> 00:37:31,160
Speaker 2: agreement with the Fed is say, listen, we'll sell you

690
00:37:31,239 --> 00:37:34,239
Speaker 2: this now and promise to buy it back later at

691
00:37:34,280 --> 00:37:37,040
Speaker 2: the same price. What you do is then the FED

692
00:37:37,239 --> 00:37:42,160
Speaker 2: creates seven hundred and fifty billion dollars and sends them

693
00:37:42,239 --> 00:37:46,000
Speaker 2: to the Treasury. General Account and then the Treasury all

694
00:37:46,040 --> 00:37:48,800
Speaker 2: of a sudden is sitting on more than seven hundred

695
00:37:48,800 --> 00:37:52,520
Speaker 2: and fifty billion that it doesn't have to issue in bonds.

696
00:37:52,920 --> 00:37:56,480
Speaker 2: And by the way, that's about one quarter's issuance in

697
00:37:56,680 --> 00:38:02,480
Speaker 2: US Treasury debt, So they could issue only three quarters

698
00:38:02,520 --> 00:38:06,160
Speaker 2: of dead that debt and they normally would in the year,

699
00:38:06,320 --> 00:38:10,000
Speaker 2: and I think could bring interest rates down dramatic.

700
00:38:10,040 --> 00:38:12,840
Speaker 3: I think that's a genius plan. I think we should

701
00:38:12,880 --> 00:38:13,759
Speaker 3: advocate for that.

702
00:38:14,200 --> 00:38:16,440
Speaker 2: I won't claim credit for it. I read this story

703
00:38:16,480 --> 00:38:19,640
Speaker 2: in the FT. Jillian Tett, who's awsome columnist, wrote about

704
00:38:19,640 --> 00:38:23,160
Speaker 2: it there, and today I was talking to on my

705
00:38:23,200 --> 00:38:26,240
Speaker 2: television show. I was talking to Kevin Hassett, who's the

706
00:38:26,280 --> 00:38:28,920
Speaker 2: director of the NA in the Trump administration, and I

707
00:38:28,920 --> 00:38:30,960
Speaker 2: asked if he'd thought about it, and he said he

708
00:38:31,000 --> 00:38:33,759
Speaker 2: hasn't studied the idea, but he thought it was an

709
00:38:33,760 --> 00:38:36,000
Speaker 2: excellent column in the Ft. He also read.

710
00:38:35,840 --> 00:38:39,520
Speaker 1: It, well, does this for me mean I do have

711
00:38:39,560 --> 00:38:41,600
Speaker 1: a plug? I do have a gold plug, like I

712
00:38:41,640 --> 00:38:44,640
Speaker 1: do have someone who can get gold from Africa at

713
00:38:44,680 --> 00:38:46,839
Speaker 1: a good rate. Does this mean I need to buy

714
00:38:47,120 --> 00:38:48,839
Speaker 1: buy some buy more, buy a bar.

715
00:38:49,440 --> 00:38:52,600
Speaker 2: No, I don't think it means Will. I don't think

716
00:38:52,600 --> 00:38:58,000
Speaker 2: it means much for the price. It wouldn't involve this

717
00:38:58,040 --> 00:39:01,319
Speaker 2: repurchase agreement actual sale of the gold. What I do

718
00:39:01,400 --> 00:39:05,920
Speaker 2: think it means is, so I was looking at Harley's today.

719
00:39:06,080 --> 00:39:08,839
Speaker 2: I'm so excited to go to Buston and ride motorcycles,

720
00:39:09,239 --> 00:39:13,280
Speaker 2: and I saw at least this dealership, Wolverine Harley Davison

721
00:39:13,280 --> 00:39:17,399
Speaker 2: in Michigan has got a special deal, a financing deal

722
00:39:17,400 --> 00:39:20,319
Speaker 2: one point four to nine percent zero down, which is

723
00:39:20,400 --> 00:39:25,600
Speaker 2: sick right, But I don't want a new Harley. I

724
00:39:25,640 --> 00:39:29,520
Speaker 2: want to buy an older one. And what are interest rates?

725
00:39:29,920 --> 00:39:32,759
Speaker 2: I mean, hopefully I can buy it in cash, But

726
00:39:32,840 --> 00:39:34,799
Speaker 2: if I were going to borrow money to buy an

727
00:39:34,800 --> 00:39:37,880
Speaker 2: older motorcycle, what are interest rates on a used motorcycle?

728
00:39:37,880 --> 00:39:39,520
Speaker 2: Probably like ten percent?

729
00:39:39,719 --> 00:39:42,240
Speaker 3: Probably not that seems wildly high.

730
00:39:42,000 --> 00:39:45,080
Speaker 2: No, but I mean used car interest rates are also

731
00:39:45,280 --> 00:39:48,719
Speaker 2: like nine, ten eleven percent. If you want to take

732
00:39:48,840 --> 00:39:50,239
Speaker 2: if you want to take a loan to buy a

733
00:39:50,360 --> 00:39:53,640
Speaker 2: used car, the lender isn't going to give you the

734
00:39:53,719 --> 00:39:54,920
Speaker 2: kind of rate he's going to give you on a

735
00:39:55,239 --> 00:39:58,919
Speaker 2: on a new car because there's more risk. Sure, Yeah,

736
00:39:58,960 --> 00:40:02,560
Speaker 2: I just if the Treasury would do this plan, maybe

737
00:40:02,800 --> 00:40:05,479
Speaker 2: we could get those rates down, more of us could buy,

738
00:40:05,560 --> 00:40:07,480
Speaker 2: more of us could finance vehicles.

739
00:40:07,920 --> 00:40:10,000
Speaker 3: Well, that'd be good. I think that'd be good.

740
00:40:10,840 --> 00:40:14,040
Speaker 1: I've never financed a vehicle, so I'm really speaking from

741
00:40:14,120 --> 00:40:14,920
Speaker 1: a hypothetical.

742
00:40:15,000 --> 00:40:16,360
Speaker 2: Oh my goodness.

743
00:40:17,080 --> 00:40:22,360
Speaker 1: Yeah, I only deal in gold bullion, wow, and corvettes.

744
00:40:22,760 --> 00:40:24,640
Speaker 2: Anyway, that's my fun story of.

745
00:40:24,719 --> 00:40:26,080
Speaker 3: What are you doing for Valentines?

746
00:40:26,719 --> 00:40:31,200
Speaker 2: Let's talk for Valentine's Day? That's a damn good question. Actually,

747
00:40:31,360 --> 00:40:32,719
Speaker 2: I don't have a plan yet.

748
00:40:32,960 --> 00:40:34,320
Speaker 3: Oh okay, never mind.

749
00:40:34,280 --> 00:40:36,719
Speaker 2: No, but I'm thank you for reminding me. I will

750
00:40:36,760 --> 00:40:37,399
Speaker 2: make plan.

751
00:40:37,600 --> 00:40:40,120
Speaker 3: It is Friday. You know, a little token doesn't have

752
00:40:40,160 --> 00:40:40,680
Speaker 3: to be much.

753
00:40:41,360 --> 00:40:43,200
Speaker 2: I will do. I will be doing a little token

754
00:40:43,400 --> 00:40:44,080
Speaker 2: for sure.

755
00:40:43,960 --> 00:40:46,960
Speaker 1: A photo times day, you know, a flower, just a

756
00:40:47,000 --> 00:40:47,880
Speaker 1: little remembrance.

757
00:40:49,480 --> 00:40:51,400
Speaker 2: I probably will take my wife out to dinner. But

758
00:40:51,480 --> 00:40:53,080
Speaker 2: I hate that they charge more.

759
00:40:53,239 --> 00:40:55,120
Speaker 3: I know they do. It's it's unfair.

760
00:40:55,480 --> 00:40:57,440
Speaker 2: You know what I think I might do now, I'm

761
00:40:57,480 --> 00:40:59,759
Speaker 2: gonna try and get somebody not only to babies, hit

762
00:40:59,800 --> 00:41:01,880
Speaker 2: the cads, but to take them out of the house.

763
00:41:02,120 --> 00:41:05,200
Speaker 2: Oh that's great that I will cook dinner.

764
00:41:05,560 --> 00:41:07,960
Speaker 3: But oh, that is so that it's wonderful.

765
00:41:08,080 --> 00:41:08,560
Speaker 2: What about you?

766
00:41:08,600 --> 00:41:10,120
Speaker 3: What's the We're gonna have.

767
00:41:10,239 --> 00:41:13,680
Speaker 1: I'm actually excited about this because Valentine's Day is really tricky.

768
00:41:14,040 --> 00:41:17,759
Speaker 1: We're having a non Valentine's Day party on Valentine's Day,

769
00:41:17,800 --> 00:41:20,800
Speaker 1: and it's called a Bleeding Hearts Party, and we're inviting

770
00:41:20,960 --> 00:41:24,160
Speaker 1: a bunch of friends and it's just an excuse to

771
00:41:24,160 --> 00:41:27,080
Speaker 1: get together and hang out and eat cake and drink.

772
00:41:27,360 --> 00:41:31,040
Speaker 2: But it's not a Valentine's It's specifically not a Valentine's Day.

773
00:41:31,040 --> 00:41:31,360
Speaker 3: Point No.

774
00:41:31,520 --> 00:41:33,319
Speaker 1: I mean, the cake's gonna be shaped like a heart

775
00:41:33,320 --> 00:41:36,680
Speaker 1: for fun. But it's a non Valentine's Day party on

776
00:41:36,760 --> 00:41:37,680
Speaker 1: Valentine's Day.

777
00:41:38,160 --> 00:41:40,040
Speaker 2: But you can bring your Valentine.

778
00:41:40,080 --> 00:41:42,120
Speaker 3: Sure, of course, you can bring your Valentine.

779
00:41:42,480 --> 00:41:45,160
Speaker 1: You can be sweet, but it's not gonna it's like,

780
00:41:45,320 --> 00:41:47,840
Speaker 1: it's not gonna be any sort of thing that makes

781
00:41:48,360 --> 00:41:51,440
Speaker 1: is just like makes people who don't necessarily have a

782
00:41:51,520 --> 00:41:53,560
Speaker 1: Valentine feel.

783
00:41:53,480 --> 00:41:56,560
Speaker 3: Any kind of way. It's just a party to see friends.

784
00:41:56,960 --> 00:41:57,880
Speaker 2: Well that's nice.

785
00:41:58,080 --> 00:42:00,319
Speaker 3: Yeah, it's an excuse that inclusive of you.

786
00:42:00,920 --> 00:42:04,680
Speaker 1: Yeah, well you know, I'm all about it.

787
00:42:05,920 --> 00:42:10,160
Speaker 2: And we'll be waiting on this mccon review on Bloomberg

788
00:42:10,200 --> 00:42:15,520
Speaker 2: dot com or on the terminal and then let's see

789
00:42:15,560 --> 00:42:18,640
Speaker 2: what am I driving tomorrow. I'm going to pick up

790
00:42:18,719 --> 00:42:25,440
Speaker 2: a new land Rover Discovery, the New Disco, which I mean,

791
00:42:25,520 --> 00:42:30,000
Speaker 2: I don't really think it's that exciting, but we'll be

792
00:42:30,040 --> 00:42:32,560
Speaker 2: a good car for the snow is on the road

793
00:42:32,640 --> 00:42:35,040
Speaker 2: right now. There's I mean, you know, our roads are

794
00:42:35,200 --> 00:42:38,319
Speaker 2: for the most part salted, but it's coming or at

795
00:42:38,440 --> 00:42:42,600
Speaker 2: least maybe freezing rain. We have on the East coast

796
00:42:42,760 --> 00:42:48,319
Speaker 2: one hundred million Americans under some sort of winter weather advisory.

797
00:42:49,360 --> 00:42:54,080
Speaker 3: That's that's extreme. I hope you shouldn't use that truck

798
00:42:54,160 --> 00:42:54,640
Speaker 3: on the road.

799
00:42:55,560 --> 00:42:57,600
Speaker 2: All right. That's uh, That's all I got then for

800
00:42:57,640 --> 00:42:58,080
Speaker 2: this week.

801
00:42:58,320 --> 00:42:58,640
Speaker 3: Cool.

802
00:42:59,000 --> 00:43:01,000
Speaker 2: Hopefully we get some some more good emails.

803
00:43:01,840 --> 00:43:03,319
Speaker 3: Yeah, I think we will.

804
00:43:03,800 --> 00:43:07,919
Speaker 2: Hot pursuit at Bloomberg dot Mat write us. I'm Matt

805
00:43:07,920 --> 00:43:08,560
Speaker 2: Miller and

806
00:43:08,600 --> 00:43:10,719
Speaker 3: I'm Hannah Elliott, and this is Bloomberg