1
00:00:04,960 --> 00:00:07,280
Speaker 1: Welcome to Money Making Conversations. It's the show that she

2
00:00:07,320 --> 00:00:10,039
Speaker 1: has the secrets of success experience firsthand by marketing and

3
00:00:10,119 --> 00:00:13,039
Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me

4
00:00:13,080 --> 00:00:15,400
Speaker 1: advice on many occasions. In the case you didn't notice,

5
00:00:15,800 --> 00:00:19,200
Speaker 1: I'm not broke, you know he'll be interviewing celebrity CEOs,

6
00:00:19,480 --> 00:00:22,520
Speaker 1: entrepreneurs and industry decision makers. It's what he likes to do.

7
00:00:22,720 --> 00:00:25,079
Speaker 1: It's what he likes to share. Now it's time to

8
00:00:25,120 --> 00:00:29,120
Speaker 1: hear from my man, Rashan McDonald. Money Making Conversations. Here

9
00:00:29,160 --> 00:00:32,120
Speaker 1: we come. Welcome to Money Making Conversation. I am your host,

10
00:00:32,240 --> 00:00:35,640
Speaker 1: Rashan McDonald. Let's be real about everything not doing this show.

11
00:00:35,680 --> 00:00:37,920
Speaker 1: It's time to stop reading other people's success stories. I

12
00:00:38,000 --> 00:00:41,120
Speaker 1: want to tell people people about books TV. It's your story,

13
00:00:41,240 --> 00:00:43,080
Speaker 1: that's the story. I want you to start writing. And

14
00:00:43,080 --> 00:00:45,000
Speaker 1: I always tell people leave with their gifts to passion

15
00:00:45,040 --> 00:00:46,919
Speaker 1: the things that they believe in. But what happens is

16
00:00:47,200 --> 00:00:49,520
Speaker 1: a lot of people let their age there, let their friends,

17
00:00:49,560 --> 00:00:51,840
Speaker 1: family or co workers stopped them from planning to living

18
00:00:51,880 --> 00:00:54,240
Speaker 1: their dreams. So I bring interviews on my show from

19
00:00:54,240 --> 00:00:57,120
Speaker 1: celebrity ceo. It's entrepreneurs and what I like to call

20
00:00:57,200 --> 00:01:00,400
Speaker 1: industry decision makers who make a difference in people's lives.

21
00:01:00,400 --> 00:01:02,320
Speaker 1: And they tell their stories and hopefully the nuggets you

22
00:01:02,320 --> 00:01:04,600
Speaker 1: get from their stories will push you forward to your

23
00:01:04,640 --> 00:01:08,000
Speaker 1: successful story. My next guest is Rebecca Jarvis. She's an

24
00:01:08,000 --> 00:01:11,600
Speaker 1: Emmy Award winning journalist. She has ABC News Chief Business,

25
00:01:11,640 --> 00:01:15,640
Speaker 1: Technology and Economics Correspondence, the hosting creator of The drop Off,

26
00:01:15,920 --> 00:01:18,520
Speaker 1: a top rated podcast the chronicles the rise and falls

27
00:01:18,520 --> 00:01:21,679
Speaker 1: of Elizabeth Holmes, and the hosting creative the highly acclaimed

28
00:01:21,680 --> 00:01:25,559
Speaker 1: No Limits with Rebecca Jovis podcast, which features game changing women.

29
00:01:25,840 --> 00:01:30,080
Speaker 1: Now as chief Business, Technology and Economics Correspondent, true reports

30
00:01:30,080 --> 00:01:33,600
Speaker 1: for all ABC News programs, including Good Morning America, World News,

31
00:01:33,680 --> 00:01:38,160
Speaker 1: Tonight with David Muir, Nightline, and this Week Jarge Stephanopoulos.

32
00:01:38,400 --> 00:01:41,280
Speaker 1: She's on the show to discuss the latest ABC News original.

33
00:01:41,560 --> 00:01:43,559
Speaker 1: It is an in depth look at the jaw dropping

34
00:01:43,600 --> 00:01:46,839
Speaker 1: stock market, twisting turns, and the studying chain of events

35
00:01:46,920 --> 00:01:50,240
Speaker 1: now synonymous with the name game Stop, please working the

36
00:01:50,280 --> 00:01:55,440
Speaker 1: money making conversations. Rebecca Jarvis, Hey want an introduction? Thank

37
00:01:55,480 --> 00:01:57,480
Speaker 1: you for having me. I love what you're doing here

38
00:01:57,760 --> 00:02:00,880
Speaker 1: is It's fantastic. I love the conversationations you're having and

39
00:02:01,000 --> 00:02:04,280
Speaker 1: helping people really figure out the building blocks of success.

40
00:02:04,400 --> 00:02:06,200
Speaker 1: So thank you for what you do and thanks for

41
00:02:06,280 --> 00:02:09,160
Speaker 1: having me. Well great because you were both storytellers and

42
00:02:09,400 --> 00:02:11,679
Speaker 1: uh and when I read your stories, and like I

43
00:02:11,760 --> 00:02:13,720
Speaker 1: told before we got over there, I was just saw

44
00:02:13,800 --> 00:02:15,720
Speaker 1: game stop. I tried what I try to do my interviews.

45
00:02:16,040 --> 00:02:18,880
Speaker 1: I try to watch what I'm read a book the

46
00:02:18,960 --> 00:02:22,040
Speaker 1: day before. She just show the movies to day with

47
00:02:22,120 --> 00:02:24,679
Speaker 1: there the twenty four hour cycle that with everything is

48
00:02:24,720 --> 00:02:27,840
Speaker 1: fresh on the right note, trying to remember something. And

49
00:02:28,360 --> 00:02:31,720
Speaker 1: but before we get started in and I gave all

50
00:02:31,760 --> 00:02:34,560
Speaker 1: these titles, but let's learn about your educational background. Can

51
00:02:34,600 --> 00:02:35,959
Speaker 1: you tell us a little bit about you, how you

52
00:02:36,040 --> 00:02:39,239
Speaker 1: gotta start from from an academic standpoint, which led you

53
00:02:39,360 --> 00:02:44,440
Speaker 1: to ABC through CBS. Yes, fantastic, Great, I'm glad we

54
00:02:44,560 --> 00:02:46,760
Speaker 1: start there because it is such an important place to

55
00:02:46,840 --> 00:02:49,880
Speaker 1: be in. So I grew up in Northeast Minneapolis. I

56
00:02:50,440 --> 00:02:52,600
Speaker 1: grew up my mom is a journalist, she's a writer

57
00:02:53,120 --> 00:02:55,600
Speaker 1: um and my grandfather was also a journalist, And I

58
00:02:55,680 --> 00:02:57,920
Speaker 1: always wanted to do that as a career, but they

59
00:02:58,000 --> 00:03:00,760
Speaker 1: both told me, if you start that as a career,

60
00:03:01,120 --> 00:03:03,160
Speaker 1: you're going to be graduating from college with a lot

61
00:03:03,200 --> 00:03:05,639
Speaker 1: of student loan debt, and you will not be able

62
00:03:05,680 --> 00:03:07,800
Speaker 1: to pay it off if you start out as a journalist.

63
00:03:07,919 --> 00:03:11,240
Speaker 1: So I went to college at the University of Chicago.

64
00:03:11,360 --> 00:03:15,040
Speaker 1: I always gravitated towards math as a kid. I loved math.

65
00:03:15,120 --> 00:03:18,080
Speaker 1: I also liked writing um and I ended up studying

66
00:03:18,120 --> 00:03:23,000
Speaker 1: economics in college and then immediately pursuing jobs early on

67
00:03:23,280 --> 00:03:26,239
Speaker 1: out of college and investment banking. And the reason I

68
00:03:26,639 --> 00:03:30,160
Speaker 1: share that is that for me, I was graduating pretty

69
00:03:30,240 --> 00:03:33,120
Speaker 1: significantly in student loan debt. I had about thirty thousand

70
00:03:33,200 --> 00:03:36,560
Speaker 1: dollars in student loan debt at my graduation, and I

71
00:03:36,760 --> 00:03:40,320
Speaker 1: in part chose investment banking and a career in finance

72
00:03:40,400 --> 00:03:43,560
Speaker 1: because for me, it was going to be away that

73
00:03:43,720 --> 00:03:46,000
Speaker 1: I was going to be able to know that I

74
00:03:46,120 --> 00:03:49,000
Speaker 1: could make my student loan payments. I didn't have a

75
00:03:49,080 --> 00:03:51,760
Speaker 1: financial safety net, so there wasn't anyone else who's going

76
00:03:51,800 --> 00:03:55,040
Speaker 1: to be paying those student loan payments upon graduation. And

77
00:03:55,400 --> 00:03:58,880
Speaker 1: I did that job for about two years until I

78
00:03:58,920 --> 00:04:01,000
Speaker 1: got to a point where I felt like I could

79
00:04:01,120 --> 00:04:04,160
Speaker 1: comfortably continue to pay down my loans and pay them off,

80
00:04:04,280 --> 00:04:08,839
Speaker 1: and then started at that point pursuing journalism jobs. Well,

81
00:04:09,320 --> 00:04:11,920
Speaker 1: those jobs have led you to all these shows that

82
00:04:12,040 --> 00:04:14,640
Speaker 1: you now respected and cover. But isn't that a lot

83
00:04:14,680 --> 00:04:17,600
Speaker 1: of pressure or a lot of a clear understanding that

84
00:04:17,839 --> 00:04:20,880
Speaker 1: people come to you for the facts, and so you

85
00:04:20,960 --> 00:04:22,800
Speaker 1: have to do your due diligence and your homework, and

86
00:04:22,839 --> 00:04:25,800
Speaker 1: you have to have relationships. They tell you this is

87
00:04:25,880 --> 00:04:28,960
Speaker 1: the fact, right with it. I'll run with your story. Yeah,

88
00:04:29,040 --> 00:04:30,800
Speaker 1: And just like you, you know you mentioned at the

89
00:04:30,880 --> 00:04:33,560
Speaker 1: top of this program, you do your homework, you do

90
00:04:33,720 --> 00:04:36,719
Speaker 1: your research, and I spend a lot of time digging

91
00:04:36,800 --> 00:04:40,200
Speaker 1: into the data and the information and looking at numbers.

92
00:04:40,240 --> 00:04:44,280
Speaker 1: A lot of my work today is spent reading research reports,

93
00:04:44,320 --> 00:04:47,520
Speaker 1: and especially in the early days of my career starting

94
00:04:47,560 --> 00:04:50,680
Speaker 1: out in finance. One thing I tell a lot of people, Um,

95
00:04:50,760 --> 00:04:52,440
Speaker 1: they asked me what the best way to get into

96
00:04:52,560 --> 00:04:56,320
Speaker 1: journalism is, And for me, the best way was not

97
00:04:56,600 --> 00:04:59,720
Speaker 1: necessarily going at it directly. It wasn't starting out in

98
00:04:59,760 --> 00:05:03,599
Speaker 1: a line to newspaper and TV jobs right away. Instead,

99
00:05:03,640 --> 00:05:06,920
Speaker 1: it was having that financial background that both lends me

100
00:05:07,000 --> 00:05:10,240
Speaker 1: credibility today when I have to look at complicated pieces

101
00:05:10,279 --> 00:05:13,640
Speaker 1: of financial information. And that's certainly something that we did

102
00:05:13,720 --> 00:05:16,560
Speaker 1: with Game Stop um the documentary you mentioned at the

103
00:05:16,640 --> 00:05:19,599
Speaker 1: beginning that's now streaming on Hulu that chronicles the rise

104
00:05:19,680 --> 00:05:22,760
Speaker 1: and fall of the Game Stop stock price and the phenomenon.

105
00:05:22,839 --> 00:05:24,839
Speaker 1: I mean, to be able to look at the stock market,

106
00:05:25,240 --> 00:05:27,640
Speaker 1: you really do have to have UM or at least

107
00:05:27,680 --> 00:05:29,720
Speaker 1: for me, it comes in handy to have a background

108
00:05:29,760 --> 00:05:32,040
Speaker 1: in it and to really understand it. So starting out

109
00:05:32,080 --> 00:05:35,839
Speaker 1: in finance, while it wasn't directly walking into a newsroom

110
00:05:35,920 --> 00:05:39,360
Speaker 1: and starting out maybe as an intern or a junior

111
00:05:39,480 --> 00:05:43,159
Speaker 1: level reporter, it allowed me in some ways to fast

112
00:05:43,200 --> 00:05:45,839
Speaker 1: track my career so that when I did start applying

113
00:05:46,000 --> 00:05:50,080
Speaker 1: for journalism jobs, I was coming into a newsroom with

114
00:05:50,480 --> 00:05:53,880
Speaker 1: some credibility around this topic that I was going to cover,

115
00:05:54,000 --> 00:05:57,599
Speaker 1: which ultimately today is now business technology and the economy,

116
00:05:57,960 --> 00:06:00,520
Speaker 1: but in the early days of my career is really

117
00:06:00,720 --> 00:06:04,640
Speaker 1: business based, and I could go to UM editors and

118
00:06:04,720 --> 00:06:06,920
Speaker 1: this is what I did. I cold called. I was

119
00:06:07,000 --> 00:06:10,400
Speaker 1: in Chicago at the time, and I called up business

120
00:06:10,560 --> 00:06:13,400
Speaker 1: editors in Chicago and asked them out for coffee and

121
00:06:13,520 --> 00:06:16,200
Speaker 1: I talked to them about their job, asked them how

122
00:06:16,320 --> 00:06:18,440
Speaker 1: they got to where they got to, and I would

123
00:06:18,440 --> 00:06:21,400
Speaker 1: go to each of those meetings with some ideas, pitches

124
00:06:21,560 --> 00:06:24,360
Speaker 1: for them, story pitches, and at the end of the meeting,

125
00:06:24,440 --> 00:06:27,000
Speaker 1: I would always say, I have some ideas that I

126
00:06:27,040 --> 00:06:29,640
Speaker 1: would really like to share with you. Um I'd be

127
00:06:29,760 --> 00:06:32,280
Speaker 1: interested in in writing them for you if you ever

128
00:06:32,400 --> 00:06:34,400
Speaker 1: had an opportunity for that, And I would share the

129
00:06:34,520 --> 00:06:36,600
Speaker 1: ideas And they were all based on things that I

130
00:06:36,760 --> 00:06:40,760
Speaker 1: saw in finance. And so if you are somebody who's

131
00:06:40,760 --> 00:06:44,239
Speaker 1: on a path, especially to journalism, I think nothing beats

132
00:06:44,320 --> 00:06:47,160
Speaker 1: great story ideas. So if you have a background or

133
00:06:47,200 --> 00:06:50,840
Speaker 1: you're seeing things, bring those ideas too. And again it

134
00:06:50,880 --> 00:06:52,640
Speaker 1: can be cold calling. That's how I did it. I

135
00:06:52,760 --> 00:06:55,280
Speaker 1: didn't know anyone, I didn't have a special leg up.

136
00:06:55,400 --> 00:06:57,880
Speaker 1: I just contacted them. I went on their websites, I

137
00:06:57,960 --> 00:07:00,800
Speaker 1: looked for the right person, I reached out I'd contacted them.

138
00:07:01,279 --> 00:07:04,360
Speaker 1: And another thing I would say about my story that

139
00:07:04,520 --> 00:07:07,720
Speaker 1: I think is really something that I encourage everyone to do.

140
00:07:09,240 --> 00:07:13,360
Speaker 1: Ask people to coffee without any kind of reservation. I mean,

141
00:07:13,440 --> 00:07:15,840
Speaker 1: you don't have to have a specific pitch to someone

142
00:07:16,280 --> 00:07:18,720
Speaker 1: about why you're going to get to know them. You

143
00:07:18,840 --> 00:07:21,720
Speaker 1: can say I'm interested in your industry, tell me more

144
00:07:21,760 --> 00:07:24,440
Speaker 1: about yourself. I want to get to know you, and nowadays.

145
00:07:24,720 --> 00:07:26,760
Speaker 1: I mean, we can do this over soon. You can

146
00:07:26,800 --> 00:07:29,120
Speaker 1: do it over social media, you can do it on LinkedIn.

147
00:07:29,520 --> 00:07:32,280
Speaker 1: All of these different platforms are entry points. And I

148
00:07:32,400 --> 00:07:35,440
Speaker 1: tell people the most important thing to focus on is

149
00:07:35,720 --> 00:07:40,239
Speaker 1: not who doesn't return your call, who doesn't return your email,

150
00:07:40,640 --> 00:07:43,480
Speaker 1: It's the one who does, because it only takes one

151
00:07:43,760 --> 00:07:46,000
Speaker 1: to land the job that is going to bring you

152
00:07:46,160 --> 00:07:48,760
Speaker 1: to your dream career. Awesome. Let me tell you a

153
00:07:48,800 --> 00:07:51,080
Speaker 1: little bit about myself so you can so when we

154
00:07:51,160 --> 00:07:53,400
Speaker 1: start talking you get a sense of where I'm coming

155
00:07:53,480 --> 00:07:57,600
Speaker 1: from from in depth. Okay, my degrees in mathematics, my

156
00:07:57,720 --> 00:08:02,920
Speaker 1: minors to sociology okay, and um and so uh economics.

157
00:08:03,040 --> 00:08:05,800
Speaker 1: I tried that degree plan. I couldn't get through. I

158
00:08:05,840 --> 00:08:08,360
Speaker 1: couldn't get through. I tried my degree plan and engineering

159
00:08:08,360 --> 00:08:10,800
Speaker 1: couldn't get through. But math was a natural for me.

160
00:08:10,920 --> 00:08:14,640
Speaker 1: I got that degree. Um. I have invested in the

161
00:08:14,720 --> 00:08:18,480
Speaker 1: stock several different times when I trusted myself, and then

162
00:08:18,520 --> 00:08:22,000
Speaker 1: I went into the little little funds that's who. And

163
00:08:22,080 --> 00:08:24,480
Speaker 1: then recently I decided I'm going back to where I

164
00:08:24,600 --> 00:08:26,320
Speaker 1: used to think I would pick the stocks that I

165
00:08:26,440 --> 00:08:28,920
Speaker 1: wanted to and I went to my Maryland is where

166
00:08:28,960 --> 00:08:32,040
Speaker 1: I do my stock and stocking net stock investment in

167
00:08:32,640 --> 00:08:35,280
Speaker 1: through and I said, these the stock they want to well,

168
00:08:35,600 --> 00:08:37,599
Speaker 1: we're gonna put you in the funds to know I

169
00:08:37,720 --> 00:08:40,439
Speaker 1: want to do these stocks. This I'm going back to

170
00:08:40,520 --> 00:08:43,280
Speaker 1: what I trust myself and my thought process. So I

171
00:08:43,320 --> 00:08:45,679
Speaker 1: want to let you know I have some understanding of

172
00:08:45,800 --> 00:08:48,480
Speaker 1: the stock market. I'm arrogant enough to tell people what

173
00:08:48,559 --> 00:08:50,280
Speaker 1: I want to invest in, not saying that it may

174
00:08:50,320 --> 00:08:52,040
Speaker 1: be the right, but I'm arrogant enough to say that.

175
00:08:52,520 --> 00:08:55,040
Speaker 1: And so so when we start talking about game Stop,

176
00:08:55,480 --> 00:08:59,360
Speaker 1: it's still it helped me a lot to understand what's

177
00:08:59,400 --> 00:09:02,600
Speaker 1: going on. I also have some thoughts about Robin hood

178
00:09:02,880 --> 00:09:06,559
Speaker 1: that apple, which I'm really uh, you know, it was

179
00:09:06,600 --> 00:09:08,959
Speaker 1: really interesting, Rebecca, I knew about I was on the

180
00:09:09,000 --> 00:09:12,280
Speaker 1: outside of this story until I read I saw your documentary.

181
00:09:12,360 --> 00:09:14,640
Speaker 1: So it really brought me inside and let me know

182
00:09:14,800 --> 00:09:17,960
Speaker 1: how this the stock market really is about everyday people.

183
00:09:18,320 --> 00:09:22,000
Speaker 1: So what brought you into the story of Game Stop? Um? Well,

184
00:09:22,080 --> 00:09:24,400
Speaker 1: I first of all, thank you for sharing that background.

185
00:09:24,520 --> 00:09:27,640
Speaker 1: I love that you have that background that you're interested in,

186
00:09:27,640 --> 00:09:29,360
Speaker 1: and I think that's kind of where a lot of

187
00:09:29,480 --> 00:09:33,240
Speaker 1: people are coming from. You know, I covered the financial crisis,

188
00:09:33,400 --> 00:09:36,240
Speaker 1: the Great Recession of two thousand seven two thousand eight,

189
00:09:36,600 --> 00:09:41,080
Speaker 1: and what I saw happening in the uh financial crisis

190
00:09:41,160 --> 00:09:44,680
Speaker 1: were so many people looking at their savings, the retirement

191
00:09:44,760 --> 00:09:48,840
Speaker 1: savings accounts dwindling because the market was collapsing, and they sold,

192
00:09:49,360 --> 00:09:52,200
Speaker 1: and had they not sold in that environment, had they

193
00:09:52,280 --> 00:09:54,400
Speaker 1: held on, they would have made their money back and

194
00:09:54,520 --> 00:09:57,520
Speaker 1: then some within three years. Those who sold in the

195
00:09:57,600 --> 00:10:01,679
Speaker 1: financial crisis were the ones who lost the half of

196
00:10:01,760 --> 00:10:04,760
Speaker 1: their life savings on average. And so to me, I'm

197
00:10:04,800 --> 00:10:08,640
Speaker 1: always drawn to these various events around the stock market

198
00:10:08,760 --> 00:10:13,200
Speaker 1: that that captivate and capture everyone's attention because I see

199
00:10:13,280 --> 00:10:17,480
Speaker 1: a responsibility in my role covering this for ABC News

200
00:10:17,880 --> 00:10:21,520
Speaker 1: to be someone who can remind people of history. And

201
00:10:21,840 --> 00:10:25,200
Speaker 1: when I saw Game Stop in particular, a single stock

202
00:10:25,720 --> 00:10:30,559
Speaker 1: that was boosted by hysteria and excitement, and this new

203
00:10:30,679 --> 00:10:34,360
Speaker 1: trend of people really spending more time online because of

204
00:10:34,440 --> 00:10:37,679
Speaker 1: the pandemic and having this technology in their hand via

205
00:10:37,760 --> 00:10:40,319
Speaker 1: an app called robin Hood, such that they could trade

206
00:10:41,040 --> 00:10:45,760
Speaker 1: seven um, it reminded me of the importance both of

207
00:10:45,840 --> 00:10:50,239
Speaker 1: the role to make sure that people were getting good information,

208
00:10:50,440 --> 00:10:54,640
Speaker 1: solid information, and then also to really want to help

209
00:10:54,720 --> 00:10:58,160
Speaker 1: people understand the difference between, for example, putting money into

210
00:10:58,200 --> 00:11:01,680
Speaker 1: an individual company like games Up versus putting money into

211
00:11:01,720 --> 00:11:04,120
Speaker 1: a four oh one k or an Ira, which is investing.

212
00:11:04,160 --> 00:11:06,840
Speaker 1: It's saving for the long term. Game Stop is more

213
00:11:06,960 --> 00:11:09,240
Speaker 1: the equivalent, and it's not just game Stop. Anytime you

214
00:11:09,320 --> 00:11:12,880
Speaker 1: put money into a single stock, it is the equivalent

215
00:11:13,400 --> 00:11:16,360
Speaker 1: of betting. It's the equivalent of gambling and walking into

216
00:11:16,400 --> 00:11:18,480
Speaker 1: a casino, because if you're thinking of it in a

217
00:11:18,559 --> 00:11:21,120
Speaker 1: short term thing, a single stock can go up or

218
00:11:21,200 --> 00:11:23,520
Speaker 1: go down. You can lose money, you can make money

219
00:11:23,559 --> 00:11:25,840
Speaker 1: on a single stock. If you think about the stock

220
00:11:26,040 --> 00:11:29,920
Speaker 1: market as a whole, the collective stock market over time

221
00:11:30,040 --> 00:11:33,679
Speaker 1: historically goes up about seven percent. Now one year out

222
00:11:33,760 --> 00:11:35,880
Speaker 1: of out of thirty, it might go down, it might

223
00:11:35,920 --> 00:11:38,559
Speaker 1: go up, but over time, if you invest for the

224
00:11:38,760 --> 00:11:42,360
Speaker 1: long haul, that's the most tried and true form of

225
00:11:42,559 --> 00:11:46,679
Speaker 1: saving because over time the market does go up, but

226
00:11:46,800 --> 00:11:48,520
Speaker 1: you have to be in it for the long haul

227
00:11:48,840 --> 00:11:51,800
Speaker 1: to capitalize on that. Whereas with a company like game Stop,

228
00:11:51,840 --> 00:11:57,040
Speaker 1: you never know, and just the hysteria. I mean, let

229
00:11:57,080 --> 00:11:58,760
Speaker 1: me because I want to make sure I'm on the

230
00:11:58,840 --> 00:12:01,959
Speaker 1: same page with you about Robin Hood. Now, I saw

231
00:12:02,080 --> 00:12:04,959
Speaker 1: Robin Hood as an app. Okay, an app that you

232
00:12:05,120 --> 00:12:08,719
Speaker 1: can go and buy stock on right, I mean you

233
00:12:08,800 --> 00:12:12,800
Speaker 1: could buy intail, you could buy Apple, you can buy

234
00:12:12,960 --> 00:12:15,839
Speaker 1: game Stop in this situation, am I correct? What was stealing? Like?

235
00:12:16,040 --> 00:12:19,120
Speaker 1: Okay cool? Okay cool. Now that the problem we had

236
00:12:19,320 --> 00:12:22,200
Speaker 1: with robin Hood was that well, as you go through

237
00:12:22,240 --> 00:12:27,360
Speaker 1: the story, game Stop was everybody was buying Game Stop

238
00:12:27,440 --> 00:12:29,959
Speaker 1: through the app, and they didn't have the funds to

239
00:12:30,160 --> 00:12:36,120
Speaker 1: cover the buyas yes. So so all of these brokerages,

240
00:12:36,320 --> 00:12:41,319
Speaker 1: whether it's robin Hood or Charles Schwab or any other brokerage,

241
00:12:41,520 --> 00:12:45,040
Speaker 1: when you use the app on your phone, they have

242
00:12:45,240 --> 00:12:49,199
Speaker 1: to have enough collateral to make sure that they can

243
00:12:49,360 --> 00:12:53,240
Speaker 1: cover any trade that you make on your phone. And

244
00:12:53,559 --> 00:12:56,959
Speaker 1: there's an outside agency that oversees all of this that

245
00:12:57,160 --> 00:13:01,040
Speaker 1: make sure that robin Hood and charl Schwab and all

246
00:13:01,160 --> 00:13:06,240
Speaker 1: the other brokerages are safe essentially to do and conduct

247
00:13:06,280 --> 00:13:08,040
Speaker 1: business in the way that they're conducting it. Well, what

248
00:13:08,160 --> 00:13:11,560
Speaker 1: happened is game Stop. So many people were buying Game Stop,

249
00:13:11,800 --> 00:13:13,600
Speaker 1: and many of them were using the robin Hood app

250
00:13:13,640 --> 00:13:15,240
Speaker 1: to do it, but they were using all different kinds

251
00:13:15,240 --> 00:13:18,080
Speaker 1: of apps as well. So many people were buying game

252
00:13:18,160 --> 00:13:22,720
Speaker 1: Stop that it just became explosive. It was larger than life,

253
00:13:22,800 --> 00:13:25,679
Speaker 1: and that added new risks to the system. And as

254
00:13:25,720 --> 00:13:29,480
Speaker 1: a result of those new risks, um robin Hood as

255
00:13:29,520 --> 00:13:31,880
Speaker 1: well as a number of other brokerages got this collateral

256
00:13:31,960 --> 00:13:34,000
Speaker 1: call which said you have to put up way more

257
00:13:34,080 --> 00:13:37,040
Speaker 1: money than you have ever put up before in order

258
00:13:37,080 --> 00:13:40,720
Speaker 1: to back these trades. And as a result, robin Hood

259
00:13:40,760 --> 00:13:45,360
Speaker 1: says it made this decision to restrict buying of game

260
00:13:45,440 --> 00:13:48,679
Speaker 1: Stop and they did this on January and after they

261
00:13:48,800 --> 00:13:52,600
Speaker 1: did this, you saw the stock of game Stop plummet.

262
00:13:52,679 --> 00:13:54,400
Speaker 1: It was like it was going like this, and then

263
00:13:54,440 --> 00:13:58,640
Speaker 1: it went like that. It's finally here the season of celebration.

264
00:13:58,880 --> 00:14:01,520
Speaker 1: And no matter how you celebrate with family and friends,

265
00:14:01,760 --> 00:14:05,199
Speaker 1: whether you're preparing for Reis Magos or Karamu lighting the

266
00:14:05,280 --> 00:14:08,679
Speaker 1: Manura are going to midnight mass, Coals has just what

267
00:14:08,840 --> 00:14:12,400
Speaker 1: you need to make those traditions special. Plus you'll find

268
00:14:12,480 --> 00:14:15,559
Speaker 1: gifts for all your loved ones. Send warm wishes with

269
00:14:15,720 --> 00:14:20,520
Speaker 1: cozy fleeces, sweaters, loungeware, blankets and throws. Support minority owned

270
00:14:20,680 --> 00:14:24,240
Speaker 1: or founded brands by giving gifts from human nation and shame,

271
00:14:24,280 --> 00:14:27,640
Speaker 1: moisture or treat them to everyone's favorite active wear from

272
00:14:27,760 --> 00:14:31,440
Speaker 1: top brands like Nike, Adidas, and under Armor, And in

273
00:14:31,560 --> 00:14:35,040
Speaker 1: the spirit of giving, Coals Cares is donating eight million

274
00:14:35,120 --> 00:14:38,560
Speaker 1: dollars to local nonprofits nationwide committed to the health and

275
00:14:38,680 --> 00:14:42,040
Speaker 1: well being of our communities. No matter how you celebrate,

276
00:14:42,200 --> 00:14:45,040
Speaker 1: when you shop at Coals, you're right where you belong.

277
00:14:45,560 --> 00:14:48,560
Speaker 1: So this season, give with all your heart with great

278
00:14:48,600 --> 00:14:52,480
Speaker 1: gifts from Coals or Coals dot com. What grows in

279
00:14:52,520 --> 00:14:56,440
Speaker 1: the forest trees, Sure no one else grows in the forest.

280
00:14:56,680 --> 00:15:00,600
Speaker 1: Our imagination, a sense of wonder, and a emily bonds

281
00:15:00,680 --> 00:15:06,160
Speaker 1: grow too, because when we disconnect from this and connect

282
00:15:06,240 --> 00:15:10,840
Speaker 1: with this, we reconnect with each other. The forest is

283
00:15:10,920 --> 00:15:13,840
Speaker 1: closer than you think. Find a forest near you and

284
00:15:13,960 --> 00:15:17,240
Speaker 1: start exploring. I Discover the Forest dot Org brought to

285
00:15:17,320 --> 00:15:20,360
Speaker 1: you by the United States Forest Service and the ad Council.

286
00:15:21,360 --> 00:15:24,240
Speaker 1: Look for your children's eyes to see the true magic

287
00:15:24,440 --> 00:15:27,800
Speaker 1: of a forest. It's a storybook world for them. You

288
00:15:27,960 --> 00:15:30,920
Speaker 1: look and see a tree. They see the wrinkled face

289
00:15:31,000 --> 00:15:34,360
Speaker 1: of a wizard with arms outstretched to the sky. They

290
00:15:34,400 --> 00:15:37,520
Speaker 1: see treasure and pebbles. They see a windy path that

291
00:15:37,680 --> 00:15:41,560
Speaker 1: could lead to adventure, and they see you. They're Fearless

292
00:15:41,600 --> 00:15:45,120
Speaker 1: Guide is this fascinating world. Find a forest near you

293
00:15:45,360 --> 00:15:48,440
Speaker 1: and start exploring and discover the forest dot Org brought

294
00:15:48,480 --> 00:15:50,360
Speaker 1: to you by the United States Forest Service and the

295
00:15:50,480 --> 00:15:53,520
Speaker 1: AD Council. Because there's a couple of people on this

296
00:15:54,120 --> 00:15:58,880
Speaker 1: doing this special like Jim Cramer. Okay, okay, see there's

297
00:15:58,880 --> 00:16:01,920
Speaker 1: a there's another the guy that's it's kind of like

298
00:16:02,200 --> 00:16:06,000
Speaker 1: he's the he's kind of like the the funny man

299
00:16:06,120 --> 00:16:09,200
Speaker 1: version of Jim Kramer who got everybody hyped up. He

300
00:16:09,280 --> 00:16:12,440
Speaker 1: wears yeah, that's the funny hatch and everything. But I

301
00:16:12,560 --> 00:16:14,840
Speaker 1: begged the different I see, I go way back to

302
00:16:15,480 --> 00:16:17,600
Speaker 1: I want to say I was writing on Me and

303
00:16:17,680 --> 00:16:21,120
Speaker 1: the Boys, but by name five between two thousand, Jim

304
00:16:21,200 --> 00:16:23,360
Speaker 1: Kramer was coming out of the box kind of like

305
00:16:23,520 --> 00:16:27,120
Speaker 1: this guy hyping stuff. That's when television. I mean, I

306
00:16:27,280 --> 00:16:31,400
Speaker 1: was sitting there Rebecca making decisions on BAM, making decisions

307
00:16:31,520 --> 00:16:35,400
Speaker 1: on Office Depot, making decisions on kmart stock based on

308
00:16:35,560 --> 00:16:38,840
Speaker 1: what Jim was saying. So I thought it was kind

309
00:16:38,840 --> 00:16:42,200
Speaker 1: of like ironic listen to him being interviewed, and you

310
00:16:42,360 --> 00:16:44,720
Speaker 1: did the same thing that this guy was doing, so

311
00:16:44,880 --> 00:16:49,200
Speaker 1: much so that John Stewart called you out for giving

312
00:16:49,440 --> 00:16:52,640
Speaker 1: over hyped information on your show and he had to

313
00:16:52,680 --> 00:16:55,680
Speaker 1: come on John Stewart Show to say, oh, yeah, you know,

314
00:16:56,160 --> 00:16:58,840
Speaker 1: I apologize, so to speak. And so so, when he

315
00:16:58,960 --> 00:17:01,280
Speaker 1: was being an interview I was like, Okay, Jim Kramer,

316
00:17:01,360 --> 00:17:03,680
Speaker 1: really you're gonna sit up here and act like you

317
00:17:03,760 --> 00:17:07,240
Speaker 1: weren't that version of this guy because we as as

318
00:17:07,440 --> 00:17:10,600
Speaker 1: as fans of trying to get information. That's why I

319
00:17:10,680 --> 00:17:12,680
Speaker 1: love this show because I'm going like, I've been on

320
00:17:12,800 --> 00:17:16,159
Speaker 1: this journey Rebeca. I've been a game stop participant, just

321
00:17:16,280 --> 00:17:18,920
Speaker 1: at a different time period because it happens all the time.

322
00:17:18,960 --> 00:17:22,480
Speaker 1: Because we it might not be as drastic as this Rebecca,

323
00:17:22,600 --> 00:17:26,119
Speaker 1: but we still are led by a lead. All we

324
00:17:26,200 --> 00:17:28,280
Speaker 1: wanted to lead. And when we look at these people

325
00:17:28,800 --> 00:17:31,600
Speaker 1: and they give us information that maybe right or wrong,

326
00:17:32,080 --> 00:17:36,400
Speaker 1: they do their little deempification. Don't don't follow me, I'm

327
00:17:36,400 --> 00:17:39,320
Speaker 1: not an expert. Don't lead anything but bye but bye.

328
00:17:39,680 --> 00:17:42,080
Speaker 1: And so so, when you brought Jim Kramer, and what

329
00:17:42,240 --> 00:17:44,040
Speaker 1: was the purpose of bringing him in, because like, I

330
00:17:45,040 --> 00:17:46,680
Speaker 1: saw him as a different role because I had a

331
00:17:46,720 --> 00:17:49,240
Speaker 1: different experience with him, because he was a younger version.

332
00:17:49,600 --> 00:17:51,439
Speaker 1: He was older version of what I was seeing now

333
00:17:51,560 --> 00:17:55,800
Speaker 1: being exposed in this documentary. Sure, so okay, so I

334
00:17:56,440 --> 00:17:58,800
Speaker 1: I misspoke. I wasn't sure who you were talking about,

335
00:17:58,800 --> 00:18:00,240
Speaker 1: and I thought you were talking about someone else. You

336
00:18:00,320 --> 00:18:03,280
Speaker 1: were talking about Roaring Kitty. So just some backgrounds. So

337
00:18:03,720 --> 00:18:05,960
Speaker 1: there's a person. His name is Keith Gil but he

338
00:18:06,040 --> 00:18:09,159
Speaker 1: also has the YouTube name Roaring Kitty um, and he

339
00:18:09,240 --> 00:18:12,200
Speaker 1: has a Reddit name that I can't say here because

340
00:18:12,280 --> 00:18:15,280
Speaker 1: we would both end trouble for my language. Um. But

341
00:18:15,560 --> 00:18:18,600
Speaker 1: he is one of the first people who spotted game stuff.

342
00:18:19,480 --> 00:18:21,879
Speaker 1: He was treating only a few dollars a share. He

343
00:18:22,000 --> 00:18:24,840
Speaker 1: thought it was something that had value. He talked about

344
00:18:24,880 --> 00:18:27,399
Speaker 1: it all over social media. A lot of people started

345
00:18:27,440 --> 00:18:29,840
Speaker 1: to follow what he was saying, and they started pouring

346
00:18:29,920 --> 00:18:33,880
Speaker 1: money in. And when he first started talking about game Stop,

347
00:18:33,920 --> 00:18:36,520
Speaker 1: it was about four dollars a share. Six months later

348
00:18:36,640 --> 00:18:39,359
Speaker 1: it got up to three fifty dollars a share, And

349
00:18:39,680 --> 00:18:42,200
Speaker 1: there was a lot of conversation on Reddit and other

350
00:18:42,280 --> 00:18:46,520
Speaker 1: places on social media about the importance of putting money

351
00:18:46,560 --> 00:18:49,000
Speaker 1: into game Stop and this idea that if all the

352
00:18:49,119 --> 00:18:54,320
Speaker 1: sort of little guys decided to act collectively together, that

353
00:18:54,440 --> 00:18:57,439
Speaker 1: they could really drive up the price of game Stop. UM.

354
00:18:57,720 --> 00:19:01,879
Speaker 1: Full disclosure. I started my career at NBC in television

355
00:19:02,040 --> 00:19:05,000
Speaker 1: and in business television. I have a lot of great

356
00:19:05,040 --> 00:19:07,280
Speaker 1: friends there. Jim Kramer is one of them. But the

357
00:19:07,400 --> 00:19:10,920
Speaker 1: reason that I wanted Jim Kramer to be a part

358
00:19:11,000 --> 00:19:14,080
Speaker 1: of our conversation for for this story is because he

359
00:19:14,200 --> 00:19:16,800
Speaker 1: has a front row seat. The people who watch Mad

360
00:19:16,880 --> 00:19:20,200
Speaker 1: Money on a regular basis are many of the people

361
00:19:20,600 --> 00:19:23,800
Speaker 1: who are investing in individual stocks. They're looking for that

362
00:19:24,000 --> 00:19:27,560
Speaker 1: leg up, They're looking for that information. And I think

363
00:19:27,640 --> 00:19:29,880
Speaker 1: what's really important to keep in mind, and I think

364
00:19:29,960 --> 00:19:34,440
Speaker 1: this story is is illustrative of that, is you know,

365
00:19:34,680 --> 00:19:37,560
Speaker 1: there's two sides to every position in the market. There

366
00:19:37,600 --> 00:19:39,520
Speaker 1: has to be a buyer or if there has to

367
00:19:39,600 --> 00:19:41,359
Speaker 1: be a seller in order for there to be a buyer.

368
00:19:41,440 --> 00:19:43,879
Speaker 1: And I think that's what's so important is to at

369
00:19:43,960 --> 00:19:47,440
Speaker 1: least know what you're walking into. So if you're gonna

370
00:19:47,480 --> 00:19:50,879
Speaker 1: put money into something and it's an individual stock, you

371
00:19:51,080 --> 00:19:55,600
Speaker 1: have to be okay with the possibility that you could

372
00:19:55,640 --> 00:19:59,200
Speaker 1: lose money. Now, maybe all the statistics, all the data

373
00:19:59,240 --> 00:20:01,680
Speaker 1: that you're reading is telling you, you know what, there's

374
00:20:01,720 --> 00:20:05,119
Speaker 1: more upside than there's downside. Obviously, you you probably have

375
00:20:05,240 --> 00:20:06,840
Speaker 1: to think that way in order to put money in,

376
00:20:07,320 --> 00:20:10,200
Speaker 1: But the reality is there can always be downside. And

377
00:20:10,840 --> 00:20:13,399
Speaker 1: when you use leverage, which is what a lot of

378
00:20:13,520 --> 00:20:16,520
Speaker 1: people are now doing. It's always been the thing that

379
00:20:16,880 --> 00:20:19,760
Speaker 1: hedge funds and the sort of big money on Wall

380
00:20:19,800 --> 00:20:23,959
Speaker 1: Street is always using debt. It's called leverage to bolster

381
00:20:24,080 --> 00:20:27,639
Speaker 1: their trades. So if I believe really heavily in something,

382
00:20:27,760 --> 00:20:30,159
Speaker 1: I can borrow. If I'm a hedge fund, I can

383
00:20:30,480 --> 00:20:33,200
Speaker 1: borrow from a bank more money to put into that

384
00:20:33,400 --> 00:20:37,120
Speaker 1: individual stock, and that can help me make money if

385
00:20:37,160 --> 00:20:39,720
Speaker 1: the stock goes up, But of course I lose even

386
00:20:39,840 --> 00:20:42,440
Speaker 1: more money if the stock goes down. And what's really

387
00:20:42,520 --> 00:20:44,359
Speaker 1: important to keep in mind here is if you're an

388
00:20:44,400 --> 00:20:48,040
Speaker 1: individual investor and you're using an app, then yes, you

389
00:20:48,480 --> 00:20:51,040
Speaker 1: some of these new apps like robin Hood will give

390
00:20:51,119 --> 00:20:53,879
Speaker 1: you if you meet certain criteria, they will give you

391
00:20:54,040 --> 00:20:57,960
Speaker 1: access to that leverage. But it's so important to remember

392
00:20:58,119 --> 00:21:01,600
Speaker 1: that if you're using that leverage and the stock goes down,

393
00:21:02,119 --> 00:21:04,240
Speaker 1: you've not only lost the money that you put in,

394
00:21:04,720 --> 00:21:07,960
Speaker 1: but you're actually out even more money because you're using

395
00:21:08,160 --> 00:21:13,879
Speaker 1: debt to pay for your position. Um were first of all, again,

396
00:21:13,960 --> 00:21:15,959
Speaker 1: like I said at the early part of our interview,

397
00:21:16,280 --> 00:21:19,479
Speaker 1: fantastic special It kept me in And this is why

398
00:21:19,560 --> 00:21:22,639
Speaker 1: I was fantastic, because you brought in individuals that you

399
00:21:22,720 --> 00:21:25,359
Speaker 1: can share their little storyline arts about. You know, the

400
00:21:25,840 --> 00:21:28,160
Speaker 1: young African American boy who I just loved, the dell,

401
00:21:28,520 --> 00:21:31,639
Speaker 1: the anonymous invested with the with the dog. You know

402
00:21:31,760 --> 00:21:33,919
Speaker 1: the dog. We can see the dog, but we couldn't

403
00:21:33,920 --> 00:21:35,720
Speaker 1: see him, Okay, so we gotta figure out we know

404
00:21:35,800 --> 00:21:38,280
Speaker 1: who you are, okay. And then then you had the

405
00:21:38,640 --> 00:21:40,639
Speaker 1: the the guy with the with the family, and then

406
00:21:40,720 --> 00:21:44,280
Speaker 1: the young lady who had the hit Hispanic guy, and

407
00:21:44,359 --> 00:21:46,200
Speaker 1: then uh with the new new child, and then you

408
00:21:46,320 --> 00:21:49,520
Speaker 1: have and then you have the young lady with the

409
00:21:49,560 --> 00:21:52,320
Speaker 1: grand with the mom who's telling them to invest to

410
00:21:52,760 --> 00:21:55,600
Speaker 1: you know, why did you choose these the first of all,

411
00:21:55,600 --> 00:21:58,320
Speaker 1: they're perfect perfect by the way, I'm just asking you

412
00:21:58,359 --> 00:22:02,600
Speaker 1: from a from a producer storytelling standpoint, they work fantastic.

413
00:22:02,840 --> 00:22:04,720
Speaker 1: Why did you choose them to make such a great

414
00:22:05,000 --> 00:22:09,240
Speaker 1: ABC News original? Thank you? Um First, I really do

415
00:22:09,359 --> 00:22:13,080
Speaker 1: appreciate your your interest in the conversation and the and

416
00:22:13,200 --> 00:22:18,160
Speaker 1: the documentary. So we spent a lot of time looking

417
00:22:18,240 --> 00:22:21,000
Speaker 1: at the Reddit board. So again just a little bit

418
00:22:21,040 --> 00:22:24,639
Speaker 1: of background for people. A lot of these individual investors

419
00:22:24,680 --> 00:22:27,680
Speaker 1: who drove up the price of game stuff. We're spending

420
00:22:27,800 --> 00:22:31,720
Speaker 1: time on on Reddit having conversations. Now a lot of

421
00:22:31,760 --> 00:22:34,040
Speaker 1: people you don't have to use your real name on Reddit,

422
00:22:34,320 --> 00:22:36,399
Speaker 1: so it was a lot of trial and error. People

423
00:22:36,600 --> 00:22:40,200
Speaker 1: at blah blah whatever their name is on Reddit. We

424
00:22:40,280 --> 00:22:43,680
Speaker 1: would reach out and say, Hey, I'm with ABC News,

425
00:22:43,760 --> 00:22:46,399
Speaker 1: I'm working on this documentary. Do you have any interest

426
00:22:46,480 --> 00:22:48,399
Speaker 1: in participating. I'd love to get to know more of

427
00:22:48,520 --> 00:22:52,000
Speaker 1: your story. So of the people that you saw on camera,

428
00:22:52,359 --> 00:22:56,280
Speaker 1: probably about ten people who had to do with, you know,

429
00:22:56,400 --> 00:23:00,960
Speaker 1: did trading of game stuff. We spoke to true dozens more.

430
00:23:01,240 --> 00:23:04,200
Speaker 1: Um and I just was on the phone constantly over

431
00:23:04,280 --> 00:23:07,200
Speaker 1: that time and over email, constantly reaching out to people.

432
00:23:07,240 --> 00:23:09,480
Speaker 1: And what was really important to me is that our

433
00:23:09,520 --> 00:23:13,320
Speaker 1: audience got a true representation of the type of people.

434
00:23:13,760 --> 00:23:17,040
Speaker 1: And here the backstories of all the different people who

435
00:23:17,400 --> 00:23:21,000
Speaker 1: invested in game Stop and that's really you know, one

436
00:23:21,040 --> 00:23:23,480
Speaker 1: of the things again that attracted me to this was

437
00:23:23,600 --> 00:23:27,320
Speaker 1: how widespread it was. It wasn't just one particular group

438
00:23:27,359 --> 00:23:30,680
Speaker 1: of people. People from all different walks of life got interested.

439
00:23:30,800 --> 00:23:33,880
Speaker 1: And I'm so glad that Jade and Carr, the ten

440
00:23:33,960 --> 00:23:37,359
Speaker 1: year old from San Antonio struck you. We found Jaden

441
00:23:37,520 --> 00:23:40,640
Speaker 1: because he invested in game Stop thanks to his mom.

442
00:23:41,359 --> 00:23:43,879
Speaker 1: His mom wanted to teach him about investing in stock

443
00:23:44,000 --> 00:23:46,720
Speaker 1: and so for his birthday or rather, excuse me for

444
00:23:46,840 --> 00:23:51,040
Speaker 1: quanza um, she purchased a few shares of game Stop

445
00:23:51,160 --> 00:23:53,400
Speaker 1: for him so that he could see what it meant

446
00:23:53,440 --> 00:23:55,399
Speaker 1: to invest in the market. And she didn't do it

447
00:23:55,560 --> 00:23:58,440
Speaker 1: in the midst of hysteria and when everyone was talking

448
00:23:58,480 --> 00:24:01,600
Speaker 1: about game Stop. She did it because he liked game

449
00:24:01,680 --> 00:24:04,280
Speaker 1: stuff and he shops at game Stop, and there's this

450
00:24:04,440 --> 00:24:07,159
Speaker 1: old saying invest in what you know, and that was

451
00:24:07,240 --> 00:24:10,040
Speaker 1: part of what made her think about game stuff for him,

452
00:24:10,080 --> 00:24:13,200
Speaker 1: because he loves going to game stuff. So teach him

453
00:24:13,200 --> 00:24:16,280
Speaker 1: about investing through something that he loves. And I think

454
00:24:16,320 --> 00:24:19,280
Speaker 1: that's really as a parent, Um, I'm a parent myself.

455
00:24:19,560 --> 00:24:21,399
Speaker 1: My daughter is not quite old enough to be an

456
00:24:21,440 --> 00:24:24,200
Speaker 1: investor yet she's too I don't know that she would

457
00:24:24,280 --> 00:24:26,119
Speaker 1: understand it if I tried to teach you right now,

458
00:24:26,240 --> 00:24:28,359
Speaker 1: but I love that. I think that's really a great

459
00:24:28,440 --> 00:24:31,480
Speaker 1: way to teach your children about investing, starting with something

460
00:24:31,560 --> 00:24:36,040
Speaker 1: they know and understand. All amounts absolutely. The thing about

461
00:24:36,119 --> 00:24:39,200
Speaker 1: the event is that I can you know this is

462
00:24:39,359 --> 00:24:42,160
Speaker 1: like there's gold in them their heels. You know, people

463
00:24:42,200 --> 00:24:44,160
Speaker 1: read for the goal, they feel like the goal rush.

464
00:24:44,840 --> 00:24:48,080
Speaker 1: It felt so like different times in life, we see

465
00:24:48,119 --> 00:24:50,320
Speaker 1: this the golden them their heels. People rushed to the

466
00:24:50,600 --> 00:24:53,520
Speaker 1: California and and and they've risched their lives by going

467
00:24:53,600 --> 00:24:56,960
Speaker 1: through dangerous Indian territory. So they might not risk money,

468
00:24:57,000 --> 00:24:59,320
Speaker 1: but they risk their lives to try to seek that fortune.

469
00:24:59,600 --> 00:25:01,359
Speaker 1: So that to kind of like a period there and

470
00:25:01,440 --> 00:25:03,359
Speaker 1: then and then when you see in like in the

471
00:25:03,480 --> 00:25:05,720
Speaker 1: eighties and naming for the Big bubble bursts in two

472
00:25:05,760 --> 00:25:07,720
Speaker 1: thousand and seven, I was kind of there, you know,

473
00:25:07,880 --> 00:25:10,920
Speaker 1: because that's when television like the c NBCs came out

474
00:25:10,960 --> 00:25:13,960
Speaker 1: and started showing you people talk about stock and talking

475
00:25:13,960 --> 00:25:16,600
Speaker 1: about how you can invest in different ways. And that's

476
00:25:16,600 --> 00:25:19,480
Speaker 1: when I got introduced as an African American to that.

477
00:25:19,600 --> 00:25:21,440
Speaker 1: I remember and Steve Harvey used to always act like

478
00:25:21,480 --> 00:25:24,200
Speaker 1: we were stock experts. We said around talking, well, we

479
00:25:24,280 --> 00:25:27,560
Speaker 1: traded over, we traded, didn't know nothing, and yeah you

480
00:25:27,600 --> 00:25:29,920
Speaker 1: know we we we were we were one. I feel

481
00:25:30,040 --> 00:25:33,639
Speaker 1: that this show in your documentary or your news original

482
00:25:33,680 --> 00:25:36,840
Speaker 1: special tells about we were just everyday people. We gathered

483
00:25:36,960 --> 00:25:40,440
Speaker 1: enough information to buy certain things based on a hunch

484
00:25:40,840 --> 00:25:43,400
Speaker 1: and the belief that this will return on our investment.

485
00:25:43,720 --> 00:25:47,400
Speaker 1: And that's what this showed. If some people lost everyday people,

486
00:25:47,480 --> 00:25:50,040
Speaker 1: some people got out early everyday people, and some people

487
00:25:50,280 --> 00:25:52,680
Speaker 1: still hung in there. And I thought that was really

488
00:25:53,160 --> 00:25:56,560
Speaker 1: the kind of like in results of your documentary, is

489
00:25:56,680 --> 00:25:59,479
Speaker 1: that it was a special about individuals who make their

490
00:25:59,520 --> 00:26:02,160
Speaker 1: own decision. They all got in for different reasons, Rebecca,

491
00:26:02,600 --> 00:26:05,960
Speaker 1: they all got excited for different reasons in the EA.

492
00:26:06,080 --> 00:26:08,920
Speaker 1: When it came time to either stay pulled the plug,

493
00:26:09,440 --> 00:26:12,000
Speaker 1: they all did it for different reasons. That really had

494
00:26:12,080 --> 00:26:16,760
Speaker 1: to be a strong emotional end to well well documented special.

495
00:26:17,520 --> 00:26:20,480
Speaker 1: M I'm glad you thought that, and you know, to

496
00:26:20,600 --> 00:26:23,680
Speaker 1: your point earlier, it's such a good point. We see

497
00:26:23,720 --> 00:26:26,680
Speaker 1: these things happening over and over again. When when the

498
00:26:26,880 --> 00:26:29,920
Speaker 1: game Stop story first really took took on a life

499
00:26:29,960 --> 00:26:32,720
Speaker 1: of its own. In in sort of mid to late January,

500
00:26:33,320 --> 00:26:37,440
Speaker 1: I was remembering the times during the dot com bubble

501
00:26:37,560 --> 00:26:41,760
Speaker 1: in thousand two thousand one when all these tech companies

502
00:26:41,800 --> 00:26:44,679
Speaker 1: were coming out and even though some of the technology

503
00:26:44,840 --> 00:26:47,960
Speaker 1: didn't exist that exists today. For example, robin Hood the

504
00:26:48,000 --> 00:26:51,600
Speaker 1: app didn't exist back then. There were the early days

505
00:26:51,680 --> 00:26:54,800
Speaker 1: of internet chat rooms. There were the early days of

506
00:26:54,880 --> 00:26:59,160
Speaker 1: people hyping, pumping, and dumping individual stocks. So as much

507
00:26:59,200 --> 00:27:02,560
Speaker 1: as things change because the technology might be new or

508
00:27:02,680 --> 00:27:06,359
Speaker 1: the modes of communication might be evolved, this is something

509
00:27:06,440 --> 00:27:09,520
Speaker 1: that does repeat itself time and time again throughout history.

510
00:27:10,200 --> 00:27:12,960
Speaker 1: You know. The interesting that the Robin Hood, you know,

511
00:27:13,080 --> 00:27:14,840
Speaker 1: had the great name rob from the rich, gift to

512
00:27:14,880 --> 00:27:17,080
Speaker 1: the poor. So that's why it was really a good

513
00:27:17,160 --> 00:27:21,080
Speaker 1: media app and to really become the center of the conversation.

514
00:27:21,560 --> 00:27:23,960
Speaker 1: But when I but they just they changed the rules

515
00:27:24,080 --> 00:27:26,240
Speaker 1: right in midstream, you know, And and companies do that

516
00:27:26,320 --> 00:27:28,680
Speaker 1: all the time. It's like, for instance, you noticed when

517
00:27:28,720 --> 00:27:31,720
Speaker 1: these uh gift cards. The gift cards used to be

518
00:27:32,080 --> 00:27:33,600
Speaker 1: you could keep them forever, and then all of a

519
00:27:33,600 --> 00:27:35,680
Speaker 1: sudden they came and change. So you know something, if

520
00:27:35,720 --> 00:27:38,080
Speaker 1: you don't spend that gift card in a year, it's

521
00:27:38,080 --> 00:27:40,360
Speaker 1: not going to be any good anymore. Because it came

522
00:27:40,440 --> 00:27:43,440
Speaker 1: back to what what burdened down or came to be

523
00:27:43,520 --> 00:27:46,240
Speaker 1: the collapse of what Robin Hood had to do on

524
00:27:46,320 --> 00:27:49,280
Speaker 1: that date and stop buying, is that if you don't

525
00:27:49,320 --> 00:27:51,160
Speaker 1: have the money, if you have all these gift cards

526
00:27:51,200 --> 00:27:53,600
Speaker 1: out there, you've got to have capital to cover if

527
00:27:53,640 --> 00:27:56,320
Speaker 1: one day somebody's decided to show up and buy that

528
00:27:56,440 --> 00:27:59,080
Speaker 1: gift and use that gift card. And so they decided

529
00:27:59,119 --> 00:28:01,560
Speaker 1: to change the rules. All of them changed the rules,

530
00:28:01,840 --> 00:28:03,520
Speaker 1: saying that we want to limit the amount of time

531
00:28:03,600 --> 00:28:06,360
Speaker 1: you have to buy this car, otherwise it's gonna become invalid.

532
00:28:06,640 --> 00:28:09,400
Speaker 1: And so that's what really wore down the whole principle

533
00:28:09,440 --> 00:28:12,199
Speaker 1: of robin Hood. They didn't think about how big they

534
00:28:12,280 --> 00:28:15,960
Speaker 1: could get and if they got that big, what's our answer.

535
00:28:16,080 --> 00:28:19,600
Speaker 1: The answer would just say stop buying, right, And they

536
00:28:19,680 --> 00:28:22,119
Speaker 1: really became the poster child too for all of the

537
00:28:22,240 --> 00:28:26,320
Speaker 1: anger and outrage, even though other brokerages made the same choice,

538
00:28:26,640 --> 00:28:29,639
Speaker 1: it was because of that name, robin Hood, and the

539
00:28:29,800 --> 00:28:33,600
Speaker 1: promise that they had made to democratize trading. And if

540
00:28:33,640 --> 00:28:36,399
Speaker 1: you're saying you're going to democratize trading, but at the

541
00:28:36,480 --> 00:28:39,440
Speaker 1: same time that, for example, a large hedge fund can

542
00:28:39,520 --> 00:28:42,320
Speaker 1: do something different because they don't rely on your app

543
00:28:43,040 --> 00:28:46,160
Speaker 1: and your customer can't do that thing anymore, it does

544
00:28:46,320 --> 00:28:48,560
Speaker 1: create a lot of problems. And now they're in this

545
00:28:48,720 --> 00:28:52,959
Speaker 1: stage of rebuilding that trust. They still have millions of users,

546
00:28:53,000 --> 00:28:55,920
Speaker 1: and in fact their user base um based on the

547
00:28:56,040 --> 00:28:59,280
Speaker 1: data that we've seen at ABC News, has grown throughout

548
00:28:59,320 --> 00:29:02,760
Speaker 1: this whole thing. What's really interesting to me is if

549
00:29:02,840 --> 00:29:06,560
Speaker 1: you look at what's happened both to online trading as

550
00:29:06,640 --> 00:29:09,480
Speaker 1: well as even game Stop as a name, all the

551
00:29:09,600 --> 00:29:13,480
Speaker 1: attention that this story brought good and bad, very likely

552
00:29:13,560 --> 00:29:16,840
Speaker 1: will ultimately result in good things for all of these companies.

553
00:29:16,920 --> 00:29:20,080
Speaker 1: Game Stop was a company at the early days of

554
00:29:20,160 --> 00:29:22,800
Speaker 1: this year that many people had largely written off. It

555
00:29:22,960 --> 00:29:26,360
Speaker 1: was a company that had been closing stores that a

556
00:29:26,440 --> 00:29:30,560
Speaker 1: lot of really you know, smart people assumed was just

557
00:29:30,640 --> 00:29:32,680
Speaker 1: going to go out of business. This gave it a

558
00:29:32,760 --> 00:29:35,520
Speaker 1: new life, and now they're in the process of hiring

559
00:29:35,640 --> 00:29:38,240
Speaker 1: new people. They're in the process of reimagining what the

560
00:29:38,320 --> 00:29:42,160
Speaker 1: brand will be in rebuilding, and very likely if we

561
00:29:42,320 --> 00:29:44,680
Speaker 1: go back in history five years from now, people will

562
00:29:44,680 --> 00:29:48,080
Speaker 1: say this moment and all everything that this moment brought

563
00:29:48,640 --> 00:29:52,000
Speaker 1: helped game Stop have a second life. Um, and I

564
00:29:52,440 --> 00:29:55,240
Speaker 1: think the pandemic people being at home looking for things

565
00:29:55,280 --> 00:29:57,520
Speaker 1: that I talked to a couple of guys who told

566
00:29:57,560 --> 00:29:59,920
Speaker 1: me that investing in game Stop was like their trip

567
00:30:00,000 --> 00:30:02,560
Speaker 1: to Las Vegas when they were stuck not able to

568
00:30:02,680 --> 00:30:07,040
Speaker 1: leave the house. Wow. Again, Uh, an amazing special on

569
00:30:07,200 --> 00:30:11,800
Speaker 1: the Hulu. It's an ABC News original. It's uh hosted

570
00:30:11,840 --> 00:30:15,200
Speaker 1: by and presented by Rebecca Jarvis. You're amazing. I'm a

571
00:30:15,280 --> 00:30:17,640
Speaker 1: big fan of yours. I definitely want to bring you

572
00:30:17,680 --> 00:30:19,239
Speaker 1: back on the show to talk about No Limits. Were

573
00:30:19,320 --> 00:30:21,880
Speaker 1: back on your podcast. It features game changing women because

574
00:30:21,880 --> 00:30:24,120
Speaker 1: I have six sisters, so I always try to promote

575
00:30:24,120 --> 00:30:25,960
Speaker 1: and have a single daughter, so I always try to

576
00:30:26,000 --> 00:30:29,120
Speaker 1: promote women and put them out there. And also Elizabeth Holmes,

577
00:30:29,240 --> 00:30:33,800
Speaker 1: we got to talk about her. Her story is amazing, amazing.

578
00:30:33,880 --> 00:30:35,680
Speaker 1: But again, I wanted to bring you on this talk

579
00:30:35,680 --> 00:30:38,480
Speaker 1: about this game Stop because first of all, I finally

580
00:30:38,480 --> 00:30:41,360
Speaker 1: got educated on it because of you're amazing specialists on Hulu.

581
00:30:41,600 --> 00:30:43,360
Speaker 1: Check it out right now in streams twenty four hours

582
00:30:43,360 --> 00:30:45,560
Speaker 1: a day. It's amazing. Rebecca, thank you for coming on

583
00:30:45,600 --> 00:30:48,840
Speaker 1: Money Making Conversations. Sean, thank you so much. I really

584
00:30:48,880 --> 00:30:51,880
Speaker 1: appreciate your interests in the great conversation. I'll come back

585
00:30:51,960 --> 00:30:54,760
Speaker 1: any time. This was fun. Thank you again. If you

586
00:30:54,800 --> 00:30:56,560
Speaker 1: want to hear any interviews, I'll see any of my

587
00:30:56,640 --> 00:30:59,040
Speaker 1: interviews on Money Making Conversations, please go to money Making

588
00:30:59,080 --> 00:31:02,440
Speaker 1: Conversations dot com or my YouTube channel. I was Sean McDonald,

589
00:31:02,480 --> 00:31:07,920
Speaker 1: I am your host in this season of giving, Calls

590
00:31:07,960 --> 00:31:10,520
Speaker 1: has gifts for all your loved ones. For those who

591
00:31:10,600 --> 00:31:14,320
Speaker 1: like to keep it cozy, find fleeces, sweaters, loungeware, blankets

592
00:31:14,320 --> 00:31:17,920
Speaker 1: and throws. Or support minority owned or founded brands by

593
00:31:17,960 --> 00:31:21,560
Speaker 1: giving gifts from Human Nation and Shame Moisture and in

594
00:31:21,640 --> 00:31:25,120
Speaker 1: the spirit of giving, Coals Cares is donating eight million

595
00:31:25,240 --> 00:31:28,960
Speaker 1: dollars to local nonprofits nationwide. Give with all your heart

596
00:31:29,040 --> 00:31:32,160
Speaker 1: this season with great gifts from Calls or Calls dot Com.

597
00:31:32,800 --> 00:31:36,719
Speaker 1: There's a monumental shift in power at work. Employees are

598
00:31:36,760 --> 00:31:42,400
Speaker 1: speaking up, Turnover is rising, salaries are increasing, hiring is tough,

599
00:31:42,680 --> 00:31:47,320
Speaker 1: and burnout is real. It's time to unleash growth. It's

600
00:31:47,400 --> 00:31:52,160
Speaker 1: time to transform your HR from powerless to powerful. Join

601
00:31:52,320 --> 00:31:57,200
Speaker 1: a DP on February. Reserve your spot now. Go to

602
00:31:57,360 --> 00:32:00,280
Speaker 1: Get the Plan dot IDP dot com to register for

603
00:32:00,320 --> 00:32:04,320
Speaker 1: the Work Interrupted Summit. I'm Tanya Sam, host of the

604
00:32:04,360 --> 00:32:07,880
Speaker 1: Money Moves podcast powered by Greenwood. This daily podcast will

605
00:32:07,920 --> 00:32:10,760
Speaker 1: help give you the keys to the Kingdom of financial stability,

606
00:32:10,960 --> 00:32:14,480
Speaker 1: wealth and abundance with celebrity guests like Rick Ross, Amanda

607
00:32:14,520 --> 00:32:18,040
Speaker 1: Sielle's angela Ye Roland Martin, JB. Smooth, and Terrell Owens.

608
00:32:18,160 --> 00:32:20,760
Speaker 1: Tune in to learn how to turn liabilities into assets

609
00:32:20,840 --> 00:32:25,720
Speaker 1: and make your money moves up in bill boardy. Subscribe

610
00:32:25,760 --> 00:32:28,000
Speaker 1: to the Money Moves Podcast powered by Greenland on the

611
00:32:28,040 --> 00:32:30,840
Speaker 1: I Heart Radio app or wherever you get your podcasts,

612
00:32:31,080 --> 00:32:32,400
Speaker 1: and make sure you leave a review