00:02
Peter Dunn
No, we're live. I messed it up completely. That wasn't even close.
00:06
Damian Dunn
You could have just done it and then gone in and cut this section out.
00:10
Peter Dunn
I just hi, welcome to the show. You know how it works. I'm inadequate in just about every way. Hi, everyone. My name is Peter Nicholas Dunn, formerly known as Pete the Planner. Hi, Dame. How are how was your day?
00:26
Damian Dunn
I was really banking on having that intro music to get me through the rest of the day.
00:33
Peter Dunn
Welcome, everyone. Welcome to the Pete the Planner show. I'm your host. Pete the Planner is a podcast. It is syndicated radio show, but actually the podcast is the recording of the syndicated radio show. But you know that by now. We are joined by all of you viewing from all over the world who join us on Facebook Live, YouTube Live and Twitter. Hello, Rick. Bringing that big Rick's energy this morning. Good morning. Thank you for that dame. It is going to be a doozy today.
01:03
Damian Dunn
Oh, plenty of Miguel this morning.
01:05
Peter Dunn
I have not done a Miguel, although I do have an emergency Miguel. Hello, Jeremy. I have an emergency Miguel that I've stationed at my desk in case we feel like we need to go there.
01:15
Damian Dunn
Can't wait to hear the crack of.
01:16
Peter Dunn
That, can it's coming. Very diverse show today. I'm actually looking forward to it. Number one, we have got an increase of people going to the ATMs, apparently because more stores are giving cash. So were talking about that, like carrying cash and how that's changing and how it has changed and is now changing back the other way. Super weird. We're going to talk about the crash of Netflix and Peloton. What a horrible week for those two places. Yeah, horrible. You didn't think you could bike crash on a stationary bike, but you can when you're stuck. And then we're going to talk about insider trading. I don't know why. Okay, here is our goal, and I need you to look me right in the eye here. We're going to talk about insider trading. We cannot reference the celebrity insider trading case that people always reference when they talk insider trading.
02:21
Peter Dunn
Are you good with me?
02:23
Damian Dunn
I don't know why, but sure.
02:25
Peter Dunn
Well, why? Because I think here's why. Everyone knows what I'm talking about. Everyone knows what I'm talking about. Here's why. Yes. People use it as an example to explain things. That person paid for their crime. They did the time. Let's keep that person's name out of our mouth. Like this idea that if you make a mistake, pay for the mistake that you are now forever. This mistake, I'm just not comfortable with that, and I have no particular affinity for that person. But fair is fair. I think we got to quit dragging that person through the mud as it relates to insider trading.
03:04
Damian Dunn
Even if she did get dragged through the mud, I'm sure she could get those clothes sparkling clean.
03:16
Peter Dunn
Hola, Miguel. Hola, Peter. All right, let's go. Dame, I really don't have time for this today. I've got very important things to do today. Dame, I just got out of a meeting that stretched me to my mental limits. It's very difficult.
03:44
Damian Dunn
Well, we're hoping that doesn't carry over into the show.
03:48
Peter Dunn
Awesome. Well, I can't wait for that cough button to go on for you to clear your throat so I do not vomit the sound of your phlegm. All right, everybody. It does smell like a bandaid. Jeremy, of course, comments that the Miguel. The first tastes like a Band Aid. The second tastes like an Ace bandage, which is a little bit different.
04:08
Damian Dunn
Pre wrap or no, you know what.
04:10
Peter Dunn
Actually tastes more like pre wrap? I want to do a commercial for Kirkland's signature cold brew coffee, 100% Colombian, or what we call a Miguel. I feel like I should do a free endorsement. Celebrity endorsement. In quotes, of course. Celebrity. May I?
04:31
Damian Dunn
I think we absolutely should. And can we clip this out and put it on YouTube as a standalone as well?
04:36
Peter Dunn
Wait, you're asking me to do extra.
04:38
Damian Dunn
Work editing the no, I will.
04:41
Peter Dunn
Okay, then. Feel free. I'll send you the file. Okay. In three, two, one. Hi. I'm media darling. Pete the planner. And when I need a boost of all natural energy, I turn to the roaring comfort of Miguel 100% Colombian cold brew coffee made by the good people of Costco and their signature brand, Kirkland. If you need the jungle rip roaring through your bloodstream on a given day, reach for Miguel. Arios muchachos. How was that?
05:20
Damian Dunn
Not bad.
05:21
Peter Dunn
I thought it was pretty good. I had no stumbles.
05:23
Damian Dunn
Yeah, no. Right off the top. With a little writing effort, we might be able to make that viral hit.
05:33
Peter Dunn
Maybe you don't. Do you remember 15 years ago when sort of memes and viral videos started to come out? They were really memes more viral videos. And marketing people at small businesses would be like, I'm going to market my small business. You know what we need to do?
05:48
Damian Dunn
Create a viral video.
05:49
Peter Dunn
We just got to create a viral video. What?
05:57
Damian Dunn
It's not how it works.
05:59
Peter Dunn
Yeah, it's like, you know, what you do is just with our limited budget of resources and knowledge of marketing, let's create something that the billions of people find endearing. Okay, get started. Jimmy doesn't work. That and I look, I'm not casting stones. Like, I feel like several times, like, whoa, we're just going to do some viral videos.
06:26
Damian Dunn
Oh, man.
06:28
Peter Dunn
Here's the topic for you. I was thinking about this yesterday in regards to what I have coming next week. Do you ever think back about how your capacity for work has evolved as a working adult and what you deem to be difficult and strenuous? Not physically, but maybe physically in your 20s, how that went to your thirty s and now that you are and I are both 44 magnums. That's weird. I'm sorry. Oh, Miguel is starting to be very what's the word I'm looking for?
07:10
Damian Dunn
It's Mooie.
07:11
Peter Dunn
Thumbs up. Hold on. Let me find the word I'm looking for. Everyone stand by. Spanglish will paint the platter. Pedro de Pesos here. All right. Mui fuerte. I was looking for strong fuerte.
07:31
Damian Dunn
Yeah, I wouldn't have got that.
07:35
Peter Dunn
Anyway. Do you ever think about how your capacity of work has changed?
07:39
Damian Dunn
I do hear people say, oh, that's hard work. That's hard work. Do you ever wonder if your definition of hard work matches up with somebody else's definition of hard work?
07:49
Peter Dunn
I love this topic. We can do an hour on this. Yeah, that's tough because you can lose empathy if you're not careful there. And I will also admit I was not pleased with my own work ethic for a very long time. I'm comfortable with it now, but even as a teen, a middle school kid, my daughter's age through 27, 28 years old, I did enough to have the level of success that I deemed to be the threshold. But I wasn't trying my hardest. And I feel like 28 is when it sort of all kicked in. Of course, then you have kids and then you're like, oh, well, now the stakes are actually really high. But I'm comfortable with the level of work I put in. I think as someone who owns a business, sometimes you think it's weird. Dude, you more than anyone, as someone who's owned the business, I know you think this way.
08:53
Peter Dunn
It's like, well, I need to set an example of hard work and commitment. But then I stop short. I feel that way, but I also stop short expecting people to acknowledge my hard work, because that's an unreasonable expectation. You know what I mean?
09:09
Damian Dunn
Totally. Yeah. I think I shouldn't be expected for somebody to acknowledge something that I think is the minimum that should be put forward. Right?
09:20
Peter Dunn
Yeah. It's like, oh, thanks for paying your taxes. It is funny that sometimes by simply doing what's expected, that is unusual. It is unusual that to do what is expected to work as hard, if not harder than other people, if you were the head of a business. So you can't expect credit for that. Now, I will admit it's not that I want people to acknowledge it or thank me. It has nothing to do with it. It's my business. But it's just like I want them to feel that way, but I don't expect it to be expressed to me. Is that fair?
10:06
Damian Dunn
Yeah, I think that makes sense.
10:08
Peter Dunn
I guess what I'm saying is I don't want to be the person who works the least. I don't want to be the person who shows up late, leaves early, and can't be depended on. And I feel like we all have anecdotal stories. You have a direct story of a boss who is that way. I don't want to say that's the threshold, because I don't want to use the same word twice in two minutes for no reason. But that is something I think about. Right. It's like I don't ever want to be viewed as like, I work hard and that person does nothing. I mean, that's a horrible idea.
10:39
Damian Dunn
Yeah. At the same time, I think about people who started a company from nothing. They were the only person doing their job and working 80 hours a week, and they build it into something very significant. And if they get to the point where they want to do 15 hours of work a week, who am I to say that's not what's appropriate for them or that they haven't earned that? But I think that then it's very important that there's another layer of leadership underneath them that's putting forth that work ethic that is translated and sets that expectation for the rest of the company. And people can hopefully make that connection that they have that job because of all the hard work that individual put in early in their career.
11:25
Peter Dunn
Yeah, it's interesting. It has a lot to do with risk reward. Right? I mean, it has a lot to do with risk reward, but alas, we're not talking about that. Pedro de Pesos enjoys Miguel. All right, you ready to start the show?
11:44
Damian Dunn
Yes.
11:47
Peter Dunn
All right, in three, two this week on The Pete the Planner Show, we answer your money questions. Here's how the show works. You email us, askpete@petetheplanner.com that's, askpete@petetheplanner.com, and we will do our darndest to answer your question without trying to sell you things, because we all do not like radio, in which the whole point of it is to sell you something. If you're joining us on the podcast, good day. If you're joining us one of our video affiliates, good day. I mean, it's no different. We're glad you're here. Damian Dunn joins me, as always, vice president of advice at your Money Line and hey, Money. Hello, Dame.
12:23
Damian Dunn
Hey, Pete.
12:24
Peter Dunn
Good to be with you. Dame. Really diverse show today. I mean, like a real crayola box of content for you got. There is a trend towards people using cash more because apparently businesses are giving cash discounts, and so that's a new thing after people not using cash for a decade. Also, we're going to talk about insider trading without mentioning the celebrity who was always talked about with insider trading. Are we clear?
12:56
Damian Dunn
I understand, sir.
12:57
Peter Dunn
Well, I just think it's lazy. And then we're going to talk about Netflix and Peloton and how boy, what a terrible week. You thought it was a bad week when Peloton had to recall their treadmills for hurting people. Wait until your stock falls 20% because you stopped manufacturing the things that hurt people. Used to, allegedly. Reportedly. And your stock is in trouble. So anyway, Dame, we're going to talk about those things. Let's start with cash. Dame, do you carry cash?
13:27
Damian Dunn
I like to. I like to mean not some massive amount, but a little bit of money, a little bit of spending money in the wallet.
13:35
Peter Dunn
Yeah. How much do you keep in your wallet?
13:38
Damian Dunn
Do you want me to check?
13:39
Peter Dunn
But by the way, I want to know, or both going to give your wallet on you?
13:44
Damian Dunn
I don't. I just checked after I said, do you want me to check? I would have to literally leave the shot to go check.
13:50
Peter Dunn
I'm going to pull out my wallet. I'm going to pull it out right now. I will say this. It's okay for you to publicly say how much money you have in your wallet because you are trained in Krav MAGA. I am a Brazilian tickle fighter, and so I am a little nervous about sharing the amount of money in my wallet.
14:10
Damian Dunn
Should we guess? Should we guess?
14:12
Peter Dunn
Oh, did anybody see it? Okay, guess.
14:15
Damian Dunn
I'm going to go with $33.
14:20
Peter Dunn
Okay. For those following along on Facebook Live, YouTube Live, or Twitter Live, feel free to guess. I will set the amount to the side, and we will reference it here in just a moment. All right, dame. So here's the point. We became a little bit of a cashless society as different payment situations came along, even to the point where your phone can make payments, Apple Pay, this or that. But you sent me an article this morning that I would love for you to share with the individuals here on our program that suggests that people are going back to cash because businesses prefer it.
14:52
Damian Dunn
Well, businesses prefer it because they can obviously use it a little bit more rapidly. However, there's also something that they're trying to encourage the patrons to do, because now they can pass on those credit card fees that they used to have to eat going forward. So they are essentially saying, hey, unless you want to pay us cash and get the actual price that we've got listed on there for that item, or maybe even give you a little bit of a discount because money talks, we're going to charge you extra anywhere from one and a half to three and a half percent to cover those fees. And you're going to end up paying more for using the convenience of a credit card. I know I've ran into that a couple of times recently, maybe not surprisingly, with the state government making payments to certain state governments.
15:49
Damian Dunn
Yeah, shots fired. But it's just another way for businesses to try and control their revenue without having to pay additional fees to somebody else. And now they can pass them on, legally pass them on. Some of them are taking advantage of it.
16:07
Peter Dunn
So a lot of businesses, a lot. Boy, what a great modifier that was. I have run across some businesses that refuse to take card and have reluctantly agreed to accept cards because of the margin. You're talking about processing fees. I have personally switched completely to being cashless. Although because my son's basketball games have a $6 fee to get in and I don't constantly want to use my debit card, I do carry cash. Now, I did mention earlier in the segment that we are going to have a guesstimate of how much is in my wallet. Dame, you guessed $33.
16:47
Damian Dunn
Yes, I did.
16:48
Peter Dunn
Larry Bird facebook audience, brittany says 47. Pilot Jeremy Good. I don't know why I did that. Jordan says 17. Danza, 54. Daniel goes, one dollars, bob Rick at 41, tracy at 84. And then Jordan reguesed a crisp $2 bill. Because I'm an old guy that probably carries a $2 bill, the correct answer is 22 American dollars, a $20 bill and two ones is what I carry on, me. And Dame. I will tell you, this is the most cash I've had on me in quite some time. The point is this dame a significant, we'll say that word, personal finance expert is a giant proponent of carrying cash. And carrying cash in envelopes under the idea that you will not overspend. And it is the easiest way to budget. And I see the Prudence of that, but I don't think it's the best solution for everyone. And so therefore, it shouldn't be universally adopted.
17:50
Peter Dunn
Do you see the value in only carrying cash and paying it that way?
17:55
Damian Dunn
For some people, yeah, absolutely. But that could get potentially dangerous. For some folks, it could be really potentially harmful as well for their own financial situation, because if they have a genuine problem with spending money, they're probably not going to care where the money is in the envelopes, in their wallet, on plastic credit card. You've got to figure out a way to get that taken care of. And if they've got all the cash in a wallet and they spend all their money at the second week of the month, they're going to be in a little bit of trouble. It can be a very effective tool to manage your spending.
18:43
Peter Dunn
I'll say this that at one point in time, the tangible nature of money did make me think about my spending more. But since I switched to all digital now when I have cash, it's a bit of a novelty and it feels like found money because it's money I don't have to account for. So the fact that my primary spending source is debit card, this sort of secondary found money, I don't feel at all attached to that $22 in my wallet. I'll note this, though, the money in my checking account attached to my debit card in the same wallet, I feel attached to the $22 plus in there. So that's how this has changed and changes for people in different stages of their life. Now, the other thing is when the Pandemic hit season three of the Pandemic Live streaming live everywhere I went and got a bunch of cash.
19:42
Peter Dunn
Right. Because I didn't know what was going to happen. And I know you and you could have come and protected my family, had people come for it. Sure. And then I redeposited the cash because I felt fine about it then. But it's weird, that significant amount. I think I took out like $2,000. I don't know. But it's back in the bank. It was 2000. Maybe I valued that. That didn't feel like Monopoly money. That didn't feel like an afterthought. Isn't that strange?
20:08
Damian Dunn
Yeah. Actually. Part of this whole businesses encouraging people to use cash has a psychological, behavioral, economic slant to it as well. Depends on how they're going to frame it. Are they going to say this is going to be an additional fee for their credit cards? Are they going to use the word discount to try and get you to use cash and trying to tug on your emotions one way or the other to get the desired result by making something either a little bit more painful or a little bit more attractive to the consumer that they're dealing with.
20:41
Peter Dunn
So you have cash in your wallet right now?
20:43
Damian Dunn
I do. And it's probably don't tell me.
20:45
Peter Dunn
I want to guess. Do you know?
20:47
Damian Dunn
No. I would be guessing, too.
20:49
Peter Dunn
Okay, well, can I guess against your guess?
20:51
Damian Dunn
Sure.
20:56
Peter Dunn
Lower 42. Lower 20.
21:03
Damian Dunn
Somewhere in there.
21:04
Peter Dunn
Coming up after the break, talk about a wallet. Who took a hit in the wallet this week? Peloton and Netflix. That's next on the Pete the Planner show. I'm Pete the planner. Come on. How about that segue?
21:16
Damian Dunn
That was very nice.
21:17
Peter Dunn
How much is in there?
21:19
Damian Dunn
I don't have it. The gas dan it's somewhere between twelve and $22.12. Yeah.
21:30
Peter Dunn
You're not prepared for anything.
21:32
Damian Dunn
I don't know.
21:33
Peter Dunn
What that voice? I got Plastic Jordan. You're a very funny person, by the way, but you know that okay. So do you want to do well, I just teased the Netflix and Peloton, so we got to do that. Teased it and they don't talk about it. I've done that before.
21:50
Damian Dunn
Unless you want to do that segue again. Because it was so good the first time.
21:54
Peter Dunn
It was good. I got to pull it up. What's, Netflix? NFLX?
22:05
Damian Dunn
I believe so.
22:08
Peter Dunn
NFLX. Okay.
22:13
Damian Dunn
Back on the Pete the Planner show.
22:19
Peter Dunn
In three, two, one. Back on the Pizza Planner show. Dame, have you heard of the stock market?
22:32
Damian Dunn
Cows, pigs, chickens.
22:34
Peter Dunn
No, not live stock market. The stock market. Equities. So you and I, in the last couple of weeks, have talked about the market a lot. We always do at the beginning of the year. We review what happened last year. We give predictions for this year. My Indianapolis Business Journal column last week was about the market is due for some don't. I don't want to flex here. I don't know if you've ever written a newspaper article making a prediction that then comes true days later. It is an incredibly addicting feeling.
23:07
Damian Dunn
Should we give a brief update on our picks that we made?
23:11
Peter Dunn
Do you have them?
23:12
Damian Dunn
Yeah, you pull them up while I.
23:14
Peter Dunn
Get started, and then we will do an update on our picks. So, anyway dame wow. Peloton. Everyone knows about Peloton just getting hammered. When you are forced to stop manufacturing your product because not enough people are buying it that's bad. And I would also note what really stinks about this. CNBC reported it this week based on a confidential memo they obtained and then reported on it. And it's like, I don't know the ethics of reporting confidential inner office memos. I have no idea. That stinks, does it?
23:56
Damian Dunn
Yeah. Plus, that could have potentially been insider trading had they acted on it before they made it public.
24:02
Peter Dunn
And by the way, we will circle back in the next segment and talk about insider trading as related to this. But anyway, Netflix also said, wait a second, our business is slowing down as well. There's not as much of a stream of business. And so they are down as of this morning. Today is Friday, January 21, down 25% in trading today. Dame it has been a five day fall from $525, $515 a share. $17 a share. Down to $381 a share. And as always, I like to disclose on this show when I have a particular position. I own some Netflix, which has been very profitable for me. I am both a subscriber and an investor. Are you a subscriber and or investor in Netflix?
25:01
Damian Dunn
Subscriber, yes. Investor I am not. But Cassie might have some okay.
25:10
Peter Dunn
That's your Mrs. Planner.
25:11
Damian Dunn
Yeah, sorry. My Mrs. Planner.
25:15
Peter Dunn
Dame what do we make of these two? Sort of iconics, a little strong, but very popular consumer brands just getting kicked in the shorts this week.
25:27
Damian Dunn
They both have issues. Peloton has had the best possible environment to sell their product for a while. Plenty of money for a lot of people that would be interested in that product. They weren't going anywhere. They couldn't go to the gym. So they got to find some solution. That constraint is largely over. And so there are going to be fewer and fewer people seeking out their product. And they made some really big bets by saying they were going to build that factory in Ohio and buying Precore and all that other stuff. They made some really big swings on what probably should have been looked at as just some really good times for them. But I'm not on their board, and I wasn't looking at their research and all that good stuff.
26:14
Peter Dunn
Yeah, were making uninformed analysis of with hindsight.
26:20
Damian Dunn
Yeah. So much easier.
26:22
Peter Dunn
You're so right. When they brought Precore, because they were struggling with manufacturing, they bought them to ramp up their manufacturing. They did so in a pandemic in which at the time, we thought that there was at least a shelf life or a half life to this thing. We thought it was going to be over relatively soon, and they still made that huge bet. And that doesn't make sense in hindsight because they're thinking, well, people are going to want to continue to work out at home once they've been trapped in their home for a year and a half. And that made no sense. So that's a problem. And Netflix similar challenge where they were trying so hard to get new content up because big movie productions weren't taking place, that they were just spending billions of dollars on new projects. And there's only so many people that are going to buy your streaming service and they have such a huge market share.
27:22
Peter Dunn
At some point, their massive spending is going to be met with slowed down revenue growth. And it almost is like, well, shouldn't you be focusing more on retention at that?
27:35
Damian Dunn
I mean, I think we've made a number of good points here, Pete. However, don't you feel like the market is just looking for reasons to take money off the interesting that's a really.
27:46
Peter Dunn
Interesting yeah, I do. And I think that's why I wrote my column this week the way I did, and I think that's why you and I felt so bearish a couple of weeks ago on the show as we gave our predictions. Speaking of, let's talk about our predictions year to date. We're three weeks in. Go ahead. Just run down quickly for us where everyone is.
28:09
Damian Dunn
Pete and I each took the opportunity to pick winners, losers, and the overall S and P 500 return for the year. Pete's, winner for the year, Cushman Wakefield, large commercial real estate company. Their return year to date, minus five and a half percent.
28:28
Peter Dunn
Okay.
28:28
Damian Dunn
Minus five and a half percent.
28:30
Peter Dunn
And running through quickly in yours.
28:32
Damian Dunn
Sorry. I picked Berkshire Hathaway, up 2.3% losers. Pete picked Amazon, down 13.2%. They've made a huge jump in the right direction for you recently, but not.
28:46
Peter Dunn
As an investor, though.
28:47
Damian Dunn
No, correct.
28:48
Peter Dunn
Which is bad.
28:49
Damian Dunn
Yeah. And then my loser was Twitter, down 17.3%.
28:53
Peter Dunn
Okay.
28:54
Damian Dunn
Now S and P down 7.4% for the year.
28:58
Peter Dunn
And you chose four and I chose seven.
29:01
Damian Dunn
Positive.
29:04
Peter Dunn
I'm getting killed.
29:06
Damian Dunn
Yep.
29:07
Peter Dunn
Needless to say, you and I are a little bit bearish. Yes. Dame. Here's the thing about Netflix and Peloton specific to this conversation, and I'm going to give my opinion as though the other minutes of this show aren't my opinion, but I have a peloton. I find it to be one of the most satisfying consumer experiences I've ever been involved with. It's high quality, it's smart, it's effective, it's engaging. It's everything I've ever loved about a consumer experience. I love it, I love it. And I think a lot of people who have them do. However, now I'm speaking in generality. A $2,000 exercise bike that connects to the Internet only has so much of a market, does it not?
30:05
Damian Dunn
Yeah. Not only $2,000 exercise bike, but also the monthly fee that goes along with streaming all the content. So it's a double dip almost for you on your commitment level there. I don't think it's an issue with the product and the experience for most of the consumers. It's a pretty high bar to entry for a lot of folks.
30:26
Peter Dunn
I want to make a prediction that will be somewhat meaningless to people who are not familiar with the Peloton culture. And by the way, the fact that I just said the Peloton culture makes.
30:36
Damian Dunn
My own skin crawl when you get your tattoo, Pete.
30:39
Peter Dunn
Okay, here's what's going to happen next. In my estimation, I have no insider knowledge here, and if I did, I wouldn't trade on it, which we'll talk about in the next segment. They are about to lay off some high price talent. So their whole thing is they have these really popular, engaging instructors that people associate with, and that becomes their coach. And you ride with that person. That's my reality. I'm not a coach. I ride. Anyway, those people got to enjoy the success of Peloton climbing, and I think they're going to find that they are now part of the cost saving measure. And so I think it's going to get ugly and people are going to be pretty upset and they're going to lose subscribers over it.
31:24
Damian Dunn
It'd be interesting to see how much of their revenue still comes from subscriptions, because if that's a big part of it, can they really get rid of talent?
31:31
Peter Dunn
That's a great question. I think a vast majority of their revenue comes from subscriptions at this point. That's a really good point. One that we can't explore because it's time for a break. Coming up after the break, insider trading. If you knew Peloton was going to fall, would you have traded on the information they did? I'm Pete the planner. This is next. Oh, my God. I'll just say this about what's happening right now. Segues are good today.
32:00
Damian Dunn
Thank you.
32:00
Peter Dunn
Miguel. Jeremy notes. Remember when Netflix announced a split between services of streaming and disks? Will this be worse? Doubt it. That's a good point.
32:11
Damian Dunn
Do you remember if I don't know if I remember the announcement and what the subsequent fallout? I guess. No, I don't.
32:21
Peter Dunn
Danza notes and Danza, by the way, dame and I noted at the conclusion of last week's show, you said you were going to go see your physician about some things, and before we could even acknowledge that or wish you well, the stream ended. So Dame and I want you to know that we're thinking about you and pulling for you and hope you're doing okay. All right. Dan's a notes. If I was going to buy a really expensive piece of exercise equipment, I'd go with something more versatile, a Pilates Reformer or a Tonal machine. Now, Dane, not to make the show about exercise equipment, have you seen the Tonal.
32:53
Damian Dunn
Is that the thing that adjusts the resistance based on the force that you're exerting on the bar?
32:59
Peter Dunn
Digital weights. I think it's called digital weights. I don't know what you just said. I did poorly in physics, but it's digital weights. It looks like a vertically hung hanged I don't know what's happening now. Vertical television on your wall, and then it's got, like, ropes coming out of it, which are digital weights. And you can do all sorts of pulls and pushes and things based on adjusting the levers. It looks amazing. However, and this is a big one, it's $4,000.
33:35
Damian Dunn
Wow. I can get two Pelotons for that money.
33:37
Peter Dunn
You can ride side by side and have your own Peloton.
33:40
Damian Dunn
I prefer to draft behind my wife.
33:47
Peter Dunn
So anyway, let's continue. Dame, insider trading. Are you ready to talk insider trading?
33:54
Damian Dunn
Yes.
33:55
Peter Dunn
You like how I let that one sit there for a while? Yep. Okay. All right. Danza says thank you. We're glad you're fine. Well, we're glad you're getting the attention you need. I should say that. Okay, here we go. In three, two, one. Back on the Pete the Planner show. Dame, it's everyone's favorite topic, insider trading. I don't know why I did that. I'm sorry. Dame, insider trading is one of those things that people toss around and they're like it's. Insider trading is that insider trading is Congress insider trading? Who's insider trading? Insider trading is a technical thing that we're going to discuss today. We're going to talk about why it's bad, who's susceptible to it, and what you need to know. Because sometimes people hear stuff that isn't insider trading, and then they trade on it. Other times, people hear stuff that is insider information and then trade on it, and then they can go to jail.
34:52
Peter Dunn
So we're going to just sort of clarify this. I would note that a vast majority of people are not subject to insider trading.
35:02
Damian Dunn
No.
35:03
Peter Dunn
If you're in the securities profession, and I don't mean like security guard, I mean, if you are a registered representative, you help people with their money, invest their money, you are definitely subject to it. And you also have to understand, if you are in an executive or leadership position at a publicly traded company and you receive privileged information that is non public, then you also are at risk. So, Dane, what is the technical definition of insider trading?
35:32
Damian Dunn
Any trade that occurs because it was influenced by the privilege, possession of corporate information that has not yet been made public.
35:41
Peter Dunn
Yeah, this came up this week. That peloton the insiders. Now, the insiders, by the way, within an organization, are generally the highest ranking employees, leaders within an organization that own oftentimes a significant portion of the organization. So they would know everything. The CEO of a company does generally know more about the company than anybody else and what's going on, good and bad. And if they were to use that information, that no one else really knows or a tight group of people knew and traded on it. That is insider training. And what happened this week is were talking about Peloton in the last segment. Hundreds of millions of dollars of sales occurred in the recent past prior to Peloton falling on hard times. And then the question has been posed, is this insider trading? So, dame, I put this to you. You were not exactly an expert on insider trading, but this is just a conversation here.
36:47
Peter Dunn
Just because upper echelon of folks at an organization sell prior to negative news, is that insider trading?
36:57
Damian Dunn
It depends on the position quite a bit and how much information would be in my understanding, it depends on the position and how much information is made available. This goes outside of the walls of that company as well. Your auditors are subject to this.
37:15
Peter Dunn
Oh, yeah.
37:15
Damian Dunn
Your attorneys are subject to this. It's not just worrying about the people who would have the information that are employed w two by that company. There are other entities that have restrictions on when they can and can't even just even purchase a security. So it really depends on the role of the individual and what information they have.
37:42
Peter Dunn
I will note one of the most famous existences examples of insider trading was when non public information was found out about Blue Star Airlines in the movie Wall Street, when Bud, the son of the union head Martin Sheen, got information and passed that information to Gordon Gecko, played by Michael Douglas. And that was classic insider trading. Dean, the other element about the Peloton situation is this. A lot of the stock that was sold, that's in question was sold when it was at an all time high, which arguably also was matched up at a time when some restrictions were removed around that stock, because there's some thing as restricted stock that people can't sell for a certain period of time. And so it's one thing to brush this as possible insider trading. It's another to look with the additional context and say, hey, why wouldn't you take some chips off the table when you've made a huge gain, especially when some restrictions come off of you?
38:50
Peter Dunn
That is not insider trading. I mean, do you have non public information? Yes, the CEO always has non public information. But the fact that they make a trade and they're always in possession of non public information doesn't make it insider trading.
39:03
Damian Dunn
No. In fact, looking at it from a financial planning perspective, it was probably the right thing to do for a lot of people. They had a huge amount of their net worth tied up in one individual equity, and you've got to take some of that off the table and get it reallocated into a more diverse portfolio. So it was probably the exact right thing to do for a bunch of these executives, even if they had to do it over a period of time.
39:29
Peter Dunn
I'll tell you this, I'm a nerd. Did you know that?
39:35
Damian Dunn
The glasses gave it away?
39:37
Peter Dunn
Oh, my gosh. On the way to work this morning. I know we're on the radio here right now, and not just the podcast, but I have to tell you a story that I would otherwise just tell the podcast. I left my home this morning. I forgot my glasses, my watch, and my banana. Which like a physical, actual banana, not a euphemism for anything. And I knew my day was off to a rough start when I had to go around two roundabouts to come back home to get my glasses, my watch and banana.
40:04
Damian Dunn
That's a rough start. I can't believe you left the house without glasses.
40:08
Peter Dunn
I don't know. Okay, so I want to say this. That one of my favorite things to do as a nerd is to go into a site like CNBC.com and check out the insider trends and the insider holdings. And you can see the main holders of stock within an organization and what they're doing with buying? Are they buying more? Are they selling their shares? I just clicked on Peloton's insider holdings and for some reason no data was found. I'm not sure why, but I'll choose another stock here for a second. I know talking stonks on the radio is a good time, but let's go to Delta Airlines, for instance. Okay. So I went to Delta Airlines. I'm pulling up their ownership, insider holdings, insider trends. And so what you're seeing is, for instance, one of their directors, and I'm not going to say the person's name because they're not apropos to the story.
41:05
Peter Dunn
On November 30 of 2021, as a one day late birthday present to myself, this person purchased $213,000 worth of stock, 6000 shares. And now this person has 40,000 total shares. And so when you go through and you look in this regard, you can see how the leaders of people with all this inside information, how they're trading. So what you see is the last five major events within the insiders of Delta Airlines. July 19, someone bought 3000 shares. August 3, the same person bought 5000 shares. August 31, a different officer bought 1200 shares. And then on November 26 and November 30, respectively, the same guy who was buying all the shares bought more shares. I find that fascinating. Do you ever look at that?
42:03
Damian Dunn
Yeah, occasionally. I've been looking probably more at what our political leaders have been buying and selling based on their disclosures. But, yeah, it's always interesting because as fun as those things the insider trading information is to look at, there are almost always ulterior motives behind them. Because if things are going down, the executives can't chuck their shares in too, because that's going to send off the wrong signals to everything. So what I'm saying is, the executive may want to make a move one way or the other, but they can't because of the signals it's going to send to the rest of the market. So it's interesting to see what they're doing, if they're putting their money where their mouth is. But it's more of a curiosity to me, I think, than anything else.
42:55
Peter Dunn
May I make a very pointless statement, please?
42:57
Damian Dunn
Of course.
42:58
Peter Dunn
It's my specialty. Insider trading at the political level bothers me so much. I do not lose sleep over it. However, I find it incredibly unfair, unpatriotic. I'm not Mr Patriot here, but I find that incredibly unpatriotic and completely unfair and also uniquely American. However, I will note this is the pointless statement. Whereas I prefer people don't insider trade at a corporate level, it doesn't, for some reason, bother me as much as when politicians insider trade. Is that a dumb statement?
43:33
Damian Dunn
No, not at all. Plus, I think the rest of us would really like to know how much it's going to cost to get you in a Captain America suit, mr Patriot.
43:41
Peter Dunn
No, I am not. All right. Coming up after the break, the biggest waste of money of the week, and it's time for dame's time to shine the news. That's next. I'm Pete the planner. You don't even know.
43:57
Damian Dunn
Yes, totally. The fact that politicians can own individual equities makes zero sense to me.
44:08
Peter Dunn
I was going to say, I'll die on that hill. No, I'm not going to care that much. But I read something the other day, and we're not getting political here. Okay, but I can still use a person's name. I read something the other day. It said, a vast majority of people agree, even politicians, that they shouldn't insider trade. But the one person against making a change happens to be Nancy Pelosi, who arguably, reportedly has a history related to investments in non public situations.
44:46
Damian Dunn
Yeah, at least make them put them everything in a blind trust. No, I think you can freeze your portfolios the day you are elected to office. Every investment from there on out goes into an index fund, ETFs, whatever. I'm not going to force you to liquidate your portfolios that you have before that, but you can't do anything with them. You can't sell them, you can't buy on them. You're going to be forced to let them sit until you come back out, and then you can get back into business.
45:21
Peter Dunn
I used to have two big hot button issues that relates to sort of these sort of conversations. This, right, the insider trading for politicians and then term limits. I was like, I think term limits are important. And then someone sort of worked me over and was like, well, institutional knowledge is important. And I was like, that's true. I mean, that's a valid argument. There is no comeback against insider trading for politicians. None. There's no way you can say, have you considered it this way? Because there's nothing it's absurd.
45:50
Damian Dunn
They are underpaid employees of our federal government, Pete, and they need to be able to make a living when they retire because their pension won't be enough.
46:00
Peter Dunn
See, this is dumb. That's not what this show is, where we're not going to start talking about this stuff, but I can find myself getting super mad super fast about these sorts of things because it's about power and the ability to milk the position longer than previously allowed. Right. It's like this idea of, like, the longer I stay, the longer I can use this power to gain money, and it's just like, jeez, drives me nuts. It's also important to note, as maybe a hip hop artist might say, I'm not concerned with another man's bag. I don't care about someone else's money in terms of, like, I'm not bothered by how much money you have or don't have, as long as I'm not helping you with your personal finances. People are like, billionaires, I don't care about that. But when it comes to politicians trading on this information, I do care about their just it's so infuriating.
47:05
Peter Dunn
I don't I who cares? Why am I talking about this?
47:09
Damian Dunn
It's fun.
47:10
Peter Dunn
Is it?
47:11
Damian Dunn
Yeah, it is.
47:13
Peter Dunn
I'm not having fun.
47:15
Damian Dunn
Miguel, appreciates it.
47:18
Peter Dunn
Miguel's, hitting a little softer today. A little bit more controlled hit this morning. What do you think?
47:24
Damian Dunn
Yeah, for sure. But this is your first of the day.
47:28
Peter Dunn
Well, I only have one a day. Two will kill.
47:30
Damian Dunn
Oh, is this your first real caffeine of the day?
47:34
Peter Dunn
No, I had a large cup of coffee this morning, too.
47:36
Damian Dunn
Oh, well, maybe they just weren't staggered quite right. But it is a less pronounced effect.
47:41
Peter Dunn
I'm not going to say Mrs. Planner made the coffee this morning. It may have been a little weak. I'm not going to say that. All right, coming up the next segment are you ready?
47:49
Damian Dunn
Yes.
47:50
Peter Dunn
In three, two, one. This week's biggest waste of money of the week, right here on the Pete the Planner Show is the Byredo Times X. And I still haven't figured out how to say that. Byredo and OHAS, bioge. UHI, or horn loaded scent. Okay. Okay, guys, I gotta reset this. Every week we have a thing called the biggest waste of money of the week, and the brand name of this thing is so outlandish, it's called the Byretto and OHAS bioge One Horn Loaded Scent Dispenser. OHAS founder Devin Turnbull and byroto founder Ben Gorham fuse their two mediums to create a unique multisensory experience. The Bioge One Horn Loaded Scent Dispenser is a limited edition room diffuser designed to combine speaker design theory and scent. Borrowing from high efficiency sound waves, the speakerLIKE device efficiently releases scent into the air to enhance music rooms or any listening space.
49:12
Peter Dunn
The bespoke piece comes with ten capsules and is limited to only 100 examples. Dame, this thing looks like it looks like in a commercial building. The horn or siren. Actually, it looks like a tornado warning horn.
49:30
Damian Dunn
Yes.
49:31
Peter Dunn
On top of a VCR. Okay, it is crazy. What do you think this horn loaded scent dispenser cost?
49:46
Damian Dunn
Since you couldn't pronounce either of the names, I'm going to go with $650.
49:52
Peter Dunn
No, $1,300. You were half right. Dame, did we ever figure out how to say the X on these collabos?
50:02
Damian Dunn
Our research team says the X means.
50:04
Peter Dunn
Buy by, redo by. OHAS bioge one horn Loaded scent dispenser. Oh wait, I'm saying it wrong. It's a horn loaded scent disperser. Damn. I mean I don't know. I mean does this qualify as like the biggest waste of money ever on this show?
50:29
Damian Dunn
Can't you just get a can of Febreze and call it good?
50:32
Peter Dunn
Oh yeah. In college I lived in a fraternity house and don't think, oh, he's a Fred guy. Reluctantly, trust me.
50:41
Damian Dunn
Somebody force you there?
50:43
Peter Dunn
No, my friends were there, but I'm not like a fraternity guy. I saw no value in the structure of the fraternity. People are like, these are your brothers. And I'm like, no, some of these people I don't like at all. It's just we both put on a robe at one point. I have no association with these people. And yeah, don't at me. I used to fabrize the heck out of my frat room because it stunk. Because a bunch of these people I didn't like stunk. And so do you remember just fabrizing everything?
51:16
Damian Dunn
Oh yeah. Every once in a while you fall back in love with fabrizing stuff.
51:24
Peter Dunn
Yeah. Mrs. Planner doesn't let me touch the senses. I'm not allowed to disperse horn loaded scent in our home.
51:32
Damian Dunn
Maybe this would change her mind.
51:34
Peter Dunn
Can you imagine if she opened this for Christmas and she was like, what is it? And I was like, Sarah, like I called her by her government name. It's a birido by OHAS BIOS one horn Loaded scent disperser.
51:47
Damian Dunn
One of 101 of 100 I can get an NFT of this too.
51:52
Peter Dunn
I emptied my hair plug fund over this. Dame, what's the news this week? I felt like that was a genuine laugh. Did you just genuinely laugh at me?
52:04
Damian Dunn
The hair know the funniest stuff always hits a little close to home, right?
52:10
Peter Dunn
What's in the news?
52:12
Damian Dunn
The university of Pennsylvania's Wharton school is generally regarded as one of the finest business schools in the country. US news and world report ranks it second only behind Stanford. The fighting trees. But these aspiring giants of the business world could use an education and real world economics. Nina Strominger, a professor of legal studies and business ethics tweeted that she had asked students what the average American makes. They did not do well.
52:40
Peter Dunn
I was hoping you'd do this. This story this week I saw this and I gaffawed audibly gaffawed quote I.
52:48
Damian Dunn
Asked Wharton students what they thought the average American worker makes per year and 25% of them thought it was over six figures. One of them thought it was $800,000. Really not sure what to make of this. The real number is $45,000 dame.
53:07
Peter Dunn
At dinner one night, the Planner clan. We're sitting down, and Mrs. Planner and I were just like, I don't know how we got there, but we started talking about real world economics with our kids. What do you think a car costs? So Ted would guess, and then Ollie would guess. What do you think this house costs? What do you think a person earns? Now, I'm proud to say that my nine year old son and twelve year old daughter had much better guesses than these highly educated, privileged people.
53:34
Damian Dunn
Yeah. Something other stuff that I think some people don't realize, and maybe in the upper echelon of the income spectrum, is that not everybody gets a raise in their paycheck midway through the year because they capped out their FICA withholding yeah, right.
53:56
Peter Dunn
But yeah, totally.
53:59
Damian Dunn
There's a cap on how much you pay into Social Security. And if you are in the upper end of the income spectrum, you cap out somewhere maybe in the middle of the year, three quarters of the way through the year, and then your paycheck gets bigger because those taxes aren't withheld anymore. Not everybody realizes that.
54:18
Peter Dunn
I was sitting with a good friend last night, the hidden gods I talked to in a long time that I view this person's financial mind as brilliant as anyone I know. They're not in the financial business. They're a business owner. And he and I were talking, and he was talking about his 20 something year old sons, one's 21, one's 24, talking to them about money and in the last few years, how he's just they talk about everything. One of the challenges as to why he's doing this is because these kids grew up on such a nice lifestyle that he and I both share this belief that oftentimes kids from really well healed families, they try to replicate that lifestyle they had in their late adolescence without the income to do it. And so he basically went to them and it is what it is. He went to them and said, Look, I make over half a million dollars a year.
55:13
Peter Dunn
You make less than $50,000 a year. So what you think you want to replicate is not possible, and you should not try. And I was like, Whoa, here's the truth about our show. Do not get distracted by the fact that I just said, this person makes over a half a million dollars. Do not do it. The story here is that's so smart, because the danger of people in young adulthood is if they had a very comfortable late adolescence, they're going to try to replicate that out of a sense of comfort and normalcy. And if you can prevent them from doing that with real data, that's amazing parenting.
55:54
Damian Dunn
Yeah. That risk is run by families all over the income spectrum as well. You get a college graduate who grew up in a middle income, upper middle income household. They've got debts coming out of school. They've got all sorts of obligations. They don't have the income to maintain that lifestyle they are accustomed to, and they're going to have to very consciously take a step back in order to put themselves on track to have a very healthy financial future. It's just reality.
56:27
Peter Dunn
I needed that conversation with that guy last night. You know him. When good friends can have very transparent financial conversations where there's trust and there's no judgment, man, you can learn a lot. You just really can. I think we're sort of indoctrinated this idea that you shouldn't talk about money with your close friends because it's like bedroom things and religion and politics. Bedroom things. Welcome to the 1950s. This is the pizza platter. So it's a variety show. Why do I say bedroom things? I'm embarrassed by myself. Anyway, I think with the right group of people, you can challenge yourself with your own financial thoughts and how you parent. And his kids are ten years ahead of my kids, so it really makes me think about how I'm going to have these conversations. But anyway, that's the show this week. Did we just literally get through one news story?
57:27
Damian Dunn
Yes.
57:27
Peter Dunn
Saving for next week. Dame, thanks for being on the show, as always. The rest of you, I'm sending you good vibes because good vibes are all that's in the budget. I'm Pete the planner. This is the Pete the Planner show? Yeah, it's funny. My guy and I have had conversations for 510 years about stuff, and it's so weird. Well, that's not weird. It's life. The stage of life that your kids are in. You've gathered more information about them and who they are and your thoughts. And so what, you think you're going to parent them like when they're twelve completely changes when they're in 2022 or when they're 22? Because, you know so much more about them and about what it is to be ten years older, with more wisdom and I don't know, it's really tangible for me. Last night.
58:17
Damian Dunn
Yeah, I think that just comes along with being a good parent too, because the approach you're going to take when your kid's twelve or 13 hopefully is going to be different than the approach you take when they're 22 or 23. You're hopefully teaching them responsibility along the way in all sorts of aspects of their life. They'll have their own experiences to draw from, and they'll probably start looking at you like you actually know something at that point as well, and being able to listen and acknowledge that you actually provide some value to their life.
58:50
Peter Dunn
Unfortunately, I did not get to echo you on the radio, but you made an incredibly important point here that this is still valid no matter your income range. Right. My example is an extreme example. So, needless to say, I think about.
59:07
Damian Dunn
My own experience growing up and what I was used to and comfortable with and how quickly I ended up in a house bigger than anything I grew up in. And part of that was housing market and all that other stuff and hard work of my wife and myself. But we lived in an apartment for a while that was tiny and had some very suspect neighbors, but we had that time period to go through and set ourselves up for our future. So it's an important lesson that I don't think enough young adults have been presented with that they have to come to grips with or they're going to really struggle down the road.
59:55
Peter Dunn
I think another piece to this puzzle about my discussion last night was the acknowledgment that a young adult now is in a much more difficult financial position than my friend and I were at that age. Right? You look at anything from health care costs to the jobs market to starting incomes have barely moved in 25 to 30 years, all things considered, especially compared to the cost of college and the cost of housing. The old like, pull yourself up by the bootstraps, got to learn the hard way. I got to struggle a little bit. That's neat. But the reality of income and wealth disparity don't support the narrative of working harder. Right? I mean, that's not the thing. It's just systemically. It's a tougher spot for even the most well accomplished, well healed young people.
01:00:53
Damian Dunn
Totally. And some of that comes along with expectations, whether they are real or perceived, that they think they have to accomplish X, Y, and Z to either prove something to themselves, their family, their friends, their social media, who knows what it is. They make what would be seen as irrational decisions in hindsight at the drop of a hat for all the wrong reasons.
01:01:18
Peter Dunn
Which brings us to something we didn't talk about on the show that was going to be part of a segment today. Then people get the dumb guidance from people who are doing fine of, well, if you have one less streaming service, you're going to be fine. You cut one of them streams like, don't have Disney Plus and everything will be my world, our world, you and me together. We live in this world of personal finance hot tips where people are like, stop getting expensive coffee and it'll all be fine. Do you think honestly, that me choosing not to get a bubble ass late? Can I say that? Do you think that matters in relation to what we're talking about? Do you think the fact that I've got ESPN Plus or that some 22 year old that likes to watch European soccer has Paramount Plus so they can watch the Champions League, do you think that matters?
01:02:10
Peter Dunn
In the realm of $36,000 of student loan debt on average and sky high housing prices, does that matter? No, it doesn't. It's so reductive, it drives me crazy. I feel like a human today.
01:02:28
Damian Dunn
You're on a roll. I was just going to stand back and let you continue because it was.
01:02:32
Peter Dunn
I'm telling you, our company that you and I get to work for. Here the reason why we're different. And I don't do this, I don't talk about this, but the reason we're different is because you can try to push people to better while still being realistic as it relates to the empathetic nature of the challenge at hand. If someone is struggling they're 22, it's not because they're eating avocado toast. It's because systemically, we have structurally changed our economy. We can complain about that or complain about hulu or we can take the cards we're dealt and try to make it better. That's why financial wellness companies can exist and thrive by the acknowledgment of reality, not the well, you just need to save more. If you saved more, you'd be fine. It's like, yeah, cool, my housing price is 40% higher than yours was when you were my age, but thanks for the tip.
01:03:33
Damian Dunn
Yeah. It would be fun. To fun might be a stretch. Maybe fun for you and I. Yeah, true. To come up with a list of expenses that we had in our 20s that our parents didn't have in their twenty s and that our kids will most likely have in their 20s that we didn't have in our twenty s. I know it's harder. Harder may not be the right word. It is more complicated to navigate a healthy financial life now than it ever has been.
01:04:05
Peter Dunn
Yeah. Rick in the comments here makes a brilliant point. Still bringing that big Rick energy today. The good news is 7% inflation. Yeah, right. It's just not the top of the day. I'm not like our country is ending. Not my thing. But I will say that additional element of 7% inflation, in spite of all these other things, in fact, some specific inflation like housing, health care, education, make it that much harder. The other conversation my friend and I were having last night is the classic Damon. You and I talk about this on the air all the time in our own personal lives with each other because we're weirdos. Wiping out all student debt solves close to nothing for everyone who comes after the wipeout. It makes it worse for everyone. Making college free doesn't solve anything for the people who have student debt. And it's not like they're going to make college they I hate when people say they.
01:05:05
Peter Dunn
And I just said it's not like they are going to make college free and wipe out all the student loan debt because that is just truly impossible. And so yeah, I don't know, man. I don't even know what I'm saying. I'm all hopped up on miguel, that's 100% Colombian cold brew coffee brought to you by the good folks of Costco Kirkland signatures. Miguel, let the fuerte in. Here's what Danza had to say. True story. When my parents bought their house in 66 and their payment was almost. $100 a month. Everyone thought they were crazy for buying such an expensive home. Yeah. Wild. I don't want to say that publicly. Let me think about this. I'm working on a project I don't know, it's innocuous enough. On which I was doing some research around housing prices in 1980 and college prices in 1980 and healthcare prices in 1980 compared today.
01:06:10
Peter Dunn
Of course, the lever to all of this is income, right? How does that compare? Brutal. Jameson, welcome to the show. We're ending in 30 seconds because you.
01:06:24
Damian Dunn
Got here and he's got lots of stuff to do.
01:06:26
Peter Dunn
I know I got a lot of stuff to do. Totally too much to do damage with that. I bid you adu. I was pretty quick for being exhausted coming into this and hitting Miguel, so damn. I hope you have a good weekend. Everyone else, hope you have a good week end. I mean, in the spirit of what this show is really about. Stay getting money. Bye.
