00:14
Peter Dunn
Good day. Good day. Good day, everyone. It's peter Dunn, Pete the Planner, host of the Pete the Planner show. So good to be with you. Live on Facebook, live on YouTube, live on MySpace. We are everywhere. Hello, Dame.
00:29
Damian Dunn
Hello, Pete.
00:31
Peter Dunn
I don't know if we're on any of those things, but it's good to be with you. Have you had a good week, my friend?
00:36
Damian Dunn
It has been a week to remember.
00:39
Peter Dunn
It has certainly been a week to remember. Welcome to all of our regulars. Thanks for joining us. Thanks for taking a little bit of time out of your Friday to learn about your financial life. And, Dame, I think this week's show is diverse, to say the least. We've got some fun, got we got gas prices. Are they really that? We've got gambler's fallacy. And then speaking of gambling, we're going to talk about Calvin Ridley's NFL suspension for gambling and what an interesting slippery slope that is for lots of different reasons. And then biggest waste of money of the week and the news. Brittany, good morning to you on Facebook Live. A snowy morning from northern Indiana. That's what dame said. Yeah, it's a dusting here. I wore a fashion boot this morning, and so hopefully it doesn't get too slippery on the sidewalk outside of the office.
01:38
Peter Dunn
Right, Dave?
01:38
Damian Dunn
You've got some fashion camo going on that shirt, don't you?
01:41
Peter Dunn
I've got a whole look. I'm serving Luke's today. Sort of like a situation. I don't know. Can you see? I don't know. Let me go. A one shot here. Podcasters are loving this, by the way. I'm trying to look handsome. I mean, sort of. Okay. It's all right. I mean, I look like the guy who's dressed poorly at a funeral. I went to a relative's funeral years ago. Years ago. I mean, I had to have been in middle school or something like that. And then the other side of the family you don't know shows up. And there was a dude in a Canadian tuxedo, straight denim suit. And I just remember thinking, this is different than what I'm used to. And I liked it. I liked it. And I'm looking at this jacket I'm wearing, which is not denim, but it reminds me of that other guy's.
02:35
Peter Dunn
Canadian tuxedo. Yeah.
02:37
Damian Dunn
Can we talk about the lyrics scrolling the bottom real quick? Sure.
02:40
Peter Dunn
What do you got?
02:41
Damian Dunn
Have you watched the new reboot of yes.
02:45
Peter Dunn
Let's do this. So every week now here on the show, I scroll some of my favorite rap lyrics at the bottom of the screen. Today, I'm scrolling Fresh Prince of Bel Air soundtrack. Dame. Have you watched Bel Air?
03:01
Damian Dunn
I haven't watched any of the new stuff.
03:03
Peter Dunn
Okay. I've watched the whole season, and I'm.
03:06
Damian Dunn
Ready to give you a I before you get into it. I have seen numbers of people say that they don't care for it because it diverges so drastically from the vibe of the first.
03:18
Peter Dunn
Okay, so here is my expert opinion. First of all, I want to say that Fresh Prince of Bel Air was one of my favorite shows of all time, and I loved it. This is, in my opinion, the perfect reboot. It is remarkable. And here's why. Because the first show is a fish out of water story, right? The first show, what this one does is it sort of takes this look at really complex issues that teens really deal with in the year 2022. Right?
03:59
Damian Dunn
Yeah.
04:00
Peter Dunn
And so I don't want to ruin this show for anyone. But whereas Carlton in the first show was sort of what do you call him? Kind of a nerdy guy, sort of goofy and Mr. Goody Two Shoes. Oh. They take a different approach with Carlton in the second. You know the lyrics of Fresh Prince of Bel Air when got in a fight in the playground in West Philly or whatever oh. That's escalated, too, as to what really happened and got him out there. The Uncle Phil character is amazing. The best choice. And then Hillary remember, Hillary is an instagram influencer, of course, which is brilliant. Jeffrey, the butler best choice.
04:51
Damian Dunn
You said Uncle Phil was the best.
04:53
Peter Dunn
No, no. Well, uncle Phil's the best choice for uncle Phil. Jeffrey is the best character choice of what they did with him. They made him this, like, this body man that takes care of stuff for Uncle Phil.
05:09
Damian Dunn
Oh, that coming.
05:11
Peter Dunn
Gosh. By the way, you cannot watch the show with your kids. It's incredibly profane. Incredibly profane. I have to pause it. My kids the other day were like, why do you every time we walk in the room, you pause the TV like, what are you watching? And I'm like, that's a fair point. I'm watching things that you can't but dame five out of five Peters for that show. Wow.
05:35
Damian Dunn
I mean, that's strong rating. I don't know if I'll ever be able to get over Uncle Phil not being Uncle Phil, though, man.
05:44
Peter Dunn
It's just such a great show, and the soundtrack is a banger.
05:50
Damian Dunn
Did Will Smith rerecord?
05:53
Peter Dunn
No, there's been no actual Will Smith. The actor reference other than the character is called Will Smith, but there's no famous Will Smith things yet. And Jazzy Jeff. DJ Jazzy Jeff. Jazz in the movie is an Uber driver and a record store owner that lives out there. He's not from Philly.
06:20
Damian Dunn
Okay.
06:21
Peter Dunn
Yeah. It's so good. I'm so good. Just in the way. I love Cobra Kai. I also love should we do a radio show?
06:27
Damian Dunn
Yeah, we probably know we had a.
06:30
Peter Dunn
Pre show discussion about this. The radio show, and we're not doing the radio show.
06:36
Damian Dunn
If I would have known that you're going to scroll these lyrics, we could have covered that in the preshow and totally skipped this.
06:43
Peter Dunn
Highly recommend Bel Air on Peacock. Plus name in three. Oh, I got to get ready for this.
06:50
Damian Dunn
Hold on.
06:50
Peter Dunn
Boy, what a loser he is today. And by he, I mean being a little too hard on myself.
06:59
Damian Dunn
Yeah.
07:00
Peter Dunn
Okay, here we go. All right, here we go. Three, two, one. 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 Damian dunn. That is vice president of advice at Your Money Line. Hello, Damian.
07:22
Damian Dunn
Hello, Pete.
07:23
Peter Dunn
You're our co host, it turns out. Occasionally, Dame, as we record this show, as we always do Friday mornings, 10:00 A.m. Eastern, we are reminded that today is the two year anniversary of COVID-19 being declared a pandemic. But we're doing better, I think. There are reports out of China that they're locking back down 9 million people because of another outbreak. So we'll see what happens. So far, so good. I've traveled this week. I've been on an airplane. I've been in New Orleans. Everything's fine. But, Dame, something isn't fine is oil prices. And out of the respect to the people of Ukraine, we also want to note that we're more concerned about them than we are about oil prices. Alas, oil prices are very high, and people are upset about gas prices. So, Dame, what I wanted to do is inspired by a friend of mine on Twitter is I want to take the time to break down what it actually means from a financial perspective with oil prices being higher to our daily driving.
08:22
Peter Dunn
Are you up for this?
08:23
Damian Dunn
Yeah. Let's see where this goes.
08:25
Peter Dunn
Okay, so Jason Fetchner is a friend of mine. He is a broadcaster. He broadcasts out of radio or pardon me, a television station in Wisconsin. Now, he used to be a news anchor here indianapolis. He tweeted, yesterday, March 10, the average American drives 1125 miles each month. I'm going to pause there. Dame, I was trying to do math on my own. Grab your calculator if you have to. You and I are going to do our own travel math. I have a six mile commute. That it's true. Six mile commute. So times two, five days a week, that's 60 miles a week. And I'm going to go with four weeks. So that's 240 miles is my commute. And that's not bad. I mean, how many more miles do you think I should stack on for the weekends? It's not like I drive all the time. Do you think I should add another 500 miles for the other ten days?
09:29
Damian Dunn
No, I don't believe that would be reasonable in your case, but you are.
09:35
Peter Dunn
I'm going to add 300.
09:36
Damian Dunn
Okay.
09:37
Peter Dunn
Because we're going taking the kids to the game. So I just multiplied that. So that's not great. I'm at 540 miles ish a month is where I'm going with my car. And Mrs. Planner is probably less, although she's running just like, a mile here, mile there. So I'm going to say, as a household, we're at less than 1800.
10:03
Damian Dunn
Wow. Okay. My household myself. I bet I am in the 1400 miles a month category.
10:13
Peter Dunn
What?
10:14
Damian Dunn
Yeah.
10:15
Peter Dunn
How?
10:16
Damian Dunn
Lots of trips to Fort Wayne.
10:18
Peter Dunn
Okay. Well, I mean, there's a lot of fun in Fort Wayne. That's why they call it Fort Fun.
10:21
Damian Dunn
That's right. And my wife, my Mrs. Planner, well, she works in Fort Wayne and she works on the far side of Fort Wayne. So I bet she is easily in the 1400 miles.
10:35
Peter Dunn
So you're going to go with 3000?
10:37
Damian Dunn
Yeah.
10:38
Peter Dunn
Okay.
10:39
Damian Dunn
I bet we're in the 3000 club per month.
10:41
Peter Dunn
Okay. So put a pin in that. I'm at 800. Got it. The average American drives 1125 miles each month. I guess you are each independently Americans though, right? So if we're talking about each American so it's fine. Still holds up. And according to the EPA, the average fuel efficiency of a vehicle is 24.9 miles per gallon. Okay. So this is where I have to step in. Even on my car, I'm not getting 24.9 miles a gallon. I'm probably getting 21. What do you think you guys are getting?
11:19
Damian Dunn
I am around 17 and a half or 18. And the other vehicle is probably 23 maybe.
11:31
Peter Dunn
Yeah. Mrs. Planner is probably 24, 25. Okay. So with gas up $0.84 in the last month on average, and this is saying the average gallon of gas right now, according to AAA, is $4.32 a gallon. Okay. That means the current price spike that we're in the midst of in the last 30 days has cost the average American $37.0.95 in the last 30 days. Now this is a really interesting point to discuss and I really like this. What we are not saying in any way, shape or form is that if $37.95 is your reality, that is your price increase. If that's what is the reality for you, we're not saying that. If that is hard for you, that we're dismissive of that concern. We are 100% not saying that. So I will now speak for myself. There are a lot of problems in this world and there are a lot of indirect costs with fuel prices being so high.
12:33
Peter Dunn
But the direct cost on my life being, based on my math, less than $37.95. I'm not going to spend any time being aggravated by that or leveraging it to push my own narrative as to what's going on in the world. And I will speak for myself.
12:50
Damian Dunn
I just had a very similar thought sitting in line for gasoline earlier this week, because I typically go to a big discount place to buy my gasoline costco close.
13:04
Peter Dunn
Sam's Club.
13:04
Damian Dunn
There you go. No free ads. I thought, really? How much is this costing me? And once I did the math and I have to say I was rather embarrassed that I was so concerned about gas prices when I could easily skip a couple of donuts and make up for the difference in price at that point. So, yeah, there is sticker shock and nobody wants to feel like they're paying more than they have to in anything. But we use gasoline so often, it's so important to our lives that when we see those incremental costs climb, it has a very profound effect on our psyches, and it starts to cascade into other areas of our spending and just awareness of our finances. So it's interesting to see that when prices go up, people also start to modify their spending in other areas. They all of a sudden become very aware of where money is going.
14:01
Damian Dunn
And that's a horrible way to get to that point in your life, but it's not the worst thing either.
14:07
Peter Dunn
Yeah. What I find fascinating about this and of course, we always end up toeing the line of talking politics, and that's not the intent here, but I will note anytime there's this cultural movement of, oh, my gosh, this is so terrible, it's important to look at the numbers. It is important to look at the numbers of how it really affects you. Now, we have not talked about indirect costs, like how will delivery of Amazon items go up and however you shop and those things. But I would say, on the surface, in the last 30 days, the spike in oil prices has not had a significant impact on the average American. And so it's with that I say, let's make sure that we contextualize the news a little bit better than most people do. I think this show is meant to be a little bit smarter, just a little bit smarter.
15:06
Peter Dunn
And so I'm willing to say, so far, not a tremendously big deal for the average American. However, keeping our eye on it, because if we stay on this pace for another 30 days, you're approaching $100 a month. And I have to say, I think that is problematic for a lot of people.
15:25
Damian Dunn
Yeah, the math starts to change at some point. But the one overlooked fact I think we can all rally around is high gas prices bring people together as something to complain about is one voice, and it's a unifier, not a divider.
15:40
Peter Dunn
Well, I think where it gets and this is my final point before we go to break, where it gets divisive is who you blame, right? Now, I'm going to make a point, because this has been bothering me for a year. For one year, it's been bothering me. If you want to blame the President for gas prices, awesome. Fantastic. I don't really care. That's good. That's awesome. What I am really bothered by are the I did this stickers that people put on gas pumps. Why? Because that's someone's business that you're defacing, that they have to scrape off the sticker. And I just have a problem with that. Is it a funny joke? Maybe. Is it true? Maybe. Is it vandalism? Absolutely. And it bothers me. Coming up after the break, pour of me. Whining. I'm Pete the planner boy, I missed that by 4 seconds. That bothers me.
16:33
Peter Dunn
You know how I get? I get weird about certain things that bothers me so much. It's arguably funny, even though I may or may not disagree with the basis of the argument.
16:47
Damian Dunn
Right.
16:48
Peter Dunn
But if it was a magnet, I wouldn't have a problem with it. Right.
16:53
Damian Dunn
Or a peel and stick where just like a little vinyl decal that you can take and replace somewhere else. And that'd be kind of fun to be able to just place those all over the place in different areas.
17:05
Peter Dunn
Yeah, I mean, it's still littering at that point, but you're not making some person making $10 an hour go out there and scrape the sticker off because that's their job. I just find that to be just incredibly disrespectful.
17:18
Damian Dunn
Is it littering if it never hits the ground?
17:22
Peter Dunn
Maybe that's the real question here. That is the real question.
17:27
Damian Dunn
I don't know the answer to that.
17:28
Peter Dunn
Okay, how about this? Someone places a flyer in your windshield and it's under the windshield wiper. That's not littering. But if you drive away and the flyer flies off, who littered? Did they litter or did you litter?
17:43
Damian Dunn
Yeah.
17:44
Peter Dunn
Until we figure this out, we'll never get back to the moon.
17:47
Damian Dunn
We're going to need an attorney.
17:51
Peter Dunn
Do you ever wonder the first person to just sit around, I mean, wherever this was, we're in the world. Whatever time frame that just said we should go to the moon, can you imagine that? Someone said it first in a serious way. Someone probably like, oh, wonder if there's cheese. But some other person was like, we should go to the moon.
18:12
Damian Dunn
When do you think that thought actually had to happen? Because if you haven't even flown across the ground, could you really even dream to go to the moon at that point?
18:23
Peter Dunn
Oh, that's a great question.
18:24
Damian Dunn
This is going to get deep.
18:26
Peter Dunn
Well, yeah. Okay. This is super interesting. Prior to automobiles, it's hard to think that existed, right. The knowledge or the dream to go to the moon. So let's go back from there. Bicycles? No, clearly not. I guess we got to go forward from there. How about airplanes? Airplanes probably started it closer. That is interesting. Think about the stuff that we haven't dreamed about yet. I know that's possible. I feel like we should be eating bag of, you know, but that's not really my thing either.
19:09
Damian Dunn
Live from Colorado.
19:10
Peter Dunn
I was in New Orleans this past week. You know, I'm not a weed guy, but I also don't care. Right. If that's your thing, fantastic. I don't really care. Wow. Every major city in America just smells like weed now. I was in Chicago two weeks ago, and you just walk around, it smells like weed. New Orleans. Holy moly, it smells like weed. Every step of being outdoors, it probably.
19:37
Damian Dunn
Masks other odors that you might find offensive as well, though.
19:41
Peter Dunn
Yeah, it was a good time in again, it's New Orleans. I'm a big food guy. I like a good cocktail. So that's, I mean, in my wheelhouse. I don't like fun, though, and it's a place to have fun, and I'm not interested in that.
19:55
Damian Dunn
Do you know I've never been there?
19:57
Peter Dunn
That doesn't surprise me. And I say that.
20:01
Damian Dunn
Places.
20:02
Peter Dunn
You're not a huge food guy, though, either.
20:05
Damian Dunn
No, I'm not.
20:06
Peter Dunn
Yeah, I ate a lot of food. Damien, can I list the New Orleans foods that I had within a 48 hours period?
20:13
Damian Dunn
Oh, this will be great.
20:14
Peter Dunn
Please don't send this clip to anyone I may or may not be married to. Started with a PO boy and a cup of gumbo.
20:30
Damian Dunn
Was this at the airport?
20:31
Peter Dunn
No, but the second I got in my hotel, I went and found this. Then I walked to cafe Dumont and had beignets. This was all within like 30 minutes. I'd had a banana in the morning. So then I was like, oh, boy. So then I went and had a cocktail at a random bar. And then I had shrimp and grits for dinner, and the restaurant brought out pork rinds, homemade crackling. So then there was that. I'm going to actually stop. This is day one, and I just thought about day two is so we got to go, oh, we got to get it moving. Not because we have other things to do, because we're just talking too much.
21:18
Damian Dunn
Dame.
21:18
Peter Dunn
What am I doing? Three, two, one. Back on the Pete the planner show. Dame, I don't know if you know this, but there is something in the financial world specific to investing called the gambler's fallacy. And as we try to improve people's financial lives and their investing styles and skills, we have to have a conversation about the gambler's fallacy. And I'm hoping you can take us down a path as to what it is, why it matters, and why it is so darn common and why it also helped me help my friend lose hundreds of dollars in Vegas back when were in college. So you begin.
21:58
Damian Dunn
Yeah. So our brain is really good at finding patterns and things that may exist that usually do exist, but our brain works against us sometimes and just extrapolates that and says, well, I've recognized that pattern. Here's what's going to happen next. Sometimes it does, sometimes it doesn't. The gambler's fallacy says, imagine, if you will, a coin that's flipped ten times in a row and gets heads every time. Gambler's fallacy says, I've recognized a pattern and there's no way that pattern holds up. It's going to be tails. It has to be tails this time. Well, it doesn't have to be tails. It's 50 shot. It could be another string of ten heads because the previous ten results aren't they don't influence the next result. Gambler's fallacy is really close to reasons he biased that's one people may be a little bit more familiar with and that says, if you see that string of ten heads that have been flipped, it's going to be heads, man, I've seen ten of them.
22:54
Damian Dunn
It's got to be the heads again. It's a nice little pattern I've identified there. Not the case. It's still a 50 shot. It's independent every single time it happens. Where we get into trouble is when we start identifying patterns that aren't really there or that they are there, but they don't really matter on the outcome of the very next instance that happens investing. That can get you into a lot of trouble, right, Pete?
23:17
Peter Dunn
It absolutely can. I mean, from day traders who are just trying to figure things out to even looking at, like, crypto markets, the person who wants to start out investing, and so they say, oh, well, crypto has been down 8% this week, and it's got to go back up. See, that a lot. Now, Dame, I sort of first learned about this. My friend and I in college. We were 21. He was going to school out in University of the Redlands. University of Redlands. And I think san Bernardino, California. I want to say maybe So he and I, cross country road trip. I mean, the ultimate college bro road trip, swung through Vegas, because why would you not do that?
24:00
Damian Dunn
Yeah.
24:00
Peter Dunn
So went gambling, I believe were at Circus, and he had this theory that his dad shared with him of how to play roulette, and it was a foolproof strategy.
24:10
Damian Dunn
I am all in. I had my own strategy that failed miserably as well. Let's compare, okay?
24:15
Peter Dunn
So here's the strategy. You only bet on even, odd, or black or red. That's it. So it's either black or red or even or odd or both. You can bet on both things. And here's how it works. You place a bet of $20 on black, okay? And if you win. It's fantastic. If you lose, then you place $40 on black. And if you lose, you place $80 on black. And if you lose, you place $160 on black. And so this is what we did. Of course, I think we started at $5 because were broke college kids, and it worked until it doesn't work. And the dumbest part about it is, inevitably it'll hit zero or double zero, depending on what's on the wheel. And then you think to yourself, because you're an idiot now, it starts back over, because what you'll do is you'll say, well, I'm only betting on black if there are three reds.
25:21
Peter Dunn
That's how you start out. You go up, and you're just watching the tower, and there's three reds, and you're like, It's time. Then you put a $5 chip on the black, and you're like, let's go. So anyway, my buddy was up hundreds of dollars with this stupid lucky method. That is not really a strategy, but I was down, and so I was like, hey, man, just hang out here a little bit longer so I can get back up. So we hung out five minutes longer. He cut his winnings in half, and I got close to even. But is that your methodology of sucking at roulette as well?
25:56
Damian Dunn
Really close. It involves betting on thirds of the numbers instead of just the colors or the even odds, but very similar, except in this case, you pick two thirds, knowing one of them is a guaranteed loser. But you're trying to cut your ODS down or increase your ODS by eliminating a certain section of that table. And the math still doesn't work. The house still wins because people really enjoy those free drinks that they keep shoving in front of your face and spending money and losing money eventually.
26:27
Peter Dunn
Last week, we talked a little bit about the herd mentality and people doing it's like crypto. We bring in crypto all the time, but it's just such a great example of how people are reacting psychologically to investments. Everyone's running towards crypto. So a person taking advantage of the herd mentality would say, well, I'm going to stay out of crypto or I'm going to sell, because everyone's running that way. Now, when you combine that with a gambras fallacy or recency bias, it gets pretty interesting because what you'll say is, okay, gas prices are going up, they've got to go down. Right. You trick yourselves into these little arbitrary timeframes in which, well, hey, it's gone up every day for the last nine days, it's coming down. And there's not necessarily any truth in that.
27:19
Damian Dunn
No. Trying to apply this to short term observations is really tricky. When we start looking at bigger time periods, then there's a little bit of data that comes into it that makes it a little more reasonable to make these projections. But you'll notice that every time you see an investment advertised, and frankly, I haven't seen investments advertised on TV in forever, have.
27:45
Peter Dunn
I mean, I'm thinking of old Dreyfus commercials.
27:48
Damian Dunn
Franklin Templeton.
27:49
Peter Dunn
Franklin Templeton, I would say. I feel like, and I could be wrong, of course you see Fidelity commercials. You can't avoid those. I feel like T. Roe Price. I feel like I've seen those.
28:01
Damian Dunn
But what do they say at the end of all of those? Past performance?
28:04
Peter Dunn
Past performance is not indicative of future performance.
28:06
Damian Dunn
Exactly. Yeah. So even if you have a lot of data and a lot of history and a lot of background to try and make your maybe a reasonable assumption on what's going to happen in the future, you can't it's an educated guess at best at that point.
28:25
Peter Dunn
Yeah, it's interesting, too. And next segment, we're actually talking about actual gambling and how it got one individual in pretty big trouble if you've got people gambling in a more normalized way now, which millions and millions of people gamble on a daily basis because of apps. It's not out of the realm of possibility or feasibility for those people to have similar investment habits, styles and thoughts. And so that's why we bring this stuff up, is because if you're looking for patterns where there are not actual patterns, you're seeing ghosts.
29:09
Damian Dunn
Yeah. It's just so interesting. The human mind is an amazing creature, and it will lead you astray just as often as it gives you insight to whatever you're trying to find.
29:23
Peter Dunn
All right, so here's what we're going to do. After the break, we are going to talk about one of the more interesting stories to come across the sports world in a long time. And that's saying a lot, because there's a lot of interesting stories out there. Wide receiver for the Atlanta Falcons, Calvin Ridley was recently suspended for an entire year. I believe he's the fifth player ever to be suspended for gambling, banned for gambling in the NFL. So we're going to talk about the particulars of this because it's pretty fascinating. It's a really slippery slope, sports gambling, and for a very particular reason. Because if you fix a game and then money changes hands and it's a horrible thing. There was that old scandal, I believe it was at Arizona State. I could be making that up. The point Shaving scandal. That's the biggest fear right in the sports world, that those sorts of things take place.
30:18
Peter Dunn
So coming up after the break, we're going to talk the gambler's fallacy into the gambler's bad idea. And why it's going to cost one guy millions of dollars for only gambling, $1,500 for his team to win. All that's next money, gambling and fun right here on the Pete the Planner Show. I'm Pete the planner. I don't know if you noticed that, but that outro was a minute and 20 seconds.
30:47
Damian Dunn
Oh, I saw the wind up when I stopped and I knew what you were going for.
30:54
Peter Dunn
Well, oh, man. I don't know if it's well done or just like wasteful air.
30:58
Damian Dunn
I didn't give you much of a choice. That was pretty much just throwing it in your lap and saying, have fun.
31:03
Peter Dunn
It's all right. So let's do this story. I'll try to stay away from my hot takes.
31:11
Damian Dunn
Why?
31:13
Peter Dunn
I don't know. I don't want to be judgy sometimes. I'm not trying to judge anybody. I'm just trying to say, like, it's a slippery slope here and let's just cover it now. Okay. Ready to go? Yep.
31:24
Damian Dunn
Yep.
31:24
Peter Dunn
Three, two, one. Back on the Pete the Planner show. Dame. This week, the National Football League suspended Calvin Ridley, wide receiver from the Atlanta Falcons, for gambling. It is illegal to bet on football if you are a football player. According to the NFL. He did something called a parlay, where it's a series of bets, and if all of those bets hit the way you want, you went about money. If the parlay falls apart. In fact, I don't. Actually understand that much about it because it's not my jam. But I will note, part of this wager was that he bet that the Atlanta Falcons, who he was not playing for at the time, because although he was on the team, he stepped away to address mental health concerns, which is a really smart decision. Right. Good for him. Got bored, decided to bet on his team to win, and that violated the league's gambling policy, and so he was suspended for years.
32:29
Peter Dunn
So, Dame, there's a lot to uncover here. I just would like to start with this hearing broadcasters talk about this story, given how many commercials they do for sports gambling and hearing the league suspend them based on all the money they take from gambling sites. The fact that some professional sports teams now have I don't even know what they're called gambling desks in the stadium where people can place bets in the stadium. And this guy gets suspended for gambling. That's pretty thick irony there.
33:04
Damian Dunn
Yeah. There is a very close relationship with professional sports and gambling and has been arguably for decades and decades, whether it was legal or not. And now, of course, the owners and leagues have found a way to make revenue off of that. And as gambling laws loosen up, everybody's happy. But for some very reasonable reasons, they prohibit their players from gambling on the sport that they participate in. I think that's not that unreasonable to mandate for those players. However, is it really that bad if you're just betting for wins in that point and you're not playing at that point?
33:50
Peter Dunn
Yeah, right. Betting for wins is interesting because unless you know that someone who's on the injury report is definitely playing despite the fact that they are listed as doubtful, it shouldn't really matter because you can't shave points.
34:08
Damian Dunn
Right.
34:09
Peter Dunn
I will note, and this is interesting in how we try to circumnavigate the obvious here. There's a former six time NBA League champion, former several time MVP, who took a break in the middle of his career to go play another sport that then came back. And part of that was speculation that person had a gambling issue, that he had to settle up with the league. And that's why he stepped away to go play another sport with a stick. So this whole concept isn't new. And I was watching on YouTube the other day, JJ. Reddick, who is a former NBA guard, has a podcast and show notes, which is, I don't really care about the NBA that much. Fascinating show. They sit around and drink wine, like really nice wine, and he interviews a player and they just talk about high level NBA stuff. It's really interesting talking about all the gambling that goes on team planes, hundreds of thousands of dollars exchanging hands from one city to another every night.
35:15
Peter Dunn
These guys are so adrenaline fueled by what they do for a living that the adrenaline of gambling is understandably right there in their wheelhouse.
35:26
Damian Dunn
That surprises me more than just about anything else, because I can't short of a couple of other things, gambling would have to be one of the quickest ways to tear a team apart, in my estimation. And the fact that it goes on routinely in every sport, but a few of them may be a little bit more than others blows my mind that a team would permit such activities to take place.
35:54
Peter Dunn
You make an interesting point about friends or coworkers gambling with each other. So let's paint a picture here. Dame, let's say you and I like to bet the ponies. I actually can't bet against someone on pony. It's a sports wager, just you and me. You pick the Redskins, which is not a team anymore. It's the commanders.
36:14
Damian Dunn
Yes.
36:14
Peter Dunn
Commandos, I don't know. And I pick the bulls. It's an inner sport scrimmage here.
36:19
Damian Dunn
Right.
36:20
Peter Dunn
And let's say the Bulls win, you lose $30,000 to me. Doesn't that impact our relationship?
36:29
Damian Dunn
It would from my point of view. You'd probably be okay with it, though.
36:33
Peter Dunn
But if we're 30,000ft, it definitely impacts our relationship.
36:38
Damian Dunn
Oh, yeah. I don't see how there's any way I understand these gentlemen have lots and lots of money. 30 grand. Still 30 grand, though. And frankly, maybe it's not even about the money. Maybe it's the fact that you got beat by somebody else and there's nothing you can do about because these guys are hyper competitive. Hyper competitive. And they don't like to lose at all. I can't imagine this does anything for team morale.
37:07
Peter Dunn
So then what happened after the Calvin Ridley suspension? But if you're tuning in to this is not Sports Talk. This is a financial show. But as we examine how people invest and the popularity of gambling apps, you knew there's going to be some weird byproducts to this. And NFL players getting suspended for gambling is one of those byproducts. That's why we're talking about it today. Damien, you look at this Calvin Ridley situation and you think, okay, well, what if people put together game film from him in the last few years to see if there was ever a play in which he wasn't giving his full effort? Or maybe he made a weird decision that looked through the lens of wonder if he's point shaving, lo and behold, within 24 hours of him being suspended. There are clips on the Internet that you and I have both seen of him making suboptimal decisions on the field that blow your mind.
38:04
Peter Dunn
Yeah.
38:04
Damian Dunn
I mean, could he just be a wide receiver or a player who's trying to protect themselves or break a play? Very possible.
38:12
Peter Dunn
Totally. But we're not accusing him we are not accusing him of point shaping, but this is what happens.
38:18
Damian Dunn
But then what happens when our mind has additional information and is presented with a pattern, which is what those clips show, even though they are cherry picked very clearly. Then we start to put two and two together and say, oh, he might have been point shaven or he might have been trying to influence the outcome of certain wagers.
38:37
Peter Dunn
Yeah, I don't know, man. I will say this. This feels like the tip of the iceberg.
38:44
Damian Dunn
Do you know how I think the leagues and the sports books get around this?
38:51
Peter Dunn
No, I'm curious.
38:53
Damian Dunn
They start paying players to publish their bets every week. They don't actually get any monetary reward from it, but they say, you know what? We're going to give you $50,000 and we just want you to make your picks on any given week in their.
39:09
Peter Dunn
Sport or any sport.
39:13
Damian Dunn
In their sport might be difficult. It wouldn't be able to be on their team, but they could make this is what I would pick if I was able to wager money.
39:21
Peter Dunn
You know what? I think I'm with you here. I think that makes a lot of sense. So if you look through the lens of name, image, likeness in the college sports and how people are now able to profit off of their name, image or likeness appropriately, in my estimation, there's going to be more creative arrangements like this. And I think what you just said makes a ton of sense. That's a brilliant prediction.
39:48
Damian Dunn
Yeah. I need to go open a book real quick and patent this idea.
39:55
Peter Dunn
What Mrs. Planner and I got talking about was, okay, so both of our sons initials are TD. So both of our TDs are growing up in a normalized sports gambling culture in which when they just want to watch sports, like any little boy might want to do, if that's their thing, they can't avoid know, win Terry bradshaw's money. Or this is brought to you by this or here's my picks. And for you and I, it was still rather taboo right there's, the idea of a bookie. There are these sorts of things. What's going to be the impact of kids our son's ages when they're 18 to 22, when they're in college? What was our Joe camel? What is going to happen? Because for us, it was Joe camel. Joe camel was the tip of the iceberg of behavior that led to some horrible outcomes for people getting into tobacco when they could.
40:48
Peter Dunn
You wonder if that's going to happen with sports gambling and kids.
40:50
Damian Dunn
I hadn't really put that together, but it's got to be a concern. It really does.
40:55
Peter Dunn
This is how I know I'm an old guy. I'm sitting here complaining about Joe Campbell in sports gambling. I've told you earlier in the show I'm not fun. Coming up after the break more not fun right here on the pete the planner show. I'm not I have no problem with it. Yeah.
41:09
Damian Dunn
I mean, wear that badge with pride, Pete.
41:13
Peter Dunn
I'm going to have fun here in a couple of weeks when I'm fishing in. Oh on. Yeah. The pete the planner world tour started back up. I'm going to Houston here in a couple of weeks. Then Florida for vacation, then Florida for work, then Iowa and Phoenix.
41:40
Damian Dunn
Wow.
41:41
Peter Dunn
Then don't know. I don't know. Let's hope I don't eat as much. Do you want the second day of eating real quick?
41:50
Damian Dunn
Yes.
41:52
Peter Dunn
Okay. Second day of eating started with a cajun omelet and a biscuit. Then went to I think I ate lunch. Then it went to, like, this plate of ribs and cajun fries. Then it made its way to some oysters, some swordfish, and some bread pudding. And there was a tremendous amount of cocktails in there as well. Sazeracs, more specifically, did you do any.
42:19
Damian Dunn
Work or was this just like, one big food coma?
42:22
Peter Dunn
No. What's weird now, I mean, I just worked in my hotel room, and then I would go out and eat and come back. And then I had a nice dinner.
42:31
Damian Dunn
But yeah, that's a good thing that Mrs. Planner doesn't listen to this. She might be upset that you just basically traveled to go eat for a while.
42:37
Peter Dunn
No, she knew work in a remote location. She knows my problems. Okay. All of my problems. All right, let's do the show. You ready for news?
42:47
Damian Dunn
Yeah.
42:48
Peter Dunn
Okay. A cajun omelet. Matt asks, what is a cajun of? I sort of said it in a dumb way. It was like some cajun sausage in Dewey, if you will. In Dewey potatoes and whatnot. Lots of cheese. Spicy. Spicy.
43:08
Damian Dunn
There we go.
43:10
Peter Dunn
Oh, and then a muffaletta. I have muffled, but I did have a kale salad on the side.
43:19
Damian Dunn
Perfect.
43:20
Peter Dunn
I got problems, man. I got big problems.
43:23
Damian Dunn
Did you feel really proud ordering that kale salad like this will fix everything?
43:28
Peter Dunn
I don't want to answer that. I was like, you know, I need some rubbish. Oh, man. Okay. I can't believe I just admitted all that. That was like, 30 hours I consumed all that food. I did work out, though, twice. Okay. Three, two, one. Back on the Pete the Planner show. This week's biggest waste of money of the week is the Rancho Caranoso Oceanfront estate. Situated on 4.22 acres in Santa Barbara, the Rancho Caronoso is a rare beach retreat. The Legacy property sits on the oceanfront adjacent to the famous Loon Point surf break. Secluded by mature trees, the 2500 square foot main house features three bedrooms, four bathrooms, and its attached garage. The site is already zoned for a nine horse stable and includes a network of private trails that leads down to the beach on the sand. There's a private cabana for barbecues and an area to keep small boats, kayaks and jet skis.
44:45
Peter Dunn
The property also offers expansion opportunities with additional building sites to add a pool or new structures. The listing is currently held by so and so. So let me say dame. First of all, Santa Barbara is one of my favorite places on the entire planet. It is wonderful hole we tend to go there every other year or so. But what do you think this ocean front estate, that's 2500 sqft house. What do you think it costs? It's for sale right now.
45:10
Damian Dunn
Do you say how many acres they're worth there, or is that four acres?
45:13
Peter Dunn
Four acres. Dame, how many acres do you got?
45:15
Damian Dunn
Just almost six and a half.
45:17
Peter Dunn
Okay, I have an 8th of an acre, just to let you know. I have an 8th of an acre, you have six and a half. So do your Northern Indiana math here on your six acres. Okay. What do you got.
45:31
Damian Dunn
Translated into this? Yeah, not very much if we're just going based on acreage, but based on the location of that acreage, $15 million.
45:42
Peter Dunn
Okay, dame's in at 15 million. Rick Swink, Facebook Live at 41 million. Danza listener of the year a couple of years ago, 18 million. The answer dame is $109,000,000.
45:54
Damian Dunn
Is it sitting on an oil deposit?
45:57
Peter Dunn
I don't know. I mean, like, look, this seems like an amazing place. I'm not hating on the property. It could be the best thing you've ever seen. However, for $109,000,000 what?
46:11
Damian Dunn
It's a shame it's going to slide into the ocean someday.
46:14
Peter Dunn
I'm looking at it right now online. I mean, I might loop all them.
46:19
Damian Dunn
Never be afraid to offend. That's the advice I have.
46:22
Peter Dunn
Do you want to call them on the air and lowball them?
46:27
Damian Dunn
I don't think can we do that? I don't think they're open.
46:30
Peter Dunn
Oh, yeah, it's a little early because the agent's numbers right here. I'm going to click the contact link. Agents are handsome.
46:39
Damian Dunn
Of course they are.
46:40
Peter Dunn
They're his phone number is right here. Should we call him?
46:46
Damian Dunn
Yeah, you want to get some specs on this thing?
46:50
Peter Dunn
I'm seriously considering calling this man, just.
46:53
Damian Dunn
Curious, but I mean, I can't put.
46:55
Peter Dunn
Him on the ear. I think I've gotten in trouble for that years ago. I cannot do that.
46:59
Damian Dunn
Well, then everything falls apart if we can't get somebody.
47:01
Peter Dunn
I know, but I want to lowball him, but I don't want to waste his time. But what should we offer?
47:07
Damian Dunn
Could we just record the conversation, do it off air?
47:10
Peter Dunn
I don't know. I'm not looking to get in trouble. My key with our radio station, our flagship 93 WIBC. My policy with them is I'm low maintenance. I do not cause them any trouble. So I don't think they need me to do this. So it's with that, I say, dame, what's the news this week?
47:27
Damian Dunn
Well, let's stay in this lane, Pete. A record. Certain percentage of US homes were valued at $1 million or more in February.
47:38
Peter Dunn
Oh, I love this. Okay, what percentage of American homes were valued over a million dollars in February?
47:46
Damian Dunn
Correct.
47:48
Peter Dunn
Man, this is a tough one. And here's why this is tough because there's such a dense population in California and so many seven figure mean. Oh, boy, this is tough.
48:03
Damian Dunn
You can't swing a dead cat without hitting a million dollar home in California.
48:07
Peter Dunn
Now Pete is going to be calling us. I'm going to miss so bad on this, I'm going to hate myself.
48:19
Damian Dunn
Oh, wow. That's aggressive. 8.2% of US. Homes were valued at a million or more.
48:26
Peter Dunn
See, I told you I was going.
48:27
Damian Dunn
To embarrass myself, which was a huge jump from 4.82 years ago.
48:32
Peter Dunn
Wow.
48:33
Damian Dunn
Yeah.
48:35
Peter Dunn
I'm so embarrassed. I said 18%.
48:38
Damian Dunn
The top six metros with the highest share of a million dollar home of million dollar homes.
48:42
Peter Dunn
Okay. Los Angeles.
48:45
Damian Dunn
They're all in California. So just led by San Francisco. San Francisco. Percentage of million dollar homes in San Francisco. Of all the homes in San Francisco, what percentage of them are million or more? There we go.
49:07
Peter Dunn
Okay. Yeah, I don't know. That helps my point. That's unbelievable.
49:14
Damian Dunn
Yeah, it puts a different perspective on real estate in your local area, unless you live in one of those major metro areas.
49:22
Peter Dunn
What else is in the news?
49:23
Damian Dunn
Pete wanted to congratulate you on your Amazon stock split that was announced earlier this week. 20 for one. If you'll remember, Amazon was Pete's pick for Loser Stock of the Year this year.
49:34
Peter Dunn
It was. And you and I were talking before the show on a 21 to one stock split. For every share you get or you have, you end up with 20. You have 20 in the end. So let's say you have ten shares. You end up with 20 times that, then you have 200 shares. I was reading an article that was trying to describe how a stock split works, and it said for every share you have, they give you 19 more. So all you have to do is take the number of shares you have and then assign 19 more shares times the number of shares you have. It's like the most confusing way to explain it, as opposed to multiply by 20, but thank you for the explanation. And, Dame, I will say, as a shareholder of Amazon, a significant one, I own literally not much.
50:22
Peter Dunn
I'm happy about it. As my pick for a Loser Stock of the year, I'm not happy about it.
50:28
Damian Dunn
Yeah. Didn't do you any favors on our gambling, by the way.
50:34
Peter Dunn
It's worth noting that when a stock split happens, it is not inherently good nor bad. It is, if nothing else, a marketing ploy to make shares seem more attractive. They are not better, they just seem more affordable for more investors. So people can buy in what are called round lots. Stocks are usually traded in blocks of 100. And so what happens is when you have a $3,000 share price to buy 100 shares, you got to have a lot of coin, right? So what they do is they say, well, let's drop the price to $115, or whatever the heck it is, and then more people can afford a round lot. And that's theory generally speaking around stock splits. We had to teach people something today.
51:21
Damian Dunn
Dane jane.
51:23
Peter Dunn
That's right. Jane. Back to you, Jane.
51:26
Damian Dunn
Thanks.
51:27
Peter Dunn
That's a good news lady name. Jane.
51:29
Damian Dunn
Fantastic news lady name.
51:30
Peter Dunn
Sorry to interrupt you. What's in the news, Jane?
51:32
Damian Dunn
Georgia man has been sentenced to 36 months in prison. That's three years. If you're having problems doing the math after using COVID-19 relief money to purchase a rare Charizard Pokemon card, the Department of justice announced the sentencing. In a news release issued Monday, the man, 31 year old Albert Not, mention his name, was awarded an economic injury disaster loan for $85,000 after claiming to own a small business that supported ten employees. These loans were created as part of Congress's pandemic relief plan and intended to be used for businesses to pay workers and rent. Once the man got the money, however, the Department of justice said he used nearly $58,000 of it to buy a Pokemon card.
52:17
Peter Dunn
You know what they got to do with all these fraudsters is they got to catch them.
52:22
Damian Dunn
Well, very well done.
52:25
Peter Dunn
Big Rick Swink makes a point in the Facebook chat here that is super important. Super important. Our bet for worst stock of the year is which would have the biggest decrease in share price, dame with Amazon splitting by 20. I win. I win.
52:46
Damian Dunn
Yeah.
52:47
Peter Dunn
I won. It's over.
52:50
Damian Dunn
That's true. I'm going to have to go back and look at the rules and no, it's over.
52:56
Peter Dunn
I actually won.
52:57
Damian Dunn
Well, you're getting thumped in the other two, so I guess I can give you one. I'm still going to win. Two out of three.
53:02
Peter Dunn
Oh, my gosh. I'm winning.
53:04
Damian Dunn
Congratulations, Pete. Nice job, Rick, for pointing that out.
53:08
Peter Dunn
I'm not a lucky I'm a very fortunate person. I've a lot of fortune in my life. I've been fortunate, not lucky. I'm not lucky. So to beat you with a stock split feels like it's the best thing that's ever happened to me. And my kids are fine, too.
53:22
Damian Dunn
It's kind of like getting that lantern on that zero and betting on zero and roulette out in Vegas.
53:26
Peter Dunn
That's all we have time for this week on the show. Dame, thanks for your contribution. Singular. Everyone else sending good vibes because good vibes are all that's in the budget. I'm Pete the planner. That was the show, big Rick Swink bringing it. Thank you, my friend. So he makes another Rick's in the running for Listener of the Year. I'm just putting it right there.
53:48
Damian Dunn
I think he's angling for co hosts, is what he's doing.
53:50
Peter Dunn
I was listening to another podcast, Rick Notes, this morning and they were, why are you listening to other podcasts? Freaking do something, Rick. I'm sorry. How stock splits really are no longer necessary. It used to be to make stocks affordable, but now most people have access to buy fractional shares. Now splits are just for publicity at this point. Exactly. Yeah. Excellent point. That's like you could only really buy stocks in round lots. Back in the day there was a few exceptions, but now with fractional shares, it doesn't really matter.
54:21
Damian Dunn
It was more expensive to not buy a round lot. So there was no reason. Well, there wasn't no reason. It was just a big impediment to doing that. But now, a fractional shares, who cares?
54:32
Peter Dunn
Oh, look how handsome those realtors are. Yeah. Oh, my God. These guys. The guy on the right, Eric, I bet he smells like Drakar.
54:42
Damian Dunn
I think he's probably swung a hammer in his day. He looks like he's maybe got a little construction background.
54:48
Peter Dunn
And the guy on the left, he's just so handsome. I want to buy a hundred million dollar home from these guys.
54:55
Damian Dunn
He wants to saddle up to a table with you in New Orleans and share food.
55:01
Peter Dunn
That's all I got. All right, dame, thanks for being here with us. I'm going to take these gentlemen off the screen here. Thanks for being on the show, everybody. We'll see you next week and stay getting money.
