Foreign Gotta Move Speaking the truth Yeah Three Two We're Gonna Take On The World We're Gonna Take On The World Oh brother, oh brother oh brother Good morning, Good morning, good morning. Welcome back to another amazing top tier episode of the Matt Core show. What up Dude, What up brother, What up sisters, what up? Brethren and sister and I I appreciate you joining me early today. I Know we all had to get up at the crack of dawn to get our stair stepper session in before the early show today.

and obviously we're starting early because it's going to be a crazy day. It's an inflation day. Happy! CPI Day To all those of you who celebrate I hope you watched the update video from yesterday. uh I guess I could ask this now because I feel like the people who are in here now are kind of like the core group.

um and once again, much love for you guys joining so early. That type of update video good bad. okay and you kind of want to see a little bit of a change a little too long, not long enough. um I was actually surprised with how long it was I thought my idea was I'd be closer to 10 minutes and ended up being closer to 20 minutes.

but you like those update videos of like the breakdown of what happened in the markets, the economy, politics and then kind of like a look forward to on the next day. Um, the MK Ultra show. Yeah, I'm just waiting for that sleeper government program to restart. Once again, good good morning.

No offense, but I'm really excited to hear Rick this morning a dude right there with you. No offense at all I myself am a devout follower of the Church of Rick so like I'm right there I actually didn't see it. missed you at Power Hour Well Chris guess who's getting the first? the Merit of the day? you are sir you are. you are everyone.

If you ever see Chris on the street today I know I'm sure some of your office workers, your fellow whatever you do workers are probably sitting right by you right now. Um, if if the workers near Chris could EX claim to the entire office that he's now demerited. Officially, um, Do it. Do it.

Do it. Do it. Just scream tell upper level management tell lower level management, tell whoever is going to listen to you that Chris officially got into Merit on the day you know I Thought we were going to stay off. Start off today, nice and easy and everyone's going to be calm, cool, collected Good Vibes around but here Chris goes popping off, missing a video and in response to Aasbs tweet David I actually haven't read it so I could give you a live response so we could do that.

But obviously maybe we'll save a little bit of time because we do get the CPI report the Consumer Price Index AKA an inflation report coming out at 8 30 this morning. I'm going to go over the expected numbers for year over year. month over a month, we'll go over the core numbers and this I guess a little a little tidbit is for people such as: Chris who didn't see the update video. there's a couple key things I want to go over and I might have to explain this once again.

Hang on. Why is the chat not updating? Hello, hello, hello, hello, Um, okay. I think I can see Chad now I can see what Chris's witty retort is. Uh, I Just want to let you know that in terms of the most recent 10 CPI report days, five have been green days from open to close.

five have been red days from open and close. so there's not much of a statistical Edge If you consider what happened the previous day, four have been read, six have been green, so once again, close to 50 50. the only statistical anomaly I found. and really what I'm saying anomaly I mean an edge that we could potentially trade off of from Market close the day before to Market open the next day.

eight out of ten have been green. Gap UPS 9 out of out of ten have just been opening at minimum higher than the close. so there does seem to be a very, very, very strong Edge to the bull favor of Market open relative to Market close. So I'm looking for today's market open statistically to be higher than the market closed from yesterday.

so I just want to give you those quick numbers in case maybe it does influence your opinion. Maybe it doesn't influence your opinion, or maybe you're just here to not even talk about the market and you're more interested in just understanding what's going on at the Mayors I completely understand it I Just wanted to let you know what's going on there a little bit of prep work before we get that result at 8 30. I Also want to know for more of the fundamental monetary standpoint. the major thing those are going to be looked into is twofold services and kind of the real estate sector.

I Guess leasing, leasing, mortgages houses all that good stuff. I Would say those are the two most important subdomains of this particular CPI report. So let's start with Services Uh, think about medical services, financial services. There's a lot of services in there, and recently there's been some concern.

Well, not so much recently, a little bit longer than recently ago, whatever the word would be for that. There was concern that wage growth was a little bit too much and it was like kind of I guess, uh, intertwining with the inflation in that sub sector. But most recently we've actually gotten some like encouraging data results of wage growth just kind of staying a little bit flat right now and people are optimistic that maybe that will mean inflation within the services industry is finally coming down. So looking for that today and then the other one is obviously real estate.

That one's particularly interesting because we all know that inflation reports by the nature of the data they're collecting are lagging. They're not really like on time and the real estate. The leasing. The home ownership that sub-sector of it is particularly lagging because I mean if you think about it, things like leases there most of the time you're getting into it annually and that.

and also when you consider how they collect the data, it makes it a multi-month lag. So going into this the recent commentary from the FED is an optimistic one. As in, okay, we're expecting maybe there's a 30 to 40 percent chance of a 25-bit right? like not at the September Fomc meeting at the November one. So obviously if CPI comes in Sky High we might get one in September.

Most likely it'll come in close to expectations. Slightly encouraging Maybe increasing or it depends on what the exact numbers are. but then we would be focusing on 25 bips in November or it could come in amazing, especially if services and Home Ownership leasing. If sticky inflation.

The aspects of inflation that we have not been able to battle really recently. If they start to come down, we might be done with the rate hikes, so those are going to be the major things to listen in on and very quickly. Here we are going to be getting the results from our boy. Rick It's always a good day when we get to listen to Rick just to see how this all goes out.

I Just want you to know that at this moment in time, the Spy is trading just below 446. Hang on, We'll just bring this up so we can see it. Um, here we'll go to 10 seconds. We are trading at 446, which is basically where we close out the day yesterday.

Obviously I went over the odds and everything of how I think that's particularly going to play out. But this is where we are. uh, seconds away from the report. And in terms of the report, the numbers we're looking for 3.6 year over year and point six percent month over month.

And if you're considering Core, you're looking at 0.2 So 3.6 0.6 and 0.2 are the expectations for today, So keep those in mind. And then really, we're going to be bringing up the numbers. Uh, to see what's going on in services and then also real estate. those are going to be I think in my opinion and also my opinion is formed from reading what all mainstream media is talking about.

It sounds like a lot of the Big Wigs out there are really looking at those major two sub sectors. so uh, let's get going. It's almost 8 30. the market is actually probably already going haywire.

What's going? Oh well, golly. What happened? Did we come in hot? Did they say three, seven, or three eight? What happened? Profit? Profit. What? What is this? Where are you Rick Oh, it's back by a minute. So now if we consider a bigger number, Uh, when it was up, seven tenths actually in March back here in 2005 was 0.6 0.6 That was expectation.

But this follows up two tenths. One percent strip out food and energy up three tenths of one percent. Year over year, that's a little higher. Three point, Seven percent that is hotter than expected.

We came in a little hot. Three points. Not crazy hot. We came in hot.

Remember, hot inflation pushes the market down because it increases the chances of the FED being more aggressive. Hot numbers push the market down in the current monetary cycle. Now, this is interesting. It's down from 4.7 exactly as expected at 4.3 But once we came in hot litany here.

Okay, we haven't been. It's not in food and energy, which means it could be in Services which would not be Bueno Last year, over half were above 5, so this is still quite sticky. What Is the market done? We've gone from a 431 yield in tens to a 433 yield. So at 433 worth, buy down a dollar 22, right? Fields Let's see what happens between now and Market Open Though you think there's going to be a recovery, high Yield: close, there is 508.

These are very important technical levels and if we the knee-jerk reaction is exclusively because the overall number is a bit hot. 12 13 14 endow Futures to down 75.. Now, if we consider the year-over-year numbers, the 3.7 especially is something to pay close attention to. And of course that includes food and energy.

But but no matter how you slice it, whether you separate those out or not, 3.7 that is hot. Remember the expectation was 3.6 seconds. or even other economies that don't separate those out. 3.7 Food: 4.3 energy actually dropped 3.6 energy coming down.

Um, if we're looking at core 4.3 So if you take out food and energy also known as coarse API year over year of 4.3 service is right here 5.9 I don't think they were liking to see that and shelter up 7.3 So this part Without Shelter Economic stuff Super Core Well, these guys talk Institute Fancy bigwigs Emily D Senior Vice President for Inclusive Growth at the Center firm. that was awkward on our own senior Economics reporter Steve Leesman Steve Will go to you first. Uh, it's weird, is it everything? Economist Did a pretty good job of forecasting, but it still doesn't I Think this guy hates his life. Agita? Does this guy hate his life up here? Yeah.

I mean top right. look uh I Kind of see good news in this. Uh, that's not a person this morning. The thing that stands out to me I just want to double check this owner's equivalent.

rent came down again. Uh, just double checking that. Okay, uh I just want to get the number right. but this is the hot part right here.

I think Zero four is the number we have so that's that's a help. And when I look outside. energy complex Joe it look exactly are pretty well contained across the board. and by that I mean um, you did have a pop in airline fares and motor vehicle insurance which rose which was transportation services two percent but Medical Care Services up 0.1 percent.

Um, some of the other elements in here used cars fell again 1.2 percentage points. so Rick can go out and get himself another jalopy if he likes. Um, home was pretty well contained at 0.2 percent. almost sounds racist.

Food away from homes we're not as yet and this is why you got to be careful here. Seeing a bleed from higher Energy Services into other prices immediately. There may be other issues down the road. There could be some pop-up and inflation expectations to worry about, but for the Moment The Surge we got here is in um Energy Services trying to make a request version becomes whether the FED finds comfort in the course it is a little hotter than expected initially.

This year if you had the balls was a good dip by uh we uh, we just had Sean Fain on we've we've been talking um, uh, all day about where some of this inflation is really. uh, you know what's the root cause for a lot of it and some of it is still labor at the Centers For American Progress I'm just wondering what you think of the the summer of strikes that we're in right now. Shouldn't Are these going to be the low numbers we're seeing now once some of this filters through some of the the wage increasing wages that we're saying the UAW is asking for either 40 or 36 percent and and is that a good thing? Used cars and trucks coming down. So in some good disc inflation there, we've some medical care services coming down like the stock market Transportation up a lot and shelter quite a bit for a sake of comparison.

Last uh year at this time we were at an 8.3 annual inflation rate. Um, and we this is what I'm looking at over here these year-over-year results like chicken and eggs and used cars actually come down in July Um, but I do think that it's important that we, um, you know, keep watching the unemployment numbers as well. We're seeing steady and healthy and sustainable growth. um in jobs.

but uh, you know we'll Also, you know we think that the FED should proceed with caution as it considers future uh rate hikes to make sure they aren't boring. You know? um I'll Jazz it up for you and we'll every so often come back. Hey, right back to where we started right back to 446. The initial thrust downward makes sense I think it was the uh, we'll call it like sticker shock of the fact that it's coming in higher and now as the Market's digesting some of the sub-sector reports, especially seeing in medical services, a little disinflation there.

So maybe some people are finding optimism in um, what they perceive to be sticky inflation so we'll come back to it. We're going to monitor it, but right now, yes, there was a big push to the downside and quickly we bounce right back to where we started, which is interesting: I guess before I get into all this I don't want to give away my super secret thoughts and opinions quite yet before I ask you guys all this bullish or bearish on the day I want to know where you guys are at I feel like commonly I forget to ask you before the Market opens before we get the inflation report. Any of that good jazz. So I I need to ask you now, are you bullish or are you bearish on the day and I'm going to memorize everyone's response and every single person who's wrong.

You're going to get a strongly Written Letter From Me a strong like I'm memorizing everyone's response at this exact moment in time. And if you're wrong, Problems, Problems, problems, problems, All right. Well, I'm just locking these in. click click click click click click click click click click click, locked it in, locked it in lock, locking them in, locking them.

All in all right, I know what everyone's saying I know where everyone's at. Actually, you guys are pretty 50 50 right now, which is interesting. No, now it's going a little bit more bullish. Oh interestante, we have some positive Peats in here today.

Interesting stock futures. Ninja lures Wall Street awaits key consumer inflation data I'm assuming they have had to update this now S P 500 futures are a little change as Wall Street awaits keep. Well, they should update that for us anyway. The numbers are officially and they were expecting three six.

We clocked in at three seven. Uh, if you look at the CPI month over month 0.6.6 expectation. The hot aspect of it was core CPI Taking out food and energy and it looks like it actually was because of shelter that we came in a little bit hot. a little bit hot.

self-core inflation to bolster case against more fed tightening I Don't have too much to say about this I Just thought it was funny that Bloomberg a pretty well respected Financial Media Company among many other things, use softcore. In fact, you could argue that it was literally the first two words of their headline. I thought it was funny am I immature of course I'm immature I'm basically a like high school kid in an adult male body I thought it was funny I I Don't know. Maybe maybe you don't find it because it's 8 40 in the morning.

but just pick. Imagine if I pitched this to you at lunch. imagine if we were there doing our corporate nine to five working in our human Hive like those cubicle BS things and I like popped my head over and I'm like yo check out this article. Soft Core inflation.

You'd be like that's funny. So I get that. Maybe it's not the appropriate time of the day for you to really appreciate this joke, but it's a good joke nonetheless. Uh, it's It's still very much a good joke nonetheless.

So maybe I'll pitch it to you guys a little bit later. Maybe I'll tweet it out around lunchtime. maybe 12 30, 1 p.m I'll be like go softcore inflation. A bolster case against more Fed tightening, People like funny.

A monthly report on U.S Consumer prices due Wednesday is set to show a third month of subdued core inflation. adding to the case against more. Federal Reserve Interest rate increases according to Bloomberg economics. Well, guess who was wrong Bloomberg Economics because the core inflation actually was a little hot and part of that core was what's going on in shelter mortgage demand stalls at a level not seen since 1996..

what a great year! 1996 I Was in the middle of my terrible twos. um, running around after my second trip around the Sun and I I Remember it fondly. My terrible twos, They were more terrible because of mortgage demand I Remember exactly what was going on in 1996 and I Don't want to rehash history that is fresh in all of our minds, but hey, 1996, not the best year apparently for the world of Real Estate The average contract interest rate for a 30-year fixed rate mortgages with confirming loan balances of 726 000 increased to 7.27 from 7.21 Who's buying right now? I mean very honestly, the the mortgage alone. like you're buying a lot less house for the same amount of money.

demand for refinance is dropped five percent for the week and was 31 lower than the same same week one year ago. So they always like to compare the exact same week to a different year. and well, of course it's dropping because who wants to lock in at these rates? That's Sky High applications for mortgages to purchase a home Rose one percent week to week, but were 27 lower than the same week one year ago. Actually, on that note, and on this report, where's Fed rates right here? Right here? Right here.

Right here. Now, what are we looking at for? September Uh, so they're staying pretty steady at 93 unless this is just taking a second to upload. but yesterday? uh, in the update video, it was a 93 chance of no rate change in the September meeting. but I don't think we were really gonna get one there.

I Think it comes to the November meeting which is now 45 that we do get some form? well, technically 48 in total that we get some form of a rate hike. So does it look like we are getting another 25 bips on the Wednesday September 20th meeting, but on the Wednesday November 1st. Meaning well, there's now about a 50 50 shot that we get some form of a rate hike. So uh, we're seeing the numbers a little bit later.

not the most. Uh, I guess not. Well, actually, how can we think about this I just want to make sure we're saying this right. I Guess that's the proper way to say it.

So the next meeting, the next Fomc meeting where they decide to what to do with the rate hike, it looks like nothing's going to be happening. There looks like we're holding steady. but the one after that, which is going to be the second to the last one of the year looks like there's about a 50 50 shot of some sort of rate hike. And obviously the update here of the fact that we have a little bit of hotness, a little bit of inflation that's not going the direction we want to see going in the core CPI Uh, most likely in the world of shelter.

Not that that's not going to make the market the most happy. But speaking of the market, we're checking back in. So right away we dropped, we came back. actually went a little bit green above that Spike and now it's getting rejected.

So I guess as it recovered right to that High people were just starting to knock it back down. Obviously, we're going to keep checking in on that now. I Know a lot of you may become here to see my degenerate trades, to hear my thoughts and opinions on the market, which always blows my mind. but let's be honest, most of you come to my show to understand what's going on in the world of luxury cruises and boy oh boy do I have a big update for you.

uh I Get it I Get it I Get it. I get it. Maybe some of you are like hey I like when Matt talks about RuneScape others of you are like I like we need to generally trade some of you like when I give you Piper updates but let's be honest with each other. Let's be honest that most of my audience is here for insights into the world of luxury cruises and I'm not gonna I'm not gonna hide from that audience I understand why you guys come to me and I'm gonna give you exactly what you come to this free show for the major luxury Cruise News of the day is the fact that there's a ship full of Australians stuck in the Greenland Arctic Danish Naval Vessels only expected to reach the scene on Friday Greenland Concerned at Rising number of remote rescues needed a luxury cruise ship carrying 206 passengers primarily Australians from the Down Under has run aground in a remote north eastern Greenland with the closest vessel available to help with rescue efforts only expected to reach the scene on Friday.

So just to show you on the map where they're at, they ran aground right here. When they were saying Northeast I was thinking they were like really up close to the North Pole hanging out with Santa Claus and whatnot and the yeti monster. but apparently they're just calling it the Northeast and I'm assuming it's so cold like super super cold. but I just want to give you a better idea of where they're actually at.

So anyway, where are we? Where are we? the Ocean Explorer became stuck about noon on Monday in Alpha Ford out out before Alpha forward Al bajord Alpha Jordan there's no way we are. Oops, hang on I need to turn this off. Let's see how we say these Greenland words Um, well, they're not going to give me the pronunciation all right? So I guess it's just gonna be pronounced. however I decide to pronounce it anyway.

Roughly 870 miles Northeast of Greenland's capital, the ship's Captain initially waited for a high tide at midnight to try to float clear. Jensen said by telephone, but the mud, a mix of sediment, sand, and silt left by a nearby Glacier is creating a strong suction that's holding the vessel in place. The ship waited for the next high tide, which was around noon on Tuesday, but the attempt was also unsuccessful. Our main priorities the safety of 206 persons on board, were in the National Park Northeast grilling.

There's no population. Luckily, it's calm and we have time on our side as there's no intimate threat of a storm. All passengers, the Expedition team and crew on board are safe and well, importantly, there is no immediate danger to themselves The Vessel or the surrounding environment. So basically, it sounds like they're just a little bit stuck.

but they're not worried about a storm. no one's hurt, no one's in danger. That's a good thing. It sounds like they literally just have to wait to get towed out or something along those lines.

So that's the major news coming out of the cruise industry. And I just want you guys to know what is happening because that that's Let's be honest, that's how I got my following. Everyone's like, hey, we need daily updates of not just the cruise industry, but someone who's gonna peel back the mystery surrounding luxury cruises. And I am that guy I'm not going to shy away from it.

There's a lot of content creators who would shy away from talking about luxury cruises. Not this guy. I'm gonna tell you the unadulterated truth of the situation now. I Guess back to other updates that maybe some of you care about.

Well, it turns out that Biden is I Don't know. In a little bit of an awkward position, House: Speaker Kevin McCarthy announces a formal impeachment inquiry into. President Biden That's why today I am directing our house committee to open a formal impeachment inquiry into. President Joe Biden This logical Next Step will give our committees the full power to gather all the facts and answers for the American public.

It's exactly what we want to know. The answers I Believe the President would want to answer these questions and allegations as well. That's why today. I Think it's fair I mean I Think a lot of people maybe the word impeachment gets lost on them of what it is, What it isn't impeachment doesn't mean you're actually getting kicked out.

I mean just like formal charges are brought against you and I don't know I guess I'm always generically of the mindset that transparency is one of the like. Light is one of the best disinfectants. Transparency is one of the best disinfectants. And I am not saying that on the right leaning side of the aisle that they're getting away scot-free and they're perfect and nothing ever happened to them.

No. I Think all politicians do messed up things and in this particular case, we happen to be talking about a president. And in this particular case we happen to be talking about the Democratic president. But also I think there's enough things that are a little bit suspect of like what's going on with him and his son and the laptops and the emails and the whatsapps and the exchanges and the business dealings and what's going on in you.

I think there's enough of reasonable question out there that the general public deserves some answers and I am in no way sitting here using my platform to tell you without a doubt he is a guilty individual. I Just think there's enough of reasonable base questions that maybe the voting public deserves a couple more answers. I think that's reasonable and honestly I would have probably said that about Trump and what's going on with his business dealings and his family. I I think it's just fair across the board to have a bit more transparency.

so I'm not trying to pick on the current president I would kind of just blanketly say that for a lot of the recent ones in all reality, so just want to let you know what's going on There body and impeachment inquiry gives White House a fight. it's ready for the White House Last year began hiring on a team to rebuff anticipated Congressional inquiries into the President and his son Hunter when the Republican party retook control of the house after the midterms. House Republicans have yet to bring evidence of Biden profiting off his son's business dealings or that the President committed any other high crimes or misdemeanors. McCarthy has under intense pressure from some far-right members to move forward with impeachment even as others warn, it's too early.

So that's a whole nother thing. Whether you did something wrong, it's a completely different thing if you could actually prove it. And that's when it comes to the legal system. and like just the whole very long, long process they have to properly follow if they want to make any.

Headway So I'm no legal expert I'm no political expert. Maybe it's the right time. Maybe it's not the right time. Maybe it's all just media headlines and there's no me to it.

Or maybe on the other side, there is actually something seriously nefarious going on. and maybe we do deserve answers. I Just I Don't understand when people are just seeking information of like how all of a sudden like you're just the bad person for asking the question whether I see it specifically in the world of politics over here like hey, we just want to know what's going on with your son and the money he has. He has literally no experience in the world of energy and now he's getting paid 80 000 a month to be on the like Board of energy companies in the Eastern block.

like that doesn't really make sense so whatever, maybe nothing is going on but I Also don't understand why we can't ask those questions I think that's just a reasonable thing and I think this is really just an aspect of Being Human because we see it in politics, but you see it in the stock market If you ask a singular question about AMC you're a shill and you work for Ken Griffin like I don't know why people are just against other people just trying to get information. Um so I don't know I think the more information out there, the more uh, transparency we have to getting that information across the board. Politics The market. everything in between I think it's just generally a net positive thing Elon Musk's ex sued this non-profit after exposed hate speech and its new research shows has literally changed.

So right now Elon he's always in the news, always, always always in the news. Uh, but it seems like recently he's like, really even ratcheted that up. so he's fighting with the Anti-Defamation League and going back and forth and nurturing them and nursing them blah blah blah blah blah. It keeps on going.

The Center for Countering Digital Hate released new research that says X fails to remove posts that contain hate speech despite being notified that the content violates the company's current hateful conduct guidelines. So I understand a company having terms of service and hateful conduct guidelines. but this concept of hate speech I don't get that. I Don't think there's a a solid understanding or solidly agreed upon form of speech that is hate speech.

So whenever they throw that out there like, especially as like it's a key point I Always get a little confused because I'm like, what do they mean Posts that contain hate speech? What? Like exactly what is hate speech because it feels like it's a lot more like subjective than objective and that doesn't seem like a good thing to be making laws around or any form of rules or regulation around because once it comes into subjectivity instead of objectivity at like, the line can be moved for every single person. The Ccdh report comes a little after one month after exit the Non-profit over allegations that some of the groups previous research was derived from unscrupulous methods including the use of illegally scraped Twitter data. CDD Ccdh they need to work on that acronym CEO says that must have lost to against the Ccdh is intended to quell any criticism by essentially saying that the research is tortuous interference. Uh, once again, more legalese.

I Hope there's a lawyer in here that can maybe explain what that actually means Beyond Just looking up the definition of the word, the actual legal implications of it. I Have no idea I'm I'm very much obviously not a legal expert U.S Senator: Warren calls to investigate Elon Musk While serving 10 years in Congress with an annual salary of 193 000, she has managed to increase her net worth to 73 million. There's something particularly interesting to me about certain politicians such as Elizabeth Warren and Bernie Sanders. Those are the first two that come to mind who are particularly seemingly their Vibe and like, hey, if you want to fact check me and not say like, don't use that exact whatever their Vibe is the fact that they seem to not be really supportive of capitalism uh, much more In the world of socialism of like hey, one person shouldn't like succeed so greatly, we should kind of distribute and we should all be like exactly equal in every aspect of life.

That's their Vibe Maybe I'm a little right, maybe I'm a little wrong. but like overall I think I'm in the right League To say that type of the thing about Elizabeth Warren and Bernie Sanders isn't it weird how much money they make and how much money they're worth for them to say that to be like no, no, no, you shouldn't like We literally just have rich people fighting with other rich people in this world. If you make if you're worth 73 million, you're not in the top one percent, you're in the top like point Zero Zero one percent and then for her to fight against the other point zero zero zero one percent Me: sorry I was playing with Piper a little bit too much this morning I Just I Like to hang out with her and play with her before my like the medicine kicks in because she's she's just always jacked up in the morning and she always needs to link full play mode. and I don't have the self-discipline to not play with her so I play with her and then it makes me sneeze.

So anyway, uh who knows maybe I'm just allergic to this type of of when you have someone cosplaying as like the Robin Hood figure of like no no no no we're gonna like take on all these rich people who are doing horrible, like awful awful things and she's worth 73 million. same thing with how much is Bernie Sanders worth? um he is worth open Secrets uh uh with it. no he's worth more in that was half a million in 2018. how much is he worth now? Um, does anyone know or realize a reliable source to know? Bernie Sanders net worth.

This is saying three million for some reason I had it in my head that he was worth 8 million. Uh, net, but three once again, most people in this entire world are not worth 3 million. I Still think that's underestimated because he has had some books and people point out how he has all these beautiful States and um like various residencies. No, he's not a billionaire.

Um, but once again, multi-millionaire same as Elizabeth Warren and whatever. I I'm a capitalist through and through. Do I think capitalism is perfect? No. I think it could lead to some bad aspects, but I think as a whole, it's the best economic system we have going in the entire world.

I'm not saying it's perfect I just think it's the best, one of the major popular options. So then when you have people continually campaigning against it and yet they're a massive beneficiary of it, that that just I don't know I find it a little bit confusing. Uh, this is the most thrilling roller coaster ride. Elon Musk has an infection for things that are thrilling and dramatic.

If things are calm, he wants to Stir It Up So Walter Isaacson He's an author and he just did a biography on Elon Musk A lot of people. it just came out I haven't read it I haven't heard it but I heard it's pretty good. So anyway, I guess we're just getting all the Elon Musk news out of the way early today because there is apparently a lot of it. Gorilla Champ says hi Matt Gorilla Champ what's up Duty I Hope you're having a good one.

Is this the hardest one? the most complicated Once again. this is all about the biography and stuff that we were following along the way, but you had the backstory on all of it. Yeah, this is the most thrilling and that's why it's like roller coaster rides. and uh, it's thrilling.

And Elon Musk has an affection for things that are thrilling and dramatic. If things are calm, he wants to Stir It Up So This is a dramatic thrilling me I don't have quite as much affection for things that are totally wild and thrilling. you know some days where I was kind of white knuckled and saying gee I hope this calms down, but it doesn't It's a Wonderful rollicking tale. He seems throughout the book to have this awareness of him sometimes being His Own Worst Enemy you think he's oh I mean look, have any of you read the book yet horrible at times include and what? he does my own curiosity and is it a worthwhile read: Christmas Eve he's with the frolicking tale exactly see that's actually the name of today's show a Frolicking the thing you most you know ashamed of or problem you had this year and he said I just keep shooting myself I shoot myself in the foot hi Christmasy So good I think Eric Richards you must be a speed reader because then it literally just come out Yeah, what do you think he does? Have regrets about that? The one he wrote on Steve Jobs is awesome.

Oh he's well respected as like a top-tier biographer like a lot of people like this guy. Walter Isaac said when he gets into a dark late night Ambien and Red Bull dark mode and he will shoot off tweets uh name a better Duo Beyond Ambien and Red Bull Those are the two things I Always find myself mixing in the middle of the night I'll get up like a little Grog guide it's midnight I'll pop an Ambien crush a couple Red Bulls and just fire off tweets at three in the morning and then realize he shouldn't have done some Paul Pelosi retweet or whatever. And yes, he has regrets. but there are times when he doesn't have regrets when he's in Demon mode or when he is pushing really hard.

You don't think there's things stronger than original. Uh, I'm sure and no. and he said that he uses prescription drugs for all the mood swings he has and there's hallucinogen. Uh, I don't I've never heard.

Isn't there something about him on ketamine? I'm not saying there's anything wrong with that one, but you know a lot of these drugs people write about Joe has to. He's like I'm not saying there's anything wrong about it. he's like I just want to know what he's on because I want to mimic it I love Joe's like Joe has actually been really cracking me up lately like over the past couple months I think Joe For whatever reason, he's like, you know what? I'm just gonna say like what I really want to say his little side comments right here. Has he been on anything else? Uh I don't I've never heard or seen him use I'm not saying there's anything wrong with that one I'm not saying there's anything wrong with it.

Is he on anything else? A little bit of a little bit of snow? what's our boy Eli doing these days I'm not saying there's anything wrong with it like dude Joe this is a morning Finance show. uh Joe Some of his comments. what was some. He had some wild comments about paintings and what was it like a hunter-biting painting and people bidding like dude Joe pops off sometimes.

but you know a lot of these drugs people write about ketamine and others are prescription drugs LSD wait kind of means a prescription drug for horses. Maybe for humans. Ketamine? It's a prescription drug and they're like yeah, for the wrong species. mind expanding.

it's psilocybin bass I know you're the expert on recreational drugs I I'm not I went to the University of Colorado in the 70s. Really? Yes, that's all I'm going to say I think if you remember the show, calm down Brothers Walter congratulations and y'all thank all of y'all because I've been a couple year ride and you've been I've been here a lot of stable thank you uh Joe you know I think Joe's the Dark Horse anchor. That's like really been cracking me up so we we should be tuning in to him a little bit more. just as little side comments.

they really get me going anyway. Last one on Elon Musk for the day I promise you. Um so I Met him in 2010 and it took me four years before we began to invest. Speaking of hallucinogens, Ron Baron Baron Capital Chairman and CEO times on our investment there Do you think there's another person on this life or in this life who absorbs the life of infant children? Like if someone? I'm not saying that this happens, but if I told you definitively that there is some sort of monstrous creature out there who can absorb the Life Force to once again become young.

kind of almost like what we've seen in movies or shows. Ron Baron would be the front runner for it. right? Like the guy who's just like he has to absorb someone else's life. I I just I saw this and I was like oh that's a guy that like if there were some sort of like almost like super power and just that type of a thing.

Ron Baron for sure. and then in SpaceX we've been investing in that since 2017 and we're one of those. maybe he's just an AI system that escaped like they put in AI system into like a human suit. It cost us 700 million 400 million dollars if that is me.

uh on space on Tesla uh we have uh 17 half million shares. Four and a half million shares is me? um the uh. So we've been investor for a long time so I obviously believe and initially when we invested it was making me crazy. Well if he's allowed to believe, why can't AMC people believe I as much as I stop using ketamine as a battlefield anesthetic during the Vietnam war because patients proof be wrong and what I thought was shout out Jason what the point that um Walter made yesterday was that untethered.

These things can happen and if he was conventional, it would have never happened. So he's the guy who got us electric cars. He's the guy who got us to space. uh if it was definitely unconventional Saturday Night Live and they said hey dude, you know, do you think I'm a normal person I got you electric cars and they're going to take you to Mars uh seriously, am I going to be normal and uh, and he's a very funny, engaging, smart, incredibly hard-working person, incredibly hard working person and uh, I didn't remember so one one story when I went to a dinner her in East Hampton about two three weeks ago when David Rubinstein was interviewing Walter and they sat me at the table with Walter right next to the stage and then David interviewed him and then they mentioned me three or four times in that and then afterwards he said you know Ron the guy knows more than anyone else here about him.

why don't you say something and I said I can't say something this is your show and this is you're I'm not part of that and uh, but you're here now so what would you say? Well one one fast story is I Agree with Walter he has to be you know, untethered. And in addition to that, when he was a child, he talked about all the problems he had with his dad and he escaped from those. He would go home and he would read the encyclopedia, read the encyclopedia that was his nerd from his mom, his nerds. And what amazes me about him now is every time time you ask me, how do you do that How do you know that? How do you know what these things cost He knows everything you remember.

it's a photographic member, he remembers stuff and so he just. he's focused on cost, trying to drive costs out of everything. Everyone else tries to make as much money as they can. He's focused on his mission long term.

uh, which is to make Planet inhabitable, uh, habitable and then also inhabitable to it I keep Humanity alive. you know? So getting away from Elon for just a moment, we'll come back to him about SpaceX and Tesla. But first of all, I want to congratulate you and your firm for all the things you do for people and making them understand why stocks go up and down every day. You know with all the news manipulation brother, we already know an Invest for the long term.

we already know most money whether it's index funds or on occasion in mutual funds. And to be a little self-promotional that there was an article last week on Bloomberg and the article on Bloomberg 12 talked about how Warren Buffett had made a bet with a group of hedge funds 15 years ago and he said that he thought that net of fees that an investment in an index fund would do better than an investment in a group of hedge funds and have been a million dollars which road to charity. and he won the BET Five years ago and uh, and then Bloomberg was writing about that and then he said oh, by the way, uh in the show, how right Buffett was There's one index which is better and harder to beat than all the others. It's called the QQQ it's a large cap growth index and he said that and they said there's only one mutual fund in the United States In the past five years, 10 years, 15 years has done better than that index.

that's Bear and Partners Fund that's me and just pumping his own mutual fund. I Love it, You gotta Pump It Up What is this? Matt Did you watch the security footage of Bobert getting kicked out of the theater? yet? no Bobert getting kicked out of the theater Kicked out of theater. Hang on, let me see if I can find this. uh uh.

kicked out of theater? There's a video of it. What is this GOP representative Lawrence Ah come on, come on come on dude, she's a little bit crazy GOP Rep Lauren Bober Mystery Man: Ejected from Beetlejuice musical after causing a disturbance. Well, let's see if it ever loads. I Want to see what she did? She was the person who made some sort of offhanded tweet about getting down on your knees and I she was talking about praying but then obviously Twitter got a hold of it and took it a completely different way.

And then she also, just like randomly posts pictures of her. Oh wait, hang on. All right, we're gonna do our investigation. Wild surveillance footage obtained by Nine News captured the shocking moment.

GOP Rep Lauren Bobert was tossed out of a musical over the weekend. The incident occurred after audience members at Beetlejuice the musical complained that Bobert and an unidentified man she was with were being too loud. Foreign was seen seemingly yelling at security guards and reportedly asked, do you know who I am I am on the board and I will be contacting the mayor dude. She went full Karen Mode full Karen Mode I Will be contacting the mayor and theater employees accuse them of vaping, singing, recording and causing a disturbance according to the Denver Post vaping singing recording and causing a disturbance.

Police arrived at the theater and waited in lobby until Bobber and her sidekick left. The 36 year old is Seeking a third term in Congress and expected to face Democratic Challenger Adam Something Whoa whoa whoa whoa whoa whoa whoa whoa No No no no no no no no no no no no no no no. Did you guys see the dude at the end there? That's the real story. Foreign dude.

Why does this website take forever to load everything? Uh, if you want to understand too, they're going to play another ad. All right. Screw it. But the guy taking a picture with her at the end looked crazy.

so feel free to rewind this stream. And like at the very end of that video, look at the guy taking the picture with her. It was pretty intense to say the least. But anyway, um, she's a seemingly a little bit of a crazy person.

Maybe you like her? Maybe you don't Uh, good rule for life. I Would argue is if you after ever have to say do you know who I am you're probably not important enough to be saying that good rule of life is if you are at the level for people to know who you are, they already know who you are like you bringing up. Do you know who I am Generally that means you're already at like a level below where you need to be to be the person who's saying it like inherently it's kind of like a catch-22 if you're at the level where it's reasonable for you to say that people already know who you are. if you're not at a level where they already know who you are.

and you're saying that you kind of just look like a jackass. Speaking of looking like a jackass and help Protect Americans Look at that transition. Look at that transition dude literally using an improv video that someone just sent here to perfectly transition into talking about our board. Gary Gensler That's why you guys come here just Flawless Transitions from the crypto abuses that cost consumers billions.

Um, if they were to live up to the investor protection built into their current laws, it would help investors. But right now, unfortunately, there's a significant non-compliance and it's a field which is Rife with fraud abuse around you and, uh, misconduct and help protect Americans from the crypto abuses that cost consumers billions. Um, if they were to live up to the investor protection built into their current laws, it would help investors. But right now, unfortunately, there's significant non-compliance and it's right there.

Significant non-compliance I Feel like there's significant non-compliance because the SEC isn't doing anything with the crypto industry. If anything, they're just completely trying to destroy it. So they're They're saying as if like we have all these rules come in and we'll get you on board. We'll like cross all the T's dot all the eyes you're gonna be A-Okay and it just doesn't exist.

And then so they're making a system where there could be no compliance. and then they go and complain that none of them are following rules. you made the rules that no one can follow like I just. it's such like a backwards argument that Gary Gensler currently has going on against Crypto.

I I Just don't get it. And honestly it is leading to bigger other issues because so many of these companies that are probably trying to run a legitimate, reasonable crypto company, they end up going offshores because they don't want to deal with Kenzler. so then we don't have them under U.S regulations. So that's how you get Other scenarios such as FTX I Truly believe FTX is very much like the downfall of it.

the blow up, the scam. A lot of the blame I believe goes directly to Gary Ganser He met multiple times with Sam Bakeman freed and they he just didn't do anything like how? how did the chairman of the SEC not know what was going on and publicly talk about it and it literally led to like arguably one of the largest financial crimes that our world has ever seen. And Gensler was meeting with the dude That's insane. Another big big big blow up in the world of crypto.

A while ago there's a Netflix documentary I Just want to give an update. This was in the update video last night. co-founder of four billion dollar crypto fraud scheme gets 20 years in prison Crypto Queen Partner remains at large. She is in the top 10 most Wanted on the FBI list.

The massive pyramid scheme amassed more than 4 billion from millions of victims worldwide according to the Doj. So Carl Greenwood he's going to be gone for two decades. but then his partner. The Crypto Queen is currently uh, on the land as they would say on the lamp just in binance U.S CEO Design So a little bit of just what's going on in the world of crypto.

We have someone on the lamb, another person resigning, we have genzer popping off saying ridiculous and does anyone even like Gensler anymore? I Guess that was like the major question I wanted to get to with all of you is is there a single person out there who's like oh yeah, Cancer's doing a good job I just I at a certain point I thought people. some were kind of supportive, others weren't like okay, like who's he hitching his political wagon to and maybe some of those supporters. but even that like I I don't think anyone's on his side like at all. Uh, you think AAA at AMC should have resigned? Without a doubt, 100 percent.

Also, this week, big. IPOs So the Arm IPO Arm is the semiconductor play. think of the world of Nvidia AMD Intel that type of a thing. They make the processing chips so Arm is another one from.

Europe Uh IPO Coming out should be priced today. should be trading tomorrow. Going to be interesting to watch. I'm not the biggest fan of trading or investing in IPOs The last one I did it was coin got completely burned.

The only other one that I would ever consider getting in on the IPO is Starlink just because I think the company that provides the internet to the entire world is probably going to be a pretty successful company. Other than that, I'm going to watch it I'm gonna cover it I Want to know what's going on with it, but I'm personally not going to be playing a part in it just because I think it's a little bit too volatile and I don't think there's much of a trading or investing Edge Yeah, that's because you have the word semiconductor chip and artificial intelligence and those two together tend to grab headlines no matter what. The contacts in Arms IPO is no different, but the AI hype this time around may not be warranted for this upcoming. IPO Why is this? Well, think first of Arm as a coding blueprint in which companies like Nvidia Electronics Arts or Apple used to design their own chips.

The Arm architecture is so popular it Powers 99 of global smartphones. it was a stat in the prospectus, which is why everybody uses it and at least 70 percent of the world's population interacts with electronics built on Arms architecture. It collects revenue on chip design, charges a blueprint fee, and then an extra royalty fee on device selling prices. So it's a great achievement for one company to have such penetration.

But where is future growth given its already high levels of penetration in a handset market for example that is very cyclical and exposed to Long replacement? Cycles Well, Arm says specialize in coding for essential processing units as well and not those sought after AI graphic processing units Gpus that we talk about all the time, so Arm even calls Gpus. it's complementary business in its effect is that you're seeing right now this quote on your screen make it more difficult to capitalize on that AI hype because it focuses on the CPUs and not necessarily the Gpus. Other risks to also include about a quarter of its total revenues actually come from Armed China which operates in a black box as an independent entity. Secondly, it derives over 50 percent of total revenues from only five customers and thirty percent of its accounts receivable comes from One customer only.

So that means a lot of concentration risk. There's a lot of big anchor investors from Nvidia to Taiwan semi subscribe to this IPO but for retail investors watching right now, it's good to consider the pros and cons before getting in. tomorrow. You heard it here.

First, you should be considering the high levels of penetration before a potential investment or trade. Arm is set for U.S IPO Pricing in Test 2 AI Hype: China Risk IPO Rebound can ride on unexpected biggest listing of the Year Arms debut might deliver Much needed win for Softbank's Sun So this is probably going to be the Talk of the Town tomorrow. It is kind of good to understand the sector it's in, the numbers related to the company. Maybe this is going to be the start of a little bit of a hotter IPO season before we watch this.

I Do want to let you know that right here: Birkenstock files for an IPO to further boost its U.S market. A couple days ago, we know Instacart is now filing for an RPO So if for whatever reason, a lot of these big wigs are looking at the current landscape and they're saying hey, this is the time for us to make our illustrious public debut And Birkenstock's doing Instacart is doing it. Arms doing it Arm is going to be the one that's really coming up tomorrow. Going to be priced in the realm of 47 to 51 and once again, we're going to probably see it higher.

That's just seemingly how these go. Obviously, if you're not an accredited investor, we end up getting like the last little morsels of meat on the bone. Uh, we're probably not going to get any in anywhere close to that value, so it's not necessary. Really unusual to close the order book early.

But what this is? really? tell us about them. It's over subscribed. Very popular, 10x over subscribed. so it's right now 10 times and the orders are still coming, so it takes a bit of time to actually kind of like gather all the information and for them to actually allocate.

and also like closing it early is really just telling the investors hey, get your act together, Send in the the order before is too late. There's been so much back and forth when it comes to pricing, do we know the latest on how they're leaning? So right now we're still not exactly sure. There's still a lot of moving parts to it. The orders have still to come in right now is 10 times subscribed, but then so it's very likely that it's going to prize at the top end of the range or even move above the range.

Um, so there are earlier discussions about moving the range all together shifted upwards, but at the moment it's still kind of in consideration depending on like how things close like today and um and also like right now Nvidia which is like a benchmark some people are kind of benchmarking arm against has actually Fallen by seven percent over the last few sessions as to what to prize and where to price it and to see whether it's going to boil for the aftermarket. And yeah, I mean I was gonna say I mean we have seen that anxiety in the markets right now. Is this a good time to come to Market There is no to penetrate the market I'm at the end of the day. It really boils down to the pricing, right? Um, and at the moment, it's still strong.

So like, do people actually really care about? Like whether they're going to lose on like, several dollars on a share because after all, SoftBank is only selling 10 percent of um of arm. so if the optimal only 10 of them and then the High Tide Rises on boats. Essentially so the 90 that SoftBank still holds is going to worth a lot more. Definitely one of the Unicorn plays for SoftBank and it kind of needs some to offset some of the huge huge mess-ups such as wework.

Now bringing it back to today, specifically: where are we at in pre-market Uh, we're actually right back. literally at where we started. So if we were rewind to 8 30s for those of you tuning in right now, first of all, obviously demerit, you're late to class. The class started at 8 20 this morning at 8 30.

we got the inflation report. The CPI report came in a little hot. Obviously the market reacted in a bearish, um, like an expected bearish impulse To the downside. then we pop back up, came down higher, low, higher high, and now we're basically just literally at that exact value.

So 446. Interesting, interesting, interesting, interesting. Well, we obviously have about seven minutes to go to see how this really ends up playing out. but I Just want to let you know.

that's why the market went so wild. And specifically to the downside is inflation came been a little bit hotter, a little bit higher than expected with respect to today Wednesday September 13th Historically the Bulls have won this day 61 of the time, but when the Bears win, they win with greater magnitude so the profit factor is below one. So I would say the bias is slightly leaning bearish, but if in reality it's a little bit closer to neutral. So in terms of seasonality, I don't think there's anything too special really that I want to know about today.

like I'm not going to be betting on seasonally because the numbers are just not impressive in One Direction or the either the numbers that I actually find impressive. Uh, we're about to find out if I make the right call because in the update video yesterday I was explaining how out of the last 10 CPI readings there is a tradable edge between Market close and Market open the next day. Nine out of ten, the market has opened up higher than where we closed. Obviously, we closed at 4 45.99 and right now we're above that.

so we might be continuing with this trend. Obviously, some of these days the magnitude is far greater this one, judging on where we are in the day and we only have six minutes to go, looks like the magnitude will be close, but technically the trend will be right if we open up above 446. And hey, it's right. Obviously to a little bit of a degree.

but I Want to see if this trend is going to continue? If you want to know what I'm like specifically talking about with that prediction, make sure you watch that update video from yesterday. Speaking of predictions: September 12th A spy call Credit spread September 12th a queue calls credit spread So these are both zero DTE Signal trade outs If you like them, take them. If you don't like them, do the opposite. If you don't care, you don't care.

But thus far this week, this zero DTE strategy that it's not perfect. but I'm definitely refining it I'm getting it to where I like it before I can throw like serious money behind it. Um, thus far this week There's been four call outs. thus far.

this week it is four for four hasn't missed one yet. Um, so obviously I'm liking to see those numbers, but obviously there are always improvements that could be made if you want to trade this zero DT strategy. or if you just want to learn about it or just even track it. Whatever.

do whatever you want with the information. Um. I'll be posting in Locals Macross.locals.com if the signal produces itself today. once again, I will be posting it there just so everyone knows.

Uh, we already went over the season alley. which means the final thing is the five things to know before the stock market Bell goes dingy ding ding ding today Tech Fizzle. Actually, let's do a quick rundown of some of these major: Tech plays Apple Red Day didn't get this upside Gap though little green and pre-market right now, but nothing too crazy Microsoft Important trendline breakdown: Recently there was a breakdown. bounced right back up but could not hold Tesla actually looking pretty good I Like the fact that it's a hanging out above 259 I'm gonna be looking for this upside Gap filter to 289.50 Nvidia A little bit of weakness, but if you zoom out on any decent time frame, you'll see that Nvidia Overall is still crushing it.

but there's a downside Gap though to just below 436 currently trading at 446. Netflix Ran up into this resistance, fake out breakout, getting smacked right now. Meta sold off a little bit of a bounce once again ran into this recent high and now I'm just acting as a wall Amazon is actually over performing relative to everything else going on. So a little just quick rundown of all this: Tech Updates new iPhones So yesterday, uh, there was an Apple event and basically they're creating a problem and selling the solution.

So there's going to be a whole new charger that we're all going to have to pay like 30 bucks for time for a boost I Don't care about talking about that BP CEO Um, he's resigned after less than four years in the role meeting in. Russia So we have Putin Here we have oon here and something about like building satellites for them I Don't know. Obviously, the global political landscape is just there's always like an underlying current of tension and obviously these types of meetings are going to continue prompting that type of tension. So that's pretty much a rundown in terms of the Spy I'm looking for the break and hold above basically 449 or breakdown below yesterday's low of 445 40.

uh, if that happens, then I'd be targeting a little closer to 444 on the breakout of 449 I'd then be looking. It looks like we have a little bit of a baby upside Gap fill two. Hang on. Let me switch this to the proper line and coloring a little bit of a baby.

upside Gap fell to 449. Uh, 17. So above 448, we'll call it 60 I'd be looking for that below 445.40 I'd Then be looking for 444. But obviously, as always, let's just calm, cool, collected, wait to see what the market actually gives us I Don't think it's necessarily smart to go into this and be like I'm exclusively going to be bullish I am exclusively going to be bearish because really, what you need to do is wait for the price, action, and wait to see what's going on.

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