This is a Good Thing | Animal Spirits 352

On episode 352 of Animal Spirits, Michael Batnick and Ben Carlson discuss: thoughts on Italy, consumers wall of cash, inflation at the grocery store, real estate agent commissions in trouble, the best airplane movie of all time, thoughts on Dune 2, and much more!

Thanks to YCharts for sponsoring this episode. Check out their 2024 advisor-client survey and get 20% off your initial YCharts Professional subscription when you start your free trial through Animal Spirits (new customers only): https://go.ycharts.com/2024-advisor-client-communication-survey?utm_source=Animal+Spirits

► 00:00 – YCharts Ad Read
► 01:44 – Intro (Ben is Famous in Italy)
► 06:56 – Equity Ownership
► 09:53 – C.R.E.A.M.
► 15:29 – Net Worth Rising
► 16:40 – P/E Multiples
► 18:10 – Market Sentiment
► 20:04 – ARKK Underperformance
► 22:12 – Inflation
► 31:43 – Grocery and Dining Out Spending
► 34:51 – Rental Car Deflation
► 36:17 – Recessions
► 39:56 – Bitcoin
► 45:32 – Real Estate
► 50:14 – Housing Supply
► 52:19 – Location Patterns by Generation
► 54:42 – Pessimism
► 56:53 – Home Theater vs Movie Theater
► 57:20 – Mike’s Trillion Dollar Idea
► 58:44 – Recommendations

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Investing involves the risk of loss. This podcast is for informational purposes only and should not be relied upon for investment decisions and is not a solicitation or recommendation to buy or sell any securities. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See additional disclosures: https://www.ritholtzwealth.com/podcast-youtube-disclosures. “Likes” or other comments are not intended to be endorsements of Ritholtz Wealth Management, or their employees and are not compensated.

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Today’s Animal Spirits is brought to you by white charts who just released not who just why charts just released their latest advisor communication survey and the findings are astonishing Ben if you had to guess what percentage of respondents do you think considered switching Financial advis last year greater than

Half no you cheated oh 50% 75% at least according to this survey uh either switched or contemplated switching advisors last year it’s obviously not 75% switched because we know the the numbers aren’t that high but still that’s a that’s a huge jump from the 48% recorded in whiteart 2023 sery that’s interesting

48% I was close for 2023 48% up to 20 up to 75% hm anyway this obviously begs a question well how do I better communicate with my advisers I’m sorry my clients so they don’t consider leaving white charts boom that’s theend I walked right into that one how does white charts help us

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The show notes to learn more welcome to animal spirits of Michael AB bed I I woke up this morning to two videos from Ben doing uh International speaker Ben’s in Milan Italy and there’s 5,000 people in the audience it looks like it look you really do look like a

Presidential candidate Ben’s name is on a gigantic screen like an IMAX size screen you walk out to the audience you’ve got your sharp looking suit you give a wave I mean you really look you look like a million bucks so how’s the experience been the pageantry of the

Conference is I think the most impressive thing that they they really know how to do it up in Italy so it was 5,000 people by far the biggest number people ever spoken to but let’s just remind people that you’re actually you’re in Italy right now I’m in Italy

Yes I’m in Milan right now the speech is in turn Italy just north of here follow the elps all the way up and the the pageantry they had music so they had a band playing and then the the band stage literally turned around and then a giant

Scream came out like it was like three iMac screens there’s lights everywhere they really take this stuff like the production value was unlike anything I’ve ever seen and uh I also had to have my speech translated into Italian so I’ve got earpieces in and someone’s

Speaking over me and so it was it was quite an experience but uh Italian people are so nice they are I did the speech for the same bank 9 years ago and a lot of people were still there that was there for the original speech I

Think it was right when I joined rol’s wealth and uh so I got to see some old friendly faces so it was uh a really cool experience I told John before we started I want to say bonjourno to people it’s like one of the coolest

Greetings there is and I can’t do it you know it’s like your spring break friends in Mexico and they say gracias to someone and it just doesn’t sound right I can’t I can’t bring myself to say it but it’s a really cool reading and it

Felt like I was left on the outside so I have some pretty I have some Italy thoughts here I started I dotted a little of few not wait is this is are these is this comedy do I need to be prepared to laugh or not necessarily well not it’s it’s more Finance related

Stuff stuff related to kind of the stuff that we’ve so I’m in Milan right now and it’s easily one of the coolest cities I’ve ever been to like an I sent you a picture of this crazy Gothic old church Duo that has probably been there since the 1500s or something but it’s also

These outdoor restaurants and shops and it’s you know it’s it’s gorgeous but I talked to some young people who said it’s basically impossible for young people to live there anymore because the rent’s too high and inflation is too high and so they’re having to move like

An hour away to be out of this so it’s it’s kind of like the US where young people can’t afford the big cities anymore thought that was interesting we have some data on that later in the show little Tuesday right there the you know how I always talk

About how gas prices are one of the most important consumer prices because the just because the numbers are so big so I had to drive from Milan on to Turnin which is an hour and a half and the thing I noticed on the way was the

Gas prices on the signs are much smaller here and I wonder if that’s why they’re not as up in arms because their gas prices are probably double what ours are so they they’re by the leader and it’s double the price half but half half the

Size but it’s it’s like $8 a gallon for gas here but the prices are smaller so maybe it doesn’t matter as much uh here’s something else I’m Blown Away by the fashion from the men here like I feel like I could fit in in Italy based on the fact

Everyone here is fashionable now when I was young this shows like from young people all the way up to like the grandpas are in like just nice fitting jeans and like cool sunglasses and a sweater with a shirt under it and everyone looks like there you know there’s some people that go I

Couldn’t go full Euro there’s some people are way too Euro but I’m uh I love how fashionable everyone is here and it shows how middle-aged I am that I’m appreciating the men’s fashion whereas when I was younger I would have said oh all the women Italy are so

Beautiful but no it’s it’s the men’s fashion that I’m appreciating now uh let’s see okay here here’s the big thing that stood out to me in Italy I haven’t been to Europe in nine years I suppose there’s not one truck here anywhere like an SUV or like a truck truck like an

F-150 or a big Dodge Ram trucks okay every car is compact so there’s some small sportier SUVs but every car here is so tiny in the whole country that I’ve seen uh here’s another thing I can get behind wine at lunch every day I never have wine during the day they they drink

Wine with they have wine with lunch you know they have an espresso then they have a glass of wine then they have a cigarette after lunch right uh I can get behind wine wine at lunch they also they they looked at me like I was an alien because I said I

Don’t drink coffee that was like I smacked them in the face basically because I’m not a coffee guy uh okay one more and then I’m going to get into the finance side of this thing so I in my hotel last and it’s pretty toasty in my

Hotel room and I and I tried to turn the thermostat on and nothing trying to turn the air conditioning on and I walked down to the front desk and I said I think my thermostat’s broken and they’re like oh really what’s wrong I said it’s

Pretty hot in my room I’m trying to turn it down they’re like no we don’t use air conditioning unless it’s the summer open your windows I just love it how the the American thinks I just want to hit a button to solve my problem when they’re like no use

Nature did it help and it helped I opened the big door size windows and they opened and it felt good all right so here’s what I’ve learned about Finance wise from Italy I was like I said I talked to the same bank 9 years ago and at the time they were talking to

Me how they were trying to change the thought process of investing from everyone in the past had invested in real estate in government bonds that was all they needed because all the real estate was passed down from generation to generation and they were saying the government bond yields were too low and

They’re trying to get people off that track and get them on the more goals-based financial planning long-term investing that we do in the US that’s now kind of common place here well 9 years later it seems like it’s very common place there too all they talked

About was S&P 500 yes it it seems like it so I put this chart in here from Goldman you’ve probably seen this one before us ownership or ownership of us Equity Market since 1945 so the one that it it goes from individuals owning 95% of the market to

Now like households owning 40% and we’ve talked about ETFs and passive investors and hedge funds but look at the foreign investors one so that’s gone from I don’t know 2 or 3% to close to 20% now what if we’ve uh you know haven’t made as big of a deal about foreign

Investors coming in here to buy US stocks and if that concept continues to grow and evolve into other countries and if the US is 60% of the stock market and they see this that’s like another buyer right we got an email uh from somebody in the UK talking about oh let me just

Read the email I think you’re right monetary premium is definitely a thing and it goes further than what you’ve said it’s a reason why the US market should trade on a higher valuation than anywhere else that’s because the US is the only Market where local investors can reasonably justify a 100% home bias

And it’s probably the market where you have the greatest weight of money going to the market compare this to the UK where I am yes we have Auto enrollments into workplace pensions since 2012 so a huge chunk of the workplace Workforce uh pays in about 8% of salary every month

Uh I work exposure to UK Equity is about 5% slightly higher than the market weight of 4% and this is quite typical no one holds a majority in UK stocks so even foreigners to your point are own owning the S&P 500 I think that used to

Be the thing is there’ be a huge Home Country bias in these other countries and what if they’re going away from that to be a more Diversified global market cap they have that ability isn’t that bullish for US Stocks well that’s that’s it’s it has

Been yeah yeah anyway I I I just thought that that was something that we maybe didn’t make as big of a deal out of but I kind of thought oh that that actually makes sense so anyway uh big fan of Italy that’s not like going out on a

Limb no are you uh dipping bread and wine or you not quite there yet no I haven’t I haven’t gotten the a good thing I can get I can get around the old wine for for lunch thing that’s that’s a good Trend yeah great place uh all right

There was an article in the journal sorry stock blls the wall of cash isn’t all headed your way uh don’t love that title but whatever um Peter Crane says the wall of cash idea has been trotted out since we were at a trillion dollars in Money Money Market funds back in the

Late 90s the fact is that cash mostly just competes with cash that’s a great way to put it that’s it cash competes with cash so this has been your whole thesis the whole time right that money markets aren’t money’s not going to come out of there and go into the stock

Market and risk assets yeah I mean this is this is very simple to me did anybody okay how much of the $6 trillion came out of bond funds and stock markets and went into a money market fund I’m going to guess I don’t know 10% of it

Whatever less than 10% of it all of the money the other 90% came from people that are saying hey wait a minute getting five basis points in my checking account how about or my savings account how about I just move it over here into a high yield money market fund and

That’s it so I think these are two these are two completely different buckets it’s cash and cash versus Investments if I had to guess if anything came out of either one of those other asset classes it was mostly bonds to say why would I

Earn 3% in bonds when I could earn 5% in Money Market it’s definitely not stocks there’s no way now I will say for me personally I have way more in cash than I’ve ever had uh will that eventually find its way into the stock market yeah

Probably uh is there a reason are you are you turning into a market timer on accident on because of this yeah yeah like do you so if this was two years ago and it was 1% money markets would that if money found its way in the stock

Market quicker if it was to oh yeah yeah I mean also like I am not the I mean I have so my entire life is lever to the S&P 500 not just the amount of not just every two weeks me buying uh but the business that we run business and yeah I

I agree with that and I’ve heard a lot of advisers say that people in the wealth management space and I still just throw my money in the stock market I’m I’m okay you’re better off I should have but I also but I also I guess with my with this pile of cash so

I think this is this is typical of I think I think how most investors think I don’t care about the stock market this is my cash you know what I mean like I genuinely all I care about is that 5% or and if it goes down to four and a

Quarter great I’ll take that too it is if the market goes up if the stock market goes up 30% in the next 12 months am I gonna be like Fu I could have gotten 30% no I have all the rest of my money is in the stock market I’ve I’ve

Also let my savings drift higher I I I was running it if we’re saying red line is low green line is high I was running it to the red line before rates Rose and now I’m letting it get closer to the green probably um but this surprised me

So the checkable deposits this is from Fred they they basically show how much money is in checking accounts and there was that huge Spike up during the pandemic and it’s rolled over a little bit but not much barely there’s still a look at that there’s still a and then I

Looked they I was playing around on the on the Fred site because you type in something on there to search and it gives you like I I just want to make sure I understand what I’m looking at this is just money in checking accounts checking yeah accounts yes and guess what

That pullback or whatever we’re calling it that slight retracement so it went from a trillion is this this is this trillion yeah it went from a trillion to four and a half trillion back down to four trillion is that half a trillion dollars money that’s going into money market

Funds I would think so yeah but this this so again you you you search something on Fred and it gives you all the other things that are close to it and one of them was you could look at I’m sorry I’m sorry to interrupt hold on

How is there still so much money in Shing accounts only zero I what are people waiting for listen PSA if you still have money substantial money sitting in your bank account earning zero what are you waiting for that’s why it’s kind of shocking to me that hasn’t

Rolled over more but they also Break It Out by different income levels and so they have one broken out by the wealth percentile they’ve broken out by the bottom 50% look at the bottom 50% they’re sitting on way more cash too or check checking account money too it’s

Not so it’s not like this is all money just in the top 1% or whatever the top 10% everyone has more money in their checking account and this gets back to a point from last week about just people have more money now for everything it’s crazy right so so hold

On just one more question so what’s what’s keeping this so high so obviously we know where the money we know where the money came from but aren’t people spending it down is is is there is there savings rate still I I thought the savings rate was coming down I don’t

Know if this is still the excess savings piece or what but I I I’m searching for I’m grasping for an explanation here I don’t have one maybe there maybe there’s some weird thing where I’m not reading this right like what’s in the checkable deposits but it’s it doesn’t make sense

To me that this is still so high I guess the the I’m sure a lot of a big reason why a lot of people have maybe excess Savings in their checking accounts is because that’s where their bills are paid which I get obviously but and bills are high enough to pay your

Bills and you know shouldn’t be that much more okay so getting back to the everyone has more money kind of thing the FED releases their quarterly data on updated net worth assets liabilities they go into a bunch of different things and looked at this on a decade by decade

Basis so 9s 2000s 2010s in the start of the 2020s and looked at the growth by age in net worth of Americans and we’re already so far ahead of even like the ’90s right now for the change in net worth for Americans and now to be fair a

Lot of that change in the 90s came towards the end of the decade but this is like a crazy high increase for four years into the decade already it feels the charge look who’s leading the charge those under 40 yeah man the 2010s what a decade that was

Yeah that was but a lot of people would make the case that okay we’ve pulled forward housing we’ve probably pulled forward some stock market this can’t last but but if you want to know why things have continued to be okay this is part of the reason people are just

Wealthier I think that’s the simplest explanation all right good one from Sam row today and he plotted p ratio P multiples in interest rates wait is it interest rates yes oh no no this sorry this is basically showing why is this chart so blurry it is a little blurry what does that say

Oh sorry this this is this is fed Futures so they showed how fed Futures were kind of tracking P multiples and I guess the stock market and the the question is if rate Cuts have been taken off the table why shouldn’t valuations come down a little bit right if rates

Are going to stay higher and inflation is going to stay a little higher shouldn’t shouldn’t multiples come in that’s like the whole thing well they would have it wasn’t if it wasn’t for uh AI they absolutely would have but so people keep saying inflation is sticky right well inflation is sticky high but

Couldn’t you also just say e economic growth is sticky isn’t there a difference between saying like inflation remains high in the 70s inflation was sticky now if inflation is staying a little higher it’s because growth is good and I think the stock market is the like not worried about it for a good

Reason because the economy is remaining strong that’s a good thing do we really want the economy to weaken so we can cut just so we can cut rates yeah no you make a good point for people that are talking about inflation being sticky you you can’t not talk about the

Economic resilience resilient part part of this yeah that’s why because it’s talk about assets without liabilities come on yeah it’s like denominator blindness all right Goldman sentiment or anicator just went nuts that’s a tweet from Mike Sardi uh well there’s that can you do a breakdown

Of me for how this thing works what’s in here it says uh no I it says it’s proprietary I don’t know stock in across retail institutional and foreign investors versus the past 12 months so people are coming into the stock market then somebody got upset with me for suggesting or I guess repeatedly

Suggesting that we were due for a pullback uh I think I was misunderstood with what I’m trying to say what do you think I thought we were I thought we were saying that a pullback would just be healthy yeah we weren’t saying it’s G to happen we were saying

It like a good it would be good for the market actually if we got a little pullback yeah I don’t I don’t like seeing uh things I own go straight up so all I’m talking about is like a little I mean what would be ideal is just a

Correction Through Time right would just go sideways that would be good also that is a really smart TV sound bite right there if you say a correction through time like you sound pretty smart thank you don’t you think uh Tak this Nvidia I’m taking this Nvidia thing out of here

Okay anyway just talked about it the other day yeah anyway uh yeah the this that would be perfectly normal that’s all that’s all I’m saying take it easy that that’s the thing we always get corre like I would rather have a little correction now than a big correction

Later I don’t know if that actually work the trade-off works like that but that that’s what I appreciate did you see somebody had a chart showing how rallies that are led by the momentum factor to this extent are more fragile have you seen that M can’t remember who made

This anyway uh whatever Market doesn’t care what we want I’ll tell you that you saying the stock market is a snowflake right now all right I last I think last week I talked about why is Ark not keeping track with the NASDAQ 100 is it all Nvidia Jeff Pac at

Morningstar did this attribution for us he ran it against Arc versus the q’s and he said that they own less Tech than the NASDAQ and had bad selection with it more healthare so basically they went on it and Nvidia underwe was a big factor so that was part of so Nvidia was part

Of it but it was more that they went away from Tech and went to more he I guess biotech that sort of things oh wow significantly overweight Healthcare wow yeah so anyway that makes sense he also tweeted Arc shareholder base has been remarkably resilient to All Things Considered assets that poured in largely

Stayed put however started to see sustain Redemption activity for the first time um I think there’s a lot of factors out here I think I think generally speaking people didn’t go all in an arc obviously there are people that were signif significantly overweight I think most people it was a

5% position or something right yeah most people treated it exactly as as that’s exactly right but I think are still holding it as a call option being like I can’t get out of it now don’t you think there’s some of that like I gota wait

This point I’m you know I got to see what happens I also wonder if the rest of the market being so resilient has like uh like if the market was dumping would they puke this up first you know what I mean although I guess Counterpoint the

Market did dump in 2022 and they didn’t dump it’s a lot of dumps big dump guy over there all right last you know I I haven’t been to the dump in a while uh yeah I don’t know what that experience is like I don’t understand you don’t have boxes that just pile up

That you’re like I just or just garbage and you gotta just get out of the house can I tell a secret between you and me please at my off at my office we a huge uh oh okay yeah we have a huge garbage thing that you can take your garbage out

To and I fill up the back of my car probably once a week and throw boxes in there I th I throw so much stuff away in there I make okay so so so that’s my dump okay that’s the dump all right last week I said inflation was done quote

Unquote and here where’s the quote where’s the quote unques you done well because infl inflation is always going I I meant High inflation is done and you said I don’t quite agree with that well no no I think I think we need to go

To the we need to go to the tape okay I didn’t say that I didn’t say I didn’t say that 7% inflation is done but you seem to think that the that the FED can just uh do one of these and I’m I said what I disagree the data disagreed okay

So here’s Jeremy Schwarz backed me up here he says if you put real time in flck because shelter is such a big part of inflation if you oh real time well if you put the real cuz the shelter inflation lags piece of inflation he’s say that actual inflation right now would be below

1% and he thinks the FED gets that now and that they’re they’re finally going and that and that’s the kind of thing that’s going to take time it’s slowly but surely going to stare step down and if you did like ex shelter inflation is really low now let me just say before

Before I say what I’m about to say I don’t want to be inflation guy I don’t want this to be a Michael thinks that inflation is coming back for his bed does it I because I don’t want inflation to come back there think there are going

To be those guys inflation could be back at 2% there’s going to be guys saying no it’s actually those guys are going to exist you know who they are but look at this next chart so you’ve got copper I’m showing copper crude in the 10 year they’re all breaking out so the market

Doesn’t seem to think that inflation is over and if you look at agricultural Commodities same thing like I would say if if there’s a risk to inflation it’s commodity prices turning back up that would be the risk I agree but no no they are turning back up they did turn back

Up little bit no dude that’s back up 52 CS it’s back up okay these go back to 2021 uh okay yeah I guess gas prices have been rising if I wanted to be smart like a TV TV sound B guy like you you say what would you say what would you

Say seasonality this is seasonality kicking in it always happens always happens like this I I don’t know if that’s true but I’m I’m guessing Okay so two the last two weeks I have been called both a communist and an outof touch elitist so I think that means I’m doing something right or

Something really wrong and I think the point is all these takes that we have on things like inflation and economic growth and net worth and all that they have to be very nuanced takes because if you take a stand someone’s going to be angry with you so I think we got called

A communist because we said that young people deserve 3% mortgage rates or something uh the point is any of these stories that we’re talking about and I’m going to talk about grocery store inflation now that I talked about last week uh if you have people saying great take

I totally agree with you or people saying no you’re an idiot that means there’s it’s obviously not black and white and there’s gray it’s a and as is that’s my whole point here so I did a take on grocery store inflation I I sussed out the numbers a little bit

You’re Homer Simpson this is Ben’s backing away from the takes oh no no I’m just trying to provide more Nuance but I I actually think I didn’t really back away from the Tak so if you look at uh us CPI the regular one overall CPI versus is Wages wages have grown faster

Than CPI since 2020 by a little bit barely like 1% more in total but food at home in food away from home which is just eating out and then grocery store has been running much higher so it’s like 26 27% versus 20% for the overall

CPI so people do have a gripe about the grocery store thing and that’s one of those prices like gas that you see all the time so it makes sense this shocked me though I looked at it in the 2010s so 2010 to 2019 look at this CPI food at

Home that’s grocery store prices versus average hourly earnings earnings grew 27% in the 2010s and grocery store prices grew less than %. and everyone is ask I I posted this chart and all these people on Twitter are going what explains this and all I could think of was lower commodity

Prices but my whole point is this is more about the news than anything we don’t celebrate when stuff like this happens we only talk about it when it’s the other thing I think you’re sort of right you’re definitely right on that last point but it’s not about the news

Dude it’s about people who go to the grocery store every single week and yes the numbers don’t I mean that’s what it’s about that’s it yeah exactly it’s it’s totally psychological or not because you see those numbers all the time yeah you’re right yes and I get why it makes people

So angry and you get the viral videos also a lot of people did point out the guy in the viral video last year was said he spent $123 on two meals I don’t know what he was buying because that that’s ridiculous at that and if you if you say

I I I can’t buy two meals for less than $60 then you have to you have to I’m sorry you have to change your habits if it’s if it’s really killing your budget that bad stop buying flame and Yan or whatever you’re buying I talking about a

Family of four a meal for $60 at the grocery store that seems reasonable no I don’t know I’m just saying what I I bake tacos I do like taco like in like a Crockpot how much is turkey I use turkey 10 bucks what’s the cost Michael $10 I don’t

Know Turkey is 10 bucks peppers are another six I’m completely making this up the NOA you’re making everything up you have no idea all right make tally this up the taco powder can’t be more than $3 Rotel tomatoes what else do I use how Rotel tomatoes are good an onion

Some sour cream and some cheese that can’t be more than $35 go to Taco Bell at that point eat tacos every night there you go uh let’s see okay so one other thing people one one other thing people said about inflation is a lot of people have

Been chiming in saying okay even if inflation isn’t as bad as some people think the quality is way worse now and that’s the thing that irks me and I thought about this I’m sure I’m sure there’s a lot of stuff you could point to but all the big things TVs computers phones

Houses clothes cars shoes aren’t they all better quality now than they were in the past who’s saying quality is getting worse oh a few people commented on that I don’t know if that was I I don’t think that that AR few people it sounds like one person okay well your

Audi for sure is lower quality and I just want to I just want to people a lot of people said because I I said I don’t want to say Porsche and a lot of people said no Ben you’re not only saying Porsche wrong you’re saying Audi wrong it’s actually Audi yeah it’s

Audi I’m maybe it’s a Midwest thing I used to own an AI and literally the people at the dealership called it Audi they did not call it interesting you know what I noticed earlier in the show I wasn’t going to call you out cuz it’s you know it sort

Of slows down the show and it’s it’s rude you said Grandpa yes is that how you say so I said I say grandpa is that a Midwestern New York thing I don’t know could be I feel like that’s splitting hairs that’s splitting pe’s here well those are

Not no you say grandpa you said grandpa I said Grandpa okay I think you’re the only it show it slows shows it slows to Showdown why I don’t call you out okay but it’s definitely not a okay that was one that was like no that was like your clauset

What oh dresser that that take like how do you say grandpa that was like your dresser take who who has dressers anymore everyone raises their hand no one says grandpa I do I think it’s just you wait I have I have a a quality I have a gripe

Okay uh I own a lot of white sneakers I don’t know really fast don’t they perhaps three they get dirty really fast so I fell for it again because I’m a sucker I saw an Instagram shoe cleaner and what a croca [ __ ] all these Instagram ads are like

Especially the cleaners I got taken this past week tell me about your playing mine all right so I saw like a I’m going to say the word vibrator I don’t know what else to say it was a was a it was a it was like a toothbrush vibrator

That’s what it looked like it was a circle and it vibrated and it gave you a foam so I sprayed the shoe trying to get the the stuff out wiped it down look nothing like a commercial my my sneakers are still dirty that’s the pro that’s why they

Keep making white shoes they look so good when you get get them new and then they go bad you have to throw them away and get new ones that’s why they keep doing it I wear I wear them into the ground what did you get that was H

Crappy quality oh it was my my kids have you heard of this dribble up thing it’s like a app on your iPad and you get a basketball or a soccer ball and it gives you drills and it counts how many dribbles you do there’s like a chip in

The ball my kids do it inside and it’s so loud so this thing on Instagram oh I saw that the the a quiet basketball yes a quiet basketball and it looked awesome and we got them and it’s like this foam piece of crap you get like at dve and

Busters or something it’s my kids love playing with them but you can you have to hit it so hard to get it to come on it doesn’t dribble at all so don’t get taken for that one I did I got three of them one for each of my kids while we’re

On kids last night I showed the boys the sand lot which is a movie that I probably haven’t seen in 30 years and uh definitely holds up Kobe loved the scene where squint kisses The Lifeguard yes what was her name something pepper corn or Feer corn or

Yeah I for I wasn’t really paying that close attention I don’t know great movie it I showed my kids at a couple years ago it does still hold up all right here’s a surprising one from axios monthly us Grocery and dining out spending look at how much higher dining

Out spending is in grocery store spending now it was kind of tracking along the same lines for much of the 2010s and now eating out is so much higher do you remember when people during the pandemic were saying like 50% of all restaurants are going to go out of

Business yeah restaurant restaurants are just booming how many restaurants did you see go out a business in your town not many right well I wonder it’s I wonder I want what is causing this is a grocery store food is so so expensive you might as well just go out so here

For example but don’t you think the it’s way more expensive to eat out than it is to the food going out is so much more expensive well let me ask you this do you cook steaks at home not really okay well I do and recently I had been getting steak from

The local grocery store and it’s not great quality uh and the steak is I don’t know 18 bucks give or take right for a steak for one so yesterday I went to to like there a local butcher really good quality like really good quality I got a New York strip and

It was 29 bucks and I thought to myself and and it was noticeably better than the stuff that I get in the store and I thought to myself I’m a I don’t why would I spend $29 for a steak that I’m G to cook at home you could spend I don’t

Know how much does a steak cost in New York City depend you know whatever depending on 45 bucks like it could be more it could be and you know they’re going to cook it better for you and you know it’s going to be like you know it’s going to be amazing perfectly cooked

Right so do does that partly explain people’s habits I think people just loved they hated getting it taken away from them they couldn’t go out to restaurants and then dude but look how but look how far look how far back the pandemic was it’s been going up ever since it’s so much

Higher than it was but isn’t that also because restaurant wages have risen so much more so prices had to go even higher I don’t know it it it’s it’s hard to explain it look at it’s still going up it’s it’s it’s not slowing down now is this a combination of people going

Out more and food getting more expensive I feel like this is the show the theme of this show is numbers we can’t explain can we get can we get a dam aonomus in here it’s a lot of numbers that just don’t seem to to make S I think that’s my biggest surprise about

Inflation is that how many people and and I know we’re going to get emails saying no you’re wrong I do this but how many people complain about inflation but then don’t change their habit that’s kind maybe it’s like well so what yeah I you can complain about price you

Change your habit why should I change I I think that’s but that’s the part is the people who say like the inflation is killing my family and my family’s budget in this but then don’t change their habits it’s like no I deserve to buy this I’ve always bought this and that’s

That’s the surprising thing to me is that there hasn’t been more trading down than there has yeah all right here’s a good thing deflation in fact in car rentals nationally the cost to rent a car has fallen car rental prices are averaging this from the journal 38 bucks a day

That’s down 8% from last year or $3 look at this chart that we made so the car and truck rental CPI index is how much off its peak let’s see bloop bloop bloop 20% off its peak remember that one month in 2021 where this thing was up car and TR truck

Rental CPI was up over 100% now it’s falling big time this is one of the few places where prices are actually coming down like meaningfully in fact I’m taking the family to California and staying there for our work trip um and we just rented a car not that bad I mean not nothing

But not that bad I guess I did wi for anv it’s not that bad I think mine was lower this year than it was last year for the SUV for for a spring break trip that’s good so this should mean use car prices should continue to fall as well cuz

These are cuz the reason that used car prices went crazy is cuz the the car rental agencies got rid of them they had to buy them back and all that right remember a lot of cars were being delivered with with uh with like the semiconductors weren’t in there yes

That’s all better right I think so all right Ben you threw a chart in here from John Arnold showing the months in recession for the US economy based on different 30-year periods what’s your takeaway so it goes so it starts in the 1800s because that’s when the National Bureau of economic research started

Keeping track of this stuff or they backdated it somehow uh and it goes from 180 months to 150 months to 90 months to 60 months to 36 months in the latest which is 1990 to 2023 so every successive like 30-year period you spend less time in a recession and my takeaway

Is there’s a lot of fed haters These days but you have to this is partly because of the FED is it not I mean part of is also the US economy is becoming more mature but the the guard ask you this let me ask you this helped how much

This a pie chart how much of this is the Fed responsible for a third a third a third oh really do I don’t I know about that a third the FED a third the economy becoming more mature and then a third just the size and D dynamism of the US economy how’s

That all right let me ask you this how much of this do you think Corporate America deserves more or less credit than the fed that’s a good point so that that’d be the that’s fall on the dynamism bucket so the fact that corporate CEOs now just know how to better allocate the

Resources and yes play to the trend of what’s play to the environment and all that sort of thing yeah put their put their head between their legs when they’re expecting a recession sortly the F has something something to do with this I just I don’t know good good progress

Though I’ll I’ll take it yeah no doubt you know we haven’t spoken about in a while we’ve got two topics in here labor market and layoffs they have not been getting much attention from us all right let’s keep in there labor market I’m saying nothing yeah nothing to talk about labor market

Strong no layoffs keep them in there it’s gonna matter eventually all right hey guys first time emailer longtime listener was listening to when I heard you guys talk about the coinbase scamming the story sounded exactly what just happened to me I got a call from some guy pretending to be from

Coinbase security who was calling because they had detected potentially fraudulent activity I asked for proof Fe from coinbase the guy was even somehow able to send me an email from help at coin b.com uh I punched in some info while a guy was on the line conversation continued until my Spidey Sense Tangled

And I decided to lock into my account in those intervening five minutes I was drained of 10K lesson your scammers are constant and if you get a call from coinbase or anyone hang up and call the list of customer service number online to verify the issue actually exists yeah

Uh anytime I think I spoke about this last week that I was getting call American Express and I just just called back anytime you get a call these these people are really sophisticated anytime you get a phone call just hang up and go online and find the customer service

Number and call them just think about how hard it is to get a hold of a customer service person when you call them how often you get put on hold or they have to call you back in 20 minutes because you’re plac in line so how easy

Do you think it’s going to be for them to actually call you that’s never going to happen no it happens it does happen I get called for fraudulent activity I mean that’s not a good thing is it that my account’s being used frud oh okay um

Okay uh hotal 15 Capital us Bitcoin ETF started trading 10 weeks ago despite despite the large gbtc outflows the ETFs bought 220,000 Bitcoin on a net basis with seven consecutive net positive weeks B chunis is a chart from Todds nice look at 2024 year-to date ETF blows

Flows by category I feel I’ve been slacking on the flows we haven’t spoken much about flows lately but this is a good one so I was talking to some European fund managers at lunch today and they were asking me about the Bitcoin ETFs because they have they’ve

Had the ETFs in Europe for a while now I don’t know a year or two they they they beat us by quite a bit right and they were discussing how they have a decent amount of assets but it never really moved the needle that much and they were

Just saying how they were surprised at how much it has moved the needle in the US so what do you think accounts for that which part why are we so much more interested in in than our European counterparts yeah my only answer was well it’s Black Rock and Fidelity are

Two of the biggest ones and yeah it’s a huge part of it that was my the best answer I could come up with and how about marketing like it works yeah and I think there’s something to the fact that people in the US are more a little more speculative

That for so anyway 2022 category ETF flows spot Bitcoin xgb TC 23 3.6 billion intermediate duration bonds 16 billion I guess that’s people coming out of short and Ultra short I would guess Tech 15 uh etc etc on the opposite side Commodities that’s interesting just you know given the performance we just spoke

About recently and gold wow I mean gold gold an alltime high and money’s pouring out huh that’s surprising can you imagine if you were a gold bug and didn’t pivot to bitcoin and yeah I could no I could I could definitely imagine that uh what I can imagine is being a gold person

And well are they taking profits I don’t know again theme of the show I don’t know all right um Dave n credit to us for admitting it yeah this shit’s hard a lot of stuff we don’t know Dave [ __ ] had a post Bitcoin end games and the new

Hyper agents if the holders are right they’re also the new Elite we’ve spoken before about at least my general disdain for the Bitcoin mindset feels like a short America type of mentality um and obviously there’s a lot of just to say grifters and scam artist in the space is a hopefully they this

This time does feel a little different that maybe the ETF is more of the adult in the room and there there is there’s more positivity surrounding I hope so and and listen obviously I’m paid with a broad brush like there’s obviously you know respectable people that have good

Intentions in the space uh amongst all of the other [ __ ] but so anyway the point that Dave was making is that if Bitcoin works like in terms of creating another Financial system you know forget about just an asset class but really like a system like what are the actual

What are like the real implications of that and they’re not pretty uh somebody tweeted one of the biggest people in this space one of the biggest evangelist tweeted at least 24% of your wealth has been invisibly seized by the government since January 2020 and this type of [ __ ]

Makes my blood boil I can’t say that this is like disingenuous at best and it’s just toxic grossness and a lot worse than that and if these people if Bitcoin really does go to a million these are these are people are going to be sitting on enormous sums of wealth and are going

To have serious influence and that part of it is horrifying like truly truly horrifying do you think they’re going to have do you think anyone listens to these people anymore though besides always yes yes absolutely and guess what what if what if this what if this dude

Is uh has $30 billion to throw around you know the ironic thing is that people who say that the true you know inflation has sucked away your money or the true inflation rate is like 15% that’s like some of the crypto people uh they don’t ever say Bitcoin not at a new alltime

High until you account for 70% inflation wherever it’s been according to them right I I feel like they need to use Shadow stats for their inflationary High new inflationary highs so yeah this is this is the gross part and uh Dave’s Dave brings up a good point like you

Know if they’re right uh then the world is going to look a little bit different okay so get ready for a world of worse macro takes I mean that and worse that and worse it’s uh it’s bad I mean obious obviously not not showing anything other than this than the

Inflation rate like not showing wages or assets or you know it’s a it’s it’s a person who is educated that knows better too that’s the worst part they they know better they know what they’re doing like and this this this illusion delusion nonsense that it’s going to flatten the

Financial system and bring fairness and equality Give me aing Break dude seriously yes we’ve know that that’s that’s not happening so are there benefits yeah sure but this ain’t it uh anyway okay uh real estate there was big news this week yes so the N AR they they ponied up

They whatever with the lawsuit so they’re paying a bunch of money and this the whole deal was someone sued who had to pay the what are they the sellers commission they were the sellers so they had to pay both commissions so is it are commissions really going to

Fall from this so here’s some stuff from The New York Times a professor of real estate said this will blow up the market and force a new business model economists estimate commissions could reduce by 30% driving down home prices across the board I don’t know about the

Home price thing uh this is from The Wall Street Journal starting in July most home sellers will not have to make an upfront offer for how much they will pay the buyer’s agent that means home sellers won’t cover the cost of the Buyer Agents buyers could have to pay

Themselves out of pocket companies are experimenting with different structures some are talking about a flat fee so they profiled this guy in Los Angeles who represents buyers for a flat fee of like $9,700 that’s for buyers for sellers he charges almost 16,000 uh do you think that this is

Really going to have meaningful change to the industry uh the stock price a lot of people are saying a lot of people are saying that it will it’s more of a all believe it when I see it kind of thing but the the problem a lot of people are

Saying is that like H some people could be out of pocket for stuff they would have been out of pocket before but that couldn’t drive the cost down do you think this will actually increase the turnover if if prices are cheaper well houses turn over more I don’t think so

Once we get away from the 3% handcuffs or whatever isn’t that possible if if you don’t to pay as much friction no nobody’s ever said I want to sell my house but I don’t want to pay the agent and therefore I’m not going to sell my house yeah good point but do you

Think that we’re GNA see some some fee Wars here where this it it does get easier though there’s listen this going to bring in competition there’s going to be agents that are like listen I’ll do it for 2% yeah so uh Americans pay a hundred billion in real estate commissions

Annually yeah I think you’re right though that people don’t imagine if all that money went into Bitcoin where it should be but you’re right people don’t ever look at it and go I was going to sell my house but I got to pay 6% no one does

That uh so that’s what I’m saying I’ve never I I I sold my house I sold my apartment in Brooklyn you know why because I remember when I bought it you know what the agent did she met us at the apartment opened the lock and said

Here’s your 700 ft and I looked around I said H cool so when I went when I was ready to sell it he said I’m not paying somebody 3% for that what do you out of your mind so how did you list it I don’t know on Street e on Zillow

Whatever okay and I’m not I’m listen for that situation you don’t need an agent right there’s there’s definitely uh cities places wherever where it would be impossible a nightmare to sell your house without a professional that apartment was not one of those places and I didn’t feel like paying it so one

Of the stocks that I’ve been most wrong about and the stocks that I still pick is Zillow I’ve been wrong about it for a while because it got crushed the first time that this this came out and I I said this is bullish for Zillow isn’t it

How come they won’t be just the marketplace for everyone that puts buyers and sellers together but they fell 15% when this story hit uh red fin fell as well I I know that they get paid by realtors for this to be listed on their sites and stuff but I don’t know

Why this isn’t bullish for Zillow that they can be the one that puts people together listen based on your lack of understanding of zillow’s business model and I would say mine too and the fact that the stock fell 15% of a day let’s just say that the market is probably

Right probably I I I would have assume Zillow is going to be the one to step in and and take the the the missing pieces here I don’t or you know be fun you know be funny if in six weeks from now Zillow uh recaptures all those losses and I could

Say hey bed great call you were right gaps get filled right yeah I I maybe yeah maybe it was just everyone selling real estate stocks uh so guess what happen that wait that wait wait that brings up a good question because this wasn’t a gap this happened intraday so

There was no Gap if this happened after hours you damn right the Gap would get filled why what’s the difference there was no Gap there’s no gap on the chart oh it has to be after hours gaps are gaps are gaps are overnight okay so if we have 247 trading

Someday gaps are gone completely you’re thinking I’m thinking all right that that would that would that would blow a ho in my trading strategy yes it would all right guess what happens when you build more houses and apartments prices go down good thing so the wall Wall Street Journal had a story

About Austin it’s funny because they kind of they poo pooed this and said as a bad thing I look at so it says America’s once hottest housing market Austin is running in reverse and they’re saying so many people came to Austin that they did built so much so many more

Homes so many apartments that rents in Austin are down 7% the last year more than any other City according to apartmentlist.com there’s a glut of luxury apartments landlords are offering like weeks of free rent they’re offering concessions uh and there’s they’re saying not as many people are coming to

Austin anymore but they built too much so home prices have fallen more than anywhere else in Austin which they were to be fair they were up a lot too but this this is a good thing so they they’re saying that in Texas it’s way easier to buy a home that’s far fewer

Regulation or to build a home far fewer regulations I think this is a good thing right you know we need an animal spirits t-shirt this is a good thing it’s a great phrase yeah you use it a lot yeah yes this is a good thing yeah this is

Like if you want to solve this stuff and and someone asked me a couple weeks ago okay smart guy how would you actually fix a housing crisis because the FED can’t do it we’ve already talked about that the FED if they lower rates and housing prices take off people are going

To blame if they lower mortgage rates housing prices take off people are going to blame the FED but the FED can’t control housing Supply I think the only thing that would honestly help because people said well you have to go to local level and restrictions and that I don’t

Know how you fix that mess the government would have to like they did in the 50s literally say they’re going to back the loans by home builders they’re saying any home loan that you put out there we’re going to guarantee it that’s what they did in the 50s and they built a ton

Of homes I think that’s the only thing I would really get supply to where it needs to be something like that like a blanket guarantee we’re not going to let you home builders go bust if if you overbuild just start building and we’ll back them up to the first four million

Houses or something like that that’s my solution so you are a communist yes it’s come full circle uh okay so early in the show and really for a long time we’ve been asking the question why aren’t people changing their behavior if they’re annoyed with prices you don’t like the prices don’t

Pay the prices do something about it well guess what young people are responding probably because they have no choice but to change their behavior when it comes to where they live so the St Louis fed put out a piece and it’s called by the generations location patterns of different cohorts here we go

Members so they’re looking at different where did people live in their 20s based on different Generations members of the silent generation were the most likely to live in urban areas early in their lives Baby Boomers genx and Millennials all had similar patterns each subsequent generation became increasingly less

Likely to live in large Central metros and more likely to live in medium and small metros like uh like Austin I guess for example gen Z in particular has started off living in less urbanized areas compared with their predecessors only 39% live in large Central metros and 11%

Live in small metros uh location patterns early in life most likely reflect choices based on Career prospects or affordability if large cities become relatively less uh became relatively more expensive across the years young people early in their careers may be less likely to live there so silent generation we’re looking at

Like large cities it was 58% of people between the ages of 20 to 29 lived there 50% of baby boomers 45% for Gen X 44% for Millennials and a big drop only 39% of Millennials I’m sorry of Jers live in a large city so they have no choice but

To respond to the hand that they’ve been dealt which is not a great hand yeah which which is too bad for young people because that’s the time you want to live in a big city you share an apartment with four roommates or something you live in the cheap and there’s all this

Stuff to do that’s the person who should be willing to slum it for a little bit in uh studio apartment or whatever a three bedroom with other friends so that that is actually too bad but obviously it’s becoming prohibitively it’s cost ineffective to live in those cities so

If we’re ranking research done by Regional feds I think St Louis has got to be close to the top they put out some good research we’ve been using them a lot lately I do like the Missouri one both the Kansas City and the Missouri good on all right the Wall

Street Journal had a piece on young people being disillusioned with life they’re more depressed all the stuff that we’ve been talking about so they have this chart that goes back to the 70s talking about it’s hard to have hope for the world and you wonder if there is

A purpose to life given the world situation and this has increased you could say if you look at this the the axis is truncated a little bit so it’s not a huge huge increase but it’s an increase so my question to you is this if we want our children who are going to

Be growing up in in the information age and social media and stuff how do we avoid this fate for them of being more depressed cuz they’re online all the time is it possible to avoid that fate no yeah of course you don’t pay for internet done problem

Solved uh well I haven’t given this much thought uh here’s my knee response lots of kisses shower your kids with love and Inspire inspiration and give them confidence and I don’t know I get I kiss my boys all the time and it’s that’s I plan on continuing to give them kisses

Forever all right I I do also wonder how much of this is co and that part of not the answer you were looking for I don’t know no okay so here here’s here’s my answer uh Sports extracurriculars pushing sure them to hang out with their friends more be outside as much as

Possible I think that’s the kind of stuff where get them away from a screen as much as POS that’s why I think sports are so much more important now because it not only is exercise and teamwork and camaraderie and all this stuff and hard work and discipline but it just gets you

Out away from the screen and that’s why I think sports are so important um no doubt so do you think we’re ever going to get a gener a younger generation that comes up and says you know what no we’re not doing this Social Media stuff anymore we’re

Past it is there going to be like a younger generation that comes up and says we’re nostalgic for the way things used to be we’re not we’re not going to fall in line just because everyone else did is that is that wishful thinking that I would love to see that right

Probably right I don’t know these companies are so good at addicting the the youths I don’t know they really are yeah I don’t know okay all right right survey of the week two-thirds of us adults prefer watching movies on streaming rather than theaters according to a new poll this is from discuss [ __ ]

I would say I would say it’s like n nine10 who goes to the theater except for me no everybody likes streaming yes it’s just it’s it’s way easier it really is and the fact that you could break it up into Dune is like three hours my wife and I are having a

Hard time figuring out when we’re going to go see it the new Dune yeah it’s hard to find a time all right I’ve got I’ve got a trillion dollar idea for okay you ever hang up you ever press end on your call like a half a second after the other person

Presses end and you accidentally dial somebody all the time I do that all the time right and then and then you have to you have to scramble to the message to tell them that it was just a butt dial before they can call you back which by the way for

Those people who are you calling you back Chris V dude if I call you and I hang up half a second later you don’t have to text me was it a pocket dial cuz guess what if it wasn’t a pocket dial I’ll call you back I have a friend now

Now now if you say well Michael what if this person texts you an hour later no no no no Chris texts you immediately he knows it’s a pocket dial yes you know so here so here’s my fix if you hit the call button within three seconds of your previous call ending I’m

Okay with apple saying do you really want to make this call yes it should be yeah it’s like Google when you send an email you can say undo that email really quick because you have like 10 seconds to do or whatever should be like that it should say are you sure if it’s

Within three seconds certainly one second of a previous phone call it should say are you sure thank you I’m not sure I don’t want to I don’t want to do that call I like that idea thank you Tim Cook on the phone all right recommendations I’ve realized and I know

I know I’ve mentioned this movie before I had a lot of time to kill I had like an eight hour flight here so I watched a lot of movies and I realize I have a favorite airplane movie of all time and maybe it’s just because it’s a flying movie but uh up in

The air with Clooney it’s so good it’s and it’s even better to watch an airplane but here’s the thing this movie came out in 2009 I believe so dated it’s well it’s it’s a time capsule of the great financial crisis though because it’s literally a movie about firing people and they also

Talk about how housing prices are so low and crashing in the movie so I just think it’s interesting to think about movies that are made of the current period versus is the great financial crisis because right now the only movies people are making is is like dumb money that’s about speculation like you

Wouldn’t you you can’t really make a movie about inflation right now or something that would actually make sense it has to be about speculation and people going crazy how about this idea that that somebody would get on an airplane to go around the country firing somebody instead of just doing it on

Zoom yes well that’s the whole idea of the show of switching from firing people in person to going on Zoom what show the movie I mean sorry that’s the idea of the movie you don’t remember the plot oh I don’t I guess I don’t remember it that

Well what happens at the end the plot is Anna Kendrick comes in as a young person and she wants people over Zoom cl’s the old guy anyway uh I have a confession to make as a World War II buff hand up I loved Band of Brothers I loved the

Pacific I can’t get into masters of the air yeah I’ve heard I’ve heard other people say something similar I think it’s because it takes place all in the planes and it feels like a video game and all the guys have the masks on so you can’t really tell who’s who

And also because that doesn’t sound great to me so I it looked awesome and it’s pretty good but I can’t really get get into it and also Austin Butler still sounds like Elvis on the show and I can’t get over his accent he still talks like Elvis even though he doesn’t look

At him anymore also I want to give you credit on the gentleman we’re two episodes in and it’s great total guy Richie love it so I I finished it I binged I I actually I had a lot of time this weekend which was wonderful no plants Friday no plant

Saturday that is my type of weekend so I finished the gentleman but I’m kind of sad I feel like I I I sped through it too quickly it was so good like one of the more enjoyable shows I’ve seen in a while it was so good is it set up for

Another season oh yeah of course okay just making sure I don’t know if it was a one season deal it’s phenomenal I don’t know if you got to this part this is definitely not a spoiler but just in terms of a character that appears Mr French from The Departed have you seen

Him yet no okay excellent show um based on your recommendation as well as uh friend of the show Phil Huber I watched wonderlust and I don’t know how I missed that I don’t even remember it coming out and I looked it was from 2012 so maybe

That was during my dark days but I I I I’m I watched it and it’s exactly what I hoped it would be I mean it was wasn’t a great movie but it was it was our type of Time Capsule type movie right Paul R yeah yeah Paul Rod is so funny

Trying to sell their house at the beginning and they can’t right or they lose money on it yeah there’s a few very laugh out loud PA Rod scenes he is definitely one of the comedic Geniuses of our of our day you always you you’re always happy with what we get from him

You’re never like disappointed in a Paul Rod movie yeah it’s exactly exactly what I was hoping for it to be okay so Dune two this is this take is not hot but but I can’t believe so I start an IMAX by the way I Josh and I were saw it and the

Big like the Lincoln Center IMAX and apparently there was uh it was a Ghostbusters Premiere that night so when I was walking to work that day at the New York City Public Library I saw people in Ghostbusters costumes I was like H that was weird I didn’t really

Think much of it but then when we got to the theater it was a Premiere so the the car was outside the mobile or whatever and there was a bunch of people in Ghostbuster costumes I had no idea that there was like TR you think there were plants though like they planted them

There no no no no no no these were these were certified weirdos did you know that that was a thing I did not speaking of Paul Rudd I think that was he was pretty good in the last Ghostbusters too see they see the new one the new one looks

Very good so I haven’t seen Ghostbusters in 30 years does it hold up I showed my kids my my son is into the Stay Puff Marshmallow guy it uh it actually does hold up I think just because Bill Murray is so good obviously the special effects

Don’t hold up but it’s you know what it’s high time I show that the Kobe uh okay so anyway so Dune tune Dune 2 was I have to really think about this but certainly a top 10 Movie experience I’ve ever had in my life I didn’t like I

Don’t I didn’t love the first one I I I liked it but I was it was too much work right I I didn’t understand what was going on I like the first one okay no I liked it too I just I didn’t love it yeah uh I can’t believe how good this

Movie was like I Deni is just such a God I cannot believe I walked out of the theater and because of PL or like the visuals or what or everything not the plot just everything uh everything it was such a [ __ ] Masterpiece because to me it’s kind of like Game of Thrones

Where I don’t really know what’s going on at all times but I don’t care either that I’m not like in and all the little side you know this person actually this this had a lot more clarity than the first one for me Austin butet was great

In it by the way it you have to see in the theater wait does he have the Elvis accent still you will remember this you will remember this for the rest of your life like that it was and it’s probably not going to win best picture but it it’s

Only March and it should like I can’t imagine there being a better movie this year okay I’m it was incredible incredible don’t give my hopes don’t give my hopes too high but I uh I will well I can’t so I said to somebody I can’t there’s no bar that I could set it

To that you would be disappointed okay good like it’s just that good okay see the first one we we rewatched the first one a couple weeks ago my wife is looking up she’s like oh this Emperor is actually this person and that person’s they they’re related and I’m like I

Don’t care I just like it I know I still don’t know the different tribes and whatever and guess what I don’t care so if we if we discovered the spice thing how much does the stock market go up the next day so I was wondering like how how I

Bet their stock market is great because of the spice H yeah I can’t even tell you who they are is it the whatever I’m try and pronounce me wealth in equality seems bad but I think the Spice Market is keeping up the stock market as well in arcades whatever this country the

World’s called you said it all right animal atth compound news.com thank you for listening have a great rest of your week we’ll see you on Wednesday Bonjourno