Earnings Need To Stand & Deliver + Investopedia's Caleb Silver
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Welcome to the monday version of the tape podcast. I am guy a domi. I am always joined by eliza's Young Thomas of sofa.

E, Y, T. How are you? I am very well.

Another big packers win.

another big second feel goal make perfect. We will get into that. But it's great seeing you and we have the honor and privilege of danny moses joining us today. Danny.

how are you? I like this monday stuff. I like monday starting on. We seeing you your guys .

face as well and there's a lot to talk about. And by the way, later on, we going to talk to Caleb silver. He's the editor in chief of investing pedia to stick around for that lot of interesting searches going on as we head and to the election.

And obviously, everything is going on with the market. But let's start there, Elizabeth, because now you talk about super bowl week in those types of things in terms of earnings, one would think that this is about as good as IT gets. We have a bevy of very important companies reporting with an S P five hundred effectively at all time high. So engage to me how important think this week is. And through the lens of earnings.

I always talk about super bowl being fed meetings for me. I get eight of those three years on a little spoiled, but this is the busiest week. I think last week, we had something like a hundred and twelve, one hundred and fifteen companies.

This week, we've got what a hundred and seventy companies reporting and a lot of these big tech names, which I continue to believe a very important for sentiment in the market. So they need to at least meet, if not beat, expectations. We still could have the reaction that we've had for the last couple quarters, whether they don't beat by a huge margin the stock, it's punish ed a little bit.

But I think as long as they sort of hold up, sentiment stays intact. But what we've seen, I mean, the market obvious just stolen today were up marginally in all three big indices. What we've seen for the last couple weeks is this pause in the uptrend.

So sort of indecisive. I think a lot of IT has to do with the fact that we never got the volatility that we Normally get in an election season. Not that we're necessarily going to get IT this week, but that equities have seen such a big run up when they Normally wouldn't that we maybe we pulled some of that forward.

And now there's this pause. Let's just wait until we get past the next tump. And that's not to say that earnings will take a back seat, but I do think this earnings season is up against a lot of a news cycle and a lot of different headlines where it's just not gna be quite as much of a news maker as IT usually is.

Yeah, let's talk about that because I saw in a story at a bloomberg out read companies in the p five hundred or beating earnings estimates at the lowest rate in nearly two years, a trend that could point to the clients for the us. Stock benchmark. We'll see if that plays up.

But zy t said we had hundred eleven companies last week, seventy five percent reported Better than expected, which, by the way, if you'd watch or listen to or read john Butler's work, that suggests is probably right in line this week. The big ones, everybody's going to look at alphabet, google, facebook, microsoft on wednesday, amazon, an apple on thursday. So again, in terms of just the earnings picture, anything stand out to you? I think it's a hold your .

breath moment ahead of the election in the fed next week. So it's probably a great opportunity to actually dig into the fundamentals of the companies when they report whether there's an overreaction to the downside or to the upside. I think people aren't going na be paying as much attention because the mac road or is this point I think is overwhelmed micro here.

But you guys survivors are going to get into this and talk about rates and kind of where their heads that is the bigger backdrop to me, but earnings have been fine, but we're starting to look at kind of turning the calendar not just to q four, but two thousand and twenty five. And so I think it's is much about guidance. Um and talking about two thousand and twenty five is IT is on what the company is going to be reporting .

right now this week. No question about that. We have some mother fascinated companies.

We just based on what's been going on mcDonald's this week, they were in the news last week. The stock to me actually traded remarkably well given the news. Starbucks has obviously been in the news.

That's this week as well for me. Danny VISA and master card. Now you say, why are they important? Well, obviously, transaction processing companies, they don't take credit risk. But know what we saw with american express suggest at least on the margins that things you're deteriorating ating a little bit in terms of delinquency rates.

So can you clean anything from master cardon visit, you think? Or they just completely out of the scope of companies to take credit risk and therefore should not be lumped with a name like A X P. Yeah.

there are out of credit risk, are more about spending and retail cells, which you seen have been strong. So that'll be a real kind of into that. The backdrop on knows are obviously government intervention, discover a cap, one deal creating another payment network.

Is competition potentially? So that's actually driving those stocks more right now. It's pretty predictable. I think what the numbers will be for reason. Master guards.

so you mentioned Elizabeth, your super ball. That's obviously around fed meetings, but we have some economic data that you're always very interested in. We get the jolts number tuesday, non farm payroll this friday, november first and GDP for the third quarter on wednesday. So all of them in and of themselves, I think we're important and we're going to talk about the yells in a second, but you focus on those at all. I think getz, to me, is the most interesting one.

So Joseph had the propensity to move markets for the last few reports, and we had that one scare results came down quite a bit. Now we're talking about here is job opening. So the number of jobs that are open for unemployed workers to fill.

And when we had that period where the labor market was so tight, IT, was because there were so many jobs open, not enough buts to fill the seats. Now we're almost in baLance and we had that little scare where job openings came down considerably, so they surprised to the downside. But now we've had to reading where jolts were bigger than usual and it's sort of back and forth.

I do think that the market is still much more focused on labor than IT is on inflation. So if we get a big surprise in jolts, particularly if come in weaker than expected, I think I would send the market into A I don't know what to do at this data sort of state. So that is going to be interesting.

Consumer confidence continues to come in decent. We had michigan last week that came in decent. So I don't think that's gonna a big move this week.

And then GDP, I think we will be important, but we've been tracking at a pretty healthy pace. I would be surprised GDP shocked anybody. And then obviously, the the labor data that comes in on friday will be a big one as well.

Again, much like jokes. We had that one report where the unemployment rate went up much more than expected. But then since then, we've had some healthy reports.

So if things continue to come in healthy or even harder than expected, you might see a big movement in in rate expectations. You probably see more volatility in yields. We've obviously had this big run up in yellow, which chain we're going get into in a little bit. But the volatility and yield is not likely to a bit, in my opinion, on this week's data.

Yeah, I agree with that minutes. The the yield story is in of itself, think something entirely differently, he said. We will talk about that in just a few minutes.

But any anything this week that sort of sticks out to you, you know I don't know how important GDP is. Obviously, maybe ahead of this election next week, I will go or some headlines on either side of the Albert. No thoughts on some of the economic data this week?

Yes, not just in the us. Chinese data is coming out, by the way, they they did another innoventions last night where they opened up rip of facility. That's the whole other issue.

You ve got the budget in the U. K. Again, there are some stock specific things that are impacted there.

But remember what they did two years ago that caused all the r so something to watch there. So is the U. K.

We're going to talk about japan. Obviously the news there. The B, O, J is also meeting this week.

So there's lots of stuff going on. But bring you back to the us. again. I don't think in the data really matters this week. I will matter in the future when people look back to IT, but I just think that the election in the fed next week or just the overwriting factor. For what could be a two, three, four years trade versus a you a monthly report on a lip on a point of data.

But I do think that the trend that wearing right now with the economy is still has a strong footing here were seeing less and less. Building rate cuts were now down, I think, total from now to the end of next year, maybe four or five. The one point, we are eight guys or two hundred basic points from here.

So things are changing. And the one thing i'll say is point you just made and now we're going to get in the yellow is on inflation. And things are pointing towards inflation to stop gradually going down and the chance you to start rising. And that's a whole thing that the market is absolutely .

not prepared for, my opinion. Let's talk about because we're sitting here, you know, again, we've talked about this a number of times, right? As the fed cut interest rates by fifty basis points in the middle september, yields have basically done nothing but goes straight up in the terms of ten years.

I think we probably bottomed out around three sixty or so. You know we've got enough to close to four twenty seven, but the move has been significant. And again, that really comes down to how you interpret all this stuff.

I think that they say or like myself will say, the bond market is going down yids are going higher for some bad reasons, at least of which all the insults that has to come the possible we acceleration of inflation, all different types of things. I think the optimists will say, you know what guy you're missing IT. It's because the economy is unstable footing in the fields are going higher for the right reason. So it's just thoughts about this bond move because clearly, the market hasn't cared whatsoever.

Well, you know, I think the last time danny was on with us on on monday, we talked about this and we had what I would call relationship problems where you've got stacks up, yields up, fix up that cannot persist into perpetuity. This morning, we actually have the ten year yelled down a little bit. It's fact on for twenty four after almost kissing four thirty at some point.

So they're still volatility in the yield market. So I think still at this point, yields have risen because the economic data has come in hotter and because there's spend these surprises. But there's the saying trees can grow to the sky.

So if things continue this way, we continue to get hot economic surprises. At some point, the inflation conversation comes back into play and people start to get concerned about that. I think four twenty five in the ten year was a mental threshold.

Ld, or stocks at least, took up pause and said, how much more of this can we withstand? Or at least let's wait and see what happens until after the election, maybe until after this jobs report, maybe until after the big bulk of earnings season, to really try to find out if we can get the next leg higher. I don't know where the next thresh holder is in yields.

I'm sure there's an answer to that from a technical perspective. I'm no technician, but I don't know where the next thresh hold is. I just know that the chatter about five percent in ten year yields has picked up. That seems like a far cry from here. But if we start to approach five percent, I think equities will see a decent amount of pain between now and then.

Yeah, I agree with that in attention. We had katty stocked in on fast money last week, early last week. And her work suggested that the tl t, for the time being at least, was probably done going down, maybe get a baLance in the teal tea, which suggests that maybe this foreign corner level is a short term top and maybe we sort of back and filling bit.

That's from the technical levels, from the fundamental side of things. Dani, you have paled ter Jones who was on, I think, squabs last we talking about the bond market, he short treasuries. And then you have stand truck and Miller, who is now twenty percent of his portfolio. Short bonds, which is a significant position without question, is obviously a pretty large bet. I think that speaks volumes as to what he sees is going on.

And I think both of them line up on the same type of reasons why a regardless of the person who wins this election, it's probably to be somewhat inflationary and all these issuances that are coming up and obviously, the debt problem that we've talked about a nosier for quite some time, which, by the way, the market doesn't seem to care about. So we went from a bull steepening in terms of the field curve to a bear steeping ing, both, by the way, indicating bore bear for the bond market. I want to be clear areas not to do with the equity market.

But as Elizabeth to said numerous times, it's not the inversion IT gets you. It's so recipient and it's redeem pending with ten new yields going higher. So that was a lot, I know, but thoughts on that.

So we are approaching the one year anniversary of genet Ellen ji trick when the quarterly refining announcement ment change the tender to shorter end of the curve issuances and maybe a little bit less overall. So that's this wednesday, by the way. So let's be clear.

So that was a huge event. And back then a year ago, the ten years, years, years were just under four point nine percent. The two year was just over five percent.

So just put that in context, I think the direction of the tenor yelp s is a combination of both that can actually fulfilled LED test. And what do I mean, I think right here, it's trading, not dangers on. I think we ve talked about the number, the latest mentioned towards five percent as canada point of no return.

But as you move up, a new transition from economic growth to potential issuances or term premium are necessary to get the yields to just specify the risk. That's when everything kind of looks back is okay. That's why yields went up a little bit on economic growth and now it's going up blue bit more on credit risk.

But one of the thing that's being blended in here, which is and we're going to talk about, I think, is overlooked as oil mean, oil is a direct tax on the consumer. We look up this week after the weekend, thankfully, things have seemed gone a little bit in the middle. Ast, but that oil coming down, obviously deflationary, it's good for the consumers are. So I think lost kind of and all the stuff going on is oil here, which I know we can get into you, but I think that's something .

that we need to talk about. Well, let's talk about that. This is sitting here right now, oil future, that about six percent or their abbots in terms of ours, just to put in context about a four hour move in W.

T. I, which you don't see all that often. I mean, this probably happens maybe a handful times a year, obviously, on the back of what danny just talked about.

But it's suggests a couple of different things. Know IT. Either you have an economy's global, they are slowing down or maybe this is just sort of too much rip premium oil in the first place.

But obviously is something thing is going on. People will look at this and say IT creates a bit of a tellin for the consumer, I guess. Um but i'm not certain that is effectively the case because as you know, crude Prices can go down very quickly. Gas Prices not as much in those things tend to be pretty sticky. So thoughts on the importance of the crude market.

I think it's very important when we look news cycles, but last week, we had a little bit of A D escalation. So we saw big dropped in oil Prices on that. Again, last time danny was here, he talked about the relationship between oil Prices and gold Prices.

So if you ve got commodity places and oil coming down, gold places going up, that should be good for gold miners. That had been the case, and that was the case last week as well. So when we look at wail places, this is one of those elements that just doesn't quite dive with the current narrative.

So the current negative is that we've got this broadening out in sectors. You've got signal sectors come to Carry some of the weight that the mag seven or tech stocks are no longer Carrying from a return perspective and perhaps even starting to Carry IT from an earnings 的 perspective as those companies pull back from being such a big share of S N P。 earnings.

But then you've got oil places that just can't quite come above a certain level. This I would actually put this in the same category as small caps. So its small caps can't quite get to new high.

So that and something like oil, which should be a very sick sensitive Price point, should be something that if sicht is that strong, demand is that strong globally. And if china is stimulating, for example, as well oil Prices, es should be moving higher and they're not. So I think in the short term, it's gonna read as this is good for the consumer. The consumer has more money to spend. It's going to be good for holiday shopping and retail sales because we're not getting pinched on some of those necessary items, which we've talked about many times. But if we look back on this period and and I know I talk about this all the time, I always asked myself, six months from now, when I look back at this data point and i'm gonna wish I paid more attention, or i'm gona talk about the fact that the market wasn't paying attention to this and oil places could be one of those early indicators that silicate is actually not as healthy as we think IT is.

Yeah, I agree with you. I think it's absolutely important to watch IT because IT doesn't just speak to obviously the geopolitical things. I think IT speaks to health of not only U. S. Economy, which is again is the largest economy, the world, but globally, what's going on.

And danny mentioned earlier, china continues to struggle in the obviously continued to throw money at what is a mounting problem in one don't think necessarily thrown when he is going to fix. But we will find out this bit. I'm going to keep you out this conversation because we don't get single stocky with you. But I think one of the big stories over the last forget about few weeks last few years is in the form of buying.

And this was a company that I think in february of two thousand and one thousand, danny was a four hundred and twenty five dollar or so stock, probably had a market cap north or right around three hundred or so billion dollars as we're sitting here today, hundred and fifty two dollars stock with a market cap of less than one hundred billion dollars now, nineteen billion dollar secondary offering, one of the largest ever by a public company. Ninety million shares basically ish that they issued. If you think about how they sold, I should say twenty one or twenty two billion if it's over subscribe, but obviously, a big share offering and about a lot of proceeds going into their coffers, which is important short of bali, which is chAllenged in a word, the obviously have moodie on their back S M, P, some of the rating agencies, clearly that's been a story.

I only bring up boeing, danny. How important is IT, do you think to the sentiment of the market? More importantly, what is government have to do, if anything, at some point, because boeing is such an important company for the united states.

Thoughts on that? Well, they have an auto three, which have talked about before, which are the three rating agencies? Because a pig, a downer ted to drunk, I receive the interest payment start to increase so they couldn't have that.

Just a week ago, they said they're going to raise twenty five billion dollars, an equity and debt over the next three. Now it's nineteen billion over the next few days, so we can see where this thing is added. And it's a very important company from unemployment perspective talking about selling after defense business.

So they're throwing everything they can at the wall, I believe, to keep the rating agencies ebay. What they figured out i've said along, I think there's an implied government guarantee in their business period, which is why the dead certainly trade a little bit higher yield and single a, but that does not trade, if I believe your drunk status. But everything on that company rates job in terms of coverage, ebadi, ash, to that anything you want come to.

So I actually would own the preferred, I would own the debt, but I would not be comfortable on on the equity. I will say that obviously, this deal was obviously walk crossed last week. And if you look at the stock when they first floated this idea, we watch the kind of low forties.

So guy, I don't think they Prices IT yet, but my guess is it's in the mid da high one forties level kind of somewhere. I'm not looking right now where the sock strating this moment, but IT should survive. But let's look, they were down to under ten billion in cash, left right in north of fifty five billion and dead sixty billion.

So this company needs to obvious to get through this quote, cycle between the crashes, recovered, then covered. You access everything is face a lot of chAllenges. But then they had a lot of self inflicted in, they brought on to themselves. So I look at the thing as the government's fancied entity, to be honest with you at this point. So numbers going to happen to IT.

but I would not on the equality. But in january of this year, dan traded down about one forty or their about, by the way, that's having been about north of one fifty around thanksgiving of last year. IT proceeded to then go from one forty.

I think we got to about one sixty one and change in early july only to see IT plumet all the way down to about, I think, one thirty eight and half one thirty nine in early september. And as we're sitting here now, either side of one fifty three, so fourth largest economy in the world, a currency that's trading like developed market currency, obviously, there's a lot going on in terms of their bond market. I know danny has thoughts and some of the things that are going on and the government side of things there.

But August fifth, that monday was basically, I think, predicated or certain motion by a pretty precipitous move in buying yields and the move in the end. And then we saw what happened here in the united states. But the volatility is not going away into our yet nor are going away in the bond market. Thoughts about the importance of this or as the market completely look past what's going on in japan? Uh.

I think a lot of other things have taken center stage. So IT has looked past IT to some degree, but IT is something that we should watch in IT infected. As the last tweet that I sent on friday, there was a chart out there about how bullishly positioning in the yan had really picked up.

And you can see the charted shades at Green. But now the long positioning, as the yen has appreciated, has really fAllen down. And you can also look at the chart, just before that fateful ll August fifty day, we had long positioning and yen at a low.

So if we continue to drop, if the yen continues to deep recipe, now I don't know that people would rerir k the same way that they were exposed before August fifth. But this is something that crossed over a thresh hold. Obviously, investors have sort of given up on that long position in yet, and I think it's worth watching.

And this is something that over the long term period, over, lets say, the last two years, I think this has been a part of the story of White gold has reason so much as well. Just the expect of currency volatility around the globe and the fact that central banks don't have as much control as they did before on currency volatility in particular, and the bank of japan being the beginning of that problem. So I think it's something to watch. And this is another reason why I still think the gold trade is a good place to be.

Yeah, I agree with that one hundred percent. And you know the obviously, we don't have them here in the united, although who knows what happens in the next decade. So but there's something called snap election, danny, and we have seen one in japan. So thoughts on some of the unrest politically in terms of the bank of japan, in terms of the government overall and what a potentially could mean, if anything, because again, it's we're sitting here. R S, M, P, five hundred doesn't seem to care IT completely impervious.

So there are ldp, they call IT loss of majority for the first time in fifteen years. And again, before we came on today, i'm thinking to myself, you know what is the M B entire week? It's standard deliver both for earnings.

And then the comment from ever James almost, who played as coloma's says, negative times, negative equity sited. You look at japan, they based no type of majority government not controlling inflation of potentially now potentially do not going to raise rates. So we'll deal with that later.

So as two negatives, what happens? The market scope two percent overnight, right? So i'm not going to try to predict that, but he does have implications on the macro community.

IT does have implications on global rates. IT does have implications on goals for what this is talking about. I think people woke up on August fit to the strength in the end and the unwind of the carriage at what that can mean.

We're kind of in this one fifty two, one fifty five zone kind mans land there. I guess you would say right now, but listen, they have the O J meeting this week. They have inflation on eloy ment data this week in japan.

So a lot as me, a lot of news there again might be overshadow red because everyone's focused on what's happening here in the us, right? We're not really looking. But again, these are things you going up to pay attention to, to watch.

And keep in mind, they import obviously energy. When the yen was weakening and oil was in the mid eighties, IT was very treasured for them. Oils back allows seventy here.

So the end weakening is not as impacted to the economy as IT was when oil was strong. So a lot of moving parts to you, I am not going to try to predict. But again, all elections have some time of the impact on the future, whether it's in the U. K, whether japan, whether it's tear and I think is something people need to pay china to. And think about a longer term, rather the short term reaction.

The year olives that you mention gold and it's amazing, obvious. Ly, we had a pretty big soft and all risk sets on August fifth. Gold was not spared, by the way.

But since then, no, IT continues to be lower left, upper right for many of different reasons. But you just said IT before, for where we started this japanese conversation, all roads leave the gold. And again, dower goes up, doll goes down, neels up, fields down, seemingly doesn't matter.

Gold continues to go higher. So what do you think, if anything, derails this? Because obviously, there's always that you have to look when you're in a position when you're into trade. The most important thing to do is, you know, how can I be wrong and i've searched for reasons as to how when could be wrong in terms of the gold both thesis, but i'm hard pressed to figure that out. Thoughts on that.

A well, first of all, I don't think it's being driven by a lot of the Normal things that you would expect. So with dollar moves, I don't think it's being driven by that. We talked about this a few weeks ago.

It's still the case. Its central banks, a lot of china buying gold, a lot of institutions buying gold. So number one, how can we be wrong if we wait too long, we stay in the trade too long when he gets long in the tooth.

How do you know when that the case when retail started plowing into gold, and that has not happened to yet, if you look at just the flows into the etf, how retail can actually access the gold market, they have fAllen as gold Prices have risen now to become a bigger part of the conversation. But it's still very talked about, not positioned in. And I think we would need to see a position in come in.

Other than that, how does IT go away? I think of central being suddenly get their drunk together. And if politicians suddenly get their drunk together, I I do not expect that to happen anytime soon. And this currency volatility, both in japan, in china, basically in asia in general, would have to really calm down. And again, I don't see that happening anytime soon.

Today we get jobless claims on thursday. I think to expect the numbers two and thirty five thousand on friday. We have the last job report before the election.

The market is looking for a four point one percent rate of unemployment. I would suggest that this will be the low we've see for the foreseeable future as we get through the election. And I think the thing is going to start to stare step higher. To me, that's been one of the things i've been concerned about. By the way, another concern has been unfounded, but the importance of the labor market in this entire sort of hatice or mosaic that we've been weaving for the last half hour.

But let me make a comment on gold, if I could, and just echo lizz. Sentiment comments on IT, every type of small cell off. You know, we were getting eight to ten percent cellars potentially year ago in gold.

When the macro we go against IT, now we get one to two percent type ves and every dip has been a buying opportunity. And i'm watching bitcoin, which is recently been outperforming kind of gold here. And I want to make one note that emr university, not that I agree with that.

My on the mother is now the endowment is been buying the bitcoin etf, very large purchase for them actually. And so I say that unless is comment about retail owning gold to stop there yet, bitcoin somehow is now making its way into the endings. And I don't think there in gold idea is I just want to add that.

So bitcoin continues to still a little bit of of gold thunder as a relates to the job market is the ball in dall as a relates to what the fed has been pointing to now looking at labor versus anything else they're willing to risk reinflated or a little of and inflation, to quote, soft land or no land, this this economy. So IT is very important. Again, it's not important this week at all.

I will be important after the election, I think, going forward. And so whether people trust the numbers, whether what is going to look like, guy, I totally agree with you. The unemployment rate itself is pride not going black back below for not going back below four percent, I don't believe could be wrong.

But I think that is one direction ago. And so if that's the case, we know if everybody's in place still in their positions six months from now that the that is gonna signaling and cutting rates, if the employment picture worsens at all. And I think that's what people are watching. So people are fine with four point two percent, four point three percent and maybe even four point four percent unemployment because they know that the fetal have their back through period of time. Again, that's a positive for .

gold t before we five thousand, anything that you're looking at this week would be a single stock in terms of what that means for the broader market or economic data that's coming out.

One of the things is another of data. I'll asked myself in six months, should we have paid more attention? Guy, you and I have talked about this a number of times, even if the labor market doesn't get a lot of headlines this week because there's so much other stuff to talk about, the fact that boeing has done a big layoff.

Ff, in the last couple weeks, we heard about volkswagen doing some reduction in force. When you get companies in the industrial sector, some of those bell weather manufacturing names, even though our economy is not as dependent on manufacturing anymore, you do have to perk your ears up. So if that trend continues, if we started to hear from the likes of other big industries about layoff s and so on.

And so for than the manufacturing sector really suffering, I think that something to pay attention to. And I would agree with danny, I think the unemployment rate at four point one percent, still very healthy. But is he going to go back down to three pots? six? Three point four? No, I don't think it's gna go back down there.

And I said where we would see IT and jolts first, do you see job openings increase and then we would have to see the unemployment rate fall after that. And I just don't think that, that's going to be the trend. But right now, I think everybody is absolutely help bent on hanging onto the strong economy narrative. And IT would be touched to throw us off of that with just a little tick here and there of point one percent in a certain data point.

I know cloudy as sam is watching daddy. Last word to you. I've been .

thinking about the time period of a two thousand, six, seven and a in trading that environment and literally seeing the end of the financial world, maybe the end of the world happen in real time, and it's hard to undo that. And I walked over the last fifteen years, sixteen years, all the goon intervention, the reliance on global central banks, all the things that have occurred.

And all we did was trying, for the risk from the correct baLance, eat to the public baLance sheet. And at some point, that's going to matter. So I can't unc what we saw.

And I saw up closing personal and two thousand, seven and eight and comme jit, all whatever, all. But that's how I kind of have looked at things in a period of time. Can you ignore IT? sure.

Can we ignore all the stuff that's going on in this world right now? Maybe, but the geopolitics k in the financial rist that are still in the system, I think being unappreciated, the markets, maybe we get some type of clarity over the next week or so, but I don't expect that. So I expect a lot of utility, a lot of stock picking IT.

That's gonna matter again, when the market has these big cell s, especially the rustle, a lot of small, please get thrown out. Those are the ones you want to look at and buy. And so I think there's opportunities .

are gone on both sides. Lots on rebel here. I'll say this, you know, lisa mention form a quarter for thirty ten year, yelled being sort of a level I agree with that will say, you know what danny just talked about and I agree with you whole hardly is one of the reasons I still think yields go higher.

And obviously, if i'm right, they're going higher for the wrong reason. So we will see how that whole thing plays out. But E, Y, T, always great seeing you.

Daniel is a joy and honor and a privilege to have you when we come back then. And I had a conversation with callie silver. So stick around.

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Welcome back to the on tape podcast. There's certain .

people I look forward to seeing. I look forward to hearing from just sort of engaging with Caleb silver is one of those people. Kaleb is the editor in chief of invest pedia.

C. I pronounced that correctly, by the way. Now i'll say this. You've been on fast money dozens of times. I believe this is the third time you're with this here on the tape, but IT is always a joy to have you care. welcome.

Thank you. Third time, color a long time. Listen, best huge friend of you guys love being on investment with you, love being on the pot here with you. And just like seeing you too, I just feel good when you're around.

Pedia is an unbelievable platform. So take a couple minutes because recently when I say recently within the last month or so, you guys ring the closing belt in as that to cecelia ate, you're twenty five year anniversary. And if you know anything about the business to make IT in years a lot, but twenty five years as accomplishment.

Thank you. Twenty five years on the internet, like two hundred and fifty three years right um and we have made IT through uh bunch of bear markets, a bunch of bull markets, political K S. The rising fall of various forms of the internet.

And we're still happy to be here, but I think we're still here because people are happy that we're here. They're happy to use this. And I can't tell you how much joy and pride I get out of being the editor and chief.

Have a place where when I go and introduced myself to people, usually the second thing out of their mouth is, thank you. Yeah, as if I did IT myself. I didn't do IT myself. Our whole team has been working on the site for years and years. But just being a place where people are happy, you are around and be able to spread financial education, that's a pretty cool thing to be able to do for us as a website, as a company.

And for me, yeah, aside from being a tremendous resource, anybody goes to the web, they search some topic. It's very likely that investor pedia comes up here. And so when I think about that, even for us who been in the markets guy for more thirty years be almost thirty years, but you also create a lot of content that really relevant.

So it's not the every Green stuff that exists on the platform. Talk to us a little bit about that because you will also evolved. You have your own podcast, the investor pedia express. You talk to a lot of very relevant market purchase more, I mean, right now. So it's not just this thing that lives statically on the internet.

And we really had to evolve who we are because we want to be where our audiences are there, not just readers looking up. The definition of that was the origins of the guys from canada admitting Alberta, both name cory smart dude said, hey, we should put up a dictionary and investing dictionary because the internet bubble happening. Cnbc was being born saying with cn N F N and bloome berg, and nobody knows what anybody he's talking about.

Accept the very few people. Let's do that. P. S, there is a company in mount bu c, california called google.

These two guys in the grass are trying to index the internet. If we put up the dictionary, maybe people will point to that good idea. By the way, let's also put up some test prep for the serious exam.

So if people want to get in to trading stocks and be in that world, they can do to. That was a really good idea to evolve. They sold that, eventually went through a couple of hands.

This is now in I seasons. We are an I C on company through dot ash mars, which is a big publishing company that includes the data ash assets. Would talk about outcome and married IT, which is people simple in style, food, mine, traveling, legion.

All those grapes were part of that family. But we've had to involve what we do. So we do news. I have a podcast, we do video. We're bigger, the social platforms. I am out and about where I see you guys, either on C, M, B, C, here on the conference circuit, trying to break the wall, the internet wall, of what the pedia was, because we are here for two days, educated investor. And we want to be here for another twenty five years, educating investor.

You will be without question. And before we get into some of the work and get a little granular, wall street historically has been a pretty cookie cutter, homogeneous area group of people, whatever you want to say. But IT sort of looks like and sounds like you though come at this world from a much different perspective, which I think is really refreshing and fascinating.

You write a skateboard, you own a restaurant, california. You're just a really cool F N. guy. And I mean, that's sceura and that's high purse, so speak, to sort of your background and how you found yourself in, again, this very pair ized world .

that's very flattering. Thank you very much. And you say the ice is things, and that's why I keep coming back. So I am an accidental business journalist in some ways. I grew up in sania, mexico, in the restaurant industry.

That's what I knew when back there, after college, came to coal gate for college, went back to sand fit, was working in the restaurant business. But I knew that my north star didn't know what I wanted to be when I grow up, was to be able to use the power of media to communicate and help people. right?

That's what I knew I wanted to do. That could have taken the form of many different ways. But for me, I started as making documentary.

So I use my rush of money to buy a camera. Became a documentary maker, became A A camera photo strong for the news work. My way through central and south amErica for different environmental groups, went to graduate school here in new york, fell in love, all those things.

But then I was a camera man, four bloomer, in the early days as a second camera, or C N B C. So I was getting into this world while I N Y U getting my journalism degree and watching this internet bubble start to percuss ate a lot. And blum, or within its early days, they hired me at a grad school eventually, after year, to to be a segment producer, creating A A segment about internet stocks and how to invest in them and how to understand these companies like yahoo.

Like like is like.

exact right, bring any balls right? And I got into IT that way, and I was there for the early days of blooming or television, which were totally fascinating because we were trying to bring the terminal to the broader audience, both institutional investors and retail investors. Bring me to life in a way that could show people what was possible through IT, even though it's so complicated and expensive.

That's what we are trying to do competing with C, N, B, C, right, as an upstart. But that's how I learn business news. That's how I learn business journalism, and that's how I learn the markets.

And that's how I found my way in this and throw a couple of know cycles. You'll learn a lot of been doing this thing for about thirty years right now. So like, I back my way to IT as a photo journals, as a camera man. And here I am, and that's what I do. Yes.

keep IT interesting. And you talked about how you've volt you. It's funny. Like the core of you're offering you, like I said, is just a tremendous resource. You go to the site, there's lot different ways to engage in the content and that continues to grow.

So I think about the period that were in right now, and guy and I get pretty excited about IT its earnings season, right? And so take IT to the bank. Every listed company, they have to report their earnings four times a year, and most of them give guidance going forward.

Talk us a little bit about like how does the traffic pick up? How does some the queries pick up? I know that you do a lot of the survey work and were going to get to that in a few minutes here, but what is the earning season like for you guys over?

Yeah, let me take you inside the world of the individual self directed investor, for the most part, because that we trafficking a lot of investigative a they are looking things up themselves. They may have an advisor or planned or something that they work with, but they want to be smart about, they want to learn. So we've earned over time what they like to learn about.

And we also know this. We do news, we do cover earnings, but we're not going to be the robots to the point when he comes to getting the first one out there and we don't care. That's a very short live article with very small amount of traffic.

We know we're very good at the x the explanation. So what does really well for us is not the earnings break down as much as the what to expect from and the key metrics to watch. Why does that work for us? Because that speaks to the educated investor.

We're not talking about levels or where the stock might trail that. We might do some technical analysis on that through our our chart report, our technical analysis news letter. But what we're trying to do is trying to educate people on the metrics to watch because when they go into and they read that, especially those that are new to the game, they're learning the terms and what these things mean.

So they become a smarter investor and they become, uh, much more interested in the journey of these companies. And then you know, what does really well first is the second day story or the bounce story we sometimes call IT, which is, for example, amazon. How does is on make money? Now everyone thinks they know how is on makes money.

But I actually changes a lot that every quality in terms of where the money comes from, you want to educate themselves on the fundamental of the company, learning after the fact, not in a tradable way, but in a way that makes them smarter. They are holding or they're considering buying. They know a little bit more about the company and watching them go through that journey, totally fascinating.

But that's also the exciting part. We don't want to do the news like everybody. We want to be the educated know, provide news to the educated investor that wants to learn more.

Sometimes, you know, you try to explain the people. The economy is not the stock market. And a lot of times what you'll say is you just have to trust me on this.

Believe me when I say that there are two mutually exclusive things recently, though, you don't have to explain IT to people, it's happening right before they're very eyes. We have a stock market through the S M P, five hundred at an all time high. And this administration approval rating when IT comes the economy effectively in all time low. How do you wrap your head around that? Because it's as distinct as i've ever seen.

IT is a tale of two countries, and it's a key shaped economy. All the all the different metaphors you want to use because those that are in the investing class and those who have assets are doing very, very well and have been for quite a while.

But especially over the past few years, while a lot, a lot of other people just don't feel at all, they feel is higher Prices for insurance, higher Prices at the grocery store, higher Prices for healthcare. When the girl, you know, try to take their family on a vacation, and you could see that in our traffic as well, figure ten to fifty million people coming to investigate every month. All of the very distinct question.

Not everybody. He's looking for the same thing. People are asking very different questions. So I was just looking today and where people are looking for and you have people who are playing earnings and you could tell they're looking for the what to expect, uh, stories and tesla, everybody else and they're looking through that.

But they're also other people who are looking at different ways to tap their for one case for alone, if they need to, where to where to get a hardly blow best personal loans to take right now. And then there are other people saying, I can see interest rates going down. I can see the high road savings account numbers going down and the city numbers going down.

Should I lock in today? right? There are all kinds of people coming in with so many different questions. But he paints his mother of pretty much the entire country of not the entire world of what they're looking for.

You know, we obviously watching every tick every day that we're commenting, recording podcasting in the day we go to fast money after the cloth, there's kind of news breaking after them. So we have to kind of be really quick give our two cents here.

When you think about, you know, some of the places that folks are going to get, some of these analysts get some of this breakdown of these stories, do you guys get to see like how these quarries change what people are most focused on? You do a lot of that survey work, but that I think is obviously you're going out to your listeners, to your readers, to your viewers. How are you guys monitoring ing? Like like here's a good example.

About three weeks ago, I think the investment world was fairly well convinced that the fed had set out on a rate cutting cycle. Okay, rates had down fairly dramatically if you look at the ten year, which is obviously not so closely tied to fed funds, but it's more directly right, we had had a ten year at five percent the same months earlier. And by the time they cut, the ten year was at what for issue, something like that does that makes some sense?

They almost stand at three and a half percent. So a huge move, obviously.

And now here we are. We've rocking IT back to four and a quarter. I have to assume if you're a stock market person and let's say you don't know a lot about the bond market and how treasury yields and how fed funds rate affect the stock market.

And now it's been so uncertain, are you guys seeing that data? Or are you seeing people getting turned around? And how do you kind of report on that also?

Yeah, well, we're seeing what you see that and just what people are searching for, for obvious reasons, whether that is locking in higher savings account at a certain rate or wondering why mortgage rates are creeping up again and home buying is slowing. When we thought we are entering a period of finally a the ice cracking on the home buying market, but that's not happening.

So people are wondering that how do those yields work, right? How does the fed fund right actually effect yields on the treasury? That is a question that people ask kind of vestibuled a hundreds of, not thousands of times, especially when they don't know what's going on.

We have the other thing that we ve had for years called the anxiety and and this measures people's anxiety based on the queries they're making around anxieties, ed, terms around the stock market, the economy, personal finance. I think i've talked about IT here before, but that is really interesting because that measures are very track set of keywords, about eighteen of them in those categories. And when people are looking for bear market, when they are looking for correction, when they're looking for reversal, we can see the temperature really, they have investors in their anxiety based on that.

And guess what, they've been a little bit more active and a little bit more anxiety, but relatively chill as this market is just ground and higher to new highs after new highs. And we talk about the sentiment survey, that's when we literally going out and asking our newsletter readers, we have a million, have daily newsletter atoms, and are pretty good open right there. We're asking them, what do you barrah about? What do you bullish h about? What are you most fearful about? What do you think returns are going to be three months out, six months out, uh, a year out? Uh, what would you do with the extra taner? And we talk about IT on fast money when I come on all the time, and that is fascinating too.

There is optimistic. They they as they've been in a long time, maybe a little bit late to the optimism because I took a long time to get there. But certainly optimistic, I bet, in a while, even with the election getting closer and closer.

What's talk about the election? Because there are all kinds of betting markets on the back of this election, more so now than probably we've ever seen. I guess my first question is not to be political, but what are people's concerns around the election, if any, in you know, what are they searching foreign terms of this candidate wins? This happens to them, those types of .

things yeah there thinking about IT in terms of policy and they're thinking about IT in terms of taxes. I think taxes is probably the taxonomy intended that is popping the most for us because that is of the most consequent to people, especially the investing class, right? Um there could be an extension of the tax cut. There could be a deeper tax cut for wealthy americans if trim potentially wins and there could be higher taxes for wealthy people if hair wins if that ever get through. Most of the time they're concerned n about their impact of their own money.

But we also have a lot of articles that we write and we all the time debt by president um spending by president, stock market performance by president and you know this by being in the market of very long time and the stock market of monaco teaches this as well doesn't really matter, kind of evens out over time, although policies can influence the direction of the market. Think about twenty seventeen when when drop is first elected, everyone thought the stock market was going to take a huge nose dive and we are going to go into a recession. But those twenty seventeen tax cuts really amplified.

uh, the market for quite a while until caffs is a world .

you see come up and more often in a toy or that just drop this ice cream. We see terrorists pop in, left and write. What are the impact of terrorists?

What are the existing terrorists? What countries have terrorists against the U. S. Right now? So that is always popping. And also the mechanisms behind terrorists in terms of the government agencies that control IT and how that actually happens, how to terms actually manifest. So people not just like, what does that definition mean because you know what definitions are really a diamond doesn't. What we're finding is h as people get will we get closer and closer and people get a little bit more, uh, either tell us about their own money or about their own decisions, they want to go deeper to actually understand the mechanisms of how these things.

you know, we always wondered this, and we can look at our own data about our podcast. We can kind of get a sense from cnbc. But you know when the market is describing higher, like I did you know for most of this year now, obviously, we had you know the little cell off and july and August then icr endow hd v bottom, right.

And we kept on going higher and then we had a little bit of a sell off in september. But I think this year, we made like forty seven new highs in the S M P. Five hundred.

And I think we find that people get very complacent right in those sorts of markets. And so they're also getting a bit more complacent on the cell fs, too. They've been trained to just buy dips.

And that goes back to guy, what was IT in late two thousand and eighteen when the market was selling off and got down. How much did IT in the nineteen point? yeah. And then obviously, the fed shifted and there ago was off to the races. So i'm just curious, like in periods like this where you had a level of complete see where the market was just kind of going higher and higher. What do you guys see in that regard? You mention this anxiety index, but you also get like a euphoria sort of index two or some sort of kind of vibe on that.

Yeah but just like cnbc, just like all the greg material you put out here in any websites that covering financial media, a slow market, that ground tire is not exactly a great recipe for a lot of traffic, right? Volatilities, what drives a lot of interest in our business no matter what you know, what you think about that, that is what IT is. When people get concerned, they start looking things up a lot more.

But I was talking to judge Brown about this recently was his terrific book and add on my pod. And I know you guys know him well about this notion of this relevance bid, right, this complacency of where every two weeks we're just putting money or our I R S, or our four kids, those of us that are invested and have access to that. He liking this to warm buffer is like, why do you think buffett became when the greatest investor of all time and one of the smartest business man of all time because he has these business is like concerns.

They just get to check every month. They just get to check every month. They just get to check every month. And that kind of the way the market has become in big bachelors, taking in a lot of that money on the money manager inside. But I think that this kind of way we've been trained.

And it's very hard for individual investors to pull money out of the market, especially in their retirement accounts or that they just don't. It's harder to pull IT out. It's harder pull that trigger than IT is to put a little bit more, put a little bit.

put a bit more. So I could say you can look at IT through two different lenses. The first lengths that's a great thing because obviously, money, he is coming to the market regardless.

The flip side of the coin is money is is going to regardless, and it's looking past evaluations, headwinds, geopolitical, anything you can basically name. The market looks past in a passive investing environment. So thoughts on that concerns. Do you see any concerns that you know pass investing by its very nature is creating a bit of IT. I don't want to say bubble, but little too much enthusiasm.

I have that concern myself as a passive investor. Now I have an advisor that does a lot of more active management, my families behalf, but i'm concerned about that as well. And i'm concerned about that as an educator, as an as an investing educator, telling people that this is what to do because I look back a hundred years of history and no matter what we kind of keep going up to the right now, we've had dips, and there are big good reasons for that.

When you think about the fact that there's a lot of money out there, right? And i'm not talking about sideline money, i'm just talking about money in the from the from the investing in the wealth class have done very well and is very difficult for people to think about something other than doing this thing that we've been trained to do by the financial services industries, by our employers, by our government for years, over years, over years. And there are generally well tied up and that it's hard to really move that out absent a big black one of them.

And we know what happens when this happens. We've had some pretty big ones. And guess what IT, we're back. So I worry about IT all the time at the same time. What also you can what is the alternative?

I I think about my own career. I I entered the markets um at a launch hedge fund in ninety ninety seven and even then you know you had this trouble forming in text tax, right? But I really wasn't IT took a while for other parts of the stock market to kind of really join the party, and I think that was kind of last gas, and you will, but the bear market that we had from the higher two thousand and to the no two, that was excruciating.

But since then, we have had nothing that felt that bad. And guy, you can know, maybe give you two sense on that too. You get to the financial crisis.

What was different there is there really was some existent al risk that really felt that way, but I didn't take that long to kind of at least for the markets to recover from that. And then you have code, which was a black one event to use the term that you just use. And we v bottom, we were back towards those prior highs in six months, and then IT was a fall on bubble.

And the correction for that was twenty two and a half percent in twenty twenty two, very orderly, you know. I mean, so I guess what i'm saying about that relentless bid and people ask us all the time and my answer usually is like quite come to us, if you're into trading, if you're in the stories, if you're into being to all this, that whatever you want to learn about options, you want to learn about futures, but most people you know should not be doing that. You know, you're a doctor, you're a postman, you're whatever hell IT is.

You work of a job and you should probably set and forget IT. So we're really dollar cost average guys too. I don't see a lot of risk in that. If I go back and I think about my career of nearly thirty years, you're going to go through some periods that feel very uncomfortable. But the black swan events are few far between.

They are. And guess what, the moral hazard is not really there anymore. We've also learned and watched time over time that the government comes in in some capacity and throws money all over the floors.

Interest rates, you know, adjust monetary policy dislocates IT in a way to take care of the problem, to get rid of the the anxiety and the fear out there make people feel like it's okay IT just compounds the problem later on the road. But as warm buffet is also said, that's a down the road problem. If you worried about that works, who's going to happen down the road and didn't invest, you've missed some of the greatest ball markets of all time. So know I worry about IT too. At the same time, what is the alternative? And this is kind of what we've been trained to do.

Invest pedia puts out some amazing articles and there's a recent one, I think a couple weeks ago, fifteen terms to be on to look out for of the market where the heads south and words like bon yields by the dip circuit break or contains and correction implied volatility.

But here's a question you am am curious, can these searches sort of poor ten? In other words, if you start to seeing up trick in the certain search words historically, is that sort of lead to something is a just sort of antic total thing? And one does not necessarily. In other words, if you see more, more people starting to search for condition, is that typically ahead of something or in the wake of something?

Yeah, great question. And we've actually tracked the ancient and the have had a research company against the big precedes IT. So people look first, then do, but also it's mostly retAiling and individual investors that are looking for this stuff in coming invest pedia, right? IT is not the people that you were trained, wether or work h alongside with or no in the industry that know what's going on. So you know that word contained might not pop until some institutional or investor has set IT on I C N B C or put in the note that want somebody is picked up and it's made its way around twitter and all the sudden IT becomes part of the part lots. And then if individual investors, retail investors are making a move, IT doesn't necessarily have the same impact as what institutions do unless you get into the whole mean stock world where finally, that the tail was waging the dot.

Find a question for me. American dream costs a certain amount of money, according your research over the last year, that's going up significantly. What IT was a year ago is probably up thirty percent or so from the prior year.

So I think more, more people come in the realization that in order to get the american dream, this is what I need to earn over my twenty three to sixty five year lifetime. So thoughts on the number. But more importantly, what the number comprises, what people are looking to do within that framework.

Yeah, great question. And we we started put a Price tag on the american dream last year because we noticed in twenty twenty three, we're always looking at the most popular terms throughout the course, the week, the day, the month and also the year. We put out our terms of the year every year.

And that term, american dream kept popping up and he was one of the most traffic terms of the year throughout the course of the year because we were dealing with massive inflation at that time that was trying to fight IT with with raising interest rates. And I think he wasn't because people like, what is that thing, by the way, it's a term that was going by a writer, uh, wisa. Autumn S I believe in the one thousand nine thirties in a book describing what was then the american dream.

But I think IT was this notion that I was getting further and further apart. And IT wasn't a thing for people anymore. Tainted IT was untainted. So we started to put a Price tag and and we refine the Price. Last year, we first did IT was three point three million, but we refine some of the things that went in and and thought a little bit more this year about this can't be about the needs IT has to be about the once the aspirations.

So we put a Price tag on things in today's dollars, inflation, adJusting for owning a home, which over the course of forty years, if you think about the media and home payment and the mortgage pay at the current rates, that's gona be close to a million dollars. If you talking about getting a new car every few years, that's going to cost several hundred thousand dollars. The Price of owning a few pets over the course of a life time, raising two kids, setting them off to a public university, right? We're looking at Prices in those.

These are not things you have to do, right? These are not things you need to do. These are things you might want to do.

Not everybody wants IT. The Price of your dream is different. The mind, right? The Price of your living dreams is different. But you have to know what that Price tag is for the reasonable expections. Build your own dream.

We have a calculator that we're building into that now so you can build that number, which is basically what you do in financial planning. What is that goal number? Let's work back from IT.

That's what we're trying to do to people. So it's not the notion that we're restoring IT. We're just saying if you're wondering what IT is, here's the things that we might reasonably want to do in a lifetime.

And guess what, if you make the median income through forty years of work, you're going na come up with something like three point three million dollars. If the dream cost four point four million for the things we listed, there's the gap. Where is the gap going going to get filled? It's gonna get filled through investing. That's what we think. So that's what we're also trying to do to show people you have to have your money work for you at the same time you're working unless you are earning enough or you're partner with something in a dual income because do the income families make about over a life time about five point two years?

So when you think about bridging that gap, you think about getting to that american dreams. So having that sort of financial freedom, one of the things that I think has been very clear to the three of us here is that there's different generations view that getting there in different ways.

So I think about just the last five years and what happened in the second half of twenty twenty were all the sudden there is a group of people that might not have had investible capital. They got IT. They didn't have too many places to spend IT.

They put IT in the markets. They became attached to certain stories, whether IT was. Game stop or some of these other things shit coins in the cyp to space.

I mean, the smarter ones probably just put IT in bitcoin, which over the last fifteen years now has been a great investment. Whatever you think of IT as an actual instrument, what its future is. And so allow these folks to become attached to some of these stories and their narratives.

Tesla is a great example. You've almost become religious. How is that change for you in the way that you guys cover markets and cover stories and then also cover individual investors? Most importantly, because that sounds like you based on what you just said, you guys do a lot of work on that you're trying to help people achieve those goals. yeah.

Well, we always know what what the most popular stocks are among our readers and in the market. And it's not hard for anybody to know that you can see what's most actively treating, you know what they are. And every time we do the sentiment survey, we ask what their hotoke ten are.

They look exactly like the S M. P. Five, like most portfolio, right? We also asked them what etf they hold in which one they would hold for the next ten years.

And they were the biggest tf out there in the market bangers, right? The the swab accused of at all. So we heard as individual investors, people do a lot of that, but they love stories, stocks and story's. Dogs like what happened during the same stock media were great terms of educating people about what was going on. But you also saw all that hot money moving.

And now and even today, you know, we have a market that's a little bit ten years over the last few days, but we're seeing people starting to get a little bit more promiscuous, looking for ways to short, looking for a ways that maybe buy some penny stocks to ride them up or down. You can always see the promise duty creeping in when the volatility rises. That's so interesting.

But we also know the top twenty five stocks that people are most interested in. We write a lot of our news done that and based on a lot of our analysis based on that. But when we see something popping up, we're going to include back into the mix because know when those stocks get the attention of both the financial media, which were all a part of, and then retail investors, you know, they become very interesting lessons of themselves.

I started this by saying you celebrated your twenty five year university, which again is remarkable. What are you excited about for the next year, five or ten years, things that know you're working on, things that you never envision, maybe even a few years ago? Yeah.

we are always trying to find ways to reach our readers of the next generation of readers of the next generation of investors. So we went from being that dictionary, that in psychometric, where you can find the definition of everything and only, you know, right there for a very long time. But that space is completely call up now by the robots and by the people that that run those robots.

So we have to find all other ways to diversify our traffic and our audiences. And that has men growth. The podcast, which is the two three year but also lots of new video work that we're doing right now for all different platforms and different ways to use that video to engage our readers, but also thinking about ways we can apply artificial intelligence, learn language models to us.

We have thousand documents on our site. We got a data from readers over a very long period of time to understand the new ways people need to know how to learn. I'm interested in seeing how we can adopt those technologies because we get this question all the time and invest pedia thirty thousand times a month.

How do I invest ten grand? Which is why we put IT in the survey, answer for use, different for me, different for everybody. We need to know more, right?

We don't want to do your financial planning, but we want to provide the best answers on the internet and the ways that the best answers on the internet, social media or through a pod, the way they manifest, are changing their different. And we want to be on the top of that way, making sure we're catching IT. So we ve got another twenty five years in, but we think just being this pure play educator about all things money is a great place to be. And like I say, when people I may say thank you, it's one of the great test feelings in the world. They are happy that investigated existing.

I'm super happy that say thank you because you rarely meet somebody who's so excited about the work they do and is so energized every day about and I don't obviously see you everyday, but I know enough to know that you wake up and you're excited about the work you're doing, about the work you're going to continue to do and what you're build in, in our investigative a so k up. Once again, thank you for joining us so much for.

Thanks again to our presenting sponsors, C M E group eye connections, facts said. And so far, if you like what you heard, make sure you had follow and leave us a review. IT helps other people find the show, and we also want to hear from you email us the contact. That risk versus dot com, the rivaw ves are not suitable for all investors and involved the risk of losing more than the amount originally deposited in any profit you might have made. This communication is not a recommendation or offered to buy cell or retain any specific investment or service.