Bet-David Podcast | Guest: Tom Ellsworth (Biz Doc) | EP 51
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We are live episode number 51 with Tom Ellsword Biz Dock and Adam Sausnick.
Question for you.
When you think about 51, the number 51, what do you think about?
Oh.
Everything to me in my mind, number has to do with something.
What does 51 tell you?
When you think about the number 51, give me a jersey, give me a year, give me whatever, something to do with 51.
You really throw me off here, Pat.
I got nothing.
Something with 51.
It's basically how elections are won in the United States now.
Okay, that's how you think about it.
51.
51, just a smidgen, so 49 people up, 49%.
This is a crazy stat I'm about to give you.
Okay.
51.
See, Cecile Fielder's best year in home runs was 51.
Okay, for what it's worth.
I know it's worth nothing, but that's the weird stats part.
I may be off.
If somebody verifies it right now and you're wrong, I think it was 51.
Last night we had a little controversy at dinner debate.
We forgot the exact amount of DiMaggio's hits.
56.
You said 51.
Adrian said 52.
Mario, who knows all the facts with sports.
But it's 56.
DiMaggio.
By the way, we had a good time last night.
Yeah, we did.
Mayor Mayor Juarez.
Francis.
Francis Juarez from Miami.
And the guy's a quality guy.
He's got a lot of presence, a ton of swagger.
The event was with your best friend Adrian.
Yes.
Whom Adrian has been all over the world.
We learned he lived in Jerusalem for three years.
Yep.
And he was all over the place.
He said, party, you know, Thursday night, Tel Aviv.
I think it was Saturday's Tel Aviv.
Thursday night is Jerusalem.
He had a lot of good stories.
That guy is.
It was a meeting yesterday for NFTs and crypto.
I mean, the whole meeting yesterday at Soho House in Miami was about crypto and NFT.
It's interesting to see.
Yes, and bringing capital to Miami and Miami being the capital of capital.
Attracting all the, you know, and today, I don't know if you guys saw the taxes today with Cuomo.
He announced it this morning where they were talking, not he announced it this morning, but they were talking about this morning, raising taxes in New York.
That's going to end up costing $4.3 billion.
It's already been announced.
Top earners all across the board, taxes to generate $4.3 billion after losing all the jobs that they've lost.
They are still raising taxes.
You know what I like about what Mayor Juarez said yesterday?
Suarez.
Suarez said yesterday.
Here's what I like about what he said yesterday.
By the way, the guy could have been a model on cover of a GQ magazine.
He's got that kind of a look, and he's got everything.
He's got everything.
He's telegenic.
He's conservative, but he kind of runs from the middle.
He said, well, he's a Democrat, apparently.
He's a Miami Republican, meaning he's socially liberal for sure.
You live in Miami.
But a fiscal responsibility.
I like that.
That's every chance I get to lower taxes.
I do.
He does, yes.
Every chance to lower regulation, I do.
And every chance to bring more talent to Miami, I do.
That's my priority.
He says, I want to make sure everybody knows Miami is one of the best cities we have in America.
He believes it's the best city in America.
The best city in America.
But it is what.
You saw the shot that he took at New York.
He was pretty vocal about it.
He goes, look, I don't know what the hell they're doing there, but they're definitely going in the wrong direction.
Move to Miami.
Yeah, he was not hesitating at all.
He was not hesitating at all.
And Tom, I know one thing about you.
Tom used to party hardcore in Miami years ago.
Wow.
Tell us about your partying days in Miami.
What part you want to tell me?
Go as possible.
No, no, no.
was not a partier in miami we were you know shocking No, no, no.
We were middle-class people.
We'll come down, spring break and stuff like that, and do things.
But I was never a big partier.
I never had the dollars to go to the big clubs or even back then, the big clubs, you know.
Well, that makes two of us, Tom.
I've never partied down in Miami.
That's the one thing about you.
Extremely conservative.
Kissed two girls in his life.
Mom and a girlfriend.
That's it.
That's right.
That's a very committed thing.
By the way, your story last night about Manut Ball was fantastic.
Yeah, about how you met Manut Bowl at a bar.
Fantastic.
Me and Manut, one-on-one at a bar.
Yes.
Got that guy drunk.
Maybe at the end of the podcast, the last five minutes, you'll tell them when you tell the story.
Let's get into some of the stories that we have today.
We got a lot of crazy stories to go through today.
Charles Barkley was asked during a college basketball game his thoughts on what's going on with politics and his reaction.
We're going to show the video in a minute here.
I loved what he had to say about it.
And then LinkedIn apparently is giving their entire employees, 15,000 employees, the week off, literally all of them the week off.
We'll cover that here in a minute.
Delta cancels over 100 flights.
Dana White to sell his remaining stake in UFC two decades after buying it for only a couple million dollars and turning it into a seven or an $8 billion company.
And now he's selling the rest of his shares.
Here's what two-thirds of Americans have to say did with their stimulus checks.
Interesting, where they use their money.
All those phone numbers, 533 million Facebook phone numbers and personal data leaked online, including the founder, Zuckerberg's phone number.
CEOs reflect on their pandemic year and the lessons they've learned.
Amazon is on the edge of Alabama union vote, which is going crazy.
Bernie Sanders, all over that yesterday.
Investors should buy real assets from wine to art as inflation reaches a secular turning point.
Bank of America says, think about it.
Bank of America is suggesting you buy real assets from wine to art.
Bank of America, when would you have thought that Bank of America would have said to buy wine to art?
NFT price crash stairs debate on whether stimulus lead fat is over.
It was like 74% crystal, big number there.
Godzilla versus Kong tops the pandemic box out.
I watch it twice, by the way, in less than 24.
I got a lot of questions.
I watch it one night, HBO.
The next day, I promised Mario was going to go with him.
So myself and the kids watched it twice within 20.
It was like a homework assignment we had.
Phenomenal movie.
And I'm not even a fan.
Yes, we'll cover that as well.
Goldman Sachs, Google, and Amazon prepare for return to office.
Microsoft wins U.S. Army contract for augmented reality headset worth $21.9 billion over the next 10 years.
Trump changes the way he brands himself from Trump to the 45th.
Is that a good idea or bad idea?
Yelling to push.
This is something I definitely want to talk about today.
Yelling to push for global minimum tax on corporation.
MLB moving All-Star Game out of Atlanta in response to the Georgia voting law, which, by the way, for some of you that don't know what's really in it, I printed out a couple things to read.
One is from Washington Post.
One is from Heritage Action to talk about what's in the actual law that they're pitching to see if it is as bad as the media is telling us.
The new laws in Georgia.
The new law in Georgia that's got folks to move the All-Star game.
Florida Governor DeSantis signs executive an order banning vaccine passports in the state of Florida.
U.S. and Iran agreed to resume talks over nuclear deal.
France to close schools.
Putin voted sexiest man in Russia.
Putin voted sexiest.
DMX rapper, not in good shape.
It's very unfortunate.
He had one of the greatest albums of all time.
Yep.
And unopened Super Mario Brothers game sells from 1986 for $660,000.
And Tom Brady's rookie card sells for record-breaking $2.25,000.
So, having said that with all those stories, do you want to just get right into the story you wanted to talk about, which is how folks in America are spending their stimulus checks?
Let's go.
Before we do, can I give a quick shout out?
Sure.
Because people are asking.
Kai's not with us today.
Yes.
Kai is a little hungover.
We went out Friday night.
He had one too many orange juices, and he's not in with us today.
Tell the truth, though.
Tell the truth.
He had about four violence.
Sam and Kai got into a fight.
Sam told them, I'm going to run it today because he's trying to impress a girl because he's on the camera.
Look at his shape.
Look at a perfectly shaped baby face.
Sam is Colombian.
He's single.
He lives in Boca.
Ladies, if you're interested, DM Sam.
Caravajal.
See?
Caravajal.
Caravajal.
Sam's usually behind the scenes running the show.
Now he's killing for Kai.
It is what it is.
They may or may not be roommates.
They're friends.
Kai didn't like the comments about his hair, by the way.
That upset him a little bit.
He's going for the bad pick fight.
He got upset about that, so we had to change it up a little bit.
Shout out to Kai.
We love Kai.
Kai, hope you feel better.
Get Wilson.
Yes.
Okay, so let's talk about stimulus checks.
Here's how two-thirds of Americans have used their stimulus checks.
Those 1,400 stimulus checks that started hitting mailboxes in March are proven valuable to people overwhelmed by debt.
A study from Bill Paying Service Doxo finds that 62% of stimulus checks are being used to pay bills with a significant portion of the earmark for credit card debt.
Since the start of the pandemic, says Doxo, 42% of Americans have skipped paying at least one bill.
Interesting.
42% of Americans have skipped paying one bill.
The DACSO number fall in line with the data from U.S. Census Bureau Household Pulse survey in March.
A study from that group showed the majority of stimulus checks recipients planned to use the money on food and utilities as household budgets remain stretched during the pandemic.
A study of 110 million people who reported receiving stimulus checks taken between February 14, February 17th, and March 1st showed debt reduction and household expenses as the top priorities.
Adam, thoughts.
Yeah, I mean, there's a lot to unpack here.
I actually love this story.
So I think the number is 90% of Americans are receiving some form of stimulus.
I didn't get a check, though.
Well, if you make over $75,000, which I assume you do, Pat, I know you've had some up and down years, but if you make under $75,000 or less, you'll get $1,400.
I get phases out, I believe, at $80,000.
Like if you make $78,000 as an example, you might get a check for like $800.
But then it starts to phase out if you're married.
If you have a household income, if you're married, if you're under $150,000, you'll get the full $2,800.
And if you have dependents, they're each getting.
So, you know, I went down to South Beach and I was interviewing a lot of people down there.
What they did with the story of the world.
Phenomenal, by the way.
Thank you.
Hilarious.
Check it out on Value Tame and Economics.
Amazing interview.
One girl, I said, oh, how much did you get?
$1,400?
She goes, no, $4,200.
I go, wow, that's amazing.
You're married, kids, dependents, all that.
I go, how much did you spend to be here?
$4,200.
Oh, my God.
What are you doing?
What are you doing?
So there's a lot of those kind of interviews down there in South Beach.
But here's why I love this story so much.
Two-thirds of Americans have used their stimulus check to pay off debt.
So, you know, I have my six principles of wealth philosophy.
And number one is having a game plan for your money, which is a budget.
What's your income, what your expenses, and all that.
And then I say number two is before you can win the money game, don't lose.
And what's losing?
Losing is debt.
So debt is your money going backwards.
So the average interest rate on a credit card is 16% in America.
The average credit card amount in debt is $6,000.
So if you're getting a $1,400 check or even a $4,200 check, the best return on your investment might be to pay down that 16% interest rate or in some cases, 24%, 25% interest rate.
Or if you have a payday loan, it might be 400 or 500%.
Get the F out of debt before you can start saving and start investing.
I know there's other stories out there that Tom, I'll hand it over to you.
People that don't have debt are actually pumping their money right into the stock market, into Robinhood, and becoming investors.
So here's my last point.
80% of Americans have debt.
80% of Americans have some form of debt.
Only 55% of Americans are actually investing in the stock market.
So your goal should be to have a game plan for your money, get the F out of debt, start to save that money so you can start investing.
So I applaud these people that actually paid off their debt with that.
Good for them.
Good for them.
Tom, what do you think?
Well, I think Americans are behaving responsibly, and I think it's great.
You basically got them paying for.
They're saying, hey, we're spending this on core living, you know, household expenses and food, core living.
And I'm also knocking down some debt that I had.
I think that's a very responsible thing to do.
Now, does that bring back Main Street?
Does that bring back restaurants and entertainment in towns and cities?
No, not yet.
But I think for the average American, for inside the household, I think it's very good.
But is it bringing back, you know, the life to the cities?
And never mind spring break.
Never mind what's going on, you know, South Texas or South Florida.
What I'm talking about is casual entertainment in any town USA, you know, going out to do something, going out to dinner.
Restaurants are just now open.
So that's not getting a lot of support.
But I think it's really good news that Americans are doing this because I think it makes it, you know, you don't want all the Americans stressed.
That's true.
And I think this is a very good thing.
Flip side, you know, the single Americans.
You met one.
I don't think that was the terribly responsible answer she gave.
But also, you had millennials that were single saying, hey, thanks for the stimulus.
I'm going to go buy some crypto and I have my Coinbase account and I'm going to go buy some NFTs, you know, some interesting things, some music clips that I like.
I'm like, oh, that's, you know, that's a great story for national media because it's like the, oh my gosh, kind of angle to the head.
Wait, so you're saying not a good idea to take your stimulus, go buy NFTs?
No, I don't think so.
If somebody said, hey, I put it in my, you know, I maxed out my annual limit from my 401k and bought a, you know, some more stock in some mutual or something.
Okay, great.
That's that's a savings plan.
But when you hear like the, hey, I'm just going to gamble with it.
If I lose it, I lose it.
So, what do you think about NFTs?
What do you think about NFTs?
I think, look, I think this is a new collectible that's here to stay.
But I'm saying that those millennials that took the stimulus check and the first thing they did was basically gamble, you know, higher risk.
I don't think that's too smart.
But I love what American families and households did with the stimulus.
People are trying to get rich quick, is what you're saying.
So, what did you do with your stimulus check?
What's the stimulus check?
You're so funny.
Speaking of NFTs, I know we were at the event last night with the mayor and Adrian and the Ethernet and everything they're doing and BitCloud and everything that's going on with that.
But you actually did an awesome motivation Monday this past week about doing some research.
And what was the motivation for that?
Because if you, I mean, I'll sort of paraphrase.
Yeah, I'll give you an idea.
Last night I get a call from George Palau while we're at dinner at Soho House.
He texts me.
He says, Pat, should I buy this card or not?
And he sends me this beautiful Giannis, you know, rookie card, you know, BGS.
Say his last name.
Say his last name.
Anita Tomponco.
He sends me almost.
He sent, say, you say it.
See if you can say it.
Yannis Antanto Compon.
Okay, I do.
Antanto Compon.
So that's why I just say Yanis.
He sends me this message.
He says, Should I buy this card or should I not buy this card?
It's a BGS nine and a half and a BGS, it's a BGS 10 cart and 10 auto, right?
Is what he sends me, Tom.
And he says, Do you think this is a good price to send to buy?
And I said, Here's the numbers.
I sent him a few things for him to look at.
And even yesterday, I got a bunch of new cards that came in.
I got a 1958 Atlantic Frank Sinatra card, PSA 10.
Okay.
This is amazing.
I got to know that they have these kind of cards.
Sophia Lorraine autograph.
I'm a big Sophia Lorraine card.
By the way, look at this one here.
This is the highest-graded Grace Kelly, Megan Merkel's hero, Grace Kelly, PSA 9, highest graded, PSA 9.
This is a special card right there.
I got a Clark Gable 1957 card, PSA 9.
I got this one, Tom, will appreciate another Grace Kelly, Lawrence Olivier.
I got a Malcolm X card, PSA 10.
I got a Marlon Brando card from 1950.
Look at this stud right here, man.
Marlon Brando, 1950.
Wow, this is before he was dating James Dean.
Which is public in there.
That is Frank Sinatra.
To Elizabeth Taylor.
Tom, you're going to, Adam, I think you'll like this.
This is another Sophia Lauren card autograph.
was ridiculous Elvis Presley PSA 9 she was the original you know anyway kind of round woman you know round woman no you know bustier lady well before there was Marilyn Monroe it was Sophia Lorra and Kim Kardashian all of these guys are part of the lineage of Sophia Lorraine correct this is before she was the OG she was before Marilyn Monroe Sophia Lauren she made I don't know if it's before Marilyn Monroe I think it's about an era after but Marilyn Monroe anyway so interject real quick I mean you had the Marilyn Monroe's like These are gorgeous,
you know, full-figure women.
Now you're these types of people, you're just a standard Instagram model.
That's all you're doing.
Today, I think Sophia Lorraine today would have a few hundred million followers.
Oh, clearly.
I mean, she's 25 to 20.
Now, any girl that takes a picture like that, you're just a standard Instagram model.
Not that I'm hating on that.
Here's what I'm going to do.
You asked the question and you said what do you say about research, right?
So there's the one thing with Tom, give you a perfect example with Tom.
I've spent a lot of time with Tom.
Tom and I have traveled, I don't know how many places we've gone to together.
I tell you one thing about Tom, okay?
If you watch his case studies, the guys like yesterday's Ducati case study that just came out today, sick.
We watch it on the drive to Miami, right?
Sick.
You learn so much about it, right?
One of Tom's biggest strength I learned from him, okay?
Just watching him, not even like asking him.
Tom's a master researcher, okay?
He researches.
So is Greg Scher.
So is the most successful people I've done business with.
There is this ability to research that people don't put value behind.
So even today with NFTs, yesterday when I was calling, we were on the phone with Jake yesterday on the way to Miami, and I'm talking about BitCloud because I'm getting ready to introduce it to a few different people.
And we're talking to crypto attorneys.
Can they be sued?
How can you be sued?
Are you selling securities?
What could happen?
What could not happen?
You got to do research to get your questions.
Yeah.
So these things with cards, these things with NFTs, we're being hit up by so many different angles right now.
So many different things are being talked about right now that we don't know about.
So rather than just jump in and saying, I'm going to go in there and I don't know what's going on.
I'm going to do it.
Why don't you take a full day and research to the topics that interest you the most?
Exactly.
That's all I'm talking about.
You know, that's what you got to be doing.
You got to do your own case studies.
But you talked about NFTs with millennials putting their money in NFTs.
I'm going to go into the stats about NFTs, okay?
Which has to do with what happened with stimulus check stop.
And so NFT price crash.
Yep.
Steer's debate on whether stimulus-led fat is over.
This is a Bloomberg story.
How it started.
In February, 20,000 buyers spent more than $45 million on basketball clips in a single day.
Let me say that one more time.
20,000 buyers spend $45 million on basketball clips in a single day.
Today, the average price of NFTs, essentially trading tradable digital certificates that use blockchain technologies to prove ownership and provenance on online assets have tumbled almost 70% from a peak in February to about $1,400.
Chris Wilmer, University of Pittsburgh academic who co-edits a blockchain research journal said NFTs aren't in a bubble anymore than cryptocurrencies is in a bubble.
There will be manias and irrational exuberance, but cryptocurrency is cleared here to stay with us for the long term and NFTs are probably too.
NFTs are far from risk-free whether due to further price drops, so-called wash training, trading, where deals that look genuine are actually done by a small group to create an illusion of high demand or plain fraud.
I'm going to read that last part one more time.
Folks, if you're listening, let me read that last part again and I want to get your thoughts on this.
NFTs are far from risk-free, whether due to further price drops, so-called wash trading, wash trading.
It's a wash.
You buy from a friend at a high price and you kind of make it work, but the price of the NFT goes higher, where deals that look genuine are actually done by small groups to create an illusion of high demand or plain fraud.
That is happening.
That's not everybody.
That's happened with a small percentage that's given a bad rep. Tom, thoughts on NFTs?
Well, you know what?
Easter was yesterday, and there is no new sin in the world.
That's what we found out.
The sinfulness and the greed of man is consistent.
And what you see here on NFTs, there's a little phrase called pump and dump.
It's written down right here.
Yep, that's exactly right.
This has been going on since the pink sheets.
Hey, I've got the pink sheets, by the way, which is where ultra-low Jordan Belford special.
Correct.
Ultra-low price stocks are out there.
A bunch of guys get together, create some trades.
There's a little pop, looks like momentum.
They get on the phone, start calling people, fake research reports, pump and dump.
Pop.
Pop.
Boom.
Oh, my gosh, you're right.
I just looked at that thing.
You're right.
It was at two yesterday.
Now it's two and a half.
Now it's three, three and a quarter, four.
Oh, my goodness, at four dollars a share.
I could get in there with, wow, a hundred dollars.
I could get 25.
Wow, I could put $1,000 and I could get this.
Pump and up.
Tomorrow morning, it's back up $1.75.
And so it's nothing new.
It's nothing new.
It's still going on.
It's going to continue going on.
It's actually an unregulated product today.
And for people that, you know, millennials or someone maybe younger, younger entrepreneurs listening, pumping up was something that was happening in the 70s and 80s, and kind of that kind of went away.
But in Wolf of Wall Street, you saw the I'm going to give a completely different side of what you're saying right now.
And so, but I'm saying is this is nothing new.
And so people say, wow, where did this come from?
This crime is not a new idea.
I'm going to give you a completely different side.
Did you want to say something on that?
I kind of know where you're going, but I think the fact that it is non-fungible, this keyword fungible.
I know where I'm going.
Yeah, so I don't want, I mean, I'm setting you up for.
Dude, why don't you just tell us your gift of reading people's minds?
I just think.
Well, I'll tell you why.
Tell me.
Because I'm going to bring this back to you now, baby.
Say it.
Because I loved your intro from that video you did yesterday.
And you said, look, you know, everyone, you've seen Patrick.
You're a researcher as well.
I'm becoming more of a researcher.
You know, the osmosis with the BizDoc, but you said, I don't, I don't, I say, I don't know what crypto is.
I'm not on, I don't understand what big blockchain is.
What's an NFT?
What's fungible?
I don't know what fungible means.
I don't.
And then you said, listen, a lot of people don't know.
It's okay.
Do your research.
And I had to do, dude.
And a year ago, if you asked me what an NFT was, I was like, what, did you just spell NFL wrong?
I have no clue what it was.
A year ago.
Most people don't even know what fungible was two weeks ago.
Okay, there we go.
Today, there you are.
But you are a good mind reader.
You have ESPN.
An NFL reference, ESPN.
We're going sports here.
Not too much sports, though, Valutainers.
But that's where I'm thinking that, you know, your story that you always tell about the Picasso, about the freaking Picasso.
But the guy goes to the deathbed.
It sees Picasso.
It's his last painting.
The beauty of these non-fungibles is that you can't duplicate them.
You can't sort of bring the pump and dump corruption mentality to this.
So I'm setting you up because I'm sure you have a more to elaborate on.
I'm going a completely different direction.
I'm going a completely different direction.
So the story starts off with us talking about stimulus checks, right?
Yes, sir.
What these kids did.
And then Tom talked about them being responsible.
And you talk about the one girl you met in Miami that spent what, $4,200.
I was in the check on a story.
Yeah, I'm assuming that's $1,400 times three, which is $4,200.
Yada yada yada.
Correct.
You blew it a check.
So that's what she did, right?
Here's where I go.
Go to the 18-year-old Tom.
Go to the 18-year-old.
When I was partying spring break, when he was in Miami non-stop.
Go to the 18-year-old PBD, right?
My chain and my clock.
Yeah, I can see that chain on your clock.
You and Flavor Fluid.
But if you go back to the 20-year-old, 18-year-old PBD, I'm in the Army.
I'm getting out of the Army.
I have no clue what to do.
Okay.
Let me tell you what I did with my money.
Let me tell you what I did with my money.
I did anything I could to 10x my money.
Okay.
I bought penny stocks.
I bought a penny stock one time for five cents.
This penny stock within a week went to 75 cents.
I was on top of the world for one hour.
And then it went back to three cents.
And I thought, you know, I'm not sure.
I didn't get out, though.
I didn't get out because pump and dump.
Penny stocks, you can't sell as fast as you can with, you know, different kinds of stocks, a different kind of thing.
So then I said, you know what, screw this.
I took my money and I just went and bought a bunch of Nike stock.
I started full-on online.
And then I went and bought a bunch of different things.
I started risking my money in these different things.
You know how much I ended up losing?
I lost $49,000.
I was on $49,000 of debt in my early 20s, debt, in my early 20s.
Why?
Taking a crap load of risk, nonsense risk that had no clue what I was doing with my money.
Uninformed risk.
Uninformed risk.
Then finally.
Non-research risk.
No, no, you can take 21.
At 21, 22, I get my Series 7.
Okay.
I go to Morgan Stanley, get my 63, all those licenses that come to me.
Then I start learning about the ability to research.
Then I start focusing on one industry, things change.
Here's my point.
If you're young and you're listening to this, you're 18, 19, 20, 21, and you're screwing off with your money, you're throwing into NFTs or whatever you're doing.
There's a part of me that says that 18-year-old Tom may have done that a little bit.
There's a part of me that says the 18-year-old Adam may have been like, you know what?
I don't know.
There's a part of me that says, because as you get older, all you want to do is you want to talk about how responsible we were and we forget about how irresponsible we were.
And there's an element of taking that risk that the younger generation is doing.
If you're going to spend $4,200 at a nightclub versus putting it in NFTs, guess what I'm banking for?
Yeah, go into the NFTs.
Go into the NFTs and see what that can turn into.
But if there is any advice you can take from three men sitting at this table in their 40s, I'm going to leave it at that.
Three gentlemen sitting at this table in their 40s.
40s means you're above 40s.
We're all in our 40s.
Is do some research on any of these topics.
Let's go into what the Bank of America folks are saying.
Speaking of research, investors should buy real assets from wine to art as inflation reaches a secular turning point, Bank of America says.
A story by Business Insider.
Since the election of President Joe Biden, inflation and its potential comeback has been a hot economic topic.
Pumping trillions of dollars into the economy could overheat.
Critics say, while others see few signs of runway inflation either now or near future.
Bank of America chief investment strategist Michael Hartnett has seen enough to declare a secular turning point on inflation and anticipates that stock market returns will be lackluster over the next decade.
Let me read that one more time.
This is not an employee at Bank of America.
This is not a director.
This is not an advisor.
This is not an accountant.
This is the chief investment strategist, Michael Hartnett, has seen enough to declare a secular turning point on inflation, anticipates that stock market returns will be lackluster over the next decade.
Stock investors who've seen a roughly 10% annual return from recent decades should expect that gain to go down to 3% to 5% over the course of 2020s, he added.
But he has a recommendation.
Buy real assets such as real estate, commodities, and even collectibles like wine, art, diamonds, cars could outperform in the next decade.
You know what this is?
This is collectibles.
These are things that you cannot duplicate.
You cannot get another Grace Kelly PSA 101955 card.
You can't duplicate these things, right?
The chance of that happening is slim to none.
So investors don't need to own the physical assets, Hartnett added, but instead can own REITs, real estate investment trusts, and specialized funds that focus on these assets.
So he's saying the next decade, if you read it right, lend is going to go up.
Real estate is going to go up.
Anything that you can just print is going to go up.
Tom, I'm going to go to you first on this story.
What are your thoughts?
Do you agree with them?
Okay.
B of A's ultra ego in the investment banking world on Wall Street is Goldman.
Merrill Lynch.
Merrill Lynch.
Yeah.
Yep.
So they bought him out like in 11 years ago or 10 years ago.
And it just so happens we have a REIT and a specialized fund that we could help you out with this.
So there's a little bit of, there's a little bit of retail sale here going on, but I think he's right because he's describing a simple analysis.
If inflation goes up and these returns go to three to five over here, then your return could be, you know, 10% over here.
I think that's a really sliver of a gap there, but I don't disagree with it.
And I think with inflation, I think, you know, the collectibles that are not in infinite supply, I think that works.
I think it's a valid investment strategy, but it's one of many strategies.
Yeah, I think I'll take this with a grain of salt.
This is one guy.
There's going to be other analysts that are going to say, put your money in the stock market.
Are you crazy?
So I think a couple of key lessons for all our friends out there watching this is, number one, diversification.
So should you be in the stock market?
A resounding yes.
Should you have all your money in the stock market?
Maybe not.
Maybe you should diversify and have some REITs.
Like, for instance, I'm very big.
I rent.
I think I've been very vocal about that.
I don't buy houses.
I just kind of keep it moving and I'm very flexible and I move from Miami to Boca to Dallas.
But it's a lifestyle choice.
It's a lifestyle choice.
Obviously, when I have kids and I settle down.
It's a different story.
It's a different story.
But I might even still rent at that point.
Sure.
But I'm all in on the stock market.
Things have done very well over the last decade and change.
But should you put a sliver of your money in REITs?
Maybe 10%.
Sure.
Should you put 10% of your 5% to 10% of your assets into crypto?
Sure.
But the bulk of it should be in the stock market, in my opinion, whether it's a 401k.
The bulk of it should be in the stock market.
I think so, yes.
I think so, yes, because, again, building wealth.
For the average investor.
Yes.
Yes.
Or even the, I mean, for everyone.
But like, don't forget, building wealth is a marathon, not a sprint.
We talked about the 18-year-old getting into debt, trying to get rich quick, and then I think it worked out pretty well for you.
But it's a marathon, not a sprint.
The goal, if you're 18 or 21 or 25, isn't to get rich by 30.
I just think an 18-year-old can take a lot more risks.
clearly you should the risk tolerance for an 18, 19, 20 year old is like well you can bounce back a lot easier yeah That's why they say that if you're not.
Just not the dumb big mistake.
Well, not going backwards.
Well, I got into debt $49,000.
I mean, I was into debt non-stop is what I was into.
But what I'm saying to you is not the dumb mistake.
You can't make the dumb mistake.
The dumb mistake is you get caught something that gets you a felony or something that hurts you to go into a business or your record, things like that.
You can lose all the money in the world if you're younger.
Not all the money in the world, but you can lose some money because you can recover from it.
Of course.
But you're saying like getting arrested, having a mark on your record, selling drugs just to make money.
I'm not talking about that.
Play the long game with that.
So I don't want anybody to quote me and say, Pat, you said anything to take the risk.
I'm not saying that.
Here's my last point.
I believe in something called the KISS principle.
Keep it simple, stupid.
So we've talked, sort of the theme of this podcast so far is do your research, you know, find out what's going on out there.
So they're giving you a lot of recommendations of where you can kind of put your money, whether it's real estate commodities, collectibles, wine, art, diamonds.
Like, I don't know anything about wine other than if I'm going to have a glass at dinner.
Yeah, I'll take the cap.
Cool.
I'm not going to become a wine investor.
I don't know anything about art.
I'm not going to become an art investor.
So I do know about basketball.
I do know about the NBA.
So yeah, I'd put 10 grand on a Zion Williamson card because I understand that marketplace.
I understand hard assets like real estate, but I'm not trying to buy a property.
So that's what I'm a big advocate of REITs, real estate investment trusts for people out there that aren't familiar with that.
But diversify, but I would say, regardless of your age, 50%, if not more, of your core asset should be in the S ⁇ P 500.
This guy's telling you to, you know how you say, hey, what he's doing is he's selling because it's Merrill Lynch and all that, right?
Okay, let's just say yes.
He is.
But Tom.
I think he's observing and selling.
But I think if you read it, the guy says real assets such as real estate, commodities, and even collectibles like wine, art, diamonds, and car could outperform in the next decade.
Those are none of the products he sells.
He's not selling wine.
He's not selling art.
He's not selling diamonds.
He's not selling cars.
That's not what B of A specializes in.
Correct.
He is selling, not selling away.
It's a bad term for the financial industry, but he's selling to a different direction.
And imagine if you're one of his advisors and you're sitting there saying, why are you as a chief investment strategist talking about mine?
What I can't make money on.
How do you want me to make commissions so I can get your money back to you?
You think he's facing backlash?
No, what I'm saying is I like his honesty.
I like the fact that he's because most of the time when you hear, like, I go to these events with Goldman Sachs and the chief economist will speak and all these guys will speak.
They'll typically give you whatever recommendation.
And, you know, you know what I'm talking about.
They'll tell them.
But I like the fact that I don't know him.
I've never met him.
I don't know his story.
I don't know his background.
For all I know is he could be someone who's against capitalism.
Pull up Michael Hart now.
Yeah, but all I can say is the fact that he's selling this the way he's saying cars, diamonds, art, and wine.
There's some integrity in it in what he's saying.
That's all I'm saying.
He's saying cars.
He didn't say it.
I think cards, but it was.
Cards, not cars.
I didn't say cards, cars.
Right.
Which, I mean, I don't know what kind of cars he's referring to.
Let me tell you.
Classic cars?
Tom, why don't you tell us?
Tell us how much money is made in cars, collectible cars, like literally.
Crazy.
Crazy.
Classic.
We're talking about classic cars.
Crazy money if you know what you mean.
You put a line for the S ⁇ P 500 and you put a line for collectible Ferraris.
The Ferraris are crushing it.
Sam, Hart.
Just crush A-R-T-N-E-T-T.
I'm sorry, Tom, keep going.
You were saying that.
No, if you looked at Ferraris just as a, from the 1950s, 60s, and 70s, just look at those vehicles and look at them, say, as an S ⁇ P 500 and the Ferrari Market Letter, which is almost the stock market for that.
It is phenomenal, the money you've made on that.
And so you can go get smart about it.
You don't have to own it.
You can, with a consortium, you can own them.
It's just amazing.
By the way, also, this guy, how do we know that he was honest with what he said?
This is a business insider story.
So how much of all this did he expect to see in print?
Was that an offhand comment that he made talking about inflation?
And he makes an offhand comment about cars and stuff and it puts it in print.
And then meanwhile, business insiders, well, as you said in the story, well, that part was off the record.
I wasn't supposed to say that.
I was talking about the other things.
Well, it is what it is.
You know what's really interesting about the stock market?
I saw something, somebody asked me, said, look, how do I learn about the stock market?
I said, look, stock market's got a risky side, and stock market has a more conservative side that has a lot less risk.
And one of the best things I saw was, you know, 529s.
What's a 529?
It's a college plan.
Savings college, yeah.
College savings plan.
And so who buys into college savings plans?
Moms and dads, right?
Who might not know anything about it other than maybe they have a pension, but the pension is managed by somebody else.
So they may not be retail investors with any sort of knowledge of stock market.
There's this great analysis that said the closer your child gets to college, you can just click the box here and we will reduce the risk in your 529.
Sort of like a target date fund that they do.
That's exactly right.
But again, these people don't know what that means.
But it was a beautiful explanation that says, hey, the risk here at kindergarten is going to be here, but we're going to be reducing the risk the closer they get to college because although there is still risk in this fund, there's still risk of loss, the closer we get to college, we want to turn down the market risk.
That's our job.
That's what you're trusting us to do.
And then you read this thing and I'm like, when I first saw that, I think it was TIA Kreft did it.
I said, wow, what a great explanation for parents that lets you walk away saying, okay, this is how the 529 is going to roll.
And also it was a primer on being in the stock market, but not everything is just throwing darts at the wall.
I like that.
Well, I think with anything with investing, much like in anything with life, it comes down to risk versus reward, right?
So something that I, when I was like, I don't know how to invest, I don't know when I was in my early mid-20s, I learned about the 80-20 rule.
The closer you are to age 20, the more you can have 80% in stocks, 20% in bonds.
The closer you are to 80%, more closer to 80% bonds, 20% stocks.
So depending on your age, like Pat said when he said when he was 18 years old, he took on a lot of debt.
You have time to bounce back.
You can take on more risk.
Not dumb risk, not getting arrested, not out there selling drugs, not getting in stupid fights, not anything like that.
But the younger you are, you can take on more risk.
The older you are, if you're in your 80s, you shouldn't be in 100% equities.
You should be in more likely 80 or 90% bonds and less stock.
So everything in life comes at risk and reward.
And just like the 529 plan, when someone's in kindergarten, they've got 18, you know, not 18, 12 plus years for their money to grow.
I did some basic math there.
Versus if they're a sophomore, less time to make their money grow.
Well, I'll loop one more thing around NFTs because that's where this part of this segment started, is I don't see any difference in what's happening in NFTs, first issues right now from IPOs.
There are IPOs that come out and they're a little bit rushed.
It's a weaker company, but they have this amazing first day and then they settle and then they all come back.
Some of my last couple of case studies were companies that I showed.
Hey, well, look, they had this huge, huge pop, came down, but then they stuck discipline, discipline, discipline, growth, growth, growth, profit, profit, profit, and the price comes back up.
I think that's, you're seeing that with NFTs.
Wow, I love basketball.
You know, LeBron James is only making 100 versions of that one dunk, his first official NBA dunk.
Oh, my goodness.
Pop.
Well, I think over time, there's still only 100 of those.
So I think the value will come back.
But it is kind of like a lot of this.
There's a little bit of this IPO pop at the beginning, wouldn't you say?
Speaking of IPO, I have a good idea for you for our next segment.
We might cover it today, but if we don't, I'll tell it to you after the show.
I mean, think about it.
A Tom Brady rookie card sold for a record-breaking $2.25 million.
The Autocraft 2000 playoff contender championship rookie ticket was a part of Leland's Spring Classic 2021 collection.
The opening bid was at $75,000, but 67 offers later.
And the anonymous buyer walked away with the item for a record $2.25 million.
The card is one of the only 100 ever made and was previously purchased on eBay over a decade ago when it remained in a private collection before being sold.
Think about it.
A guy bought this on eBay over a decade ago, keeps it, doesn't do anything.
10 years later, puts it in an auction, sells it for $2.25 million.
The rare item received an eight and a half grade and a nine on the signature, broke a record.
Prior record was $1.2 million of also Tom Brady.
And then you also had the Super Mario Brothers game.
Can you pull up the picture here?
Super Mario Brothers game unopened.
Sold for $660 from 1986.
Type in Super Mario, Mario, and then just type unopened.
Type in unopened.
There you go.
Open box.
Yeah, click on that.
Let's see if it comes up.
$660.
Can you type in $660,000?
$660,000.
Yeah, type in right there.
Let's see what comes up.
Go to news.
No, no, go to all, all, all, yeah.
There you go, right there.
Go to the second one, CNN.
Yeah.
That's it.
Look at that.
That's sold for $660,000.
That right there sold for $660,000 just because it's unopened.
It got a grade of 9.6.
So again, you can't duplicate that.
You either have it or you don't have it.
And somebody may say, what a stupid thing to own, but it's unopened from 1986, which is how many years ago?
35 years ago, someone sees value in that.
So you may have some things you're buying right now that no one's paying attention to.
Sit on it for a little while.
Well, that's what happens.
That's where I was going with this.
Is there's a similar theme here.
You said sit on it.
I say buy and hold.
So, or as my crypto friends will say, buy and hold.
You've seen that before.
Yeah.
So good things take time, as they say.
And sometimes it's going to take a decade, like the Tom Brady story, or sometimes it's going to take three and a half decades for your money to matriculate.
But good things take time.
And it goes back to my initial philosophy that building wealth is a marathon, not a sprint.
Well, let me say this, though.
Zach Shaw just gave five bucks.
Yep.
And he said, just found out about VT Economics, not VT.
Okay.
VT Economics Channel yesterday.
Adam, you did a fantastic job with the Miami Vacation Case Study.
And big shout out to the BizDoc as well.
Thank you so much.
Big shout out to the BizDoc.
Corner and crime on the VT economics.
And Danielle DeMartino.
You guys did a great job together.
The three of you.
And I just did an interview with Danielle that completely crushed it.
And next Friday, I get a huge interview coming out with none other than the BizDoc himself.
So we're keeping it in the family here.
But shout out to all our friends out there watching Value Tame and Economics.
Looking forward to that.
I'm going to buy and hold with you next week.
Buy and hold.
We're going to get to know the BizDoc.
We're going to have a beer during that interview.
We should do that.
So have a big note.
We should do a beer in business.
Let's go to your best friend, Janet Yellen.
Oh, somebody.
I think you're going to be a very big fan of.
When Janet Yellen was hot, Biden said Janet Yellen.
She's got that Z5.
Adam was ecstatic on the podcast.
Ecstatic.
Yelling to push for global minimum tax on corporations.
Let me say that one more time.
Yellen to push for global minimum tax on corporations, CNBC.
However, not just on corporations.
She is pitching this to have a tax on corporations around the world, not U.S. By the way, what he has here, the story that you have here, Kai, is not the story I was looking at.
Is there the story of she says global tax or no?
It's on top of page six.
Janet Yellen will call for minimum tax levy on corporations around the world in an effort to keep companies from relocating to find lower rates.
Yellen will tell the Chicago Council on Global Affairs conference that establishing a minimal global corporate rate will help bring stability and provide a more level playing field for all countries.
Under the Biden administration, proposals to raise the corporate tax rate as a way to pay for a $2 trillion infrastructure improvement plan.
The corporate tax rate would climb to 28% from a 21%.
That increase would come just four years after former President Donald Trump slashed it from 35 to 21, which at the time was the highest in the world at 35.
Wait, back up and say that again.
Forget about Trump.
35 to 21.
United States corporate tax just years ago in the world.
That's right.
Forget about Trump, what you feel about him.
35%.
In other words, companies here in America are paying more tax than anywhere on the planet.
Companies also had him incentivized to hide revenue offshore, something the Trump tax cut also addressed by adding reparation, pronounce that word right there.
Repatriation.
Repatriation.
In other words, big dollars in savings accounts overseas.
Get back to the bank.
Bring it back here to U.S. banks.
Yes, the Biden plan would call for an increase in the offshore tax rate to 21 from 10.5.
Okay, all that stuff we've already talked about.
Let's emphasize one area here.
So Janet Yellen goes to the G20 saying, hey, why don't we all have the same corporate tax rate rather than just U.S. raising it?
Why don't we all agree on the same number?
What do you think about that?
Well, if you're, and I have a list of the countries with the lowest corporate tax rate, it makes no sense for you to do because that's your competitive advantage.
What are the countries we're talking about?
Hungary, 9%.
Montenegro, 9%.
Bosnia and Herzegovina, 10%.
Bulgaria, 10%.
This is corporate tax that you're talking about.
Lowest corporate taxes in the world.
Moldova, 12%.
Cyprus, 12.5%.
Everyone's familiar with that.
Ireland has very low corporate tax rate, 12 and a half Albania, 15%.
So you're talking about basically somewhere about 10 and 15% for most of these countries.
This is their competitive advantage.
Like, why the hell are you going to Moldova or Montenegro unless they have to relocate your corporate business unless they actually have low corporate tax rates?
And we kind of covered this with Byron last week.
And it's stuff that blew my mind.
I didn't understand the double taxation with, you know, if you're a corporate tax and then if you want to pull money out, there's an income tax and all that.
But I think where Yellen is going with this, and a couple different points here is I think what she's aiming to do, I'm not saying that these countries are going to play ball because I think it mitigates their competitive advantage.
Why would they give that up?
But she's basically selling this will prevent offshoring.
It was essentially what that whole repatriation incentivizing thing that the Trump tax cuts were addressing.
So I don't know if these countries are going to play ball.
I think this is something she's putting out.
Think about it.
What do you think about it?
What do you think about getting the corporate tax rate for the top 20, whatever economies you want to talk about to be the same exact number?
What do you think about that?
Is that a good thing or is that a bad thing?
I think if you're America and you have traditionally the highest tax rate, 35%, and Trump brought it down to 21, and now it's at 28%, or Biden's at least pitching 28.
I know they're in a round of negotiations right now.
Maybe they meet in the middle if they're at 25.
I think it's freaking great for America, but I don't know.
I'm sorry, who is America?
Who is America?
Who is America?
You said it's great for America.
Who is America?
American corporations you're talking about, or taxpayers you're talking about?
No, no, but you said it's great for America.
Who is America?
You said if America is able to get this corporate tax rate to go and be the same, it is great for America.
We should keep our corporations.
Why would we want our corporations leaving going on?
So who wins, though?
Who wins in America?
Who wins in America if we keep all that the same and there is no competition for corporate tax rate?
Which part of America wins?
The people, the entrepreneurs, small business owners, or the tax collectors in D.C.
The U.S. government, the U.S. Treasury.
Wait a minute.
Wait a minute.
You said all of the above wins?
I think so.
So tell me how all of the above wins.
Well, if the corporations stay here and they're paying lower taxes than having to go elsewhere, there's some incentives at that.
More jobs.
But obviously the big one is taxes, the IRS.
I think that's something that they'd be interested in.
So then let me ask you a question.
Who keeps the government honest?
If the government doesn't have any competition, who keeps the government honest?
Corporations, I guess.
How do you do that?
You don't have the final say.
The corporations are nothing.
They're nobodies.
How do you keep government honest?
If the corporation has no other place to go, like no other place to go, I mean, where is the leverage for the customer and the corporation to complain and say, we don't like the way we're being treated?
What's the government going to say?
Go to any of the G20.
It's the same thing.
You don't like us?
You know.
Go to Turkey.
Figure it out.
Because it's the same everywhere.
You lose officially and you have no say.
You already, if you go to DMV and you file a complaint about DMV on Yelp, you know how many people read it?
Nobody.
Yeah, because it's the Go post a review on Yelp and see how many of the DMV employees respond to you.
Go ahead, try today.
Yeah, not have it.
Go to your local DMV, go to the front desk, Lloyd and Catherine or Johnny.
He's not going to say, hi, how are you?
How was your day?
Well, have a wonderful day.
He's just going to tell you, excuse me, sit down.
And go right on Yelp.
Catherine told me to sit down and I didn't like it.
And see how many people are going to say, we're sorry you feel that way.
We totally understand.
That's not the right approach.
We are working to bring it up in our next training routine to make sure that never happens again.
Go ahead and see where TSA or Yelp, TSA or DMB, go file a complaint about TSA on Yelp.
Go ahead.
I'd love to see you do it.
Let's see what happens.
Where's accountability if all of a sudden Yellen convinces all of these guys?
Tom, let me just turn it over to you here.
Big countries have been doing this to little countries for a thousand years.
And the big countries are trying to take the competitive advantage away from the small countries.
The reason Apple's in Ireland and a million other examples you could have is because there is an economic advantage and there is a labor force there and it was better for them and better for their stock price and better for their overall return.
And now you've got the empire strikes back where they're coming in and saying, wait a minute, why don't we just make the high tax rate even for everyone?
She's not talking about the 15% tax rate in Ireland.
She's talking about the 35% rate.
Why don't we just make 35%?
Now, the small companies, small countries, oh, wow, they're going to collect 35% tax.
Yeah, but they're going to have fewer organizations coming to them to do it.
So big countries have been doing it to small countries forever.
I mean, this goes back to revolutionary times where Britain would harvest trees from the U.S., take them, build furniture, and then sell them back to the colonists.
That's called mercantilism.
And people say, wait a minute.
So you cut down the tree that was in America, you then turned it into a chair and then sold it back to the American that lived down the street from the tree cut down.
Yeah, that's right.
So big countries have been doing this to small countries forever.
The fact that Yellen brings up her proposal is only to benefit the dirt that she's standing on when she makes that proposal, which represents this is the U.S. government and the U.S. Treasury.
That's it.
President Biden's proposal announced last week.
Watch this.
That's my opinion.
This is what she says, by the way.
President Biden's proposal announced last week called for bold domestic action, including to raise the U.S. minimum tax rate and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition and corporate tax.
Let me read the sentence.
To work with other countries to end the pressure of tax competition.
Hey, Ireland, knock it off.
Yeah, let me read this statement one more time.
Bold President Biden's proposal announced last week called for bold domestic action, including to raise the U.S. minimum tax rate and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition.
And corporate tax-based erosion.
The pressures on who?
On her.
On us.
Said Ms. Yellen.
We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.
Look, let me give you— Read those last three lines.
Stop the race to where?
The bottom.
Which is benefits who?
The government.
No, the race to the bottom benefits the company that can go where it wants.
But let me say this to you.
Let me say this to you.
You ever hear when Sanders gets up there and Sanders will say an argument like this, or Sanders would say it, or Obama would say it, or Hillary would say it, any of these guys would say it.
How can we be the most powerful, richest country in the world and we don't offer health care?
Every other country in Europe does it, right?
You know what happens here?
They can't use that argument.
Because when a politician says that, the average voter says what?
The average voter says, huh?
If all these other countries in Europe and Canada offer health care, why don't we?
You know what?
I'll vote for it.
It is an American right to have health insurance given to everybody because Europe's doing it.
Fair.
No problem.
I get something.
I want something.
You just told me I could get something, so now I want it.
But flip it now.
On this side, they can't say we're raising the corporate tax rate to 28% because that's what all the European countries do.
See, they don't have that statement today to make.
So they want to get it up so they can say, look, it's what everybody does.
It's normal.
It's what everybody does.
That's right.
They don't have that argument because the moment they say they want to raise a corporate tax rate, guess what Republicans say?
We are the highest, we have the highest corporate tax rate where?
In the world.
And Democrats are like.
And then the voter, the average voter, the average voter, voter is not a dummy.
Voter sits there and says, We have the highest corporate tax rate in the world.
Why would America have the highest corporate tax rate in the world?
Let me go do a little bit of research.
They come back and say, yeah, I'm not with that.
I don't think we should have the highest core.
Even a Democrat would say, I don't want to have the highest corporate tax rate in the world.
But if they get this argument in, then guess what?
It's okay if we have the highest corporate tax rate in the world.
You want to eliminate competition with government taxes?
Are you kidding me?
That's what saves America.
Like the other day, I was talking to, I can't wait for this interview.
I seriously cannot wait for this interview to come out with the guy who bought Beepel's NFT, Meta-COVID, right?
$69 million.
And he said, I said, so why do you live in Singapore?
He says, why do I live in Singapore?
He says, no taxes on capital gains.
My income taxes are around 10 to 20%.
No regulation.
I don't have to report anything.
Nobody wants to know how much money I have.
He says, do you know why I don't want to move to America?
I said, why?
Look what the guy says.
He says, I don't want to move to America because I'm worried the moment I go into America, for the rest of my life, they can trace me to pay taxes on things I did in the past because now they have my fingerprint.
I don't want that.
Singapore doesn't care who I am and what I'm doing.
Singapore, all they care about is for me to pay 10 to 20% of income, zero capital gains, low regulation, nothing.
This is why myself and many others like living in Singapore.
You think America likes that?
Hell no.
Do you think these politicians today in the left like Yellens and Warren and AOCs and Biden, those guys like that?
Absolutely not.
But you know what a message like that from Singapore does?
Pisses these people off to say, damn it, I was about to take you to 35, but you know what?
Why don't we just settle at 25 corporate tax rate?
If we don't have that argument from the other side, they can take you to 35.
You can't say nothing because all they're going to do is say, hey, G20, we're going to take this to 35.
You guys also got to take it to 35.
And they have to do it.
It's a monopoly.
It's controlled.
The word that I'm coming to mind because you brought it up there is just competition.
Without competition, you have nothing.
Do we have competition?
Of course.
Right now, this podcast, does it have competition?
Yes, we do.
Do you have competition with a life settlement?
Yeah, of course.
Do I have competition?
Does everybody here having a job have competition?
Does Tom have competition?
Does the Uber driver have competition?
Does Lyft have competition?
Does a pizza joint have competition?
Doesn't it's Italy, you know, a sub-joint have competition?
Do states have competition?
So should governments.
Why only put the competition on us, small businesses and employees and states, and take the competition off the government?
How is that fair?
So we get to have the pressure of going to sleep at night worrying about our competitor taking a market share from us, but you don't get to have that pressure?
No, we believe in equal opportunity.
And you, politicians, also need to have competition.
Well, I think what it, what, you know, as an American, you want to say like, well, no, you know, America first, and no one should compete with America.
No, it holds America accountable so we can't get fat and lazy.
If you have no competition, you're the only person, you're the fat cat, you're the only company doing X, Y, or Z, and you have no competition.
That's how you'll become fat, lazy, sloppy.
Like your DMV example, if someone goes on to Yelp and says, well, Mary down at the DMV told me to sit down and there's no response, there's no accountability, how do you improve?
So like you always say, out last, out improve, out strategize.
And if you don't have to do any of that because you have no competition, that's how empires crumble.
Absolutely right.
And, you know, there's a little case study on this.
It's real easy.
Eduardo Savern, who is the co-founder of Facebook, who moved to Singapore and then renounced his U.S. citizenship.
By the way, he was living in Singapore since like 2007.
He renounces his citizenship 2009.
People said, wait a minute, you just did this to avoid $700,000, $700 million in capital gains tax.
He said, no, no, no, my wife and I just love Singapore.
And he now lives in Singapore.
And so that's the whole point.
Obviously, Southeast Asia.
Why do all the maps?
Why do the oil barons and the oil pirates live in Belize?
Same reason.
And people say, oh, these are tax havens.
No, they're not.
These are choices.
These are valid choices.
But you're saying that they're not tax havens?
No, no, they're not.
If all taxes are equal, you wouldn't be living in Singapore.
No way.
Absolutely not.
If all taxes were...
No, you wouldn't.
But by the way, Singapore is necessary.
Go to images.
Go to images real quick.
By the way, take the map out so everybody kind of knows where it's at.
Take the map out.
Go to the building with the colours.
Keep going out.
Keep going up.
Keep going out.
Okay, so go down a little bit, pull it down a little bit.
You got Thailand, you got Vietnam, you got Cambodia, Malaysia.
It's south, right there to the east of Indonesia.
You have Australia on this side, but you kind of see what's going on.
Southeast Asia, the islands.
Now go to the images of Singapore.
Go to images of Singapore.
Go to images of Singapore.
Singapore, there you go.
And just click on images.
Okay.
I've got to tell you, Kai, Sam's coming for your job, bro.
There's a swimming pool that goes all the way around that.
It's a beautiful hotel.
The shows that you have at night are beautiful.
The what?
You've been to Singapore twice?
Yeah.
Who is this?
By the way, we can't hear your audio.
So can you hear me now?
Yeah, go ahead.
Okay.
The shows that they have at night with it.
Beautiful.
Is it like Vegas?
Is it somewhat like Vegas?
Vegas and Macau combined?
Yes.
Yeah.
So, so, by the way, a lot of movies are shot here, just so you know.
A lot of movies are shot in Singapore.
It's a beautiful place.
And this is not a pitch for Singapore.
This is for a pitch that Singapore is very necessary for America.
Competition.
Singapore is, so imagine there is no argument for us right now to talk about what Singapore does.
The guy says capital gains zero.
Why pay taxes on capital?
He was confused.
He says, I don't understand why America taxes you guys on capital gains.
I don't get it.
Why would you pay tax on capital gains?
Why are Americans paying tax on capital gains, right?
And Biden goes back again this week talking about a wealth tax.
Back at it again.
So this whole concept about global corporate tax, folks, if you're listening to this, look, left, right, middle, wherever you are, if you're listening to this, do a little bit of research on what global corporate tax could do to you, especially if you're living in America.
If you're living in any other country outside of America, don't even think about voting for that to be passed.
If anybody in your state or country is pitching you on, you know, the powerful people of the U.S. are pitching us to have the same corporate tax rate.
You may want to think twice before agreeing to want to vote for that.
Go ahead.
Absolutely.
And here's something else to go look at.
And everyone is listening, go get smart.
Go look at what the Federal Trade Commission was saying when Sprint and T-Mobile were trying to merge.
Oh, this will reduce competition.
Competition brings more features, more functionality, more differentiation, and better pricing for the consumer.
Remember that, Pat?
If there's only two or three wireless carriers, they may all just freeze pricing together, like only two gas stations on the corner.
They face each other and they never move the price of gas down per gallon.
You know what I mean?
So the Federal Trade Commission is very big on this.
We protect the consumer.
We want to make sure there's competition in the marketplace, which brings lower pricing, new products, differentiation.
Those people that are at the Federal Trade Commission are specifically not allowed, apparently, to be at the State Department because if they're at the State Department, they'd be like, what are your knuckleheads saying?
The competition among countries is going to be.
No, no, no.
Go back to the Federal Trade Commission.
You're not allowed in here.
Turn that guy's badge off.
Don't let him get through this door anymore.
It's a hypocrisy that's inside of our own government.
On one side, we're arguing that we need to level the playing field for us.
And on the other side, we're at the Federal Trade Commission not letting companies merge together because, oh, wait a minute, that would be monopolistic.
That wouldn't.
Come on.
Isn't it a hypocrisy?
Yeah, I mean, listen, one of the best things in the world is the pressure of having competition.
The pressure of having competition is what makes wives treat their husbands better, husbands treat their wives better, parents to be better parents, men to be better men, women to be better women, teachers to be better teachers, customers to be better customers, employees to be better employees, movies to be better movies, sports teams to be better sports teams.
Competition, like yesterday, we're sitting at Soho House.
What did Adrian put up on his phone?
What did Adrian put on his phone?
What were we watching on the phone?
We were watching the game, Gonzaga.
How many times do we look at the screen?
Five times.
Yeah.
In a span of 45 minutes.
You know why?
Because the game was.
Why the hell am I going to watch a 19-point lead by Baylor?
What am I going to watch?
And, you know, the Baylor, the Gonzaga guy said, I don't know if you saw this thing going viral.
Gonzaga guy said, we have the best offensive team in all of college basketball.
The Baylor team said, we lift weights with Baylor's football team.
What do you think?
We'll go whoop your ass.
And that's exactly what happened.
It was a shellacking on what happened.
They lost pretty bad on what to play.
But here's the point.
We didn't watch the phone book five times.
No.
I literally looked 15-point lead.
I looked 11 minutes, 17-point lead.
I looked two minutes.
No competition.
19-point lead?
There's no competition.
There's no competition.
You will not pay attention to it.
One of the best things for our health and our sanity is competition.
Absolutely competition.
You would not be in shape today if it wasn't for competition.
Man, I think this was a very powerful segment that we just learned because, you know, it definitely resonates.
And I learned something specifically about the corporate tax, but it all comes down to competition as well.
We need it, buddy.
We just need it.
It makes us get better.
That's all I'm saying.
It makes us get better.
Let me give a quick shout out for a couple people that gave some contributed to the channel here.
The PPE, VT Economics, we give a shout-out already to him.
Jonas Aung Yekyua, Hi Pat, do you think China's involved in a military coup in Myanmar where democratically elected leaders are detained and almost a thousand civilians killed?
What do you think I think about that?
I mean, obviously, it's a the point is, I feel very bad for what's going on over there.
And unfortunately, China is able to go around doing what they're doing because nobody's holding them accountable and everybody's worried about losing them because of commerce.
And we're not right now from the top treating them in a way where they're scared of anybody.
We're just empowering them even more from U.S. government.
David Berkovich gave $5 time to forget income taxes, consumption taxes, raise more revenue, and don't disincentivize investment and growth.
It's a great idea.
Will it happen in America?
I don't know about that.
$50 from Stephen Farkas.
PBD, Will You Debate Socialist YouTuber Van Ush on minimum wage?
Check out his.
I will gladly debate anybody who's a socialist, but not a disrespectful one.
And he's a disrespectful one.
I don't have any time.
I have a very basic rule.
You respect me.
I will talk to you.
You cross the line and disrespect me.
I don't have any tolerance for that.
And that's not somewhere where we will entertain.
I've had communists on Slavy Zijek.
I've had Richard Wolf on where we had the greatest debate.
He was known as the number one greatest socialist professor in America by Forbes.
We had a wonderful conversation.
But someone needs to learn how to respect if you do that.
By the way, if I literally watch a video and within the first minute, you're already disrespecting the person you disagree with.
One, it shows weakness.
You're not somebody that can do a debate, and we just move on.
Next, Mr. Kleen, bald guy, gave five bucks.
What a nice guy.
If you're needing the world to adapt their tax rates because of your spending habits, maybe just maybe it's time to adjust your spending habits.
Phenomenal quote.
That needs to be on Twitter, bro.
Mr. Clean guy tweeted.
Seriously, you're needing the world to adapt their tax rates.
Can you, Mr. Kleen?
Can you send that to me on Twitter and put hashtag PBD podcast?
I'm going to retweet that of your tweet.
Me too.
If you're needing the world to adapt their tax rates, maybe your spending habits, just maybe it's time to adjust your spending habits.
Martin Mirage just gave $3 with a nice emoji.
Milan Bognanovich gave $5 saying, check out Peter Schiff's directly addresses Yellen's plan via YouTube.
And let's get back into it.
Folks, if you got a question, you can ask it on Twitter, PBD Podcast.
I actually look at all the tweets.
So go on Twitter, hashtag PBD podcast.
I and Sam are following those tweets.
Next, Dana White to sell his remaining shares of UFC two decades after buying it for a couple million dollars.
It's now a $7 billion.
Who wrote this article?
It was one kid.
This is a Euro because it's pound.
7 billion pounds, which is what, roughly, it's about a $10 billion company.
As tech moco Elon Musk joins the board of directors of UFC, interesting.
Dana White is set to hand over his remaining shares in UFC as parent company Endeavour prepares to take 100% control over this company.
UFC Dana White was installed as the organization's president back in 2001 after his childhood friend Lorenzo Fertida and his brother Frank bought it for a couple million dollars.
He cashed in when he sold a chunk of his shares to Endeavor in 2016 in a sale for around $3.5 billion.
Endeavor conglomerate ran by Hollywood superagent Ari Emmanuel.
That last name Emmanuel, they produce some players, has already built up a controlling stake of 50.1% of UFC.
And now it wants to scoop up the rest.
And another boost for Endeavour, Tech Billion, Elon Musk, is now sitting on their board.
What do you think about this animal?
I mean, there's so much to unpack in this story.
This is actually the idea I had for you because this Endeavor group is basically looking to take the company public.
This was an idea I had for you to do maybe a BizDoc episode on whatever is going on here with this Endeavor group and UFC.
I mean, you go back 10 years ago, UFC wasn't even in the conversation as a top sport.
It wasn't even the conversation.
I mean, it's not in the big three or the big four, whatever.
Basketball, football, baseball, hockey, you know, soccer, track and field, boxing.
Certainly.
It was a comedy brand.
Yeah.
And now UFC is certainly bigger than boxing these days.
Boxing is so below UFC these days that the biggest fights in boxing are 50-year-olds Mike Tyson versus Roy Jones Jr. or Weigh-Ins or freaking Jake Paul versus Nate Robinson.
Like that's how far boxing has sunk versus UFC.
So, and it all kind of falls on Dana White, what he's been able to do.
And it started with a $1.5 million investment or 1.5 million pounds, which is probably closer to $2 million.
And now his 1.5 investment is worth what?
$7 billion?
What is that?
No, no, no, not his.
Not Dana White.
Dana White is only 10% of that $8 billion.
And he sold some of his shares and now he's going to sell the rest.
So he may have sold 5% of it, which for $175 million.
Now he's going to sell the other 5% for probably $350 million.
So is he going to walk away with it?
He's going to probably walk away with a half a billion dollars.
Somewhere on a half a billion investors.
I'm going to say he's between $500 to $1 billion is what he's at.
$500 to $750.
So what the guy's a player.
What guy is a thousand times excess money?
Where is he at?
It's not even about 1,000 times excess money.
If Dana White wanted to run for office, he's got that kind of swagger to want to do whatever the hell he wants to do.
He's Dana White.
He's told he wouldn't do it because he wants that freedom that he has.
Here's the thing with Dana White.
People don't realize Dana White.
Let me just give this shout out to Dana White.
You can replace great fighters.
You have to realize the UFC's had Anderson Silva, Chuck Liddell, Tito.
These guys were legends.
Even some of the old school guys.
GSP.
Connor, where's he at?
Connor, the Diaz brothers.
There are so many incredible fighters.
We're like, oh my gosh, I enjoy watching this.
I want to see another fight of this guy.
Great Armenian fighter, great Mexican Randall.
I mean, Randallman was from a different league.
The point I'm trying to make to you is fighters have come and gone, but there's one guy that's stuck around, and it's been Dana White.
When you think about UFC, you think about one name.
You think about Dana White, right?
They got a deep bench right now of guys that could be the next Dana White.
And their biggest challenge, whoever buys them, Endeavor, they have to make sure they keep their Dana White.
Look when boxing started to take a hit.
Think about when boxing started to take a hit.
I got a guy that wants to be interviewed on Value Taman who was connected to the mob, and he was one of the biggest guys when it came down to boxing.
You know, we were talking about this guy.
You know, his PR publicists reached out to us where they manipulated fights.
Hey, you lose in second round, lose in third round, because it's so many ways to make money in boxing.
Vegas makes so much money.
Gamblers make it's a dirty side of it as well, right?
You don't hear that with UFC, but you hear that a lot with boxing.
You know when boxing started kind of drifting and people stopped following it?
When you no longer heard of a guy named Don King, okay?
People have to realize there is so much value in a Don King.
Where the Don King was replaced by a fighter, Mayweather.
That's bad news when the Don King becomes a fighter.
Because a fighter is eventually going to what?
Stop fighting.
The career of a promoter is longer than the career of a what?
A fighter.
So especially peak, right?
So if whoever Endeavor, you know, Endeavor comes in here and takes, you know, Dana White's rest of the shares out because they want to be 100%.
They better give this guy a fat salary with a nice profit sharing and some additional bonuses because the guy's done a great job.
Or slowly but surely, you better start getting that bench set up of the next 10, 12 guys that can potentially be the Dana White, somebody that's a true believer in it, and see what happens with it.
Bodybuilding, Mr. Olympia.
You know why bodybuilding Mr. Olympia has been dying out?
Why?
Because nobody's replacing Joe Weider.
Everybody's trying to be Joe Weader.
No one's replacing Joe Weeder.
Even the guy that we had on Value Tame, we interviewed him, who's one of the greatest promoters of all time, like literally one of the greatest promoters of all time.
Oh man, I cannot believe I'm missing him.
You know, you go back and you look at even Wayne D'Amelia, phenomenal interview.
I really enjoyed talking to Wayne, the stories he told, all the things that he did.
Promoters are very valuable.
Whoever's buying this, you better have a deep bench of someone with Dana White tendencies.
I agree exactly what you're saying.
And what you're talking about is the forward brand of a company.
Here's what's going on here.
So the two brothers buy this.
Let's think of that as the venture capital stage for UFC.
Million and a half dollars seed funding.
Pretty damn big seed.
And all they go.
Then Endeavor buys it in 16 for $3 billion, big chunk that they buy.
There is probably a three-year earn out on that.
And the earn out is, hey, this has to keep going.
This can't crash.
You have to stay involved over three years.
Well, that would be 2019.
Then we roll into the COVID year of 2020.
Now they want to buy the rest of it and potentially take it public.
So what they're trying to do here is consolidate all the stock so that they can take it public without complication.
And that's what Endeavor wants to do.
Endeavor is a talent agency.
I hope they're listening to what Pat just said because you need a face of the brand to go forward.
This is a mechanical move to consolidate the stock, get ready for an IPO, take it forward.
That's great.
Everybody can invest in it.
Wall Street bets can talk about it.
But if they don't have the face of the brand, then guess what?
They've got Apple without Steve Jobs, and that's not going to work.
You need a face of the brand based on this.
You know, you need Larry Ellison at Oracle.
You needed Steve Jobs here.
You needed Gates and Microsoft.
There are faces that are out there, by the way.
That there are links to the brand.
The link to the brand.
Gates was a geek linked to Microsoft.
You know, Jobs was a brilliant designer with product instinct.
Tom.
Linked to the brand.
Would you give credit to Gates for who he replaced himself with?
Yes, I would.
Okay, I would.
Yes, I would.
With Ballmer?
Are you kidding me?
The guy is my guy.
The amount of credit Gates gives to him.
Don't get me wrong, they bump heads, and it's not like a best friend relationship that they had.
But you know what Ballmer did to Microsoft?
Yes.
You know what Tim Cook did to Apple?
I mean, you got to.
So I just hope they find the right guy replacing Dana White.
That's a true believer.
That's all I'm saying.
Do you think they actually understand this?
100%.
I mean, there's nothing that you're doing.
Nobody spends $10 billion without understanding.
They get this.
They know exactly what I'm talking about.
They're not.
They're dummies.
No, no, not at all.
They know it.
But sometimes, sometimes when you make a choice like this, you can't choose someone you like.
That's right.
Sometimes you choose someone you like.
You have to choose the right person that can do the job.
And you typically don't like Bill Gates doesn't love Ballmer.
He's the right guy for it.
And they're not going to be able to do that.
Can you imagine how, like, think about Dana White?
What do you think Dana White's like to have somebody that's reporting to you to his board?
He's a handful.
Yeah, can you imagine Dana White coming in?
Well, let me give you guys an update of what's going on with our numbers.
No.
Imagine Dana White in the boardroom.
I'm so fucking, I can't believe he throw that shit through the window in this motherfucker.
Are we going to go after Oscar Della?
That's who he is.
Now, the first thing is, hey, Dana's an hour away to get in for the board meeting.
Are we having this board meeting?
What are we doing here?
You know, where is this guy?
Is he coming here?
Are we doing business today?
Say something.
You know?
Because he's the guy that knows how to steer the pot.
And that's exactly right.
The C-letter word, the sexy C-letter word of today's podcast.
Oh, my God.
Competition.
Competition, baby.
It's so sexy.
Research and competition.
Competition is so flipping sexy.
By the way, if you're listening, you agree, you disagree.
I love it.
Either way, comment below.
But if you're enjoying the podcast, smash that thumbs up button.
And if you think you're already a subscriber, you may not be because this is a complete different channel.
Click that subscribe button and the notification button so you will be notified the next time we go live with our podcast.
I have one point, one last point here.
Tell us.
I want everybody to look at UFC and go take a look at this and look at who are their main big sponsors, like the official soda, the official beer.
Look at all those.
Look at the money they give to UFC.
Do you think the NFL, MLB, Major League baseball, NBA, do you think they want those dollars?
They sure do.
And so there's also a side of this that they're competing for corporate dollars for all the eyeballs of the young men and women that love the brand.
And Dana White is a magnet that makes that happen.
There's that C word again, competition.
All right.
I feel like Monster is the biggest sponsor of UFC.
Proper 12.
It's probably Monster.
Proper 12 would be a billion dollar.
I mean, McGrath, I mean, I know you're hoping that's what I'm saying.
I got to tell you, man.
Do you think the other sports want those dollars?
Absolutely they do.
Who wants a dollar?
The other sports want those dollars.
Of course, of course.
There is no face of basketball, right?
They had to make it LeBron.
The product is the face.
LeBron's an iPhone 11.
Someday, LeBron will be replaced by somebody else.
He's a heck of a heck of an iPhone.
But the point is there's no face of the NBA.
The players are the face of the NBA.
Dina White is the face, the passion, the future, the rudder of UFC.
Can you imagine?
President Dana White.
President Dana White, what do you have to say?
Let me ask you, like, for instance, Tom Brady has been in the face of the NFL for 20 freaking years.
Yeah.
Roger Goodell is the proverbial face of the NFL, but people don't like Goodell.
Maybe the owners do.
And by the way, not only the owners do, the players do as well.
Do they, though?
Wait, wait, wait.
Okay, let's do something.
By the way, just so you know, I'm not a Godell.
I'm not here endorsing Godell.
God knows a few years ago you can watch a video with what I had to say about Godell.
That was all Saul.
This is not an endorsement of Godell.
However, however, you ready?
And by the way, what I didn't like about Godell is one issue I have with Godell.
The Neo?
Is me with the I?
Inconsistency?
He should have contacted Kaepernick ASAP and met with them and the Players Association and said, what's bothering you?
Let's come up with a plan, ASAP.
He was afraid to do so.
It turned into what it turned into.
They lost viewership.
That's the only thing I don't like about what he did.
However, let's flip it.
You ready?
So, how can an organization called the Chiefs can afford to pay a Mahomes a half a billion dollar contract where the next month the guy made so much money, he became a co-owner of the Kansas City Royals?
You know how they can afford to pay him half a billion dollars?
Because Roger Godell got so much TV money that the Chiefs said, we better pay this guy money because we just got paid.
So, Godell made Mahomes a ton of money.
And they just signed such a ridiculous TV broadcasting contract that they for the first time in 43 years, they said, Well, we'll add an extra game.
So, the NFL this season, add an extra week onto it, NFL fans, because it's no longer 16 games.
It's now 17 games.
Somebody said Joe Rogan will replace Dana White.
Honestly, I don't think Joe wants that job.
I think Joe, believe it or not, I think Joe is a he's got a sweet side to him.
I think Joe's got a sweet side to him.
I really appreciate you saying that.
Well, also an intellectual side to him.
He wants to have confidence.
I think he's on a different face of his debate and understandings.
I don't think he's trying to fight Joe is not trying to be Dana White.
No.
Joe is one of those guys that you watch and you say, this guy's found exactly the position to play and he's maximizing that.
You ever see somebody where you're like, I don't know why I watch you.
I think you can kill it in something.
I just have no clue what it is, but I don't understand why you're not winning right now.
And all it is is a different position they need to be in.
Joe's in a perfect position he needs to be.
I don't know about Joe being Dana White or wanting to be Dana White.
Who knows?
Maybe I'm wrong.
Joe's going to say I'm not on a podcast with Spotify.
I'm replacing Dana White's job and I'm now running UFC.
I don't want to talk about sports, but people find their home and then become giants.
Dennis Eckersley becomes a closer.
Dennis Eckersley, out of everybody said, you know, probably 92% of the audience doesn't know who Dennis Eckersley is.
But they may know his mustache.
Forget about that.
They may know his mustache, right?
Forget about sports.
He was a pitcher who found his home as a closer and became one of the most dominant closers of his area.
In other words, he knew what he was good at.
He knew his position, and he went there and he was it.
And that's what you're talking about.
Guys, we did it.
We have a Dennis Eckersley and a Cecil Fielder reference today.
Talk about 80s and 90s baseball.
BBD.
All right.
Again, if you're enjoying it, smash thumbs up.
We're getting close to hitting 3,000 ever since we changed the time and came to Florida.
We haven't hit that number for a while, but we're looking forward to getting there.
All right.
So let's talk about Trump going to 45th.
Go to page five.
Go to page five, page five, page five.
Trump, the 45th.
Why Trump is abandoning his iconic brand for a number, NBC News.
Donald Trump spent a lifetime putting his name on a stakes to skyscrapers to stimulus checks, but now the former president appears to be replacing the gold-plated surname with the number 45.
Last week, the 45th president launched his new official website, 45office.com.
Literally, the number 45.
Go to 45office.com.
Let's see what it looks like.
A URL, unlike those of his predecessors, predecessors who use their names for their web addresses.
His pack can be accessed to saveamerica45.com.
His White House old tweet can be found at White House45.
And when his attorney, Bruce Caster, signed on to represent him in a second impeachment case, he said, I consider it a privilege to present the 45th president.
Many politicians are known to staffers and friends by nicknames or initials.
Hillary Clinton is HRC.
The former President Bush are differentiated between 41 and 43, and Trump is 45 to many of his followers.
Tom, good move or bad move?
I think it's a great branding move.
And also, I think this is a little troll of Biden.
Remember, they created the Office of the President-elect, and there is no Office of the President-elect.
And they created podiums and everything like that because they wanted him to look official.
They wanted him to say things before he was inaugurated and all this stuff.
So I think there's a little troll in this.
But I think for branding, I think this is, you know, I kind of like it.
He's creative.
You can't argue with the guy's instincts and branding.
Adam.
I don't think there's any chance that this was his idea.
You're talking about someone who puts his name on every single hotel he's ever owned, golf course, stakes on his plane, on his university.
And now he's 74 years old.
He's like, yeah, let's just go with 45.
That's fine.
Something's telling me there's a branding expert that someone came in and said, look, maybe your brand is a little tarnished.
I'm not so sure you want to just kind of do that.
And let's go with 45.
So if it were up to Trump, you know he would put his name on that.
Do you like this?
I don't get it.
I like the picture they have here with the Teletubbies.
You know, that's kind of a colour.
The Teletubbies.
Remember this?
Is that serious or no?
Are those colors serious on the right?
That's actually on his website.
Yeah, isn't that the Teletubbies?
I don't understand it.
Pat, why do you think he's going with this 45 office and not Trump?
Look, let me put it to you this wave.
There's a guy that understands marketing better than 99.99% of the world as a guy named Donald Trump, period.
Okay, so he's not a guy to say he has no clue what he's doing.
This guy knows what he's doing.
There's a reason behind it.
What that is, we're going to find out probably in the next 24 to 36 months.
You're not going to know for the next 24 to 36 months.
Now, having said that, let me give you the other side.
So that part, I'm giving the credit to the strategists of Trump, the marketing strategist that he is.
Okay.
If anybody thinks he's not a strategist, you are naive or you're a hater, period.
If you don't think he's a strategist when it comes down to marketing, that picture is not the best picture, by the way.
But let me go back to this.
Some of these pictures that are coming up, man, on the website is cracking me up.
Keep it up.
Actually, no, keep it up because this is good.
This is entertaining.
But I will say this other part, Adam, if I can get your attention.
I will say this other part.
The other part on why he may have done this intentionally is to give his kids the freedom because they're forever going to be Trump.
He wants to differentiate between Trump and 45.
It's what he wants to do.
He wants to be known as 45 is what you're going to remember him as.
And he wants his kids to continue being Trump's border because they're going to be Trump's a lot longer than he's going to be a Trump.
So he wants to give his kids, his grandkids, Baron, who's now, what, 7.5?
He's about to pass a Manukau.
George Murasan, you know, the way he's going.
That could be the case.
But my bet is this is a marketing genius.
The world is about to find out in the next two years why he called it 45 office.
I may be wrong, but that's what I think.
But, I mean, this isn't nothing new.
Obviously, the two bushes go by 41 and 43.
That's sort of their moniker.
The late 41.
The late 41 and the current 43.
I can appreciate the strategist mentality that he's likely doing, and he's probably thinking of legacy and posterity and his kids and what will happen with that.
And maybe differentiating Trump, the businessman, versus Trump, the president.
I can understand that.
But there is something within his ego that slaps Trump on everything that's like, well, I don't know.
I kind of done pretty well for myself.
I don't think he does anything without a reason.
Nothing without a reason.
And you know what's really interesting is, you know, you always find out later.
I think, Pat, you're right.
You're going to find out in two years.
What's interesting, do you remember on Bill Maher, Ann Coulter was on Bill Maher, and they were having actually a pretty funny conversation about the Republican candidates.
And there was like 16 total candidates, and everybody was assuming.
Everybody was assuming Jeb Bush was going to be challenged by Marco Rubio, and that was the race, and everybody else get out of the way.
Remember that?
I do.
And then Jeb Bush looked like warmed over dinner, and Rubio never showed up.
She predicted Trump at every point.
And she said, and Bill Maher says, and you have pretty good instincts in this on the conservative side.
You know, who do you think has got the, you know, got the momentum?
He's going to be here to run it.
She says, you're not going to like the answer.
She says, of all these candidates, who do I think has got the juice to be inaugurated to be nominated?
Donald Trump.
And everybody laughed.
And remember, she arrived.
Including Bill Maher.
Include Bill Maher.
Remember she turned her head like this and she's like, she understands.
She kind of know what I'm talking about.
She knew she was talking about.
She knew who the base of the Republican Party was.
And she also knew that who had a brand, a message, a momentum versus who was being nominated by just media.
Because, well, if you're going to be a president, you have to be a politician.
If you're a politician, you've got to be somebody who's got the following jobs.
And she was right.
And everybody flipped out, but he drove that forward.
And she was absolutely right.
And so I think we'll find out in two years what he's doing with this, but I never second-guess what he's doing at the brand because he's never dead.
He's not going away.
He knows what he's doing.
You may not like it.
You may not agree with it.
You may not want it, but don't doubt it.
There's a purpose.
Do you think he has slept in one day since he left office?
Because this is like something the guy who's up and out him, cracking down, moving, tweeting, this, that, that.
Do you think he's like, it's had the most hectic five years of my freedom?
I think so.
I think so.
I'm sleeping until noon today.
No, I think so.
Don't wake me up, Melania.
I think so.
I think so because Melania probably made him or not made him like, hey, listen, babe, just take the day.
Take the week off.
I think so.
I actually think he did because I think this is a guy that it's so funny to me when people underestimate a guy that's been competing.
He's got 74 years of experience in competition, competing against his siblings, against classmates, against his dad's legacy, against his mom suave, against Jersey, against Manhattan, against local realtor gurus that weren't willing to give him the permit against politicians, against other billionaires, against other news media.
This guy's been competing for 74 years.
You know how much experience he's got on his resume?
You should have his resume saying Donald Trump resume.
74 years competition.
What do you want to do?
He's so obsessed with ratings because he understands that ratings is competition.
What should people watching?
Where the eyeballs go?
He's a big competition guy, but he's not doing this because he's done.
He's up to something.
I don't know what it is.
Clearly, that's what I'm asking if he slept in one day because clearly two days later.
When you're saying he slept in one day, I do think he slept in one day.
I do think this guy, by the way, you think he's a four to six hour guy?
I don't think he's a 46-hour guy.
I think he's a six-to-eight hour guy.
Sleep, you're saying?
Yeah, I think he's a six-to-eight-hour guy.
I don't think he's a four to six.
At this phase, I don't think he's four to six.
I think he's six to eight.
Oh, you're compartmentalizing how long he's going to be doing.
I think during campaign he was a four-hour guy, but I think today he's a six-to-eight, and I think he's a daily napper where he knows how to time his naps.
As you get older, you'll learn how to refuel your body.
You understand your body.
Like your body's going to tell you, listen, kick it.
Today, I'm telling you right now, yes.
You know, you may want to, you know, you understand your body.
Some people, every day it's like that for them.
They're like, no, I understand my body.
I got to speak nine hours tonight.
I'm not talking about that.
I'm just telling some people.
Mario last night.
That's not Mario last night driving, by the way.
It's just phenomenal.
You know what?
I'm going to give this video to give Mario a shout out because I didn't send it on Insta stories, but I think it's appropriate.
Should we do it or should we not do it on the podcast?
You know, it's by the way, let's see.
Okay.
No, listen.
I have been part of a lot of prayers in my life.
A lot.
Why are you laughing?
Here we go.
I've been part of many.
How many great people have you heard pray?
I'm going to airdrop this to tell me which one is it?
Sam VT, VT Studio, iMac.
Which one do you want me to send it to?
Which one?
VT Studio iMac.
Okay, I'm going to send it over there.
See if it comes up to you.
Is it coming or no?
Take it.
But before you pull it up, don't pull it up.
I've seen many people in my life pray.
This was probably one of the most special prayers I saw, yes, because you couldn't hear the words.
A prayer is such a strong prayer where a person's face is telling you what they're saying.
I looked at you yesterday when you were sitting in the back seat.
You were crying.
You got emotional.
It was a tough spot for me.
Let's watch that in the middle.
Mario's method of praying.
Play it.
This is Mario's method of praying.
Press the green button so we can kind of see the full spectrum of this.
Go ahead.
What a prayer.
Look at that.
Look at that.
Do you see it or no?
Dear baby Jesus, eight pounds, six ounce.
Yeah.
Mario, just so you know, Mario, we love you more than you would ever know.
You know what Mario did the other day on April Fools?
One of the best pranks ever.
He sends an Instagram story saying, I have a new consulting gig.
I have a new consulting gig.
And he says, I've decided.
Wish me luck.
Wish me luck, you know.
You know where to find me.
And you know what ends up happening?
All the haters in the world came out saying, well, congratulations, that PBD mother, you know.
So he started realizing which one of his followers are value tainers and which one of them cannot wait.
But there were some people that said, there's no way in the world I believe this because you're Mario.
If you know Mario and his obsession with value taintment and his love for jokes, April freaking fools.
You could have read between the lines on that one.
Mari's a special guy.
By the way, today, I believe my interview with U.S. Armenians is coming out today.
U.S. Armenians, the folks from U.S. Armenians came out.
If you can go to YouTube, type in U.S. Armenians.
The interview is coming out today.
I really had a good time with these guys.
They asked a lot of good questions, a lot of strong questions.
I mean, he was expecting me to be very direct.
The U.S. Armenians go down there.
Go to their channel.
Yeah, the interview, I believe, comes out today.
It's a newer channel, and they're going around.
Their Instagram blew up during the whole time with what was going on between Turkey, Azerbaijan, and Armenia.
But check these guys out if you're Armenian.
Go to their channel.
Give them a subscribe.
Give them some love.
The interview should be coming out today.
It's about an hour, and we talk specifically on the topic of Armenians.
If that's not something that interests you, then don't worry about it.
But if you are Armenian around the world, go check these guys out.
They're doing a great job.
And they've been in the media space for a while.
They came here from Armenia to do what they're doing.
Phenomenal job these guys are doing.
Anyways, okay, next topic.
I think it's important for us to go to a serious topic, which is this may be the most serious topic we'll talk about today.
Adam was begging me all morning to start with the story.
I didn't want to start off with the story, but we are talking about Vladimir Putin is voted Russia's sexiest man alive.
Daily Mail.
Russian President Vladimir Putin, the man who was famously pictured topless while riding on horseback and fishing, has been voted as country's sexiest male.
A survey of 2,000 Russian men and women found that the Kremlin leader is Russia's the most good-looking man in the country.
The 68-year-old bachelor was the only man to reach double figures in the poll by job board site super job.
When asked who was the most attractive man in the country, 18% of men and 17% of women voted for Putin.
He insisted in 2018 that he was not embarrassed about the topless snaps and said he saw no need to hide behind the bushes while on vacation.
So, Adam, I think this is since you really wanted this story.
Do you think he is the sexiest man in Russia?
I mean, I think it's hard to not see the sexiness in Vladimir Putin.
And if you don't disagree, don't drink that cup of tea that he just provided you because there's likely poison in it.
So he's been the sexiest man in Russia for the last 20 years.
Sexiest man alive.
Sexiest man alive.
There was a competitor, but he's no longer alive, which means now that his name is Navalny.
That's right.
He's in second place only for one afternoon.
We took care of it.
Are you really traveling home today?
You may want to drive home today instead of traveling from here and taking a flight because you, you know, you don't want to call this guy on a podcast.
He's probably listening.
Go for it, Tom.
Just so you know, Russian value attainment channels got nearly a quarter of a million subs now.
And our content being translated in Russian is doing very good.
And some of your content is Russian.
So imagine if Putin's watched one of your case studies.
Tom, when are you flying back to Dallas?
A week from Tuesday.
Okay.
Mr. Aylesworth, you'd like to say that.
Actually, what are you doing?
And it's Pan Am flight.
She's thinking about it.
I think it's so over the top ridiculous.
When I keep the pictures up, Sam, when I think of sexy, I'm not thinking of a 68-year-old, balding, pasty, white, somewhat flabby guy.
That ain't screaming sexy to me.
So we talk about competition.
This guy's got no freaking competition.
By the way, are you saying if you guys got into a fight, you'd beat him up at 68?
Do you think you could beat him up?
I'm being serious.
I'm looking to go viral.
So yeah, I'm challenging Vladimir Putin to a one-on-one horseback fight duel.
That angle you have right now is not necessary.
Okay, that's better.
Okay.
No, we do it better in the United States.
better examples i mean this is that's like basically this is the equivalent of basically america being like breaking news guys bernie sanders sexiest man in america That's the equivalent of what's going on.
Go to the site because if he wants you to go to that site, I don't know what he wants you to look at.
I'm going to show you how we do it in America.
We do it a little bit different.
Okay.
Got it.
This is how we do it in America, ladies and gentlemen.
This is how we do it.
That's sexiest for you.
Sarah Palin.
Well, I'm saying to some Americans.
Okay, go to the fake original.
What is that?
The second one?
That's hilarious.
No, no, go to that one that says fake and original.
Right there, buddy.
It's on the page.
You got nine options.
One of them says fake, original.
Go down.
There you go.
Oh, I see.
Okay, they're just playing.
It's not even her.
Yeah, got it.
Oh, it's not even her, somebody else?
Got it.
It's fake.
Fake news.
You can go back to the other picture with Putin.
I will tell you this.
It's like when Putin runs for election, he gets 90% of the votes.
I think you guys are missing a point.
I think you guys are missing a point.
Listen, here's the point.
And hopefully this will make sense to you.
Do you remember in the 90s what Calvin Klein models look like?
80-pounder.
They were cocaine heroined out.
Well, especially the females.
I mean, it was just like, what?
Heroin chic, Kate Moss.
There was a joke.
There was a joke.
The joke was the diet, Coke, and Coke diet.
Am I supposed to be like saying, oh my gosh, she's so hot.
She's so attractive.
Look, she's dropped it.
No.
And then you had a different taste and flavor that showed up back in the days with Marilyn Monroe or Sophia Lauren.
We were just talking about them earlier, right?
It was a different way you said, oh, wow, look at that.
They call them voluptuous.
Are you basically saying you're a fan of Sir Mix a lot?
No, that's not what I'm saying.
Sir Mix a lot.
Maybe got back.
Let him finish his own role.
It's poetry there, you know, by what they came up with.
I like big bucks.
But I'm going to tell you this.
But here's what I'm going to tell you.
To Russia, they value toughness, strength, confidence, swagger, fear.
It's a different level of attractiveness.
Like in U.S., it's who it's Michael B. Jordan.
It's Dwayne Johnson.
It's Robert Downey Jr., George Clooney, Matthew McConaughey, it's those guys, right?
Well, in Russia, they want guys like this.
They want a guy to be tough.
So in Russia, it may be that he is the sexiest man alive.
To a Russian, he may be the sexiest man alive.
If Ryan Gosling and him went on a catwalk, the room wouldn't be looking at Ryan Gosling.
They would say, ooh, Zrasvici Putin.
Look at this guy.
You know what he's saying right there?
You know what he's saying right there?
You want a piece of me?
Take a look at that.
He's looking to have somebody say, hey, get off the horse.
Really?
These people are going to be a little bit more than a hundred.
Yakachu Putin is probably what people say.
I like Putin is what they're saying.
And it's a little bit of Russian that I know.
So there you have it.
So Adam, are you satisfied we covered the story?
So do you actually, would you vote for, if you lived in Russia, would you be voting for him or not?
I don't think I'd be voting.
I don't think I've ever voted for sexiest man or woman alive.
But if they did.
Does he have your vote?
I think he is the toughest leader alive today.
That's what I would do.
Sexiest man at my house.
18 years running.
Oh, you won in your household?
Yes, I did.
Congratulations.
18 years, Tom.
That's pretty impressive.
Don't forget about the pool boys.
Because you want to know why?
I'm undefeated.
You want to know why, Tom?
Because you have no competition, bro.
If you were to have some competition.
So you're saying he's got an element of yelling in his house?
I'm just saying, yeah, you need some yelling.
What a shit.
Yelling like yelling?
What's going on here?
can we talk about the mlb move can we talk about i'm gonna go do push-ups let's let's talk about Let's talk about MLB moving the all-star game and let's see if fires, if we're going to get some fireworks here.
I don't know.
I think fireworks are going to be a lot of fun.
This is not a sports story.
This is a political story.
This is a political story.
Okay, so let's get into it.
MLB moving 2021 All-Star game from Atlanta in response to Georgia voting law, USA Today story.
Major League Baseball will move its All-Star game out of Atlanta after the state Georgia passed voting bills that will disproportionately, this is the story of USA Today, affect citizens of color and action that Commissioner Rob Manfred on Friday said is the best way to demonstrate our values as a sport.
MLB's removal of one of its jewel events, which this year will include the draft for the first time, comes after a year in which the COVID-19 pandemic and the killing of George Floyd by Minneapolis police officer called caused the sports industry to reconsider its influence with the society.
On March 26, Georgia Governor Brian Kemp signed legislation passed by both state house, a Republican-led overhaul of state elections, rolling back voting by mail and other absentee ballot efforts, and even banning the distribution of food and water to those standing in line to vote.
Which, by the way, we're going to verify that MLB did not specify to which city it relocated the All-Star game, which due to its fixed date and lone spot on the sporting calendar is its biggest corporate event of the year.
Tom, give us your thoughts on this.
I think it's, first of all, I think it's good when we're all taking stand together as citizens.
But, you know, this is very political.
I mean, there's a lot of small businesses in Georgia that may not, that are not on the left, they're on the right.
They're just here.
They're independent.
And now they're going to be hurt.
They were expecting hotel rooms.
They were expecting restaurants.
They were expecting a lot of things who are coming back for the summer.
And there's a lot of small businessmen and people in that local economy who are going to get hurt.
And by the way, where do you draw the line on being upset?
Where do you draw the line on being upset?
You know, what happened with George Floyd and the things that we have to do and the improvements and all the additional ground that we have to take so that everybody's got a chance and all these things are less prevalent.
Every new generation that comes along is very, very important.
That importance is not diminished.
But there's a lot of business people and there's a lot of things there.
The Georgia government does something and both houses and then everybody's upset and now all these business folks get hurt.
So I, you know, I'm bummed out about it.
But there's things underneath that are very, very important.
But I'm really bummed out that the political wave comes over like this and it's going to hurt other people in the process.
Yeah, I'm going to give a couple different perspectives here.
It's so funny because Florida always gets a bad name for just everything.
And whether it's politics, whether it's social, whether it's everything makes poor sports fans.
And Georgia's this past year is just basically like, hold my beer, we got this.
Whether it was the elections for the Senate run and now this, just a couple different sides of the coin here.
So you talked about the businesses being hurt.
They said that $100 million is going to be lost to the state of Georgia.
$100 million by that.
That's the tax to Georgia.
That's not the underlying revenue to those little companies.
Say it again.
That's the tax to Georgia.
That's not the underlying revenue for everybody that sells hats, t-shirts.
You're saying it's bigger than $100 million.
Yeah.
The revenue to all the little business people and stuff is much bigger.
According to CNBC, they lost $100 million.
Did you just catch what happened right there?
So when Tom is saying $100 million is just to the state, there's going to be a lot more money that's coming into those small businesses.
Billions.
That's billions.
It could be potentially a couple billion.
I'm with you on that.
By the way, it did get moved to Denver.
I don't know if you heard that yet.
Which totally makes sense.
Okay.
So obviously.
Big blue state.
So a couple different things here.
So if you have Brian Kemp, the governor of Georgia, who got completely lampooned by Trump all throughout the Senate race, he came out and he said, this is disgusting.
This is cancel culture of the highest hypocrisy.
This is ridiculous.
Let's keep politics out of sports.
That's what's confusing about it, what you just said, but continue.
Okay.
Yeah.
So keep sports out of politics, keep politics out of sports.
And then you have companies like Coke, Delta, Uber, Lyft, PayPal, Under Armour, SA Lauder, they all pulled out of it.
And then obviously when they start pulling out, everyone else starts pulling out of that.
But something that has actually manifested certainly during the pandemic and certainly during the BLM movement and social justice movement is that, you know, the whole LeBron shut up and dribble, right?
So sports stars and even CEOs are no longer just sticking to business.
They are now putting their hands into social issues and into politics, and they're kind of getting deeper involved other than just sticking to business.
So sports players aren't just shutting up and dribble.
Business people aren't just following the business and focusing on the money.
They are taking a stand on social issues.
And whether you agree or disagree, those are sort of just two sides of the coin.
But sports, business, politics, whether you like it or not, they're sort of all intertwined.
And this is sort of the culmination of all that where the MLB All-Star game, where you're just like, look, it's an all-star game.
Why are we making this political?
It's now all a big shit show.
So here's the thing.
Officially, we only have one sport left that has now been politicized.
Only one.
So now I thought baseball was going to stay, you know, neutral and independent.
Now there's only one sport out of the top four sports that's no longer politicized.
Hockey.
Hockey's the only one.
NFL, hardcore politicized.
Well, with all the nails.
NBA, hardcore.
NBA is like far, far, far political.
They didn't even have last names on their jersey.
It's just too much now.
Now you got MLB, and then LeBron comes out and gives a shout out and says, hey, great job, MLB, for standing up.
So did Obama.
So did a bunch of other people.
And they're claiming that what O. Biden did in the interview with ESPN is gaslighting because he went up there and he says, I want to applaud the MLB, you know, for standing up for themselves.
And let's face it, I mean, you're trying to say this is like Jim Crow.
This is, you can't even give people water.
I mean, what do you mean we can't even give people water?
Biden is saying that you can't even give people water.
He said he can't.
He sounded like Jimmy Carter.
You can't even give people a bottle of water, is what he's saying.
So you can't go out there.
Now, I went and said, okay, that's pathetic if you can't even give the people that are voting a bottle of water.
Only poll workers.
Now, let me tell you, I got the article, and I got it from Washington Post and Heritage.
Let me tell you the difference.
Washington Post, Hardcore Left, Jeff Bezos, Heritage Action, Conservative, Hardcore Right.
Okay, I'm going to give you both of them, and you make the decision for yourself.
Okay.
So let's go through it.
Washington Post, the article, if you want to pull it up so people can see the title of it on Washington Post.
Expand access, a historic restriction question mark.
What the Georgia voting law really does.
So go up a little bit to the main one.
So how does the law limit go all the way up where it says, how does the law, there you go, how does the law limit voting?
It shrinks the window of voters to request mail ballots.
Rather than allowing voters to request mail ballots six months from election day, the new law says voters can start requesting ballot 78 days out.
Okay, so you lost 90 days of asking for it.
Counties can begin sending ballots to voters just 29 days before election rather than previous 49 days.
It also sets an earlier cutoff date for ballot application requests.
Critics say any mail delays with these shorter periods could lead a voter not getting ballots on time or not being able to return there in time.
But proponents of the law say voters simply don't need the 180 days they used to have to request ballots and that moving up the cutoff date makes it less likely voters will receive ballots too late to get them back in time to be counted.
Okay, you can make a decision, say you like it, you don't like it, but that's one of them.
Next, counties in the state can send mail ballot applications only to voters who request them, as opposed to simply sending every registered voter a ballot application and cannot fill in information ahead of time.
Next, by the way, if you guys got comments, comments as I'm going through it, no voter item requirements.
Voters who cast mail ballots will have to provide one of several forms of identification.
This provision, which replaced the signature match previously used to confirm voter identities, is one of the most controversial because critics say it's likely to disproportionately affect black voters.
What do you say about that, Tom?
The fact that you have to show an ID and they're saying it's not fair to show IDs.
What do you say?
Well, what do you mean?
There are several forms of them.
It's not just a driver's license because maybe your driver's suspended.
Maybe you don't have it.
There are several forms of identity.
I can't comment on anybody who's analyzed it and say it's disproportionately going to affect one group of voters or not.
But it was several forms of identification.
There is a list.
Yeah, so again, but that's one big argument.
We'll come back to that.
By the way, you mean one of several forms of identification to go in and get health care at an emergency room.
Coke, who supports this decision with MLB, if you want to go to the annual co-convention, you have to show your ID when you go in.
The level of hypocrisy on what people are saying here's a basic idea for me to know who you are.
It's not a big deal for you to show your ID.
Voters don't have to provide a copy of identification, but could, for example, provide a driver's license, number, social security, other acceptable identification.
This is not a big deal.
Next, a limit on the number of ballot drop boxes during early voting.
It essentially limits the number of drop boxes in each county to one per early voting site or one for every 100,000 voters in the county, whichever number is smaller.
And the drop boxes can't be conveniently spread over the county.
For example, in places where there aren't in-person early voting locations, they all have to be located either in the county election office or at an early voting precinct location.
They have to be indoors, which critics say make them less accessible and could lead to crowds where voters are already congregated.
Tom, you're shaking your head.
That's ridiculous.
Because what they're saying here is, let's put the boxes in a place where we can watch them and make sure everything's cool.
And by the way, if this goes both ways, because either party will be screaming about this based on who won yesterday.
You know that.
Of course.
This is trying to put the boxes in a place where we know where it is and the votes can be counted properly and we want to put it in a place where it's less likely.
We get a third.
Yeah, it just I think that's I think that's really stretching and reaching.
They're trying to say, here's the drop-off locations.
We're going to put them here, here, and here.
You know, we're talking.
That's their argument, though.
That's Washington Post's argument.
Let's go to the next one.
Shorten early voting and runoff elections.
Instead of a minimum of three weeks of early voting and runoffs, early voting and runoffs will be held in a single Monday through Friday period.
The next one, state lawmakers get much more power over county and local elections, and Republicans have decisive majorities in both state Senate and state House.
Today.
Today, the law states that the General Assembly will select the chair of the state elections board rather than the board being chaired by the Georgia Secretary of State in elected position.
The chair is supposed to be nonpartisan.
The state election board can investigate county election board and has the power to suspend county election superintendents, though the law limits the state board to suspending four at a time.
You might remember Georgia's Secretary of State Brad, who became the target of his own party's ire after President Donald Trump asked him to find votes in the wake of 2020 elections.
This provision seems like a direct reaction to that, ensuring partisan state lawmakers can control the elections process more directly.
Let's not forget Kemp did not do what Trump asked him to do, and Trump couldn't stand what Kemp did to him.
So just five months ago, Kemp was a good guy.
Now Kemp's a bad guy, even though he didn't defend Trump.
Trump was asking him to take care of him and didn't happen.
Next, a ban on handing out food and water within 150 feet of the power or within 25 feet of any voter.
Republicans say this is aimed at stopping outside groups from influencing voters.
Democrats say it's supposed to make it harder for people to wait on long lines, particularly on hot or cold days.
Election officials are permitting to set up water stations, but they're not required to do so.
We're going to go into more details on the one from Heritage Action because they actually explain what that really means.
That means I've stood in line to vote for over an hour, and it was here in Dallas, and it was a warm day.
And what this is, you are not supposed to be approached by any person while you're waiting in line.
Nonpartisan can give you water.
Partisan cannot give you water.
That's right.
So if the League of Women Voters sets up a water station there so I can get water on the hot day, I can get water.
No one's depriving them.
But what they're saying is, you know, when you get out of your car and they say, excuse me, are you voting for this position or that position?
But soon as you cross like where the cones are, they can't talk to you anymore.
You're now in a polling place and no one's supposed to be within so many feet of you.
That's what this is about.
This isn't about depriving people water.
We got four minutes.
I want to go through both of them.
A few ways to it expands voting.
A minimum number of drop boxes is guaranteed.
Kemp has been arguing publicly that in rural counties that didn't have drop boxes in previous elections, this is an improvement.
Drop boxes weren't allowed in Georgia at all before 2020 and not all counties had them even during the pandemic.
While the number of drop boxes is so limited, it might not make a huge difference for voters.
Kemp is correct that the law for the first time codifies requirements for a minimum number of drop boxes in each county.
Phenomenal.
That's very good.
Keep going up, keep going up, keep going up.
Yeah, now they're required.
There must be drop boxes.
Yep, an additional day of early voting in the rural counties.
The new bill requires at least two Saturdays of early voting for each primary and general election.
Previous Georgia law required only one.
It allows counties to choose when their early voting locations are open for a minimum of eight hours between 7 a.m. to 7 p.m.
Reasonable.
More resources for precinct so lines don't get too long.
The law basically requires the state to monitor polling locations to see if any have lines longer than an hour or still have voters waiting in line for more than an hour after polls were supposed to close.
In those cases, the state is required to either form new precinct locations to ease the strain or beef up the existing polling locations.
Capacities to handle a large number of voters.
This applies specifically to populous precincts, mostly in urban areas.
Sounds like more opportunities to vote.
I agree as well.
Here's what didn't make it into the bill.
A block on Sunday voting.
Earlier proposals called for a ban on Sunday voting.
This proposal was seen as directly targeting black voters who often vote as part of church-run sold the polls effort that takes place on Sundays.
This is a good thing.
They can still vote on Sunday.
They can all take a walk down together.
This is a good thing.
Yes, a ban on no excuse absentee ballot.
Tom, just turn off your ringtone.
Just turn it off.
Yeah.
A ban on no excuse absentee voting.
Georgia Republicans actually passed a bill in the state Senate a few weeks ago that would have banned no excuse absentee voting, one of the most criticized but on not uniformly agreed upon GOP process code.
Okay, so that's Washington Post.
Go to American Heritage.
Go to Heritage Action for America.
This one's short.
It's just two pages.
Okay, myth versus fact.
The Georgia election law.
Okay.
Myth number one, the Georgia election law discourages voting, suppresses votes.
Fact.
The bill actually preserves or expands ballot access in several important ways.
It requires that large precincts with lines more than an hour take hour long, take steps like adding voting machines and election personnel for the next election to reduce wait times.
It does not change the number of total early voting days, actually increases the mandatory days of early weekend voting compared to 2020.
134 over 159 counties will offer more early voting hours in the future elections.
Under the new law, it codifies election.
Okay, we read that already.
Voters can continue to vote absentee with no excuse.
Unlike states like Delaware, which who is from Delaware, by the way, isn't a guy named Joe from Delaware.
I think he's from Joe Biden's from Delaware.
Voters can continue to vote absentee with no excuse, unlike Delaware, which is where Joe Biden's from.
New York, Connecticut, which require an excuse to vote absentee.
Myth number two, the Georgia law eliminates voting on Sunday to surpass African-American votes.
Georgia law was silent on Sunday early voting days prior to SB 202.
And in 2020, only 16 out of 159 counties offered early voting on Sundays.
The new law explicitly provides the option of holding early voting on two Sundays for all locations.
It actually increases the mandatory days of early weekend voting across the state.
That's myth number two.
Number three, there's only six of these, so hang tight.
The Georgia election law suppresses the vote with onerous voter ID requirement.
The law requires a driver's license or free state ID number, which 97% of registered voters already have.
Anyone without a valid ID can easily obtain one for free.
The voter ID requirement replaces the state's controversial signature match program that led to disqualification of thousands of votes in 2020.
The law's voter ID requirement for absentee ballot is overwhelmingly popular in Georgia across the board, according to AGC.
Atlanta Journal Constitution, the newspaper in downtown Atlanta.
In January, 74% of Georgia voters support it, including 63% of black voters and 89% of those making under $25,000 a year.
Interesting.
So that data is not being written by Washington Post, but now we know you can click on the link AGC to go to it.
Not yourself, Sam, the audience if they want to do it, not us.
Myth number four, the bill eliminates drop boxes for absentee voting.
Fact.
The drop boxes used in the last election did not exist a year ago.
They were first utilized in 2020 as a pandemic precaution.
The bill makes them as an official part of Georgia elections, and they will be available in 159 counties and under supervision to protect against tampering.
Myth number five, the bill lets Republicans throw out any county votes they don't agree with.
Fact, the bipartisan state election board can do performance reviews of local election supervisors who fail their area's voters with things like long lines and alpha vote absentee ballots.
The board will not overturn election results.
The law simply provides a process to review and ensure officials are technically competent and complying with the state laws.
The process requires a high burden of proof.
Someone says, okay, got it.
And then last but not least, myth number six, the bill bans drinking water for voters while waiting in line.
Fact, like the countless other states that have very specific laws against Electr, electioneering near polling places, Georgia has codified rules preventing political groups from handing out food or water to voters in line as an incentive to vote, but specifically allows poll workers to make water available to anyone who wants it.
The law will also directly cut down wait time, meaning refreshments for people waiting in line will be necessary.
This law didn't move the all-star game.
I've got two books right there.
Yeah, I was going to say this law did not move the all-star game.
Joe Biden gaslighted and moved the all-star game.
I mean, that's what people are saying.
That's the spectacle.
And everybody, and by the way, Coke and everybody else sees the world reacting.
They want to be on the right side of history, so they say, okay, we're out because they don't want to explain that something is misunderstood.
They're like, no, I'm not going to get in the middle of this.
If this is getting too hot, then we have to move and we have to be on the right side of history.
Look, even though this is really sad.
The audience has the choice to pick and choose which article they want to read.
I give you both of them.
And put the link below for people to go see it.
If you can comment below as well.
Can you do that?
Oh, you want to put it in the description?
Put in the chat box right now so people can go to it if they want to go to it.
But here's the point.
What happened over there was so politicized that Atlanta Braves took a hit.
Small business owners took a hit.
Major hit.
Fans took a hit.
Huge hit.
Massive hit.
Why?
Rob Manfred already made a dumb decision a couple years ago when the Astros did what they did and he didn't suspend anybody.
And he said, if anybody hits them, we're going to suspend you.
None of the Astros players got any kind of punishment.
The GM got fired or whatever happened to him.
Nothing happened there.
Two years later, year and a half later, he was saved by COVID.
Everybody, forget about what happened to Astros, okay?
Right.
Except from some fans that are going on with trash, you know, at the games.
Still beat Lundy.
A year and a half later, he does it again, and he is going to bring back up the bad decision he made with the Astros.
But he is using this as a way to win the journalists and the commentators that were trashing him just a year and a half ago for the decision he made with the Astros.
It's his way of winning some cool points, and he may win it.
100%.
But he took a hit with the league.
Maybe wrong.
That's my thoughts.
Adam, final thoughts?
Yeah, no, I think it over there.
This is the beauty of listening to the PBD podcast: we're going to give you both perspectives, and you can do your own research to figure out what makes the most sense and what the truth is.
But we're going to kind of give you both sides of the spectrum.
And as they always say, if you have two different perspectives, the truth sometimes is in the middle.
So go do your own research.
I don't know if we have enough time.
This kind of fits in with the sports and the politics to cover the Barclay stuff.
I wish I did.
We'll do it on Thursday.
And Thursday is who?
Who's Thursday?
Thursday, we have a...
Oh, Ricky, Ricky!
Oh, Ricky's here Thursday.
Phenomenal.
You're going to be able to have a bunch of stuff.
I got to go work out.
I got to go work out right now.
I got to go pump some ways.
I mean, this is going to come straight.
You enjoyed today's podcast with Tom.
Smash that subscribe button.
Tom, thank you for coming out.
Adam had a good time with you.
And Sam, shout out to you, Kai.
Ricky, I know you're listening.
The chair is warm.
You are going to kill it here.
And if you haven't seen Ricky, tune in on Thursday to see Ricky.
Ricky, by the way, we will have a metal detector before you walk in the building.
