Addicted to Trading (EP.364)

24:24I don't think anyone would expect it, especially since the dollar has remained relatively strong. It's not like the dollar has weakened, causing foreign stocks to give them the boost, especially for Americans. I saw a chart from Mike Sicardi via FaxCat looking at the earning sentiment of the S &P, Europe, Japan, and EM. What's earning sentiment? Like from analysts? It's upgrades minus downgrades. Okay. And it's turning higher. Significantly higher. Except for the S &P, which is interesting. But in emerging markets and Europe, yeah, it's had a nice run. All right. Because they kind of had a slowdown before us, right?

25:06All right. I remember you did a post a number of years ago. The CAPER ratio, like why are valuations higher? and you compared like employee revenue or profits, whatever it was, probably revenue per employee of Facebook versus US Steel. Yeah, that was a long time ago. That was probably like 2015. But whatever the number was, US Steel had, I don't know. I think it was like$400 ,000 in revenue per employee and Facebook had like 37 million or whatever the number was. All right, so Charter did this graph where they looked at market cap per employee of the biggest companies. And NVIDIA has a little less than 30 ,000 employees,$3 trillion market cap.

25:44Back of the envelope, we're talking more than$100 million in market cap per employee. The next best ones are Apple and Meta, which are$19 million per employee. NVIDIA just blows these out of the water. So that's obviously an all-time record,$100 million per employee? Has to be. This probably can't be a close second. And these other ones aren't even in the same ballpark as NVIDIA. All right, I got one more anecdote from a person. I still don't understand how regular people will share their investment strategies and blunders with the financial media. I don't know, I guess everyone answered 15. But if you made a huge investment mistake, which you've written a book about before, the biggest investors and the biggest mistakes, would you want to share it with a financial publication?

26:34Probably not. So I don't know how you lose money in real estate, but Bloomberg has this article on syndicated real estate deals. Do you know much about these? So not that I have any personal experience with this, but syndicator real estate deals are essentially, we're going to pull a bunch of money together from regular rich people and buy an apartment or commercial real estate or something like that. Right? Like so multifamily housing, that sort of thing. And they interview this woman, Lynn Nath was growing tired of the meager gains from her family's retirement account. In late 2021, she invested$200 ,000 with a company that was making 30 % returns by buying the hottest ticket in global real estate U.S.

27:14apartments. Now she says most of that money is gone. She's a business school graduate who invested earnings from her husband's dentistry practice, and the personal loss is a calamity. So they show this chart here, like how retail investors lost, and basically what it boils down to is tons of leverage. The apartment, like they overbuilt apartments, so it goes down a little bit, and all the equities wiped out because they just levered it up. So obviously, if they were showing 30 % returns on these previous deals, it was a ton of leverage that made it happen. Not any smart investing or whatever. So she says, so some of these, you know, things blew up.

27:51So she says, I feel guilty of my own stupidity. And then they end the story saying, she's now watching her portfolio for more trouble. She said she's invested more of her husband's 401k and additional million dollars with other real estate syndicators. Oh boy. Didn't learn her lesson. So here's my thinking about getting rich fast. Like, since 2009, the S &P's up 14 in change per year. Same thing over the last five years. We're talking like 14 % returns. I just can't imagine living through one of the greatest stock bull markets in history and thinking, nah, that's not good enough. I need more. I guess that's just what happens in bull markets.

28:30And they say the reason that they're behind is because they put four kids through medical school or something, which just I can't even imagine. But I guess my one rule of thumb for avoiding big investment stakes is if it sounds too good to be true, it is. Like someone's promising 30 % returns. There's something wrong there. Yeah. Right? Yeah. If 30 % returns can actually be had, it wouldn't be going to you. No offense. Whoever you are. Yes. Right. But I think if you're someone who has a little bit of money, you think like, well, it's just us handful of millionaires who are doing this. There has to be this like secret side door for us.

29:11Sure, not everyone else can access it, but we can. Right. But yeah. And they interviewed one of the guys who actually was part of the deal. And he said, listen, this is a perfect storm, blah, blah, blah. But it would be weird telling people, I lost all of my money in real estate during one of the biggest real estate booms in history. Tough. It's possible. Tough scene. All right. Options activities going crazy. Yeah, the Wall Street Journal had a piece on the DGENs, which I guess is like a loving phrase now. Not, it's, I don't know, it's not a put down anymore. No. But remember in the pandemic, people thought, well, you can't gamble on sports anymore because there's no sports going on right now, which I still can't believe was a thing that happened.

29:56That just sports, remember sports just stopped completely. how long was it? I don't know. Six months or so. We just literally had no sports. I feel like I've blocked a lot of that out of my memory. But the thinking was, well, people are messing around on Robinhood and they're trading options because there's nothing else to do. And they're bored and they're sitting on their couch at home. But Wall Street Journal shows everyday options volume and the percent, which is just continue to skyrocket. And the percentage of U.S. trading stemming from penny stocks, which went from less than 2 % in 2016 to 15 % now.

30:29Wow. So this stuff is just not going away. I think I was pretty right about this. I was of the opinion that people don't get unaddicted. And I said that whatever they're trading, if it stops working, they'll find something else. And sure enough, that's what happened. And the thinking was the bear market would wipe this behavior out. Nope. because so much of this stuff, crypto and growth stocks, growth tech stocks, we had stuff fall 70, 80, 90 % in cases. And it must have been like, okay, that's it. It's gone. And it's not. Nope, not gone. Addiction. Yeah. I think the ease of access is part of it too.

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32:18I've been coming to Costco at least twice a month for the past five years. And I don't think flushable wipes have been on sale more than twice in five years. All of the prices for everything are coming down. And it's very clear the show is not over, but it is ending. That's a person who has a budget right there. Another chart from Yardini corroborating that small business planning to raise prices leads CPI by six months. So this chart shows the small business survey. Are they planning on raising prices? And that is going down in the right direction. Rolling over hard, huh? Rolling over hard. So another feather in the cap of people who say that peak inflation is behind us.

32:58That's a pretty good chart. No one else is behind us. Insane car prices. Bad for me. Good for you. Wes Lutz. Worst trade of your life, that Audi. Worst trade of my life. This is an owner of a Dodge dealership in Michigan. Oh, Ben, right in your backyard. Had several Dodge challengers and chargers that were eligible for$11 ,000 discounts. Do we still make the Dodge Stratus? I don't even know what that is. Do you think Will Ferrell put that out of business? Dodge Stratus. What is a Dodge Stratus? It's like a little sedan. But I feel like Will Ferrell single-handedly put the Dodge Stratus out of business.

33:35Why? What do you do? I drive a Dodge Stratus. You remember that one? What's it from? SNL. Okay, no, I don't. They're all fighting at the dinner table and... Okay, I'll send it to you. Last night, I had trouble sleeping, so I put the tube on, try and knock me out. I turned on the movie from the early 2000s called Kicking and Screaming with Will Ferrell and Robert Duvall that I've never seen. Not great, right? Horrendous. Holy shit. The premise sounded great. It's a good premise. He is a dad who coaches little kids soccer, right? Yeah. Stunning. I'm at a loss of words. Just really bad. Really, really bad.

34:17All right. Anyway, back to the car dealership quote guy. He said, it seems like we may be headed back towards incentives and overproduction. He said, it may not be good for me or for the manufacturer, but it sure is good for the consumer. And in the article, they said, among the most heavily discounted cars are electric vehicles. So the next chart from Sherwood shows that Tesla produced 47 ,000 more cars than it delivered in Q1, which goes back to 2019, by far and away a record. Not great. And the stock looks like crap to boot. So I saw one of the Cybertrucks in the wild the other day at the grocery store.

34:56So did I. Horrendous looking, right? I mean, it's just, it's awful. But I almost, here's the thing. and I saw a funny tweet about it saying that like there's only been 3 ,000 sold and it's like if you see one in your town you know that that's like the biggest dipshit in your town who's driving it yeah which I feel bad but so here's here's my competing thoughts on this like it obviously it looks awful it's just terrible looking just like you see it and you want to laugh but you know how they always have those the car like the car shows where it's like here's the futuristic version of this car and then they never produced them.

35:31They finally produced one of them. So actually, even though it looks horrendous, I give them credit for actually producing the futuristic looking car, even though it looks like something people in the 90s thought a car should look like in the 2020s. Yeah. So it's like they went for it. I give them credit for at least going for it. I don't love to judge people by their cars, but let's be honest, I kind of do. So what does that say about you? If you're driving, and I hope none of our listeners are driving a Cybertruck, you might be a lovely person, but it says something. I'm not sure it's a great thing.

36:06I'm a tech person with zero self-awareness. I'm extremely insecure. Look at my car.

36:15I don't know. You're going against the grain if you're buying one, but hey, more power to you. Drive what you want. If it makes you happy, just like you when you get your Porsche in a couple years? Lance Lambert tweeted, I'm not getting a Porsche. That's not a thing. But if you're going to get your midlife crisis car, a Porsche is the same. I'm too young. Stop saying that. You've been going through midlife crisis for four years. But here's the thing. A Porsche is your safest bet. I don't think people who drive Porsches get made fun of. Out of all of those cars, if you're going to be one of those guys, a Porsche is your safest bet.

36:52That is the, right? That's a T-bill of midlife crisis cars. When I saw another Porsche this week, and I thought what I always thought, that's a great looking car. Percentage of people who are bald who drive Porsches. It's got to be a high percentage. How much? Yeah, probably. That's fair. How much do you think a Porsche costs? Like, what's a monthly payment on a Porsche? I have no idea. Is it three grand? Is it five grand? I would guess five and up. Five is like the baseline probably, don't you think? when you put it when you put it that way it's like yeah a mortgage payment or a Porsche you know it's a tough choice okay speaking of mortgage payments Lance Lambert tweeted a 7 % mortgage in 2024 it's like a 15 % rate in 1982 when accounting for US home prices home insurance incomes property tax and a 10 % down payment housing affordability in 2024 similar to 1982 and I know we're beating this dead horse but this is I'm not sure if national crisis is too strong of a word But it's bad.

37:49It's really bad. For first time homebuyers. I hate to keep pounding this drum, but it's been this way in other countries for years. Like we're probably going to get worse. Like if you, Canada, France, all these, Italy, all these other countries are worse than we are. All right, so what? And? I wish I had an easy fix. My dad was talking about it this weekend. He goes, is there any fix to the real estate market that you can see? and I said, if they build a million homes a year for the next 10 years, that'll probably do it, which is, I guess, just never going to happen because we don't care, I suppose.

38:26So my point is, unfortunately, it's not going to get better. That's the only fix I can see. And so this is from Bloomberg. They say the cost of homeownership jumped 26 % since the pandemic. And now they're looking at taxes, insurance, energy, maintenance. And they say this number went up to a total of over$18 ,000, which is about$1 ,500 a month. And they estimated it at like 2 % of the value of the home. And a lot of it is, they say maintenance is the biggest piece just because costs of everything have gone up to keep your house in line. It's too expensive. Does that seem high to you? They showed across different states saying that it's obviously higher in certain areas.

39:14More people have to shop around for insurance like me. They need to get a broker.

39:20But yeah, but I think this is, I've always heard one to 2 % value of the home for ancillary costs. This is the thing that people never take into account when they talk about home ownership. Well, what's baked into that? Maintenance, taxes, insurance, utilities. Yeah. I'm just trying to think of my house. 2 % sounds... Does that sound... It seems high to me. Oh, does it? My taxes in Michigan are... My taxes and insurance are relatively low compared to the rest of the country, I would imagine. Yeah, not mine. Yours are probably higher. Oh, yeah, yeah. Mine's definitely higher than that. I would have to add them up.

40:02Okay, so you talked about how... What do they say? This is 1982 levels. Today is like 1982. There was this guy who wrote an op-ed in the LA Times about California, homelessness, and the housing crisis there. He says, in 1981, at 24, I bought my first house at a price of$70 ,000. It cost less than three times my salary, which is roughly median at the time. If adjusted for inflation, the home's value would be$218 ,000 four decades later. Instead, the house is$580 ,000. We talked about this a little in Charleston when we were walking around, because they were telling us the values of some of the homes there, And it was just an ungodly sum of money for a lot of those to live in a nice place.

40:39I do feel like a light switch was hit at some point where people realized, oh, maybe real estate in nice areas should be more expensive, or there are more people flocking to these areas and buying them up. So is the take that real estate has always been undervalued? I think you could probably say in the 80s and 90s it was undervalued, but it probably deserved to be because let's be honest, the houses back then were not very nice. Okay, counterpoint. How can we say that real estate was undervalued when it had one of the biggest crashes in history? Okay, well, I think we can say in the 2010s, the real estate was historically undervalued.

41:14How about that? Fine, yeah. Based on demographics. And it's, this is the thing. It's not, I think the 2030s could offer at least a slowdown in this stuff. I'm not necessarily predicting a crash, but there's going to be some houses hitting the market from boomers dying off. I don't know how that will impact prices. That is the coldest hot take I've ever heard. What do you mean? Boomers will die and some of the houses will hit the market. It's true. 70 million boomers? Yeah, no, of course it's true. Other time, undefeated. All right, this is interesting on private markets. It was mentioned in the podcast that if these private credit deals were public, they'd be down 60%.

41:54I don't think we necessarily said they'd be down 60%. We said some of them would be down more than they would be in certain instances. We're not predicting private credit should crash. No, I'm not. However, there are public BDCs holding very similar deals. BXSL has a 30 % position with B-Cred, and these trade in a healthy way. This perplexes me to no end. What is your opinion on this paradox? This person is basically saying, why aren't these BDCs down more? I don't think we're even saying a reckoning is here for private credit yet. We're just saying that when the reckoning comes, you won't see markdowns on the private stuff like you would if it were public.

42:28Why are you saying when the reckoning comes? You think there's going to be a reckoning? Oh, I don't know. There has to be. There's a reckoning in everything. Okay. All right. I don't know. Anytime money comes in to something like this, there has to be a reckoning, right? No? I don't know. There has to be. Okay. Well, we recorded a podcast yesterday. It's coming out next week, I think. All about private credit for Talk Your Book. So I think we go through everything. All right. I have a bone to - Well, to answer this person's question, I honestly don't know enough to answer this question. Yeah. And I honestly don't follow the BDCs either.

43:00But I thought it was a legitimate question. I have a bone to pick with a colleague of ours, Nick Majulia at Dollars and Data. Is maximizing credit card rewards worth it? And he kind of makes the point, which I think a lot of personal finance people make, like just the cost-benefit analysis, like is this worth my time and energy? All right, Nick says like, pick a card that pays you back two or 3 % and get out of your life and don't do the game where you're constantly looking for stuff. And I don't know. I still think it's worth it every once in a while to play this game. I probably play it once or twice a year, maybe.

43:33What do you mean? What do you mean? How do you play it? I look for big sign-up bonuses. If I'm going to be spending money on something, hey, we're buying some new furniture or something. Like, I know I'm going to hit that minimum threshold. I'm okay doing the sign-up bonuses. I mean, I don't know. Think about it. You get upgraded status for flights. Like, I got a Delta card, and I got enough miles for spending, so it took me from silver to gold or whatever it is. So you get upgraded status. You get more miles for, you get, I think with my Delta card, I get one free airline ticket a year for companion fare.

44:05Free hotel stays with a Marriott card. I think we've basically paid for two-thirds of trips to Marco Island at the JW with our Marriott card a few years ago. Probably doesn't do it anymore because it's so much more expensive now. But we probably paid for two just through sign-up bonuses alone. You get cash back. This is a big one for people. You get better credit score if you have more credit taken out. So I think there are, and for me, we're talking tens of thousands of dollars over the years in benefits and cashback. And I think it is worth it for people. And I'm not one of these people who will go to the websites that like, how do you use your miles better to find this flight or that flight?

44:43But I think I haven't spent a lot of time on this and it still has gotten, maybe tens of thousands of dollars over the years. Yeah, no, I'm with you. Not a lot of work. I'm not a hacker. I actually did listen to Chris Hutchins' podcast, All the Hacks with somebody who is an expert. on juicing the miles. Yeah, I don't go that far. And I thought it was interesting. And there is, they get a lot of value out of it, but they do put in the work. I don't put in the work, but even just having the Sapphire Reserve, I can't tell you how many free flights I've gotten over the years. And if you're going to be spending the money on a credit card, you might as well get the rewards.

45:18Yeah, I get the TSA pre-check paid for. I get the Clear paid for. I don't know. I get the Walmart plus paid for, you pay the whatever, 500 bucks for the annual fee. And it probably, a lot of that stuff washes out, but I think it's worth it. Well, you know what else? I get a lot of joy from, even if it's an illusion that these, that you're paying for it and hidden fees. I still, I still get that, what you call psychic income. Is that psychic income? I think so. Okay. Well, it's, it's like, it's one of those things where you feel like you're taking advantage of wall street for once or the financial firms.

45:52It's like, listen, they're paying me to do this. Yeah. All right, Ben, I want to ask your take on this. Okay. I got an email. We got an email from a young person in the industry. I think they're a CFP, asked for career advice, and I told this person to call me, which is something that I do frequently. Gave them my phone number. This is on Saturday at 10 in the morning. Now, if I was in the, and then I emailed that person back. at 10 o 'clock on Saturday. If I was in this person's shoes, I would respond right away. Oh my God, thank you so much. I'm excited to talk to you. Right? Because we're always hiring.

46:38We always have a stable of people that we're talking to. Even if there's not a fit today, you never know, right? It's a small industry and whatever, whatever. Always looking for good people. The person didn't get back to me until Monday at three. Now I'm going to talk to this person, but I'm much less enthusiastic than I was when I got the email. So I'm already going in glass half full. So this is just a PSA. Don't do this. Am I wrong? So you wanted him to write you back right away. This person's a kid reaching out to somebody that they respect about. And this part, I was, I gave him my phone number and I said, call me anytime.

47:18time and it took him two and a half days to respond. Seems weird. What if he got bad advice from his friends? Like remember in swingers when they debate when Mikey should call the girl back and they say like, no, no, no, no. You call her in like three days. And then then Sue and Trent say, actually, we wait, we call him back in four days or whatever. Maybe they got bad intel from someone who said like, when I don't want to seem too excited, should I write him back right away? And his friend said, no, no, no, you can't do that. That's clever, but I just don't buy it. True. All right, like there could have been a world where this person emailed me back.

47:52We had a great call and I offered him a job. Now, I mean, unless he blows me away, which I guess he's not going to, I'm already out. I think we can say one of Michael Batnick's biggest areas of pet peeves is email etiquette. You're a big email etiquette guy for timing and when to respond and calls. It goes beyond just email. I'm a life etiquette guy. Do the right thing. Yeah. I'm not saying I always do the right thing. I make plenty of mistakes, but in this situation, it's just very easy to just respond. I would try to give this kid the benefit of the doubt and say, maybe some people just don't check their email very often.

48:26But as a young kid, they're checking it all the time. Come on. True. Okay. Recommendations. Yes, I did watch another Glenn Powell movie on the way down to Charleston. It's not even a good movie. It's a good airplane movie. Is this your third time watching it? Second time, I think. I don't know. I also watched A League of Their Own on the way home I couldn't find anything else Just Tom Hanks just cooking Can I tell you something? I don't think I've ever seen it in a fall Really? Okay It aged pretty well And man Geena Davis was so good Whatever happened to her She was amazing She was so good Favorite Geena Davis role?

49:07You know what's an underrated one? A Long Kiss Goodnight with Samuel L. Jackson Love that one That's what I was going to say Were you? That's a good movie Alright so I watched Hitman with Glenn Powell. Did you watch it with Courtney? No, but she got mad at me because I cheated on her. I watched it by myself because she wasn't, she, whatever. Kids were, we had busy stuff and she went, but early I stayed up and watched it. What genre is Hitman for you? Here's the thing. It's two different movies in one. The first half of the movie is a comedy. The second half is like a, almost like a noir. I'm trying to explain like, it's like a - So it's not a rom-com.

49:40I would call it a rom-thriller. Yeah, but it is two different. Like, the first 45 minutes, you're kind of like, what's going on here? Then the second half, the movie completely flips, and it's a totally different movie. Now, if you wanted to, you could depict some of the parts of the plot are absurd. I really, really liked this movie. I really, it's just a fun movie. It felt like a little bit of throwback. I thought it was great. I agree. It was great. So, I was thinking, Glenn Powell is our only male movie star under 40 years old. That's not true. Like, movie star. Not actor, but movie star. So Chalamet's an actor?

50:13Chalamet, he's not a movie star. He's an actor. Okay. You could say Gosling. Gosling's like mid-40s. But Glenn Powell is like our own. I mean, because all the other actors coming up are British or, you know. So he's the only American movie star under 40? He's like our only chance for like a poor man's Tom Cruise. Like I think Glenn Powell could be a poor man's Tom Cruise. Yeah, he's good. Don't you think you could see Tom Cruise playing that part that he played? So I like this movie so much. I read the, so the movie was based on an article from 2001. You like this movie so much you went to Glenn Powell's house.

50:45Yeah. So I read the story about the hitman. So, you know, so the first half of the movie is based on a true story. Like there really was a guy who did fake hitman calls for the police. And then all the stuff about him getting involved with one of them, that was like the embellishment. But this is interesting. So I read this story about it and they interviewed this guy who sounds like just a total character. And it says, in the late 90s, fewer people were looking for a hitman. A phenomenon that Johnson, that's the guy's name, Gary Johnson, attributed to the economy. When the economy is good, as it was then, people don't get so frantic.

51:14But when it starts going bad, as it's doing now, and this is written in 2001 after the dot-com bubble blew up, everybody gets a little bit crazier and starts thinking about knocking someone else off. Sure enough, in the past 12 months, his workload has returned to normal. So during a recession, more people would like to kill someone using a hitman than during a boom time. So right now, this is why murders are dropping probably because we're in boom times. Yeah. A lot of the motivation for taking out a hit is insurance money. Yes. That's always seems to be the case. But did you get the part of the movie where they said like Hitman aren't real?

51:44Like it's just a fabrication of movies. Is that true? Do you believe that? I don't know. Kind of. I kind of do too. When they said it, I was like, oh yeah, that makes sense. I've never met a Hitman. Yeah. If a Hitman did exist, do you think it'd be easy to find him? Craigslist? Yeah. I don't know. All right. What else do you got? Anything else? All right. On the airplane, I saw a great one. Land of Bad. Russell Crowe, who looks a little bit different than his Gladiator Ds. Let's just say that. That sounds like a straight-to-DVD kind of movie, if that was such a thing anymore. Land of Bad. I think it did well.

52:18I mean, it was good. 64 % of Rotten Tomatoes. It's perfect. That is my - Oh, it's got one of the Hemsworth brothers in it? That's my sweet spot. 64%. Oh, 94 % from the audience. See? That lines up perfectly. So here's the plot. How did Russell Crowe get to the point where he's doing a movie with two of the Helmsworth brothers who aren't even the guy who plays Thor? There's two of them in here? That's what it says. Liam Helmsworth? And Luke Hemsworth. And Luke. Huh. I didn't even know there was more than one. All right, anyhow, Russell Crowe plays a drone operator. And he's communicating with a couple of badasses that get into trouble.

53:00It was good. Good airplane movie. Very good airplane movie, in fact. I wouldn't watch it at home, but. Okay. A junkie action movie. So my son is addicted to junkie action movies. Do not show him this. Don't show him this because it's pretty violent. Oh, no. He watched this twice. Shut up. No, no. Sorry, not. No, you put in here, Under Paris. Oh, jeez. You said this is the number one movie on Netflix. All right. So Under Paris, before Hitman came out, was the number one movie on Paris. And I feel like I should take a victory lap here. Because let me read you the blurb of Rotten Tomatoes. To save Paris from a bloodbath, a grieving scientist is forced to face her tragic past when a giant shark appears in the Seine, which is a river in Paris.

53:40Did they not write this exactly? If there was like a Michael AI movie writer, this would be the movie. So did you watch this? Of course I watched it. Awful, terrible. Really bad. Just, my son loved it. Did he? It was really bad. But I will say some of the shark kills were really good. Like some of the best shark attacks. He just kept being like, dad, watch it. This guy gets eaten in half here in two pieces. Yeah, some really good shark attacks, but it was a horrendous movie. So he's, my son is totally screwing up my Netflix algorithm. Every time he wants a junkie movie like this, he hits I'd Love It.

54:11And so then he watched, you know what we watched last night? That was just, I didn't want to watch it because it never should have made. They did Independence Day 2. Never saw it, never will. Independence Day, about as bad as you'd think it would be. Just really, really, really bad. Oh, I can't imagine. um so we were going through uh robin's grandmother's house sold so we're cleaning it out she passed away and there's just boxes and boxes there robin's family keeps everything so we're going through boxes so i saw i saw one box that said memorabilia on it so i opened it up and on top i see man on the moon like the the from the full newspaper from 1969 very nice intact perfectly.

54:56So I'm like, Oh, let me see what else is in here. And it's just like cards and envelopes and empty envelopes and empty cards. Literally. You're going to frame the man on the moon thing. You sent us a picture of it. That's an amazing keep right there. Yeah. I'm going to frame that. So as I'm going through the box, it's just, it's just, it's really, truly the definition of all garbage. When people took vacations back in the day, they used to send postcards. Oh, yes. Right? Like, hey, I'm in Bermuda. We got here yesterday and we're having so much fun. The weather is great. See you when I get home.

55:29Like, that was a thing that people did. So there's a bunch of postcards in there? Oh, my God. Hundreds. Okay. Happy Valentine's Day, Bubby. So wait, how did the sale of her house go?

55:43So she lives in an area that has turned very orthodox. And so boom. Immediately? Immediately. Yeah, immediate. All right. All right, then. Did we have fun in Charleston sharing that coconut cake? Was that delicious? Not bad. Yeah, we did it fun. I tried to turn you on to espresso martinis. You wouldn't have it? No. Gross. Sorry. It's never going to happen. My wife likes those two. It's never going to be me. All right. Send us an email. And if you do send us an email and Michael responds to you, hit reply back immediately. If I give you my phone number, say thank you. Animal Spirits at thecompoundnews.com.

56:26See you next time.