Millennials Will Buy All the Stocks (EP.305)

24:19And this is a simple but powerful idea. It's hard to disrupt any industry, let alone gigantic entrenched industries with technology from people who don't really know the industry. Outsiders that come in and say, well, there's got to be a better way. We could fix this. We could replace this. We could speed this up. If you have no domain expertise. I might be completely wrong here. Maybe some of the biggest disruptions have come from outsiders, but I don't believe that to be the norm. I think if you don't know the intricacies of an industry, it's very hard to come in there with technology and just uproot everything that's been built.

24:57I do think we've learned that technology has a really hard time disrupting the world of finance. Consumers, for sure, technology has helped, but the whole fintech revolution has not really unseated any of the big players. J.P. Morgan, Kevin Sachs. Insurance did seem so disruptible from if you just were like, why wouldn't you just be able to click, clack, click, get your exam, boom, boom, boom. But it's not that easy, apparently. Yeah, I think the financial, like banking and housing, the tech industry, the technology sector tried to come in and revolutionize it, and it just hasn't happened. back to our other thing I did find the Gallup poll this is from May 2022 it's gone from about 52 % in 2016 to 58 % now so there has been what has what has stock ownership it's it hit 60 % in 1998 and it kind of went down after 2008 and now it's back up to 58 % so it did dip after 2008 now it's come back like the percentage of people who actually own stock in some form individual shares mutual fund ETF so the last few years it has seen an uptick and households owning stock, which it's a good thing.

26:08So we've spoken about the transcript before. They put together, they like do amazing compilations of earnings, which we're going to get into today. We've got a busy, busy week for earnings. We've got Google and Microsoft tonight and Chipotle is always in there. We had Spotify this morning. We had GM, we had McDonald's. Did you still give up on Chipotle for lunch? I mean, you can't because there's one literally next door to our office in New York. Well, it's funny you should ask me. I haven't had Chipotle in probably four months. But on Sunday after the Nick game, I had to go back to the office and I had a burrito.

26:43Well, credit to you for going to the office on a Sunday. No, I left my bag there. I wasn't. Oh, OK. All right. All right. This is from Manpower Group, which is like, you know what? I don't even want to speak out of turn. I feel like it's a temp agent. It's like a temp agency. I say employment agency. OK. After months of a remarkably strong US labor market, we are now seeing more companies across various industries recalibrating their workforces after a period of bullish hiring. Is there such a thing as bearish hiring? I guess it would be bearish hiring. Shifting their focus towards more intentional hiring for specialist skills, delaying hiring decisions, and reducing their demand.

27:17Okay. All right. A little more selective. A little more selective. But speaking of bullish, I was out. Robin and I went out to dinner on Saturday night. We went back to Park Slope, which is where we lived for a few years. Haven't been there in, I don't know, five years maybe. Who stole the name first? Brooklyn or isn't Park Slope in Utah? Maybe. Who had it first? Okay. That's probably, I don't know. You sent me a text the other night saying you were in Park Slope and I thought you were skiing in Utah or something. So we went to an excellent restaurant. We had, what do we have for apps? I'm an idiot.

27:54It's Park City. I'm an idiot. Okay. Disregard. Forgivable. We had an incredible burrata and then like fried like zucchini flowers or something with like prosciutto in the middle. I don't even know. It was out of this world. And I said, based on these appetizers, I'm super bullish on my chicken parm. And she was like, bullish, bullish. I don't know what bullish means. I don't understand that reference. Yeah. And I was like, wow, you really, really don't listen to my podcast. Okay. So I was in New York last week for a couple of days. And remember last week on the pod, I just said, I just can't understand how people can pay so much money to live in New York.

28:32And then we went out and walked around on Friday and like a sunny day. The night before we went to like an amazing dinner. And then on Friday, we walked around and we went to the West Village and we went to one of our favorite restaurants there. And then I thought, OK, now I get it. We walk through the parks and it's like sometimes from the outside in, you can think like, why would anyone ever pay this much to live in a place? It's ridiculous. You have a small place and it's crowded and all these things and it's not easy to get around and get stuff. And then you go experience all the good stuff behind it and you go, okay, now I see why people do this.

29:07It totally makes sense. It was a pretty special afternoon. Just the vibes of all the young people doing their thing. Yeah, that was fun. This is interesting. Port C Capital tweeted, narrative violation. Google gained search engine market share in Q1. How about that? I mean, do you know anyone who actually uses Bing? Or uses, I mean, people use ChatGPT to search. They're not searching like they would on Google. I feel like it's two separate things. They may use it as a tool to help them do stuff or learn, but they're not using it in the same way as Google. No, come on. Yeah. All right. Real estate.

29:44This, to me, is one of the – we're talking demographics again because that's our MO lately, I guess. Apartment List has this real estate update, and it's called the Millennial Homeownership Report by Rob Warnock. I think we used some of this stuff before. This chart is amazing. Generational home ownership rates, 1985 to 2022. It shows Silent Generation, Baby Boomers, Gen X. And you can see they all go up into the rate over time. Silent was already higher, obviously. So Baby Boomers are at a little less than 78%. 10%. Gen X is at like close to 70. Millennials are at 51.5%. And I think if you don't assume that the millennial one is going to continue to go up and reach those other levels, then you're nuts.

30:2570, 75%, something like that. It might take some people a little bit longer. And the crux of this article was saying how, why some people don't own a house as millennials, it's obviously unaffordable in some places and hard to buy and all these things that we've talked about, but this, you talked about a floor under stock market, I would be much more apt to put a floor under real estate prices because of this. I think millennial household formation is just going to continue to happen. And this is going to move up. And in 20 years, it's going to be at 70, 75%. And I do think that the increase we've seen in the last three years is going to be looked at back as like this, this giant leap higher in housing prices.

31:08and unfortunately that that's like the new permanent plateau for housing prices even if we continue to have a little bit of a crash in here yeah i agree that was uh one of my predictions of 2023 was that housing prices would not crash and so far so good there one of the things that we forgot to mention last week that uh oh that was one of your top 10 predictions no housing price crash? Yes. We didn't talk about last week the housing stocks, Lenar, Pulte, D.R. Horton, and shame on us. Right after we stopped recording, I was like, damn it, I can't believe we forgot to mention that. They're all back at all-time highs almost, right?

31:45Or 52 highs at least? Yeah, definitely. Yeah. So it makes sense. People buying home building stocks are not dumb. They're reporting earnings and they're crushing it. I think if you just knew that mortgage rates would go up to 7 % and that the housing market would essentially freeze, except for homebuilding, new construction, you would think that homebuilding stocks would get crushed, right? They're pretty heavily correlated to mortgage rates. But, and I'm sure some people nailed this trade, but given that so many people were locked into their home with, I don't know if it's 60 % of all mortgages under 4.5%, whatever the number is, that the only houses available is new construction.

32:28And these companies are on fire, and their stocks are reflecting that pretty well. With supply being so low, it's the only game in town. Yeah. Yeah. I think homebillator ETF is up like 17 % this year. So it's kind of in line with the NASDAQ. Here's another good one. I just had to mention this because it mentions my hometown. So they looked at millennial home ownership rate by metropolitan area. The highest one on this list, Grand Rapids and Michigan, at nearly 70%. And then you contrast that with Los Angeles and San Jose and San Francisco, which are all around 30, less than 30%. Look at all these Midwestern cities on here.

33:01Grand Rapids, Minneapolis, Cincinnati, St. Louis, Pittsburgh, Indianapolis, Detroit. It's all Midwestern places that have much higher millennial home ownership rates. Why? Because houses are actually affordable there. More affordable, yeah. Come to the flyover states, people. But yeah, that generational homeowner chart is great. Here's another one from Redfin. And Redfin kind of shows this at the same time. This is like the net worth one we looked at last year. So it shows actually Gen Z is right on track. Millennials are a little low compared to Gen X and boomers, but everyone kind of follows the same path in your 20s.

33:35And I think millennials, it makes sense that they're a little behind because of the 2008 crisis and people just going to school longer. But again, we're kind of right on the same path. And this is another good one. What age cohort, and they break them down by 10-year cohorts, buys the biggest chunk of houses per year and it goes back to 2018. and you can see it's younger millennials, people 25 to 34 are the biggest buyers. The next one is 35 to 44 and they make up eyeballing it 50 % of all purchases, maybe a little bit more. Well, I'm an older millennial and as such, I have to take a bathroom break.

34:13I'll be back in two minutes.

34:19All right, I'm back. I am cursed with a small bladder. It is what it is. Can't, you know, can't fix it. I am too. Did you pass that down to your son? Because I did too. I also have a small bladder. I pass it on to my son. He pees all the time. It's awful. Before we move on to Great Quarter, guys. Hang on. I got one more housing thing. Okay. All right. I do feel like these headlines are right, but maybe not. It's like a correlation causation thing. So why it pays to buy a house. Homeowners became 40 times wealthier than renters in the past decade. This is from USA Today. day, it showed that over the past decade, the median price home in the U.S.

34:54gained$190 ,000 in value, making the typical homeowner 40 times wealthier than if they had remained to rent or according to a new report. And they're showing these different areas where how much you made. And a lot of these studies will show that if you own a home, you're much wealthier than someone who rents. And I do think that just because I think there's a disconnect there that like, if you don't buy a house, you can't become wealthy. I think it's just because for most people, that is their biggest financial asset. and it's gone up a lot, so that helps. But I don't think it necessarily means like if you rent, you're not going to build a high net worth.

35:26I don't really subscribe to that. That like you have to buy a house if you want to be rich, right? Like that's the next step you have to take. Yeah, I think the thing is though, if you live in the suburbs, you just, there's not, you got to buy a house, right? Yeah, that's the thing. So in Grand Rapids, it said 70 % of millennials own homes. There's not a big rental market here. Just like if you wanted a house, there's nowhere to rent. But here's the thing though. So this is different than having a portfolio of stocks or having a bunch of money in your savings account. Like, how do people use this wealth, right?

35:54Like, a lot of people say, like, great, your housing price went up. But now if you want to move into a new house, then you have to pay a higher price. I mean, obviously, you could trade down or whatever, and you can borrow against it. I do think owning a house and having wealth in your home gives you greater flexibility. Like, you and I have used our home equity line of credit occasionally to do stuff. And I think it gives you financial flexibility. But besides using it as a new down payment on a new home or potentially having it paid off someday, I don't think the wealth in your home, it's just not as easy to access or do something with as other forms of wealth.

36:27It's a little more restrictive. So I do think having this is great for people. But then how do you actually tap it and how do you use it to your advantage? I think that's a problem for a lot of people. I'm doubling down on my take that I made a couple of weeks ago about a mansion, not necessarily just being about the square feet of a house or square footage. When we were in Hershey Park, there's a road there called Mansion Road. And those were mansions. You know why? Those houses have to be 5 ,000 square feet or more? Well, I'm sure they were. I mean, they looked at it. They were big, big houses.

37:05But they all had very, very nice plots of land. Yeah, that is part of it. If you have an outdoor space that you can use, that's like additional square footage in your house. I agree. All right. So I was looking at – we're going to start with American Express. And also, wait. I want to put this out there for you. You told me last week that your grass just gets eaten alive by, what, your dog or your kids or something? And you were thinking about putting AstroTurf in. And I think I would love to do that someday, but I don't ever see it happening. Why? I mean, it's not cheap. I'm getting a quote. I got a quote, which is, it's too much.

37:42I'm probably not going to do it, but I'm going to have somebody come to the backyard. I don't have like a fenced off area like you do. My yard is open and it's much bigger. Not to brag. I have a way better yard than you. But wouldn't, I mean, don't you think it'd be kind of funny if like your neighbors had grass and then you just have like right up to the grass, you have AstroTurf going in? Yes, yes, yes. It'd look weird. But my backyard grass got destroyed in the hurricane. So it's just - It's blotchy. It's like a man's beard that has gaps in it. You know what I mean? So I had the very minimum need to resell it because it just looks awful.

38:17But anyway, maybe I'll put that on my credit card. Speaking of American Express, see what I did there, Ben? That's a pro move right there. All right. This is interesting. The year over year in consumer services build business. Boomers are up 8%. The Gen Xers are up 14%. Millennials and Gen Z up 28 % on Amex. Those are earners. I swear you had this chart in here last week. No, I didn't. No, it was – Who was last week? We had a lot of banks last week. It was Bank of America. Keep up. Oh, but I feel like the numbers were similar though, right? Okay. Well – I'm just noticing trends here. I'm spotting trends left and right.

39:02And you look at – there's another chart showing card member loans and card member receivables credits metrics. So 30 days past due and corporate net write-offs. And yes, they are climbing, but well below pre-pandemic levels. How about that? In pre-pandemic, 2.2 % were either 30 days past due or write-offs. That was 1.2 % last quarter in the fourth quarter, 1.6 % in the first quarter starts rising. But again, 1.6 % versus 2.2%. The consumer's all right. Yeah, still doing better than we were. And honestly, pre-pandemic, things were just fine too. Not like the economy is falling off a cliff in 2019.

39:45Hardly. Hardly. So it's not a bullshit comp. You got Amex stuff pulled up here. I did trade in my Chase Sapphire Reserve. I wasn't getting enough out of it for an American Express gold, silver, platinum, something. Whatever the American Express one is. I like it so far. I get Uber point or I get picks up Uber for me. I did the clear that you mentioned to me in New York where they scan your eyes. It's pretty clear. It's great. Yeah, it's great until you realize that the TSA pre-check line is way shorter than the clear, but I had to do it anyway, just because I went out and scan my eyes for me. Uh, how's Ben, how's this for elitist?

40:19I have both. So do I, because I don't, I clear is only, I don't have clear in Grand Rapids, right? It's only at bigger airports. Uh, oh, I mean, I don't know how much clear is. I don't know, but you probably get a promotional deal for what? A hundred bucks. The pick up the, your whole clear through the Amex, 189 bucks a year. It's pretty good. Pre-check is nothing. It's just a mild pain in the butt. You had to go to Staples to get, but whatever. Well worth it. Um, all right, this blew my face. So if you look at their expenses, the card member rewards,$3.8 billion expense for the first quarter.

40:57Wow. I would love to know how much of that never gets used. Like kind of like, you know, they always say like at the holidays, a certain like millions or billions of dollars in gift cards never get spent, whatever the number is. I wonder what that is for credit cards. No, I think, but I'm not positive. I think that's a direct expense. I think that that's actually what was hit and used. You know what I mean? Like if you used Amex points to buy a plane ticket, I think that's what it's talking about. I could be wrong. They also have another chart showing travel and entertainment build businesses.

41:29Year over year, restaurants up 28%, lodging 31%, airlines 60%. People are still doing the damn thing. Still doing it. Have you seen airline tickets come down? I've at least seen airline tickets level out a little bit. They're not going up anymore. Actually, yeah. My flight to Fort Lauderdale was$350. That's not bad. Which is very reasonable. All right. First Republic reported last night. This is not great. The stock is down another 27 % this morning. I just want to read from what Bloomberg posted from, I guess, the bank's earnings. The recent industry events beginning in March 2023 have impacted the bank's funding sources.

42:09As of March 9th. It's down almost 30 % now. Have they cleaned house at all at that bank or not really? I'm not going to say that I just said it was down 30%. We don't do that here. We don't call each other out for not listening. That's not a thing that we do. They are doing layoffs. So as of March 9th, total deposits were$173 billion, down 1.7 % from year-end 2022. Then on March 10th, following the highly public closure of a large regional bank, First Republic began experiencing unprecedented outflows. On March 16th, First Republic received uninsured deposits totaling$30 billion from a group of America's largest banks.

42:47All right. They say deposit activity began to stabilize beginning the week of March 27th and has remained stable through Friday, April 21st. Total deposits were down only 1.7 % from March 31st to April 21st. So, all right. And they said that also reflects like seasonal tax stuff. So as far as this report lays out, the rush has subsided. This stock hit its all-time high in November of 2021. It's down 95 % since then. That's a lot. But I think total deposits are down 40%. So yeah, not good. Not good at all. All right. General Motors on Tuesday, raised key guidance for 2023 after reporting first quarter results that topped Wall Street's top and bottom line.

43:33Is that good? A beat and raise? Yeah, that's pretty good. Look at this chart, Ben, of their EV sales. They went from a 0.3 % market share in the first quarter of 2022 to 8.4 % four quarters later. That's wild. I assumed I would be getting an EV from an ex-car, which is like 2024-ish. We talked about this with a car dealership guy. I think it might be the next one now. I'm going to wait it out until they're a little cheaper. I think I'm going to wait until all these places get more online and they become closer to the gas-powered cars. So I love my new Jeep Wrangler. I got the hybrid. I think I spoke about this on the show.

44:08But it's got – so it's a hybrid, but it only has a 30 miles. You only get 30 miles on the charge. 30 miles, which is not great. And it takes 14 hours to get to a full charge, which is absurd. So I bought like the Jeep charger, which is not super cheap, but it cuts it down to like three or four hours. So the cost of the charger is basically the amount of money you save on gas a year, probably. Probably. Probably. All right. Pepsi reported earnings. Buko at Buko Capital, which is a good follower on Twitter. He said, wow, Pepsi just threw up 40 % revenue growth on zero volume growth. Then Carl Quintanilla tweeted, Pepsi co-exec on pricing says, quote, with the pricing that we have taken already in most of our businesses around the world, that should be sufficient.

44:56End quote. I hope so. I'm paying like$7.99 for a 12-pack of Diet Pepsi now. Come on. So Ben, you said that earlier that the corporations were absolutely putting their hand in the cookie jar or the honeypot. I don't know. They're doing something. I don't like it. Yeah. So hopefully it sounds like it's relaxing a little bit and they're slowing down, But they definitely took advantage of this. All right. So we've got, as I said, we've got another busy rest of the week. But Bespoke tweeted, does this look like an earnings apocalypse of roughly 60 earnings results this morning? EPS beat rate 77%. Sales beat rate 73%.

45:35Companies raising guidance five. Companies lowering guidance two. I think S &P earnings are tracking for a 6 % decline year over year or something like that. So nobody's super optimistic about this quarter. But so far, not bad at all. All right. probabilities recession in 2023 2024 2025 what would your breakdown be mine would be like 10 50 40 all right i i'm not aligned with you at all uh so for 2023 i would say 30 No, I'd say 35 for 2023. I'd say 55 for 2024 and 10 for 2025. I think there's a very minimal chance that we push it out to 2025. Maybe I would say 40, 55, five, final answer. 40, 55, five.

46:33All right. I'm becoming more and more open to the idea of this thing just continuing to chug along. Maybe I'm wrong. Until 2025? five. Duncan, maybe a poll. Maybe a poll. When will the recession start? All right. Here's the survey of the week that I do not believe. All right. This is from Ernst and Young, Wealth Management Unit. Nearly half of millennials turned to cash amidst market volatility last year. By comparison, just 34 % of Gen X and 24 % of baby boomers sought safety in cash. There's no way. They're kind of saying everyone went to cash last year, and then they missed the run up in the SP, which is up almost 20 % since the October lows.

47:10There's just no way that many people went to cash. What was the number? Half of all millennials in this survey. Put up the cartoon of who answers surveys, people, or 95 % of people who answer surveys, whatever that cartoon is. This is just, there's no way. No. If this many people went to cash, that would have caused a more severe crash. Yeah, come on. All right, good one from friend of the show, Ramp Capital. He, in his newsletter last week, wrote about how he got reached out to on LinkedIn. Someone, a recruiter, talked about the job and said it could be an extra 50 % to 60 % in compensation if he takes the new job.

47:51Sounds great, right? But he said if he did it, he would have to go in four to five days a week to the job. In his current role, he has way more flexibility. He has young kids at home. And so he's weighing the options of, I could make way more money. I just bought a new house. I want to provide for my family versus, or I could say, so the job, it's way more flexible. It pays less, but I get to work at home and I get to see the kids more and I get to do all this other stuff. And he was saying, his conclusion was kind of like, well, to me, it seems like the flexibility matters way more. And I think a lot of young people who went through this, this period in the pandemic, I think a lot of mindsets have changed in that direction.

48:30Can I say, but, but, but, and flexibility is a luxury because you have to be at the point where your bills are good before you can get to that point. And I think most people that get to the point of financial freedom at that point, once they get to wherever they need to get to say, you know what? I'm good. $30 ,000, whatever it is. God bless. Doesn't change my life. I'm just going to do what is best for me and my family. I do feel like that no matter how much you make, though, if you said add 50 % onto it, anyone would go, oh, yeah, I could handle making that. Like the answer for how much do you need to make, it's always more, right, for most people.

49:15But I'm just saying that I think this, it would be a different scenario. If work from home and pandemic stuff never happened and someone offered you, here's two jobs, here's one with 50 % more pay, but you got to win the office, and here's another one you can work at home. If you've never had that experience, I think you'd say, I got to take the pay for sure. And I think just the fact that we were forced into this depends where you are in your life. Yes. Yes. I agree. The family thing is a big, big part of that. Having the flexibility with a family is after, after, after spending time. So like putting my kids on the bus, like I wouldn't trade that for anything, but also I'm And again, I've reached a relative comfort zone with whatever the money would be.

49:59It's not as important as the things that are actually important. Yes, I agree. There is a certain level you have to get to to be able to make that decision. But I think the decision would have been a lot easier in the past to go, okay, you always take the money. By the way, I could hear younger people saying like, oh, it must be nice. And then older people saying like, yes, Michael and Ben are making sense. Yeah, that's right. It is. It's completely different depending on your stage in life. All right, you know what, Ben? You're right. Let's get rid of the supply chain. It's over. I can't believe we're still there.

50:28Take it out. All right, so Jason Gay had this really good piece of the Wall Street Journal about participation trophies and youth sports crisis. And you've seen the blog post from people that say, like, these are the 10 books that changed my life, or people will have a story about this professor in high school or college or teacher totally changed my life. I don't have any of those stories. I've never really read a book that totally changed my life. Maybe I wish I had. I'm so glad you mentioned that. Every time I see those tweets, I'm like, aww. But now I feel better. If it happened to you, great.

51:03I've never had it. I had pretty mediocre teachers my whole life. I never heard a teacher I look back on and I go, that teacher changed my life. And I'm happy for people who had it. But I can look back and say that I have many coaches in sports that changed my life. And I probably learned more playing sports than I ever did in the classroom. Like time management and performing under pressure and things like discipline and all this, right? I learned more. It sounds like cliche, but it's true. So Jason Gay at the Wall Street Journal said that the new move to more travel sports and stuff for kids is causing fewer kids to play sports.

51:40So it says the percentage of children 6 to 12 who regularly played a team sport dropped from 45 % in 2008 to 37 % in 2021. and that drop was well underway before COVID. Participation fell to 38 % in 2019. And he's saying, listen, there are a lot of good things. So my wife and I really want our kids to play sports. We got them in doing a bunch of stuff. And it's not because we want to live vicariously through them. I already had my moment, whatever. I'm fine. Not to brag. And not to brag. But it's the stuff that you get from it. It's not like we're trying to have them play professionally and play in college someday.

52:13It's just that all the good things you get from teamwork and practice and like, I think it helps you stay out of trouble a lot too because you're so busy with it. But I think, so the point of his article was this move to travel sports, which I have seen firsthand, my daughter's already in some travel soccer league at age nine and it's not cheap, right? Before, it's not like a rec, a Y rec league. Like you have to pay money, you have to buy uniforms, you have to travel. It's, and I think his point was that it's boxing people out from, and it's turning into like sports or turning into like a haves versus have nots thing.

52:45and I'm not a huge fan of that. The fact that we're making it harder for kids to play sports. Yeah. Yeah, how much is it? Are we talking like$1 ,000 for a team? Probably something like that for a season. I went to Kobe's parent-teacher conferences last week and he does speech because he can't really say his R's or L's at great. So I'm sitting in the, And this is the elementary school that I grew up going to. And Kobe's got a little bit of spilkous, which is like ants in his pants, which I suffer from, suffered, and continue to. And we're sitting – This is why you were in trouble all eighth grade like you said last week?

53:27We're sitting in – punched the entire year. We're sitting in the little classroom in the little chairs. And I just felt such a flashback to like, oh my god. I don't know what – I got anxiety being in a classroom setting. I just get like deeply uncomfortable about, and like the, the, uh, his like speech had said like, uh, like Apple doesn't fall far from the tree, I guess. It is weird. She was like, she was like, I can't keep Kobe in his chair. He's always like, you know, running around the, you know, the table. Yeah. And back to my sports thing real quick. I didn't, I don't say like, we're having so much fun with my daughter doing this, her soccer league.

54:05I just wish more kids had the opportunity. Like I, I wish that it was more inclusive. It wasn't so hard for people. Uh, it's a big time thing and it's a big cost for a lot of people. But it's so much fun. We had a tournament all weekend. I have a question though. Josh takes Justin all over Long Island for basketball. Why do they need to go so far? That's my question. This is a question I have. There's so many kids in a city. Why can't they all just play each other? I haven't got a good answer. Most of our games are in Grand Rapids, but we'll have some games was like 45 minutes an hour away. So it's not terrible.

54:44But I agree. That's how it used to be. You would play in a rec league and all the kids in one city would play each other. And it's just, for whatever reason, that hasn't kept up. We got Chinese food last week when you were in the city. And I'm already taking the L here. I'm already taking the L, so relax. But the general TSO, is it TSOS? I think it's just TSO. TSO. So how do you pronounce that? It's T-S-O apostrophe S. General Tso's chicken. General Tso's. You said - Some people call it General Tso's. What do I say? General Tso's? Yeah, you said, I think some people in the East Coast call it General Tso's.

55:24And everyone in the office goes, what? No, no one says that. You're like, no, come on. In New York, people call it General Tso's. And everyone shot you down immediately and said, no. I think you've just been saying that wrong your whole life. In Roosevelt Field, there used to be a Chinese restaurant at the food court. I think it was called Manchu Wok. unless I'm thinking of a different Chinese restaurant. And I would always order the general chow chicken. And apparently I've been saying it wrong my whole life, but I do feel like I can't be the only one. I have to have heard that from somewhere.

55:49Yeah. Actually, speaking of getting roasted for food, somebody emailed me. And listen, I'll issue a correction here. Somebody emailed us, brisket has got to be done in a crock pot, which I guess is what I said last week. Something only a Yankee would say. When he says Yankee, I hear something else, but okay, I'll let it go. Thanks for correcting him, Ben. Listen, my bad. You're right. Obviously, brisket is – I mean, that's like a staple of the barbecue world. I'm guessing he's from the South. I feel like people in the South take their brisket very seriously. Well, yeah. So apologies, hand up. However, when I cook a brisket, I don't have a smoker, okay?

56:27So for me, it goes in the crock pot. But point taken, there are many ways to skin a brisket. You're almost there for a midlife crisis. Then you can buy a smoker for your front lawn. That's a millennial midlife crisis thing. Yes. yes, but I'm, I'm never smoking. That's not, that's not happening. All right. Just one more on StubHub. I'm sorry. I just can't let it go. So there were tickets that were three 45 to get into the Knicks game, uh, on Friday night and on StubHub that goes from three 45 to four 46. It's so bad. Those seats are awful. But again, the, the, they take the entire bit as spread and it's so wide because if it's 345 again the buyer pays 446 so you the sticker price is 345 oh no actually you pay 446 the seller's not getting 345 they're getting what 280 or whatever it is it's why can't the sports leagues themselves just cut out the middleman and sell directly why doesn't the nba do this maybe it's too much of a pain in the butt of the nfl why don't they have their own ticket system that they do obviously it's too much of a pain you preach it to the quiet.

57:30I don't get it. We also got clarity on a button up versus a button down. And now I know. So thank you to the multiple people that sent this to us. Here's the deal. A button down shirt is a shirt that buttons at the front and has a button down collar where you've got like the collar buttons. A dress shirt with buttons on the front and no buttons on the collar can be called a button front or button up shirt, but shouldn't be called a button down. I know I was thinking about this. I feel like we've got 10 different answers on this one, just so you know. No, no, no. This is consistent. Okay. This is consistent.

58:02All right. Recommendations. What do you got? All right. Ramit Sethi from I Will Teach You Be Rich fame has a new show on Netflix called How to Be Rich. It reminded me, I watched the first two episodes or so. It's kind of like his podcast, but just better produced. And it reminds me of, and I think it's cool that Netflix is doing a show like this about personal finance. It's him helping people get their finances in order. It reminds me of, what's the HGTV show? Bar Rescue? House Hunters. House Hunters. It's like, that's the kind of way the show is set up. It reminds me of a House Hunters episode, but in a good way, which means you can kind of put it on the background.

58:39I really like it. They had Alien on the Rewatchables last week, so I went down an alien rabbit hole. They have them all on Starz or Hulu, one of those. I watched the first Alien and the second one, and then I put on Prometheus, which I forgot was kind of the prequel. Prometheus is such a good movie. I feel kind of underrated in this last decade or so. That's a great sci-fi flick. Love Prometheus. Aliens is my favorite franchise of all time. The scene where the robot is like stapling her shut, Robin's like, you've seen this a hundred times. It's pretty gross. I was never a huge alien guy, but I like those movies, but it was never my thing, but I really like them.

59:20I think my dad showed me Aliens when I was seven years old. Like I definitely grew up. So that's how you got hooked on horror. And I saw the Fincher one. I saw that in theaters. I don't know what year that was. 94. David Fincher made an Aliens movie. Was that Aliens three? Aliens three. Okay. And it was, it was a, it was a debacle, but I, every Aliens movie since Alien three, I've seen in the theater. We'll never, we'll never miss. Keep them coming. Love it. What do you got? Uh, all right. I was watching beef on Saturday night when Rob and I were going to the train, we're going to the city on the train.

59:55I was watching beef and I don't know how this happened, but I said to Robin, like you're an idiot for not watching this. I told you to watch it with me. You're going to like it. I get mad at her for not watching stuff to me that I know she's going to like. And she will never watch something that I recommend unless she hears like two of her friends recommend it. And then I, but I, I, I'm, but I'm six episodes in anyway, I I'm trying to convince her. I'm like, this is like really HBO quality. and I was probably on like the third episode or fourth episode and I don't know how I didn't realize it until I said that.

1:00:23You know why it feels like HBO quality and not Netflix? It's because it was produced by A24. Oh, interesting. Okay. I've heard good things. I still haven't got into it. I haven't watched much TV lately. Okay. I don't know. I thought you watched it. I really, really enjoyed it. Borderline pounding the table on it. I thought it was excellent. Definitely not what I thought. It was very bullish on beef. Super bullish. All right. Thank you for listening. Again, thank you to Matthew for taking us on this journey. AnimalSpiritsPod at gmail.com. We will see you next time.