The Only Game in Town (EP.308)

25:57And the fact that people didn't spend for however long on stuff they used to spend on. When the economy reopened, supply couldn't catch up with demand. Inflation skyrocketed. And then a recession didn't come because there was so much stimulus still in people's pockets. Technically, a recession did come, though. It was the shortest recession in history. True. But it was like a month. Man, what a time. What a time. But there's still half a trillion dollars in excess savings, it looks like, though, based on this. So they say. All right. My pal, Tal Smith over at The New York Times, friend of the show.

26:36He listens to the show. Wrote an awesome piece called The Greatest Wealth Transfer in History is Here with Familiar Rich Winners. I was emailing him back and forth on this yesterday. And he talked about how some of these stats, just to steal Michael Batnik line, blew my face. 1989, total family wealth in the United States was$38 trillion, adjusted for inflation. By 2022, wealth had more than tripled to more than$140 trillion. Of the$84 trillion projected to be passed down from older Americans to millennial and Gen X heirs through 2045, $16 trillion to be transferred in the next decade. We've heard about this forever, like the great wealth transfer.

27:09And his whole point were high net individuals that make up 1.5 % of the households, people with at least$5 million or$20 million, that sort of thing, they're going to contribute 42 % of the transfers through 2045. And basically, the majority of the money is going to be coming from rich people to the rich kids. And we've talked a lot about demographic stuff lately here, and this is one of the reasons why I don't think boomers are going to crash the housing or the stock markets because they're going to pass their houses down to their – the rich people are going to pass their houses down to the kids and their stocks down to their kids.

27:45They're not going to spend most of it. unfortunately. And there's a lot of weird stuff with this in terms of making inequality worse. But we've talked in the past about people in the past, like the Vanderbilt family, like squandered all their fortune. They didn't have like tax ninjas and accountants and consultants that could help them pass it along to their heirs or take care of it as well as they do today. And I just think the inequality stuff is just going to continue to get worse from this. it's kind of depressing when you think about it. Right? Why does it have to worsen? Why can't it just stay the same?

28:24What about a rich person dying and giving it to their rich kids? How does that make things worse? I'm trying to be a little bit optimistic here, or at least not downright pessimistic. Because what did those rich kids do to deserve that money? They won the genetic lottery? No, but that's not the question. How does this make it worse? Because you're just keeping the money in the hands of few, and it's not being spread out to other people. Right, so it's status quo. It's the same people. But the money is going to continue to grow, and the gap is going to continue to get wider. As that money is passed down from generation to generation, the gap is going to get wider, as we've seen by the growth in wealth.

29:05Well, what about, this probably is like, I want to make a dent, but what about the giving pledge? A lot of the billionaires are doing that. It's a drop in the bucket, but. I think that, yeah. That's nice. It is nice that people are, that's one thing as a country where we have this crazy inequality. There's no other countries that are as philanthropic as we are. Yeah, so maybe that's the other side. Like, yeah, listen, inequality sucks. I mean, it's just, it's the worst. But there are people doing a lot of great philanthropic work. Look at this one about annual wealth projected to be inherited by each generation.

29:42Look at millennials. millennials are going to get, people talk about millennials, not, they're going to be fine. Some of them are going to be fine because they're just going to get, but the thing is, if people are living longer, it's not like you're going to get the money in your thirties or forties when you probably need it or your twenties, you're going to get the money in your sixties, right? Your fifties. Yeah. So, yeah. So at that point, come on, die already. Just kidding.

30:09But this is something that I've been hearing at financial conferences for 15 years now. And I think it is, I feel like it's finally kind of here. But I think people who think that, well, the stock market is going to crash and the housing market is going to crash, I think they're going to be sorely mistaken. The boomers are not going to do that. It's just going to get passed down to the next generation. Yeah. And that's all right. All right. You saw this Wendy's thing? No, I didn't. Okay. Wendy's is testing. I used to love Wendy's. And that would be like my hack as a child. My mother was pretty strict, especially about like junk food.

30:44Like she would bring like devil food or some shit, not devil food. There was like fake – what the hell was the name of it? It was green. It was like a green brand of cookies that was green. Yeah, it was terrible. It was like chemical, like low fat. Anyway, so I wasn't allowed to get McDonald's growing up. But I was allowed to get the Wendy's grilled chicken sandwich. So I've always had a soft spot in my heart for Wendy's. Oh, man. Right? It made no sense. But the spicy fried chicken sandwich is the best sandwich in the world. Okay, you know what else that's the best at Wendy's is the Frosty. The Frosty is amazing.

31:19I love a good Frosty. So they're testing an AI drive-thru chatbot. Wendy's Fresh AI will be first tested in Columbus, Ohio. This makes sense to me. But I hope they put some guidelines on it because these people who go to the drive-thru and want to be like, take this off and add this and take forever to order. I hope the chat bot tells them to hurry up. Oh, I remember what it is. I'm pretty sure it was this. Snack Wells. Do you remember those? Oh, yeah. Oh, gross. Gross. It was so bad. So I just went to the website. Dear loyal Snack Wells customer, after 30 years of providing your favorite snacks, the Snack Wells brand has been retired.

32:00Good. You sucked. It was Thackwells. Those were the worst. That should have been your office space. Oh, man. They should have sent you a whole box of them to smash. Do you remember the devil's food cookie cakes? These things sucked. And they had like the fake Vienna wafers. Oh, yeah. Those were bad. These were terrible. Thanks. I miss you, Mom, but this shit sucked. Oh, that's right. You wanted to think you're reading healthy, but – or think you're reading good stuff, but it was – yeah. Horrendous. Really bad. All right. Good chart from the Wall Street Journal about nobody selling. We've talked about this.

32:37But I love this distribution chart of mortgage rates. People have, you know, what level they have. And the majority of them are, I think, 4 % or under. They talked about how this is lack of supply is causing people to. Read the lead. Read the lead. What is it? Oh, many Americans who want to move are trapped in their homes, locked in by low interest rates. They can't afford to give up. Again, I still think it's going to happen eventually. But they say Clifton, New Jersey, a New York City suburb, two-family house that listed for$449 in April listed at 120 offers in six days, went for$150 over asking price.

33:10This is the crazy thing. Demoralizing. The Fed thought that they were going to be fixing the real estate market by raising rates and raising mortgage rates. And they've only kind of made it worse, I think, because, like, it's bad enough to have a bunch of offers on a house when rates are at 3 % and things are a little more affordable. But if you're having lines out the door for rates at 6 % or 7%, that's tough. So Wall Street Journal says four to six months of supply is typically, that's normal or healthy if there is such a thing. We hit 1.6 months supply in January. It's at 2.6 months now. U.S.

33:45homeowners had 270 ,000 more equity on average in the fourth quarter of 2022 than they did at the start of the pandemic. That's more. This is excess home equity as opposed to what they already had. But it's – I don't know. This is the thing that, again, makes me a little hopeful, at least, that people have so much equity in their home. Eventually, they'll be the ones who will be able to trade up. But it – this is another inequality thing where if you're out of the housing market now, the gap has increased a lot in terms of affordability. So this article is a perfect example of the Wall Street Journal finding people and quoting them.

34:25we had Dion and Rabowin on the Compound and Friends last week, which was great. Did you listen to that yet? No, I didn't. Did you ask him how they talk to people? Yeah, guess what? With a recorder. Did they go on the street or what? Yeah, they just told actually a wild story, but they go around with recorders. Okay. Old school. That makes sense. Okay. So this is a crazy stat. Newly built homes, and we've been talking about this on the show. So people are locked in, so it's only like new construction. Newly built homes made up about one-third of total single-family homes for sale in March, up from a historical norm of 10 % to 20%.

35:03Here's this chart from Calculated Rests via Ensemble Capital. Look at this chart. New home percent of total inventory. Wild. It makes sense because the home builders have to build, right? They have the inventory. They have the land. They can't sit on a 3 % mortgage like someone in their house. They have to. It's the only game in town. Yeah. Maybe we'll use that for a title. the only game in town. Not bad. All right, let's talk about quarter. About the quarter. I got to say, earnings season is a lot. How many calls do you listen to a day? Well, not a day. It's just a lot. I mean, they're each an hour.

35:42Well, actually, that's not true. I speed them up. I go two times, and I hit the Q &A button. I don't listen to any of the prepared remarks. I think those are useless. I hit the Q &A and go right to the questions and answers. Mike, you know my favorite part about the Q &A, though? as someone who's never like a big listener to these things, every time the announcer comes on and says, please limit to one question. And every single time they ask two questions. It's never. Two-part question. Please remember to only ask one question. And maybe, right? There's a lot of and maybes and a lot of sort ofs.

36:12Last week I had Airbnb and Disney. I think that was it. I listened to Airbnb as well. Thoughts? so i i continue to be impressed by by their ceo i think he's i think he's really good they seem to really listen to people and make changes based on feedback i did think the interesting one to me was the they asked him about ai of course and he said think about ai and like in terms of with airbnb there's no front desk. So he was thinking like, we could have AI be our front desk or people ask questions or have an AI travel agent. So like, we're trying, we're thinking about doing like an all-inclusive Mexico trip with the kids next year.

36:58And we have three kids. And that's economy? Seriously. We have three kids and finding a room that can hold five people is very different. So all these hotels are like quoting us two rooms and I'm like, I'm not paying for two. That's ridiculous. And so having, if I had an AI travel agent that could go look for all this stuff for me because finding them on the search engines is not quite as easy. I love the idea of an AI travel agent. That sounds great. All right. So here's how they started the shareholder letter with. We had a strong start to 2023 and Q1 nights and experiences booked hit a record high with over 120 million.

37:34Revenue of 1.8 billion was up 20 % year over year. Net income was 117 million. Our first profitable Q1 on a gap basis. Adjusted EBITDA was$262 million, while free cash flow is$1.6 billion, growing 32 % year over year. Here's the coup de grace. We are now twice the size as we were before the pandemic on both the GBV, which is gross booking value, and revenue basis, and with considerably higher profitability and cash flow. So charts of quarterly free cash flow up and to the right, quarterly revenue up and to the right. Ben and I both own this stock. This is the type of stock where I would be happy to see it fall more.

38:09I'd buy more. In fact, it did fall a lot. Why? So they beat top and bottom line, but they guided to a pretty lousy Q2. So the stock got hit, which is wonderful. If it goes lower, I will buy more. I believe in this company long term. This is a stock that's still down since the IPO. Well, as it should be. It IPO at a ludicrous valuation. It's still not cheap, and it probably never will be. But they're buying back stock. Yeah, that's pretty young company to do that, right? Okay, this makes a lot of sense to me. They said, finally, we also introduced Airbnb rooms. An all new take on the original Airbnb private room.

38:48Airbnb gets us back to the idea that started it all, back to our founding ethos of sharing. And they're also one of the most affordable ways of travel with an average price of only$67 a night. Over 80 % of Airbnb rooms are under$100 a night. So I think this is really freaking awesome. So imagine you're a young person. Let's use Jack Raines as an example. I was on his travel blog the other day, which is so freaking awesome. That kid is like living his best life, and I love to see it. Do you ever see what that kid's doing? Yes. The young money guy, right? So he has a separate travel blog. It's unbelievable.

39:19He is doing his 20s right. He's literally traveling the world. And for somebody like that to stay in a room for 70 bucks, what a no-brainer that is. Right now, I'm sure they vet the host and all that sort of stuff. Yeah, looking at it as a middle-aged man, thinking about the – saying in a room or someone saying in my room, that seems awkward to me. But I can see how certain – Well, you're not 26. I know. I did the youth hospital thing when I was in my 20s. Yeah, no-brainer. So, OK. This is interesting. On average daily rates, the CFO said it's been interesting how persistently higher average daily rates have remained.

39:53And that has been consistent kind of across the globe. The ADR rates that we saw in North America have been persistently high. Okay, so this is the thing with inflation, right? Prices rise, and of course the pace of rises goes down. I'm using air quotes. That's inflation. But the prices don't come back down to what they were before inflation came. No. Which is the shitty thing about inflation. It would take a really nasty recession like that. That's the thing I think people don't realize, though. Inflation is almost always going up, right? We don't offset inflation with deflation to get back to where we were.

40:25That's not how it works because if that happened, then are your wages going to rise and fall as well? It doesn't work like that for most things. I mean, cars and stuff, it probably will. All right, so another stock that we both own. Ben, let me ask you this before we get into this. Is Disney a value trap? I don't know. I listened to Matt Bell and he has the town, and he's talking to Lucas Shaw from Bloomberg, and they did like a, okay, Bob Iger's been back for I don't know how long, a year or something? Six months. Six months, and they're doing kind of a, how are things are going? They were both very bearish on Disney, and I feel like kind of everyone is.

40:57It is hard to believe with the amount of people traveling and going to Disney and then the streaming stuff that you would have thought would have helped them out during the pandemic has only hurt them, that they are not in a better place now. I don't know if they're a mess. And it makes me slightly more confident in my position that nobody seems to like it. But maybe it's just dead money. I don't know. We'll see. But the bottom line is that the streaming business is tough. In fact, it sucks. they've lost subs in North America. I think Apple should just buy Disney. I think that's the solution here.

41:33Spin out the parks. I don't know. Okay. All right. Let's get into some of the numbers. Iger said, the cost-cutting initiatives I announced last quarter are well underway and we're on track to meet or exceed our target of$5.5 billion in cost-cutting. Finally, there will be an option to combine Disney plus and Hulu by the end of the year, which I am very happy with. what am I watching on Hulu? Not a ton, but my God, Dave is so good. It is so good. Holy shit. Yeah. I thought the horror episode was a little bit of a swing or miss, but at least he's trying. Oh, the one in Mississippi? Yeah, it was pretty good.

42:10Did you see the most recent one with Chuck? No. Okay, he's back. Chuck is back. I'm one behind. It is so, so, so good. All right. Oh, this is not great, and this is secular. Lower broadcasting results reflected decreases in advertising revenue across the ABC network and our television stations. Second quarter domestic linear network affiliate revenue decreased by 2%. So it's cable. It's advertising. It's not great. ESPN ad revenue is up 2%, which is good. It does seem like all of these entertainment companies are screwed besides Netflix. As much as they went into streaming, I don't know what they do.

42:53I mean, I think Disney has a shot. I mean, obviously, I'm a shareholder. All right. The decline in operating income versus prior year was primarily driven by decreases. This is for the network. Who cares about this? This is just the timing of when they signed the sports contracts. Yeah, that's not relevant. The prices of sports contracts are always going up. All right. So they decreased their direct-to-consumer losses to$200 million. So all right. Losses peaked or troughed. I don't know which way. How do you say that, actually? The losses bottomed. But losses are bad. So anyway, going in the right direction, who knows when that will get to profitability.

43:29But yeah, dude, they're not adding subscribers. And that's no bueno. And good news, Guardians of the Galaxy, Volume 3. This is from Eric Davis. They have$60.5 million to win the weekend. That's only a 49 % drop from opening weekend, which is their strongest since Black Panther and fourth best for all time. So I think, I don't know what Guardians has done. I'm pretty sure it's over half a billion already globally. Some of the recent movies that did really badly, like I think Ant-Man, for example, there was like an 80 % drop after opening weekend. So this is nice to see. I gave the first Guardians of the Galaxy 15 minutes before I shut it off, I think.

44:06Oh, I love those movies. No, no credit to you. Those are great movies. What do you mean? You watched 20 minutes. It's a talking raccoon. I mean, come on. No, no, no. I couldn't do it. What? Sorry. I mean, this is one of the biggest franchises in the world. You could just say it's not for you. It's definitely not for me. Definitely not for you. All right. Home Depot, biggest miss in 20 years. The CEO said after a three-year period of unprecedented growth for our sector, during which we grew sales by over$47 billion, we expected that fiscal 2023 would be a year of moderation for home improvement.

44:42Our sales for the quarter were below our expectations, primarily driven by lumber deflation and unfavorable weather. Ah, get out of here with the weather. What's the stock doing? This is surprising. Home Depot is underperforming the S &P 500 over the last three years with the boom that we've had in home. How is that possible? Right? So over the last three years, the S &P is up 50. Home Depot is up 29. Well, but what happens if you go back to like January 2020? Well, I don't think. Does that matter? So this is going through May 2020. I mean, that's just surprising to me that with the boom and remodeling that we've seen that Home Depot hasn't just been crushing it.

45:21It was up for a while, right? That's surprising. So I'm going back to January. And even still. So there was a huge... So from March, from the bottom, through the end of 2021, there was massive outperformance. It was like 95 versus 50. But I guess it's coming off a trigger high. It's surprising, nevertheless. Yes. Okay. Remember last week I joked about evil Tim Cook? From Jurassic Park? Yeah. I mean, listen, I love Apple. But Dave Lauer tweeted, sorry to all the Apple fans, but, quote, Apple is a Chinese company. And, unquote, if you haven't, you should read this. It's disturbing. Will the SEC treat them as such?

46:06So here's from the FT. Almost a fifth of its revenue comes from sales in China and operating profits in greater China, Hong Kong, Macau, Taiwan, and the mainland. top$31 billion in 2022. Holy moly. Okay. Apple has banned HKmap.live, a Maps app protesters in Hong Kong used to track police movements days after approving it. So if we have a Cold War with China, Apple is the big loser there. Potentially. I don't know. Apple's new privacy feature designed to obscure users' web browsing from internet service providers and advertisers won't be available in China. Tens of thousands of apps disappeared from Apple's Chinese app store.

46:45They also blocked tools for organizing pro-democracy protests. There was something about blocking gay stuff. Just some things that just aren't great. I think all tech companies that go global like this are – I don't know what they do when it comes to this kind of stuff. I get it. I get it, but I don't get it because I know this is supremely complicated, but I don't know. I legitimately don't know. I think, I just think we've learned if there's a decision to be made between ethics and profits, the tech companies use profits. The NBA bent the knee to Apple. I mean, to China. Yeah, they have a billion people.

47:27I think a lot, these companies care more about profits than they do about ethics. All right, from Bloomberg, survey of the week. Gen X is worried about Social Security. More than half of people classified as Gen X say they won't be financially prepared for retirement. Only 45 % of them said they were very or somewhat confident Social Security will be there to support them when they need it. I've planted the flag on this before. I think if you're Gen X, I don't think you have to worry about Social Security. I think unless Jared Menken is president and gets rid of Social Security altogether, I don't think you have to worry about that ever.

48:03That is such an important program. I mean maybe they say, listen, if you're under the age of 40, you're going to have to wait longer to get it or you're – I agree, but there will need to be some modifications, just mathematically. They're going to have to do something. But the modifications are so easy. It's not going to take much. It's just will a politician do it now or when their hand is forced. But it's not that hard. And I'm willing to plant the flag that it will be there. By the way, I just want to correct myself. I don't like that I referred to Apple doing stuff. I don't like that I said gay stuff.

48:35the thing that they're doing is they are blocking gay dating services and encrypted messenger gaps. So correcting myself. Okay. All right. I got great advice from Eric Z. He was listening to us talk about rearview mirror stuff. And he said, horrible idea. Don't get it. You can't see the kids. Oh, that is a great idea. Yeah. I was like, immediately I was like, good enough for me. All right, done. You know who are heroes? The drivers who don't pull in front of you as you're coming to a red light. So I was in the middle lane of a three-lane, some nice highway. Not quite a highway, but it's called a highway.

49:17So I was in the middle lane, and there's a car. So I'm like, say, 100 yards from the red light. There's a car that stopped in the left lane already at the light and a car behind him. 90 % of the time, that car will pull in front of you for no reason whatsoever. Right. And this person didn't, and I wanted to get out of my car and shake their hand. I'm of the opinion that 72 % of all drivers on the road are bad. Bad drivers with that kind of stuff. Oh, yeah, yeah, yeah. No, I'd say higher than that. You know how everyone thinks they're an above-average driver? I will say, I might make a bold statement here, but I really believe it.

49:54I am a way above-average grocery shopper. I might be the best. Grocery shopper, okay. We got a lot of feedback last week on our grocery store. Oh, yeah. A lot of people said Kroger. Kroger. So you're talking about the worst people on the highway. You know who the worst person at the grocery store is? The person that walks next to their cart. Instead of pushing it from behind, they walk on the side and hold it. They're taking up two spots. That's awful. You've seen these people, right? They walk on this. What's the point of that? So I didn't do a huge food shop. I spent$156. But believe me when I tell you, I was in and out in eight minutes or less.

50:33For$156 of stuff? How's that? So what do you got? Two salads? I am in and I am out. Boom, boom, boom, gone. I'm pretty quick, too. We got to know the grocery store. It can't be a new place. That's true. You go somewhere new and you don't know where stuff is. I just feel like I really know my way around the aisles. All right, I've got a billion dollar idea that I want to pitch you. Okay. I was at the car wash. Got Robin a car wash for Mother's Day, amongst other things. All right. Basic? That's a lie. So Robin, we don't, yeah, of course, basic. But the basic is$30. That's ridiculous. I pay$19.99 a month for unlimited car washes.

51:13You pay$30 for one? I think so. Come to the Midwest, sir. It's way cheaper here. By the way, so we don't, Robin and I don't exchange, we don't get gifts through each other. I don't think we ever have. I'd like to say now, I don't think adults should give each other gifts. There should be no adult birthday parties, no gift giving. I think that should be done after you're like 18 or 21. Well, I feel like if you want to get somebody a gift, now I understand there's a reason to do it sometimes, right? For a big anniversary or whatever. But if you want to get somebody a gift, get somebody a gift. But this idea of getting somebody a gift at a date.

51:46Yes, that's what I'm saying. If you want to do an impromptu something, fine. But just because it's their birthday, I think after a certain point, your birthday shouldn't matter anymore. Like, I don't care about my birthday anymore. I loved birthdays when I was younger. I don't care anymore. Okay, so anyway, here's my idea. I saw – so I'm sitting down waiting for them to clean Robin's car, and I saw a Land Rover Defender. You ever see one of those? I don't know. I don't know cars that much. Okay. Great-looking car. I know a Land Rover. Great-looking car. And I thought – and I know this is probably completely not feasible.

52:21There should be like a rent on the runway for cars. Like there should be a service where you could have a different car every month or every other month. Now, maybe it's super complicated with registration and conditions, all that sort of stuff. But there should be different tiers. So the premium tier is$1 ,200 a month and you get top car or whatever the price is. Because how much fun would that be to be able to just shuffle around cars so you don't have to be locked into a car for three years? Wouldn't that be fun? So your billion-dollar idea is a car rental agency. Yes. Wait, is that a thing?

52:55So you're saying a subscription so you could try different cars. Yeah, a subscription model. I would love to drive six different cars a year. I like driving cars. I like cars. I'm a car guy, kind of. I don't know anything about this. I'm sure we're going to get like a million responses of people saying this already exists. How about this? I'm definitely not a car guy because Barry's a car guy. I like cars. I'm not a car guy. But I would love to drive different cars. They have memberships here where you can get in a boat club where you pay like - Yes. Yes. Yes, yes. My neighbor just did that. And you get like four boats you have access to and you have to schedule them and yeah.

53:25So why can't we do that for cars? I would love to drive a Porsche convertible, but I can't buy that car. It's ridiculous. You drove a Porsche with the Tropical Brothers. Oh, that would work. No, you would look like a gigantic douche knuckle. Now, I guess you would look like a douche whether if you're driving it temporarily or not. But anyway, the point remains that I would like, I like variety. Variety is the spice of life, somebody once said. Okay. I want to drive multiple cars. So speaking of Porsches, did you watch Air over the weekend? Oh, my God. Did I watch Air? Okay. So here's – I've got a lot of thoughts on this one.

54:02It had so many things I love all in one place. First of all, I love the fact – my wife and I almost went and saw it two weeks ago in the theater, and it's already on Amazon. I love the fact that these movies are in the theater for like three weeks now, and then you can just get them in your house. It's the best. That's great. Okay, first of all, this movie was kind of made for people like you and I who like sports. We enjoyed Damon and Affleck, right? I love those guys. Yeah, I love those guys. I loved Shoe Dog and the story of Nike. So I felt like this was almost like a sequel to Shoe Dog in a ways because that was like the early days of Nike.

54:35I just – and it had great 80s music. There was such like a nostalgia piece. Great soundtrack. Great soundtrack. I've been complaining for a while that there haven't been any good movies. This is what I've been waiting for. I loved this movie. It was so good. Yeah, we're on the exact same page. This movie was borderline perfect. And I checked out the runtime after I was done watching it because I felt like it was like 20 minutes. How fast did it move? There was no fat whatsoever. Amazing cast in the movie. What a movie. More of this. It was so good. More of this, please. Wait, did they direct it or did Affleck direct it?

55:09I think he directed it and they produced it. So if these guys keep making movies like this, I thought Damon was fantastic in this. He's always fantastic. He was so good. He was so good. Affleck as Phil Knight was actually pretty believable, I thought. He was good with the Buddhist stuff and the Porsche. But do you agree? The movie just flew by? Oh, yeah. Yeah, I loved it. Yeah. I was looking for another movie this weekend, and I was searching through all my 11 different streaming services, and I was looking on Peacock. Everyone's around a new movie. And I go on the main page, and I get an ad that pops up, you know, where they start showing a preview of the show, and there's a show called Bupkis on Peacock.

55:45with Pete Davidson. I've never heard of this. It just came out and I see in the show is Joe Pesci. And I was like, whoa, what? I've never heard of this. So Pete Davidson has a show where it's basically like a meta version of his life. Like he plays Pete Davidson and I'm like, oh, I'm not gonna like this. But Joe Pesci's in it, so I have to watch it. I watched the whole series already because Joe Pesci's in it. It's the rest of the cat, like Pete Davidson to me is take him or leave him. I'm not a big fan, I don't hate him. I'm just like, he's kind of funny sometimes, but I thought he already did this with his Staten Island movie.

56:16I kind of liked it actually. So Pete Davidson is like the worst part about the show. Everything. So Edie Falco plays his mom. Joe Pesci plays his grandpa. The older brother from everyone. Everybody loves Raymond plays his uncle. They have amazing cameos from like Jon Stewart and Charlie Day and Kenan Thompson and all these people. And so like Bobby Cannavale plays his, his uncle in a great episode. It starts off. What a cast. Yeah. So the rest of the cast is awesome. Pete Davidson is like the worst part of the show. And it starts off really strong the first two or three episodes. It kind of goes off the rails a little bit.

56:49But Joe Pesci, Joe Pesci is on my list with like basically him and John Candy of guys who are amazing character actors who can also carry a movie or show by themselves. I just couldn't believe he didn't do anything for like 20 years. And now he's in a Pete Davidson show. And he's great. He did. He did the Irishman. But, yeah, he doesn't do anything. I couldn't believe that he did a Pete Davidson show. Could he need money? I guess anyone can need money. Speaking of needing money, he's still got it. Bobby D had another kid? I'm sorry. I don't like to judge, but this is really messed up. That's a lot of kids.

57:23I don't know. It's just not nice to the child. All right. Have you been watching Barry? Keeping up with Barry? You know, I haven't. I'm out unless you tell me to jump back in. I think you have to watch it, but it's reached a point where it's just a completely different show than it was the first two seasons. It's almost like he figured it out the first two seasons. It's kind of like Atlanta. I watched Atlanta, and the first two seasons were like this hilarious show, and these guys were trying to come up for the ranks to become rappers. And then the last season of Atlanta just went off the rails, and it was like this completely different, weird, artsy film thing.

57:55And Barry's kind of there, but I'm still with it, and I still like it. But it's just he – I feel like he's just taking chances. And it's – I'm still into it. I'm still watching it. I want to see how it ends. But it's a different show. All right. You know what? I'm not going to watch it unless you – I'm going to let you finish and I'll take your recommendation then. All right. I started watching Citadel, which is basically the Bourne Identity. And it's fun. It's certainly not great. Is that a Kiefer Sutherland movie? No, it's a new show. It's a new show. I thought there was a movie called The Citadel with Kiefer Sutherland.

58:35Did you ever watch the show The Bodyguard? No. Oh, yeah, yeah. Oh, yeah. Yeah, it's that guy. What's it on? It's on Amazon. So it's very – I mean it's Jason Bourne. It's a Bourne identity. I mean almost the exact same thing. In fact, I make a reference to it. But if you like that type of thing, just mindless action, fun. Yeah, it's fun. What else? Oh, so Kobe all of a sudden is obsessed with Venom and Carnage. Not exactly sure how, but like he just, it just, you know, he latched on. And I rewatched Spider-Man three and I, and I fast forwarded to Venom, which is only like in like the last third of the movie.

59:21But I remember watching Spider-Man three in the theater and thinking, what the hell happened? This is what year was this? This is 2007. Okay. It was so bad. And Sam Raimi did it. He did it. It was so bad. Remember the scene where like Tony McGuire is like – I start to sweat because I was nervous. I was so anxious because it was so bad. And I haven't thought about the movie since, but I rewatched most of it with Kobe. It was just – it was as bad if not worse than I remembered. It was just god awful. I don't know what happened there. Yeah. My son loves the Spider-Man. So we rewatched all of them and there's a million.

59:57So that was by far the worst one. Yeah. Okay. All right. Next week. Next week. Yeah, but anyway, future proof. Check it out. Show notes, et cetera. AnimalSpiritsPod at gmail.com. Thank you for listening and we will see you next week.