JPMorgan Earnings, Trump vs Powell, Goldman’s Revenge, Apple + Google Deal

29:48And Google paid a lot of money for that. And as a result, every iOS user, a billion people, standardized on Google. It just became their go-to. And in return, Google spent all that money, but they got to a place where they knew everything that everyone was searching about. Oh, I'm sure. It was just brilliant. I'm sure it's a great deal. I'm sure Google is winning. And Apple's getting$20 billion. I wonder what the economics of this deal are like. I think for Apple, it's beside the point. I don't know that they need to tell Wall Street, like, look how much money Siri is making us. I just know that they have to cut chat GPT.

30:32I just mean like how much is Google paying Apple? Encroachment. What they're paying for the search is not immaterial. It's a lot of fucking money. So it could be another win for both. Yeah, no one will know. We'll never know. But I think like the mission critical aspect of this is to have a product that people rave about in the iOS ecosystem that's got an Apple wrapper around it. You use Siri a lot. I just, you know, I vent to it. I like, I don't even want an answer from it. Sometimes I just want to yell at something or someone. Siri is really perfect for that. I don't know that I get a ton of utility out of it other than connecting my phone calls.

31:13Like, hey, I don't want to say it because it'll start calling. Hey, blank, call Sprinkles. Call Blank, yeah, right. That's how, you know, call Batnick. Like, that's helpful for me. I don't, what else do I really do with Siri? Not much. I'd rather talk to ChatGPT, honestly. At least I get, like, some answers from that. One of the things with Siri that has to get fixed is you can't ask follow-up questions. So if you say like, hey, sir, I don't want to do it.

31:45Get me directions to that Chinese restaurant I went to last week. It may be able to do that. Maybe not, depending on if you used Apple Maps. And then if you're like. Dude, a thousand people listening are very happy you didn't just say that. Right. And then by the way, you have to be like, you'd be like, you'll try to be like, all right, and oh, what street is it on? Or can you call them so I can make sure they're open? And it's what? Like you have to start all over again every conversation, and that's the thing that has to get fixed. It seems so obvious and easy, and why haven't they fixed it yet?

32:23I really don't have the answer to that. But I do know that Apple is not thrilled with Johnny Ives' open AI device coming to market and then not having their solution in place. I'm so curious to see what that's going to be, the next form factor. It's a medallion. It's a medallion that you wear around your neck. Spoiler alert. It's literally, you will never get a date again so long as you're wearing that. Well, can you imagine? I'm married. Can you imagine? It's like wearing a wire. Walk into a room with a chat GPT device around your neck like an amulet. I don't know. Amulet? You know anyone in your life that's going to do that?

33:09It's hard at the school. You didn't see a picture of it? I don't know. We walk around with headphones. You didn't see a picture of it? No, I haven't seen it. Okay. I don't think it's for me. Moving on. All right. So Goldman has – that's it. I divested itself from all that nonsense distraction, going to Main Street, going to different verticals, consumer banking, like it was a bad experiment. And credit to them, it didn't work. They tried it. It didn't work. They came out alive, bigger and better. So the journal reported the deal that they did with Apple, they're expected to offload$20 billion of outstanding card balances at more than a billion discount.

33:53And the interesting thing is most of the time, that's actually sold at a premium because it's a good business. They say on average of 8 % discounts are rare. So they say the discount on this deal reflects a high exposure to subprime borrowers. And just the idea that Goldman is lending to subprime borrowers, I know it's like via Apple. It's just so far afield from Goldman Sachs. I mean, it's Goldman freaking Sachs. So they launched the card in 2019. A lot of fanfare, but the loss has started to grow in 2022. And they lost, I mean, holy shit. I didn't realize it was this bad. They lost more than$7 billion on a pre-tax basis since the beginning of 2020 on not just on this, but on its consumer lending business.

34:36Remember Green Sky? I can't remember who they sold that to. They had a General Motors program, credit card program that didn't go well. And sometimes businesses get distracted. They go into the wrong area. But credit to them. They were able to come out the other side. You want to know something funny? to us in 2020, in like the 2020s, it seemed so off-brand to see Goldman Sachs doing subprime lending, but that's literally the origin story of the firm. So they named their, I guess they had like an online bank slash robo-advisor called Marcus. Marcus. Right. So that was going to be like their consumer-facing business.

35:17That's not an accident that they chose to invoke the name of the founder for that product in the 1840s and 50s. Do you know who would give credit to Jews? Literally nobody. That's it. So like banking was for the upper classes who lived on the Upper East Side, who lived like, let's say, north of 60th Street, and the animals living in Paradise Square and all the stuff you saw in Gangs of New York and people living along the river, people living in tenements and tents and in dungeons underneath buildings. There was no consumer credit for those people. And a couple of enterprising, mostly Jewish lenders came into that market.

36:06The Lehman Brothers were among this group and Marcus Goldman. And he walked around the Jewish ghettos of lower Manhattan and he made loans. And it was like handshake loans. but that's the origin of Goldman Sachs. Goldman Sachs does not have the same origin story as like J.P. Morgan slash Morgan Stanley. These are very different segments that they were born to serve. So it's not really off brand for Goldman to be in that business in the grand scheme of history. But yeah, like in the modern era, Goldman Sachs is for rich people. We flagged it in real time. This didn't feel right. It was weird. Dumb shit.

36:49Even if it works, what are you getting out of this? And we also didn't even mention in this time period, it was the United purchase. They were trying all sorts of shit that didn't work out. Right. Now, Solomon survived it. He was on thin ice. Allegedly. Bill Cohen was writing about it. Yeah. And Charlie Gasparino. Charlie was quoting all these Goldman partners who weren't getting their profit distributions. And they were furious. And he was DJing to boot? He was DJing COVID parties in the Hamptons. It's like, yeah, yeah, yeah. No, it's like a pandemic, but this is East Hampton. Fuck you. Like, you know, like Leo is here.

37:31I'm DJing. Like, it was like that kind of thing. I thought that was kind of cool. I admire the fact that he survived. And you know what? We lionized these technology guys for like these pivots and trying new things and like making huge gambles and putting their foot on the pedal. I think the takeaway here is like the standard is different when you run a systemically important financial institution. A little bit of innovation is okay. But the types of swings that Solomon was taking are not historically rewarded by Wall Street and by the investor class. We don't want to see that much innovation at a Goldman Sachs.

38:14Yeah, it's unusual. I think it goes to the power of the brand, right? Like the fact that their customers were able to look past, like the customers that matter, their investment banking customers. That's it, right? That's who matters. Hedge funds, private equity, corporations, the people that look at Goldman Sachs as Goldman Sachs, like it's meaningful to them. They got over it. Like, ah, they did a credit card with Apple, who cares? Let's put this chart up. Okay, go ahead. Well, this is the drawdowns. This is the Solomon era. So obviously, like 2020, you don't look at that drawdown of 45 % and say that has anything to do with David Solomon.

38:57No. So he – right. There's nothing to do with him. So he came in on October 1, 2018. So this chart goes back to like the summer of 2018. But this stuff in 2022, this stock had the same drawdown as like a MAG-7. And it stayed down for two years. A little bit of a scare this year, this past year from the tariff stuff. But this thing is at an all-time high. Is it a$900 stock now? Looks pretty unbelievable. The cumulative return for Goldman Sachs since July 1, 2018 is 403%, which is 24 % annualized. Over that same period, the S &P 500 cumulative is up 187. So Goldman is more than double or 15 % a year S &P.

39:51The XLF is only up 136 % in the age of David Solomon. So that's 12 % annualized. So Goldman Sachs is double the XLF on an average annual basis. So if you're one of these pricks who was giving Charlie Gasparino quotes about how horrible David Solomon is two and a half years ago, probably not using your real name, you have my permission to apologize to the man. Because this is as good as any. I don't know if Morgan Stanley is much better. Maybe it's a little bit better. This is pretty damn good. I think you'd have to agree, yeah? Yes. Okay. All right, the Jay Powell thing. We're not going to get political here, but I do want to play this.

40:40John, hit it. Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings. Traitor! I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

41:22This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role. The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.

42:06I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people. Thank you. Lock him up. All right. Takes. Give me takes. From me? You want takes? What are your statue? you uh my take is how could there be how could there be any other take than the rational one here this is what do you think is the rational take here i don't think that we should be using this oh much overt political pressure to influence the head of the federal reserve how could there be any other opinion i i don't care who you voted for okay um i don't want to be called MAGA Josh in the comments this time, but here's an alternative.

43:18Here's an alternative opinion. And I'm not saying that I like this kind of thing. All right. But why does it cost two and a half billion dollars to renovate the Fed, the Fed's headquarters in Washington, D.C.? Nothing, but no offense to Washington, D.C. I've been there. It's very nice. Nothing in that city should be worth two and a half billion dollars. No offense. No offense. Why is that the why is the dollar amount that the federal reserves headquarters is costing and why is the fed putting itself in this position of having to answer for a dollar amount like that okay that's it all not is not a is not a that's a take that's a take i mean you didn't tell me to come with takes i just thought that we were just going to call out the fact that what the what do you think we're what are we doing what are we doing here all right um a lot of republicans agree with you mike and a lot of people that...

44:07Allow me to go Stephen A for a minute. Hold on. I got it. I got it. Do you want to take... No, I'm just kidding. Go. Keep talking. A lot of the people that normally just like whatever the administration says, they just repeat it. Here's Senator Tom Tillis, Republican. If there were any remaining doubt whether advisors within... Is he... Wait a minute. He's a Republican in name only, my friend. No, he's not a Republican, is he? Hold on. Before I butcher this, because I had a couple of things to say. Yeah, Republican. He's a mom-dawning Republican. He's a rhino. If there are any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none.

44:49It is now the independence and credibility of the Department of Justice that are in question. I will oppose the confirmation of any nominee for the Fed, including the upcoming Fed chair vacancy, until this legal matter is fully resolved. Well, Tom, I hope you enjoy Guantanamo. Yeah, this guy's fired. Enjoy your time in El Salvador. All right. I think the down-the-middle take is that there are people in the Trump administration that wanted to do this, but not everybody in the administration. Trump said he wasn't even aware of this. Correct. Now, you might say that's nonsense. Which means it's going to quietly go away, my guess.

45:31What is the point? He's out in May. Is it retribution? He's got two meetings left. What are we doing? Now, if this is really about fraud, like building fraud, I guess there's a percentage chance that that's really what instigated this. Yeah. I don't know. I'm not in the room. Allegedly, Besant has been in his ear saying maybe let's not do this. I bet you he didn't put it that way. I bet you he put it like this hurts you. This doesn't – let's not do this for the sanctity of the institution. Let's not do this because, yo, there's an affordability problem. Republicans are losing on that issue. You don't want to look like you're meddling with the Fed.

46:24It's not going to help the cause of what we're saying is important here. So I think it – but I think it – let's put this graphic up. Did you law at this? I stand with Jerome Powell. Who's in this? Statue of Liberty, Churchill, Abe Lincoln. Is it Tom Brady in the back? I think it's Aaron Hernandez. Oh, it's Aaron. I think it's 81. God.

46:56Squidward? That's the bad boss in Spongebob, right? That's his name? All right. I lolled. I posted this in July. I was totally joking. I did this as what's known as a diptych. It's two images juxtaposed with one another. I thought this was funny. I never thought it would come true. So I would say the GOP is definitely worried about getting hammered in the midterms. Not Trump as much, but like the people that are actually up for election or reelection. They're losing on the affordability issue amongst independents. That's not my opinion. That's what the polls say. And, you know, they could point to stuff like gases,$3 and change at the pump and a national average.

47:43They are getting encouraging stuff out of the housing market, especially rents are coming down pretty substantially. Like they have some stuff in their favor, but people are just still pissed about prices and health care. And like it's just not going away, which is why you see the spaghetti cannon firing. Things like 10 % cap on credit card interest rates, the mortgage thing. thing. We're going to buy 200 billion worth of mortgages to push down the cost of a mortgage, which I'm actually in favor of. I think they should have done it five years ago. But you're seeing a lot of this kind of like populist stuff being floated out there as kind of their answer to like, what are we going to say in the midterms that people are still mad about affordability?

48:28Half the Republicans are saying there is no affordability crisis. They're saying it's a Democrat hoax. Things are great. The other half are saying, no, there is an affordability crisis, but it's Biden's fault and we're fixing it. So those are like kind of the two opposing ideas within the Republican Party. And then the White House is basically saying we need lower rates to fight inflation, which I'm not 100 % sure how that works. But I think what all these things add up to, you want to be in material stocks because you're getting a new Fed chair in May, and they're going to run it hot. I don't know how hot.

49:09I don't know if they're going a 2 % interest rates just to show that they have the power to do it, but they're going to push rates down. This is a Michael Hartnett chart. Put this up. He put this out in December. This is showing 10-year commodity returns versus bond returns. and I think the current rate of 10-year commodity returns versus bond returns as of last month is 8.2 % average annual, which is a high dating back to the late, early 1980s. Is that what that looks like? So it's very rare to, or at least dating back to 05, it's very rare to see 10-year historical returns of commodities beating bonds to this extent is the point that hartnett is making what do you think about that idea which part like a new bull market a new bull market for commodities as a result of the economy running hot yeah you know it's so market getting ahead of that yes and i think it's really fascinating that the biggest commodity of them all is not participating like at all energy oil it's not moving 60 plus today starting to percolate um but yeah it's all working you're both on what energy stocks my best stocks the market list has seven or eight energy stocks on it it's the first time and uh i bought i told you i bought exxon um which we talked about a couple weeks ago um i think i think this the sector is just due like i know that's not how works, but it sort of does.

50:50I also, we have this home builder chart. If we get a housing cycle, material stocks are going to continue to rip because copper and companies that do everything from sheetrock to concrete to like, it's just, it's all, it all becomes one trade. And the XHB love that mortgage news, what Trump wants to do on mortgages, which I think is really a smart move. And if you just sort of picture like a new housing cycle started, it's like yet one more reason that you're going to want to be in these commodity stocks. Josh, do you have a chart? You have a chart? You have chart software up on your screen? I want you to punch in a thicker.

51:33Punch in LOW and zoom out a little bit. Normally, we talk about Home Depot when we're talking about the segment. Home Depot is the premier brand. Lowe's looks so much better. like look look at this chart this is going to pop up on your list very soon lows it might be on the list already lows is roaring roaring it's right uh yeah it's got a lid on it 285 so hard hard resistance around here but if it gets going i mean blue skies there's no there's no sellers there's no higher prices yeah 22 multiple about the same as the market you know it's interesting Look at Home Depot contrast that. Home Depot looks like shit in comparison.

52:17I mean, it's still a lot of rip over the last couple of sessions. The difference between these two is one of them makes the case to Wall Street that it's better in the professional market and another is better in the retail market. I think that's Home Depot is that one. No, I think it's the other way around. Okay. I mean, they both serve both, so who the hell knows. Can I show you some of these materials charts that we wrote up? Here's Martin Marietta. Let me see. So this is a$40 billion market cap. This is aggregates, concrete, cement, you name it. Like this is an obvious breakout. We wrote it up today.

52:51Vulcan Materials, VMC. This is also$40 billion, same chart. You can obviously see this consolidation period being burst through like the Kool-Aid man. You could own both those stocks. The bigger one is the CRH, which is like globally, like it's a bigger company, bigger market cap. I don't know any of these names. This is less well known to casual investors. I think more people know Vulcan. But these are all breaking out, and these are all very much breaking out because we're probably running things hot, and the price of all of these materials is going higher. All right. Last thing, the Delta news.

53:32So the CEO is saying 20 % jump in earnings for 2026. And margin expansion. It's unbelievable. Yeah, and they're now doing more business in first class in dollar terms than they are for the entirety of the main cabin. Are you surprised by that? No. That's as of Q4. I'm not surprised. Not surprised. No. Okay. Ed Bastian said Delta sits at the top of the K in the so-called K-shaped economy with more revenue coming from higher spending customers. Quote, we're looking at our seat growth in the coming year. effectively none of our growth in seats will be in the main cabin. Virtually all will be in the premium sector.

54:14Make the whole plane first class. No main cabin. Do it for me. Main cabin ticket revenue fell 7 % in Q4. Premium ticket revenue rose 9%. So premium is 5.7 billion worth of ticket sales and main cabin is 5.62%. So coach is now the smaller part of the ticket sales that they're doing. You think that reverses anytime soon? What are your thoughts? No, I don't think that it reverses anytime soon. And given that foreign travel was a headwind in 2025, the fact that they produced record revenue, record earnings, they did so in Q4, it's remarkable. It really goes to show how the top of the K is doing. And also, they said that they are seeing an acceleration so far in the first quarter.

55:07So no surprise there. We know the top of the K is doing very well and it's showing in the numbers. Are you an airline snob? Yes. You know I'm a Delta guy. You're a Delta guy. I think I am too, but I'm really a JetBlue guy, but I'd say I'm a Delta guy. I love Delta. I really do. And it's noticeable. It's not too late to switch. Why are the planes cleaner? What the hell is wrong with these other airlines? Why is the plane physically presentably cleaner? I don't know what they're doing that's so much different than the competition, but they are smoking them. I've taken a lot of flights over the last couple of years, and I've had one lousy experience that wasn't their fault.

55:43It was weather-related. Like, not a bad experience. So we've been over this. The reason I'm JetBlue is because I have four family members taking planes all over the place, and we need to move miles betwixt each other, and Delta doesn't let you do that. Can I tell you something? They let me do that. I would never get bored of JetBlue flight again. Drain your miles on JetBlue. Do not pay for another JetBlue flight. Drain your miles. Like Starbucks points, just drain them. I'll put the Band-Aid off. Do not pay for another flight on JetBlue. Drain the miles and then go to Delta. Yeah, but I still need that ability.

56:13I need to move things. It's not accumulated miles. If my kid flying to college cancels her flight, I have that in the bank. And if I need to shift that to myself, I can. No, I get it. And vice versa. Drain the bank. Can't do it with Delta. Drain the bank. Drain the bank. All right. I think you're missing one. I won't do that. Okay. Make the case. You're up. All right. I'm going to make the case. What case am I making, Josh? I want to say... Oh, dude. I got stopped out of... I see you're doing software. I got stopped out of Adobe today. So I whacked off... I knew it was going to happen. I whacked off Adobe yesterday.

56:48And I want to say this. So no harm, not foul. I lost 2 % on the trade. No big deal. Yeah. We respect trends, you and I. And every once in a while, we get cute. But when you are bottom fishing, you have to have stops. You have to position size it appropriately because the market is usually right. There's a big difference between buying a gap down when something gaps down 20 % and you just say, overreaction, force on, I'm taking the other side. Different. Very different versus because gaps get filled on both sides, upside and downside. We saw that in Chipotle, a stock that I hated last quarter. Guess what?

57:22I'm an idiot. The gap got filled. But there's a very, very big difference between a gap down and a persistent bleed. When you see a persistent bleed that is just down, down, down, down, down, you're probably wrong and the market is probably right. That has to be your default setting. Now, we might be setting up for an amazing trade in the future where Adobe might look ridiculously cheap today. That's not my game, okay? I don't think it's your game either. That's possible. But try it on, please. Could not agree with you more. Okay, so I'm looking at an equal basket of Adobe, Workday, Intuit, Salesforce, and ServiceNow.

57:58And some of these are great businesses, but guess what? Who gives a shit? Whack them out. Whack them all out. Whack them off. The stocks are not working. In fact, how do they - Whack those stocks off of your screen as soon as you can and revisit them when they give you a reason to. So glad. So I'll revenge trade Adobe, but guess what? Not until I see a convincing sign of a bottom. See ya. I will revisit you at a later point. Okay. But here's the other point that I want to make. I am now rooting for it to go to zero. You know me. So, okay. Did you know that the Russell 2000 – damn it, I forgot to put this chart in here.

58:39Hold on. What did Sean and Matt say to me? The Russell 2000 has underperformed the S &P 500. No, I don't have this. Chart off, please. Hold on. Bear with me. For eight of the last nine years. I'm double-checking because I thought that was right, but it seems hard to believe. Eight of the last nine years, it's underperformed. How, Sway? It's just a hyperscale of the earth. That's really all it is. I think this might be the year, Josh. I know I just said, like, don't fight the trend. Last year? No. The Russell did like 10%. But this is not – the bleeding has stopped. Chart on. This is the ratio.

59:21This has turned. We're turning up. Yeah. We're turning up. You know what's different? You know what the problem is? Chart off. Last week we talked about a phrase from Semblis, the internal logic of the market. how basically the highest margin, the best ROE stocks are also the ones with the best performance and the highest multiples. A small cap universe is like a 5 % profit margin and the S &P is like 14.5, not 15. And they're turning up. I'm making the case. If they have a boost to profit margins, they will be rated higher. Yeah. So I think we can see it. I think you can be right. We can see it.

1:00:04All right. All right, mystery chart. So we like the Russell. I like the Russell. I do. All right, mystery chart. I left the price on because I don't want to make it so difficult. This is a Dow component, blue chip stock, true blue chip stock, like a real blue, not a recent, just a long-term blue chip stock. And I'm showing you five years, no monthly moving average bullshit. I'm giving you an RSI and a price and I just want to know one thing from you before you guess it are you a buyer are you kidding me

1:00:44generational resistance is now being broken correct yeah no this is going so these are weekly candles I think this goes right this year goes to 150 yeah I agree can you give me anything yeah check the live chat no I'm not going to cheat I don't want to do that. Okay.

1:01:07Okay. Here's something. There's been a recent geopolitical event that this stock reacted to.

1:01:20That's a pretty good hint. I mean, is it an oil stock? I don't know what else it would be. They're screaming in the chat. I'm the biggest idiot. Yeah. Hey, you know what? It's a little bit harder to do it live. Screaming. A geopolitical. So is this Venezuela? No, this can't be Venezuela. A geopolitical. Is it Exxon? I mean, isn't that the only energy stock in the down? Look at you. You got it. You got it. You got it. I need to do it. I was like overthinking it. Okay. Give me the reveal. All right. You'd buy the shit out of this stock right now, right? Not only would I. I'm going to get along one of these names tomorrow.

1:01:53I'm in at 119. I'm thinking about averaging up. I have completely drank my own Kool-Aid. Yeah, this is going so much higher. Yep. Are you kidding me? Best stocks in the market. We wrote it up a week and a half, two weeks ago maybe. I forget. It all blends together. But this is one of my energy stocks. And, man, does it look good. Unreal. And, yeah, just shut up and buy it. It reacted to Venezuela. They have no business in Venezuela, but it reacted because they all did. All right, guys. Thank you so much for tuning in to the live version of the show. Those of you out in Spotify and Apple podcast land, we appreciate you.

1:02:25If you're watching this on YouTube, thank you so much. and we love all your comments, all the likes, all the subscriptions and guys, especially the reviews. Review the show. Like if you're into it, that's the best way to tell the algorithm that this is something that's valuable and more people will join our gang. So please, go ahead and do that. Tomorrow is Wednesday, which means all new edition of my favorite podcast, Animal Spirits with Michael and Ben and then we'll do Ask the Compound Thursday. Wednesday? When do we even? I don't even know. Wednesday. Wednesday. It's moved before. It's not our fault.

1:03:08Ask the Compound with Duncan and Ben. Always a blast. We get to answer live questions from you guys. That is a special event every week when they do it. And you guys can get your questions answered live during Ask the Compound by Ben and Duncan. And then Friday, all new edition of your compound and friends fix. And a very special guest this week. We're so excited to run it back with him. And you'll all find out who that is soon. So, guys, thanks for tuning in. God bless. Good night.

1:04:07But what I wanted to tell you, my daughter has a very good study. A semester, a laptop, a software, a computer, a internet. So a master is really cheap. Ach, say her, she can get that back. Yeah, you mean from the Steuer to set up, right? But she doesn't pay. No matter what, Verlust-Vortrag. Make it very simple with Wieso Steuer? And when she works, it's Kaching! That's it? Safe! Wieso Steuer? Get your money back! Now to try it!