Wilfred Frost Comes By, Margin Debt Tops $1 Trillion, Nvidia Earnings Preview

25:47That 10-minute conversation could contain less in it and it would still be more attractive to the viewer than a recorded 10-minute version of it because it's live. And, you know, I have mainly, I think, that because of my own experience in TV, but also from watching back, you know, the tens of thousands of interviews my late father did, that aspect of it being live, the unpredictability about it, I think the viewer knows that and they're more drawn in all else equally. So I'm glad you brought that up because I wanted to talk about the legacy of what your father accomplished as arguably one of the most important television journalists or maybe just journalist period of the 20th century.

26:28For people who are unaware, what could we tell them about David Frost and sort of the life's work that you are now doing to remind people of how important journalism is. Yeah, so dad started on TV age 22 in 1962 and continued for over 50 years till the day he died in - It's incredible. 2013, yeah. So 51 years on screen and did it across actually not just two continents because he was pretty big in Australia and the Middle East as well. like across the world, but particularly UK and US, and across so many different genres as well. You know, he wasn't just a business journalist or a politics journalist or an entertainment or sports.

27:11Like he and anyone, you know, you could think of in the last 50 years he interviewed. I think you were off that week, Buzz. Listen to the episode Michael and the team were discussing when Hulk Hogan died. Yeah. About, you know, people who are globally famous, like Hulk Hogan was. And they listed the other people that they thought were in that category in the last 50 years. I think every single one of the ones they listed, Dad had interviewed. At times, multiple times, like the Beatles, Ali, Elton John. It's extraordinary, the spread that Dan did that with. And after he died in 2013, I picked up the reins of his company, and I bought back and done various deals to digitize, catalog, and buy the rights of interviews that he's done.

27:52I now control about 80 % of the 10 ,000-plus interviews he's done. And I've done a series of things. There was a podcast series called The Frost Tapes and now a TV series called David Frost Versus. which came out earlier this year on MSNBC. It's not on a stream yet in the US, but it will be soon. And it was to really try and go back into those moments in history where dad had a particular front row seat to them unfolding. And, you know, it's been a - So I want to ask you about the most famous example. I don't think I was born, I was not born yet. You certainly weren't. But the Frost-Nixon interview, which of course there's a famous movie about that episode.

28:29But I think your dad is widely credited with the person who basically broke the story wide open when talking with President Nixon and getting Nixon to a point where he just couldn't take it anymore. And maybe you could tell us a little bit more. You know, we have a young audience on YouTube, but this is probably fascinating to them. Yeah, I think this is the most famous interview he did because he sort of became a part of history with it. And so obviously Nixon was forced to resign in 1974 because of largely because of the Watergate scandal. To be clear, dad didn't break that story, which broke a year or so before.

29:07That was, you know, amazing journalists like Woodward and Bernstein and others. Washington Post. Washington Post, guys, exactly. But dad was very much involved in the US broadcast media at the time and covering it as it broke, but he didn't break the story. Nixon was forced to resign in 74. And then famously, his vice president, Gerald Ford, who became president, immediately pardoned him. So he never stood trial for his crime. And dad took on the media establishment, the networks here, NBC, ABC, and CBS, to get the broadcast interview with Nixon. He outbid them. Because someone was going to get him to talk.

29:43Someone was going to get him to talk, and it took three years. By the time the interviews happened, it was 1977, though he did the deal in 75. I may have been born then. Yeah, I was going to say when you were saying that, was I'm with him? I may have been. Okay. And then he outbid the networks. he paid Nixon$600 ,000 to get the exclusive interviews which inflation adjusted is$2.1 million and he's just a presenter dad you know he's not a business at this point and then because he outbid the networks they were so pissed off they didn't want to buy it off him so dad then had to build together 140 local TV stations to distribute it he kind of built a cable channel before it became the case that's wild and was so and then had to fund because otherwise he would have put up all that money for nothing.

30:30It would have been an underwhelming thing. But that process was incredibly expensive too. So the two-year process was, you know, cost him about$1.5 million in total, which, you know, inflation adjusted then, you know, you're closing in on$10 million. Dad was on the hook for. And then he sat down for what ended up being 28 hours across four weeks of recording sessions with Nixon. and he had to get Nixon to admit wrongdoing and to apologize. 28 hours sounds like you can get somebody to admit to just about anything. Well, I mean, thank God he paid so much money to secure that time. Yeah. And he wore him down over time.

31:07By the way, those 28 hours, I've watched from start to finish and I don't recommend it. It's pretty dry. Do we have something? But this bit, I think, is breathtaking. So let's show people what we're talking about. In the Houston plan, it's stated, very clearly. Use of this technique is clearly illegal. It amounts to burglary. Why did you approve a plan that included an element like that that was clearly illegal? Yes, well, burglary is the word, but another way to put it is that you get the information that you need. There are some actions that have to be covert. By covert, let me put it this way.

31:52Or in this case, illegal. Well, let me say that it is legal in my view. So what in a sense you're saying is that there are certain situations, and the Houston plan or that part of it was one of them, where the President can decide that it's in the best interest of the nation or something and do something illegal. Well, when the president does it, that means that it is not illegal. By definition. Exactly. That's the money, that's, so that's the money shot. That, that's the moment that people were, That's, so now we've got Bob Woodward there reflecting on it, but that is the moment after, by the way, the first half of those 28 hours didn't go that well for dad.

32:42And so the pressure was building. And that was the moment where it turned, where he knew he had a line that would resonate. In fact, there they were talking about the Houston plan, not Watergate. And as it goes on, he gets him to admit wrongdoing and apologize to the American people about Watergate. And, you know - But the poker face, there was no, your dad did not do like a gotcha, like, there it is. He just, he kept going very calmly. So that very moment, I remember him talking about years later. And I remember him saying, essentially the gravy train had arrived and you wanted it to keep coming and more to come.

33:20So you don't want to say, aha! Or you don't want to be like - Imagine the serotonin fireworks going on in his brain at that moment. He's thinking, I thought I was going to have to sell my house right now. This is the first moment I think I'm going to be able to keep my house. But you have to keep it together. And honestly, you know, there's different styles to interviewing and different things at work. dad under unbelievable pressure stuck to his guns stuck to his DNA and he got there with Nixon and then the pressure on him going into it you literally can't make it up he mortgaged his life to do that interview and he stuck to his style of interview and it worked who was in the movie?

33:58Michael Sheen played dad and Frank Langella played Nixon oh Langella is oh he's fantastic one of the greatest actors ever oh and do you know what the two of them inhabited those roles for three years because it was a play in London to great success for about a year. Then it moved to Broadway for about a year. And then it was a film. And then you had all the opening nights and stuff. It was, and we used to, I was at university around that period of time. So it was like late teens, 20s. It was great fun. It came in late in dad's life. So it gave him a wonderful boost because, you know, kind of made him a sort of pseudo movie star right in the twilight of his life.

34:33And obviously my brothers and I were like signed up to all the opening nights and premieres and awards nights. And whenever we'd see Michael at any of them, we'd always joke being like, dad, how are you doing? Which he didn't really find that funny, but he had to go along with it. It's so funny how we're still debating what the president can and can't do if they quote unquote believe it's in the best interest of the country. Not for us to get into a whole political discussion, but it's eerie that. It's eerie, the echoes, and I don't think it's an accident that George Clooney brought back the play, Good Night and Good Luck.

35:05I love that movie. I haven't seen the play. So it's a film, but they made it a play this summer and Clooney starred in it. And I don't think that it's random. Obviously, I think there's, we still live with this issue to this day. Yeah. Well, someone should bring back Frostnecks into Broadway. I would go. What else do we want to do? I do want to ask you about, I do want to ask you about the new show on Sky News just for our American viewers and listeners. This is a really big show. Like this is the one. this is you're like kathy lee gifford i the equivalent something like that yeah yeah okay the uh the listen it's a dream come true i i uh i grew up you know obviously with my father doing breakfast television in the uk and i can't quite believe that that's where i'm at now myself and i think there's a huge opportunity i think that i think sky news has all of the ingredients to be the biggest network in the UK.

36:05And I think that Sophie and I, who's my new co-anchor, can harness that. And I think there's lots of attractive things about it. More free-flowing, less scripted, warmer, intelligent, but inviting. And I think we can bring the biggest guests in the world from British politics to American business. I'll pack my bag. You just give me that. You're on, man. You're on. But I think the biggest thing is unleashing and harnessing the talent internal at Sky News, which I think is a sleeping giant. Well, listen, I want to tell you, I love when I see you back stateside. We had a lot of fun on Closing Bell, you and I, and especially when I was in person.

36:44And anytime I see you back on CNBC, I'm so excited about it. Well, I really appreciate the kind words. I really appreciate joining the podcast as well because I love listening and I love the way you guys have harnessed great content and minds in such a kind of conversational way. I take lessons from it. And it's been a pleasure joining you. Well, good luck with the podcast. And thanks for stopping by. And let's do this again. Would love to. Cheers, Josh. Thank you so much. Guys, this has been Wilfred Frost, ladies and gentlemen. Make sure that you are following his new podcast. What's it called?

37:15The Master Investor Podcast with Wilfred Frost. Available wherever you get your podcasts. All right. Thanks for watching. We'll talk to you soon. Thanks, Josh.

37:41What the hell? What just happened? What just happened to this kid? I'm coming to the lights now. Oh, all right. Hey, everybody. Welcome to an all-new edition of What Are Your Thoughts? My name is downtown Josh Brown, here with my co-host, Mr. Michael Batnick, as always. Michael, say hello. Hello, hello. All right. Michael is coming to us from Newport, Rhode Island this week. I feel like the whole world is in Newport, Rhode Island right now. Really? You get that sense? My whole Instagram feed. Okay. Well, I'm here. First time. Great spot. So I think this exact week last year, I was in Newport visiting with our advisors in the area.

38:18Did you go into the breakers? I don't remember. Let me say. No, you didn't. You would remember. That's Vanderbilt's bail tub? No, I didn't do that. Oh, the mansion. Dude, you don't forget this. It was one of the greatest days of my life. We did the mansion tour, but we walked around outside. We didn't go inside to anything. So the first tycoon is actually the only bio of the big four industrial guys that I didn't read. And now that I'm on my audiobook kick, forget about it. I'm going to slay this book in two seconds. Yeah, those homes are complete and total insanity. There was no Hamptons at turn of the century.

38:57So Newport was where they went in the summer. That was like the billionaires from New York. That was where they went. All right, let's say some quick hellos. The chat is lit right now. I don't think he's with us tonight, but I wanted to mention Jack Rosenfeld has successfully recovered from heart surgery. He's one of our regular pounders and just wanted to give a shout out to Jack. Y 'all can do the same thing in the chat. I'm sure he'll see it later. Magnus is here. Brian Grill, Benjamin Cliff. All the regulars are here tonight. We'd love to see you guys. Thank you for joining us for the live.

39:34It means a lot. We love the energy that you guys bring. Heather, I see you. Rob Fitzpatrick, what's happening? Matthew Stevik. They're all here, and we love that. We have a sponsor tonight, Public, the investing platform for those who take it seriously. You can build a multi-asset portfolio of stocks, bonds, options, crypto, and more. You can do everything. You can fund your account at five minutes or less. They've got AI, AI, AI, excuse me. AI. AOI and AI out the ass, okay? It is all happening. I don't see that in the read, dude. I do. It is all there. How about this? For a limited time, you can earn a 1 % match on all IRA deposits, IRA transfers, and 401k rollovers.

40:23That's pretty sweet. Fund your account in five minutes or less. Find out more at public.com slash W-A-Y-T, as in what are your thoughts? Paid for by public investing. Full disclosures in podcast description. Okay. I have one more item of housekeeping. Nicole will kill me if I forget. There's an impersonator on TikTok pretending to be the compound. just to reiterate, we will never DM you ever, especially not from the compound account. Like that's it just it's from a compliance perspective. It's never us. So do not enter into any chat rooms or financial transactions or share any personal details with anyone DMing you pretending to represent us on TikTok or any other platform.

41:10I also want to remind you guys, August is Portfolio Review Month at Ritholtz Wealth Management. We have certified financial planners standing by to take a look at your situation, review your current portfolio, and shed some light on how your allocation may or may not fit your long-term goals. Go to ritholtzwealth.com to get in touch. Hundreds of people have done it this month, and this is your opportunity to talk to us. So we'd love to hear from you guys if you're looking for some help. All right. Mike, does it feel like the media is overdoing or underdoing Nvidia earnings week or just right? I have to be honest.

41:48I can't answer that question because I haven't been paying much attention, but can I give you my take? It matters. There's a big one. I think it matters a lot. And what's interesting is the options market, the last time I looked, it only seems to be like a 6 % implied move up or down, which I think is less than usual. But the last few reports, I don't remember the stock doing much. I don't know. Like how long ago was the earnings party and then the stock was flat? You remember, was that last summer? Oh man, Chartkin made a chart of this. But John, go to the second chart, the options pricing chart.

42:25So to your point, yeah, it doesn't feel huge. Doesn't feel huge, but this is the actual, in blue, the actual one-day price change. post earnings and you saw that there's been a few below it's actually oh you know what's wait you know what you're seeing in this chart what like the uh the days of them reporting a great number and the stock rallying huge ended in 2020 the uh first quarter how many quarters ago that's right josh one two three four quarters ago or five quarters ago excuse me Um, it just, it doesn't, it does not seem as though this is like the kind of rock and roll response to earnings that it used to be.

43:10Um, and I guess that's just like the nature of the thing. Everybody knows the earnings are going to be good. Well, also when you're$3 trillion, it's hard to add$300 billion in market cap overnight. It just is. The amount of surprise. Where is it even coming from? Um, let's up the first chart. So Chartgoat did serious work for tonight's show. And what we're looking at, if you happen to be listening, is NVIDIA's price since the launch of ChachiBT versus or compared to its growth in forward earnings estimates. And the price is up 964%. And earnings growth, I don't know why it's not earnings, but earnings growth on a forward basis is up 1 ,100%.

43:55so okay so the company's earnings have actually out the growth in the company's forward earnings estimates 12 month forward estimates has been rising faster than its share price yeah that's right um nobody would guess that we know that empirically because it's multiple is shrinking right as as we go along it's not as expensive on forward earnings as it used to be and it's sort of getting cheaper each time because it's not like they report 50 % earnings growth, which is, I think, the expectation tonight. And the stock goes up 50%. So that's not what's happening. If you're saying that NVIDIA is a bubble because of the market cap, just in a vacuum, oh, it's$4 trillion, it's a bubble.

44:41Or how can NVIDIA be bigger than the healthcare sector, whatever it is? You have to give some context. And ChartKid did it. Look at the price versus of the valuation. So Matt said, next one, please. Matt said, Nvidia went from, nope, next one, went from five to 178. Thank you. Nvidia went from five to 178. And over the same timeframe, its forward PE ratio shrunk from 38 to 33. I feel like that's the only stat somebody needs to know to understand that the stock market slash semis are not in a bubble. So look at this. It went from five to 178 and it's trading below the average of the, on a forward PE basis.

45:19It really is just a one-of-one remarkable growth story that we might never see again. Leave this slide up. That's not even the most insane thing. What is? The most insane thing is that when it was selling at 70 times earnings at the end of 2022, that's when it was the most screaming of a screaming buy. And the reason that's the case is because 2022 was such a technology shitshow that – and NVIDIA was partially reliant upon the crypto market for GPU sales. Oh, big time. So this period of time that we're referencing, end of 2022, there's no ChatGPT yet. ChatGPT is launched in November 30th, and it probably takes a full 30 days before everyone figures out what this means for GPUs.

46:10So the most ironic part of that chart is that the ultimate buying opportunity in this stock was when it was selling for 70, 7-0 times earnings, which should tell you a lot about the usefulness of backward looking PE ratios, investing in growth stocks. it's almost one of the most moronic things you could possibly be anchored to and that's an unbelievable illustration of that we skipped over two charts should we go back and do them? I know Matt put some effort into these so let's get into them what are we looking at here? alright this is just revenue by segment so the whole thing is data center now yeah but to your point this used to be gaming Remember like before crypto, this is a gaming stock.

47:01This is like Xbox and all that shit. Once upon a time in 2015, before people were bullish on, they weren't saying AI back then. They were saying machine learning and virtual reality and augmented reality. That was the first time people started to get excited about NVIDIA. But almost the entirety of the business was gaming. Literally chips for Sony PlayStations and Xboxes. and the market cap was like 40, 50 billion, which made sense given the size of the company. So now it's 4 trillion. It's a 10 ,000 X return and they're in a completely different business. It reinvented itself twice. And we've spoken about this a lot over the years.

47:44These gigantic winners, the story changes all the time. Like not just the story, not just the narrative, but the actual company, What the company does and can do changes all the time. We did an episode of the compounded friends with Adam Parker three weeks ago, and we titled the episode why valuation doesn't matter. And instantly, like you see the chatter. Oh, this is the top. No, it really doesn't. Because if NVIDIA is going to be a completely different company, and we don't know that it will be in the past. This is hindsight bias, but just the possibility that that could happen is the reason why companies like Tesla get the benefit of the doubt and the earnings multiple is so high.

48:30Because nobody that owns a stock now is valuing it on the amount of cars they sold over the last 12 months. There's one other chart in there. Did we get that? No, this is the thing. This is the main thing, right? Yeah. Okay. So this is data center revenue. So this goes back to 2022. 2022, you can't even see the bars three years ago. It's a tiny inconsequent, not inconsequential, but compared to now inconsequential. It's like they're ticking along at$3 billion a quarter, $4 billion,$4 billion,$4 billion,$5 billion. It's now a$41 billion business on a quarterly basis. People in the chat are asking why we're showing 2026.

49:11And it's not because we have a machine. This is, I think, fiscal year 2026, which is just the way the company titles the quarters it's reporting. Can I say one other thing? If NVIDIA is a$4 trillion market cap in two years, in three years, if it goes down to$3 trillion, down to$2 trillion, that doesn't necessarily prove that it was a bubble because it is getting the benefit of the doubt of these valuations because the growth, the remarkable growth, and what it ultimately could become depending on how big AI gets. And so the outcome might not prove anything. I know that might sound moronic, but we don't know.

49:55Based on the estimates now, it's not a bubble. If those estimates fail to come in because people's expectations are too high, that's just the story changing and the fundamentals changing. Yeah. So if the growth rate slips dramatically and it only turns out to have grown 5 % instead of what's priced into the stock of 15 % or 20 % or whatever it is, all right, then people were too bullish. So here are some things for you guys to look for when the company reports tomorrow night after the close. If you listen, we're recording this Tuesday. So it will report Wednesday post-close. This is a stock that's already up 35 % year to date, which is more than triple the S &P 500, up 40 % of the last 12 months.

50:39But wait, but a stock that was down 35 % very quickly in the first quarter. How insane is that? Recovered it all and then some. Expected to report adjusted earnings of$1.01 on revenue of 46.2 billion. And again, as we pointed out, almost all of that is data center, which is the hyperscaler build out for AI. Last quarter, excuse me, this quarter last year for comparison, 68 cents revenue of 30 billion. So yeah, the stock over 12 months is up 40%, but so are the expectations going into this quarter. So if they do these numbers, that would be 49 % earnings per share growth, 53 % revenue growth, respectively.

51:23So right in line with what the stock has done and maybe even faster. They're going to pay a 15 % tax to the US government for anything they sell into China. And that is already factored in by analysts. That's an$8 billion China-related hit to earnings this quarter. It's a pretty big number. There's a couple other things that I want to say about this. The big part of the story that you're going to hear the analysts ask about is the Grace Blackwell chip sales. Right now, they're selling the GB200, which is like their top of the line, fastest, best, blah, blah, blah. And then in September, so next month, is the GB300 sales begin.

52:07And that's supposed to be not just incremental, but like an explosive improvement over the current Blackwell model. So you're going to hear people ask about the timing and whether or not they're going to hit their fiscal fourth quarter, their calendar fourth quarter. The other thing that's happening is really big orders for Grok, which is the Elon Musk empire. And so you'll maybe hear some questions about timing for that. I think I just want to leave you with a couple of quotes from Wall Street. This is all the analysts came out and said, reiterate, you want to be long this stock into the numbers.

52:46JP Morgan, we expect July quarter results to be slightly better than our, well, then how are these your estimates? or consensus estimates. They're talking about the GB200 shipment ramp and the start of GB300 ramp. Goldman Sachs, quote, to be clear, we remain very bullish on NVIDIA's prospects for driving outsized growth in 26 based on positive hyperscaler CapEx commentary. So that's like Microsoft, Amazon, et cetera. Everyone who reported three weeks ago, they all reiterated their CapEx spend or actually raised guidance on that. Baird, raising our revenue and earnings estimates on a significant acceleration in GB200 sell-through shipments.

53:28What they're doing is they're tracking the racks that go out from the OEMs with the chips already embedded in them. And that's how the analysts are getting a read-through to the pace of chip sales. is saying like this number of racks went out from the OEM, figure out the number of GPUs that would be on each rack. And that's what's giving them confidence to reiterate or raise their numbers. Two more, Stifol, we aim to build a view into the foundation of the mosaic of NVIDIA's end customers, which in totality include CSPs, that's cloud service providers or hyperscalers, NeoClouds, Sovereigns and Enterprises will continue to grow, supports a longer tail growth outlook, blah, blah, blah.

54:20One of the things is that it's not just new data centers. It's swapping out old chips for new NVIDIA chips into those data centers once they're already in existence. So it's like a replacement cycle on top of a build out. And the last one, this is Dan Ives at Wedbush. I'm going to read it as Dan, okay? Okay. Hold on, let me get its character. The pieces of the AI puzzle are forming with massive strength from the hyperscalers seen this past earnings season and use cases, okay, building across the board on the enterprise. Now, the biggest and most important piece in the AI puzzle is hearing from Jensen and NVIDIA around demand trends.

55:03The godfather, the godfather. Especially with a green light now on the China market, okay? Shout out to our buddy Dan Dan's the goat Green light on the China market Anyway Wait Alright Two things That's really good Two things we heard from everybody, all of their major customers. We heard – this is not going – I'd be surprised if it's a surprise. We've heard everything, which brings me to my second point. Why are they like six weeks behind everybody else? Isn't that bizarre? It's like so anticlimactic. Smart. CrowdStrike too. CrowdStrike is this week. Yeah. I don't really know how it happens, but I feel like once it does happen where you schedule your earnings in this particular week, you don't really move off of it.

56:02I was just going to say, I have no idea how that happens. I don't know. I'm sure there's something. For starters, when I started in business, most of earnings season was pre-market. It wasn't until we had thousands of companies in the West Coast, like Microsoft, that became really important that we started to have all these afternoon reports. But think about it. In order for a company in Cupertino or Palo Alto or Menlo Park or San Francisco to report before the bell, they'd have to wake up at 3 o 'clock in the morning. So that's how earnings season became an after hours phenomenon for half the stocks at this point.

56:45Because half the S &P is California-based companies and they report after 4, which is actually 1 o 'clock their time. I don't know if you know how time zones work. But so that's just a little tidbit for you. Buffett's the only one that does it right. Saturday? Saturday. And no f***ing conference call. Yeah, that's great. Figure it out. Everything he does like that, I love so much. Even though I love earnings season. Okay. I really love it. All right, Josh. This is a bull market of stocks. Everything is working for the most part. And a couple of weeks ago, maybe for the last couple of weeks, I've been saying like maybe to listeners, just like pump your internal brakes.

57:29If you feel like you're getting left behind, just like take a beat. Don't give it to FOMO. That's always good advice, but especially when stocks are going straight up. And I think I said sell something like two weeks ago. Yeah. And the market's gone sort of sideways, a little up to sideways, but this is a market. No one's going to be mad at you for saying that. No one's going to be mad at you for saying that. Dude, three weeks ago, I said sell some Nvidia. No, I did. It's probably going to 200 today. I am not embarrassed. Yeah, no. But my point is this. My point is this. Market doesn't wait for you.

58:02Bull markets don't wait for you. Bull markets don't give you a chance to get in. There are so many stocks that are just hanging high and they're all working. Like everything is working. This is like just if we could forget about everything fundamental. Forget about your opinion on what the labor market. Forget about your opinion on tariffs and cost pressures. and the housing market. Just forget all that. Literally, if you are just looking at stocks, indexes, you would conclude that we are in an absolutely global, synchronous bull market, and it's only getting started. Now, that might prove to be wrong.

58:42Everyone could be wrong. That's certainly possible. But you have to give the stock market the benefit of the doubt. It's working and everything is breaking out. So I am bullish on the rotation trade. Let's go Gosh, dang it. Who did I steal this from? Oh, wow. Look at this. Look at equal weight. This is from the chart life. Okay. The Dow ripped out hard on Friday. Equal weight, new all-time highs. Micro caps, new all-time highs. Let's look at this new chart from Alfonso at All-Star Charts. Micro caps, they've been dogs. High rates have smushed them. Multi-year highs. And this is phenomenal. The fundamentals are supporting this.

59:19So Matt made this chart showing MAG7 on the left, actual earnings growth versus consensus estimates. And the actual earnings growth is slowing from insane numbers, obviously, right? Like that can't continue to grow at 36 % forever. But look what's happening to the actual earnings growth of the 493. And look what's happening to consensus estimates. They are going up in a big way. Here's this for a rotation. I'm not going to stop talking. Look at this rotation. European banks versus US banks. Are you kidding me? Does anybody know? This is your ultimate risk on signal. Does anybody, so don't dig in your heels.

59:58You're not smarter than the market. It is all working. And maybe there's something that comes along tomorrow to knock us off our access. Maybe it's Nvidia's earnings report. Certainly could be, but my goodness, this is a bull market. Don't fight it. I mean, the micro cap thing is shocking to me. I understand the action in the last week because of Jackson Hole. It's like the last boot on the neck of small cap stocks is this ridiculous. What are we at four and a half percent interest rate? Whatever it is, it makes absolutely no sense to anyone. So I get that Powell signaling a dovish move in September should be the trigger.

1:00:37But they started rallying well in advance. Well, that chart you just showed me. Yeah. Can we put up the – And it's everything you want to see. It's discretionary over staples. It's home builders. It's financials. It's tech. It's everything you want to see. John, give me this S &P 493 earnings growth accelerating. Nobody knows this is going on. Like nobody is even thinking about this, right? Look at this. I don't believe so. So these are consensus on the right side. These are consensus estimates for everything but the MAG7. And for Q3 2025, the number is 4.7 % expected earnings growth, then 4.5%.

1:01:20Then it jumps to start off 26. Q1, 9.9%. Then 10.9 % the next quarter. Then 14.3%. Now, analysts always go into the new year overly optimistic, and then they cut their expectations as the quarters go on. We know that. But what we also know is that companies are beating the shit out of these estimates. And we just did 12 % earnings growth this past quarter, XNVIDIA. So let them – I guess let them cut their estimates. If we're really going to get anything even close to 10, 14 – somewhere between 10 and 14 % earnings growth for the S &P 493, then the equal wage should be at record highs. Why wouldn't it?

1:02:08Why wouldn't it be? So don't, please don't hear this. I know you can interpret it any way you want as, oh, Michael's flipping Bob. Listen, it's not me. It's the market. The market is bullish. Sorry, let me correct it. I got to correct somebody in the chat. Adam is saying, dudes, Momo stocks have been tanking nonstop for a month. Which one? Not sure what Michael is talking about. No, that's what he's saying. The money is leaving a lot of these broken momentum names and it's going into the Russell 2000 and value and other areas of the market. So a stock doesn't get born and then die as a momentum stock.

1:02:46Just so everyone understands this. Who said that? Adam. Adam. So Adam is correct that there are a lot of names getting nuked. We spoke about this with, who was on before Tom, the week before Tom, or maybe it was Tom. There's a great chart that I think Grant made. Todd Sohn. Okay, maybe it was Todd. And Shannon. Showing that even though the market is at an all-time high, the number of stocks that are making all-time 52-week highs and 52-week lows is expanding. And a lot of that is coming from the 52-week lows. So you're right. There are a lot of names getting nuked because AI is making winners and making losers.

1:03:20But if you step away just from the AI trade and the moment names that you talk about that are getting nuked, then yeah, there are names that are getting smoked. Equal weight, small caps. When I say everything is working, okay, yeah, there's things that are not. not working but everything you want to see working in a healthy bull market it's all happening but i but i i want to go back to the nomenclature of what is a momo stock um like reddit running from 70 to 200 is a momentum stock but then when it falls from 200 to 100 it's not a momentum stock anymore right like where you momentum has a definition it's not a feel thing it's like a former momentum stock.

1:04:01No, it's a formula. So yeah, Circle's getting smoked. Figma's getting smoked. CoreWeave is getting smoked. There are names, absolutely. It's not hard to find losers. But if you look at the aggregate, and I'm actually talking about the mega caps, the equal weight, the micro caps, the Russell 2000, it's a bull market. Let's move on. Yeah. I think that's a good point. I think this ties right into it. Bloomberg has a piece about how like corporate America is more upbeat on the outlook into year end than Wall Street is. And this is pretty rare because a lot of times Wall Street is taking its cues from what corporate leaders are saying, especially when you're talking about like analysts covering sectors or some of the strategists that do these surveys.

1:04:50So like this time, Wall Street like sort of isn't listening. Corporate leaders and CEOs are, at least in the things they're saying and the way that they're giving guidance, are super bullish right now. And there's a little bit of a disconnect. So let me just share this with you and then I want to hear what you think. Among S &P 500 index companies that adjusted their revenue views in the current quarter, 44 % have raised, which is the highest proportion since 2021. The share of outlook downgrades is only 14%. That's the lowest in the data going back to 2015. Quote, this is a Jeffrey's equity research guide.

1:05:35Quote, there's basically no reason that a management team would want to raise guidance on something that they're not 100 % positive on because they know the implications of that. I would argue that is a lot of what's powering stocks higher. And then the last thing on this, strategists at Goldman Sachs also flagged the disconnect between what companies are saying and the macro picture. The firm's in-house barometer of economic activity among S &P companies. So they're tracking the real revenues of all companies, excluding energy. Rose 4.8 % this quarter from the same time a year ago, exceeding the pace of economic growth.

1:06:17so companies are acting like it's 2019, like game on. And the street, it just can't get there mentally, I guess, because they're just not as bullish. What do you think? You know who else flagged this? Me. I said with Ben a couple of weeks ago, I am done listening to the headlines and the economists and the strategists and the this and that. But there is such – and I said this. When you listen to the calls, and I listen to a lot of these calls, there is such a disconnect between what they're saying and to the point that the Jeffries analysts make or whoever it was. They're not – they have no incentive to overpromise.

1:07:02If they set the bar too high and they – that's not what they're trying to do. They're trying to tell you the truth. Like if anything, they're looking to sandbag. So whether it's – They would be crazy to bullshit. They would be crazy in this climate. to bullshit you on guidance. No, that's not what they're doing. So again, yes, there are companies that are having a difficult time, as is always the case. But for all the ones that I listen to, the consumer is fine. Yes, the low end is struggling a bit or more than a bit in certain cases. But they're all saying the same thing. Growth, growth, tariff concerns overblown.

1:07:39Like they're not seeing it. Look, 44 % of the companies saying anything about guidance or raising. What else do you really need to hear? Now, wait, hold on. This is the critical point, critical, critical point. I am talking about large cap stocks. I'm talking about stocks that have no problem tapping capital markets, okay? So there was a big disconnect between what these companies are saying and how they're doing and how maybe Main Street is doing. And maybe that's also a large part of the story. Because yeah, there is a lot of people that are – the labor market is slowing down. There is a lot of people that are like not doing great.

1:08:16Fact. But we're talking about the stock market and the companies powering the stock market are doing great. I'm with you on that. All right. Let's keep it moving. Okay. So we made the case or I made the case last week for rate cut stocks I believe. And here's one that we never talk about. And we spoke earlier in the show, at the top of the show, about NVIDIA. And we talk often about the next earnings call and what stocks are going to do next week. And maybe not enough time about – these are actually businesses. And it's pretty miraculous that the price follows the fundamentals or the fundamentals follow the price, whatever.

1:09:00Like price leads fundamentals. but they're tied together. So this is a great example. Let's look at Wayfair, a rate cut stock that we just never talked about. This is Wayfair's operating income. And when people were staying at home and moving during a pandemic, the stock, I'm sorry, the company, the fundamentals of the company went crazy. And then came the rate hikes, and then came the frozen housing market and the company got smoked. The fundamentals of the business got smoked. And then this company, by the way, is founder-led. This company made a lot of operational adjustments and efficiencies and they really turned their business around.

1:09:47And wouldn't you know it, the stock is up 64 % year to date, but more importantly, look how the price, look how the price, it's a miracle, Look how the price follows the fundamentals or vice versa. John, toggle back and forth. Boom, boom, boom, boom. There it is. It's almost perfect. It's almost, if you overlaid them - It's pretty good. Like a professional, we would be able to see both things happening at once, but it's almost perfect, dude. It's pretty good. Here's what's interesting about Wayfair. So Trump said something about tariffs, indeterminate amount of tariffs or something, and the furniture stocks got wrecked yesterday.

1:10:23so RH would be a good example and Ethan Allen all these furniture companies I don't care how highfalutin their brands are they all have the shit made in China so Wayfair very interestingly does not struggle with the tariff issue the way that all these other furniture sellers do because Wayfair doesn't they have 20 ,000 suppliers but they don't own it there are so what i think people miss about the wayfair model they're like more like amazon enabling third-party sellers of furniture under the wayfair banner but they don't themselves import the shit into the united states and pay a tariff that's on the supplier to to figure that shit out wayfair is just passing along a piece of furniture from a seller to somebody that buys something on their website.

1:11:18And it's a really different model, obviously, than the other publicly traded furniture companies. And I didn't, I wasn't really like up to speed on the Wayfair phenomenon. We have a couch in our office from Wayfair. It's the easiest thing on earth. I think we bought it. It arrived like eight hours later. It was in a tiny box. I'm like, how does a couch fit in that box? I swear to God, I took a pen and ripped open the box along the seam. And this couch like inflated itself and we just have a, have a, have a couch from Wayfair. I said, oh, now I get it. This is the easiest furniture purchase I've ever made in my life.

1:11:54This stupid office couch. I got it within hours of ordering it. So I don't know how that happens. Yeah. Well, the stock is working. The business is working. It's up 64 % year to date. All right. Moving, moving on to one other. Can I say one thing? I, I do think that this is the next leg of the bull market is the rate sensitive names. Now that we're back into a cutting cycle, even if it's a short lived cutting cycle, these stocks have done nothing for so long. I really liked the action in the home builders and the stocks related to houses, mortgages. It's time. I'm seeing like property and casualty insurers perking up.

1:12:33And I just want to say my best stocks in the market list has 190 names on it. Wow. The average over the last year has been like 70. Wow. So that's what's on that list now is the rate sensitive stocks that just woke up out of nowhere. Yeah. Okay. Yeah, that's working. All right. I listened to Home Depot's call. I own the stock. And this was very interesting. Speaking about like just listen to the calls. All right. So they were asked about what a potential rate cut would do for the business. And I thought this was noteworthy. Certainly, some relief on mortgage rates in particular could help. I think referring to it, a bit of a frozen housing market with 40-plus year low turnover rates and even new starts are struggling a bit.

1:13:18So lower rates would certainly help. We don't have a crystal ball on what that number is. When we talk generally, though, to our customers, each of our sets of consumers and pros, the number one reason for deferring the large project is general economic uncertainty. that is larger than prices of projects, of labor availability, all the various things we've talked about in the past, by a wide margin, economic uncertainty, excuse me, is number one. Quote off, please. I thought that was remarkable. And again, a big source of why there seems to be an enormous disconnect between how the market is behaving, between what economists and strategists and people are feeling.

1:14:08It's really something. It's special. There's no gimmick. There's no gimmick that you could pull off to make people, millions of people all at once say, f*** it. I'll do my roof. I'll do my kitchen. I'll do the bathroom. Everyone has these projects that they're waiting to do. The only way these things end up happening is if people stay in their jobs and they feel confident that they're going to be in their jobs for a while. And unfortunately, the conference board numbers, consumer confidence is just horrible. Present conditions, future conditions, like none of these numbers look good. They all look like they're headed to the zero line.

1:14:48I really think this is, maybe this is recency bias, but I can't remember another, actually, that's not true. COVID was like this, where you have the stock market making an all-time high and you're just like, I just don't get it. Home Depot is saying the number one reason is general economic uncertainty. And you're seeing that everywhere. And yet the stock market is breaking out all over the place. Now, when you really peel back the layers of the onion, we can make sense of it very easily, right? It's AI, it's CapEx and Amazon and Google, they don't care about the the unease of the general population, like their spending and rate cuts and inflation.

1:15:28Well, I don't want to say it's moderate or not, but like it, so it makes sense, but it, but it doesn't, it does and it doesn't. Well, the 20 % of Americans who I refer to as stock market, Americans who own 85 % of the stock market are not sitting around worrying about general unease. Not yet. Cause it hasn't touched them yet. Right. So we're talking about a different consumer and we're not, talking about the people who are loading up their portfolio with stocks right now. All right. So entirely different person for this next topic, for this next topic, I just want to say chart kid, Matt, I called him at four 40 and I said, I said, you've got five minutes.

1:16:09Can you make me a chart of margin debt as a percentage of S &P market cap? And he said, yes, five minutes. And I said, go, I hung up on him. Let's go. Funny. Keep going. Because I ordered a chart from these guys, and I think it's in here also. Did we order the same chart? Mine's better because I'm a professional. All right. You'll explain to me why yours is better. This is a piece at the Wall Street Journal, Telus Demos. Margin borrowing may not be a great predictor of the S &P 500's next move, but it can still tell us something useful about how to invest. We'll be, Telus, we'll be the judge of that.

1:16:42Relax. Basically, FINRA tracks the data. They don't know who's taking out the margin debt. and they don't know what they're using it for. So this is aggregate, but we topped a trillion dollars for the first time ever as of June, according to the July margin data, which I guess just came out in August. Investors are borrowing money to buy stocks and Telus goes into detail about some of the reasons why it might just be a mechanical thing. One of those reasons, which we're going to get to in chart form is just the fact that the stock market is bigger. And so margin debt is sort of rising commensurately with the overall size of the market value.

1:17:28That's one thing. Another thing is short selling. You do short selling using margin debt. And when prices rise, you have to post more collateral would be the way I would explain it, but it's post more dollars to your equity balance in the account so you can maintain your short position. So that's not people speculating on a higher market, but it's a scenario that would drive margin debt up. So there's a lot of other shit going on. But let me just quote a couple of things from here, and then I'll have you do the charts.

1:18:01If margin borrowing by individual retail investors was surging faster than the overall total, it might signal exuberance among that crowd. But FINRA doesn't track who's doing the margin borrowing or what purpose they're using it. Margin loan books grew well over 15 % at Charles Schwab and Interactive Brokers in Q2. We get that from the earnings report. On top of fees generated by trading volume, this helps fuel growth in net interest income, hence why these stocks went up so much. Robinhood's margin book grew 90 % in the second quarter from a year earlier. Okay, so that's growing faster than the stock market cap.

1:18:47One other thing I wanted to do here. This could be a double-edged sword. If prices plunge, so can margin lending. Investors roll back borrowing to slash risk. And as collateral needs shrink rather than grow, margin debits can become credits and interest income falls. So talking about the impact on the brokers and their P &L. But what about the turtles? Did I say totals or turtle? All right. Let's just go with turtles. I love it. Anyway, it's a trillion dollars in margin debt. And I know, put this chart up from WSJ real quick. This is what it looks like. Total debit balances in customer securities margin accounts.

1:19:24Over a trillion for the first time ever. And I know the way to rationalize this is to say, yeah, but look how much the stock market is up. Therefore, it's just keeping pace with blah, blah, blah. So let's do my chart, which you can make fun of, and then we'll do yours. I'm not making fun of this. This is just typical you. It's very amateur. It's very amateur. This is FINRA margin debt versus the overall market cap of the Russell 3000. And all I'm trying to do here is establish the fact that it's not like these things have completely divorced each other or that the rate of change is so wild that there's a massive gap between the Russell 3000 market cap and the total margin debt.

1:20:10I'm not trying to do anything magical here, but this is just the way I visualize what's actually happening. And when you do that, it's not a five alarm fire. Right, this is obvious. Like what, why would it be anything different? All right, show me your chart. No, I'm patting you on the back. Oh, thank you so much. I appreciate that. Actually, no, I'm patting you on the head. Show my chart. Thanks, dad. All right, show my chart. All right, this is the chart. You adjust. So margin debt as a percentage of market cap. This is all you need to know. That's it. This is it, okay? So let's tell people the numbers, please.

1:20:462008 to now. Yeah, so 2008 got a little nutty, obviously. 3.3%. Margin debt as a percentage of total market cap. And if you look at it today, it's 1.8%. And look at the change in the previous mania in 2021. Again, things went a little nutty. And yeah, they're on the rise today, certainly on the rise from the lows. But it's, you know, it's really nothing with nothing. Sorry. The message of this, of your chart, your chart's better than mine. The message of this chart is that we're not taking on enough margin debt. Yeah, what are you guys doing? Buy. Why are you guys so bearish? Relative to history.

1:21:24Did you not hit the bull market? Get involved. So as a percentage of the S &P 500's market cap, you guys just are not fired up enough like come on people get with it more leverage actually it's great segue josh to the next one well to tell us demos's credit um he did not the the headline was more alarmist than the piece no the article was great great article the article was great because i think he explained a lot of things all right um this is our last one there are now officially more ETFs than stocks. I feel like that's good, right? Yeah, why not? Is it good for you? Do you like it? There's only eight NVIDIA leveraged ETFs.

1:22:06Like it's not enough. Did you think we would get here? I always knew we would get here. Yeah, look at this chart. It was - There's another Bloomberg story, but it's Morningstar data. So the - Here, I'll just quote the number. Thanks to a breakneck pace of new launches, there are now more than 4 ,300 exchange-traded funds, a figure that for the first time eclipses the total number of stocks, currently hovering around 4 ,200. ETFs account for a quarter of the total universe of investment vehicles, up from 9 % a decade ago. Issuers have been busier than ever this year, having launched more than 640 ETFs, a record-setting pace that comes to about four per day.

1:22:51The number of funds that came to market in the first half, 469, nice, was nearly 50 % higher than the year earlier period and about 140 % above the previous five-year average. There's like a lot going on here. I would just point out one of those things is that it's cheaper than ever to get a product launched. So it's not like people are like doing this huge lift. The paperwork's faster, the law firms charge less, the exchanges are streamlined. mind, it's way easier to launch product than it was 10 years ago, 20 years ago. So let's just establish that. The second thing is it costs less to keep a zombie ETF out there that barely has any assets.

1:23:34So that also reduces the risk of launching something that doesn't catch on. And then the last component to this is these are not indexes anymore. We're not in Kansas anymore. These are active strategies. some of them pretending to be factor. Some of them are two and three X leveraged, whatever. None of this is indexed. That's over. That game has already been won. So what we're seeing now are basically almost more like stocks than they are like funds, I would argue. Right? From a risk profile perspective, from a concept perspective. The other thing is every time there's a successful product launch, that issuer doesn't just say, okay, great, we did it.

1:24:20They say, what are three more funds we can launch and create a suite? Because that's where the real money is. An ecosystem of ETFs all keying off a similar theme. So Tom Lee's launching a bunch more, like just like Kathy did. So you have these runaway hits. And then it's like, well, we have to put out another single or else the band is not going to, you know. It's human nature for one successful ETF to beget 10 more attempts. It's a lot of turtles. Is it problematic? No. I mean, well, hold on. There's a lot of junk. Is there risk to the investor? Yes, I was going to say there's a lot of junk. There's a lot of shit being thrown against the wall and some of it is sticking.

1:25:12In fact, a lot of it is smearing. A lot of it. It's so disgusting. It's truly, truly revolting. Okay. Do you think that the risk is that a lot of people are going to trip and fall over into some of these shitty products because they don't know any better? Yeah. Yes. And you know what? Like who's to say? You know what? The best way to do – I'm sorry. The best way to learn is to do. So I am optimistic that some people unfortunately get burned with more money than they should. But I'm bullish on investors learning. There has never been a more educated investor class ever. People are not dumb. They touch the stove once.

1:25:54They burn their hand. They don't touch it again. And so a lot of these things that are being launched, if they don't work, they won't take money in. I think the exchanges should raise their prices. I don't think more is more. I think the exchanges should say, okay, this is just activity for the sake of activity. You know, all this market making bullshit going on with funds that barely have any money in it. I think one of the exchanges should differentiate itself from the other, like NASDAQ or New York. One of them should say, we only do quality here. We're not focused on trading volumes. We're focused on what we think is like best for the market.

1:26:33Oh, yeah. As a shareholder of New York Stock Exchange, I don't want that. they're running a business this is capitalism it's just i don't know if i mean oh stop it don't be i i come from the 1900s and where where i come from like things like mattered i get oh shut up this is not i don't be an idealist this is this is i understand like nothing matters all right dude so why not 80 000 etfs i'm saying 10x that shit yeah why not and it's just a lottery ticket and maybe it's a piece of shit. Maybe it's not. No one's really paying attention. I don't know. You know what? We have a great guest. We have a great guest on the Compound and Friends later this week for me to get into a fight with.

1:27:17I don't have to fight with you over it. Yeah. Okay. I am. I'm going to make the case for – Dude, I'm bullish on the rotation trade. It's been a minute, minute, minute. I think we're here. You love these head fakes. I do. I'm a sucker. I should have brought you every time. They get you every time. I forgot. I am a sucker. I forgot to bring the chart of the IWMSPY, but I'm telling you, man, it's turning up. All right. This is the one. This is the time. This is the time. So Bespoke tweeted last week, there have only been 15 other days since 1990. This was, was this Friday? Maybe. When the cap weighted index fell at least 0.4 % while the equal, no, it's not funny.

1:27:56I'm going to talk about it. While the equal weighted index rallied 0.4%. I don't know if this was Wednesday or Thursday, but either way, it was an outlier. And I think the rotation is on. Here's one area that I think is going to go. Maybe not a rotation trade per se, but Chinese internet. This is the time. Look at this. You believe in triple tops? I know we don't. Oh, that's going. Right? I don't own this, but I probably should. The whole Chinese stock market is up huge this year, and nobody's talking about it. Nobody cares. Chinese internet stocks are about to go crazy, I suspect. I don't believe in triple tops.

1:28:25No, not a thing. This is good to go. Grant Hawkridge has a chart showing that the Russell 2000 has been below its all-time high for 950 days, which is one of the longest streaks of all time. Guess what? This baby is about to fly. So I am a believer that the rally is broadening out for real, for real, for real. In fact, how about this? It is happening today. That's a fact. It doesn't require faith or belief. It's happening today. but I believe that it is going to continue. If NVIDIA misses and this is the top, they're going to clip you up. That's okay. This is going to go viral. It's going to go viral.

1:29:06I'm just saying. I'm a big boy. I can take it. All right. Because it's happened to me. I've never been wrong on video before. Never, ever. What are you making the case on though? Because you're saying rotation into the rest of the market, but then you're saying like Chinese internet. You're just seeing like everything. Chinese internet was a bit of an outlier, but the things that have not worked while the bull market has just soared. All right. The things that have been left behind. So the everything else, the everything else. The 493, the 493. I love it. I love it. And I actually think you're going to be way right.

1:29:41Okay, this is going to be a tough one for you, but you're very good at this and I wanted to challenge you. And then we'll get out of here. Here's my mystery chart. Say no more, Josh. No, I'm just kidding. Yeah, right. Not this time, my friend. All right. A couple hints. It's a stock, not an ETF, not an index. It's a U.S. stock. It's a household name. It's probably the first company in U.S. history to be literally put out of business by crypto. Okay. Western Union? Holy f***ing s***, are you good? I mean, that was a great clue, so thank you. look at this are you seeing this i am this is this is a 25 stock five years ago it's eight dollars now why today why am i bringing it up today why michael i got the nod no i'm just kidding oh here's what i want to tell you um massive insider buying massive um one of these guys i I think Matthew Kagwin is the CEO on August 18th, which is when is that?

1:30:56Friday. Bought 17 ,500 shares in the open market at$8.36. That's a quarter million dollars. Two days later, three days later on the 21st, Devin McGranahan, which I guess is a board a director or an executive, bought 176 ,470 shares at$8.49. He now owns 900 ,000 shares. So he materially raised his position. The bottom line, this is NASDAQ data. Over the last three months, there have been three open market buys. But over the last 12 months, the whole way down, 23 open market buys by insiders. the number of shares bought over the last three months, 222 ,772 versus only 26 ,000 sold. Over the last 12 months, 910 ,000 shares bought versus only 200 ,000 sold.

1:32:01I like the setup. I like it. There are almost no publicly traded companies where you'll see a ratio of buys to sells like that. So, and granted, this could literally be put out of business by the blockchain. Remember, Western Union, guys, for those of you who aren't aware, is remittances from immigrants who are trying to send money back home. Historically, they paid egregious fees to Western Union, and now they can do it with Bitcoin or stable coins or whatever. And this might be the first company in history to actually be disrupted out of business by blockchain or it might double. What if there's a Western Union stable coin?

1:32:45Dude, I like that stock. I like how it's, I like how it's, I like it. I might buy it for real. I like that you guys, the mystery chart. Very proud of you. All right, we're going to let Michael get back to his vacation. I want to remind you guys, tomorrow is an all new edition of Animal Spirits. Just like every other Wednesday morning, that's my favorite podcast. Make sure to listen. Ben's got an all new edition of Ask the Compound. and then on Friday very special guest multiple appearances on the show and we're super excited to have him back so look for that on the compounded friends feed thank you guys so much for listening have an amazing summer Tuesday night

1:33:36you