Jan 14 Financial News: Retail Sales Disappoints, Biden Loses Again Supreme Court, Banks Warn, VC $’s

Video Closed Captioning:

it is friday

wow the 14th

i’m not even sure if i typed it in right

in the title i might have said it was

13th i’m gonna have to go look at that

anyways this is your daily financial

news this is a new show that you can

count on happening at 7 30

every day into something i enjoy doing

it’s frankly something i’ve been doing

for the last 25 or 30 years i just take

a bunch of notes now and share them with

you

it is friday but before we get into the

news let’s congratulate some folks in

the one rental at a time family for

doing the work

getting a deal and closing it

first off suhas congratulations your

card goes out today

tina congratulations

and then sean you get three because you

closed three deals uh in the last six

months so here you go sean

you will get three of these folks what

these are

this is my way of tracking the impact of

one rental at a time

the book the youtube channel instagram

courses facebook group all of these

things that i do every day

seven days a week i’m trying to figure

out

how i am helping i have a goal of

helping a million people

close on a deal it is a lifetime goal i

am not confused it may take a decade it

may take two but i know we can do it

together

and what i will be doing is i will be

sending out these cards every time

somebody lets me know they get a deal

and you got to give me your address it’s

kind of the deal right if you want one

of these please do that and then if you

get one please take a selfie tag me on

instagram facebook let’s get other

people understanding what we are doing

at one rental at a time because it is

clearly changing lives

weekly i am blessed to say that you

reach out to me with direct and private

messages saying how one rental at a time

helped maybe it helped you get off the

sidelines and start practicing maybe you

don’t have a deal yet but you know it is

possible that is what the book is for

maybe you are in the course and you are

focused and you’re doing your daily

disciplines and you’re getting it now

you’ll understand

what is average where your network is

all of those important things so i just

want to congratulate everyone for doing

the work i know it um

i know focus and daily discipline is not

sexy

but it works so let’s get on to the news

of the day because there is a lot of it

and a lot of it we were right about

where should we start well let’s start

with bank earnings bank earnings are

going to be interesting they are

typically the first things to come out

this morning we got wells fargo

citigroup and jp morgan

jp morgan

jp morgan’s interesting this is one to

pay attention to i would argue that jp

morgan is the

i don’t know top notch best bank

whatever that is to you i’m sure it

could be argued if you want i’m not

interested in the argument but again jp

morgan’s cfo

basically came out and said yes we beat

top line we beat bottom line yes we did

have another large loan loss reversal

again

we called this on this channel

nine quarters ago i told you this is an

accounting game they are going to over

reserve and then peel it back

later quarters it is happening right now

it happened last quarter

this is a game folks but here’s the deal

jp morgan has an internal goal

of 17

return on capital right that’s what they

target

their cfo just came out and said

in this environment which we will get to

in a minute in this environment we are

likely to miss that target for up to two

years

that’s eight quarters this is jp morgan

arguably the best bank saying the next

two years

kinda dicey now what does that mean

first inflation is real we talked about

this yesterday

wage inflation

jp morgan is not paying people minimum

wage let’s be clear about that there’s a

lot of chatter out there about all this

wage inflation is at the bottom rung

as i told you repeatedly that’s where it

starts

we raise the water raises all tides but

it starts with the folks at the lowest

level think about a boat in the water if

the water is going up the ones at the

bottom or the lowest or whatever it’s

called in nautical terms

rises first but this wage inflation this

likely five to ten years of wage

inflation will be felt by everyone

and i said it confidently six months ago

because i’ve lived through it i’ve lived

through an environment where we were

begging

college graduates to take an interview i

was

working in an environment where we were

begging sales reps to take jobs that

paid six figures

i know what’s coming and now it is here

and now jp morgan is telling you

watch out and this wage inflation is

everywhere if jp morgan is telling you

it’s happening on wall street you can

bet it’s happening in tech it’s

happening in

autos it’s happening everywhere

the other thing so again wage inflation

they also said that expenses

are expected to be up eight percent

that’s not all wages that’s everything

else

and then they expect um you know the

profit margin uh in loan growth not to

be as robust as before so all in all

jpmorgan cfo saying

not a rosy picture and if it’s not a

rosy picture for jp morgan

i wonder what that means

for the rest of us

next up citigroup beat on revenue uh

missed on profits

26

drop in profits

remember folks what did citigroup do

last last quarter a huge loan loss

reversal you can’t bite the apple twice

that is already done

big big profit drop

so again there are headwinds for the

banks they are warning you telling you

it’s coming i was shocked that jp morgan

gave two-year up to two years

that does that

i’ve not felt good about next year and

this is just more validation it’s

yeah

it’s gonna be interesting don’t know if

you heard this but the supreme court

once once again blocks

a mandate

this one is a vaccine mandate for large

employees companies over 100 people

there was a vaccine or testing mandate

issued by the biden administration i

told you

one was that nine months 12 months ago

that this was likely unconstitutional

just

like the eviction moratorium

it is on record i love the fact that

youtube videos are saved so it is on

record i also said in that video just

like the eviction moratorium this could

take up to a year

to get to the supreme court and guess

what

did it again we were right again

i find it interesting that the president

of the united states has now done twice

something that i suspect if he had truth

serum he would know was illegal and

unconstitutional but he also knew that

our legal system is

slow so i think he on purpose did some

things that he at least felt were

unconstitutional to buy a year to 14

months

not sure how i feel about that kind of

using the system to buy time

not sure i like that but it is what it

is

uh what else is going on oh mortgage

rates highest since march of 2020

again this is not going to be something

new they are going higher

i expect as i’ve said before

if you’re a real estate agent you’re

likely going to see this spike in

interest rates

pull off some demand

so it is very unfortunate time we have

record low inventory we’re likely to see

a jump in demand at least in the short

term i think six to eight weeks

that just means um

yeah it’s

even less inventory it’s it’s a wild

environment

retail sales retail sales for the month

of december disappoint

this just tells me that my call that q1

is going to be slow is

feeling pretty pretty good

for the quarter they were great because

people bought early just like we told

you on this channel we were telling you

hey

empty shelves christmas is going to be

over you can’t get your kids presents

blah blah blah blah blah by early

we did and then december came and we

didn’t have any more money we were all

shopped out and even online

just to show you how bad it was online

sales were down 8.7

month on month

folks this is inflation this is

stagflation what we are entering

seemingly for the first six months of

next year or not next year shoot we’re

in january this year is an environment

of stagflation low growth falling growth

rising inflation

it is not fun

when inflation rises people shop less

because they have to pay more on gas on

rent on these things that are important

i told you this was coming and it is

here

it does not feel good to say but we’ve

got to get through it

if we don’t pay the price now the pain

will be paid later with interest

i hope you were listening

next up uh on the real deal uh again

it’s a site that is very real estate

focused really big commercial stuff

focused saw that there was a miami-based

investment fund who bought a building in

i may mispronounce this

hilalea

actually don’t know where that is but

anyways the story is they bought the

building and they are raising rents 50

to 65

this is a 200 unit building where rents

are going up 50 to 65 percent

apparently the old owner was drastically

under market uh they are raising rent

and that just

yeah that uh

you’re going to have a lot of turnover

you’re likely going to have some

yeah that’s

yeah that’s that’s that’s crazy rent

that’s crazy for the entire building 50

to 65

vc dollars in the bay area fall 30

percent again this is what i told you is

coming this is my great fear for the bay

area

we have now had two years of negative

population growth we have now seen the

folks that can

leave

that is not a good sign now the money

the money that makes the bay area go the

silicon valley go is going elsewhere

the bay area silicon valley dollars are

down 30 percent

yeah i think it’s hilaleo frank florida

sorry yeah i should have said florida

i’m not i don’t know how to say that but

anyways thank you chester yes so again

vc dollars in the bay area are falling

30 percent

that means they are going somewhere else

like austin nashville miami

folks

the bay area could be in big trouble in

four to five years we continue to have

population growth the vc dollars that

make the next generation of tech

companies go don’t show up

problem

right may not be a problem one or two

years but

yeah california you are unkind you’re

over regulated you have a administration

that is uh

unfriendly

and people are going elsewhere that can

now vc dollars that make the future

happen are going somewhere else

i hope you’re listening

newsom this is on you

yeah on him uh profit for s p 500

companies last year uh rose 24 22 and q4

uh 50

on 2021 although of course as you know

we’re not really interested in last year

we’re thinking about this year

earnings really start next week

so i’ll be looking for future uh

statements

looks like uh the ban on lawmakers from

trading stocks is picking up steam which

i’m very very happy about

the fact that nancy pelosi

can trade stocks and call it a free

market

is laughable

uh i’m i’m okay with them doing etfs and

index funds and all of that i get it

they generally speaking are rich

but the fact that they can front run

stocks

not okay

not okay it’s not okay for us to do why

is it okay for you to do i mean

the hypocrisy in that thinking is crazy

uh grocery stores a lot of i’ve actually

went to a grocery store the other day

for the first time in a while and i was

shocked at how

i don’t want to call it empty let’s call

it bear

how bare the shelves were

it felt like i showed up after a black

friday sale and it’s like just the

leftovers are there it was it was kind

of shocking so i did some digging into

grocery stores what’s going on again

they are expecting a four to six week

kind of uh

difficulty because what they’re seeing

is their employees generally speaking

are out sick at a disproportionate

amount they don’t have the staff to

backfill people that are sick

on top of that their workforce for

delivery and truck drivers and all of

that same deal

and then their suppliers are the same

deal so there’s a whole stack

of individuals and companies involved in

getting something to the shelf that are

very disconnected this is what i told

you was coming right remember i said

airlines canceling flights i want to

know what’s happening

that we can’t see a la grocery stores

and now we are seeing it

grocery stores are saying this this it

could be this way

and it could get worse over the next

four to six weeks so let’s see what’s

going on uh and then lastly i read

articles from three wall street

luminaries i’m not really sure that i

feel great about any of them but first

jeffrey gundlach

refreshing recessionary pressures are

building

with inflation the fed is wildly behind

the curve

i have to say i agree and we’ve been

talking about that for at least three

months jeremy siegel jeremy siegel is

interesting because historically he is a

bull he is the gentleman that is often

credited with calling the dow 20 000.

and he is like

guys watch out the fed has to be more

aggressive to me

i’m talking about jerome powell

continuing to be paul voker not just

talking garbage like greenspan so we

shall see and then finally kyle bass

kyle bass not feeling great about the

stock market if

this is a big if

if jerome powell sticks to his guns like

volcker or is he going to wilt at the

first decline in the market and give

wall street the the candy that it wants

so again lots of stuff going on so i

hope you’re having a wonderful day today

is friday

december 14th this is your daily

financial news if you like this stuff

like subscribe comment let’s have some

fun together share these videos we are

going to help a million people together

i cannot do it alone i might reach 10

000 people but if we do it together we

can reach a million have a wonderful day

we should be speaking with stephen dao

here in a few minutes uh then at nine

o’clock matt and i speak again do the

the wrap up at 10 o’clock and i have a

really special guest at 10 30.

it is someone i’ve spoken to i think

twice before

he is huge

on youtube i’m going to just leave it

there let you guys guess who it is if

you’ve been if you’re an og of the

channel you might be able to guess i

think we’ve spoken twice and i’ve been

on his youtube channel twice so just so

you know it’s not meet kevin because

i’ve never been on meet kevin’s channel

it is someone who’s really big on

youtube

i’ve been on his channel i think twice

he’s been on my channel twice so let’s

see what you guys think who is it leave

your guesses below 10 30 it’ll probably

be my four and six o’clock video bye bye

it is friday

wow the 14th

i’m not even sure if i typed it in right

in the title i might have said it was

13th i’m gonna have to go look at that

anyways this is your daily financial

news this is a new show that you can

count on happening at 7 30

every day into something i enjoy doing

it’s frankly something i’ve been doing

for the last 25 or 30 years i just take

a bunch of notes now and share them with

you

it is friday but before we get into the

news let’s congratulate some folks in

the one rental at a time family for

doing the work

getting a deal and closing it

first off suhas congratulations your

card goes out today

tina congratulations

and then sean you get three because you

closed three deals uh in the last six

months so here you go sean

you will get three of these folks what

these are

this is my way of tracking the impact of

one rental at a time

the book the youtube channel instagram

courses facebook group all of these

things that i do every day

seven days a week i’m trying to figure

out

how i am helping i have a goal of

helping a million people

close on a deal it is a lifetime goal i

am not confused it may take a decade it

may take two but i know we can do it

together

and what i will be doing is i will be

sending out these cards every time

somebody lets me know they get a deal

and you got to give me your address it’s

kind of the deal right if you want one

of these please do that and then if you

get one please take a selfie tag me on

instagram facebook let’s get other

people understanding what we are doing

at one rental at a time because it is

clearly changing lives

weekly i am blessed to say that you

reach out to me with direct and private

messages saying how one rental at a time

helped maybe it helped you get off the

sidelines and start practicing maybe you

don’t have a deal yet but you know it is

possible that is what the book is for

maybe you are in the course and you are

focused and you’re doing your daily

disciplines and you’re getting it now

you’ll understand

what is average where your network is

all of those important things so i just

want to congratulate everyone for doing

the work i know it um

i know focus and daily discipline is not

sexy

but it works so let’s get on to the news

of the day because there is a lot of it

and a lot of it we were right about

where should we start well let’s start

with bank earnings bank earnings are

going to be interesting they are

typically the first things to come out

this morning we got wells fargo

citigroup and jp morgan

jp morgan

jp morgan’s interesting this is one to

pay attention to i would argue that jp

morgan is the

i don’t know top notch best bank

whatever that is to you i’m sure it

could be argued if you want i’m not

interested in the argument but again jp

morgan’s cfo

basically came out and said yes we beat

top line we beat bottom line yes we did

have another large loan loss reversal

again

we called this on this channel

nine quarters ago i told you this is an

accounting game they are going to over

reserve and then peel it back

later quarters it is happening right now

it happened last quarter

this is a game folks but here’s the deal

jp morgan has an internal goal

of 17

return on capital right that’s what they

target

their cfo just came out and said

in this environment which we will get to

in a minute in this environment we are

likely to miss that target for up to two

years

that’s eight quarters this is jp morgan

arguably the best bank saying the next

two years

kinda dicey now what does that mean

first inflation is real we talked about

this yesterday

wage inflation

jp morgan is not paying people minimum

wage let’s be clear about that there’s a

lot of chatter out there about all this

wage inflation is at the bottom rung

as i told you repeatedly that’s where it

starts

we raise the water raises all tides but

it starts with the folks at the lowest

level think about a boat in the water if

the water is going up the ones at the

bottom or the lowest or whatever it’s

called in nautical terms

rises first but this wage inflation this

likely five to ten years of wage

inflation will be felt by everyone

and i said it confidently six months ago

because i’ve lived through it i’ve lived

through an environment where we were

begging

college graduates to take an interview i

was

working in an environment where we were

begging sales reps to take jobs that

paid six figures

i know what’s coming and now it is here

and now jp morgan is telling you

watch out and this wage inflation is

everywhere if jp morgan is telling you

it’s happening on wall street you can

bet it’s happening in tech it’s

happening in

autos it’s happening everywhere

the other thing so again wage inflation

they also said that expenses

are expected to be up eight percent

that’s not all wages that’s everything

else

and then they expect um you know the

profit margin uh in loan growth not to

be as robust as before so all in all

jpmorgan cfo saying

not a rosy picture and if it’s not a

rosy picture for jp morgan

i wonder what that means

for the rest of us

next up citigroup beat on revenue uh

missed on profits

26

drop in profits

remember folks what did citigroup do

last last quarter a huge loan loss

reversal you can’t bite the apple twice

that is already done

big big profit drop

so again there are headwinds for the

banks they are warning you telling you

it’s coming i was shocked that jp morgan

gave two-year up to two years

that does that

i’ve not felt good about next year and

this is just more validation it’s

yeah

it’s gonna be interesting don’t know if

you heard this but the supreme court

once once again blocks

a mandate

this one is a vaccine mandate for large

employees companies over 100 people

there was a vaccine or testing mandate

issued by the biden administration i

told you

one was that nine months 12 months ago

that this was likely unconstitutional

just

like the eviction moratorium

it is on record i love the fact that

youtube videos are saved so it is on

record i also said in that video just

like the eviction moratorium this could

take up to a year

to get to the supreme court and guess

what

did it again we were right again

i find it interesting that the president

of the united states has now done twice

something that i suspect if he had truth

serum he would know was illegal and

unconstitutional but he also knew that

our legal system is

slow so i think he on purpose did some

things that he at least felt were

unconstitutional to buy a year to 14

months

not sure how i feel about that kind of

using the system to buy time

not sure i like that but it is what it

is

uh what else is going on oh mortgage

rates highest since march of 2020

again this is not going to be something

new they are going higher

i expect as i’ve said before

if you’re a real estate agent you’re

likely going to see this spike in

interest rates

pull off some demand

so it is very unfortunate time we have

record low inventory we’re likely to see

a jump in demand at least in the short

term i think six to eight weeks

that just means um

yeah it’s

even less inventory it’s it’s a wild

environment

retail sales retail sales for the month

of december disappoint

this just tells me that my call that q1

is going to be slow is

feeling pretty pretty good

for the quarter they were great because

people bought early just like we told

you on this channel we were telling you

hey

empty shelves christmas is going to be

over you can’t get your kids presents

blah blah blah blah blah by early

we did and then december came and we

didn’t have any more money we were all

shopped out and even online

just to show you how bad it was online

sales were down 8.7

month on month

folks this is inflation this is

stagflation what we are entering

seemingly for the first six months of

next year or not next year shoot we’re

in january this year is an environment

of stagflation low growth falling growth

rising inflation

it is not fun

when inflation rises people shop less

because they have to pay more on gas on

rent on these things that are important

i told you this was coming and it is

here

it does not feel good to say but we’ve

got to get through it

if we don’t pay the price now the pain

will be paid later with interest

i hope you were listening

next up uh on the real deal uh again

it’s a site that is very real estate

focused really big commercial stuff

focused saw that there was a miami-based

investment fund who bought a building in

i may mispronounce this

hilalea

actually don’t know where that is but

anyways the story is they bought the

building and they are raising rents 50

to 65

this is a 200 unit building where rents

are going up 50 to 65 percent

apparently the old owner was drastically

under market uh they are raising rent

and that just

yeah that uh

you’re going to have a lot of turnover

you’re likely going to have some

yeah that’s

yeah that’s that’s that’s crazy rent

that’s crazy for the entire building 50

to 65

vc dollars in the bay area fall 30

percent again this is what i told you is

coming this is my great fear for the bay

area

we have now had two years of negative

population growth we have now seen the

folks that can

leave

that is not a good sign now the money

the money that makes the bay area go the

silicon valley go is going elsewhere

the bay area silicon valley dollars are

down 30 percent

yeah i think it’s hilaleo frank florida

sorry yeah i should have said florida

i’m not i don’t know how to say that but

anyways thank you chester yes so again

vc dollars in the bay area are falling

30 percent

that means they are going somewhere else

like austin nashville miami

folks

the bay area could be in big trouble in

four to five years we continue to have

population growth the vc dollars that

make the next generation of tech

companies go don’t show up

problem

right may not be a problem one or two

years but

yeah california you are unkind you’re

over regulated you have a administration

that is uh

unfriendly

and people are going elsewhere that can

now vc dollars that make the future

happen are going somewhere else

i hope you’re listening

newsom this is on you

yeah on him uh profit for s p 500

companies last year uh rose 24 22 and q4

uh 50

on 2021 although of course as you know

we’re not really interested in last year

we’re thinking about this year

earnings really start next week

so i’ll be looking for future uh

statements

looks like uh the ban on lawmakers from

trading stocks is picking up steam which

i’m very very happy about

the fact that nancy pelosi

can trade stocks and call it a free

market

is laughable

uh i’m i’m okay with them doing etfs and

index funds and all of that i get it

they generally speaking are rich

but the fact that they can front run

stocks

not okay

not okay it’s not okay for us to do why

is it okay for you to do i mean

the hypocrisy in that thinking is crazy

uh grocery stores a lot of i’ve actually

went to a grocery store the other day

for the first time in a while and i was

shocked at how

i don’t want to call it empty let’s call

it bear

how bare the shelves were

it felt like i showed up after a black

friday sale and it’s like just the

leftovers are there it was it was kind

of shocking so i did some digging into

grocery stores what’s going on again

they are expecting a four to six week

kind of uh

difficulty because what they’re seeing

is their employees generally speaking

are out sick at a disproportionate

amount they don’t have the staff to

backfill people that are sick

on top of that their workforce for

delivery and truck drivers and all of

that same deal

and then their suppliers are the same

deal so there’s a whole stack

of individuals and companies involved in

getting something to the shelf that are

very disconnected this is what i told

you was coming right remember i said

airlines canceling flights i want to

know what’s happening

that we can’t see a la grocery stores

and now we are seeing it

grocery stores are saying this this it

could be this way

and it could get worse over the next

four to six weeks so let’s see what’s

going on uh and then lastly i read

articles from three wall street

luminaries i’m not really sure that i

feel great about any of them but first

jeffrey gundlach

refreshing recessionary pressures are

building

with inflation the fed is wildly behind

the curve

i have to say i agree and we’ve been

talking about that for at least three

months jeremy siegel jeremy siegel is

interesting because historically he is a

bull he is the gentleman that is often

credited with calling the dow 20 000.

and he is like

guys watch out the fed has to be more

aggressive to me

i’m talking about jerome powell

continuing to be paul voker not just

talking garbage like greenspan so we

shall see and then finally kyle bass

kyle bass not feeling great about the

stock market if

this is a big if

if jerome powell sticks to his guns like

volcker or is he going to wilt at the

first decline in the market and give

wall street the the candy that it wants

so again lots of stuff going on so i

hope you’re having a wonderful day today

is friday

december 14th this is your daily

financial news if you like this stuff

like subscribe comment let’s have some

fun together share these videos we are

going to help a million people together

i cannot do it alone i might reach 10

000 people but if we do it together we

can reach a million have a wonderful day

we should be speaking with stephen dao

here in a few minutes uh then at nine

o’clock matt and i speak again do the

the wrap up at 10 o’clock and i have a

really special guest at 10 30.

it is someone i’ve spoken to i think

twice before

he is huge

on youtube i’m going to just leave it

there let you guys guess who it is if

you’ve been if you’re an og of the

channel you might be able to guess i

think we’ve spoken twice and i’ve been

on his youtube channel twice so just so

you know it’s not meet kevin because

i’ve never been on meet kevin’s channel

it is someone who’s really big on

youtube

i’ve been on his channel i think twice

he’s been on my channel twice so let’s

see what you guys think who is it leave

your guesses below 10 30 it’ll probably

be my four and six o’clock video bye bye

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