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