Laminate Money

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Stocks A tough September (https://www.barrons.com/articles/when-to-buy-stocks-september-44d37a64?mod=hp_LEAD_1_B_2)

Level Three Autonomy has Arrived in the Benz (https://www.theverge.com/2023/9/27/23892154/mercedes-benz-drive-pilot-autonomous-level-3-test)

Economy

The Unstoppable Dollar (https://apple.news/AEgbNuEl_T_i-nrTPdQ8KFw)

Student Loan Payments Start Again (https://www.cnbc.com/2023/10/01/how-the-restart-of-student-loan-payments-could-shake-the-economy.html)

Personal Finance

Knowledge Compounds - Tired and Rich

Dandelion Decision Making

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Show notes:

Nvidia’s data center revenue doubled in the quarter - among other massive achievements

What Cisco can teach us about Nvidia

How diet pills are hurting the Danish economy

The next big IPO will test the market and AI

Your phone may be getting a new charging port

Millions of dollars are going to space to make drugs and semiconductors

0-DTE options have accounted for 43% of S&P 500 options in 2023 🤯

Did Hawaii Electric cause the Maui wildfires?

Prigozhin dies in a plane crash - Putin called his fate “complicated” and said “made serious mistakes in his life.”

Jerome Powell is on his annual mountain retreat

What home can you actually afford, by mortgage payment

Rising insurance costs start to hit home sales

Some crazy stories about big decisions

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Stocks Disney report earnings The stock market is at it’s 10th best start EVER Layers to LLMs AI investment forecast to approach $200 billion globally LK-99, what is that? Economy Why rates may go higher Credit card debt sets new record at $1 trillion, and it doesn’t mean anything It’s inflation, but it’s different Where Is Shelter Inflation Headed? Jobs are still hot, but less hot Housing Americans are sitting on a ton of home equity

On today’s show we discuss the future of technology stocks in the 2023 market, EUV and ASML’s “monopoly on magic”, the risk reward of the stock market and why it may be deceiving, China’s deflations worries and what that may mean for the world economy, the downgrade on US debt and it’s implication on the market, the potential Birkenstock IPO, and the mall that sold for 93% LESS than it was worth in 2012 and the current Fargo housing market. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads Become a client of Fjell Capital Stocks Everything is up (https://www.capitalspectator.com/all-the-major-asset-classes-now-posting-gains-year-to-date/) Apple Card savings accounts surpass $10 billion in deposits] (https://techcrunch.com/2023/08/02/apple-cards-savings-account-reaches-over-10-billion-in-deposits/) Amazon shows strength (https://www.cnbc.com/2023/08/03/amazon-amzn-q2-earnings-report-2023.html) Interesting music stats (https://www.goldmansachs.com/intelligence/pages/infographics/music-in-the-air-2022/index.html?chl=em&plt=briefings&cid=804&plc=body) Tech or energy or industrials? (https://allstarcharts.com/regime-change/) The magic (https://thegeneralist.substack.com/p/asml) of Dis… I mean EUV (https://www.goldmansachs.com/intelligence/page/euv-made-semiconductor-chips-will-enable-next-wave-of-ai.html?chl=em&plt=briefings&cid=728&plc=body)? Equity risk premium doesn’t feel like a premium (https://www.wsj.com/articles/the-benefit-of-owning-stocks-over-bonds-keeps-shrinking-20528203?st=3f6714nwzhbesdx&reflink=desktopwebshare_permalink) Economy Inflation at home, deflation in China (https://www.wsj.com/articles/while-everyone-else-fights-inflation-chinas-deflation-fears-deepen-4045cabf?st=gc67142y963xyxt&reflink=desktopwebshare_permalink) Fitch downgraded US debt (https://www.axios.com/2023/08/01/fitch-ratings-us-credit-rating-downgrade) Microsoft has a higher credit rating that the US (https://www.linkedin.com/feed/update/urn:li:activity:7092611286336729088/) The US has fallen behind (https://twitter.com/DisruptorStocks/status/1686739033848700928) several other countries with their credit rating The big state’s labor markets are rolling over (https://www.visualcapitalist.com/unemployed-workers-vs-job-openings-by-us-state/) Housing Beyond Realty Fargo housing market update (https://www.linkedin.com/feed/update/urn:li:activity:7092552292087824385/) Is the local mall dead? (https://www.wsj.com/articles/local-malls-stuck-in-death-spiral-plunge-in-value-a7998b7d?st=065bno0mo3iqafg&reflink=desktopwebshare_permalink) -------------------------------------------------------------------------------- Chapters 00:00 Introduction 03:06 All major asset classes are higher 05:49 Will tech stocks turnover and underperform 09:17 The equity risk premium is gone 15:38 Amazon reports stellar earnings 20:40 The Apple card crests $10B in deposits and Apple reports earnings 25:40 What is going on in the music industry 35:45 EUV and the monopoly on magic 43:25 Fitch downgrades US debt 48:21 Fargo real estate market 49:52 This mall saw a 99% drawdown in price 53:12 Jobs across the country 55:40 Close

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Suggestion

No one knows what to do, though they know who can help them

What Went On

Investors frequently make less than their investments

Investors are still bearish - even after a double digit year so far

Google and Microsoft are paying big to play AI

Growth isn’t even slowing

Powell: “we need to get this done”

Say goodbye to the crypto fund

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Chapters

00:00 - Introduction

01:43 - Welcoming Tom back to the Pod

02:16 - Financial Literacy in America

16:59 - People Tend to Underperform their Investments

22:05 - Investors are Bearish Despite a 20% Rally in the Stock Market

26:57 - Google and Microsoft are Paying Big to Play in AI

32:45 - GDP Accelerates 2.4%

35:43 - Jerome Powell "We need to get this done."

41:14 - Protection on the Stock Market is "the cheapest you've ever seen"

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This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Tom Stadum, Dan Schuster, Jacob Radke, and Noah Gjesdahl work for Fjell Capital in Fargo North Dakota and all opinions expressed by Tom, Dan, Jacob, Noah, or any podcast guests are solely their own opinion and do not reflect the opinions of Fjell Capital. Tom, Dan, Jacob, and Noah are registered representatives of Sanctuary Securities and investment advisor representatives of Sanctuary Advisors. Fjell Capital is a DBA of Sanctuary Securities and Sanctuary Advisors.

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money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

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Suggestion

The Investment Fallacy of Good or Bad (https://www.fjellcapital.com/posts/the-investment-fallacy-of-good-or-bad)

What Went On

Let’s talk about AI

Microsoft (https://www.cnbc.com/2023/07/18/microsoft-stock-hits-all-time-high-on-new-copilot-ai-subscription.html)

Apple (https://www.msn.com/en-us/news/technology/apple-added-71-billion-to-its-market-value-after-news-that-it-s-been-secretly-building-an-apple-gpt-to-rival-openai/ar-AA1e7icN)

Meta (https://www.reuters.com/technology/meta-opens-ai-model-commercial-use-throwing-nascent-market-into-flux-2023-07-18/)

Speculative stocks are soaring (https://www.wsj.com/articles/tech-stocks-meme-stocks-crypto-investors-are-feeling-bold-again-f158812b?st=j78bddzehyo9jd4&reflink=desktopwebshare_permalink)

The VIX is way down, lowest since before COVID (https://www.axios.com/2023/07/19/the-stock-markets-volatility-index-points-toward-a-bull-market)

Did you miss it? (https://thisisthetop.substack.com/p/you-missed-it)

Key line: What you don’t want is your excitement around cash yields to prevent you from putting your money to work.

Netflix added 5.9 million subscribers in the quarter (https://www.cnbc.com/2023/07/19/netflix-earnings-show-strength-amid-media-chaos.html)

Ads on Threads (https://www.bigtechnology.com/p/advertisers-to-zuck-take-our-money)

Thoughts on the year so far

What Went On

Goldman raises target on the S&P 500 to a 25% of $4,800 by the end of the year

Stocks rip on slower inflation

JPMorgan’s profit jumped 67% on First Republic

Banking regs are getting stricter

VC funding is in shambles

What does all of this empty commercial space look like

Do hard things

On this week’s episode Jacob, Dan, and Noah talk about what Laminate Money is, the incredible success and the opportunity and risks around Meta’s new platform Threads, home price growth in the US, Friday’s payrolls report, big pharma’s big cash pile, 11 ways cynics argue any news is bad news, and how Goldman Sachs plans to leave it’s partnership with Apple. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the Weekend Reads Become a client of Fjell Capital Suggestion What is Laminate Money What Went On Meta Threads - https://www.fjellcapital.com/posts/meta-threads?utm_campaign=ep40&utm_medium=social&utm_source=fjellcorporate U.S. Home Price Growth 1983-2023 - The Big Picture (https://ritholtz.com/2023/07/u-s-home-price-growth-1983-2023/) The Average Monthly Mortgage Payment is 100% Higher than 18 Months Ago (https://www.fjellcapital.com/posts/the-average-monthly-mortgage-payment-is-100-higher-than-18-months-ago?utm_campaign=ep40&utm_medium=social&utm_source=fjellcorporate) Wage Gains, Low Unemployment Keep Pressure on Fed; Hiring Slowed in June, Jobs Report Shows (https://www.wsj.com/articles/june-jobs-report-unemployment-rate-economy-growth-2023-af4d6547?mod=hp_lead_pos1) 11 ways cynics argue any news is bad news 👎 (https://www.tker.co/p/market-economic-news-bad-both-ways)

-------------------------------------------------------------------------------- money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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What Went On The estimates keep getting revised up (https://www.axios.com/2023/06/22/sp-500-us-stocks-earnings-outlook)The mid year outlook from Capital Group (https://www.capitalgroup.com/advisor/pdf/shareholder/MFCPBR-096-1039324.pdf?sfid=168949301&cid=81011868&et_cid=81011868&cgsrc=SFMC&alias=btn-LP-CTA)Charles Schwab modern wealth survey (https://content.schwab.com/web/retail/public/about-schwab/schwab_modern_wealth_survey_2023_findings.pdf)The key to making good financial decisions (https://www.forbes.com/sites/timmaurer/2023/06/04/the-key-to-making-good-financial-decisions-connecting-with-your-future-self/?sh=5c224b2e5b66)People hold fond memories of the past, but the present is always a threat (https://kyla.substack.com/p/the-nostalgia-cycle-loop)Be a ruthless editor in chief (https://www.artofmanliness.com/character/behavior/sunday-firesides-be-a-ruthless-editor-in-chief/)

Quote of the Week “This is going to be a profound technology inflection point, like mobile devices were, like the move toward the cloud was, like the advent of social media.” - Shantanu Narayen, CEO of Adobe

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Show Notes

Suggestion

https://www.fjellcapital.com/posts/how-to-increase-your-influence-and-achieve-success

What Went On

16 levels of wealth (https://collabfund.com/blog/the-spectrum-of-financial-dependence-and-independence/)

Civil war in Silicon Valley (https://www.tabletmag.com/sections/news/articles/silicon-valley-civil-war)

The 3 options for housing (https://awealthofcommonsense.com/2023/05/the-housing-market-lottery/)

Genius of Disney (https://www.wsj.com/articles/netflix-pitches-advertisers-as-ad-tier-trails-smaller-rivals-dd394ffb?mod=hp_lead_pos3)

The craziest headline I have seen in a while - “Home Prices Posted Largest Annual Drop in More Than 11 Years in April” (https://www.wsj.com/articles/home-prices-posted-largest-annual-drop-in-more-than-11-years-in-april-613f2d58)

Quote of the week

“If you give people free money, they will do stupid things.” - Stan Druckenmiller

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Suggestion

Fixing financial mistakes What Went On

How Interest Rates & Inflation Impact Stock Market Valuations

Money Can’t Buy Happiness…Or Can It?

Political debt ceiling chicken

JPMorgan acquires First Republic Bank, PacWest is looking for a buyer, and regionals feel the pain

ChatGPT and AI maybe just claimed it’s first victim

New York and Cali lost over $90 billion in income over the pandemic

Apple found strength in India

Quote of the Week

“It's always a sad day when you see a bank fail but we are all very pleased to get the major source of uncertainty that was remaining from the recent bank turmoil addressed… This is a case of a small handful of banks that were poorly managed and getting this addressed is very important.” CEO of JPMorgan Chase, Jamie Dimon, on the First Republic acquisition

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Suggestion What Do I Mean by Margin Anyway? (fjellcapital.com) What Went On

The problem with being house rich

The unbearable heaviness of being positioned

The Free Money Feels (And May Be) Gone

Fire Sale: $300 Million San Francisco Office Tower, Mostly Empty. Open to Offers. - WSJ

SPACs Delivered Easy Money, but Now Companies Are Running Out - WSJ

Earnings season is going phenomenal, just look at these companies that are able to pass higher prices (easily)

Price over volume

Cleary luxury has a place in the world, LVMH is Europe’s first $500 billion company

Quote of the Week

“Apple was not that hard to understand. I mean, how dumb was I.” Legendary investor Peter Lynch on missing Apple.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Suggestion Focus on Automation (fjellcapital.com) What Went On

How Much Lifestyle Creep is Okay?

Will We Ever See Affordable Housing Prices Again? What is an affordable house? Current housing market update.

Thoughts on today’s markets and what could lie ahead.

Hedge funds are ultra-bearish on US Treasuries (substack.com) - taking the contrarian view?

Apple unveiled its first store in India, Bloomberg reported earlier this week that Apple reported nearly $6 billion in sales in the year ending in March.

US prime-age labor force participation rate (the preferred metric) is back to 2019 levels

Margins are getting pressed, and it’s most prevalent in Tesla (29.1% in q4’22 and 19.3% in q1’23 on higher revenues), but its because of price reductions. Producer prices tell this story all to well. Those seller prices have been falling and that ultimately means companies are getting compressed on margin.

Quote of the Week “If you can convince people to pay $40 for $4 boxes of cereal, maybe, just maybe, you can convince strangers to live with each other,” - ⁠Paul Graham on Airbnb’s unlikely success⁠

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Suggestion https://www.fjellcapital.com/posts/follow-no-one

What Went On

What is the ultimate level of wealth?

AI is meant to mimic humans, and that makes it have the same emotional biases we have. It won’t beat the market… inverse AI ETF here we come.

Rising rates? Good for some but not for others

The Fed is unhinged… talks about how there will be a recession in there rate decision meeting and doesn’t pause rates

Let’s talk about de-dollarization… it’s a joke who’s going to provide the world with assets if not the US government *for the time being

Quote of the Week “⁠but it feels like that’s moving in the right direction.⁠” - Chicago Fed President Goolsbee on inflation

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Suggestion

Your best assets should be your biggest assets (fjellcapital.com)

What Went On

Where are the jobs going…

Australian CB > The Federal Reserve… Declining yields should tell investors recession not bull market

Take a second to reflect on Jamie Dimon’s composure in his annual letter

Commodities started ripping higher gold and oil

It’s a funnel not a filter Quote of the Week ⁠“We [JPMorgan Chase & Co] are champions of banking’s essential role in a community - its potential for bringing people together, for enabling companies and individuals to attain their goals, and for being a source of strength in difficult times.” - Jamie Dimon, CEO of JPMorgan Chase & Co⁠

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Suggestion Treat your financial life like a tech company

What Went On

Why the Stock Market Makes You Feel Bad All the Time - A Wealth of Common Sense

The housing market is rising in the east and setting in the west, just like the sun

Apple Pay Later and AI’s potential effect on marketing, will you be spending more money involuntarily.

The Metaverse goes dark

Donald Trump gets indicted on 30 some accounts of document fraud

There will be losers, the first to feel the tension are using the first to fall Quote of the Week

“When the weathermen pack umbrellas, the forecast is for rain.” -Will Robbins, Equity Portfolio Manager at Capital Group

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

The Good Was the Techcession in 2022 good for the Tech market in 2023, or is it fake? The Bad What are CDS and why are they heavily watched in the banking sector.

The Comical Movies and TV depictions of destinations is a key factor in travel plans

The Headscratcher Small banks hold nearly 70% of commercial real estate loans (axios.com) A shock to lending standards - The Reformed Broker

What went on The Fed raised rates Bond market swings are the most volatile since '08 — just look at the ICE BofA MOVE Index (axios.com) Google Launches Bard AI Chatbot to Counter ChatGPT - WSJ Block: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion – Hindenburg Research

Win of the week Old economy companies

Time Machine Remote work is starting to hit office rents (axios.com)

Quote the week “I mentioned with rate cuts, rate cuts are not in our base case and so, that's all I have to say. Thank you. Thank you very much.” -Jerome Powell

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Description: On this weeks episode Tom, Jacob, and Carissa talk about the recent rout of banks that experienced major drawdowns and mini crises, the Powell Congressional testimony, as well as the Friday payrolls report.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Subscribe to our newsletter: Weekend Reads

• The GoodI believe this last week will prove to be a pivot in the 2022 saga
  We finally broke something - by Genevieve Roch-Decter, CFA (substack.com)
  
• The Bad Silicon Valley Bank, Silvergate Capital, First Republic, Charles Schwab, big and small banks alike
  
• The Comical The market cared zilch about the payrolls report on Friday (unlike anticipated, hell week for different reasons)
  
• The Head Scratcher What will the Fed do now?
  
• What Went On - Jacob
  Jerome Powell testified to Congress on Tuesday and Wednesday
  Used vehicle prices rising at an unseasonably strong rate (cnbc.com)
  Nvidia grew from gaming to A.I. giant and now powering ChatGPT (cnbc.com)
  Home prices experience their 3 worst drawdown (and experiencing year over year declines for the first time since 2012)
  
• Win of the Week
  Short form streaming, Spotify is making its feed look more like tiktok, joining the gang of TikTokesq feeds
  
• Time Machine
  New Drugs Are Coming to Market at Sky-High Prices - WSJ
  
• Quote of the Week
  "There are recent developments that concern a few banks that I'm monitoring very carefully and when banks experience financial losses, it is and should be a matter of concern," Ms. Yellen
  

• The Good
  Eli Lilly's Insulin Price Cap Squeezes Other Drug Makers | Barron's (barrons.com)
  
• The Bad
  Americans in Their 30s Are Piling On Debt - WSJ
  
• The Comical
  Should the moon have its own time zone? (nbcnews.com)
  
• The Head Scratcher
  A Lab Leak in China Most Likely Origin of Covid Pandemic, Energy Department Says - WSJ
  
• What Went On
  U.K. Chip Designer Arm Plans New York Share Listing, in Blow to London’s Stock Market - WSJ
  Home foreclosures are ticking back up (axios.com)
  Key Fed inflation measure rose 0.6% in January, more than expected (cnbc.com)
  Berkshire Hathaway 2022 annual report - The Reformed Broker
  
• Win of the Week
  Activist investors are a good thing for shareholders (not so much for the founders)
  
• Time Machine
  Unusually heavy snowfall on US west coast is ‘once-in-a-generation’ event | Extreme weather | The Guardian
  
• Quote of the Week
  “Best career advice I've heard on how to make money: Lie to people who want to be lied to, and you’ll get rich. Tell the truth to those who want the truth, and you’ll make a living. Tell the truth to those who want to be lied to, and you’ll go broke. Choose wisely.” - Nick Maggiulli

• The Good The strong job report could’ve been caused by warm weather and seasonal factors
  
• The Bad 1 year after the war started in the Ukraine (more sanctions on Russia)
  
• The Comical Would you drink olive oil infused Starbucks Coffee?
  
• The Head Scratcher Google is getting sued because YouTube was recommending ISIS recruitment videos that got a woman killed
  
• What Went On
  Office landlords are defaulting
  Meta is Launching Paid Verification
  Twitter has 14 million in unpaid bills
  There are cracks forming in the auto loan market
  
• Win of the Week Nvidia delivered on its expectations of being economically immune
  
• Time Machine 2021’s Booming IPO market is 2023’s Booming Going Private Market
  
• Quote of the Week “Progress is great. There’s this pervasive fear that productivity gains will take everyone’s jobs, but as we wrote about in our piece on Formic, what actually happens is that people find new, more interesting jobs. A much lower percentage of us work on farms to feed our families than we used to; now some people get to do silly things like write newsletters for work.” - Packy McCormick
  
• Key Takeaways
  Dan - People are awesome. Invest in them.
  Jacob - Market psychology sometimes matters more than the actual numbers
  Carissa - We live in a big, small world
  
• Best Part of Last Week
  Dan - First gig in 7 weeks
  Jacob - It happened new “truck”
  Carissa - Being back in Thailand after 7 years of being gone was a dream.
  

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes:

• The Good: Consumers are spending us into a no landing scenario
  
• The Bad: Household debt jumped at the fasted quarterly pace in 20 years - jumped to $16.9 trillion
  
• The Comical: At least one car per day crashes into a 7 Eleven out of 100 daily storefront crashes
  
• The Head Scratcher: Where are the workers in NYC
  
• What Went On 

Inflation - 0.5% on the month 6.4% on the year
The US is on track to add 19 trillion in new debt over 10 years
Single family housing starts nosedive and building permits tumble
Ohio chemical spill

• Win of the WeekAirBnB on it’s first profitable quarter
  
• Time MachineCompany earnings transcripts
  
• Quote of the Week“We live in a time that the Golden Age sci-fi storytellers from the 1930s to the 1960s could have only dreamed about, and yet, if you polled the average person on the street, most would tell you that things aren’t looking good. There’s the stat – according to a 2021 Pew Survey, 68% of Americans believe their children will not be better off than they are.” - Packy McCormick

• The Good: Nasdaq off to its best start since 1991 (substack.com)
• The Bad: Mass Layoffs or Hiring Boom? What’s Actually Happening in the Jobs Market - WSJ
• The Comical: Alphabet shares dive after Google AI chatbot Bard flubs answer in ad | Reuters
• Head Scratcher of the week: IBM Global AI Adoption Index 2022
• What is going on?

1. I Tried Microsoft’s New AI-Powered Bing. Search Will Never Be the Same. - WSJ
2. Disney announces layoffs, cost cuts, ESPN plan (cnbc.com)
3. Robinhood Hits Back at SEC, Warns of Threat to Zero-Commission Trading - WSJ
4. Fed Chair Powell says inflation is starting to ease, but interest rates still likely to rise (cnbc.com)

• Biggest Win: Google now wants to answer your questions without links and with AI. Where does that leave publishers? | Nieman Journalism Lab (niemanlab.org)
• Time Machine: Bankrupt FTX Chases Politicians to Return Donations by End of February (businessinsider.com)
• Book a call with an advisor.
• Follow along on Linkedin.

• The Good: Jerome Powell seems to be getting dovish
• The Bad: People have given up on the nice to have economy
• The Comical: Meta Platforms is 100% higher than it was when Jim Cramer cried on live TV
• Head Scratcher of the week: US debt and the debt ceiling
• What is going on?

1. Big tech earnings (Apple, Amazon, Google)
2. Mortgage rates fell below 6%
3. Annuity sales hit a record in 2022
4. JP Morgan adds $500 million to their timberland position

• Biggest Win: ChatGPT grew faster than anyother prior platform
• Time Machine: Globally exposed companies are underperforming
• Quote of the week: "If money doesn't buy happiness, you're spending it wrong."
• Book a call with an advisor.
• Follow along on Linkedin.

• The Good: Don't lose faith in the 60/40
• The Bad: The S&P 500 is reporting more net profit margin shrinkage 
• The Comical: Jim Cramer is this bad at Stock Picking
• Head Scratcher of the week: M2 Money Supply is declining, for the first time ever
• What is going on?

1. Hindenburg Research's post on the fraudulent signs of the Adani Group 
2. US GDP grew 2.9% in the 4th quarter year over year
3. Amazon launches rxPass as a $5/month prime addon
4. Tesla's huge rally

• Biggest Win: ETFs turn 30 years old, how they revolutionized investing
• Time Machine: Temp worker layoffs are happening at an accelerated pace
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• The Good: YTD Performance
• The Bad: Congress shouldn't play games with the US's creditworthiness
• The Comical: Bankrupt companies are outperforming
• Head Scratcher of the week: What is a mild recession
• What is going on?

1. S&P 500 earnings are projected to drop 3.9% yoy in the fourth quarter
2. Microsoft and Google are laying off employees
3. Weekly jobless claims are unexpectedly lower
4. US existing homes sales fall 17.9%

• Biggest Win: mRNA vaccines
• Time Machine: Americans are spending more than they make
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Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good: Inflation YoY was 6.5% but declined month over month

• The Bad: California is flooding, but it still hasn't had enough rain to bring it out of drought status
• The Comical: The big guys can't seem to agree on inflation and the economy
• Head Scratcher of the week: Are we actually in a bull market?
• What is going on?

1. The secret to Roman concrete is revealed
2. Why the big bank's earnings reports matter
3. Taiwan Semi smashed expectations but said the outlook isn't so great
4. The world bank says global growth could be at its third weakest pace in three decades

• Biggest Win: 3D printing is hitting new highs
• Time Machine: Russia is getting hit with more sanctions
  
• Quote of the week: "Don't save what is left after spending. Spend what is left after saving.” - Warren Buffett
  
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• The Good: Wage growth is slowing, a good sign for inflation
• The Bad: OpenAI is proving its worth as a search engine
• The Comical: Microsoft may be adding ChatGPT to Productivity Apps
• Head Scratcher of the week: Swiss National Bank posts record $143 billion loss
• What is going on?

1. Tech layoffs are happening faster than in the pandemic crash
2. Google and Meta are losing advertising market share
3. Stats on trading a 10/2 inversion
4. SpaceX is raising $750 million at $137 billion

• Biggest Win: Where will mortgage rates be in 2023?
• Time Machine: Median annual drug costs cross $200,000
• Quote of the week: “It’s free. There’s no fine print,” Bastian said. “We have invested over $1 billion to create this.” CEO Ed Bastian of Delta
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• The Good: What's going to happen next year in markets
• The Bad: The SPAC boom ended with a frenzy of liquidation
• The Comical: Bitcoin's 2023 price target
• Head Scratcher of the week: Negative yield bonds are almost no more
• What is going on?

1. 2022 could've been worse
2. Crypto customers sell claims for pennies on the dollar
3. Home prices fall for 4th straight month
4. Chip inventories are back and in excess

• Quote of the week: "It’s worth repeating: No one accurately sees the world as it is."
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Fjell Capital is a leading wealth management firm designed to deliver results for people who desire to take their game to the next level. If that is you, please reach out here. Everyday, we are helping families around the country solve their current needs while setting themselves up for a brighter future.

• The Good: Inflation is falling
• The Bad: The Fed isn't budging
• The Comical: Sam Bankman-Fried got put in lockup on fraud accusations
• Head Scratcher of the week: The SEC is attacking retail brokers and finfluencers
• What is going on?

1. Pandemic loans are coming due
2. Retail sales slide despite the holiday season
3. Homebuilder sentiment slides
4. Here is Big Technology's award winners for 2022

• Biggest Win: Dan got LinkedIn famous
• Time Machine: Share of Americans living paycheck to paycheck rises to 63%
• Quote of the week: "If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes"
• Book a call with an advisor.
• Follow along on Linkedin.

Fjell Capital is a leading wealth management firm designed to deliver results for people who desire to take their finances to the next level. If that is you, please reach out here. Everyday, we are helping families around the country solve their current needs while setting themselves up for a brighter future.

• The Good: China eases Covid restrictions
• The Bad: PepsiCo is laying off employees
• The Comical: Musk's Twitter advertising offer that snagged Apple and Amazon 
• Head Scratcher of the week: Robinhood is offering 1% matches on contributions to retirement accounts
• What is going on?

1. Microsoft's battle with the FTC continues
2. Goldman Sachs is looking to invest in crypto companies
3. TSMC is investing an additional $25 billion in the Arizona factory
4. The US trade deficit widened on lower energy exports

• Biggest Win: Campbells is the underdog that is now performing
• Time Machine: Laid off tech employees say goodbye to stock options golden age
• Quote of the week: "Incredible things can be done simply if we are committed to making them happen."
• Book a call with an advisor.
• Follow along on Linkedin.

Fjell Capital is a leading wealth management firm designed to deliver results for people who desire to take their game to the next level. If that is you, please reach out here. Everyday, we are helping families around the country solve their current needs while setting themselves up for a brighter future.

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The Good: Kroger's call on food inflation.

The Bad: Blackstone Real Estate Income Trust Inc., exceeded its monthly limit of 2% of its net-asset value.

The Comical: The stock market could have a jolly December.

Head Scratcher of the week: Audience claps for Sam Bankman-fried.

What is going on?

1. The strong November job reports keep the Fed on track to raise interest rates by a half percentage point. Jobs are still strong Employers added 263,000 jobs in November and the unemployment rate held steady at 3.7%. Markets didn't like that.
2. Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead...Powell said he expects the Fed can start slowing down as soon as the December meeting, and that is pretty much all the market heard.
3. Tesla delivered its first electric semi to PepsiCo. “We completed our first cargo run with a very enormous amount of Frito-Lays,” Mr. Musk said.
4. Oil and gas prices are below pre war levels, a signal that a recession is looming and also raises the chances that OPEC+ cuts production

• Biggest Win: Fixed income - 10 year is down to 3.4% - This is a huge boom and something we knew would be coming.
• Time Machine: Lumber prices are the worst performing commodity this year. down a stagering 65.5% this year.

To experience financial excellence, book a call with an advisor here.

Follow along with our team on LinkedIn.

The Bad: Credit Suisse looking at a $1.6 billion loss

The Comical: Investor Carl Icahn is still betting against Game Stop (GME)

Head Scratcher of the week: The Woolly Mammoth is making a come back

What is going on?

1. OECD gave a firm warning to Europe
2. 30% less homes are being bought by investors
3. A rail strike may be on our horizon
4. Bob Iger is back as Disney CEO

• Biggest Win: John Deere is killing it
• Time Machine: Record high food prices, turkey is expensive so people are going out I guess

To experience financial excellence, book a call with an advisor here.

Follow along with our team on LinkedIn.

The Good: Markets popped and the Dow is close to all-time highs

The Bad: Binance walks away from the FTX deal

The Comical: Record market cap swings

Head Scratcher of the week: Meta's rally on 11,000 people getting fired

What is going on?

1. The inflation rally
2. Midterm results are in - what does that mean for markets
3. Crypto meltdowns could lead to margin calls - JPMorgan Says
4. Futures point to more gains

• Biggest Win: People's 401(k) are getting some relief
• Time Machine: Sam Bankman-Fried was a multi-billionaire then suddenly a millionaire
• Quote of the week: The housing market is smashed
• Book a call with an advisor.
• Follow along on Linkedin.

In this episode we talk about where people are cutting back on their spending, how the demand for rent is sinking, and why 2/3 working adults are far worse off financially then they were a year ago.

Please send in your questions/feedback at:

laminatemoneypodcast@fjellcapital.com

We'd love to hear from you!


Articles referenced:

The Bump Before the Slump by Dr. David Kelly
https://www.linkedin.com/pulse/lifting-fog-uncertainty-growth-inflation-politics-rates-david-kelly/?trackingId=4dZkbqqJsbVeWMcpmNLl9w%3D%3D

Why Isn't Inflation Slowing?
https://awealthofcommonsense.com/2022/10/why-isnt-inflation-falling/

Apple's Pricing Power
https://www.cnbc.com/2022/10/24/apple-raises-prices-on-apple-tv-and-apple-music.html

Apex Space
https://www.cnbc.com/2022/10/24/andreessen-horowitz-backed-apex-space-aims-to-mass-produce-spacecraft.html

Personal Finance in the UShttps://www.cnbc.com/2022/10/24/more-americans-live-paycheck-to-paycheck-as-inflation-outpaces-income.html#:~:text=With%20persistent%20inflation%20eroding%20wage,according%20to%20a%20recent%20report