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Cents of Things Episode 11 === [00:00:00] Jeff Kikel: Good morning. Sense of things. It’s Jeff and Ron here kicking off another week in the summer. It is ungodly hot here in Texas. I’m sure it’s very warm in Arizona

Ron Lang: as well. Ron. It is, but I gotta tell you, I love the mornings. It’s it’s typically 30 to 40 degrees difference in the wee hours of the morning and then top of night.

Ron Lang: But yeah, it’s gonna get a little steamy here soon. Who knows? We Wes all right.

You, I couldn’t do it. The humidity. We talked about that. Oh God. Yeah. Jeff Kikel: Last night we had a rainstorm. We had the hottest day ever on record in Texas,

or at least in our part of Texas, as far as the heat index. Jeff Kikel: I think we were at like 119 degrees yesterday. Oh. In in [00:01:00] heat index.

And then it decides last night that it’s gonna rain and literally, we’re thinking, Hey, it

rained, it’s gonna be cooler. Got muggy. We walked outside. Literally I walked outside with a knife and had to cut my way through the air to get outside last night.

Jeff Kikel: Yeah, but it was a little cooler in the morning, so a little cooler was like 80 degrees this morning. So

Ron Lang: Yeah. But when it’s that muggy and whatever, it doesn’t matter what the temperature is, it’s miserable. Yeah. By the time you get to your car and then from your car to

the office, you feel like you need a shower. Jeff Kikel: That’s exactly right. Yeah. We’ve been on the go out, do a little bit of stuff

outside, come inside, take a shower again. So like two, three showers a day right now, and then you can’t dry off afterwards. Hey, I I wanted to kick things off today and sure.

One of the things I noticed this week as far as just economic things was the price of used

cars and, I typically buy used cars. Jeff Kikel: I don’t buy new, and prices have come down pretty significantly. And I started

thinking about like the first car I bought when I was [00:02:00] a young in. And the

prices today are just so off the charts. I think I paid maybe a thousand bucks for my

first truck, which was a 1966 Ford F 100.

Jeff Kikel: Wow. With a T-Bird three 90 in it. How Ron Lang: about that? I what was I was a junior in high school, got a 77 Grand Prix. Two tone.

Nice white outside and army, green inside. Don’t laugh with Ben seats. And I think it

was 1,250 bucks. Nice. And I was so excited because it just had the old, a m FM radio

I put in. Ron Lang: It wasn’t a lau punk, it wasn’t an Alpine, but it was one, it was a really nice stereo. The stereo was 200 bucks. Nice. No, it never got stolen. As it as a lot of

those did get back in the day, but here it is, the stereo was $200 on crappy speakers

and the car only paid 1250 for it. Jeff Kikel: And a se but I think for you, ac [00:03:00] actually for both of us, we

were paying by the poundage, which was good. Jeff Kikel: If you factored in the poundage of the cars Yeah you actually got a pretty

good deal. Ron Lang: Here’s the quick funny thing. I remember, I can’t remember the, what the price

of a gallon of gas was at the time, but I remember whether it was school or during the summer, I’m like, damn, it’s costing me 20, 25 bucks a week to fill this thing up.

Ron Lang: I remember. I’m like, my God, that’s a lot, that’s 4, 5, 4 hours of work. Know

I gotta Jeff Kikel: pay for that. And the beginning of it is that car probably had a 400 motor,

three 50. Yeah. Ron Lang: Actually was, I think a 3 0 5. It wasn’t, it was a big, it was a long car. But the engine wasn’t as powerful as you might think by

Jeff Kikel: looking at yeah, but it was like a 3 0 5 and 150 horsepower or something like that.

Jeff Kikel: Yeah. That was the funny part of that time period. Yeah. Like I said, I bought the vehicle, actually, my dad traded a car he had, so he had a 19, I think 67 Austin

Healy Sprite, which was gonna be my first car. The only problem with [00:04:00] it was, Literally, okay. This is a car built for the British Isles.

Jeff Kikel: If you drove over a puddle in the road, the thing would crop just crap out

and die. So it had just the worst electrical system that had ever existed in a car. Yeah.

And the fact that I’m six three in a car that is literally six three inches long it was

just not, you had a can opener to get outta that. Jeff Kikel: Yeah, exactly. So I got the F 119 66. I, it was probably about 7,000, 8,000

pounds with a T-bird, three 90 motor in it. Great gas mileage. Oh yeah. I would get like

at least two miles to the gallon if I was lucky. And the one good thing is it had a

granny gear that I could literally pull a stump out of the ground with, oh, okay. There you go. It was a very useful vehicle from that perspective. Yeah.

Ron Lang: Yeah. Those were the days. Those were the Jeff Kikel: days. It was fun. Yeah. When gas was like 82 cents or something like that,

and you, it still took, I was putting my [00:05:00] five bucks a time filling up, cause you had

no money back then. Jeff Kikel: Yeah. Cool. This week, it was an interesting week I guess from my perspective.

We were talking pre-show and one of the things that was interesting is housing starts just

off the freaking charts. They were up like 27% year over year. But then you look at existing

home sales and they’re down 20%. Jeff Kikel: I think people are just not ready to, people that have those two and 3% loans

are just not moving at this point. Ron Lang: But also, you know what, I don’t know. I probably wanna look a little deeper

at that number compared to last year. Cause I sold a house June of last year. And I remember

the real estate agent talking to me about really good timing because, Price reductions

and supply on the market literally plummeted in May and June of last year.

Ron Lang: Yeah. So as we are cresting back up again, I wonder how easy it was to beat

that number a year [00:06:00] ago when things were completely grinding to a halt. Yeah.

But. Like you said, people that are in houses aren’t leaving because of the higher mortgage rates, but you know how many of those housing starts are sold houses versus spec?

Jeff Kikel: Don’t know. Who knows. Once again, I always look at it from my perspective and there’s a new neighborhood that’s being built. I live in Austin, so we’re a major area that

people are coming into and, I this neighborhood, they built a ton of houses at the beginning

and then just stopped. Jeff Kikel: It was just absolutely. No house is built after that. And I just noticed like

in the last month or two that they’ve picked up the pace again and they’re building like crazy. So something, I think something has happened. I think a lot of people ha were

holding off on buying a house because it was like, oh, interest rates are so high. Jeff Kikel: And I think a lot of these builders, from my perspective and talking to realtor

friends, a lot of these builders have a lot of [00:07:00] flexibility. And how they can finance it and how they can build the pricing out where it’s making it, more attractive

for people to find a brand new home. Jeff Kikel: I’ll give Ron Lang: you something that, going through the process I thought was very interesting,

looking into an arm figuring, okay, rates are gonna come down anyway in the next three to four years, right? Never heard of this before. And a couple of the mortgage people

and people I know in the industry have never seen this before either arm rates.

Ron Lang: Are higher than fixed rates. The banks ain’t stupid. No. Hey, no, wait a minute.

Why would I give ’em an arm rate? I gotta make them, I gotta make the money now and then they’re gonna sell the paper in the next 18 to 24 months. They ain’t gonna hold onto

it when rates get cut in half of the next three to five years. Jeff Kikel: Yeah. Yeah, exactly. Which, yeah, that’s, it’s never happened. In my experience

it’s always been arm Ron Lang: rates are higher than fixed rates. Yeah. That’s crazy. Yeah. Again, the consumer

gets the short end of the stick Jeff Kikel: there too. Of course. Yeah. But at least [00:08:00] they’re paying you 0.5 on your savings.

Jeff Kikel: Oh, yeah. That Ron Lang: point. Gotta look into that laddering out that Jeff Kikel: treasury strategy. That’s once again,

Ron Lang: I hear I thought it was interesting too, like we markets down a little bit today.

We have, we three straight days of down from a parabolic move. We needed some exhaustion in there, but I thought it was interesting.

Ron Lang: These business networks and sites, they gotta get, you either watch or read or

click bait or whatever you wanna call it. And I loved how they said, A good part of the market pullback over those three days was worries of slow China recovery. You gotta

be kidding me. Look they’ve been reopened for several months after a shutdown. All of

a sudden now, mid June. Now we’re worried. That’s your narrative. I just, it is just

crazy. The other thing I thought was interesting and I was paying attention and I maybe lost track or I didn’t hear about it for a while.

Ron Lang: I think one of the other parts to the thesis [00:09:00] you and I are talking about with a pullback in the second half of the year, the student loan moratorium is up

at the end of August. Yeah. I don’t know why I. I thought it ended last year along with

the rental and the mortgage moratorium. No, why? We waited another year on the student

loan moratorium. Ron Lang: I don’t know, but we talked about this several times. We’re not gonna beat it to death about the credit card balances, breaching the one bill, the $1 billion level. How many

of those people that have high credit card balances. Also have student debt that they

haven’t been paying for the last three plus years. Ron Lang: So now all of a sudden they’re gonna be forced to pay bankruptcy. I’m telling you,

being a bankruptcy attorney in the next three to five years, you’ll be able to retire afterwards. Yeah. You could just set up an assembly line process because these 20, 30, and 40 somethings

that accumulated all this debt and still paying it off and have high credit card balances. Ron Lang: Something’s [00:10:00] gotta give. And they, the bankruptcy isn’t gonna discharge

that credit card debt. Yeah. Or the student Jeff Kikel: loan debt. Yeah. I the student loan side of it, I heard a statistic the other

day on one of the business networks, and it works out to be like three to $400 a month

on average for, I heard two Ron Lang: 50 to 300, but I wouldn’t doubt if it was three to Jeff Kikel: four.

Jeff Kikel: Yeah. Yeah. Alright. If you’re tight as it is, you’ve got a lot of credit card debt and now all of a sudden you’re gonna have 300 bucks popped onto your monthly bills

I think a lot of people are gonna be in a tough shape. I think it’ll also get some of these people who have been not working or kind of half-ass working, doing stuff in the

gig economy and stuff like that. Jeff Kikel: Yeah. It may get them off their butts. To to get a real job at that point.

I think we Ron Lang: know the answer to that one. Yeah. Yeah. Maybe not. But I thought the other thing

too from was a two, three weeks ago, we saw a spike in small business bankruptcy filings.

Yeah. Over the [00:11:00] last 60 days. Yeah. I wonder how much of those coincide with each

other. Ron Lang: I’m not really sure, but I thought the other interesting thing too was cuz Powell’s been doing testimony yesterday and today after pausing last week and stating last week and

reiterating yesterday and today, and I, we, I know we talked about this and I said we

got one to two more coming and wouldn’t, he did say, Two third, more than a half the committee,

two thirds of the committee says, yeah. Ron Lang: One to two more rate hikes. Yeah. And I thought it was interesting, just in

the last 24 hours, four countries raised interest rates. Bank of England, Norway, Turkey, and

Switzerland. Yeah. All raised rates in the last 24 hours. What is that telling you about

contagion across the world? With inflation, economic cycle boom and bust out of the covid.

Ron Lang: I think it’s pretty obvious. Jeff Kikel: Yeah. Yeah. It’s, and they’re not gonna stop, they’re in the same kind of

situation. [00:12:00] England, I know when we were over there just recently, in February

it was, prices were down from the last time we had been over there. Jeff Kikel: But but they, you could see they were on the rise and certainly from the energy

perspective for them, that was like the biggest concern. That was the news that they talked about. The fortunate thing for them, and I think most of Europe, was that it was actually

a really mild winter over there. Ron Lang: Which they got lucky because they’d been cutting off Russian oil Yeah. Since last

year. Jeff Kikel: Yeah. It was, it, had it been a bad winter, it would’ve been ugly over there.

From that perspective, I think there would’ve been a lot of people that would’ve been in a really hard condition and, I, looking at it from their perspective, they tend to be

a little bit more socialistic about things. Jeff Kikel: And all, all on the news was like subsidies for, heating and oil and everything

else. And it was just, it was an interesting take, being over there and seeing all that.

Oh, I agree. Ron Lang: I agree. So what, I got a couple of slides I want to go [00:13:00] through for some conversation fodder.

Ron Lang: What are your thoughts on on for the rest of this summer going into September?

I know we talked about the moratorium ending at the end of August. And obviously we’ve seen hospitality. High bookings hotels, high bookings airlines for the summer. Yeah. People

wanna get out. I don’t know if this is, get Your Gatsby Beyond moment. Ron Lang: People got their last hurrah this summer to prepare for a rece recession in

the last third of the year. What are your thoughts? Jeff Kikel: I think my take on it is a little bit different now. I’m, I’ve been looking

at. I, one thing I’m, I always look at is leading economic indicators. Jeff Kikel: Yeah. And from, I haven’t looked at ’em today cause they were, they just, or

they’re hitting it. I think they just hit an hour ago, so I haven’t even had a chance to really dig into ’em a little bit. But I think leading economic indicators have been

showing. It, they’ve been indicating a recession, but we haven’t hit it with the G D P side

of it yet. Jeff Kikel: The G d P side hasn’t [00:14:00] shown it yet, so that would not indicate that

we’re in a recession yet. So I keep starting to think that may end up being pushed off

until, early 2024. At this point I just, I’m starting to see a few little green shoots

of things. That are pushing us along. Jeff Kikel: Now, I think the biggest thing for me is I honestly think this whole moratorium

on student loan debt, I think is gonna have a massive effect if they don’t push it down

the road again. And that’s the problem is now you’ve pushed it into August. And, the

I think the biggest thing that’s gonna come out of this is probably in the next couple weeks we’re gonna hear from the the Supreme Court.

Jeff Kikel: On whether or not the student loan forgiveness thing Yeah. Is gonna work.

And so that’s a demand That’s Ron Lang: only for up to $10,000. Yeah, I know. It’s, for some of these Jeff Kikel: people, that’s a pimple. Yeah, exactly. And I talk to people all the time

that have, hundreds of thousands of [00:15:00] dollars in student loan debt and they’re not even doctors. Jeff Kikel: These are people that, got a degree in education or something. But. Okay. So they’ve

had this kind of moratorium for almost three years now. And then if you turn around and it, the Supreme Court votes down, which I think they probably will, quite frankly I

don’t see how it can ever be legal because, I wouldn’t to the military and got my college

basically paid for, and I paid for the rest outta pocket. Jeff Kikel: My wife didn’t go to college. So why would we be responsible for paying

for somebody? Who went to college and who should have a better education and. Be able

to yeah. Be able to make their revenue. I Ron Lang: didn’t pay attention to it, but raise, we raised the debt ceiling. Yeah. So

if we’re gonna pay $10,000 to remove debt for X amount of people, I don’t even know

how many billions this comes out to. Ron Lang: Trillions, doesn’t that affect our budget? Jeff Kikel: Yeah. Ron Lang: How do you budget that? How did they think about including that in the debt

ceiling [00:16:00] numbers? I, look, I don’t think they did those pile tricks at the end of the day. Yeah. It’s all funny math, as long as we got the printing press don’t know

how it’s Jeff Kikel: gonna happen. Jeff Kikel: Yeah. And like I said, I think that the biggest effect is gonna be, if you see the, all now we’re gonna vote that down. Okay, great. I don’t think they can push it

off again. At some point people are gonna have to start paying again. Now the political

will Yeah. For that, coming into a, an election season and going into an election, a pretty

big major election with a president and a lot of a lot of senators. Jeff Kikel: This next time the political will of saying, okay, we’re gonna make people actually

start paying on their student loans again. I, it’s, I it’s gonna be interesting to see,

and I mean it, that could have a pretty major effect cuz it’s gonna affect what’s really been keeping the economy afloat, which has been continual spending you Yeah.

Jeff Kikel: And like I said, a lot of it, not as much. Yeah. But less and less on. [00:17:00]

Goods and services and more and more on what you were saying before on trips and all that

type of stuff. When does that end? When do people go, okay, Labor Day I’ve done it. Yeah. Labor. Yeah. It ends Labor Day and they actually have to get back to work at that point.

Jeff Kikel: And then how’s that gonna trickle down throughout the rest of the economy? And I’m actually Ron Lang: thinking mid-August because I think you have it there in Texas. We have it here

in the southwest right now. Kids go back to school mid August. Yeah. So summer vacation’s

over for a good chunk of the country by mid-August. Ron Lang: Yeah. Jeff Kikel: So We’ll, yeah, cuz ours, we get out a little bit earlier than I guess the

rest. Yeah. Mid May. Yeah, mid-May. And we’re back August now. I, which I always remembered it being around Labor Day and now it just seems like it’s earlier and earlier every

year. Ron Lang: Growing up in the Northeast, the first day of school forever was the Wednesday

following Labor Day. Ron Lang: That’s the way it was forever. Then they moved it to the week before, which I

have no idea. Part of that had [00:18:00] to do, I’m sure with winters and snow days and I know with the Southwest and where you are, they want people out in mid-May because

it cuts back on the air conditioning. Ron Lang: Yeah. For the really hot mu I get all that. I get all that. You just never know.

But circling back, couple things we talked about on and off in podcasts. Was not just the breadth of the market. Yeah. But really like the top, seven to 10 stocks in the s

and p and the weightings. Ron Lang: And there was something very interesting I saw in a couple different programs and there’s

this one analyst, I’m gonna share my screen here. I thought this was pretty interesting and I always liked the site sources. Good artists create great artists deal. So we’re

gonna borrow this one for a little bit, but I thought this was interesting looking at some of the really nice bull markets in the last five, six years.

Ron Lang: And how many stocks were participating in that run? Of the s and p 500, and if this

isn’t like one of the most, tell look liars figure and figures lie. You [00:19:00] can’t ignore these facts. No. That only about seven stocks are making up 1% of the overall move.

This year. Compared to, if you look at it, even 2020, cuz that’s a bit of an anomaly

with half the year, being in shutdown basically. Ron Lang: But if you just take a look at it, traditionally you need a chunk of the stocks

to help lift the market all together to be a healthy move. All we’ve seen so far this

year and enough in the last 30 to 45 days is. Seven stocks going parabolic. Yeah,

Jeff Kikel: that’s it. Which Ron Lang: is insane. And again, I love his comment down there. Ron Lang: It’s not a normal bull market. Yeah,

Jeff Kikel: exactly. Which, that you start to look at, okay, when those things reach

a point where, all right, we’re gonna switch out. It. Good and bad. It could be that we

start to see people scatter out into other stocks. I have seen a little bit more breadth

in [00:20:00] the market lately. Jeff Kikel: Yes. As I look down into it a little bit. So you’re starting to see a little bit more breadth expand out. But we’ve had a really good run this year and it’s been

seven stocks. Is it that people start to, to adjust out of those? I don’t really necessarily

see it because a lot of those are just really. Ron Lang: Perform. If you notice, the pullback in the last four days has, believe it or not,

a lot of it’s been concentrated in those top seven to 10 stocks. Makes sense. Yeah. It’s

just buyer exhaustion at that point. And yeah, way too much air under that, in that balloon. So we’ll have to see.

Ron Lang: But kinda following. Jeff Kikel: So it’ll be interesting to see if that money moves around a little bit. Into some of the other stocks that are, the next tier down or under

Ron Lang: we’re undervalued. Sure, yeah. Yeah. Following up on a couple topics we discussed in our podcast. In the past we were talking about AI and the jobs that AI is gonna replace

and Yep. Ron Lang: I thought that this was interesting. How often do you go into a fast food restaurant,

McDonald’s, Panera, you name the [00:21:00] restaurant and here’s your self service. Yep.

Yep. Fill it out. So it’s interesting that cash, okay, great. So people don’t want jobs

as a cashier. Okay, I get it. Ron Lang: Go in and hit a kiosk. Yeah. But look how it’s going down. I’d like to know

how the fast food, how AI is gonna replace a fast food cook. Jeff Kikel: Yeah.

Jeff Kikel: They’re gonna Ron Lang: have robots. What’s happening there? Yeah. But yeah understand, look, you could

justify everything else that’s in there. Yep. And certainly accounting to a certain extent, you still gotta input information, but it’s like, how is AI gonna replace truck drivers,

right? Ron Lang: We know there’s going to be automation driving. Okay. But are they gonna get robots

to cook food? Jeff Kikel: Yeah. Which, there are some places, there are some pizza places that actually

use robotics now. It was actually one I think was started here in Austin. That’s a completely

robotic pizza place, and it works. Okay. It’s an [00:22:00] interesting I think it’s an interesting use of ai. I would say it’s more robotics than ai. I, fast food cooks. I think

it would be more robotics than ai. Cuz what, overall thought, the whole idea of fast food

is, it’s a very systematized system. Jeff Kikel: So I think if you could figure out a way to systematize that, From a robotic

standpoint. The cashiers, I said that years ago. I remember going into Panera Bread and

they were the first ones I could remember. Yeah. That had a fa a kiosk. And it’s hilarious.

I even find myself today when I go to Panera or any of those, if there’s a kiosk there,

I’m like, I’m just gonna go to that. Jeff Kikel: I don’t even want to talk to human at this point. And the problem is if you look

at all these positions that are there, Those are, they’re typically the lower income jobs.

Yeah. The lower hourly wage are going to be eliminated or gonna be the fastest shrinking.

Where are people gonna work that don’t have a lot, [00:23:00] don’t have any kind of major training, so we’re assuming that people are gonna, okay, they’re gonna get some kind of

education that gets them to a better paying job. Jeff Kikel: But the reality is not a lot of people are doing that. No.

Ron Lang: So it’s inter it’s interesting to see how this will evolve. Yeah. They’re saying,

over the next eight years this’ll happen and, we’ve already seen the trend, but certainly,

this is the direction it’s going. Ron Lang: But I am curious to see what’s gonna replace the fast food cooks. Yeah. And here

was something interesting. I swiped off of LinkedIn. I saw several people posting this,

and actually I actually got a Someone trying to scam me on a wire fraud email and I went

back to the bank and it wasn’t, this what I have up on the screen, it was something

different that looked like an email from the bank, but I thought this was just very interesting.

Ron Lang: If you just take a look at the A in both of these. Oh, interesting. Yeah. [00:24:00]

And this I think came out of Citibank that, the bottom one is actually the fraud. Taking

you to a website that is similar but not the same. And obviously all these websites are

hosted offshore, but the average person that’s not paying attention that gets a million emails

a day is clicking on crap, and you don’t know what is being deposited into your C P U or

whatever else that, that they’re gonna have access to, which is just another reason. Ron Lang: Why I advise, clients and friends don’t put banking apps on your phones. I got

other stories we could share some other time, but, at the end of the day I just try and explain to people, I said, look, there’s been people that have been scammed with Bitcoin

and other things. Ron Lang: Because they hacked their phone, not the servers at the banks. Yeah phone and

then the banks have no recourse because they say if they would’ve hacked our server, we’d be responsible. We can’t be responsible if somebody hacked your phone. [00:25:00] Yeah.

Jeff Kikel: And interesting enough on on the news last night, they had a couple older couple

on that got scammed and this was probably the most elaborate scam I think I’ve ever

heard. Jeff Kikel: They hacked into. The iPad, which, everybody talks about how, oh, app apple’s,

it’s just, it’s got all these security features and all this. So they hacked into their iPad

got something up on the iPad that said, Hey, somebody has used your your Apple account

to purchase a whole bunch of stuff. Jeff Kikel: So they call this number and then the number’s oh, you, and somehow they knew

that they had Wells Fargo, so somehow they had hacked into this thing. They knew they had Wells Fargo. So they’re like let’s, we need to get you in contact with somebody at

Wells Fargo to talk about this. So they get them in contact with the people at, or this person at Wells Fargo.

Jeff Kikel: Yeah. And then it becomes, oh somehow they’ve hacked your social security

number, so we’re gonna get you in [00:26:00] contact with the Department of Justice. This was like ungodly believed all that. Yeah. It’s okay. So they take, and so what ended

up happening is, They had them go, they’re like we need you to move your money out of

Wells Fargo. Jeff Kikel: Which, that should tell you right there, you would think a Ron Lang: smart people would just go down to the local branch and talk to someone

Jeff Kikel: or just say, Hey, I’m gonna hang up and I’m gonna call Wells Fargo directly. Which is what she was like, yeah, we should have done this. We realized that, but they

basically told them to go to a local, like a bodega type place. Jeff Kikel: Yeah. And there’s a Bitcoin machine there, and to withdraw from their main account.

And move it into this Bitcoin account, which was gonna protect their money. And of course

then it all disappeared or whatever. But I mean it’s just unbelievable how insanely elaborate

some of these things are. Jeff Kikel: And what I would tell people is never, ever, if it’s anything financial, yeah,

anything. If you get a text, if you get an [00:27:00] email that says, Hey, click on

this, don’t click on it. Go in and actually go to the site because if there’s some kind

of an alert on your account, if you go to or if you go to Capital One or

whatever, there’ll be some kind of an alert. Jeff Kikel: That pops up on your screen once you log into that account. But don’t ever

click on a link directly from, that goes to a website or something like that, like to

a Citibank or something. Ron Lang: Now you’re getting texts. Very similar stuff. Yep. Yeah. People especially, look,

I just showed you that one thing, which actually it fooled me when I first read it. Ron Lang: Yeah. Until you got the explanation. But yeah, people just gotta be extra careful.

That’s absolutely true. And actually it’s not even a cybersecurity thing. Yeah. It’s not a virus. No. And you’re getting this message and some, but think about it. This is how

smart these people are. You figure they’d use their their knowledge for good, not bad. Ron Lang: They send that thing out to 1,000,010 people do it. Hundred thousand 10 people do

it. [00:28:00] Yeah. Still paid for whatever the hell it costs them to initiate it. Yeah.

And if they’re offshore, they’re not gonna get caught. Jeff Kikel: Yeah. There’s no chance they’re gonna be caught. Yeah I, that, it took me

a second to realize that, and then I realized, oh, the a’s are different in those cases. Jeff Kikel: And it’s from the Relic alphabet, which

Ron Lang: is, and how many people actually are reading that going, oh, wait a minute, the a’s different here. I don’t think this is really Citibank. Yeah, come on. Anybody

could get fulled. I don’t care who you are. Yeah, Jeff Kikel: absolutely. And I think, that’s the thing is just be super, super careful

in this world, and if it looks. Jeff Kikel: If it seems something weird, I get ’em all the time, like from Wells Fargo

and I’m like, I’ve never had an account with Wells Fargo ever. Why would I ever click on this link that’s in here? I just ignore those and, get rid of ’em at that point. But, I

think you just gotta be really super careful. Jeff Kikel: You gotta pay attention to where something came from. One of the easiest ways

to do it too is to just hover up. Especially if it comes in, it says, Citibank [00:29:00] customer service or something like that. Just hover over that link and you’ll see what the

actual, what the actual email is. Jeff Kikel: And a lot of times that’s where you’ll see, like blah, blah,, which

is Russian at that point, certainly make sure that, that type of stuff, you gotta be very,

super careful Ron Lang: with. Yeah. Yeah. I try and advise her, Recommend certain things to clients with

all that stuff, but as much as you can do it doesn’t matter. Ron Lang: Somebody’s gonna find a way to deceive you. Yeah. It’s unfortunate. With all that

stuff, you just Jeff Kikel: gotta be careful. Absolutely. And like I said, I think we can cover this on another time. I’ve, I actually wrote a book on on identity theft and, I think. The

fraud stuff is terrible. Jeff Kikel: The identity theft stuff is absolutely heinous. Yeah. And it’s something that people

really need to be very careful with. Yeah. From the identity theft side. So we’ll save that for another one. Like I said, it’s midsummer, so there’s not a whole lot of data coming

out. I think it’s gonna be an interesting summer. Jeff Kikel: Yeah. It’s not. Like we talked about last week, it’s [00:30:00] not, our

summers when we were growing up in this industry, everybody kinda left, so you had a lot more volatility, but there’s so much more trading that’s happening electronically now that,

the market just keeps going without the humans being involved in a lot of cases. Ron Lang: Yeah I think after July 4th, I think that, so I think that’s when the volatility

will pick up and we’ll see what happens in August. But I think between now and July 4th, I think it’ll be relatively quiet. Yeah, little up and down range bound. I don’t think they’ll

be I don’t think we’re gonna go, I’m not saying we couldn’t go higher. Ron Lang: But I can’t believe we’re gonna go much higher from here after we’re taking

a breather. I still think there’s a, a meme reversion that we have to hit, at least at the breakout level. Maybe close to 4,200 or 42 50 on the s and p. I think we need to get

down there, but if we go below 4,200 with some meaningful volume I think that would

be the pullback that I think we’ve all been talking [00:31:00] about for a while. Ron Lang: Yeah. But I don’t think we’re gonna get that for a little bit.

Jeff Kikel: Absolutely. All right, man good stuff this week. And folks, we we do this for you, so would love some comments if you if you liked it, if you, there’s things you

wanna hear, please leave us some comments and make sure you subscribe to the channel. Jeff Kikel: The reason is, that’s how, as you subscribe, it’s how we get this information

out more. To more folks as well and we get noticed by YouTube. So thanks a lot for listening

and we will see you guys back here next week.