MM #253: Market Meltdown: Trump Goes Nuclear on Tariffs, Best Stock Deals, Global Recession & China’s Revenge

Summary

Market Mondays Episode #253 Summary: "Market Meltdown: Trump Goes Nuclear on Tariffs, Best Stock Deals, Global Recession & China’s Revenge"

Release Date: April 8, 2025

In this intense and information-packed episode of Market Mondays, hosted by EYL Network alongside stock market expert Ian Dunlap, Rashad Bilal, and Troy Millings, the trio delves deep into the current economic turmoil sparked by escalating trade tensions between the United States and China. The discussion covers the implications of President Trump's aggressive tariff strategy, the potential onset of a global recession, the retaliatory measures by China, and lucrative stock opportunities amidst the chaos. Additionally, they touch upon the intertwined dynamics of Bitcoin with traditional markets and offer strategic investment advice for navigating these uncertain times.

---

1. Escalating Tariff Wars: Trump’s Aggressive Stance

The episode kicks off with Troy Millings expressing frustration over former comments regarding President Trump's economic policies. He asserts, “He's a lunatic” and criticizes the administration's tariff strategies, deeming them impulsive and harmful to the U.S. economy.

• [66:44] Troy Millings: "Trump announced that China will respond with 35% retaliatory tariffs on top of existing ones, pushing total tariffs to 104%."

Ian Dunlap supports this sentiment, emphasizing the detrimental impact of these tariffs on American businesses and consumers. He states, “Apple got too comfortable” with its market position, highlighting the slow response to shifting production bases due to tariffs.

• [12:03] Ian Dunlap: “Do I think Apple’s day to abandon has come? No. But it could happen before 2034.”

2. Impact on Major Corporations: Apple and Nike Under Pressure

The tariff-induced strain on multinational corporations is a focal point.

• Apple's Vulnerability:

  Rashad Bilal raises concerns about Apple’s heavy reliance on China for production, noting, “China accounts for 80% of Apple’s production capacity.” This dependency makes Apple susceptible to geopolitical shifts and tariff hikes.

  • [14:31] Rashad Bilal: “Is this the bottom for Apple? Right, it’s down 27 today, but with tariffs at 104%, consumers will feel the pinch first.”

  Ian Dunlap counters potential panic by reaffirming Apple's strong profit margins and historical resilience, though he remains cautious about future leadership and innovation stagnation.

  • [19:32] Ian Dunlap: “If Apple goes to 42, Tesla’s gonna be 89%. This volatility is over with.”

• Nike’s Decline:

  Troy Millings emphatically declares, “Nike’s dead,” attributing its downfall to both cultural irrelevance and the compounded effects of tariffs forcing production to Vietnam, which now faces its own tariff challenges.

  • [75:34] Troy Millings: “Nike’s shot. They’re done.”

3. Bitcoin and Cryptocurrency Dynamics

The hosts explore Bitcoin’s correlation with the stock market amidst economic instability.

• Bitcoin’s Resilience:

  Ian Dunlap remarks on Bitcoin's performance, noting its relatively stable trajectory compared to volatile stock movements. He suggests potential institutional adoption as a hedge against market volatility.

  • [14:10] Ian Dunlap: “Bitcoin is not bulletproof, but it’s holding up better than stocks during this period.”

• MicroStrategy’s Position:

  Rashad Bilal discusses MicroStrategy’s continued investment in Bitcoin despite recent downturns, highlighting the company's strategic bets on cryptocurrency as a long-term asset.

  • [25:37] Rashad Bilal: “MicroStrategy bought over 800,000 Bitcoin. Their first-quarter report will be crucial.”

4. Strategic Investment Advice Amid Market Turmoil

The trio provides actionable investment strategies tailored to the current market conditions.

• Recommended Stocks and ETFs:

  Ian Dunlap and Rashad Bilal advocate for investing in high-potential tech stocks and ETFs that offer diversification and resilience.

  • [54:16] Ian Dunlap: “Broadcom at 128.82, Netflix remains a top pick, and Meta is performing well in the telecom sector.”

  • [54:54] Ian Dunlap: “Top three for sure: Broadcom, TSM, Netflix.”

  Troy Millings emphasizes the importance of ETFs like QQQ and SMH for reducing individual stock risks while maintaining exposure to key tech sectors.

  • [57:40] Troy Millings: “SMH provides diversification and acts as a safety net, making it a reliable choice.”

• Buy the Dip Strategy:

  Despite the market’s volatility, the hosts encourage a disciplined approach to buying dips rather than panicking and selling off investments.

  • [48:03] Troy Millings: “Buying stocks right now is an opportunity.”

  • [51:23] Rashad Bilal: “Don’t panic. Hold your line.”

• Avoid Selling in Down Markets:

  Ian Dunlap underscores the fundamental investment principle of not selling when experiencing losses, advocating for patience and long-term perspective.

  • [58:14] Ian Dunlap: “Don’t panic. Selling when you’re down means you never get the opportunity to make that money back.”

5. Economic Outlook and Potential Recession

The discussion shifts to the broader economic implications, including the likelihood of a recession triggered by ongoing trade wars.

• Recession Predictions:

  Ian Dunlap provides a measured analysis, suggesting that while a severe downturn is possible, strategic investments can mitigate risks.

  • [87:36] Ian Dunlap: “NASDAQ could drop to 15,750 in a worst-case scenario, but institutional flow will also likely stabilize things.”

• Housing Market Concerns:

  Troy Millings highlights the impact of rising interest rates on the housing market, advising homeowners to consider refinancing as opportunities arise.

  • [73:43] Rashad Bilal: “Interest rates were down to 6.5 last week, the lowest in two years. Be ready to refinance.”

6. Geopolitical Tensions and Global Trade Implications

The ongoing tariff wars between the U.S. and China have far-reaching consequences beyond immediate trade balances.

• Global Trade Disruptions:

  Rashad Bilal explains how tariffs disrupt supply chains, affecting not just major corporations like Apple and Nike but also smaller businesses and consumers.

  • [75:31] Rashad Bilal: “Half of Nike’s footwear and 28% of apparel comes from Vietnam, now hit with 46% tariffs.”

• China’s Strategic Maneuvers:

  Ian Dunlap warns of China’s retaliatory tactics and strategic positioning, which could undermine American economic dominance.

  • [68:26] Ian Dunlap: “Huawei could surpass Apple as the number one smartphone brand by 2034.”

7. Upcoming Events and Promotions

The hosts promote upcoming events and exclusive interviews designed to provide further insights and opportunities for investors.

• Exclusive Interview with Pinky Cole:

  Troy Millings announces an exclusive, long-form interview with Pinky Cole, where she discusses losing and regaining her company—a must-listen for entrepreneurs.

  • [112:17] Troy Millings: “Exclusive interview with Pinky Cole on Thursday at 6:00. Learn how she lost her company and got it back.”

• Invest Fest:

  Ian Dunlap and Troy Millings encourage listeners to attend Invest Fest, highlighting it as a pivotal event for networking and gaining investment knowledge.

  • [112:29] Rashad Bilal: “Get your tickets to Invest Fest at ianinvest.com.”

8. Final Takeaways and Closing Remarks

As the episode wraps up, the hosts reiterate key investment principles and the importance of staying informed and prepared.

• Key Investment Principles:

  • Diversification: Emphasizing the importance of spreading investments across various sectors and assets.

  • Long-Term Perspective: Advising patience and strategic planning over reactionary moves in volatile markets.

  • Continual Learning: Encouraging listeners to educate themselves and leverage available resources for informed decision-making.

• Final Quotes:

  • Ian Dunlap: “If you made money, put yes in chat. Invest intelligently, and make your money work for you.”

  • Troy Millings: “This is for the people that have no heart and just want to make money. Be smart, be empathetic.”

---

Notable Quotes:

• [14:31] Rashad Bilal: “Is this the bottom for Apple? Right, it’s down 27 today, but with tariffs at 104%, consumers will feel the pinch first.”

• [48:03] Troy Millings: “Buying stocks right now is an opportunity.”

• [58:14] Ian Dunlap: “Don’t panic. Selling when you’re down means you never get the opportunity to make that money back.”

• [87:36] Ian Dunlap: “NASDAQ could drop to 15,750 in a worst-case scenario, but institutional flow will also likely stabilize things.”

---

Conclusion:

Episode #253 of Market Mondays provides a comprehensive analysis of the current economic landscape shaped by heightened U.S.-China trade tensions and their cascading effects on global markets. Through insightful discussions and strategic guidance, Ian Dunlap, Rashad Bilal, and Troy Millings equip listeners with the knowledge needed to navigate potential market downturns, emphasizing the importance of diversification, patience, and informed investing. As geopolitical uncertainties persist, this episode serves as a crucial resource for investors seeking to safeguard and grow their portfolios amidst economic volatility.

Transcript

[Ian Dunlap]

Today's episode is sponsored by Smart Travel, a new podcast from NerdWallet. Smart travel doesn't just cover points and miles. They break down all the financial aspects of your trip, whether that's the best.

[Rashad Bilal]

Days to book, how to avoid hidden.

[Ian Dunlap]

Fees, or which fancy travel credit cards pay off and which ones are just an expensive flex. If you want your travel budget to work harder, then dive into the best deals, products, services, and more with Smart Travel from NerdWallet. Wherever you get your podcasts, you worked.

[Troy Millings]

Hard to lay the foundation for your contracting business. And when you're with amex Business Platinum, you can keep building it up with a flexible spending limit that adapts with your business. And since you earn 5 times Membership Rewards points on flights and prepaid hotels booked on amextravel.com, you get even more from on site overseeing. That's the powerful backing of American Express. Not all purchases will be approved. Terms apply. Learn [e-mail] AmExBusiness.

[Rashad Bilal]

Yo, yeah, yeah, we here.

[Ian Dunlap]

Happy Monday.

[Rashad Bilal]

What's the deal? You here. What's going on? Happy Monday, y'all. Happy April 7th, man. We are here. It has been an eventful 72 hours, what, since Wednesday to now. Who knows what will happen tonight? Who knows what will happen by the time we wake up tomorrow? Lord willing, it's been crazy, man. But we here. We're here. Let's talk about some things, man. Let's talk about some things. First and foremost, Shout out to everybody in the chat. We are here on YouTube. Shout out to my brother, Ian Dunlap, the mass investor himself, reporting from location.

[Ian Dunlap]

Yeah, I have to go talk to Bahamian government, see how they feel about the terrorists real quick.

[Troy Millings]

That's a fact. Love in the flesh. Chat. What's good?

[Ian Dunlap]

Remind me the old days.

[Troy Millings]

Chat. What's good? We here.

[Ian Dunlap]

Yeah, we are live.

[Troy Millings]

National championship, Kuwait, man. It's more important.

[Rashad Bilal]

I forgot.

[Ian Dunlap]

That's the Houston, though.

[Troy Millings]

Yeah, that was.

[Rashad Bilal]

I saw that. The dude thing was crazy, but we.

[Troy Millings]

Gonna get into it. Okay, so first of all, first of all, I usually do this on Blackout, but shout out to retired from society. They sent me this hoodie. It's kind of fire, actually. 1984. That's actually the year I was born, so. Okay, that year holds a special, but.

[Ian Dunlap]

Yeah, research was done. Good job.

[Rashad Bilal]

Fire. Fire.

[Troy Millings]

They got the distressed hoodies. I'm gonna get their Instagram. Yeah, but then they got the distressed hoodies. They sent me this merch, so shout out to them. Retired from society. I like that. And Shout out to them.

[Rashad Bilal]

Shout out to Nick. Godspeed. So you got the hat, I got this shirt on. Shout out to God speed. And before we get too crazy, you know, I told you before, 13 years ago was a special day. 13 years ago, y'all. And actually three years ago, we all celebrated in Mexico at the 10 year. But this is my anniversary week, man. It'll be 13 years Saturday. Happy anniversary to my beautiful lovely wife Danielle, my partner. This has been an incredible 13 years, man. So shout out to you. We'll be watching Blackout this Wednesday. Shout out to everybody. Shout out to the loved ones out there. No balloons popped here, you feel me? I'm just trying to lead by demonstration. Ian, you feel me for.

[Ian Dunlap]

You're doing a great job. Shout out to you and Danielle, I love you for real. You definitely lead by example. I know me and Rashad be hard headed but we, we listening.

[Troy Millings]

Shout out. You know, yo, Happy anniversary.

[Rashad Bilal]

I appreciate it. I appreciate it.

[Troy Millings]

Happy anniversary. And then. Yeah, so the, the Instagram is retired from society. So I guess that's trademark to retire from society. Tm, Check out the Instagram. So like I said, I usually do that on Blackout. Yeah, I have a campaign to support black business.

[Rashad Bilal]

Keep it going.

[Troy Millings]

So a lot of people sent me merch and I wear, I wear the merch still and I give them shout outs.

[Rashad Bilal]

Still a hold on the merch. Yeah, still a hold on the merchant.

[Troy Millings]

Salute to all of the, all of the people that have merch out there that's doing anything this week. Earn your leisure. Big, big, big episode.

[Rashad Bilal]

Talk about it.

[Troy Millings]

Did it actually. So a lot of people, you know, it's been going viral that Pinky Cole lost her company and then brought the company back. And then a lot of people was very confused about what it. What does that mean? What happened? How did this happen? Well, well, Got the first hand scoop exclusive.

[Rashad Bilal]

Yeah.

[Troy Millings]

Long form interview. She's on a press run right now, but this is the first long form interview that I think that she's done.

[Rashad Bilal]

Yeah.

[Troy Millings]

Thursday, 6:00, big episode. Master class, very vulnerable, told it how it is. She explains the full story of how she lost. It's not a, it's not a, it's not a myth. And some people thought it was April Fool's joke. It's not April Fool's joke. She actually lost the company for 45 days. We'll explain it. Yes, she'll explain it. I should say, but man, she got it back. But it's a great lesson for entrepreneurs, something that you can learn from. So that is a very important, big episode. Thursday, 6:00. Shout out to Pinky, shout out to. To Derek, shout out to the whole team. But she explains how she lost her company, what she did wrong, the mistakes that she made, how she got it back.

[Rashad Bilal]

Yes, all of that. Listen, it is a powerful episode. It was super intentional. She said, yes, I'm doing interviews, but I have to tell the detailed story here because I want this to be the platform that educates people on the experience. We looked at it and said, stay less, say less.

[Troy Millings]

Shout out to people, Shout out to.

[Rashad Bilal]

The entire team at 6:00.

[Troy Millings]

And then, of course, blackout, we back. I'm sure it's going to be Spicy this Wednesday, 10:00 myself. I'm sure that's going to be one for the ages. Chances and get your tickets to Invest Fest, man, this, this year is more important than ever than ever. Artificial intelligence. We probably gonna have at least four different workshop panels on artificial intelligence is, is vitally important right now. Yes, but invest fest.com. get your tickets, get your. Get your vendor booths August 22nd in Atlanta, Georgia, that weekend, man. It's important.

[Rashad Bilal]

The conversations will be there, your favorite people will be there, your favorite companies will be there. So make sure y'all there.

[Ian Dunlap]

For sure.

[Troy Millings]

Ian, any announcements?

[Ian Dunlap]

Yeah, get your tickets to Invest Fest. I will be doing my presentation on how I've integrated AI into my investing and trading life. I talked a little bit about it at the Mastermind that we did in Atlanta. Kudos to all of you. But since a lot more stuff has come out since we were at Nvidia, have a lot more to share. Stock club call will be this Wednesday. Check telegram for the time. If I made you money, please put yes in chat. Happy birthday to my cousin Jaleesa. I'll see you in Bali doing your thing. And tomorrow, happy birthday to my mother. I love you dearly. You mean the world to me. Thank you for all your sacrifice.

[Rashad Bilal]

Happy birthday, April birthday. Happy birthday, ARIEL. She turned 10 on Saturday. Happy birthday, Mom. Mom. Deuce.

[Ian Dunlap]

Yeah.

[Rashad Bilal]

Come on, man. Love it.

[Ian Dunlap]

What a time, Troy.

[Rashad Bilal]

Yeah, man. Y'all know how this works. Wait, quick shout out, quick shout out. We had an emergency episode on Thursday, so shout out to Caleb Silver.

[Ian Dunlap]

Amazing, amazing episode.

[Rashad Bilal]

A lot, a lot of good feedback that came for that. So shout out to everybody that watched that. But you know how this works, man. Do your own research. Our content is intended to be used and must be used for informational purposes only. It's very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with or independently research and verify any information that you find on our show and wish to rely upon whether for the purpose of making an investment decision or otherwise continue to do the research. Share the research. When you found good research, give credit to the person you found it from. Build community. Build your brand. Build your community. Build your brand. Build your life. Spread love. Let's go make some money, y'all.

[Troy Millings]

All right.

[Ian Dunlap]

Put your grandmas to bed. Today is not the day. I'm sorry. Disclaimer Rated R. Suitable for adults and children only.

[Troy Millings]

So before we do this. Before we do this, let me. Let me do this. Hello?

[Rashad Bilal]

Yes.

[Troy Millings]

All right. So you live. You live on Market Mondays.

[Rashad Bilal]

Hey, hey, hey.

[Troy Millings]

Prepared. I'm not prepared.

[Rashad Bilal]

What?

[Troy Millings]

What you mean?

[Rashad Bilal]

No, no, no, no, no, no, no.

[Troy Millings]

No, no, no, no, no, no, no, no, no. Just say it. You got, like, three minutes. Just say what you guys say.

[Rashad Bilal]

Three minutes. Okay, now I'm listening.

[Troy Millings]

I don't have my notes wrong. Okay. Okay. All right.

[Rashad Bilal]

I don't have my notes.

[Ian Dunlap]

I wrote them down.

[Rashad Bilal]

Well, can I just say hi? Just say hi to the people.

[Troy Millings]

Hi, everyone.

[Rashad Bilal]

Hey, sh. My lot on the world. Okay.

[Ian Dunlap]

Okay.

[Troy Millings]

So that. That was my mom. So at the end of our episode last week, we was pretty critical on Cory Booker.

[Rashad Bilal]

Oh, man.

[Troy Millings]

And she was very disappointed. And she had a whole long list of things of why we were wrong in our assessment of Cory Booker. So I gave her the opportunity to voice her opinion. She didn't send a text, and she wasn't prepared. You gotta be prepared.

[Rashad Bilal]

Usually she sent a text.

[Troy Millings]

You gotta be prepared. In life, that's important.

[Rashad Bilal]

I know. Now I'm definitely gonna get one.

[Troy Millings]

Okay.

[Rashad Bilal]

How long is that?

[Ian Dunlap]

Blame it on me. It was my idea.

[Rashad Bilal]

It was. It was a question, like, what did it. I don't know what it did. What did it do?

[Troy Millings]

So.

[Ian Dunlap]

Well, she will articulate our points later tonight.

[Rashad Bilal]

Exactly. We need to be educated on the process. Always open to that before we jump in.

[Ian Dunlap]

Pause. Rashad, you had an amazing point that I saw you post on Instagram.

[Rashad Bilal]

And.

[Ian Dunlap]

And since this is the reason for the fallout. Do you want to talk about this now? Do you want to wait till later? Because I really think it's really important what you brought up.

[Troy Millings]

Which one? The Tim Cook one or the trump one?

[Ian Dunlap]

The trump.

[Troy Millings]

Let's save that. Let's save that. Because I want to let the beat build. Be. Build.

[Ian Dunlap]

Got you.

[Troy Millings]

But. Okay, we're not even gonna play. No, Games. Let's, let's jump right into this.

[Rashad Bilal]

Yeah.

[Troy Millings]

The first thing I want to talk, I'm going to ask you is, is Apple officially effectively done? Is when I say done, I mean like, is it time to take them out of the 2Tech2 index philosophy? Is it time to. Is it time to abandon ship? Because it's like if tariffs is really going to happen and this iPhone is going to come to 2200 for the, for the most expensive one. Right. We already talked about all the other problems that they have and Apple is the leading stock in a lot of major ETFs. I think it's the lead in XLK and it's the, it's the leading stock in a lot of people's portfolio. Warren Buffett sold a lot of his Apple stock. We'll talk about him later. Is. Has the day come to abandon Apple?

[Ian Dunlap]

I mean, I just said last week we needed a new CEO and you called me crazy.

[Troy Millings]

You can't blame this on Tim Cook though. This is this the terrorist thing?

[Ian Dunlap]

Rule number one is a CEO, man. And man, everything that happens on your watch is your fault.

[Rashad Bilal]

That's true.

[Ian Dunlap]

That's so. Oh, but they made the move to India to offset tariffs. Great way to play late.

[Rashad Bilal]

That was even part of the question last week, right? Like, is their day coming when they drop under 20? Obviously now they went down under 30. But hey, where we at?

[Ian Dunlap]

I'mma give my honest take about this. And it's not because I created two Tech two Index. If I made you money, please put yes in chat. Is that day here now? No. Do I think it could happen before 2034 for sure. Let's start with the positives. Gross profit margin, 46.52% for a fledgling non innovative tech company. That is amazing. You can't take that away. And the number one, please write this down. The number one reason I constructed Apple and Microsoft into the two tech to index scenario is drawdown. Even though they got they boot smoke today with Nike, what's the drawdown this year for Apple? Please put it in chat. Y'all said y'all want me to restore the filling to bring the old essence back. I got you. What's the drawdown this year thus far? So if you compare Apple to Tesla, Tesla drawdown is two to three times bigger than Apple. So when you're building your portfolio, the gains are important, but how much you can draw down is the most important thing you want to factor in. And then profit margin. If that Profit margin was 30 or 29 Mortal Kombat Flawless victory fatality. I would be replacing them for Nvidia a long time ago now. What I don't like about the business, not a lot of innovation. They are like even this tariff move. No, you can't solely blame him. But if you've been to the White House during this administration and last you knew this was coming, how are you just now making an adjustment to make that move in India when you know India's market is more important, important than ours in terms of market share going forward for the next 10 years. I think he's react too slow. It's like when Harden started doing a step back and then like everyone started doing it. I remember the days when they would innovate and they would lead. So it's a time yet. But will I maybe move that date up from 2034 to 32? Probably.

[Troy Millings]

Well, 2032, I mean that's still a long. So you're still bullish on Apple?

[Ian Dunlap]

Yeah, 46.52 gross profit. Yeah, for sure.

[Troy Millings]

I'm just asking because I know. Yeah.

[Ian Dunlap]

I'm not attacking you, my brother. You my guy.

[Rashad Bilal]

As long as those statistics stay the way they are, obviously it makes a lot of sense.

[Ian Dunlap]

Yeah.

[Rashad Bilal]

I think the, the question for the people, a lot of people who are watching now is that is this the bottom for Apple? Right. This is 27 down as of today. There still might be some room to fall here. Right. When we're talking about terrorists, we saw, I mean we were just sitting, just watching our phones now. The China retaliatory tablet came through at 34%.

[Ian Dunlap]

Yep.

[Rashad Bilal]

We come back now we add another 50 without 104 tariff. We know China like 104 is crazy. China accounts for 80 of Apple's production capacity. What that does to the business. I know we spoke about India. It's so interesting when we were talking about India and we talked about the, the declining sales of the iPhone inside of China, we said maybe it's not a product, it's a new region. But it, it speaks to how long it takes to get these businesses up and running, these factories up and running.

[Ian Dunlap]

Sure.

[Rashad Bilal]

They've in India for three years. Right. They're saying potentially. Right. If they expedite this, the, the manufacturing in India, it could account to 15 of production. That's after three, almost four years infrastructure together it can increase it from I think now where it's at like maybe 7 to 8% to up to 15, which is a large jump. But it took four years to do that. Right. You're Talking about tariffs that are happening now. There might, there's not going to be another four years sustain this. And so something has to happen, right? Like we gotta, they gotta figure something.

[Ian Dunlap]

Out here or like a new CEO.

[Rashad Bilal]

Well, I don't even know if a new CEO changes this. Right. Because the CEO of the country, the way he's moving.

[Ian Dunlap]

Okay.

[Rashad Bilal]

It's really tough.

[Ian Dunlap]

You're right.

[Rashad Bilal]

Right.

[Ian Dunlap]

You have a que? I have a question for you. When you guys plan Invest Festival, do you start three months before or the day after Invest Fest is over? The most important thing for a leader is contingency. My first thought every day is what combination of factors could put me out of business they got too comfortable with. And I said this in stock club. I'll say it here. Geopolitical risk first, then fundamentals, then technicals. You can't rsoi your way out of this. So I think Apple got too comfortable. And the thing is, okay, we went to gtc. When's the last time we've heard any significant news come out of Developer Day at Apple?

[Rashad Bilal]

In terms of product or in terms of software?

[Ian Dunlap]

Anything.

[Rashad Bilal]

Yeah, I mean it's, it's the typical. The iOS update, the new MacBook, the new iPad. They, they tried with the Vision Pro that really didn't work. So the products are lacking. And we've, we've covered Apple intelligence if.

[Ian Dunlap]

That was a financial product.

[Rashad Bilal]

Right. I mean, every quarter it seems it's almost getting forgot about in, in the rollout of announcements. Right. Like that was supposed to be part of the phone. When it dropped in in September, they said it was going to be there by December. We're here in April. They still haven't really. I mean it's, it's there but nobody's really using it to its full capabilities. They have their June summits coming up and so there's a possibility there.

[Ian Dunlap]

I hope so.

[Rashad Bilal]

I don't know.

[Ian Dunlap]

Apple loads about 151.47.

[Troy Millings]

Apple load the boat 151. Okay, all right, all right, you heard it there. That's lower than the 52 week low for sure. That's low. That's pretty low. But you gotta like Apple at this price though. At least on a dollar cost average.

[Ian Dunlap]

Yeah, if you're looking two years out. But if we. I was starting a portfolio from scratch. What I put them there first over Nvidia. Absolutely not. Absolutely not.

[Rashad Bilal]

But you would add them to the portfolio.

[Ian Dunlap]

Yeah, they're probably sixth, seventh, eighth. Man, you're, you're good.

[Troy Millings]

So, so, okay, so for my personal I'm just personally curious. If they're the seventh man and you wouldn't put them ahead of Nvidia then why. Why are they still in the 2Tech2 index? Why isn't it Microsoft and Nvidia for.

[Ian Dunlap]

The 2 minimum of draw. What's Nvidia's drawdown?

[Troy Millings]

So the minimum, the risk reward ratio.

[Ian Dunlap]

Ratio especially you being a, that makes sense approach, being conservative. The number one thing you have to factor in in business is how far can this thing drop and can you withstand the pain. A lot of you traders right now are getting destroyed thinking that every trade that you could. I know people who were short in the market who got whipped out to the upside because their stop was too tight and then it dropped to where it was supposed to go. The first thing I'm always factoring in is how much risk will this investment buy me if I can mitigate that, keep that within even the worst case scenario if we have full out contagion micro excuse Apple and Microsoft together may draw down 42% on average. This including the stevia Steve Jobs years. If Apple goes to 42, Tesla's gonna be 89%.

[Rashad Bilal]

Yeah, that volatility is.

[Ian Dunlap]

Yeah, it's over with like you can't. And all the fundamental analysis you'll go through and all the charts. That's great. When you're down 72% you're not thinking anything rational. You're going to sell.

[Rashad Bilal]

Yeah. That was one of the things that beta. Right. When we talk about for sure it matters. If you look at what what Tesla's is versus what Apple's is, there's a difference. Right. Like you want to keep it in for those. So the beta is kind of like the volatility of that equity and so a conservative one is probably between anywhere like 1 to 1.2. You look at Tesla, I think it's like at 1.8 or something like that.

[Ian Dunlap]

It's at the edge.

[Rashad Bilal]

It's at the edge of like high volatility. And so like that like you said, looking at stop losses because a lot of people like I'm going to short the market in a day like today happens and it's like wait, hold wait. What did I just do?

[Ian Dunlap]

Whipped around.

[Rashad Bilal]

Yeah, you move around like 10 o'clock, your dial's up 800, wait, you're down. And by the end of the day I think NASDAQ ended green today.

[Ian Dunlap]

Yeah, yeah.

[Rashad Bilal]

And it positive. So yeah, I mean if you don't know what you're doing, it's not something that you'd just be playing around with. But yeah, volatility is important.

[Ian Dunlap]

And to be fair to Apple, year to date they're up 7%. So I mean one year. So you got to be.

[Rashad Bilal]

Oh, one year, not year today.

[Ian Dunlap]

Yeah, yeah, one year. And if you look over the last five years, they're still up tremendously. The NASDAQ is up 92 over the last five years. So if you've been watching the show, if I made you money, please put yes in chat. So yeah, if you've been investing, you're good, but just being very realistic. And I've always told everyone if it was time to get rid of Apple, I'll be the first to say it. But you can't be so emotionally tied to your investments that you aren't able to see a clear path. I pray there's a day that Apple and Microsoft are no longer valid and I can say kill both of them. But that day hasn't come yet.

[Troy Millings]

Okay, hit the like.

[Ian Dunlap]

But Tim Cook me. Yeah, one more year max.

[Rashad Bilal]

He's turning into a three trillion dollar company. You calling, calling for his job? That's tough man.

[Ian Dunlap]

What Kendrick say it's a culture issue.

[Rashad Bilal]

Since when though? Since when?

[Ian Dunlap]

I've been screaming this the last three years. Okay, shout out to everybody who work in hq. And some of their brightest talent has left and thrived at every other organization like their best talent, like just like the San Antonio spurs at one point.

[Rashad Bilal]

I mean if we look at, in retrospect, if we look at obviously since the passing of Steve Jobs, what has that company done? It's been the wealthiest company in the history for sure.

[Ian Dunlap]

He's the greatest operator of all time.

[Rashad Bilal]

No, I remember we used to say this about Steve Ballmer, right? It was like what he did during Microsoft. The stock never moved, ruined. But he was intricate in bringing Azure to Microsoft, which is now the product that, I mean the cloud services one of the biggest sources of their business. So there are attributes that they bring to the company that it's like, hey, if they weren't here, we're not at this level perhaps.

[Troy Millings]

Well, let's, let's do this. Hit the like button and share. We are 8, 500. Let's get this bad boy before we really start to cook on this tariff situation. And if you should sell your stocks, if you should buy stocks right now. I know, I know what people want to hear. Well, we gotta, we gotta let the beat build. We have to let the beat build. Okay. Bitcoin. Yeah, Bitcoin is also. We talked about Bitcoin last week and how it's been moving in sync with the stock market. And now as of right now, it's, it's moving back up again. But it moved heavy. I think it lost $6,000 yesterday going into today.

[Rashad Bilal]

Yeah, it got down to 76,000.

[Troy Millings]

So Bitcoin is not bulletproof when it comes to, you know, the movements of the economy in the stock market and even tariffs. So what does this say about bitcoin and the larger crypto space as I.

[Ian Dunlap]

Alluded to before three years ago, that it would be taken over by the banks and it would for the banks to have a hedge. Because if this is the highest return of asset in the history of mankind, wouldn't it behoove the banks to have the highest return asset of all time in the portfolio as everything else is falling apart? I don't know why the bond market though. I'm gonna keep bringing this up to Bobasani or somebody bring this up. The bond market has been in a route for four years and no one's blinking an eye. I know everyone's talking about, hey, you should get into TLT right now. You should not be buying bonds even though you should have a well rounded portfolio. Now is not the time. As far as bitcoin, I like it at 68, 200 if it gets to that level or 70,000 flat for those of you who don't have patience to get in. But I think all the assets that are bought by hedge funds, institutions and countries are going to mirror what the rest of the market is doing. I do miss the days when there was parody in between the two, when bitcoin would go up when the market went down. But those days are long gone and you got to give kudos to Michael Saylor now for the time being for investing in it if it gets a liquidation call.

[Rashad Bilal]

Well, did you see what happened to Michael Strategy, obviously over the past week, everything, everything went down. But they said that the, the first quarter, obviously they, they bought I think over 800,000. Some, some 80, 000 Bitcoin. Yeah, the value of bitcoin went down. So they told the investors, obviously did the quarter was going to be a negative one. But that was before the events that happened over the past couple weeks. And so you're now looking at maybe another negative quarter before the real numbers really come out for what microstrategy looks like. So that's gonna, that's going to be something to watch.

[Troy Millings]

Since you brought them up, I will say this. Bitcoin has held resilient through this for sure.

[Ian Dunlap]

Absolutely.

[Troy Millings]

It has not fallen as much as stocks in this period of time, nowhere.

[Ian Dunlap]

Near close and bounce back faster.

[Troy Millings]

So it's actually. So that's an encouraging sign that it's, it's, it has some level of stability that it's not, it might not be a direct hedge because it is moving down with stocks, but it, it has not moved as quickly down and as much. That's encouraging. And I think everybody is bullish on bitcoin long term, except for Warren Buffett. That's concerning because that's a different reason why. But everybody else is really bullish on bitcoin long term. So I don't think that, I don't think Microstrategy has to worry about bitcoin. Just flatlining.

[Rashad Bilal]

No, no, no. The part of it is that they bought at the average price of $98,000. So that was part of it. Right. And when it goes down to 76, that's for this quarter. But the first quarter, I mean, the past, we've talked about percentages for the past 30 days that would go back into the first quarter. Bitcoin is down 8%. And so you take that into account, we're looking at the drawdowns over the past couple weeks where it's down. It went down 1112. So you're starting to see where it's at now. And who knows where we're headed.

[Troy Millings]

We're at 9,000 people. Is it time? Is it time?

[Ian Dunlap]

And I'll say this for the end. This is not the market from three years ago from Bitcoin.

[Rashad Bilal]

Yeah.

[Ian Dunlap]

All the 36,000, 40,000 level talk. That's not going to happen. That's over with. But yes, it is time.

[Rashad Bilal]

Yeah. Let me just. Before you do it, I want to give the percentages. So in terms of bitcoin dominance and what the other assets under bitcoin like these, I want to call them meme coins, but the, the altcoins. So Ethereum in relative relation to bitcoin over the past 30 days is down 30, 30 drawdown.

[Ian Dunlap]

It'll be great for him to show up.

[Rashad Bilal]

XRP is down 20. Solana down 22. Doge, if anybody's in there, 24. So you can see Bitcoin went down 10. It's actually climbing up. It's at about 79, 4 right now it was at 10. It slowly has moved up. Those alternative coins haven't moved at the same volatility. So that's, you have to realize that when we're talking about the dominance of this should we be investing others be aware.

[Ian Dunlap]

Don't. Eli, got a meat coin coming out. Pause.

[Rashad Bilal]

You said a what? Wait, what'd you just say?

[Ian Dunlap]

What is it called? Oh, B point.

[Troy Millings]

Hey, yo, yo, Bowser.

[Rashad Bilal]

We gonna get fined for that.

[Troy Millings]

Let's get this show going. Let's get and out the baby in his.

[Ian Dunlap]

But never mind.

[Troy Millings]

Let's get this show going. 92, I think it's time. We're gonna get this up to. We're gonna get this up to 10,000.

[Ian Dunlap]

But okay, these are just jokes written by.

[Troy Millings]

This is what everybody wants to know. Okay, a moment has come. Trump tariffs, global recession, global depression. Let's get into this conversation. So let's say first, speaking for myself, but I think I speak for everybody. Yes, yes, you should always be investing in stocks. And yes, you should invest in stocks when go down. After this segment, we'll talk about like investments that we like in this market. We'll talk about investments after this section. But I just want to preference that by saying that, yes, we got, we.

[Rashad Bilal]

Got that out the way Robert said.

[Troy Millings]

What YG say now as far as Donald Trump. Well, okay, let's just say this. So I, when I said, when I said, you know, I hate to say I told you so, but sometimes, sometimes it is needed. I said, he's not going to be good for the economy. You know, I got a lot of backlash for that. And I got a lot of backlash for that. So much so. Even my son was reading the comments. He was like, yeah, why was they, why was they talking to you like that in the comments? I'm like, yeah, I guess they really love Trump a lot. I have no personally problems. I don't like or dislike any person I don't know personally. Right. But all the smart people that we know, they all said that he wasn't going to be good for the economy. That's why.

[Ian Dunlap]

Can you name some of those really quick? Just for credibility, because it's better when it's come from somebody else's.

[Troy Millings]

Well, let's leave them a name, Anonymous, because, you know, I don't want them to get in trouble because. Yeah, but everybody said that he was going to be bad for the economy. The majority of CEOs were not backing him.

[Ian Dunlap]

Yes.

[Troy Millings]

That's just a fact.

[Ian Dunlap]

And those who did, begrudgingly.

[Troy Millings]

He lost the election last time because of the economy. This is, this is the, this is the amazing thing. He's a great marketer. He literally lost the election last time because of the economy. What makes you think that he was Going to be a economic genius this time. He wasn't good last time. He wasn't good for the stock market last time. The only reason why the stock market went up is because they put an unprecedented amount of money into the economy that helped cause inflation. That's the only. They artificially pumped the stock market. He wasn't. He wasn't good for the economy before.

[Rashad Bilal]

Well, any had. The stock market was already on an incline. Right. From the previous administration. I know, Ian, you always talk about quantitative easing, but that had really started to kick in 2016. By the time we get to 2017, obviously we start to see a rise. 2018, slight dip at 19. And then 2020 happens.

[Ian Dunlap]

Yeah. On his watch.

[Rashad Bilal]

On his watch.

[Troy Millings]

And Republicans usually perform worse for the stock market than Democrats.

[Rashad Bilal]

Historically.

[Troy Millings]

It's just.

[Ian Dunlap]

I can't argue it.

[Troy Millings]

I'm a registered independent. Yes, but the facts are the facts. Right. We've. I personally lived to two. Two recessions in my lifetime. They did change the rules last time, but officially on the record in Guinness Books. The first one was on George W. Bush's watch. The second one was on Trump's watch. It was a short one, but it was on Trump's watch. And we're headed into a third one under Trump's watch. What do they have in common? This is, this is, this is a non. Debatable fact. Right.

[Ian Dunlap]

So it's a historical trend.

[Troy Millings]

This is just historical.

[Rashad Bilal]

Yeah. Yeah, That's. That's not an opinion.

[Troy Millings]

Yeah. And then the crazy thing about it. And like I always say, you can't do a good deal with a bad person. Yeah. You can't do a good deal with a bad person. He's not a good person. He's a. He's a. He's actually a lunatic. Anybody. You sending people. You, you snatching people off the street.

[Rashad Bilal]

Crazy.

[Troy Millings]

And sending them to Central America to a maximum prison and then finding out it's not even a real guy. Oh, my bad. And then they, and then they not even gonna let him back in the.

[Ian Dunlap]

Country, which is insane.

[Rashad Bilal]

Yeah. That was like.

[Troy Millings]

Yeah, bro. Like you, you tweaking at 12 o'clock in. In the night and just tweeting anything. You cursing people out randomly like he has no decoy. He has no cool. He's the first president in American history that lost and didn't even come to the inauguration. He went golfing. Not a good person. You can't do a good deal with a bad person. So now you have Bill Ackman saying, oh, like you're an idiot. Because you publicly endorsed him. You champion this. Now you're under pressure because you've lost billions of dollars for your investor and you're saying, oh, he went too far. You got Jim Cramer on cnbc, crying, talking about, this isn't what we signed up for. What'd you sign up for? You got the dude from barstool saying, I'm down 20 million, boy. Like, what did you think?

[Ian Dunlap]

Adam 22, going out of business. What? Like, we told you it was gonna happen. Can you address the rumor that you were supporting Trump? And I'm like, where's the clip? He went crazy on the night of the election.

[Troy Millings]

As a fact, we had blackout and it was a whole 20 minute rant. But the thing about it is this, okay?

[Rashad Bilal]

You left the Willy Wonka five million dollar value.

[Troy Millings]

I mean, I could do a variety of different things, okay? Now this tariffs thing, right? This is my opinion. This is just my opinion. It's a stupid idea. That's why I said 3 months ago it's not going to work. And this, this is the, this is the crazy thing about the psychology of a lot of people. Like, I mean, like, okay, well, America's been getting ripped off. America literally has been built on ripping people off.

[Ian Dunlap]

For sure.

[Troy Millings]

We started a whole inception, you know, we started civil wars in Central America over bananas.

[Ian Dunlap]

Yes.

[Troy Millings]

Literally thousands. Exactly. Thousands of people killed because we wanted to prop up dictators to make sure that we could continue to exploit banana farms. Let's not even talk about what we've done in Africa.

[Ian Dunlap]

Oh, yeah.

[Troy Millings]

America was built on exploitation. We're not getting taken advantage of. Like, when you're too greedy, you're gonna end up losing. That's a life lesson. Don't, don't exceed the limits. Like, we, we have the highest GP in GP in the world. We have the highest household income in the world. We're the wealthiest nation in the history of the world. Can we approve on a couple things for sure? Nothing's ever perfect. But, but we are already in first place.

[Rashad Bilal]

Yeah.

[Troy Millings]

When you try to be too greedy, you end up losing. We've been exploiting the world for at least 150 years, right? That's how we became the world power that we are now. We are getting taken advantage of. That's the real. That's the real delusion of white supremacy. You're trying to spin a narrative that we're victims. We're not victims, literally. Can you renegotiate trade deals? Yes, but you got to do it intelligently, one at a time. You don't do it and demanded that it was done. Every single intelligent economist said that this is probably the worst decision in 95 years. So will the stock market come back? Yes. So if everybody's saying like, oh, this is a good opportunity to buy the dip, well, it's a list. Sometimes in life is bigger than just an opportunity to make money. Because when every single thing in the economy goes up, that's not helpful for anybody. It's going to be a lot of pain. Like, yeah, we're going to be okay. But the person that's making $45,000, they're going to feel a lot. You got to have some level of empathy for these people. They're not going to be able to survive when their iPhone goes up to $2,000. Like, you don't understand that people in recessions, suicide rates go up when it's recession. You don't understand that. You don't understand that people lose their homes during recessions. They have no way to. Domestic violence goes, you got children that's going to be homeless. Like, it's a little bit bigger than just making money in the stock market. We're going to tell you how to make money in the stock market. But you have to have some level of intelligence and empathy and humanity. The way he's going about this is completely irresponsible. And it's a self inflicted gunshot wound. Didn't even need to happen. Sometimes in life you just get into a recession, it just has to happen. This didn't need to happen. He's literally crashing the market for no reason. That's why Jim Cramer was like, I feel disappointed. That's why Einstein of Wall street was like, this is a self inflicted gunshot wound. Like, this is literally probably one of the most irresponsible things of all time. And even Elon Musk is going against it. You know this, you know he's going too far. His best friend who actually got him in office is saying like, these guys are idiots. So when you, and you're in Europe's laughing at him. And when you are trying to, when you trying to champion this, you look stupid trying to support this because you're not even. He's not intelligent even enough to know what they're going on. You got, you got people from the University of Pennsylvania saying like, there's no rhyme or reason to this tariff. And I got to deal with somebody on social media who, who has never traded a stock before saying, what? No, this is a, this is chess move. This is chess, not checkers.

[Ian Dunlap]

It's not chess, no.

[Rashad Bilal]

Or, or this formula makes perfect sense.

[Troy Millings]

It makes no sense. And the last thing I'm gonna say about this is that he's doing tremendous harm to the brand of America. America will no longer be the number one country in the world. We know that's going to happen. China, China is going to take over that mantle very shortly. All he's doing is just accelerating that. We already have a problem with our education system in America and now all he's doing is just making it easier for China. Every country that's mad at us, they just run into China. You're going to see Mexico, you're going to see Canada, you're going to see all of our top trade partners signing deals with China. China is taking advantage of this, of this situation, is lowering the standard of America and it's going to hurt America long term. America will be the next Europe, American 50 years. America is going to be like Europe, a past relic of greatness. People's going to come and just look at like the Hollywood book of like the stars and say, oh, that was a place that was pretty cool. We're not going to be a third world country, but we'll be like France or we'll be like Great Britain. It doesn't, we don't really matter in the grand scheme of things. This is China's century. He's accelerating that. And a lot of you guys are helping it because you champion this, this dumb and you should be ashamed of yourself because you're not going to benefit from it. That's the sad thing about it. Like, you, like, you're not long term, you're not going to benefit from. Okay, I appreciate it.

[Ian Dunlap]

Like you cooked. Yeah, Troy, go ahead.

[Rashad Bilal]

No, I mean, there's a lot to touch on. But Mike Novograd says something very, very important. I was watching one of the clips from, from their show and he was like, part of this tariff situation is on us, right? The negligence. Obviously after World War II, countries were desolate. We're gonna, we're gonna give you favorable deals. Now the problem that we inflicted on ourselves is that we never put terms on those deals.

[Ian Dunlap]

Back to leadership.

[Rashad Bilal]

You never put a 10 year or when you get to this level of GDP, which he kind of explained, and it was like, well, who's in leadership that wouldn't do that? So now when you get a guy who's in office now and he's looking at 60 years of this and he's like, nah, you know what, I don't think this is favorable. And like you said, he just takes this gunshot wound. It's like, yo, we're gonna fix this all at once. Well, that's not how it's going to work, right? And even now, when we watch the market pullback Thursday and Friday, it was like, everybody's waiting to see what Europe is going to do if the European Union decides, hey, you know what? These tariffs aren't favorable for us. And we. If they stick together, which we'll see what happens. And they decide, hey, maybe we don't do business with you. And they do say, hey, China, listen, I know we had a trade partner over here, but those terms aren't favorable. We actually one may have to use your market going forward. What does that do? Right? They just like, as we were coming on, that was sort of the, the 25 tariff thing was floating around from the European Union. The administration was like, look, they went right to the places they know it were hurt. They said, look, if y'all do that, if y'all retaliate with 25 tariff, European Union, we're putting 200 tariff on wine and spirits. So who do you think the first two are going to battle in the European Union? France and Italy, they're like, wait, hold on, hold on, hold on. I'm not sure if we can do this. If they put a 200, 200 tariff on something that actually leads our economy. And we talked about those spirits. I ain't gonna bring the experience companies that. That come from there, but think about that, what that does to the economy. So he's playing this game a little differently than anybody we've ever seen, right? Like, yeah, he's like, I'm. I'm. He willing to, like, go to levels that there isn't one economist that would say, like, this makes sense. Right? I'm starting to think, like, even inside of his cabinet or his trustees, they're looking at this like, I know this is wrong. They just gonna ride to the death with him.

[Troy Millings]

Even the mad king.

[Rashad Bilal]

Exactly. He's turning to him.

[Troy Millings]

I better not wear that magic. Sit around me if it's up. If I see anybody wearing maga, only red hats, I'm wearing his locks. If I see you wear this magnet in the gym, in the gas station is up smacking you.

[Ian Dunlap]

45, 47, Kanye.

[Troy Millings]

Anybody with that match around me, academics. Hey, my boy, I'm tired of this.

[Ian Dunlap]

And outside of the government, u. S. Government, who owns the majority of our debt? China. This is the whole Drake vs Kendrick sitting at 20 v 1 all over again. Remember, I was screaming that bricks oh, is it never happened. America's the greatest, greatest army. What if they beat us at another war?

[Rashad Bilal]

Right, but what's the goal though, right? Like if it's to like decrease debt. Right, right. With trillion dollars. 37 trillion, if that. What, what is the amount that this tariff is going to bring in? Right? Because is it like, if you understand how terrorists work, is really going to affect the people, the consumers first, and they'll affect the businesses. Right. So when Apple decides that the iPhone is $3,000 going forward and the consumer's like, we're not paying that well, their revenue is going to go down.

[Ian Dunlap]

Tim Cook gonna retire. We don't even need to see.

[Rashad Bilal]

It's gonna affect the people first. And that's everybody that's watching this, including us. Right. That affects us. We're not, we're not immune to it.

[Ian Dunlap]

You know how bad the economy has to be for the World Economic Forum founder to step down, take our opinion out of it. Go look at the people who run. They start and say, you know what, Let me go enjoy the fruits of my labor in the midst of all this bs and are we drinking a scenario? Yes, absolutely. Absolutely. This is a 20v one. They're gonna fight a different battle and we don't have a way out of it. So, yeah, stocks will go up, but the economy is going to be. In five years, the cost of homes have went up 4 to 700% in most major cities. You think that's sustainable?

[Troy Millings]

Right.

[Rashad Bilal]

And them jobs ain't coming back.

[Ian Dunlap]

They're gone.

[Rashad Bilal]

They're not coming back. Apple's not coming back to, to build factory.

[Ian Dunlap]

So they're not building a factory in Chicago.

[Rashad Bilal]

It don't. Sorry. It would cost them less just to pay the tariffs than to build the factories. Why would they build factories? Just pay the tariff. Don't make any sense.

[Troy Millings]

And we don't, we don't do everything well. That's like common sense. Like, I'm good at social media marketing, Troy's good at technology. Like, if, if you force him to do everything that I do, he's going to be able to do it because he has no choice. But it's not going to be optimal if he, if I'm forced to do everything that he does. It's not so like, yo, they make better cars in Germany. That's just a fact. Like, you know, I mean, like, just some things are better in certain parts of the world. We're not. Like, the idea that we could do everything in America is just. That doesn't even make any sense. It's stupid and like you said, it's outdated. Bring factory jobs. Factory jobs not coming back. Flint, Michigan, or Springfield, Ohio, or wherever.

[Rashad Bilal]

Springfield.

[Troy Millings]

It's not happening. Like, it's not like factory. This isn't 1920 banging against the machine. We're talking about technology. They teaching kids in China at 6 years old how to use artificial intelligence. New York City's ban chat gbt. What are we talking about? Yeah, what are we talking about? Like you, we're taking. We're going into a new age and you talking about factory jobs and manufacturing.

[Rashad Bilal]

Yeah. Now, does it make sense that we should have some jobs here and we should lower our. Our import export ratio? Yeah, yeah. But that's going to take time. That doesn't happen at once. You don't say let's charge tariffs on everybody. And like, this is the reason because we need to have them back. That's going to take. He won't even be alive when it happens. Right. That'll take at least 10 to 15 years to get some of these factories back. And people like, oh, this is very discouraging. No, with new industry comes new opportunity, comes new innovation. Right. We just got to be educated enough to know where the innovation is, right. Where the invention is going to happen and be part of it. That's all we've been saying is like, yo, we got to make sure that we're part of the process.

[Ian Dunlap]

Janik, the part about this being live is we can retort. So if I can put Ferrari, BMW and Mercedes in one investing group and gm, Ford and whoever owns Buick, which class of car are you investing in long term in the market? It's not about Rashad hating American products. The American exceptionalism died when they start selling it off to China 25 years ago. So almost like he was paid to make this happen. Put your grandmas to bed. Don't talk to me about no cool and decorum and not. I hear that, but y'all don't go say this at y'all jobs where they're doing this either. Y'all won't go say that to your boss who voted for him. Help put him in office.

[Troy Millings]

And you talking about you love American products. Everything you own is from China. Your laptop is from China. Your computer is from China. Their car, the parts don't come from America at all. No. No American car company that makes cars in America has 100 of their products made in America. What are we talking about? Like, we just. Like y'all, y'all just go for this. That they Tell you and you. And. And it's like, at what point do you start to actually have a brain? No, it's not coming back to America. These jobs are not coming back to. America's over with. Nobody wants to have a Buick over a BMW or Mercedes. Nobody.

[Ian Dunlap]

Think about this. Intel died, and we had to pay Taiwan Semiconductor to come save Intel.

[Rashad Bilal]

Fact.

[Ian Dunlap]

What are we talking about?

[Rashad Bilal]

That wasn't even news. That's the crazy part. I said, like, we talked about it, like, internally, but that. Would that even make a headline?

[Ian Dunlap]

Not a blip. It was more news about 11 maybe coming to New York. Chuck. Mayor Adams.

[Rashad Bilal]

Him and his shorties.

[Ian Dunlap]

Another supporter.

[Rashad Bilal]

Yeah. You're working on it. 24 hours. 11. Shout out to Miami.

[Troy Millings]

Ford, Buick.

[Rashad Bilal]

Any backlash on a Buick?

[Troy Millings]

No. Who wants a Buick?

[Rashad Bilal]

Shout out to everybody that owns one. But I. I've never had one. Never driven one.

[Troy Millings]

Okay.

[Ian Dunlap]

Okay. Now that the doom and gloom is.

[Troy Millings]

Over, so how can they be okay? Buy the dip. Yeah.

[Ian Dunlap]

Body dip is not a straight. I'm gonna say this bought a dip, not a strategy.

[Rashad Bilal]

When I dip, you dip. We dip. When does the dip stop dipping?

[Troy Millings]

So, yes, okay. Body dip.

[Ian Dunlap]

Okay.

[Troy Millings]

Okay. God bless America.

[Rashad Bilal]

We're gonna buy puts. Okay.

[Troy Millings]

Yes. Okay. It's too.

[Ian Dunlap]

Too late for a lot of them. You got to be careful with them puts.

[Rashad Bilal]

That's what I'm saying.

[Ian Dunlap]

You're gonna go puts on the puts you saw today. I think shout out to Walter Bloomberg. I see the move. You got paid to put that out. The market was in a rut. The nik was down 8%, and then somebody tweeted that the tariffs are going to be halted. And then all of a sudden, every institution and everybody with a Bloomberg bought at the same time. Man, I done seen enough scandal.

[Rashad Bilal]

So, Olivia, it's the illest sitcom. Like, what country is the illest sitcom going, bro?

[Troy Millings]

It's not a real place. All right, but let's. Let's. Let's say this, okay?

[Rashad Bilal]

I think we just hit a record, y'all.

[Troy Millings]

I think 12 was the record.

[Rashad Bilal]

Is it?

[Troy Millings]

Yeah.

[Ian Dunlap]

14.

[Rashad Bilal]

Is it?

[Troy Millings]

Oh, yeah. All right, so let's do this with.

[Ian Dunlap]

A record for this year.

[Rashad Bilal]

Hey, hey, hey, hey. Shout everybody in. Chat, chat, chat, chat. Appreciate y'all.

[Troy Millings]

Okay. Okay.

[Ian Dunlap]

Let's get back to let's.

[Troy Millings]

Okay.

[Ian Dunlap]

Brass tax.

[Troy Millings]

Yes. Okay. Body dip. Yes. Body dip.

[Ian Dunlap]

Okay, so a lot of dip is not a strategy. Sorry, I'm waking up. Put your Grandma's the bed 20% off.

[Rashad Bilal]

We had to do 40% dip, and now we have the tariff dip.

[Troy Millings]

So here's the, here's the crazy thing, right. So we was filming today and you know, I'm looking at my phone. So at 9:30 I look at my phone and the dow is down 1400 points, 1500 points, something like that. Everything is, is going crazy And I see Nvidia. Nvidia have reached this, got down there 86. It's 52 week lows. Like 86.

[Rashad Bilal]

Yeah, it opened at 87 today.

[Troy Millings]

Yeah, it got down.

[Ian Dunlap]

Stock clubs and prices hitting the what? Oh, real quick. If you never want to have to worry about where to buy in the market again and don't want to have to rely on buy the dip, go to Ian invest.com.

[Troy Millings]

The only way, the only way. The numbers sound crazy until they hit. So Nvidia was down. QQQ was almost at a 52 week low. Everything was just down. And then something crazy happened. I looked back and like 45 minutes later and the Dow was up 800 points and everything was in green. I'm like, yo, something must have happened. Like I told Troy, like something must have happened. So I'm looking for news articles. I couldn't find what happened. So we found out that it was a fake news report that came out that they going to delay terrorists for 90 days. That's why the market went back up. But then once they found out that that was actually fake, then the market goes back down. Then it kind of came back up again.

[Rashad Bilal]

This isn't real, bro.

[Troy Millings]

So, okay, Opportunities, yes. There's opportunities in every crisis. No, you know, it's unfortunate that some people will lose their homes and for sure be eating cat food. People eat cat food during recession.

[Rashad Bilal]

Now didn't he say that the people in Ohio was eating cat food? Oh, they were eating their dogs.

[Troy Millings]

Dogs, dogs.

[Rashad Bilal]

They're eating the dogs in Colorado.

[Troy Millings]

They're eating the dogs. Get the dogs. But some people don't care about that. They just want to make money. So for the people that have no heart.

[Ian Dunlap]

Yep.

[Troy Millings]

And no compassion, this is for you and just want to make money. This is for you guys.

[Ian Dunlap]

Yes.

[Troy Millings]

Okay, now this, what should they invest in? What should they be buying? A dip.

[Rashad Bilal]

All right, here's the optimist point of view, Right. First of all, this is not, this doesn't happen. Right. Fake news like by accident.

[Ian Dunlap]

They said it on CNBC this morning.

[Rashad Bilal]

But what it does say is that there's trillions of dollars on the sideline. I think they said like over $8 trillion. So the, the liquidity is there to be invested. If they can see that There's a bottom. If there's any sort of good news, which is promising. Right. That means that that R word maybe not there. I know they keep talking about unemployment. They got to wait to see unemployment. They don't see people losing jobs in the mass numbers. But the money on the sideline is there. When we saw, I mean it went up 800 points and what, two minutes, three minutes?

[Ian Dunlap]

Yeah, it's great.

[Rashad Bilal]

That was a 1600 point swing, which is crazy. Right? It just doesn't really happen in real time. The other thing is that especially because we talk about technology a lot, when you see recessionary environments, usually the first sector that sells off. Right. And has a huge decline a lot of times is the first one to start ticking back up for sure. Right. And so if we seen, like I said, there's been a couple of catalysts. That deep sea catalyst at the end of January, we saw a dip. The tariffs came. We see a further dip inside of semis, inside of everything inside that AI economy. If we start seeing things move up, I know Nvidia, like you said, it opened at 86 tomorrow. It looks like it's going to open up at just under a hundred dollars. We start seeing things like that tick up. And this is without any real good news because the tariffs are still there. European Union, we'll see what happens with the news. But if we start seeing things tick up, especially in that AI space, since it was the biggest sell off from January and now I will again go back and look into these because it's still the dominant story. Like what should they buy?

[Troy Millings]

What should they buy?

[Rashad Bilal]

Let me let the beat build.

[Ian Dunlap]

Get right to it.

[Rashad Bilal]

You remember the whiz? The commercial didn't sound like Crazy Eddie.

[Ian Dunlap]

For sure, but this is what the people want to know. Okay, Nvidia 89.39. Just a level two buy. All the smart money is waiting on a sideline. Okay, yeah, here's what I do know about this. There's trillions of data points that are printed every year in the market. There's no such thing as coincidence. So for everyone to hit buy at a time when there was that ace much asymmetrical reward on the table is not accident. Never have will, never will be. 89.39 is where I like Nvidia.

[Rashad Bilal]

First one for sure is my second one. Even if you look at it, look at what it's done over the past two days, even with the tariffs. Broadcom is in that category. I love it. TSM is at a point right now at 143that I love it at TSM is in there. Again we're going over the things that we've already said like this is going to lead us into the next. I love Netflix. I've said this for the past two to three months now. Love Netflix. That is definitely in a portfolio buying shares. Definitely buying shares. And Meta those would be. And Microsoft just hit his 52 week low so I'm add that into it. But Netflix is probably outside. It's in my top three.

[Ian Dunlap]

Top three for sure.

[Rashad Bilal]

Yeah.

[Ian Dunlap]

Broadcom I would get a 128.82. I agree with the Netflix. Gotta give Meta a lot of kudos for being up that telecom sector. On fire. Smoking on Apple boots today. And then once again non American company TSM gives you probably the greatest value if it gets back down to 13691 I love it but I wouldn't mind taking it tomorrow if it drops to like 141.82 so Nvidia, Broadcom, TSM, Netflix. I'm good. Apple, sit your ass on the bench.

[Rashad Bilal]

You benching them? I'm not mad. Benching them short term, right? They're already short term.

[Ian Dunlap]

Yeah.

[Rashad Bilal]

Right now with the stocks. But I. I don't know if this is the floor. I think we. There's some. This.

[Ian Dunlap]

No, no, no way. There nowhere.

[Rashad Bilal]

Yeah. Somebody's putting Palantir in the chat. Yeah, in the 10 for sure. So the Chinese AI and E commerce stocks are doing pretty well if you. You think about it, right? If we start putting tariffs and they start saying all right well we're going to find other customers. Alibaba makes a lot of sense. They've been doing pretty well.

[Ian Dunlap]

And didn't a bunch of hedge fund managers at the end of last year and the top of this year start and put a bunch of money into Baba and Chinese stocks as if they almost knew there was going to be this rebalancing of Chinese greatness versus American equities. Allegedly.

[Rashad Bilal]

Allegedly. Allegedly on his way.

[Troy Millings]

The merch coming soon.

[Rashad Bilal]

Yeah. Shout out to everybody.

[Troy Millings]

I will say this too.

[Rashad Bilal]

Hold on real really quick because they put it in the chat. Shout out to everybody. Chat. Yes. I'm still in those companies. Vst vrt Arista. Why did I say that we take our leaps out further right to the end of 2026. End of 2027.

[Ian Dunlap]

It's a great lesson for these moments reasons exactly.

[Rashad Bilal]

I've been telling you. Volatility. Volatility is something that we can't control. Catalyst events are something that we can't control. This is why you never see. Hey, Troy, you put that, that option call out for two months, you put it out for three months. Nah man, I put it out for two years just because there's going to be volatility, it will be callous events and it's going to present sometimes opportunities to say, hey, I can buy this at another price. I get an additional call and we'll ride this. The, the equity on the way back up to its glory.

[Troy Millings]

So those are a lot, those are a lot of stocks. Hopefully you guys took notes. But I will say this, I listen to Josh Brown, he just confirmed. I think I, I was, I didn't know this officially, but I was saying this already. But it makes sense during times of markets draws down more people investing in index funds and ETFs, which makes a lot of sense because you're going for a safe place. So in the ETF realm, I think you gotta like Q. Q. Q. Like I said today, it was almost at its 52 week low. And you know the thing about it is that that has, I mean five of the largest tech companies in the world inside of it. Right. So that's a, that's a safe, relatively quote unquote, nothing is safe in the stock market. But that is, that's a safer way to go about it. I think you have to like QQQ and smh also, if you believe in Nvidia and you believe in tsm, I mean that's, that gives you exposure to the semiconductor space and that's down a lot as well.

[Ian Dunlap]

Yeah.

[Troy Millings]

So Those, those are two ETFs that I think that you have to like. But I will say this too. This is my personal opinion, especially if Trump continues this tariff thing. This is not that we have not seen the bottom. I think if we go in the close, we go into a recession, the stock market is going to go lower. So once stocks are down 30 and 25 and 40, I think you have to start putting money in. But that doesn't necessarily mean you have to put everything, all your money, all your life savings.

[Rashad Bilal]

Yeah, yeah.

[Troy Millings]

So you should still be dollar cost averaging because there's a world where we can actually go lower than we are now, especially on the s and P500 because that still hasn't really, it cracked bear market today. But I think it came back a little bit. I don't think it's officially 20%. So the S and P still has room to go. So I think that you have to start putting money into the stock market. For sure. But don't think that tomorrow is going to go back to regular like if he, if he says tariffs is I made a mistake, I'm backing off, the market's gonna take. Yeah but if, if he says okay, 90 days, 60 day pause then yeah, you might see a strong uptick. But if he continues on this pathway of suicide. Yeah it's gonna, it's gonna keep going further.

[Rashad Bilal]

I think I'd be interested to see how long this is sustainable. I can't see this going into the summer. I can't even see it going to June in this manner where there's so much uncertainty it doesn't help anybody really. So I, I think they'll, there'll be something that happens relatively shortly and I, I agree with you. I think if it's something where it's like yo, I'm gonna back down, I probably made a mistake here which he will never admit to. I think you see a double digit day in a lot of the indices. Right. So.

[Troy Millings]

But he's not going to do that.

[Rashad Bilal]

Exactly. I don't think he'll ever do that. But even, Even putting a 90 day delay on it it really still leaves uncertainty because 90 days from now what happens it's just like tick tock and.

[Ian Dunlap]

He can change his mind at any time.

[Rashad Bilal]

Tick tock. It was a 75 day ban. They came to it and said you know what, we're going to extend it. China said you know what, we're done negotiating. We don't, we're not selling it.

[Ian Dunlap]

Worst case scenario spy438 yeah Kramer.

[Rashad Bilal]

Kramer had S P going down to 4000 Kramer.

[Ian Dunlap]

I got a theory Rashad, go ahead.

[Troy Millings]

Whatever payment says does the do the exact opposite.

[Ian Dunlap]

He a legend and a kind person but these last eight years alleged he's.

[Rashad Bilal]

Made a lot of mistakes but he's a, he's been at this for a while.

[Troy Millings]

What has he done that's made him a legend?

[Ian Dunlap]

Amazing trader, worked at Goldman and then in 2007, 2008 he literally called the recession happening and that the bankers were messing up the economy in which led to the street kind of like redirecting and getting on a white off office.

[Rashad Bilal]

I was in in terms of media he'd probably be the first personality on television that would follow that was popular and made almost halfway interest into a certain population to learn about stocks having live callings he's legendary in essence last.

[Ian Dunlap]

8 years old Harold Miner for sure.

[Troy Millings]

Okay all the smoke everybody makes mistakes. Right. But you speak of 2008 in 2008. Bear Stern, remember them?

[Ian Dunlap]

Yeah.

[Troy Millings]

Bear Stearns is shine. Do not take your money out.

[Ian Dunlap]

I remember the episode. Yeah.

[Troy Millings]

Lehman Brothers, he's made mistakes. Remember them? 2008. We talk about 2008.

[Rashad Bilal]

No, I didn't sit. He said 2008.

[Troy Millings]

Extremely bullish on Lehman Brothers. Extremely bullish.

[Rashad Bilal]

He got Nvidia, right? You gotta give him credit for that.

[Ian Dunlap]

What year?

[Rashad Bilal]

Give him, give him credit for that.

[Troy Millings]

2012 Netflix House of Pain. Time to sell.

[Rashad Bilal]

Yeah.

[Troy Millings]

Legendary Meta 2000.

[Rashad Bilal]

Hey, yo, this is. This is the power of AI right here for sure. Nah, he's got. Again, we all make mistakes.

[Ian Dunlap]

Kind guy. He a kind brother. Well, not brother.

[Rashad Bilal]

He said not a legend. Shout out to Kramer.

[Ian Dunlap]

Allegedly.

[Rashad Bilal]

Shout out to my dog, Frank Holland again. He was up 5am this morning.

[Troy Millings]

Okay. Allegedly. Allegedly.

[Rashad Bilal]

Allegedly. Allegedly legendary.

[Troy Millings]

Allegedly legendary. I'm not giving these dudes credit no more, man. You supported this nonsense, man. Like we got. It's like sometimes in life you got to take responsibility for the. You you enabled this. This lunatic that's running the White House, man. You got to hold some level of responsibility. Time that him, Bill Ackman Di must die. That's what he was champion being.

[Ian Dunlap]

And then he called in CNBC in 2020 talking about the world gonna go to hell, man. You foul it.

[Rashad Bilal]

Made 6 billion off of it.

[Ian Dunlap]

Foul as hell.

[Rashad Bilal]

Yeah.

[Troy Millings]

Enough is enough. Okay.

[Rashad Bilal]

Yeah. We got a text.

[Ian Dunlap]

It's Ian's fault.

[Rashad Bilal]

We got a text.

[Troy Millings]

Let's talk about.

[Rashad Bilal]

I saw it. I saw the text. I'm waiting for him to acknowledge it.

[Troy Millings]

But I will say this about Nvidia. You have to really like Nvidia if you believe in the AI story, right? If you believe in a story of AI and you have people like Bill Gates who's saying that AI will be the most important technology in human history. And you have. Like I said, I mean China is investing in their. In their youth. When they teach a 6 year olds.

[Rashad Bilal]

Artificial intelligence, they're investing in the education of it.

[Troy Millings]

If you believe in AI, if you believe in the story of AI, if you believe that AI will be the future, right? If you believe that, you have to like Nvidia when it's almost 45% down.

[Ian Dunlap]

There's only three companies that matter in the AR race.

[Rashad Bilal]

The numbers that it's at now, I mean, what it was at today, there really isn't nothing to talk about. Even if you're not buying options, you should be having shares of it for sure.

[Troy Millings]

What's the three companies that matter in the AI race?

[Ian Dunlap]

Tsm Microphone and, and then probably Broadcom fourth as a dark horse. Those are the three though. Nvidia, tsm, Microsoft for sure.

[Rashad Bilal]

Those are the ones that are leading for sure.

[Ian Dunlap]

Those are the ones that are going. And I want to be clear because I brought the Nvidia trade up before y'all. Everybody wants to get jacket the next 10 years they are going to have the lion's share of the AR race. Trust me. We just left GTC1. Remind you there is no close competitor like no, no Toad, amd. Lisa, maybe bundle it up.

[Rashad Bilal]

Yeah, we got, we gotta talk to these. I gotta, I gotta call.

[Troy Millings]

AMD's looking very.

[Rashad Bilal]

I got, I got shambles. I got shares.

[Troy Millings]

Shambles.

[Rashad Bilal]

Thousand shares.

[Troy Millings]

But that's why SMH is good because it's always risky when you own individual stocks. Individual stocks are risky. That's just, that's just across the board. So the ETFs provide more diversification and it devise a safety net. And you can still be specific. You can still be specific. I'm only investing in this company. This. But this sector. Right, but smh, you would have been better with SMH than with amd. Specifically amd. Is this having a tough time free falling?

[Ian Dunlap]

Now is not the time to invest in outlier. I know somebody asked about Quantum. There are no real Quantum players that are in the lead chat. And please don't invest in a 6 or 7 best AI company. You are going to get demolished if China retorts and say okay, 80% tariffs on you.

[Rashad Bilal]

Yeah, I, I just don't know where it stops. Right. Like where, where does it stop? We're at 104 now.

[Troy Millings]

4% for China. Let's talk about that before we, before we end this terrorist conversation. So Trump announced that. Well, China announced 35% retaliatory tariffs yesterday. Two days ago, on top of the tariff that they already have on America. And in response Trump told them like, don't respond. If you respond, Trump, this guy's legendary. He, he drops the tariffs last week and says no country, it would be wise not to respond. Don't, don't even think about it. China responds, I told you not to respond. 50 additional tariffs on you guys by Wednesday. If you don't take away the 34. That would bring a terror. The total tariffs to China to 102%.

[Rashad Bilal]

104.

[Troy Millings]

104%. 104% on terrorism for China. The crazy thing about this is that, you know, I'm building a home right now and it's been a rush on People that's trying to build homes like as far as little stuff that you don't even think about the, the faucets for the sink. Yeah, bathtubs, shower heads. All that stuff comes from overseas. So they already sending out emails like these, these furnitures and appliances places already sending out emails like please expect at least a 20 increase due to inflation. My GC, I asked him about the wood pause and he told me, he said, he said yo, it's a good thing that you already, you know, purchased it because if you was buying it now it would be a 20. It was coming from cancelling higher Now I've spent over a hundred thousand dollars in wood. So that's, I mean that's $20,000. That's a lot of money. So 104 tariffs. That's crazy. So what's, what's the deal with this?

[Ian Dunlap]

China just replied now and said pressure and threats are not the way to engage the thing in any fight, in any war. I'm never worried about the person who acts the toughest. I'm worried about the person who's going to be a common measure killer. Other than the army part, China has us dead to rights. Arguably even. And if you're looking at the Apple issue by 34 put in chat GBT what is the probability of Huawei surpassing Apple as the number one smartphone in the world by 2034? They're playing at a different level.

[Rashad Bilal]

They got a chance for sure.

[Ian Dunlap]

So I think this is what happens when you lead with ego and not strategy. A lot of times like my mom and dad like hey, measure four times, cut one. And if you choose to go to war, don't just factor in what you're going to do on your attack. What are they going to do to reply to you? Everyone always wants to be the shooter and a tough guy. What are you going to do when they shoot back and it's 19 of them that shooting at you? This is not sustainable and out of time that we should be doing this at a time when that's GDP is at its highest. Americans have fallen out of love with America, our job market is weak and when we get to the point where like even the deep fake thing that was a fictional at worst and have some sauce on it at best and moved our market damn near to bear correction territory off of a rumor. This Walter Bloomberg thing sent them the market up off of a rumor. It tells you how weak our economy is. So if he doesn't come forward with some fair deals, it's going to be over with for us. And at some point that party is going to have to decide if they're going to make him step down or not.

[Rashad Bilal]

Not at some point. When, when does Congress step in? Because they do have, they, they can change this.

[Troy Millings]

Well, I spoke to a Congress person today.

[Rashad Bilal]

They're not gonna change it.

[Troy Millings]

No, they, what happened, what they said was that they, they, they're gonna try to put pressure on the speaker and then the speaker came out and said that he's not doing anything. So good luck with that. But I will say this because I know this is, this is something they can. So. Okay, so yes, we told you guys some stocks that you might be able to buy, right? We told you some ETFs that you might be able to buy. We told you that. Yeah, you got to put money into the market. But the other question is, should I sell stocks right now? If I have a 401k, should I be cashing out? I heard, I was sleepy. Told me the other day that she, she was like I lost too much money in my 401k. I see, I seen it going down. I just, I cashed out. Like I just put it in the money market. Don't sell. Hold the line. Hold, hold the line. Do not. The number one rule is don't sell when you're down. Please. That is the number one thing. Do not sell when you're down. Wait it out. If you can wait it out. Wait it out. It might take six months, it might take a year, it might take five years. I don't know. Depending on what you're invested in. But man, try not to sell. This is just a golden rule. Try not to sell when you're down because that you're never going to have an opportunity to make that money back. Right. So usually if you're in invested correctly, you, you'll get back to where you were previously. Like I said, it might take some time. But don't panic. Sell. Panic. Selling is highly unrecommendable. Warren Buffett, when he sold, that's different. He's already up, he made a bunch of money and he's selling profit and he's sitting on cash. He's not selling when you just down 40 in a long term hold. Now if you're an option, that's a little different. But if you're in a long term hold investment.

[Ian Dunlap]

Yeah, yeah.

[Troy Millings]

Especially something like a retirement account. Do not liquidate. Don't liquidate your position.

[Ian Dunlap]

True.

[Rashad Bilal]

Hold on.

[Ian Dunlap]

The only exception to that rule would be is if you're about to Retire in less than six months.

[Rashad Bilal]

That was going to the question because I noticed something that you, you've dealt with, obviously with having clients in your past is that some people will say that I don't have the time, right? Like I'm, I'm retiring next year or I, I'm about to retire. Like you said, maybe June is my last day. If, especially if I'm in education. Some people say I don't have the time.

[Troy Millings]

You shouldn't be invested in that anyway. So that, that's the thing.

[Rashad Bilal]

It's conservative when you.

[Troy Millings]

So in retirement, you want to be aggressive when you're young and conservative when you get older. You shouldn't be aggressive when you're older anyway. So you should, you should at the very least probably be in a 50, 50 portfolio anyway where.

[Ian Dunlap]

But real quick, even that's decaying.

[Troy Millings]

No, no, but the loss is not going to be the same.

[Ian Dunlap]

I agree.

[Troy Millings]

It's not going to be the same. Like if you lose 35 or 30 in a bond account, it's not going to be 45 in the tech account. That's life changing, right. So that's important for you guys that's close to retirement to understand you got to reallocate your positions over the course of time and you got to go into secure vehicles sometimes you got to go into annuities. You got to have guaranteed income like this. That's the, that's on the financial planning side. You shouldn't be a hundred percent in, in stocks and tech stocks. 65 years old when you're about to retire. Like that's not advisable.

[Rashad Bilal]

Yeah, option account. Probably, probably not the best thing right now.

[Ian Dunlap]

And I'll say this too, given all the contagion that's been happening the last two weeks, the Vix got to 45.

[Rashad Bilal]

Is that 50 today hit 50.

[Ian Dunlap]

I told everyone, put a chat. What's the key level? I told you at Invest Fest, where it's time to start buying last August. Get your tickets to Invest Fest. Most of this route from the tariff war will be over in like 61 days or so. Set a timer.

[Rashad Bilal]

Here's the question now, right? If we're talking about 104 tariffs on China, we obviously spoke about companies like Apple, but there's other companies that rely on on China for production.

[Ian Dunlap]

Nike's dead.

[Rashad Bilal]

Well, the interesting, like, well, this thing about Nike is that China is an issue, but the bigger issue is Vietnam, right? Because 50 of their footwear comes from Vietnam. But Vietnam just got hit with the 46 tariff, right? Like it was a 90 tariff. And then his formulas, like, we'll charge them half of what we've been now.

[Troy Millings]

Like 120 all in.

[Rashad Bilal]

So 50 of the footwear and 28 of the apparel comes from Vietnam. So that's not coming to America. Right. When you talk about the cost of labor, the cost of factories, that Nike will be better off just paying the tariff than building factories here and having labor come here, it would just be too expensive. The other part, it was interesting. I saw economists say that the outcome of that, especially for a company like Nike, is that they won't look at America as their number one base going forward. They're going to try to find another economy. But the problem is America is the number one consumer of all products. And so that's going to be a tough pill for them to. I was gonna say swallow. But a tough.

[Troy Millings]

We can be mature.

[Rashad Bilal]

We'll try for once. Right. And so do you try to find another consumer base inside of a different market, I. E. In India, where you might be able to sell Nike? Well, I'm just saying in terms of population, you have population there. You cut the cost on the. The price of the product, and now you can sell more at a lower price. Or do you say, hey, I know we have America, we'll have limited quantity and we'll just charge more? Because that's what. That's what you're waiting. I'm speaking about Nike specifically. Yes.

[Troy Millings]

Nike's shot.

[Ian Dunlap]

Thank you.

[Troy Millings]

They're done.

[Rashad Bilal]

Dead. Dead.

[Troy Millings]

They're done.

[Ian Dunlap]

It's over with. I haven't said this in a long time. Nike is uninvestable. I have Nike going to $33 and dead. If you get back to your 2005, 2006 lows, what is the catalyst to drive it higher?

[Rashad Bilal]

Okay, so now let's flip it to.

[Troy Millings]

Apple before the Nike thing is dead for two reasons. They were already dead in America because kids wearing the sneakers and they, they have a cultural relevance problem and a variety of different things.

[Rashad Bilal]

Those are getting kicked, too. Lululemon is down. But even the apparel companies that carry these brands, JD Footwear, Full. They've been taking a hit because they're. Most of their. Their revenue comes from a company like Nike. But yeah, Lululemon's down. Aloe's like, these are companies that are taking a hit too.

[Troy Millings]

They already have problems domestically.

[Rashad Bilal]

Right.

[Troy Millings]

Then you get hit with tariffs. Oh, yeah, it's a.

[Rashad Bilal]

It's a double whammy pause. But yeah.

[Ian Dunlap]

And on top of that, to the same Apple issue, what has Nike created in the last four years that you heard anybody when we traveled in the States say, damn, I can't wait to get that Nike arm sleeve.

[Troy Millings]

The Nike arm sleeve. Legendary now. Oh, before we go allegedly.

[Rashad Bilal]

Because it's the same thing. Now that I'm thinking in terms of product, right. 90% of production. Even more so now in talk in terms of Apple. It's coming From China, right. 80%, I think of the 90% of the iPhones. 80% of production. I think those are the numbers. So we used to say like it won't be a new product, it'll be a new market. And we thought India would be that market. But I'm not sure anymore. Right. I, I think it, it has to be a mixture of maybe both. It has to figure out to be a product. A product. The. If, if the tariffs stay in place, what happens.

[Troy Millings]

But they don't. No, no. Nike got lit because of.

[Rashad Bilal]

I'm talking about Apple now.

[Troy Millings]

Oh, Nike's dead.

[Rashad Bilal]

Yeah, yeah, we passed them.

[Troy Millings]

Okay. I was about to say.

[Rashad Bilal]

No, no, we done. We passed that.

[Troy Millings]

If you're relying on the Indians to buy it.

[Rashad Bilal]

No, no, no. Apple.

[Troy Millings]

Good luck with that.

[Rashad Bilal]

Right. 100, 100 tariff. That's tough.

[Troy Millings]

So you're saying it. Can India save Apple?

[Rashad Bilal]

Where is the market? We've always said the final frontier is the continent. We, we know that, but from a consumer standpoint, the numbers are not going to match. So where is the market? Or is there a product that they can get in?

[Ian Dunlap]

Apple is the old guy at the club that's washed up who thinks getting a younger girl is a solution where you need to just be better yourself.

[Rashad Bilal]

So they can't issue.

[Ian Dunlap]

It's not going to a different continent that can help. The issue is for sure, for the first time in a long time, Apple has not delivered on anything that they promised they would do in the last four or five years. Once again, that Apple intelligence product based on the commercial. If we launch that we would be the biggest of it would be a caught. It would be a Ponzi. They delivered tech in a commercial that is not remotely in one standard deviation of possibility in the actual app. So you're shipping out a lie. I've never seen Apple do this. I haven't seen any tech company do this shit. But Rivian. But because it's Apple, no one's talking about it like that. The issue is not a new continent or new country. It is better leadership on that software and AI side they have. And it's the crazy part, you have the War chest to go buy Madness AI or, or Deep Seek or whomever chat GPT Z if you wanted to.

[Rashad Bilal]

That. That. That's the question, right?

[Ian Dunlap]

So you want to just park it in bonds for the next 15 years. Like what are you doing?

[Rashad Bilal]

So in the inverse to that is like a company like Amazon, everybody high on Amazon. My favorite company from an E commerce standpoint, we know that tariffs affect the importers, right. Like the customers are going to feel that Amazon has always led with, hey, we'll give you the best price and get you the product the quickest. Right. So would it. Should we see or anticipate an uptick in the event of tariffs if they stay? Because it's really going to go to the customer anyway. Right. They're almost like a third party distributor at that point.

[Troy Millings]

That's a fact. But let me ask you this because this is another question people have.

[Rashad Bilal]

Oh, you didn't answer it.

[Troy Millings]

Oh, there's a question. Yeah, I thought that was a statement.

[Rashad Bilal]

I'm just saying thoughts around it.

[Ian Dunlap]

No, I thought it was a statement.

[Rashad Bilal]

I just want to hear thoughts around it. What y'all thought.

[Troy Millings]

Oh, what'd you say? Amazon, repeat the question.

[Rashad Bilal]

I said in times like this, right. In terms of tariffs, Amazon being an E commerce, we know that tariffs are going to affect the actual importer. Right. So the person that's bringing it in, they're acting as a third party consumer at this point because they're shipping it to you. They've always been on lower price, lower price, lower price. And so the small business that has to pay that won't be able to do that. That will bring more business to Amazon. Would we. I mean, it might be advantageous. Obviously I hold large shares in Amazon, but even in this environment, this seems like an attractive place to put some money in. No.

[Ian Dunlap]

Rashad, you want to go first because I got a interesting take that I want to bring up about Amazon.

[Rashad Bilal]

Yeah, let's do it.

[Troy Millings]

I'm not.

[Rashad Bilal]

That's what we're here for.

[Troy Millings]

Amazon's not on my top.

[Rashad Bilal]

Really?

[Ian Dunlap]

Amazon has been as. Go ahead, Rashad. My apologies.

[Rashad Bilal]

Not your top. What?

[Troy Millings]

Okay, let's wake it up. This. You got to go with the starting five. Are you down by 20 points? You go with the starting five to get back into the game. Amazon for me is not in my starting five.

[Rashad Bilal]

Who's your file?

[Troy Millings]

Nvidia, Microsoft, tsm, You cooking? And. And.

[Ian Dunlap]

That'S the big three right there. Oh boy. What victory.

[Troy Millings]

It's just big me. I'm going to go with QQ no.

[Rashad Bilal]

It'S just stock, not ETFs.

[Troy Millings]

That's the rebound. But you need a rebounder. You got to get dirty.

[Rashad Bilal]

No, just stocks. Because Amazon's just. I could say csm, but that. Those are mine. Those are my picks, you know.

[Troy Millings]

Yeah.

[Ian Dunlap]

Netflix boy. Hold on.

[Rashad Bilal]

Damn.

[Ian Dunlap]

See, you can throw in anybody at this.

[Rashad Bilal]

The fact that you have to wait to think of meta. You're taking who has the biggest monopoly outside of Apple and Nvidia. I'll put those two. You meant Amazon, right? Yeah, you meant Amazon, right. In terms of sector dominance. And when they come into a space they come. They take over multiple sectors.

[Ian Dunlap]

Which leads. Which leads me to my point.

[Rashad Bilal]

Who else outside of Apple, Microsoft, Nvidia. Do they have a monopoly?

[Ian Dunlap]

What?

[Rashad Bilal]

On what? What's the monopoly on what they have.

[Ian Dunlap]

What the open AI that is running the race.

[Troy Millings]

Google has a monopoly.

[Rashad Bilal]

Search you just chat GPT.

[Troy Millings]

No, but they're not. That's not comparable to Google.

[Ian Dunlap]

It's a decaying for sure.

[Rashad Bilal]

500 million people using Chat GPT between daily.

[Troy Millings]

The two biggest search engines are Google and YouTube. Yeah, and Google owns YouTube.

[Rashad Bilal]

But that's declining. We already know that. So it's not really a monopoly. If you're already YouTube.

[Ian Dunlap]

That's a hell of a head. That's like digital bitcoin, yo.

[Rashad Bilal]

But somebody's knocking on that door, right?

[Ian Dunlap]

For sure. Come out with like a video.

[Rashad Bilal]

That door is getting kicked in.

[Ian Dunlap]

Interesting stat. 2016 percentage of top sellers in China and Amazon. 24201722201933 to 38 in 2020 percentage of sellers based in China 42. Right now it's estimated that 49 of sellers on Amazon's platform are in China. That isn't scary.

[Troy Millings]

That's dangerous.

[Ian Dunlap]

That. That percentage.

[Troy Millings]

That's dangerous of sellers.

[Ian Dunlap]

And also we're not even going to break down who's making.

[Rashad Bilal]

That's not surprising when you. When you. You just made the point like everything that we buy is made with in China for sure.

[Troy Millings]

But if China.

[Ian Dunlap]

It's an American company.

[Troy Millings]

Yeah, exactly. They decide to be like, no, you're done. We're going to take. We're going to do our own. Like at least MET is not dependent on China. That's actually kind of helpful.

[Ian Dunlap]

Yes. I almost know Amazon has already been.

[Rashad Bilal]

I'm not sure if it's just depending on China because you're just talking about the E commerce business. AWS is something totally different.

[Troy Millings]

But the E commerce is a major part.

[Rashad Bilal]

It's a major part. But AWS is just as major and.

[Ian Dunlap]

For what we just saw walking around. Yeah, but they're.

[Rashad Bilal]

But that's what I'm saying. And they're in there too. And if you looked at Nvidia's partners, that name was there. We saw that. You know, his name wasn't there. You see what I'm saying?

[Ian Dunlap]

Oh, for sure.

[Rashad Bilal]

So it sounds good. Like those companies sound good. I'm not knocking your five. Your five is your five. But yeah, to throw them out like. Nah, bro.

[Ian Dunlap]

Fire though.

[Rashad Bilal]

That's not knocking it. I'm just saying. Hell of a lot of one of them. We're not gonna treat them like they. Not for sure.

[Ian Dunlap]

But their issue is profit margins.

[Rashad Bilal]

But why is the profit margin that low? Because capital expenditure, they're always growing. They're always building, which is part of business. We can't for sure they wanted them ones.

[Troy Millings]

Man.

[Rashad Bilal]

I'm standing on that. Who with? Me.

[Ian Dunlap]

But I'll be clear. Amazon ain't with Nvidia on no day.

[Rashad Bilal]

I didn't say that.

[Ian Dunlap]

Okay.

[Rashad Bilal]

I'm just saying outside of Apple and Nvidia, the monopoly space, when they come into a space, they come to dominate, they come to take over. We've seen it. Right? And they still have space to grow. Because healthcare is something that they haven't just come in and dominated yet. When you add their AI services to healthcare, watch out.

[Troy Millings]

So let's do this because, okay, we got 12, 000 people on here. So we got to add maximum value. It's a few things that we definitely have to talk about. One thing people are asking about is a bottom. Right? That's when is a market bottom going to happen? So this is. This is dependent on a few different factors. I think the number one factor is if he pulls back on terrorists or not.

[Rashad Bilal]

Yes.

[Troy Millings]

But the only thing that could make him pull back on tariffs is if he has enough political pressure or enough. Three things can make him pull back on pressure on terrorists. I think public. Public pressure. If he sees his poll numbers start going down to 30, that's going. That's going to hurt. Political pressure. That might be the weakest out of the three because he doesn't care. And.

[Rashad Bilal]

And they're scared of him.

[Troy Millings]

The third is business pressure. So the business pressure is already coming. When you see Bill Ackman, there's a bunch of CEOs that said that if. If we go into a bear market, they're going to start publicly calling for changes in the White House. And we've seen Elon Musk. He did it. He did it in a roundabout way, but he criticized the White House.

[Rashad Bilal]

He's one of the zero to zero tariff with Europe.

[Ian Dunlap]

Yep.

[Troy Millings]

He said that Navarro has no idea what he's doing, so they laughed at him.

[Rashad Bilal]

They called him a car assembler.

[Troy Millings]

That's disrespectful.

[Rashad Bilal]

I'm like, yo, this is a wealthy.

[Troy Millings]

Okay, that's disrespectful.

[Rashad Bilal]

That's what they said.

[Ian Dunlap]

Allegedly.

[Rashad Bilal]

No, that's not alleged. That's literally what they said about the wealthiest part.

[Troy Millings]

Oh.

[Rashad Bilal]

Oh, yeah. Okay.

[Ian Dunlap]

You know the ballpark. Real. Yeah.

[Troy Millings]

So two part question here. Will the pressure from business and all the three of those aspects get to the point where he has to reverse course or is he going to stay on some mad kingship? And good question. What, what is a, what is a potential bottom that we could, we could see in the market?

[Ian Dunlap]

Nasdaq? Let me take the second one first because it's the easiest answer. Yeah, I'm gonna be honest enough. I can see worse work. Okay, let me be measured. This is absolute worst case scenario. It does not mean that Ian Dunlap or Red Panda or any of the subsidiaries thinks this, this will happen. But if I was a measured man, I can see a world where 15, 2 50, 250 is possible for NASDAQ. Not saying it's going to happen.

[Troy Millings]

15, 250. I mean that could happen tomorrow. 15,000.

[Rashad Bilal]

Oh, okay.

[Troy Millings]

It's 15, 600 now that, that could happen. Literally.

[Ian Dunlap]

No, no, no. I'm looking at the future. So 17,727.

[Rashad Bilal]

Yeah, yeah. The futures is higher.

[Troy Millings]

NASDAQ futures.

[Ian Dunlap]

Yeah.

[Rashad Bilal]

And if you point at a point higher for tomorrow's open too.

[Ian Dunlap]

Yeah. And then if we're just looking at what spy. I can see worst case scenario, us dropping to like 404.70.

[Rashad Bilal]

So that's not far up to 4,000.

[Ian Dunlap]

Because what's going to happen if we drop to those levels? Once you see the. Because China and the a few indexes overseas, Nikkei, they're moving, which is interesting, the circuit breaker, from 5% to 8%. I don't think we'll do that, but I do think if we get there in a speedy enough time, they'll start to hit those circuit breakers, let the money come in, and they won't do quantitative easing. But I think there will be some, like, institutional flow that comes in to buy it up. So we aren't at a level now. Go ahead.

[Rashad Bilal]

No, I was saying. Who'd you say circuit breaker for us?

[Ian Dunlap]

No. And the Nikkei index, they've moved in Shanghai, they've moved from 5 to 8%. But I do think they're going to do everything they can from us going into this recession. But if it looks like he can put us in a recession and his party starts to signal we want you out of office, that's the only thing that's going to make him change. I, I told you guys from the very beginning him and Elon and shout out to those GB my comments like, yo, Elon was supposed to only be there from 180 days. I'll talk to somebody who direct reports for Elon. That's not true. I, I'm gonna go on my Rashad rant. I'm tired of y'all telling me things that I'm learning from people who run these. Like I talked to somebody in the White House the night of the White House and told everybody in stock club the election was over five hours before NBC Red Panda, yes or no? All the talking is cool. Y'all were telling me seven weeks ago Nvidia couldn't go to 95. I'm telling you there's a different plan. And a bunch of these politicians and businessmen have sold their assets as a hedge. High level treason and espionage going on, right? Hell, not on accident. Alleged.

[Rashad Bilal]

There's a mad king and there's going to be a Jamie Lannister. We don't know who it's going to be but somebody got to stop this. Somebody. There's got to be somebody.

[Ian Dunlap]

We need a Kendrick Lamar in that office. We need a jam immediately.

[Rashad Bilal]

It's real there. I mean it's, it's tough to predict about them when you're pause when you're dealing with somebody who is irrational, right? Like literally irrational. Like 50 tomorrow it could be like, yo, we're adding another 50.

[Troy Millings]

So nobody, nobody can make him stop.

[Rashad Bilal]

I don't see a person, he doesn't fear them. It actually is the inverse. They actually fear him, which is why they won't speak up or they won't try to stop him. Or again, is he.

[Ian Dunlap]

Well, who Putin half make him shut up. That's, that's Debo.

[Rashad Bilal]

So I, I thought that something might come up. Today's meeting, he met with, he met with him today about tariffs and I think Israel had a 7017 tariff. So they came to discuss that. I was interested in seeing what would come from that. I didn't have any news about that.

[Troy Millings]

No. He said, yeah, whatever y'all want to do. Whatever America.

[Rashad Bilal]

He's good with that. I, what I saw was the Dodgers visiting the White House and him playing golf on the weekend.

[Troy Millings]

Oh yeah, he's good with the 17. I mean do they have a choice?

[Rashad Bilal]

Right? I'm just saying I don't know how to be with.

[Troy Millings]

He just got $50 billion. I'm thinking like, yo, don't put up too much of a fight.

[Rashad Bilal]

Or is it like, yo, we might raise that to, to 30. You don't. I just don't know what to do. Every day is a new day.

[Troy Millings]

Okay, we'll see. We'll see. Okay. So the other question, okay today is opportunities in every, every crisis.

[Rashad Bilal]

Yes.

[Troy Millings]

So okay, yeah. Buying stocks right now, that's opportunity. Okay, we, we established that. But another thing that could be a potential opportunity is that you know when Caleb has said last week. But you know a lot of people saying this now as far as interest rates, we gotta see what Jerome Powell is going to do. But they said in May. So if they do drop interest rates which a lot of people think that that may, that may happen. I've already contacted Matt. I actually own something. I'm going to do a cash out refi on and I contacted Matt and I'm waiting to see if this happens because refinances will go up. Talk about it because you got to understand like your house, this is what he always says. Right. The equity in your house is pretty much monopoly money. It's not guaranteed to be there. If we have a housing crash, that equity is going to go down. So it makes sense to tap into it if you could use the money or do something smart with it or, you know, so I think we're going to see a lot of people refinancing if, if interest rates are lower for sure that would be helpful for people that have equity inside their homes and then of course people buying new homes as well. So what is the, what's the chances of interest rates being lower?

[Ian Dunlap]

Sure. I think we're both in the same boat. We, we have no clue we have any guidance they ever have given in the last few years has been off. There's a lot of debt that we need to refinance. So I don't know if they'll drop the interest rates. It's really tricky because Powell is in a tough position where if we drop the rates everyone's going to buy everything up and prices are going to increase exorbitantly. But isn't the, the new average APR for home now 6.75?

[Rashad Bilal]

Yeah, it got down to6.5 at one point last week was which is the lowest it's been in about two years.

[Troy Millings]

Yeah, it's, it's coming down.

[Rashad Bilal]

It's coming. I mean, yeah, at one point last, I mean, last year was at seven and a half. So. Yeah, you talk about a full percent. I'm with you. I mean, if you have equity in your home, it might be a nice opportunity as you start to see the economy moving back and forth. And there might be a, a two week or three week span where you see them drop down to six. It's better to be prepared so you can take advantage of that.

[Ian Dunlap]

Yeah. As far as rates, I have no clue.

[Rashad Bilal]

5.9 on, on Thursday. Yeah. So I mean, it was there. Yeah.

[Troy Millings]

Okay. Well, we'll see. And then, but, but, but if that does happen, then that's going to be helpful for people that are looking to refinance their homes.

[Rashad Bilal]

Yeah. And then the Fed rate, I know that was something. He said May 7th. And I said, everybody circle your calendar. May 7th. We'll see what Powell says. It went from the chances of having maybe two rate cuts this year to now, I think an 80 chance that there'll be a third rate cut to kind of offset almost some of these tariffs.

[Ian Dunlap]

Because I don't believe that.

[Rashad Bilal]

Yeah, inflation was coming down, unemployment was at a, at coming down. And then you have this.

[Troy Millings]

You gotta diversify your citizenship also. That's important.

[Ian Dunlap]

Been telling y'all forever. I hope y'all listen.

[Troy Millings]

Diversify your citizenship. Like, we really serious about this Ghana thing. And I was talking to Keys yesterday, I was just like, yo, I mean, you got to give the country credit. They're the only country that I know of that's ever actually had a plan to actually recruit black Americans. That alone is something that's pretty impressive. And it's like really easy to move around and safe. It's opportunities. Like, it's kind of thing is we're serious about Ghana. Like, we're all in on Ghana for a reason. For a reason.

[Ian Dunlap]

It's not a hedge.

[Troy Millings]

It's not just for the Jolo Rice, by the way, which is amazing.

[Ian Dunlap]

But for sure.

[Troy Millings]

But it's a little bit more than that.

[Rashad Bilal]

We'll be home soon.

[Ian Dunlap]

I was with Francois Friday and somebody she knew who worked in government got their visa blocked from playing two months in advance. I'm telling you, like, now is not the time to be like, I'm gonna hunker down in America. If you have the opportunity and the money to invest outside of the country. Even walk around here, oh my, it's so peaceful. You wouldn't think A tariff was even happening around here. You have to invest in another country. Yo, I'm sorry, yeah. Have to.

[Troy Millings]

Because the opportunities, once again, it's the risk reward ratio. Like you gotta realize like we're at the tail end of this American dynasty. I mean that's just a fact. Right. I don't want to be an alarmist, but I mean everybody says that we're at the tail end of it. Are we going to be like, you know, a third world country? No. Would still be, you know, it'd still be a sustainable environment. But your opportunity is getting, it's getting, it's getting more difficult, let's just say that. And you go to some of these countries and it's just the opportunities are abundant and they're at the beginning stages. We're not at the beginning stages. Like they're at the beginning. Like I feel like in Ghana they still at the beginning stages. Like you could still actually go out there and make a bunch of money and opportunities and meet people and end up in the government's office within a week if you, if you play your cards right. So yeah, that's my plan.

[Rashad Bilal]

And the, the demographic of people that are moving and shaking are like middle aged. Right. There's a middle aged conglomerate of people that are actually making moves and making decisions for the country in totality. And a lot of people in business are middle aged. So that's encouraging. Right. Because that means that they have a different mindset, they have a different perspective. Right. And they've been had the tutelage of the elders and now they can see what technology and what infrastructure and what business structure can do and they're bringing that. A lot of them came to America for education or went to the UK for education and went right back home and they brought that education with them, which is important. And now they're going to take advantage of that. And so it's important to be a part of it.

[Troy Millings]

And I will say this too about some geopolitical opinions, this is just my opinion. But this last hundred years has been, it's been the rule of democracy. Democracy has ruled pretty much ran things. Right. Well, I think now going forward for the next hundred years, it's going to be communism, socialism and kingdoms that's going to run it because China is a communist country. And then if you look at Saudi Arabia, that's the kingdom. If you look at uae, that's the kingdom. So everything has ebbs and flows. Yeah, this next hundred years is going to be that. Because having a king is not a Bad thing if as long as you have a good king, there's some people that need to be like, one of the biggest problems with Africa is, is democracy, because they have a false sense of democracy that's propped up by Western governments and they have corrupt leaders. And then every four years, they're research. Like Ibrahim Torre. He needs to appoint himself president for at least 20 years. He needs a 20 year run, right? Because it's like he's doing all this stuff in Burkina Faso and then it's like, okay, what good is it if two years he gets replaced and then they're gonna have another corrupt leader and it's gonna go back. Like, you have a good. When you have somebody good, you got to stay with that one person. He should be. He should be president or the leader for at least 20 years. My opinion.

[Ian Dunlap]

What was the peak year? My bad.

[Troy Millings]

He should actually probably be a leader of the whole entire continent. That's what me and Keith was saying. Like, they should appoint him leader of Africa. Like he should. He's. He's the one. He's the chosen one.

[Ian Dunlap]

What was the peak year for the United States of America? I want to ask you guys and everybody in chat, like, in your opinion, what was the top four? If Buffett was like, trade in America, what would be the year he would have exited?

[Rashad Bilal]

The year he would have exited. That's a good one, I think. Can I just give you a decade?

[Ian Dunlap]

I'm good with that.

[Rashad Bilal]

I'm gonna go the 90s.

[Troy Millings]

From a cultural standpoint, from a business.

[Rashad Bilal]

Standpoint, combination investing standpoint. Yeah. At the early stages of a lot of these tech companies we saw, obviously during the Clinton administration, stock market went crazy. And at the end of the decade, the very tail end we had that, that crash, well, that kind of went like 99, 2000. So I would say 90, kind of like hip hop, like 92 to 98.

[Troy Millings]

I'm gonna go year 2000 right before 9, 11. That's when you could go to the airport on some just running the app now. You gotta take your shoes off. No, no. My personal favorite is the year 1996. And 1996, that's my personal favorite. That's the best year for me ever as far as culture. But if I'm looking at it objectively, if I was to sell High year 2000, when the ball dropped, you should have listened. Remember.

[Rashad Bilal]

That'S what I'm saying. When it was really over 98, because you riding that all the way up to 98 and all right, 99, I'm good. By the time 2000 comes, like, I'm just sitting on. On the cash.

[Troy Millings]

Yeah.

[Ian Dunlap]

What if the real Y2K was a destruction of America? From that point going forward, everybody was worried about the computers crashing and your compacts going on.

[Rashad Bilal]

No, I just had a conversation about that. We remember that. They were like, yo, the computer systems don't go past 1999. What is gonna happen to the banking system?

[Troy Millings]

Yeah.

[Ian Dunlap]

Bitcoin.

[Rashad Bilal]

12 years later.

[Troy Millings]

Bitcoin.

[Ian Dunlap]

Yep.

[Troy Millings]

Yeah.

[Rashad Bilal]

Crazy.

[Troy Millings]

Yeah. 2000.

[Rashad Bilal]

My kids just asked me about that, like that. What was 2000 like? You graduated lit. It was a good time, boy. It's a good time. We thought the world, culturally.

[Ian Dunlap]

Yeah. 95, 96.

[Troy Millings]

Another thing too, because, I mean, I don't know. You're saying we sparking too much fear. What, you want me to tell you a lie? It's telling you the truth. Like the. We have luxuries that we afforded as America because we're the number one country. When we're not the number one country, we're not going to have those luxuries anymore. Like, I travel. I travel.

[Rashad Bilal]

This is not. This is not. Look, this is the headline, right? China says it will fight to the end. Fight to the end. After Trump threatens 50 higher tariffs. They said the US threat to escalate tariffs on China is a mistake on top of a mistake. China will never accept it if the US Insists on its own way. China will fight to the end.

[Troy Millings]

Yeah, well, we'll see. But here's the. Here's the thing. Here's the thing. You're going to have to deal with some. Some inconvenient, like, even things like language. We're spoiled in America because everybody has to learn English in some form or fashion so we don't have to learn a second language. Almost every part of the world is forced to learn second language. You go to almost any part of the world and people know at least two languages, sometimes three, four, five languages, depending on where you're at. Americans don't really know one language because they don't. We don't really know English, really. The average American reads on the fifth grade level, struggles with spelling and reading comprehension and understanding. So even we. We speak broken English anyway. So it's like the English that we speak is not even really the correct English, like the Queen's English that they speak in the UK and even Canada. Some of the words is different. We went to England. Like, they have different words in same language. Even stuff like progress, right? We say progress. There's no A in progress. Why we say in progress the way you say it is progress. So we're already, we already don't really even know our, our language. If we're not the number one country in the world anymore, you're going to have to start learning Mandarin. You have to start learning some other languages because you're not afforded that luxury. I learned that when I went to Hong Kong. Every other place I went to in Asia, they spoke English. I went to Hong Kong. They like, yo, we're not catering to you.

[Ian Dunlap]

Adjust. Yep. To our culture. Yep.

[Troy Millings]

That was the first time in life that I ever felt like a foreigner. Like our metric system we use, everything.

[Ian Dunlap]

That we do is broken.

[Troy Millings]

We use Fahrenheit. The rest of the world use Celsius. Everybody in the world uses Celsius. We use Fahrenheit. We, we tell. And that's another thing. Kids can't tell time. They were moving clocks out of schools because the average. They don't teach you how to tell time anymore. You don't even know how to tell time. We got iPhones like the rest of the world use military time.

[Rashad Bilal]

Yeah. AI is going. Helping all those things though. We don't know AI in a sense of like learning language. Like, and it was crazy. We watched Speed shout out to Asho Speed. Like he walked up to a woman in China. She spoke to him in Mandarin. His glasses translated and read to him what she was saying. So like that learning curve try to go.

[Troy Millings]

I. I've been.

[Ian Dunlap]

That wasn't Apple's Vision Pro.

[Rashad Bilal]

And, and it wasn't.

[Troy Millings]

What I'm saying, like go there as a black person. That's nice. I've been there.

[Rashad Bilal]

I'm. I'm talking, I'm not, I'm talking about anything.

[Troy Millings]

I'm saying I've been there. I've seen it.

[Rashad Bilal]

I'm talking about anywhere in the world.

[Troy Millings]

That the language barrier, they not going to treat you like isospeed.

[Rashad Bilal]

No, I'm not saying. I'm talking about the language alert.

[Troy Millings]

You better learn. They're not going to be as.

[Rashad Bilal]

There's not gonna be 10, 000 people chasing you. No, I'm just saying from a language barrier standpoint, like even same thing in France, we've been. I've gone to places and it's like, they're like, nah, bro. Like, no, we don't, we don't know English. But you just kind of added like, how we gonna figure this out? Let me get to Google Translate. But that's what I'm saying. Technology will, will start to ease that language barrier for not just China, not just, but for the world.

[Troy Millings]

If you black have an umbrella when it's sunny because you never gonna. You're gonna have the adversity. No, man, it's always gonna be a problem. You gotta prepare for the. You got to prepare for the failure at the beginning. It's not going to be easy. No matter what, they still gonna find a way to make. They make it AI racist.

[Rashad Bilal]

Of course, in any place you go. Like, you know that being in America for sure. And you black in America, you understand that wholeheartedly. What I'm saying is that there is technology that is going to help that language better. Just specifically that, but other things as well.

[Troy Millings]

Like we use, we use miles. Everything that we do is completely opposite. Nobody even realizes it. They use kilometers, weights. We use pounds. They use. Like everything that we do is completely for the rest of the world. We, we are spoiled because we, we don't have to adjust to the world. The world has to adjust to us. Well, at some point in time, that's going to change.

[Rashad Bilal]

But England, that's what I'm saying. England thought the same thing, which is why America said we're going to do.

[Troy Millings]

Everything different until it's not.

[Ian Dunlap]

Yep.

[Rashad Bilal]

Well, you're gonna drive on the left side of the right side and see, though.

[Troy Millings]

Of course not.

[Rashad Bilal]

Or fly. They put the boy in a flying car. Do that. See how that go?

[Troy Millings]

Yeah. All right. What do you learn today, ladies and gentlemen?

[Ian Dunlap]

Nike's dead.

[Troy Millings]

That's the first and most important thing. First and most important thing.

[Rashad Bilal]

The Nikkei opened up 6% higher, which is a good sign.

[Ian Dunlap]

Yep, it's a good sign. This will be up in 61 days.

[Rashad Bilal]

That's, that's a good sign for my.

[Ian Dunlap]

Traders and it's market. Hey, shout out to everybody who listened. I gave you the spot to exit on Friday. Oh, shout out to everybody. A good day in New York. I appreciate y'all.

[Rashad Bilal]

Rosanna Scott. Shout out to Rosanna Scott.

[Ian Dunlap]

Yeah, shout out to her. Shout out to. What y'all cooking? I rock with y'all. As soon as they get to talk.

[Troy Millings]

Oh, man.

[Ian Dunlap]

Oh, boy. Stay tuned. Get your tickets to Invest Fest.

[Rashad Bilal]

High level production.

[Ian Dunlap]

Oh, my Lord. I said Damn. That's like 22 Raptors up there for my traders. And in the volatile market, you want to risk one to make 17. You want to risk one to make 17. Once again, if you're short in market, put your stop at the top because you don't want to get whipsawed out of a move. Shout out to those y'all who've been making coin. Keep it quiet to yourself. Tell all your families and friends you've been losing. I'm proud of y'all. Hooper running it up though. You want to risk $1 to make 17 though. And these markets have trading to the downside, so. And if I made you money, please put yes in chat. If you never want to guess about where to go to get into the market, go to Ian invest.com call will be Wednesday. Our price has been hitting like crazy. So if I made investing easier for you, let me get some fire in the chat. Please. Please listen to execute and not listen to criticize.

[Rashad Bilal]

Yeah, yeah, that's it.

[Troy Millings]

That's a fact.

[Rashad Bilal]

There's. And this week, this Friday starts earnings season again. We're here again. This will be interesting. The financials will start BlackRock, I know reports Friday and we'll, we'll see a lot of the others report next week. But it'll be interesting to see with that that deep seat catalyst that happened in January will be part of the quarter's report. So we'll start to see the real effects.

[Troy Millings]

And it's all written and you deserve to be rich. Speaking of literacy rates, we do have an audiobook if you struggle with reading.

[Rashad Bilal]

So there's no excuse, yeah, reading and comprehension.

[Troy Millings]

But reading is fundamental.

[Rashad Bilal]

It is for sure valuable skill.

[Ian Dunlap]

For sure.

[Rashad Bilal]

Never discount what never discount the fact that you are reading. I think that's something they asked. What's one thing that you would have told your younger self? Never discount the actual act of reading. So a lot of times I was reading the sports section and I was reading the. I used to read the page, the newspaper, front back page to front page because I always thought the sports is most interesting. And in the real news, I was like, all right, we'll figure that out.

[Ian Dunlap]

Yeah.

[Rashad Bilal]

Then reading the Source and reading double XL and reading ESPN Magazine. Not too many books until I got into like college. But the fact that I was reading and reading and reading, obviously it adds up. And you have a certain level of endurance that I think most kids lack. So never discount the fact of reading itself. And then you get into things that you actually enjoy reading, which changes it.

[Troy Millings]

The average CEO reads one book a month. The average American reads one book every five years. So keep that in mind.

[Rashad Bilal]

So if this is year five, reading.

[Troy Millings]

It, reading is fundamental. You deserve to be rich.

[Rashad Bilal]

Let that be the book. Let that be the one, please.

[Ian Dunlap]

I had a gentleman asked me, is this gonna last a quarter or longer? No, I think this would be over in 60 days. But by June or July, that would be another issue that comes afloat because they're going to report these real quarter over quarter numbers.

[Rashad Bilal]

Yeah, yeah.

[Ian Dunlap]

Once we get through the tariff thing, it's going to be time for that big R word that I hope does not happen.

[Rashad Bilal]

Yeah, let's, let's not have that happen.

[Troy Millings]

Buy the dip.

[Rashad Bilal]

Oh, also, wait, wait, real quick before you go there, shout out to Mercedes in the chat. She said book club. Eylu book club. You deserve to be rich is the book. The authors will be there this weekend. Will be there this weekend. Make sure y'all tap in. We'll be there.

[Troy Millings]

We'll be there. Ey university cooking up an invest fest. We have, we have some things.

[Rashad Bilal]

Okay, thank you.

[Troy Millings]

Some, we have some things lined up. Some life changing things lined up.

[Ian Dunlap]

It's called.

[Troy Millings]

It's like stay tuned.

[Rashad Bilal]

It's called stay tuned.

[Troy Millings]

It's called Dayton life changing. And yes, for sure, vitally important. It's needed. It's needed. It's needed. It's needed. Yeah. That's for sure.

[Rashad Bilal]

Yeah.

[Troy Millings]

All right, ladies and gentlemen, I would like to publicly apologize to anybody that I may have offended.

[Ian Dunlap]

Yeah. Matt Hoffa said quit talking about Cadillacs. So you're driving across the country in a Cadillac.

[Troy Millings]

Shout out to math. Officer.

[Ian Dunlap]

Shout out to math.

[Troy Millings]

I would like to publicly apologize to anybody that I would like to offend. Okay. And then my mom did send a long text.

[Rashad Bilal]

Thank you for acknowledging it, Corey Booker.

[Troy Millings]

Let's put this in chat. GBT to summarize because it's a very long text.

[Rashad Bilal]

What an amazing. You want me to read it or you. How do you want to do this?

[Troy Millings]

40 word summary.

[Ian Dunlap]

Oh, that's smart.

[Troy Millings]

Yeah, I do this with everything. I'm a cliff note type dude. Okay. She said I wasn't ready to speak, but please share this Senator Cory Booker broke strong Thurman's filibuster record. Not with hate, but with truth, love and purpose. A moral moment reminding us if it is to be, it's up to me. Cory Booker, I would like to publicly apologize for my comments. We may have went a little too far.

[Rashad Bilal]

He. So he. He wanted. So this is allegedly. Senator Booker wanted to disrupt the normal business day of the U. S. Senate for as long as he physically was able. He made many points. Why the person residing in the White House is totally wrong for the job. Senator Booker begged the people to not let this be another normal day in America. We must listen. Senator Booker's quote was the body has limits, but the spirit has none. If you have a big enough. Why. Powerful words.

[Ian Dunlap]

Yes. Powerful, powerful words.

[Troy Millings]

Okay. Okay.

[Ian Dunlap]

Love you. Y'all seen the movie Cocaine Bear?

[Rashad Bilal]

That's the next great segue, Ian. Thanks. Yeah. That was a true story, though. That's great. That movie's a true story.

[Ian Dunlap]

Oh, my God.

[Troy Millings]

Ah.

[Ian Dunlap]

I'm so sorry. Allegedly TiVo Pharmaceutical makes Adderall. What was the ticker?

[Troy Millings]

Oh. Shout out to the guy saying, shot for president. You spam in the chat, but, yes, I will be running for president.

[Rashad Bilal]

Yo, who's that? He's spamming.

[Troy Millings]

You heard it here first. I will be running for president. That's what this is all about.

[Rashad Bilal]

Thank you. They said you wanna. Is Stephen A. On the ticket?

[Troy Millings]

Potentially, yeah.

[Ian Dunlap]

You never know. Who your allies?

[Troy Millings]

You never know.

[Ian Dunlap]

You never know.

[Troy Millings]

You never know. We have a. A race in New York City for the mayor. Eric Adams is running as independent.

[Rashad Bilal]

Yes. Yes. Gonna be tough. Yeah, it's gonna be tough.

[Troy Millings]

Legendary. Beat the case.

[Rashad Bilal]

Gonna be tough.

[Troy Millings]

I'm back. I'm. I'm done with the Democrats. Screw y'all.

[Rashad Bilal]

You're not gonna get no money, though, man.

[Troy Millings]

Hey, man, you never know. He's down with Trump, so he might.

[Ian Dunlap]

Yeah, shows he gonna help out.

[Troy Millings]

Yo, Andrew Schultz.

[Ian Dunlap]

Boy. Fundraiser.

[Rashad Bilal]

Yeah, I think they got the former governor. Como.

[Troy Millings]

Yeah, he's the four. He's the front.

[Rashad Bilal]

He's a front runner right now.

[Troy Millings]

He's a front runner. He's a front runner.

[Ian Dunlap]

That's a tough opponent.

[Rashad Bilal]

Yeah, they had that guy on online to be the president at one point. Yeah, that changed quick.

[Troy Millings]

Yeah. Okay. All right. All right, guys.

[Rashad Bilal]

All right, y'all.

[Troy Millings]

Get your tickets to invest, please. Ianinvest.com.

[Rashad Bilal]

Yeah.

[Troy Millings]

Yes university. We got some. Some stuff cooking up. And get the book.

[Rashad Bilal]

Yeah, you deserve to be rich. Investors.com for everything. Make sure you get the. Your hotel blocks. They are available now.

[Troy Millings]

Hotel blocks, please.

[Rashad Bilal]

Vendors, get your booths. There will not be. Hey, Troy, can. Is there one left? No. Once it's gone. Good night. There's no more space for it. I appreciate you.

[Ian Dunlap]

Can somebody do 24 hours in the vendor market like Cory Booker?

[Rashad Bilal]

Y'all just feed.

[Troy Millings]

Oh, man. Yes.

[Rashad Bilal]

I'm just here to make my parents proud.

[Troy Millings]

The hotel blocks are important, though, because they do sell off quickly. So if you want your hotel, it's a discounted rate signia. It's right there.

[Ian Dunlap]

Literally, very convenient.

[Rashad Bilal]

The best option, for sure. We appreciate y'all. Love is love. Again, Happy anniversary to me. Happy anniversary to my wife. We appreciate the love. Shout out to the island of St. Thomas where we held our wedding. Was a beautiful ceremony. I remember sitting there and it was raining, and Shoddy looked at me like, damn, bro. Sucks. I was like, thanks, man.

[Troy Millings]

Well, they say it's good luck if it rains on your wedding day.

[Rashad Bilal]

There you go.

[Ian Dunlap]

Really?

[Troy Millings]

Well, you know, they gotta say that to make you feel good.

[Ian Dunlap]

Oh, okay.

[Rashad Bilal]

That was the encouragement, man. Thanks, bro. Appreciate it.

[Troy Millings]

It says good luck if it rains on your wedding day. Congratulations to my niece who was in a play.

[Rashad Bilal]

I saw that blessing. Yeah. This is like number like three.

[Troy Millings]

I feel like.

[Ian Dunlap]

Yeah, that's amazing. Okay.

[Troy Millings]

To my brother Haas. He coached a championship game this weekend.

[Ian Dunlap]

Yeah, I saw that.

[Rashad Bilal]

Yeah, they won. They lost in the finals of the, I think the 12U. My nephew's on that team. Yeah.

[Troy Millings]

Yeah, I think they did lose that game.

[Rashad Bilal]

See, it's that time of season.

[Troy Millings]

All right, ladies and gentlemen, it's been real.

[Ian Dunlap]

Yep.

[Troy Millings]

We'll see you guys on Blackout. And don't forget Pinky Cole. We got the exclusive interview with Pinky Cole on Thursday. She's talking about how she lost her business and how she got her business back. Exclusive interview, long form conversation. She really breaks it down. She talks about the trials and tribulations, stuff that nobody knew that she was going through internally. Very good for entrepreneurs. Very, very good for entrepreneurs to learn from. From that type situation, shout out to Pinky, Derek, the whole team. 6:00 on Thursday and blackout, 10:00 on Wednesday.

[Rashad Bilal]

Yeah. And we asked the questions that we know people want to know because we wanted to know. And she was open about them. She was open about answering it. And she answered in detail. And the only way Pinky knows how to be passionate, authentic, and very, very spirited. So everybody's in for a treat. Yeah. As soon as it was done, they were like, oh, that's a classic. They were like, yo, that's a classic. Yeah.

[Ian Dunlap]

So when he said we was going to be tired of winning, was that like if you had puts only or the.

[Troy Millings]

The who?

[Ian Dunlap]

Trump. When he said, we're gonna win so much, you're gonna be tired of winning.

[Troy Millings]

Trump bugged out, man. Yo, Trump. Trump.

[Rashad Bilal]

We gotta call our guys.

[Troy Millings]

Yeah.

[Ian Dunlap]

Shout out to guys we know in the A.

[Rashad Bilal]

We gotta call our guys, man.

[Troy Millings]

Yeah. Republican. Gotta make an adjustment with Tim Scott when you need him. He hasn't been quiet lately.

[Rashad Bilal]

And Donaldson, I remember we had that meeting in Miami.

[Troy Millings]

Yeah.

[Rashad Bilal]

Gotta hit them up.

[Troy Millings]

I feel like a black Republican. Feel like a black Republican.

[Rashad Bilal]

Here's what it'll take it was hard.

[Ian Dunlap]

To not be in the office, ain't it?

[Rashad Bilal]

Yeah.

[Troy Millings]

Yeah.

[Rashad Bilal]

All right, y'all. It's been real. Be good to each other. Reach out, Text your people Love on your people. Never take this day or the next day for granted. We are all blessed to be here. Love is love and we catch you on Wednesday. Peace.

[Ian Dunlap]

Love y'all. Peace. You worked hard to lay the foundation.

[Troy Millings]

For your contracting business, and when you're with Amex Business Platinum, you can keep building it up with a flexible spending limit that adapts with your business. And since you earn 5 times Membership Rewards points on flights and prepaid hotels booked on amextravel.com, you get even more from on site overseeing that's the powerful backing of American Express. Not all purchases will be approved terminal Apply learn [e-mail] AmExBusiness breaking news T Mobile Network outperforms expectations in all sectors because T Mobile helps keep you connected from the heart of Portland to right.

[Rashad Bilal]

Where you are on America's largest 5G network. Switch now keep your phone and T.

[Troy Millings]

Mobile will pay it off at the $800 per line via prepaid card. Visit your local T Mobile location or.

[Rashad Bilal]

Learn more@t mobile.com Keep switching up to.

[Troy Millings]

Four lines via virtual prepaid card. Laugh 15 days qualifying unlock device credit service port in 90 plus days device and eligible carrier and timely redemption required card is no cash access and expires in six months.