MM #320: TRUMP’S IRAN SHOCK, APPLE vs. OPENAI & SPACEX CRASH? 🚨

Summary

Market Mondays Episode #320: TRUMP’S IRAN SHOCK, APPLE vs. OPENAI & SPACEX CRASH? 🚨

Hosts: Rashad Bilal, Troy Millings, Ian Dunlap (with guest Ernie Holloway, Charles Schwab)
Date: July 14, 2026

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Episode Overview

This high-energy episode of Market Mondays tackles major recent shocks and trends in the investment world, from Trump’s military maneuvers and geopolitical volatility, to a major setback for SpaceX, ongoing turbulence in semiconductor stocks, and a legal war brewing between Apple and OpenAI. The hosts breakdown how these developments affect the market, investor psychology, and wealth-building strategy—all while fielding community critiques, giving actionable advice, and bringing on Charles Schwab’s Ernie Holloway to drop gems on estate planning, wealth transfer, and building a financial foundation.

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Key Topics & Insights

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1. Trump’s Iran Escalation & the Stock Market Shock

[09:49–16:03]

• Opening Moves: Trump escalates military action in Iran, prompting a significant market pullback, especially in the Nasdaq (down 400 points), with strong ripple effects in the chip/memory sector.
• Market Context:
  • Ian: Expresses “Iran fatigue”—sees repeated military escalations as market manipulation favoring administration insiders.
  • Troy: Urges separation between media war narrative and long-term market history: S&P has averaged +1% during past 20 conflicts since 1990.
• Oil Price Volatility:
  • Oil spikes from ~$70 to $75–77 per barrel; key driver of the market pullback.
  • Quote (Troy, 12:24): “Crude changed in price, right?...It’s just a bunch of chaos in a time where again...it’s an important week. CPI is here...earning season starts this week.”
• Advice for Long-Term Investors:
  • Ignore the noise—market pullbacks present buying opportunities, especially for strong ETFs like VGT (up 23% YTD).
  • Quote (Ian, 15:00): “If you hold for the long term, this won’t matter...Hope for the long term, yeah.”

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2. Semiconductor Carnage: SK Hynix, DRAM ETF, Memory Sector Analysis

[17:13–27:44]

• SK Hynix Drops Hard: Faced its worst trading day ever, nearly hitting the "load the boat" price.
• Community Gatekeeping Critique:
  • Hosts defend the show’s open education, urging patience and criticizing viewers treating investing like gambling.
• Memory Sector Breakdown:
  • SK Hynix, Samsung, and Micron dominate high-bandwidth memory (HBM) production—core to AI, robotics, and data centers.
  • Quote (Troy, 23:52): “58% of the high bandwidth memory in the world comes from SK Hynix...This story is not going anywhere. You shouldn’t be fearful. You should look at this as an opportunity.”
• Investment Approach:
  • Take a long-term view, don’t panic over 10% drawdowns.
  • If SK Hynix or DRAM ETF dips to certain targets, consider accumulating and holding for a 5-year horizon.
  • Quote (Ian, 25:23): “If you loved DRAM at 81, then why do you hate it at 57?...Hold for the long term. Okay, load the boat price. I'll do y'all one even better—for sure, if it gets to 47.89, you should put a considerable amount...and hold.”

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3. Apple vs. OpenAI: Legal Battle & AI Hardware Race

[28:35–35:56]

• Legal Drama: Apple sues OpenAI for trade theft as OpenAI poaches high-level Apple talent, raising IP and security concerns.
• Sam Altman's Leadership Scrutinized:
  • Cautions for investors/companies sharing sensitive data with OpenAI products like ChatGPT.
  • Quote (Ian, 28:35): “OpenAI is the cancer in AI space...If you go read that book, all of those things are not a lie.”
• Upcoming AI Hardware:
  • Homework: Research ‘Project Sweet Pea’—OpenAI’s rumored smartglass, recorder, and wearable pin for the 2026 hardware launch.
  • Apple fears OpenAI will leapfrog in smart device form factors.
• Ecosystem Wars Loom:
  • Expect new alliances as Apple and SpaceX might partner to counter OpenAI.
  • Quote (Troy, 35:35): “He’s going to create a monopoly where they’re all going to need him...”

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4. SpaceX Valuation Plunge: Bubble or Opportunity?

[35:56–43:46]

• IPO Hangover: SpaceX has tumbled from $225 to $134—now below its IPO price.
• Valuation Math:
  • Hosts call out the disconnect: $1.2–2 trillion valuation vs. $18B in revenue.
  • The vast potential of Starlink alone is noted but caution remains—classic “wait six months after IPO” advice.
• Long-term Outlook:
  • Partnerships with major AI/cloud providers signal future moat but wait for drawdown to stabilize.
  • Quote (Ian, 37:29): “8923 and 6963 are two prices that it could fall to. Wait until the earnings report comes out...Stay away from the headlines and actually go to the prospectus and see what the margins are like.”

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5. Wealth Building, Brokerage, and Estate Planning: Interview with Ernie Holloway (Charles Schwab)

[66:17–103:23]

Ernie’s Story & Industry Insights

[66:34–73:54]

• Rags to Riches: Shared his path from humble beginnings to regional director, emphasizing adaptability, continuous learning, and going where opportunities are.
• Quote (Ernie, 70:51): “You go where opportunity is, you don’t wait for it to come to you...”

Schwab’s Wealth Mission

[74:31–76:49]

• Removing barriers: zero commissions, early teen accounts, focus on education, integrated investment/banking tools.
• Quote (Ernie, 74:31): “What we do really well is we remove as many barriers to entry as possible...Now that we have teen accounts, we’re giving folks an earlier opportunity to invest...”

Wealth Transfer & Estate Planning Masterclass

[79:09–96:55]

• Estate Planning: Vital for everyone—set up wills, durable powers of attorney, designate all account beneficiaries.
• Living Will & Power of Attorney: Critical for incapacity situations, not just death.
• Quote (Rashad, 82:14): “The power of attorney is very important... If you don’t outline that, then it’s up to the court. They can do whatever they want to do...”
• Wealth Transfer: Use trusts and beneficiary designations to control wealth beyond the grave, minimize going through probate.
• Raising the point that the wealthy use financial tools—security-backed loans (pledge asset line) instead of liquidating appreciated assets.

Retirement & Tax Strategy

[92:22–96:55]

• Explains 10-year IRA withdrawal rule for non-spousal heirs (SECURE Act).
• Importance of required minimum distributions (RMDs) and considering Roth conversions early, before retirement.

Traits of the Wealthy

[97:21–101:12]

• Vision, discipline, focus on assets over liabilities, long-term and non-emotional decision-making.
• Quote (Ernie, 97:21): “The Joneses buy liabilities. The millionaire next door buys assets.”
• Don’t fear slow starts—compound growth is unbeatable if you start and stick with it.

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6. Disney’s Future: Streaming vs. Experiences

[47:31–56:47]

• Strategic Pivot Needed:
  • Disney’s streaming lost its way chasing Netflix—should refocus on the experience ecosystem rooted in character IP, theme parks, and in-person/cultural moments.
  • Quote (Troy, 49:34): “People still love experiences in person...they gotta figure out how to create that experience and turn it back into the company that got them here.”

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7. Africa’s Market Surge: Nigeria’s Stock Market Leads the World

[119:10–124:19]

• Nigeria’s Extraordinary Growth:
  • Led by industrialist Aliko Dangote; shift from importing to refining/exporting oil drives performance.
  • Hosts highlight Dangote’s net worth (estimated $20–60 billion USD), wide-ranging businesses (oil, cement, infrastructure), and the broader message for Black excellence/business.
  • Quote (Troy, 122:19): “The refinery changes the entire economy of a country...When you talk about a product...that they used to have to import, [now] they are becoming further ahead in exporting...”

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8. Community Building, Execution & Entrepreneurial Real Talk

[104:13–118:17]

• Invest Fest & Financial Literacy:
  • Big push for community execution, not just note-taking—learn, apply, network intentionally.
  • Debunking the myth that “Black people charge for everything”—commerce and reinvestment explained; Black businesses actually earn less and charge less than counterparts.
  • Discussion of event economics, price transparency, and the social-reinvestment effect of circulating Black dollars.

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Notable Quotes & Moments

• On Iran/Market Turbulence:
  • Ian [11:07]: "We got CPI data coming out tomorrow...but if you’re a long term investor, you shouldn’t be worried at all..."
• On Market Discipline:
  • Troy [14:23]: "When financials don’t hit, we start to see other sectors also be affected...Most important thing is stay invested in the long term and as always, stay low key."
• On AI & OpenAI Controversy:
  • Ian [28:35]: "OpenAI is the cancer in AI space...whatever the founder character issues are, they’re going to bleed into the company."
• On SpaceX Bubble:
  • Rashad [36:57]: "2 trillion dollar valuation for a company that has $18 billion in revenue never makes sense in any world or universe..."
• On Long-Term Investing:
  • Ian [53:55]: “Why are you gambling? Hold for the long term.”
• On Estate Planning:
  • Ernie Holloway [79:43]: "I'm always amazed in our space how little people plan for something that's a certainty."
• On Black Enterprise & Pricing:
  • Rashad [108:34]: “Black people charge for everything? Everybody charges for everything. The prices that Black entrepreneurs charge for their goods and services on average is actually 50 to 65% lower than their white counterparts.”
• On Building Wealth:
  • Ernie Holloway [97:21]: “The Joneses buy liabilities. The millionaire next door buys assets...money is optionality.”
  • Ernie [101:12]: “It’s never too late to start. All great things come from small beginnings.”

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Selected Timestamps of Importance

• 09:49 – Trump’s Iran attack, Nasdaq drop, market analysis starts
• 17:13 – SK Hynix, DRAM ETF, memory sector deep-dive
• 28:35 – Apple vs. OpenAI lawsuit and talent-poaching drama
• 35:56 – SpaceX IPO drawdown, investment approach
• 47:31 – Disney’s strategy: streaming vs. in-person brand
• 66:17 – Ernie Holloway (Charles Schwab) background and wealth-building advice
• 79:09 – Estate planning, living wills, trust structures
• 92:22 – Retirement account withdrawals, Roth/IRA strategy
• 97:21 – Traits of the wealthy
• 104:13 – Invest Fest, executing on financial knowledge
• 119:10 – Nigeria’s market surge and Dangote
• 124:09 – Final remarks and networking advice

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Tone & Language

The episode is lively, conversational, and rooted in community empowerment. The hosts blend street smarts with institutional knowledge, often using analogies, cultural references, and direct challenges to conventional mainstream narratives. Discipline and long-term thinking are emphasized, as is demystifying complex topics for practical application.

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In Summary

This Market Mondays episode provided a 360° view of how global politics, tech, and market structure intersect for investors—layered with actionable tips, healthy debate, and community advice. Long-term thinking and literacy, not hype or instant gratification, remain the path to “earning your leisure.” Whether you’re navigating market volatility, eyeing the next tech wave, or trying to protect your family’s assets, the playbook here is about strategy, discipline, and making your money work across generations.

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For more, hit up the full episode, check out the live Q&A, or secure your spot at Invest Fest for real-world connections and education.

Transcript

[Ian]

I'll be honest, this summer is stacked

[Rashad]

between that one big international soccer tournament,

[Ian]

America's 250th anniversary, and the Route 66 centennial, people are going to be traveling. What a lot of folks don't realize is that taking a trip in an RV is a whole heck of a lot more enjoyable than TSA lines or stodgy hotels.

[Rashad]

And you don't even have to own

[Ian]

an RV or drive one to take part. With Outdoorsy, you can rent an RV or camper almost anywhere in the country. You can drive it, tow it, or have it delivered and set up for you. And these aren't bare bones setups. Many come with full kitchens, bathrooms, showers and real beds. It's often more affordable than hotels, especially for families or groups. And everything includes insurance, 247 support and roadside assistance. If you're thinking about a summer trip or just planning ahead for the rest of 2026, get 10% off when you book using promo code outdoorsy2026 head to outdoorsy.com that's outdoorsy.com promo code outdoorsy2026

[Rashad]

dondes ganas puntos comon Pro Cola Nueva Target,

[Ian]

American Express Milos Pro Rewards Encompras ele hibles Porcadol.

[Ernie Holloway]

Terms.

[Rashad]

For me, entrepreneurship has always been the way.

[Ian]

Investing is important because it's the only way you are going to be able to get rich and wealthy for your family. We can close the wealth gap by working together.

[Rashad]

Market Monday is the biggest investment show ever.

[Ian]

My life has literally changed since watching

[Troy]

Eyl I When you can make people

[Rashad]

money, you can add value.

[Troy]

They're going to be forever indebted to you.

[Ian]

I promise you. This year I'm gonna make y' all even more money.

[Troy]

Disclaimer 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. Let's build our knowledge, our community and our brokerage accounts. Love is love.

[Ian]

Microphone check. 1, 2, 3, 4, 5. We are live.

[Rashad]

What's going on y'?

[Ernie Holloway]

All?

[Troy]

Do you want more?

[Ian]

I heard the alley Troy. Go ahead.

[Troy]

That's what they saying when the what's up y'?

[Rashad]

All?

[Troy]

Happy Monday. Welcome back. Blessings to everybody that's here. Blessings to everybody that's listening that's watching live. We are live. New York is still, still buzzing, man. After what. What we calling the whole fest. Shout out to everybody that pulled up. Shout out everybody that was in attendance. I noticed there's a. There's a thousand. There's a Netflix documentary waiting to be. To be built about this week. Ian, my brother, we. We were in the chat, bro. I just want to know how you're feeling today.

[Ian]

I'm heartbroken. This ain't gonna have a nerve to talk about. Hey, this one. Listen to your kids go wrong. He gonna tell me this morning. Dad, we should have went.

[Ernie Holloway]

What?

[Ian]

It's too late. It's too late now. We gotta wait. The Bears in London or LA. Shout out to Rance. 1500 or nothing. But I'm not gonna. I normally don't care about no events, bro. Looking at y' all post and shout out to my guy, Ty Rans. Big J. Fomo. Fomo. So I'm glad y' all had a good time though.

[Rashad]

That's a fact, man. Salute to everybody that was out there. I'm sure we'll probably talk about it later on at the end of the show. We talk about it on Blackout. Tool logistics and all that stuff. But yeah, congratulations to Jay. Shout out to pj. Kev actually used this platform last week as a test run to test relationships and few people came through, man. Pj, Kev. Salute to him. Came through.

[Troy]

Came through, Kev.

[Rashad]

Market Mondays came through.

[Troy]

Yo, shout out to Kev. Kev obviously is super tapped in, but even on the investment side, Kev is tapped in. But Kev said we not done. There's a couple other things that we gonna have in the works and we are not done. Shout out to Kev. Shout out to Boo, my brother.

[Ian]

Boo.

[Troy]

Tapped in for the hospitality Friday. It was crazy, man. It was great. Johnny. How are you feeling today, my brother?

[Rashad]

I feel good. Shout out to Lou Tucker.

[Troy]

Also shout out to Lou.

[Rashad]

Salute, Lou. I was there on Saturday and Sunday. I'm good, man. But let's have a full breakdown of this at the end of the show. Cause. Okay, it's at least a 15 minute conversation. But Thursday, do remember we have the good brother, ja rule.

[Troy]

Yes.

[Rashad]

12 o'. Clock.

[Ian]

Okay.

[Ernie Holloway]

Standard time.

[Troy]

Are you Ellie?

[Rashad]

Earn your leisure, man. You know, Ja Rule was always good energy, man. He's a good energy dude and somebody that's been getting money for a long time and really got a great story, you know, trials and tribulations. Top of the game, really. The original Drake. When you think about somebody that Took. Took the harmonies and. And obviously, you know, went through the. The trial and tribulations. Be fed case, went to jail for two years, came back still getting the bag man. He's a. It's an interesting story. Interesting guy. And do remember he does have the New York anthem. That's his song, by the way. That's his song.

[Ian]

The first Dream publishing. He was. He was the blueprint for this. I'll say.

[Troy]

The first solo harmonizer. He's drizzled.

[Rashad]

Drake before Drake.

[Troy]

There's only one Drizzy.

[Rashad]

He's Drake before Drake.

[Ian]

Rule was doing 5 million.

[Troy]

I'm gonna be honest. Here's the best part of talking with him is yes, you understand that these guys are artists. But how he studied his craft and understands how to make and craft music. It was a treat to listen to. I hope everybody enjoys it. It's a dope conversation.

[Rashad]

Salute. Ja. Wednesday we got. Yeah, yeah, man, that Blackout show is so crazy, man. Shout out to Jadakiss. I saw a Jadakiss last night at the show and we chopped it up. And he was like, yo, when you was talking about the Mbappe and all, he was like, we had like a five minute conversation. He's like, yo, I didn't even know none of that. He was like, man, that was. Wow. That was just, you know, like really insightful as far as the breakdown and racism in Europe and all that stuff. So. A Blackout is a very educational. It's a very educational show and it's teaching in a non traditional manner. But it's important. It's actually a very important show.

[Troy]

The most most important thing we can have in our community is conversation. And the fact that men are having conversations, women are having conversations that. About topics that they may not have known about or even ones that they know about and have a passionate opinion about. It's important, man. It's the most important thing to do is have dialogue. So shout out to everybody that's tapping in. I might pull out a camera this week, y', all, if we talking. Jay, I'm pulling up the camera. I'm pulling up the camera. I'm pulling up.

[Rashad]

We gotta talk about it.

[Troy]

Please shout out to Tristan. Tristan, what's up, man? He said he ran into me over the weekend. Shout out to you.

[Rashad]

And I did speak to Jadakiss, yo. You never know. Get your tickets to Invest Fest. I spoke to Jadakiss. Hey, get your tickets to Invest first.

[Troy]

Stay tuned. Alert has now been issued.

[Rashad]

I have had.

[Ian]

What's the date?

[Rashad]

I've had a conversation with Jadakiss.

[Troy]

July 13th. Stay tuned. Alert has been issued for all of you out there. Just know.

[Rashad]

Yes, sir. Okay, Ian, any announcements?

[Ian]

Shout out to Jedicus, Joe Thomas, y'. All. Joe every. Everybody was hitting me at the concert. Glad you had a good time. Kudos to Terry. She has a new book coming out called the Risk Worth Taking. Terry and I go back so our book comes out tomorrow. Support that. Shout out to ABs daughter being on the stage. Yo, that, that was amazing. And if I made you money, please put yes in chat. If you want to know how to make money from the market so you can fly across the world to go see Hov, go to Ian invest.com. learn where to get in, where to get out, what stocks to invest in, which ones to stay away from, and let's have an amazing show. Oh, and another thing for my futures traders. I've always told you I hated prop firms. One of the prop firms have gotten delisted. I won't name which one. And their partnership has dissolved. With a broker that I love. Be careful, be mindful. It's better to trade with your own money. And I know some of you gonna be like, well, it's a way for me to learn. You can't learn if you can't get your payout. Also, too, if you trade Monday through Friday, get your payouts every week. They're not the only one that are going to be delisted or go under. Please be mindful, trade with your own capital. Trading has considerable risk. But if the money is not yours, please be very careful with the games they'll play. I know somebody who had a hundred thousand dollar payout that got halted last week. Be mindful. That's rough. Allegedly. If needed legal, yes.

[Troy]

Thank you. Thank you. Thank you for clearing that up.

[Rashad]

Let's get it. Let's get it. All right, let's talk about Trump. Oh, man, he. You know, this Iran saga is an ongoing thing. Over the weekend, they escalated it, they bombed some facilities. A re escalation over the Strait of Hormos, which essentially, amongst other things, sent the stock market down today pretty significantly. Think the Nasdaq was down 400 and 400 points.

[Ian]

Yeah, it was a decent drop, but it wasn't like cash.

[Rashad]

Yeah, it's significant.

[Troy]

Yeah. Especially in the chips sector.

[Rashad]

Well, we gonna talk about sk. Hynix had his worst day ever.

[Troy]

Yep.

[Rashad]

But let's talk about, just from a political standpoint, Trump, once again, he's. He's playing his game with Iran. And whenever he bombs Iran, the stock market goes Down. So how long is this, is this thing going to happen and what is the overall thought process for the stock market right now while we're still in the act of war?

[Ian]

I'll be measured in my words. But I'm gonna be bad cop today. I think I have Iran fatigue. Put yes in chat if you guys do too. Like he's going to the same, he's spamming the same move over and over again. I think it's a way, an entry point for allies and those that have invested capital into the administration as a way to get a return on capital. I don't think there's a clear plan to win this war. I've said from the very beginning we were going to lose it. And then also too, if you look, we got CPI data coming out tomorrow. Fair chairman testifies we have a busy schedule this week. So you have to be mindful of that. But if you're a long term investor, you shouldn't be worried at all. We'll talk about SK Hynix, we talk about Micron and I think there's too much conversation about an imminent crash and all of these things like short term, we shouldn't be mattered. If the Nasdaq goes down 4 to 500 points. It's a decent entry point into it. You should deploy some capital into it. But I'm, I, I'm going to be very honest. I think I am tired of talking about this. And it's a way for him to allow his cronies to have an entryway into the market. What do you guys think?

[Troy]

Yeah, I like that you said the Iran fatigue. I think people need to separate the two things in terms of war impact on the market. If you look at the, the past 20 conflicts dating back to 1990, the average return of the S and p has been positive 1%. So does it have an impact? Yes. Will it crash the market?

[Ian]

No.

[Troy]

Why did we see a pullback? Well, crude changed in price, right? So when we were trading at $69 a barrel, $70 a barrel last night we went up to 75, 77 when we started this conflict. And I say we as in the United States in February. My thoughts initially were we can't go into June with this conflict in the form that it is. I definitely didn't think we'd be here at mid July still with unresolved inside the conflict now to the point where the straight is open and it's closed and it's open and now he's saying that we're in control of it. And we're going to chart. It's just a bunch of chaos in a time where again Ian, I'm glad you brought this up. It's an important week. CPI is here. There's this conversation of where are we headed for the second half of the year? The second half is officially started. Right. We're in the third quarter, but earning season starts this week.

[Ian]

Yeah, yeah, right.

[Troy]

So you have two big tech earnings, we have ASML tomorrow, we have TSMC on Wednesday, but we have the financials kicking this off this week for sure. So those kind of give you a good barometer of where this quarter is going to be headed. Right. If we can see financials have a great report, usually that means tech is going to have a good report and that means that obviously semis will all have a good quarter of showing as well. If financials don't do that, we have to be very monitor, we have to monitor this thing a little bit more closely.

[Ian]

Right.

[Troy]

When financials don't hit, we start to see other sectors also be affected. And so all the things put into a microcosm and saying, all right, well what is going to be the outcome of this? Again, IRA ran on again, off again, ceasefire, non ceasefire. Where do we go now? Right, I think the most important thing is like you said, stay invested in the long term and as always, man, stay low key. Firing, right? Be disciplined in your approach, make precise decisions and execute at a high level.

[Ian]

I know investment factor, the week isn't up here, but this ties in perfectly. VGT is up 23% year to date. The rolling 10 year return is 852%. The S&P 493 without the max 7 is up 13.6% and then the S&P is up 20% over the past 12 months. I need you to not worry about this small kerfuffle that they're having and the planning of allowing guaranteed returns. Like at the end of the administration we're going to have a conversation about insider capitalism. We won't while he's in office. But for everyone else who is listening and you may experience some turbulence today and you're worried, stick with those numbers. VGT is up 23% year to date, has a good chance of closing out maybe at 30%. If you hold for the long term this won't matter and then he's going to find a way to either do another ceasefire in a month or two and then oil is going to slide back down to where it has been and everything could be fine. Hope for the long term, yeah.

[Troy]

Crude oil has gone back up in price. Gas prices have not gone down. Not at worst. When you think about how we're looking at the year 2026, obviously into the second half, did you think that the Max 7 would be dragging the S and P? Was that on the bingo card?

[Ian]

No. But once Microsoft started to pull down, I'm not shocked. But that's the great part about index investing, ATF investing. The recalibration has happened and I think that's even going to be a generational opportunity which leads us next to this. Apple versus Open AI. Open AI is the cancer in AI space. Like, I'll say it like everyone, everyone keep. Why is Microsoft down? Sometimes when you marry a person of ill repute, you get affected. Even though you did nothing. Even though Bernie's Madoff's wife was not involved. She has to change her name after he went to jail. So do you mean.

[Troy]

You mean OpenAI is a cancer or Apple? Because you said Apple.

[Rashad]

Well, let's wait.

[Troy]

Okay. All right, all right, all right, all right. Gotcha.

[Rashad]

Mike, can you put this up too? We're going to do a audible because people want to know about this. Let's talk about SK Hynix and let's talk about Drum.

[Ian]

Okay.

[Rashad]

Because SK Hynix had a bad day today and then drown. Yeah. It almost hit the load, the boat price. So. And from the. You know, I met somebody yesterday from Queensbridge actually, and we had a good conversation outside and you know, he was very respectful guy and he was just saying like, you know, he was. He's been tapped in for a long time. Long story short, he has some level of critique that we don't get every everything on Market Mondays. It's like some level of Eyl University. Yeah. So some level of a gatekeeper. So for that, for that critique.

[Troy]

Okay,

[Rashad]

okay. The load, the boat price.

[Troy]

Give me the back cop.

[Rashad]

No, no, that's not even. That's not even. Okay, but the load. The boat price for Drom it almost hit. It was $1. It was $1 off, dollar away. Right. Okay. I'm giving away the load of boat price for the gentleman from Queensbridge. That said with gatekeeping information. But shout out to him. Good brother.

[Ian]

Just, you know.

[Rashad]

Okay, is this something to be worried about? Is this a buying opportunity? What is the deal? SK Hynix? Drum, hit the load the boat price. We're going to open up the doors to our paid communities.

[Ian]

Can I go first?

[Troy]

Go ahead. Let's do it.

[Ian]

Y' all don't Listen anyway, when I tell you to wait. So all that. Yo, you want to talk, watch Rihanna on stage, shout out to QB Because y', all, y' all look out for

[Troy]

me, gotta have my money.

[Rashad]

And if you pay for a Jayz ticket you have, you can't pay for

[Ian]

Red Panda Eyo, hey, that's on you. But I'm gonna say this. When I told y' all to wait for SpaceX, you told me I was hating and gatekeeping. And look where we are. Underneath the initial public offering. See, SK Heinex, it's an adr, is dramatically different. You don't know. No, I'm mop and hove. You don't know remix. I told you this would happen. So this is an issue of patience. Same with drum. It's an issue of patience. The great part is now that we're at the low at the boat price, why would you not want to invest in it if you believe in it? And my. That's why I kept asking, do you believe in the companies or the ETFs, or are you guys flipping to gamble? My biggest concern, I keep saying it. I'm going to run it to you guys in two years and you're going to say, I was just trading away to have fun and shout out to those of you I ran into in Houston who admitted it like, no, bro, I'm honestly just trying to have some money to go out, go outside, have fun, live life. I appreciate that. But now we're at the low to boat price, which I gave to you guys. If you don't listen the first time, why do we have to correct the mistakes on the back end anyway?

[Rashad]

Well, let's, let's take a. Let's, let's, let's take a nurturing approach. Take a nurturing approach. So, SK Hynix, are we concerned. Are we concerned about SK Hynix and, and are we long term or.

[Troy]

No, we're not concerned. No, let's be honest, man, we're not concerned. And shout out to the brother. Shout out to Queensbridge. You know we are dear to Queensbridge. Our brother Nas is somber grounds. But we were here in April when it debuted as an ETF on April 2. A week later, we were obviously inside of EY University putting calls on it, but came on here, right here, Market Mondays, where everybody can hear us loud and clear and said, we are in 33 calls.

[Rashad]

Let me land the plane.

[Troy]

Let me land the plane.

[Ian]

And also, and also to you in the comments.

[Troy]

No, no, it's not my mic.

[Ian]

Can't Be turned off, my boy.

[Troy]

Let me land the plane. Let me end the plane. I'm not saying it's like you should listen to the first time. Obviously that was the first moment where we talked about it. But every week we are on here talking about the memory sector. We're talking about Micron, we're talking about Samsung, we're talking about SanDisk, we're talking about Western digital. For months, for months we've been talking about that. Before there wasn't even a DRAM etf. The first time most of the people here probably heard about SK Hynix was us discussing, discussing it in terms of not having access to it as American investors because it was a South Korean company, because it was the leader in high bandwidth memory. The fact that it now is publicly traded as an ADR in the US stock market is a moment. They were trying to raise capital. Why were they trying to raise capital? Because they needed to build more to match demand. In fact, they said that they're going to build four times more than they originally anticipated. Their CEO got on CNBC and said, look, that's not even going to be enough from what our customers need. It's not even enough. So what did we see today? It had its worst day. Well, well, guess what it did Friday. It raised $27 billion.

[Ian]

And let me ask you a question. How much? Let me just, let me, let me

[Troy]

get the wheels down, Let me get the wheels down. Let me get the wheels down. You raised $27 billion in a day. You know what people are going to do, hey, let's take profit. This has no indication of where the story is or where the story is ending. This is a clear indication that expenditures need to be had on, on behalf of the company. Samsung, Micron are all doing the same. Demand hasn't changed. Tsm. And if you read the early reports and we'll talk about it hopefully later tonight, it's increasing. It's still increasing. Every quarter we say, wait, demand is going to slow down. Guess what guys? Demand has not slowed down. The more compute we need, the more memory we need, right? If we're talking about agentic AI, if we're talking about robotics, if we're talking about autonomous vehicles, if we're talking about large language models, they're all going to need memory, they're all going to need at that level to have the highest performance. They're going to need high bandwidth. The leader in the world. And now this might come as a surprise, okay, 58% of the high bandwidth memory in the world comes from SK Hynix. 21% comes from Samsung. Another 21% comes from Micron. That's what this is. This story is not going anywhere. You shouldn't be fearful. You should look at this as an opportunity. Take it as one.

[Ian]

All right, at some point tonight we're going to talk about AI and the circular investment being an alleged fraud. The area of AI that is not fraudulent is the memory component and Nvidia. If you loved drawn at 81 then why do you hate it at 57? The other part about gatekeeping that's not talked about. When the information is given for free, a lot of people push back on it and don't execute. A lot of you are gambling. Not my brother in Queensbridge, but a lot of other people are gambling. And Even if your ETF drags down 10%, this is how I know you're not holding for long term. You're worried about one day and imposed to two years when you can have an upside of maybe 70, 80, 90%. My question for everyone in chat. Why are you afraid to hold long term even somebody told me yesterday, hey you, you can't predict if the market is going to go up or down year over year. Yes I can. I've proven that in the last 10 or 15 years we've only had three negative years. That's why everyone who can and even that shout to the British guy I talked about in stock club, I'll sell all US stocks and all indexes are going to zero. Not where, where. So if you tell me that you think all American stocks, all ETFs are going to go to zero despite fund to fund hedge funds, government funds, muni, all pouring capital in. 401Ks poured into them. Then you think the comp the entire country is going to go under. The country's not perfect but the stock market is probably one of the best wealth producing engines there's ever been. Why are you gambling? Hold for the long term. Okay, load the boat price. I'll do y' all one even better for sure if it gets to like 4789, you should put a considerable amount of money into it and hold it for a five year period. But what you guys are doing is you're trying to put 20 grand in and then go buy a Maybach two months later. Two weeks later a bad use of capital.

[Troy]

We put in 20 grand in, hopefully it turned to 40 and y' all

[Ian]

just went to cons and had all the vlog recaps. Hold for the long term.

[Troy]

Yo Hot as hell. Real quick. Somebody asked about Amcor. So I'll just address that really quickly. I think what you need to watch, especially if you're watching Am Cor and this is another one. This is inside of the community. Listen to TSM tomorrow. Listening to the demand, not just for manufacturing because that's important. And we're hearing a lot of people going to start manufacturing their own chips. Great. Listening to the packaging part of, of the conference call as well. The demand, if it continues to increase. Amkor is going to be an offshoot of that. Why? They're American packaging company. They're the number three in the world now. Right. So like when they're talking about Arizona having a fab, a TSM fab, why is that important? Because even when they manufacture, think about this. Even when TSM manufactures, they send the chips back to Taiwan to be packaged and then brought back back here. How do you create a solution for that? You find a packaging company here or you start creating your own packaging company. So they are doing that. Who's the American packaging company here? Amkor. So when you look at the demand tomorrow when they report and I know that there's some tea leaves out there already, when they fully you get to see the report. Look at that demand and packaging manufacturing.

[Rashad]

Okay, all right. Hit the like button and share. So there you have it. Some, some insight on Drum. If you're interested in SK Hynix. Okay.

[Ian]

The nurturing nature. You're right, Rashad. I would do better. I can only be the last show of every month. I'll get back to giving prices. So you guys could not listen. Back to you, Trevor Shot.

[Troy]

I can only be the. I can only be an educator.

[Rashad]

Okay, Pre sale tickets to Invest Fest ends tonight. Pre sale tickets for all tickets and all booths. There's only 15 booths left. So if you want a booth, I do suggest that you go to invest fest.com right now. And if you are planning on buying a ticket, I suggest you get it now because pre sale tickets will Pre sale ticket pricing will end tonight on all tickets and all booths. Let's Talk about Apple vs OpenAI showdown.

[Ian]

You know what? I've been talking about this for a long period of time and now the full story has kind of come out. So OpenAI recruited Mr. Tan. He spent 24 years of Apple. He was a VP of product design. And all of a sudden all the data of how Apple sells product ideas, et cetera goes to OpenAI. So it's co founder with Johnny. I've. That's already Interesting to say the least. But they emailed out supplier Intel. This is going to be one of the biggest issues in Silicon Valley, I think, and this lawsuit is going to be major. And going back to picking enemies, Sam Altman has done a terrible job of understanding that relationships matter and you pick two of the most powerful people to have as your enemies before you. IPO and Apple. And in Elon Musk, I've told everyone else, be careful what data you put on chat. GPT put yes in chat, if you remember me telling you, because I was getting some of these rumblings about them taking data from creators and business owners. But at this scale is insane. And it goes back to the character of the founder. Like there's a lot of things in that hit piece that you can say were salacious, but if you go read that book, all of those things are not a lie. Also too for Microsoft, they're getting some of the blowback and that's why they're doing their partnership now with Anthropic. And you can make the argument they should have just bought one of these companies opposed to just leaning on OpenAI Apple, even though it hit all time high today. I was looking, I'm like Apple probably would have been at 700 if they would have got this AI race. Correct. But picking the right partner is everything. And whatever the founder character issues are, they're going to bleed into the company. So just to let you know really quick. And they're giving Oracle some issues as well. In the last 72 hours, they had a safety quit. They were sued by the New York Times, top executive departs. They shut down their browser tool after nine months. The sued for trade thefts by Apple and then they're caught selling product to China against sanctions. I keep telling you, there's a lot of tech companies in the United States of America that are being spies, allegedly for China or highest bidder.

[Troy]

That felt like a perfect segue. Because this is a interesting time, I'm going to read a quote here from kind of a person who is in that alleged spy mode. Gentleman's name is Chang Lou. He was allegedly utilized undiscovered authentication bug on an unreturned Apple laptop to access shared network folders. He allegedly downloaded dozens of highly confidential hardware files, including technical specifications for unreleased products and preparatory circuit boards leaving messages mocking Apple about what? Look what I found. So here's the crazy part. This suit happens at an interesting time. Right. We know that open AI. You see where I'm going?

[Ian]

Yep. Timing is everything.

[Troy]

Time is important. So we know OpenAI is supposed to, what was supposed to IPO somewhere here in the next few weeks. That has been pushed back. Interesting timing, John. I've also has left Apple to join forces over at OpenAI Houston, and we covered it here. But Apple suing them about trade secrets tells me a few things. It tells me they know something or they've seen something that they want to get ahead of because IP is in question. I want everybody to do. This is the homework assignment tonight, Ian. This is our homework assignment I'm giving out on your behalf. I want everybody to search Project Sweet Pea. OpenAI. Project Sweet Pea. Why is that important? Because second half of 2026, OpenAI is going to not only release more software, they're going to release their quote, unquote or alleged hardware product. What is it? There's a few. There's a smart glass that allegedly is on its way, a digital voice recorder and a wearable pin. Right now we're starting to look at how we're going to use AI going forward in the future. Will it look like this, right? Or will it look like a small device that can just be attached to you? If OpenAI can get ahead of that and be first to market with that, the innovation is going to be there. How many users will you have? I think Apple knows that this is coming and because they know it's coming, let's get this out there, let's get off the. And let's put this suit out there now. This is all just a complaint, right? There still has to be stuff that has to be proven. This isn't really even in terms of

[Ian]

too many documents and not to cut you off. If you're going to steal data from one of the largest international companies, how about you not touch your friends about

[Troy]

it or mock the people that you took it from?

[Ian]

Yes, allegedly.

[Troy]

The timing of it, the idea of what is coming down the pipeline, I think there's a lot more to the story and we're going to see a lot more. But again, that talks to leadership and also talks about poaching from talent. Right? The fact that John I've left tells you that, okay, Apple from an innovation standpoint may be lacking, but OpenAI may be where the future is. Now, John, I brought his company over in terms of innovation. He brought his company over to OpenAI. We should be looking for a product within the next three months, a hardware product, not just a software one, not an update. A hardware product from OpenAI in the next, I would say three months.

[Ian]

And OpenAI took they're saying the number is 400. I talked to my friend at Apple. It's more like 550 employees got poached. And why are y' all putting out that mid flip phone that Samsung had 22 years ago? The other part is Rashad, you talk a lot about managing relationships the way that Johnny I've exited when they did that commercial together. I said it's war, it's wartime. So much so that even Elon to get revenge he turned. If you go read this prospectus, SpaceX is an AI company and he did that solely to eat market share from Sam Altman. Now if look very soon for SpaceX and Apple to have a partnership, the thing that you don't factor up when you guys want to have war and have beef is what if these teams get together and start to wage war against you. It's tough.

[Troy]

I think. I think it won't just be Apple that has a SpaceX partnership. I see that's the next topic. But I think in terms of where we're headed for compute and what it looks like here and what it looks like in the orbital economy. I know the space economy. I think that he's going to create a monopoly where they're all going to need him.

[Ian]

I think that's where we're at.

[Rashad]

We'll see. But we'll talk about SpaceX now hit its, its all time low. It went from $225 all time high to around 134 which is actually lower than what it IPO'd at. So. And you know, once again if it doesn't make sense, it doesn't make sense. But 2 trillion dollar valuation for a company that has 18 billion dollars in revenue never makes sense in any world or universe or multiverse or galaxy or metaverse. You can't make sense out of nonsense. For you guys out there, you can't make sense out of nonsense. It never made sense. And I mean 1.2 trillion dollar valuation for a company that has $18 billion in revenue doesn't make sense to be honest with you, in my opinion. So okay, where do we stand with SpaceX now

[Ian]

to my brother from Queensbridge, shot the Niles. I'm gonna give you two prices that I think fall to 89.23 is one price that I think it could fall to. And I haven't even put this in stock club yet. And then worst case scenario it can get to 69 63. So 8923 and 6963 are two prices that it could Fall to. Lastly, put in chat. How many more months do we have before it is even eligible for you to put it in your portfolio?

[Troy]

Wait.

[Ian]

This is the reason why, if you look at that Macro picture of IPO since 1999, the average drawdown is 51.2%. The stock is going to be here for 30 years. You're not missing out if you miss out on the first six months. Now, in terms of its value, the value is there. I think just the revenue and IP that is there from Starlink alone makes it incredibly invaluable. And I've argued, I think you should take Starlink alone public. But this is a classic example of that. Every equity obeys pricing laws. It happened with MicroStrategy last year, it's happening this year. And try. I'm sure you're hearing it too, in the memory. Like, some will come down 10% and they're like, oh, it's the beginning of a crash. I'm like, it ran up 1400%. Like a 10 pullback is a lot. So it's best to wait. Post ipo, there's no adr, no exception. Wait six months. If you're not in it pre ipo, you have to wait six months before all the settlement dates clear out. But long term, is a company valuable? Yes. I just think people overpaid for it for the current price that it was at.

[Rashad]

Well, he said, he also said that if, if they, if SpaceX accomplished their goals, SpaceX will be more valuable than everything else on Earth.

[Troy]

Who, who's that? Who said that?

[Rashad]

Elon Musk said it.

[Ian]

Yeah, I'm Hugh, like pretty.

[Rashad]

So he gotta chill with that. Earth itself. Not, not like every, not just every company on the Earth, like the actual Earth. Like, he's like, if they accomplish their goals, SpaceX will be more valuable than the actual Earth.

[Ian]

Can I say this? There will be no lunar economy. Listen, if you go through the prospectus, it's a master class in financial gaslighting. Rashad, you brought this up. He'll put out a metric that is unachievable. Just think about. And this is how you know if an investment case is good. If someone of another background said it, would it be believable if I told you I'm taking a company public and the company is going to be so valuable, it's going to be worth more than every asset on Earth. You will call me a idiot. Not saying that he is, but no. There will be no lunar economy that surpasses Earth's value within the next 20 years. I'm sorry to be the bearer of bad news. Is the company valuable just Starlink alone? Yes, but I think we have to check some of the wild statements, financial statements that are given that no one else would be able to get away with.

[Troy]

I, I will answer the first part of the question by saying is it a buying opportunity? Yeah, you still wait. You still wait. Do I still have the shares? Yeah, I was part of the. The that guess pre IPO for, for retail. SpaceX is interesting because at a certain point I think it will match its valuation. The more I read about it, the more partnerships I see, the more I understand the mission. Like when we were talking about Sundar at Google and how he was trying to put data centers in space, part of it was the logistics. How do you do it? Well, you need rockets. Well, who has that? SpaceX, when you talk about compute and what it means to the AI space, who has that? Well, he has that too. Right. And they're building that at a, at a speed that they could become one of the most valuable companies on the planet. Now you can't put a valuation on Earth. That's just, I mean, that doesn't make sense. But you look at the partnership last week with Anthropic, which maybe it went over people's heads, but that's a huge deal, right? To have what Anthropic is doing for them. To say we're coming to you for compute. To say that pretty much we're coming to you for power speaks to the now, but it also speaks to the next five years. Where will that power come from? Who can get us unlimited access to it? We already broke down obviously from a solar standpoint of having unlimited power. The cost associated with getting it out there, having reusable rockets, having that at your disposal is a key. We're not even going to talk Starlink. We understand what that is. But then I saw Microsoft partner with them as well. And then I'm starting to see, obviously Google's already tied in. The more hyperscalers you start to see look at SpaceX as opportunity to partner. That should be telling you something in terms of how we're going to do power in the next 10 to 15 years or what it's going to look like and who has the clear advantage in that, and it's them. It's not even close. Like the, the margin between them and a second place is probably the greatest,

[Ian]

especially in the States. Yeah, it's the widest margin.

[Troy]

And any. I don't, I can't think of a sector where a number two is that far away from them in this sector. So yes. Is it opposite? Will it be an opportunity? For sure. Is this something you should have in your portfolio? I have it in mind. It's going to stay in mine and we'll see after the lockup, maybe a year, we'll look to add some more.

[Rashad]

Okay,

[Ian]

yeah, really quick. His only opposition is the government of China, so keep your eyes on their development. That's his only real competition. But wait until the earnings report comes out to see what the margins are and what the revenue is like. Stay away from the headlines and actually go to prospectus and go see what the margins are like in terms of growth and what projected growth is. Look at the numbers. Like the earnings call is one thing, because even those can be performative. But if you can't fake put this in chat, you can't fake free cash flow. And that's the thing that's going to hurt a lot of AI companies. A lot of people are talking about the circular investment and that Ponzi allegedly is going to come to an end soon, probably next year or end of next year. Free cash flow is the thing that you need to measure.

[Troy]

So think about this, right? We could talk about that revenue. Now, the anthropic deal alone, just. The anthropic deal is a $45 billion deal over the next three years. So that's an average of like 15 billion a year for one. Not even a gigabyte. 300 megawatts of power and over 220,000 Nvidia GPUs. So they're getting access to that. That's from the Colossus Data center in Memphis. That's not even a gig. That's right. Like that's not a gigawatt of power. That's less than that. And it's 15 billion. Anthropic is not even public yet and they're already allocating 15 billion to a company because they understand what's at stake here in terms of power, in terms of computer, that lineage. If we follow that trend, you can start to see revenue starting to build up really quickly. Right? 15 billion here, Microsoft, what's the allocation? Microsoft does. What is meta. Now, how does Google respond? Those are the things we got to watch for.

[Rashad]

Yes, sir. Oh, yeah, I forgot to mention the Invest Fest singles lounge. We announced the Invest Fest singles lounge. We're doing it this year. And the RSVP list is closed to women. There are only slots open for men left. There's 22 slots open for Men, the women, it's over for women, if that should tell you something. If you're interested, first come, first serve. If you have an Invest Fest ticket, it's already free. It's part of program. It's during lunch, so you don't miss any of the educational conversations. Go to investfest.com and fill out the tab. Says a lot about the times that we're in, but we'll talk about that on Blackout.

[Troy]

What you mean no, my camera gonna be off?

[Rashad]

Well, I mean, we have a single. We have a singles event and you're right. Screen.

[Ian]

Yep.

[Rashad]

All right, next segment, we have a singles event where at least 60 to 65% of the people that come to Invest Fest are men. So the majority of the people that come to Invest Fest are men. We have a singles event and the women's RSVP is. Is filled up. So women, women make up the minority of the people that's coming to Invest Fest and they've already reached capacity on registrations for a singles event.

[Ian]

That's a nice little ratio. Yo. I'm a co host with you.

[Troy]

It's a lot of opportunity for. For the fellas. That's what it says.

[Rashad]

Says a lot about the times, that

[Troy]

opportunity to find the right one, live happily and peaceful.

[Ian]

That's what it's about.

[Troy]

And having joy.

[Ian]

That's what.

[Troy]

It's a parody.

[Ian]

And that's what it's about. And love, bro. I companion. What? Eternal happiness.

[Rashad]

You said you asked Aisha that.

[Troy]

I'm like, wait, what?

[Ian]

What about love? If you guys haven't seen it, go watch this episode. Aisha DS Classic material. Rashad, don't do that.

[Rashad]

Shout out to Aisha. That was definitely a viral moment for sure.

[Ian]

For sure.

[Rashad]

We'll talk about it on Blackout. Because I do. I do think that it's interesting and it's. It is actually a microcosm of what's actually happening in the real world. And there's like at least five different conversations from. From that stat that can be broken down. Let's talk about Disney. Disney, Disney streaming future.

[Ian]

I got a question for you guys I was pondering earlier.

[Troy]

Let's go.

[Ian]

And I'm going through what can be done to fix some of America's top brands. Do you think it's time for Disney to sell off their streaming service and solely focus on the parks? Because they.

[Troy]

They.

[Ian]

The business is in decline. The park revenue is solid. The Dubai edition I think is great. But do you think because they jumped into it during COVID they didn't really Plan out how for this thing to work long term. So I don't want to lead you, but I was thinking, should one of the first initiatives that they have to turn the company around be to sell off the streaming business?

[Troy]

I will say really quick, if I

[Ian]

told you, yeah, they have parks, licensing, merchandise, ESPN and then when the streaming service came out, 100 million people was on it, you would think that would outperform Apple and it's underperform majority of American brands.

[Troy]

The second part is true. I would say no, I don't think you, you, you sell off streaming. And when I looked at the question, it made me realize something that I should have realized earlier. When you think about where we're headed in terms of just the world, right, Like AI has has come here, technology is changing things, social media has changed things. But last night and this weekend told me something very, very important. People still love experiences in person. Yes, experiences. And so then I started thinking to myself, when I look at Netflix number one streamer by subscribers, for sure, they have the content, they have the viewership. But do they have experiences, right, like I've been to.

[Rashad]

Yes, yes, they do.

[Troy]

Let me finish, let me finish. Do they. I've into a strangers, things pop up. I've, I've seen a few pop ups. But are there enough in person live experiences from the content that they create? Yes, they got Monday Night Raw in terms of wwe and that's very important. But that's an entity that was brought in. Let me go, let me finish. Right, they got live sports. That's important. But I'm talking about from a standpoint of your content. Here's what Disney, I think Ms. And they had this for most of the 90s. Create characters. They did an excellent job with that. You turn those characters into theme park attractions. They did an amazing job with that. You turn those characters from the amusement park into a cruise experience. They did an amazing job with that. Those cruise experiences lead to experiences at the hotel. Now it's a hotel experience. They did a great job with that. You can merchandise that, you can license that. What do you have? Recurring family experiences. What have they gotten away from? They've gotten away from doing that, staying in that pocket. Why they wanted to compete with Netflix and say let's get as much content that we can to try to get more subscribers. That part that they left out was the part that got them there. So if you look at, listen to the concrete property that they have, the intellectual property in terms of character, theme park that, that cycle, Marvel, think about how Many people are in that universe that they can actually use that for Star Wars. Pixar, right? We just saw Toy Story, did a billion. Now Moana, Moana. Flop. That's a flop. That's a flop. That's a flop. Yeah. One is a flop. Pixar. Disney Animations, they have espn, so they have live sports as well. They gotta figure out how to create that experience and turn it back into the company that got them here. Instead of trying to compete to be the number one streamer. Use your advantage. You have the property that people know that you can create experiences from. You should be doing that.

[Ian]

Rashad, what do you think? Being a media icon, like if I told you, hey, I got a business for you. It's 100 million subscribers on the app, but we're losing money. It's a 50. Like for context, Disney was at 208 in 2021. Like Disney has a chance to go back to Lowe's from 2017. Rashad, what are your thoughts? What would you do differently and what do you think they went wrong?

[Rashad]

They're outdated brand. You have to skew young. So even streaming, like for me and we could talk about this on Blackout and I'll make this quick, but maybe I'm giving them too much credit, but Dean and AB, if they, if they're doing what I think they're doing, it's actually, it's actually the most brilliant and most intriguing thing I personally have ever seen in my whole entire life. Because what I think that they're doing is that when AB Came out and he's did every. I mean, he's drunk, he's £300. It's embarrassment, it's the whole thing. Right now he doing a 45 day challenge, cleaning up. He stopped drinking, he's working out. I feel like we like movies. This is a.

[Ian]

This is Rocky.

[Rashad]

This in real life. Yeah, this is real and it's everything. It's a person that was on top that fell. A redemption story. All you need now is like an arch enemy. Like we've never seen a movie play out in real time.

[Ian]

In real time.

[Rashad]

If they can, if they can get this to the finish line. This, this is probably the most brilliant thing that I've ever seen. And like I said, maybe, maybe they, I'm giving them too much credit. Maybe that they just doing this by coincidence. But I have a suspicion that they kind of have this thing planned out. I say that to say I think that's the next iteration of streaming. Whereas it's actual. It's not Just doing dumb shit. And you just watching somebody iron their clothes and like the Mr. Beast, like, he's ahead of his time. Like, I think it's like instead of people watching movies, they're going to watch streaming, which is actually going to give them the same emotions and the same feelings as a movie. But it's going to be better because it's going to be a real person in a real. So you're going to see a real. They already kind of doing it with the love story thing, but like a real. A real love story. Like you're going to see a real. And everybody can relate to losing weight. That's why Rocky was such a good movie because it's like training, losing weight, boxing. All of these movies, they bring out emotions in people and if they can capture that in like real life with the streaming. So long story short, Disney, I think that they need to revamp their whole, their whole game plan of how they're looking at content and take chances, be cutting edge. Like, I show speed should be on Disney.

[Ian]

Disney Kai or Streamers University should have been on Disney. Like, what are you doing?

[Troy]

So there's a couple of things. The weight loss thing is real. Mr. Beast actually has done this, right? Like, he had the guy who you couldn't leave the circle until he lost £50. We watched that journey. I mean, his shows are just compelling. My question is, I feel like Disney does skew young. I think the issue was they couldn't figure out how to skew an older demographic.

[Ian]

Right.

[Troy]

Like, we already know kids are watching, but adults subscribe and so can we. It's part of the reason why they, they had to get that, that Fox Searchlight and get that catalog because now the movies are PG 13. Then, hey, we have rated R. So what, what's your thoughts around that? Like, was skewing young the issue or were they trying to skew to another demographic and kind of got lost Disney.

[Rashad]

Yeah, well, they got caught up in the whole political situation and that, that was a tail. That, that, that was a tailspin for them.

[Troy]

Right. If we know you for kids content now, you're trying to put rated our content to, you know what I'm saying? You got Hulu ones.

[Ian]

It's opposite of, of the brand. And the other part is that no one wants to say is you can tell that the executives there don't eat the dog food. Like, they don't love the product that they're putting out. The difference is, like, when we make the content, like, the content change our lives. You can Kind of see they're just operating like Disney currently has a profit margin of 8% across both physical and digital. I don't know how you have the same profit margin for a streaming app as you do physical real estate.

[Troy]

Yeah, it's a bit. It's a bit confusing even for them. Right. If you go to Amazon prime, it's Amazon. All of the properties are in there. Who's this own app. Espn. His own app. Disney plus. His own app. But you can get all of them from it. It's like if it was one concise thing, it would be much easier. Yeah.

[Ian]

Prime is inside of Amazon. Like keep everything in one center. They almost run it like how in the market is ran it and they have all these different URLs across the web. Consolidates the. And put it in house. But once again, if it were a lot of like when you see Nike's executive leadership, you can tell they didn't grow up like a Nike.

[Rashad]

Well, you know, you know, these are my thoughts. Only you know YouTube is owned by Google.

[Troy]

Breaking news.

[Rashad]

And if you, if you post on Instagram, that's meta.

[Troy]

That's meta.

[Rashad]

Boy, stop it.

[Troy]

Breaking news.

[Rashad]

Boy, stop it.

[Troy]

Breaking news alert.

[Rashad]

We're going to talk about that too on Blackout. All right, quickly, let's quickly get through this next topic so we can bring our guest up. Oil. What's oil's next big move?

[Ian]

I think Ola return back to where it should after maybe 60, 70 days. The same ones to invest in our Exxon, Chevron. Those legacy companies won't change. Don't change your plan according to the Iran conflict or what's going on in the street of hormones. Back to you guys.

[Rashad]

Appreciate it. Best bank to own.

[Ian]

JP I like JP Morgan a lot and Goldman Sachs, bank of America. I like Brian Moynihan as the CEO. I wish he was elsewhere, but I wouldn't invest in bank of America. I know it's a big week for earnings. I would not touch Wells Fargo personally with a hundred foot pole. So JP Morgan to Goldman Sachs are the two that I will lean on.

[Troy]

JP is the unanimous decision. Yeah, that was. That would be my first choice. Always like to throw a sleeper and I think I gave it away maybe last year, but it's performed pretty well. City. Keep your eye on City.

[Ian]

Your city's solid.

[Troy]

Keep your eye on that.

[Ernie Holloway]

Yeah.

[Ian]

Turbulent. Full post 2008 turbulent. It's a classic case of, of building a base though. And then once it finally broke out, it went up to the upside. But man, for those five or six years or seven years that it was like at the same price. Oh my God. But it's a classic example. If you get thousands of shares at a low price and you wait, it'll pan out in your favor.

[Rashad]

Earnings verse story

[Ian]

do you go ahead, Troy, I want to ask you, do you think in the second half of the year, do you think more investors are going to focus on earnings and free cash flow or more so on the story that's there outside of the memory space?

[Troy]

I think this is the quarter where the earnings again, I feel like every quarter they look at it and say, okay, let's see if the earnings. Because if companies are making money, if free cash flow was there, if they have a great future guidance, that means that there's growth that's still happening. Every quarter it feels like that has happened. There's kind of been a highlight on the second half of this year to see if there will be turbulence. Obviously we know this is in a midterm year and so we know the statistics around that. We understand that IPOs are coming to the market. You know, there's at least three more huge ones that potentially trillion dollar IPOs that are going to hit the market. So you know there's going to be noise around that. I think this quarter is going to set off the trend for the rest of the year. If we, we see demand from AI continuing, if we see financials still having growth, I think we, we have a pretty solid rest of July and that'll lead into a pretty good second half of the year. So I, I think the earnings specifically in this quarter will, will be the quote unquote story other than saying, hey, this stock is having a great moment. What is the overall theme? Right. What are we seeing from each sector? What is industrials telling us? What are, what is, you know, consumer discretionary telling us? Right. What are utilities telling us? What is technology telling us? Let's see if there's like a percentage. I know like a lot of times we want to see earnings and as the S and P goes, we want to see like a 75 to 78% of those companies having a good earnings report or good future guidance. Let's see where that number falls this quarter I'd be interested, but I'm optimistic about it.

[Rashad]

Okay, let's get one more. Biggest missed or even better.

[Ian]

Is circular investment going to be the cause of the collapse or market correction in 2027?

[Troy]

You want to start that?

[Rashad]

Let's save that for after. That's probably a longer conversation.

[Ian]

Okay, someone. Okay. I'm with it. Someone asked me, is there a stock that you missed that was the biggest investment that you wish you could have reinvested in? And I'll say publicly, I don't have any post ipo. I think you have to calibrate your portfolio. You're trading together. So, like, whatever I may have missed in a particular stock that may have ran up, I can make it up in futures. So I think the best lesson is to be able to get the gains that you want on demand by trading the right asset. I told a story a hundred times about how I couldn't convince family to invest in the Facebook before in the friend and family round that cost 40, 50 million dollars. But post that, I haven't had any. And I think with futures or where they use options to express it, like, you have to know how to be able to get a thousand, two thousand percent return on your own. So you're not waiting or chasing a, a bunch of stocks. But if you have the right companies in your portfolio, you really don't feel like you missed out on a hell of a lot. But if. Do you guys have one that you missed out on that you wish you could have invested in?

[Troy]

Yeah, I, I spoke about it, I think last week or maybe a few weeks ago.

[Ian]

Last week.

[Rashad]

Yeah.

[Troy]

Yeah. Understanding the memory sector and then invested in Micron, investing in Sandisky and investing in, you know, ETFs, SMH and XOXL. Well, XOXX actually and XOXL. And then knowing that story and saying, all right, let me pick one. And then not just grabbing all of them. And so, yeah, Western Digital is on that list. Seagate's on the list too. I mean, they both were up over 800%. Obviously having micron makes it a little bit better, but yeah, for sure it's all right. Can't, you can't have them all. Although you want to get your ETFs

[Ian]

for sure and hold drum and all or VGT or VTI QQQI for a long period of time. We got some pushback last week about the, the Trump account thing. It only takes 5 minutes to sign up and some people that have an income of $300,000 that you're able to deploy capital, allegedly. So

[Troy]

does it feel surprising?

[Rashad]

Okay, hit the like button and share 6,100 people. I love you guys currently on the check in. So let's bring our guest up, shall we? How's it going?

[Ernie Holloway]

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[Ian]

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[Troy]

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[Ian]

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[Rashad]

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[Ian]

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[Rashad]

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[Troy]

Exclusions and restrictions apply.

[Ian]

Points subject to loyalty terms@lowe's.com terms and

[Rashad]

credit reward [e-mail] MLPRA terms visit lowe's.com

[Ian]

businesscredit this episode is brought to you by Progressive Insurance. Do you ever think about switching insurance companies to see if you could save some cash? Progressive makes it easy. Just drop in some details about yourself and see if you're eligible to save money when you bundle your home and auto policies. The process only takes minutes and it could mean hundreds more in your pocket. Visit progressive.com after this episode to see if you could save Progressive Casualty Insurance Company and affiliates. Potential savings will vary.

[Troy]

Not available in all states.

[Rashad]

Good.

[Ian]

My brother, how are you? Good to see you.

[Ernie Holloway]

Good, thank you. It's a pleasure to be here. Thank you all for having me.

[Rashad]

Thank you. Thank you for joining us. Ernie Holloway, Regional director at Charles Schwab, well, Schwab Wealth Advisory and at Charles Schwab, where he helps clients build long term wealth through personalized financial planning and investment strategies. He's been in the service financial services industry for 17 years and is a Certified Financial Planner CFP. And for full disclosure, Charles Schwab is actually my broker.

[Ernie Holloway]

Yeah.

[Troy]

Yes, I have a, a Charles Schwab account as well. My first, my first account was Joshua.

[Ernie Holloway]

Yeah.

[Troy]

Yeah, Charles Schwab.

[Rashad]

You're in good hands with Charles Schwab. So first and foremost, thank you for joining us. Appreciate it.

[Ernie Holloway]

Yeah, for sure.

[Rashad]

So.

[Ian]

All right.

[Rashad]

We, you know, we got to ask a lot of different questions, but my first question is how did you get to this point? How did you get the position that. Because I was actually in the financial services industry before this. So I was in the financial services industry for 12 years. I know it's a very difficult career path and you know, a lot of people don't make it through they, they, they get in and then they get right out. So it's not, it's not easy to climb up the ranks in the financial services industry. So just for the audience, can you give your background of, of where you started and how your career got to this point?

[Ernie Holloway]

Yeah, absolutely. And it's a great question. I appreciate the opportunity. You'll probably hear some similarities between your journey, Rashad, and yours as well, Ian, because I've been listening for a while. I got started in the industry in 09. At first I was working in real estate. I was living in Stockton, California at the time, the home of foreclosures or BPOs. Was doing well in that, but realized that's a short term thing and I really want to help people not be in that position. So when I was still going to school, I got an internship at a small company called Sky Trade, which maybe one of you were familiar with. So I was an intern there. Hey, good to see you, Troy. I was an intern there in Stockton and was working there as I was finishing my degree to learn more about the industry. I heard the story about Chris Darton from the Pursuit of Happiness. Watch Wall street, watch Boiler Room. You know, all the things where you see people excitingly talking about how they're using trade to build wealth. And I didn't come up with financial literacy. Military brat. Mostly it was making sure we have food on the table and the car rent, it didn't stop on the side of the freeway was the big goals and the big financial plan that we had. I was an intern for about a year. They like, they saw what I was capable of so they gave me an opportunity to get licensed through their broker training program. I did that for about seven months and then through a couple of of life happenings I was open to making a move out of California. And I went to St. Louis to their headquarters to do my broker training. And they were talking about starting a new department which was basically a point person to help support all the branches because they had 500 at the time, as well as to work on business continuity and projects. The way I looked at it, and it was something my dad always taught me is you go where opportunity is, you don't wait for it to come to you. And I was trying to reduce my learning curve as much as possible by just getting exposure. And I knew being in Stockton or being in Oakland, I got exposed to Stockton, Oakland problems. If I go to hq, I'll get exposed to everybody's issues and challenges and learn different ways of overcoming them. So I went to St. Louis and I lived there for four years and had different roles, was an analyst for a while, did negotiations, helped roll out advice at Scottrade and then learn more about consultative conversations and, and how to position advice to clients from there. I went to Arizona to be a branch manager in West Phoenix, in Goodyear, if you're familiar with it, and then was able to make some really great growth there in a short period of time. So I, I was acquiring more responsibility. And I will say this, the places I've named so far were not on my bingo card. Right. I didn't get up, grow up in Oakland and think, hey, I want to go to St. Louis or I want to go to the desert. Right. When you live that close to water into great weather. But I digress. I ended up going to Chandler, Arizona. I was living there and then Scottray got bought by TD Ameritrade. And at that given point in time, I was newly married. At that point I had to make a tough decision of do I roll the dice and see what happens to me or do I control my fate by making a decision, maybe even an uncomfortable one. And I did, I prayed over it. And I ended up applying for a job at Schwab to come down to Tucson, Arizona to be a branch manager there. And that was relatively unheard of at that point. Usually leaving Scott Trade and going to Schwab and being a branch manager was like taboo.

[Rashad]

Yeah.

[Ernie Holloway]

But I learned by going to a market that wasn't highly desirable at that point in time, that's your way in. Right. And that was what I learned prior. So I went to Tucson, did a lot of similar things where I changed the culture, changed the engagement, helped produce helping more families in, in a way that gave us higher CPS scores. And I learned more about tax trust and estate planning there because Tucson's a retirement bed for a lot of clients. And this is what, 2015, 2016, 2017. So through the first Trump presidency. So there's a lot of growth in the market, a lot of embedded capital gains, and folks are always worried about how do I not pay Uncle Sam and how do I make sure my money goes where it's supposed to go. So I got exposure to that department that helped us help a family that was selling a small business and that stoked a lot of passion in me to learn more about that. Because it's like, oh, we can nickel and dime, but if you really want to build wealth, you want to create legacies of financial well being, you gotta find ways to Facilitate wealth transfer from generation to generation. And it doesn't have to be a large or a small business. It could be something as small as a house or a car. It's just how do you keep things not going back into the well and continue to pass down? That inspired me to get my cfp and I became the leader of the tax trust and estate team for the eastern half of the country. So that moved me to dfw. I live in Dallas now. I've been here for about four years. I did a really good job of spreading what I call the good news of what tax trust in the state can do for you. Maybe should have been a military recruiter in another lifestyle, but that led me to be exposed more to Schwab Wealth Advisory and how we can holistically help clients, not just in tax Trust in the state, but in holistic financial planning, banking and credit, risk management, insurance, all the things. And I got exposure then to who's the managing director of the department. He asked me to come over and run one of his regions, which he gave me Chicago as my first region. I'd never been to Chicago before, which is funny when you say you lived in St. Louis for five years but never been there. Went there and fell in love quickly. What you see on the news versus what you experience in the city, it's kind of like the stock market, right? What you hear in that news versus what you experience with your own hands, feet, and eyes, it's totally different experience. Had a lot of success there, and I got more territory. So I ended up getting this region called Heartland, which stretched from Boise to Milwaukee and down. Had a lot of great results there. Recruit a lot of great people, a lot of people that look like us. But I think also helped the offer grow to where I finally got the Sunbelt region, which is where I am now, which is Texas, Alabama, Mississippi and Arkansas.

[Troy]

You brought up Scott trade, which is interesting because I. I said that Schwab was my first account. Scottrade was my actual first account in 2008, when you had to pay $7 to. To buy a share and pay $7. Y' all know nothing about that. All right, Everything's free now. But. And we've been working with shout out. Shout out to the team that show up. You know, our guy Alvin has been in. In on Market Mondays, has been at EYO University. One of the things that that Schwab is big on is helping clients own their tomorrow. I kind of like that phrase. Talk. Talk about the process of how you guys are helping People own their tomorrow.

[Ernie Holloway]

Yeah, that's a great thing for us to bring up. I think what we do really well is we remove as many barriers to entry as possible. You Talked about the $7 trade that ScottRay was famous for in addition to the helicopter. Right. I came to Schwab maybe 18 months later. We went to zero commissions because we realized how much of a barrier that is to people either taking profit, like I heard you say earlier in the show, like leave every week with your paycheck. Don't leave your capital out there. Right. And some people, strangely enough, will use $7 as a reason not to go get it or 495 not to go get it. Right. So removing the barriers because of cost, because cost matters, whether it's in advise money or it's in just normal day to day trades. So one way is removing the barrier with cost. Secondly, education. We're trying to be similar to EYL, but Schwab's YouTube channel is the most followed, most popular channel of the financial services industry because we give a lot of free education out from simply how to look at the markets, how to look at technical analysis, to how to open a brokerage account. We also opened up teen accounts. I didn't learn how to invest because depending on how you grew up, a custodial account may not be on the board for you. Your first brokerage account may come with your driver's license. Right. It may come at 18 or 19. So now that we have teen accounts and we're giving folks an earlier opportunity to invest and to learn more about compound interest and how it works. And then also giving education and seminars at the local branch level to help people be more comfortable with how to build long term wealth. That's another way that I believe we're helping. And then you mentioned Alvin Schwab Bank. It's the Investors Bank. We don't charge fees for mostly anything. Right. ATM fees are reimbursed. It's easily and convenient to have connected to your brokerage account so you can get your weekly paycheck out depending on how you're doing in the market. And overall, just finding ways to lower barriers for clients, clients by looking at things through their eyes. Are we going to be expensive? No. Are we going to add a lot of value? Yes, because we're going to educate you and then we're going to help you also stand on your own too, so you can help somebody next to you.

[Ian]

In your opinion, like, what's the one, like, biggest financial mistake you see people make that stops them from building wealth long term.

[Ernie Holloway]

It's the same mistake I see people make anywhere in their life. They use emotion to drive their decision. Fear. Fear is very painful. And since two of you have worked in the industry, you understand that people have more impact by losing than they have by winning. I think it's like 3x as much pain. So when you, you opened the show earlier today talking about the on and off of the war with Iran, right? So once all the NASDAQ drop, 400 points, for all we know, they could have bought a tech stock or xlk on Friday. They see that dip. No, I can't lose my money. I'm out.

[Ian]

Yeah, right.

[Ernie Holloway]

So to me, that's a really big part of how people lose wealth. Because one, you pay a tax getting in and getting out quick, but then you don't ever get to see the recovery or get back in. And you're also now losing out to more inflation by trusting just a normal bank account. It works on the other end too. Right. When you, when you convince you're always right and you get a bit foolish and you keep trying to hit that slot machine and you just hurt yourself that way. So I would say fear and irrational exuberance, and I kind of consider them sides of the same coin, same sort.

[Ian]

Yeah, yeah, yep.

[Rashad]

Man, you said something insightful. I gotta, I gotta, I gotta. You said, you know, Charles Schwab manages $13 trillion of assets, if I'm not mistaken. And you know, it's very humbling what you said that, you know, in the media space, you know, you have, We've given you some inspiration. We've given you some inspiration. I appreciate it. I appreciate it. Estate planning, uscfp. I know you studied estate planning. Let's talk about some estate planning strategies from a high level, from whatever, however you want to break it down. But let's give. Can you give the audience some information that they need to know? Because you talked about the transfer of wealth and how it should be done. Give us some information, if you can, on estate planning and what people are not doing correctly.

[Ernie Holloway]

Yeah, absolutely. Estate planning can be as basic as setting up a will so we know what happens to your physical goods upon your demise. It can be as complicated as ways of figuring out how to miss out on the. The family gifting limits, ultimately. And I'll cover a little bit of everything in between. But let me first say this. I'm always amazed in our space how little people plan for something that's a certainty.

[Ian]

That's the right point.

[Ernie Holloway]

Like, we all know we don't have our time to go, but we never want to talk about it, and we never want to take the appropriate preparation to ensure that we leave people in a good space, especially those that we love and care about. So with that being said, I'll. I'll go into this. So if you have physical property and you don't have a lot of wealth, it's important for you to get a will and to set that up. You don't want your goods and services to be rummaged through, probate, or completely just tossed out. Especially if these things are important to you. They can be family heirlooms, they could be your baseball card collection, right? But you got to have something in writing that says where you want your things to go, your belongings. Step further. We talk about. You guys talk a lot about healthcare. Whether you're talking about sector rotation or just some service that we're going to use or that we see AI going into and making some advancements, caring about your medical side, right? What happens if you become incapacitated? Who's your medical poa? Who's the person? Who's your durable power of attorney? Who's the person going to make decisions for you if and when you can't? Because sometimes not to cut you off.

[Rashad]

But let's talk about that, because that's something that we really haven't talked about a lot. But when I was in the living will. A living will. Sometimes it's just as important as an actual will, right? Like the power of attorney, healthcare proxy. Can you explain live a living will is. And why? A living will is very important.

[Ernie Holloway]

Yeah. A living will is important because it covers a couple of things. One, you know, I talked a little bit about your physical belongings, but it also talks about your wishes if something were to happen to you, Right. It talks about whether you want, you know, dnr, do you want to be resuscitated or not. It talks about what to do with your bank accounts. It talks about what to do with your home. And these things can constantly be modified. And that's a decent part of it being called living. It's kind of like a revocable living trust, right? It can continue to be modified until you're not here no more or until you no longer have capacity. So I think to always be, especially if you're a couple, to be editing that together and to be on the same page, because that's the other bad side of estate planning is when the two sides don't know what's happening. I think it's important for that to be something that you discuss and have together. And then also if you feel comfortable, share with those who are important to you so they know your wishes and it ain't being debated in an emotional time.

[Rashad]

And especially, and especially I just want people to know the power of attorney is very important because a lot of people, I mean we see this happen with Wendy Williams, right? Like a lot of people are living, but they might have Alzheimer's, they might have dementia, they might be in a coma, they might be incapacitated, they might have a stroke. And that's a whole mess within itself because it's like who has the right to your bank account, who has the right to actually access your investments, who has the right to pay your mortgage, all of these things. If you don't outline that, then it's up to the court. They can do whatever they want to do, whatever, however they feel fit. And like I said, it's unfortunate situation. But Wendy Williams is somebody that is a high profile person that's relatively, relatively still young, that's actually going through this in real time. So that, that power of attorney is something that people can. But can you just talk about also the estate planning process from like transferring wealth. Give us, give us some game on, on transferring wealth.

[Ernie Holloway]

Yeah, if I could just real quick before I go forward. I think another case other than Wendy Williams was Britney Spears. But people always look at it negative versus looking at what could be the positives of it. So estate planning, what's important, Titling is very important. And who your beneficiaries are is also very important. Any asset that you have that's in your name, especially if you're not married, you want to take the time to name a beneficiary. You have to do this with your 401k, your retirement accounts, your 457, whatever you have as a retirement vehicle is generally your spouse or is your estate. Door number one is a good answer. Door number two is not because door number two might go to probate. Right. So you want to look at contingent beneficiaries if you can, especially when we talk about retirement accounts. And the reason why I'm saying this is because of the recent law changes where you have to quickly distribute retirement assets within 10 years. So you want to focus on who's your beneficiaries and you make sure every asset you have has one designated. That's the easiest and cheapest way to do your estate plan. But if you have more assets or you have intangible assets, you want to look at potentially setting Up a trust, if this is what makes sense for you. And that could be a receptacle for everything right now while you're alive, if you want to be a living trust. Or it can be a receptacle upon your demise that everything funnels into. And then you could actually buy the trust document, control it from the grave by saying where things should go, how things should be done, and who should do what. So it's a way for you to be, in your own way, a pharaoh. Or you can say, this is where I want my cat to go. This is where I want my belongings to go. Ultimately. So the state process is what we talked about earlier, which is a living will setting up your p. Your power of attorneys, your durable, your medical. What happens to you if you become incapacitated. And then it also includes a process of, okay, you've. Unfortunately, you've met your demise. Now where do you want these assets to go? And then depending on your financial situation, we should recommend to you the right vehicle. That's one cost effective, but also helps you reach your goal of what you have for those assets. And for different folks. Those are different types of trusts and structures.

[Troy]

Ernie, I'm gonna tell you something, man. There's a couple things I learned about Charles Schwab in the past couple years. Number one, the man is very much alive.

[Ernie Holloway]

Very much so. That.

[Troy]

That was. That was something that I learned. The other thing is that you guys actually have a bank. 2.

[Ernie Holloway]

2 million.

[Ian]

2 main.

[Troy]

2 million clients which have accounts which. I had no idea. Talk to me about the strategy behind that. Is that intentional? Is it like if you know, you know, or are you looking specifically for people that open brokerage accounts to be banking clients? What's the strategy there?

[Ernie Holloway]

Well, the initial strategy was, and this goes back to our ethos, is we look at everything through the client's eyes. And what we are noticing clients were doing were they would trade and then they would try to figure out ways to get money out to a bank so they could actually live off that money. So what we saw as an opportunity was we know that there's always a bull market for convenience once they open up a bank and offer that to our clients to stop being the middle person that money flows out of into a place where you could keep it and you could use it effectively. We also saw it as a great vehicle to attract younger investors as well, because it's an online bank. And I think that's why there's not as much marketing or it's not as well known that it has 2 million accounts or it's the 10th largest bank in the country is because it's primarily online. But it's meant to be an attractor for the younger demographic because brick and mortar has proven to not necessarily have been their thing thus far. Thirdly, we think that it also offers opportunities because I've heard you on previous calls talk about security based lending and things of that nature. It gives us opportunity to offer those things as well because now we have a bank charter now that we have the opportunity to also offer different ways of providing liquidity.

[Rashad]

You want to explain that because we talked about it. But you, you know, you're there, you're in the building. So you want to talk about the security back loans that Charles Schwab offers.

[Ernie Holloway]

Yeah. So ours is called the pledge asset line. They, they can be called different things at different places, but ours is called a pledge asset line. And what it is, you can take the equities and, and fixed income bonds you may have in your portfolio and you can use that in order to draw a loan off of or as a line of credit. And it has benefits. It has a benefit because one, it doesn't show up on your credit report. Two, you also have your own assets as backing. Third, this is a way that we've learned that the wealthy use should get cash other than life insurance or whole, whole life insurance policies is by using security. So example, and I'm just going to point to something you talked about earlier in the show, Micron. Right. We've seen a huge run up in Micron over the last, we call it 16 months. And of course we know most people do not want to take on capital gains. So what we see clients doing in this case, hey, I've had this huge position. It didn't start huge, but it is now. And I want to get some liquidity off that without Uncle Sam putting his hand in my pocket. What can I do? And voila. Right. Security based loans or pledge asset line. It's opportunity for you to get access to that cash at a low interest rate to where you can start to enjoy some of the fruits of that. And then, you know, depending on your estate plan, something happens to you that want to get paid off and then the rest gets distributed appropriately to your family. No more having to wait until you go into the grave for someone to enjoy the wealthy. Bill.

[Troy]

Yeah. And the equity continues to grow.

[Ernie Holloway]

Equity continues to grow. We've seen people use it to buy homes and then maybe use a backdoor mortgage, for example, and other things we've seen them do as they've continued to build up that well. So it isn't always you have to liquidate and pay taxes. There's other ways for you also to gain access to your success.

[Ian]

For everyone here who's managing their own money, can you talk to them about the importance of still having a finance professional that they can lean on? Because I think it's an either or for a lot of people. But can you talk to the audience about even if you have made 2, 2, 3, 4, 500,000 and you are doing great in the market, how a finance professional can still benefit you?

[Ernie Holloway]

Yeah, absolutely. I think this goes to the similar adage of I'm young enough to be a Michael Jordan guy. Not that I don't respect LeBron's game. I've seen it, it's longevity. But I was around when MJ was around. And even Michael Jordan, who a lot of people consider the greatest player of all time, he still needed a coach. He still needed someone to talk him into how to not want to choke all your teammates all the time, or how to play team basketball, how to play Dean team defense, maybe different ways of shooting his free throw. So increase the percentage or to even work on his jumper. Right? Because Michael didn't have a jumper when he first came into the league, but he grew over time depending on his coaching. With financial services, it's the same thing. You may be great at a part of this, right?

[Rashad]

The fine.

[Ernie Holloway]

The financial planning cycle has seven steps in it, right? And it includes all those other topics I was kind of rambling about earlier. You might have the bag in investment planning, you might not have it in tax planning or tax strategies. You might not have it in estate planning. You made all this money. Now how do we keep it from going to the government or going somewhere you don't want it to go? Right. I've worked with numerous clients who were married, made a bunch of money, got divorced, died, and then and remarried. But the money went to their first wife because they didn't update their beneficiary forms. Right? So there's always some hole in someone's swing, even if you're not paying for the service. I think it's good to have someone to bounce ideas off of and to just continue to sharpen your saw. Because we all are here to learn something from each other. And assuming you know everything about everything, why you only made 3,400,000, why didn't you make 500 million? You feel me?

[Ian]

And it's really intensive to learn all of those different skill Sets inside of the suite of services that you guys offer.

[Ernie Holloway]

And that's why we're here to help. And we offer a lot of this stuff at Schwab for free to cheap. Ultimately, financial planning is offered to clients for free. Things that are more comprehensive or more in depth. $300 for a full financial plan that can help you round out some of these things. So we definitely have the ability to help those folks who are successful in other avenues. But we just want to support them because as they grow, we grow.

[Rashad]

Retirement. Let's talk about that. You had mentioned the 10, what'd you say about 10 years?

[Ernie Holloway]

Oh, so about the IRA distribution rules. Now. If, if the money is not transit, if the money is not transferred to your spouse upon your Demise, you have 10 years to withdraw the money out of the IRA accounts or the Roth or traditional IRA that came with the most recent. Was it the big beautiful bill?

[Rashad]

Big, big beautiful bill.

[Ian]

Yeah.

[Ernie Holloway]

Yeah.

[Rashad]

So. All right, explain that. So if, if you, if you have an IRA or 401k or you die if it, if it doesn't get transferred, if your spouse isn't the beneficiary, let's say your son is the beneficiary, they have to, they have to liquidate the money within 10 years?

[Ernie Holloway]

Yes, sir. 10 years within your demise.

[Rashad]

What happens if, what happens, what happens if they don't?

[Ernie Holloway]

If they don't, there's severe penalties. If they don't, it's almost as, or even more so strict than when a client doesn't take their required minimum distribution. Distribution to where the tax penalty becomes like 50% of the amount you're supposed to take out. So if you get all the way to year 10 and you don't take it out, you'll get a letter from the IRS and then there may be a forced distribution upon you. Really bad. If it's a pre tax IRA like a traditional ira, Maybe not so bad. Not so bad if it's a Roth.

[Rashad]

Well, talk about RMDs too, because a lot of people don't. They're not even familiar with RMDs. You mentioned that. And it's like the government, they're going to force you to take money because they need to pay taxes. So can you just explain like RMDs for people?

[Ernie Holloway]

Yeah, absolutely. So required minimum distributions are for clients who are 72 or older that have either 401k or traditional IRA comes in many names, but those are the two that are most common. Upon reaching 72 and a half, you have to start distributing based on the amortization chart and the actuarial charts. So usually whatever amount you have in your account, usually you divide it by 25 and 24 and 23 and you start to count down to where the dollar amounts get larger. And that's because the government gave you free, tax free money to put into your 401k as you were making contributions. And now the Piper is ready to be paid. So we let you grow it hugely tax free, which folks see as a pro, but they also look at the backside. Since the market's always going up, they're gonna get more from you on the back end than they were going to get on the front end in the first place. Right.

[Rashad]

So with that being said, that's extremely insightful what you just said, because people think that they getting like free money, right? But it's like tax rates go up over the course of time and with inflation you're gonna have to take out more money just to keep the same lifestyle that you're living. So the government is actually going, like you said, they're going to make more money. With that insight, is it better to do a Roth IRA than a traditional ira?

[Ernie Holloway]

Yes, it is. And sometimes you may be fortunate enough to where you make more than you can contribute directly into a Roth ira, which for everyone that's doing that, big ups. But you always want to look at tax strategies such as doing a backdoor contribution conversion and moving money over to Iraq before you retire. Because the other part that I didn't mention when I was talking about RMDs is there's a lot of folks who retire that go on Medicare. And once you start having larger distributions, you may now have to start paying for services that you didn't before or your Social Security may get taxed depending on when you retired because of income amounts you're getting. So I just like it's such a.

[Rashad]

You saying, you're saying a lot of terms that I'm familiar with, but I want you said back door conversion.

[Ernie Holloway]

Yeah. So taking money.

[Rashad]

Explain that. Explain that for the audience please.

[Ernie Holloway]

Yeah, so taking that money from your pre tax IRA or your 401k, paying the taxes now on the amount that you can absorb in terms of being part of your income for the year and moving into a Roth, so now we can grow tax free in perpetuity. So even when you make distributions from that Roth, as long as you've held it for five years or you're over 59 and a half, you do not have to pay taxes on the gains or Any of the contributions different than a traditional or 401k where you have to pay taxes on every single dime.

[Troy]

Get you royal. I'm going to ask you a question that, that gets floated our way pretty much at least once a day, if not twice a day. What are the characteristics that you notice? And wealthy people, right? So a lot of people here are trying to build wealth. There are some things that they have. There might be discipline, there might be a trait that they're missing. What are the, the characteristics that you see in people who have accumulated wealth?

[Ernie Holloway]

There's a few of them. The first one that I think is very important is that they have a vision and they have a plan for what they want life to be like. And they're usually not willing to make trade offs on that unless they have to. Example of that is living beneath your means. Right? There are some people who just simply do not want to keep up with the Joneses because they never met them or they never cared about. So I think going to and the reason why I use the Joneses because I want to just make a quick description of that. The Joneses buy liabilities. The millionaire next door buys assets. So don't spend your money on things that won't produce money for you later is number one. Number two, I would say is they're disciplined. They don't make a lot of emotional decisions, whether it's their financial plan, it's where they live, they're deliberate in what they do. Third, assuming they're not a 401k millionaire, and it's not a shame on any of those because with small business owners, a little different, they work extremely hard and they do not enjoy a lot of it. They're always working, they're responsive. When you're an entrepreneur, you're on the clock 24:7. And that does bleed into wanting to, you know, go to New York and maybe not be on camera like some of you weren't this weekend, like I heard at the beginning of the show, right. It may lead to you missing the Knicks parade, right. You missing a family vacation because you have to be available. Fourth. And lastly, they recognize that money is a tool that is not everything and they're choosing to make a trade off now to have more options later. So there's people who worship money, but they spend it as fast as they get it. I call that regressing to the mean, right? If you had nothing, you get something, you go back to nothing. That's regressing to the mean. But if there's people who want to produce? Well, they may enjoy a little bit of it, but most of it they're going to put somewhere else where they can have compounding work in their favor so they can have wealth later and more options. Because that's what money is. Money is optionality.

[Troy]

Preach, preach, preach.

[Ian]

As a follow up, like what's one lesson about money or investing you wished people learned earlier in life? You talked about it. Some people don't even have the fortune of open up an account until they're 18, 19, 20, 25. With all your experience and wisdom, what's one lesson you wish people caught earlier?

[Ernie Holloway]

That investing isn't complicated nor scary. And it's never too late to start. Even if you only got $10, it's never too late. I think people, at least in my experience who are not wealthy right now, they look at compounding a hundred dollars and say I made $10, right? You're talking about 10, 20 return. You're talking about tech positions, right? So it's like I put a hundred dollars and I got 120. They're like, I still can't buy no Jordans versus looking at it longer term of okay, you suck away 100amonth. Over time it's 400, but it builds into, it's like a snowball. It builds into something so great for you that there's a windfall at the end of it. If you could just be patient and just stick to it. So that's what I would say. It's never too late to start. And all great things come from small beginnings. Don't be afraid of that.

[Rashad]

This is great insight, a lot of, a lot of very high level information. Want to thank you for coming on. But before you leave, talk about. I know you guys are coming to Invest Fest, correct?

[Ernie Holloway]

Yeah. Yes sir. Yeah.

[Rashad]

Bringing Charles Schwab to Invest Fest. What do you have planned for Invest Fest? Any information? Yes.

[Ernie Holloway]

Yeah, for sure. So I get the pleasure of coming and talk about confident investing. Any market, any age, which is a little bit about what we talked about today. And whether you are stuck in the spin cycle of the current war or you're just looking at how the market is moving, there's never a bad time to start investing. And I'm hoping to help people build confidence that no matter where you are, no matter what your background was, if you got here, ears now and eyes and a will, you can get to exactly where you're trying to go. You can be disciplined and just follow some very basic principles. Wealth is not complex or complicated. Only the tax Code is. So just hoping to help remove some of those barriers and talk about the greatness of what SH is helping clients on there tomorrow. Whether it's through our planning, whether it's through our software, whether it's through our bank, but just helping folks remove those barriers to their own dreams.

[Rashad]

I highly recommend. I believe you're speaking on Friday. Yes, sir. Man. I highly recommend if you're attending Invest Fest, you take the time to hear the brother speak. CF that's something that's extremely hard. That's an extremely hard, tough one. It's actually the top designation for somebody in the financial services industry. And it's extremely difficult because, like you said, it covers a variety of different factors that you have to know. You have to know taxes, you got to know investments, you got no retirement, you got no estate planning, man. It's. I don't know if. I don't know what else we can do for you guys, but I appreciate Ernie.

[Ernie Holloway]

Thank you, y'. All. Y' all are doing a good thing. Y'. All trying to help people the same way I am, which is trying to spread financial literacy every little chance we get, and to show people that you don't have to look like who you see on TV to get it, you know? Are you just doing what you do? Y' all are doing great. Are you.

[Rashad]

Are you coming to the VIP night?

[Ernie Holloway]

Yeah, I plan on it. Yes, sir.

[Rashad]

Ernie will be at.

[Troy]

Ernie. All those in the chat that said he needs an invite. He has been invited already.

[Ernie Holloway]

All right.

[Troy]

He will be there.

[Rashad]

Well, thank you, my brother. Great conversation. I'll see you at Invest Fest.

[Troy]

All right.

[Ernie Holloway]

Appreciate it. Thank you all again for the time. Appreciate y', all, and look forward to seeing you in Aug in August.

[Troy]

Yeah.

[Rashad]

All right.

[Ernie Holloway]

See y'. All.

[Troy]

Yeah, man.

[Ian]

Fam.

[Troy]

Yeah. Shout out to the Schwab team. Like I said, our boy Alvin over there always tapped in, been tapped in for a long time, and now, you know, getting to know Ernie. It's interesting that the level of knowledge that comes from people that look like all we need is us. Like, the information is there and having a platform to share with him. I know he's doing his part. Everybody's doing their part, man. This is. This is what community looks like, man. That was a proud moment.

[Rashad]

No, that was extreme. Like I said, sometimes I think we take things for granted. But when he's talking about the living will and the retirement plan and the 10 years and require minimum distribution is very important information that, you know, you don't hear a lot. So it's important information is coming from an extremely qualified person. He works at Charles Schwab. He's the regional director. Charles. Charles Schwab has $13 trillion on the assets. He's a CFP. Like, come on. But you know, the dope thing about Invest Fest is that you get somebody like that who's gonna speak. And, man, I don't know how you miss his workshop. And that's why I always say Friday is the day. Like, everybody talking about, I got these celebrities. Yo, we can't learn from celebrities. All right, man, whatever you say.

[Ian]

You know what? I didn't hear from him any gatekeeping. It is non stop gems. But you gotta write, see, Gotta get one of these. Yeah, and write it down and execute.

[Rashad]

But. But what's dope is that we have somebody like him speaking. And then you know what panel I'm really looking forward to because I facilitated a phone call today between the person that's hosting the panel and the person that's going to be. What's the Fireside Chat? And so Derek Falcon, our guy, Seven Streams.

[Troy]

Yes.

[Rashad]

He's. He's. He's going to be interviewed by Jim Jones. And, man, I think that's a dope pairing. And when I made the phone call happen and Jim was like, yo, I've been trying to reach out to you for a long time. Like, I'm tapped in. Like I like.

[Ian]

And yeah, yeah.

[Rashad]

And then Derek, you know, he started talking. He started talking, he started talking what he talking about? And it's just a beautiful thing because you get every spectrum of culture. You get every spectrum of culture and nobody's left out. Everybody's represented. And there's a message for everybody. No matter where you are in life, no matter who you are in life, no matter what your personality is, no matter what you've been through, there's a message for you at Investor.

[Ernie Holloway]

Yeah.

[Troy]

And that's just the power of relationships outside of the Ian. Like I would say he's probably my. My closest comrade that we've met during the process of earning leisure. So to watch his journey and his growth, it's been. It's been incredible, man. The relationships that he's been able to force, the way that the business is growing. Shout out to Zody and Cloudy Donuts the weekend that they just had, just from being 100% authentic, authentically themselves and pouring into community, man, it's. It's a powerful thing. And that happens. Like all that comes together for one weekend in Atlanta, man. So make sure y' all, there and

[Ian]

most importantly, get there, take notes, and then put it into Claude or chat GPT and give you a plan of execution hour by hour. As you're learning the information, don't go take notes and go home. Monday, get back to work. You don't execute on the spot. Yeah, I know some of y' all want to be seen. Be there to work.

[Troy]

Yeah, if you. And I'm glad that he reiterated the idea of buy assets, borrow against those assets. So when we're saying buy shares, buy shares, hold them for the long term. This is why. This is an advantage that you can use, have shares, right? We used to say, like, just get 100 share, start with 1, then get to 10, accumulate shares. It can work in your favor. And this is what wealthy people do. He's telling you this is what the wealthy people do.

[Rashad]

I'm very interested to see his. His workshop. And I'm very interested to see the Derek Falcon panel with, well, Fireside Chat with Jim Jones and to the, to the brother in the. In the chat, he said, black people charge for everything. This is a teachable moment. Everybody charges for everything. But, but, no, but these are narratives that.

[Ian]

The show is free.

[Rashad]

No, but we got. We gotta. We gotta teach with correction. Okay, you teach with correction. So it's important to understand because sometimes you just say things and you yourself don't fully even know or understand what you're actually saying. Everybody charges for everything. The statement within itself doesn't even make any sense. What group of people, country, ethnicity, nationality has a functional economy without commerce. What is the definition of commerce? A trade of money for goods and services. That has been around before Jesus was born. That's been around when they was trading. It's been around.

[Troy]

That's right.

[Rashad]

So. But what you need to understand is that the prices that black entrepreneurs charge for their goods and services on average is actually 50 to 65% lower than their white counterparts. That's important. We really got to educate the consumer because a lot of times the consumer is not educated and they're running with narratives that they themselves don't even fully understand because somebody else told them. Now, how is that detrimental to the black entrepreneur? Because the Black entrepreneur makes 50 cents for every $1 that the white entrepreneur makes. That's why most black businesses don't employ more than one person. That's why most black businesses will die after one generation or even less. That's why there's only seven black businesses on the stock market where there's 5,000 businesses. So for your education, white businesses or Non black businesses actually charge twice as much. And guess what? You'll pay it, and you'll pay it

[Ian]

with no problem for a standard pass. For those of you who have ever been to some of the other conferences, I tell them all the time. I don't know how you do this every year. I just told shawty dad when he was in Atlanta. Also on top of that, to even be in the room to have these conversations, other people are going to charge you five grand off top.

[Rashad]

At least.

[Ian]

Promise you. I've been there for the cultivation of conversation. And anyone who has any critique of it, those are the people who are not in there taking notes. You're not executing like I. I'll say it all the time. My presentation alone every year is worth the cost of admission. You have dozens of people that are giving you be at the Schwab panel. Be there. Be when Milan gives her talk. John Hope. Right. You go through the list of people and even from the entrepreneurs you think you shouldn't be learning from, there's things you can learn from Derek Falcon and Jim. There's a bunch of things you can learn. Even just the cinematic quality of putting that I. Look, I'm like you shooting this with a rafter in the car. There's something to learn about the quality of it. 19 keys. There's something agentic and how he's even mastered that space. If you go and put pen to pad at every session. But the issue is a lot of y' all be trying to dirty Mac in the hallway and trying to get you a B. Yeah.

[Rashad]

Yeah.

[Troy]

I mean, you gonna focus. Yeah. Yes. The stage, but yes, the person sitting next to you.

[Ian]

Yes.

[Troy]

Like, you don't.

[Rashad]

You.

[Troy]

You don't know who's sitting next to you. You don't know who's sitting behind you.

[Rashad]

Right.

[Troy]

Like, y. Everybody's here with the same mind frame of getting better. So, like, networking across is equally as important, man. Every. Everything has to be intentional. Like when that question about, you know that I asked him about, what characteristics do you see in the wealthy? When he said being deliberate. Like, you got to take that to heart. Be deliberate with every interaction. You can learn. I'm. I promise you, every day I'm trying to learn. And that could be from anyone or it could be from any situation or the environment. Right. What can I. What did I see? Can I learn from this? How can I be better today? How could I do that better every single day? That should be a goal.

[Rashad]

And the Milken conference is $25,000.

[Troy]

I thought it was 50. 50,000. No, it's 50,000 a day.

[Ian]

Day. A day for three days a day.

[Troy]

You do the math.

[Ian]

Like even with the all in conference, you have to apply to pay 15 grand. They don't, they don't even let you pay. Apply and see if we even want you in the room. Then put your money down.

[Rashad]

And another thing, somebody said this, this is a very insightful note. They said if, if every. Cause you know, whenever you do something, you get a thousand friends that everybody wants free. If, if, if everybody gets in for free, who's going to pay? And this is important also to, to teach the audience. A lot of times you're looking at an entrepreneur and you're looking at it from a envious standpoint, for sure. So, okay, Chad, GBT said invest fest had 100 million dollar impact. I didn't say that. Well, let's cut it in half. Let's say, let's cut it in half. Let's say it has a 50 million dollar impact. All right, you guys aren't stupid. You know, we're not making $50 million because if we was, we wouldn't market, we wouldn't do market Monday.

[Troy]

No. At least barren.

[Rashad]

If we're making $50 million a year off a, a, off a weekend by my old albums. It, Come on, let's, let's, let's have a, let's, let's be honest.

[Troy]

So I joke, I joke.

[Ian]

You know that's not true, Rashad. The love of the people will drive you back, my brother.

[Ernie Holloway]

We're just, we're just teasing.

[Troy]

Don't worry.

[Rashad]

So if you, if it's a 50 million dollar impact for other impact is for other people, that doesn't include us. Right? You're actually helping to stimulate. So when people say like sometimes you need to actually see things to have a understanding of because it's, it's just cliche like circulate the dollar. What does that even mean, circulate the dollar? Well, that's what it means. It means by you spending your hard earned $150 or $250, right by you spending your hard earned $250. When a collective of people do that as well. Well, that helps to pay security, that helps to pay janitorial, that helps to pay the av, that helps to pay the Uber driver, that helps to pay for hotels. And then from there those people go to the grocery store. That helps to pay the farmer's market. Then from there those people buy clothes. That helps to pay the entrepreneur that has a clothing line and Then from there those people pay for educational services for their children. That helps to pay the teacher that has a side hustle. And then from there that person goes to pay the trainer because they need to get in shape. So $1 or $250. Now you understand hopefully a little better of how when we talk about dollars circulating and how yeah, $1 really can start to change things because it has a ripple effect that $1 turns into a hundred over the course of time. And look how many people that you actually helped and that you get exposure

[Ian]

to who normally wouldn't even have these conversations. Like yeah, Mike Novogratz and Kathy on stage at the same time like them kind of conversations. If you don't know if you wanted to book them to have that talk, it's gonna be 200 a piece to the brother. He keeps saying another conference is free. This show is free every week. Just. Bro, I produce millionaires from this show. If I made you money, please put yes in chat. Can we shorten the show? I'm getting, I'm getting tired of this also. It's.

[Rashad]

Add some level.

[Troy]

Add this to the show.

[Ian]

Rich. When y' all got to me.

[Rashad]

If you want the show to be free, then put up $3 million and we'll do it for free. That's how much it costs to. That's how much it costs to produce investment, maybe more.

[Troy]

Okay, thank you so.

[Ian]

Okay, well hold on, hold on. Say that again though. The call. Because they, they just look at what gets totaled. What's the cost to do it each year?

[Rashad]

3 to 4 million dollars. Let's just say that with. No, with how. How much money have we gotten from the city of Atlanta? We haven't got any, any money from the city of Atlanta yet.

[Ian]

So let's move to Idaho.

[Troy]

To date. To date.

[Rashad]

So if you. So you're saying that it's. You're doing it for free. One. Okay. This is educational. You know that cities actually help fund events and corporations help and they write millions of dollars behind it. And it is grants and it's. So even when you think something's free, somebody could still potentially make money. You're uneducated in business. So you, you're not speaking from an educated point of view when you black is going to be 10 times harder. Even if the people in power are black that can help you because they

[Ian]

won't or they're not allowed to for what blowback they may get from Washington levels. I'm this 45 minute show. Let's go through 40 stocks. I get Prices. We'll wrap this up.

[Rashad]

Atlanta is the blackest city in America. We, they, we haven't gotten any help. We helping them. They're not helping us. No, that's a fact. If it was Forbes we would get help. But that goes back to the mentality of what you guys are saying in the comments.

[Ernie Holloway]

None.

[Troy]

They let him, they let him create forest black with no Forbes black. We actually, we know the guy that created that. Guess what? News flash. He's not a black man.

[Rashad]

Okay, before we leave, can we talk about Nigeria having the number one stock market percentage wise in, in, in the world for sure. Shout out to EYL Africa.

[Troy]

Yes.

[Rashad]

If you're not following, follow EYL Africa. We started a new content page where we're just focusing on content from the continent. EYL Africa on Instagram. You want to talk about this Nigeria?

[Troy]

Yeah, yeah. I mean it's, it's interesting. When we're talking about percentage growth, does that mean that Nigeria has the greatest companies on the planet? Does it have trillion dollar companies? No, it just says that, that there is growth happening and a lot has to do with what Aliko Dangote has been able to do in terms of oil, the oil refinery and like that could be. I can't wait till we actually sit down and have that conversation hopefully at the refinery itself because from the idea of import versus export, right you're talking about a company that actually has oil had to ship it out, had to export it to have it refined and then was charged to bring it back double and that's now being reversed with the fineries that he's got online over the past couple years. And so you're starting to see the economy change. So that market actually passed the South Korean market which has had an increa. I mean we're talking about Samsung again SK Hyex how that has helped the, the Cosby move. So originally that was the, the highest market in the world. It pulled back over the past I think since June. I think it was peak was at June 12th and it's pulled down since then. Nigeria has kind of just steadily had a nice climb. So it's a great moment for the Nigerian stock exchange. Shout out to, to Africa. Shout out to EYL Africa. But definitely dope man, that's a nice thing.

[Rashad]

Dangotes.

[Ian]

No.

[Troy]

Yeah.

[Rashad]

If you don't know Aliko Dangote is. Aliko Dangote is the richest black person on planet Earth.

[Ian]

Yes.

[Rashad]

They estimate his net worth at $20 billion but from what I heard you can double that at least.

[Troy]

Maybe triple that.

[Rashad]

And his brother, they said his brother, he's. He's crazy. Just as crazy as far as his wealth. Nigeria. When you go to Nigeria, you see Dan Gote everywhere. Dan Goatee on, on the, on the highways, on the billboard. They do everything. Cement.

[Troy]

That's what I'm saying.

[Rashad]

Refinery, everything.

[Troy]

This, this is bigger than. And that's why like it was so important. And this goes back to 15 years ago when we're teaching kids about wealth. This is bigger than sports and entertainment. This is business. This is flower. This is concrete.

[Ian]

This is power.

[Ernie Holloway]

Right?

[Troy]

This is agriculture.

[Ian]

He's an infrastructure company in his own.

[Rashad]

And yes, USD. When we say billions, we're talking to USD. We're not talking to Naira. 40, 20. He's estimated to be worth 20 billion USD. Like I said, from what I heard, from what I heard.

[Troy]

He gave an interview though. They asked him about it. They gave an interview, he was like, I don't pay attention to that. But it's much more then now. The estimate with the newfound refinery is at like a 60. 60 billion.

[Ian]

Yeah. Which is 75, 80 if we're getting real.

[Troy]

The refinery changes the entire economy of a country. Right. There's over 200 million people there. When you're talking about a product or resource that they used to have to import, they are now becoming further, further ahead in terms of exporting it to other countries. Right before they had to export it to get it refined, to bring it back in to now use. It's an expensive process. And he's not done. The project alone costs like 45 billion. So he's not done with the project. But what it will do to the future of the country and eventually the continent. Because his thing is like, yes, we want to show people that Africa has it and we can do things. And this is the first of many projects that hopefully other entrepreneurs and people of wealth and people who have accumulated assets will see and continue to carry that flag of infrastructure business that happened on the continent. One of the most important men on the planet for sure.

[Ian]

For those who don't know who are going to ask about the ipo, same rule, wait six months. Am I a fan of it? Yes. For infrastructure company to have a profit margin of 23%. If this was Elon, we would be saying this is the greatest businessman all time. Like what he's done has been unprecedented. So. But I do love the coverage of that. You guys are doing Africa, United bank of Africa. It's a couple of those companies that are undervalued and if they were, he like, UBA is more valuable than bank of America by far. They don't get talked of in. In the same light. But after this IPO and after that settlement period, definitely have it on your watch list.

[Troy]

Yeah, somebody said that he's got a project in Kenya. We're very familiar. We're very familiar. Yeah, it don't stop just in. In Nigeria. The continent's moving.

[Ian]

We've been doing a show for two and a half hours for six years. Chopper style. Chop, chop, Chopper style. Okay, Y' all want to complain, get less. Y' all know my move. Oh, boy. Boy, that's crazy. Happen to stock club yo, once a month? I vote executive chair. 45. 45. All in favor say 45? Not the. Not the 45. 47, but 45 minutes,

[Troy]

you know.

[Ian]

Okay.

[Troy]

The audience, it does not like this.

[Rashad]

Blackout black out on Wednesday. We gonna talk about the Jay Z. Maybe Troy might join us.

[Troy]

Pulling up.

[Rashad]

Let's. We gotta talk about Jay Z.

[Troy]

Call me. Somebody said that we, we need to have a reality. Yo, we're on the phone in the car, 3:30 in the morning, debating about the concert. When I hung up, Daniel looked at me like, yo, what's wrong with y'?

[Ian]

All?

[Troy]

Y' all couldn't wait till the morning? I'm like, nah, nah, it's fresh.

[Ian]

No, you gotta have it live now

[Troy]

before we go to bed. And then he came to my house this morning and we did it again because we had to talk about it. I'm pulling up Wednesday. I'm pulling up now. My man Ernie talked about sacrifice, and I forgot this. Sometimes, yes, family time does get sacrificed. I just want to wish a happy birthday to my father in law. He turned 70 yesterday.

[Rashad]

Happy birthday.

[Troy]

Happy birthday. Happy birthday, Mr. B. They're all at dinner right now. They probably finished with dinner by this point, but Happy birthday, man. 70 is something that you know, you can't take for granted. And so we're happy to have him here.

[Rashad]

So you went to Jay Z's concert over spending time?

[Troy]

No, no, he came over. He came over, he came.

[Ian]

You've been on board the last three weeks.

[Troy]

He came over and then. No, they took him out. He wanted to go to a steakhouse tonight, so.

[Rashad]

But his birthday was yesterday.

[Troy]

I know, I saw him. That's what I'm saying. I didn't go to dinner yesterday. The steakhouse was closed. It was closed.

[Ian]

So you took the meeting?

[Troy]

No, it was closed on Sunday.

[Rashad]

All day Sunday.

[Troy]

Yeah, it's closed on Sunday. The joint right by Woodlands, every Steakhouse

[Rashad]

is closed on Sunday.

[Troy]

No, he wanted to go to that one. You wanted to go to that specific one. And it's local, but let's see. I'll see what the bill was tonight. Hopefully it was something respectful. Happy birthday, cv. Happy birthday, my brother.

[Rashad]

Happy birthday to CV tv.

[Troy]

Yeah, his birthday today.

[Rashad]

Happy birthday.

[Ian]

Yeah.

[Troy]

Shout out to see

[Ian]

real quick, everybody in the comments. Community punishment. Like, when I was a kid, if my brother did something at the house when my mama got off work, I got in trouble, too. So if y' all don't cultivate Red Pand, you already know how I operate. Negan. If y' all don't do the same in the comments. 45, 45, 45, 45. I start telling my AI boy, here's the presentation for the weekend commentary.

[Troy]

They gonna be like, yo, what happened? I missed it.

[Ian]

What happened?

[Troy]

Yeah, you missed it,

[Rashad]

yo. Oh, ja Rule Thursday, 12 o'. Clock. Shout out to rule Dyke man.

[Troy]

We back.

[Rashad]

Wednesday at 7:00'. Clock. We indictment.

[Troy]

We back. Pull up on us.

[Rashad]

All right, y'. All. It's been real, love.

[Ian]

Oh. If y' all want to know how to get rich in the market, go to iAnvest.com and join Red Panda. See you at Blackout on Wednesday. And stock club call last Sunday of this month at 4:00pm Central.

[Ernie Holloway]

Yeah.

[Ian]

45. 45.

[Rashad]

And today's the last day for. For pre sale prices for Invest Fest for booths and tickets. It ends tonight. Pre sale prices for booths and tickets in tonight.

[Troy]

Yeah.

[Rashad]

All right, y'.

[Ernie Holloway]

All.

[Ian]

Love.

[Troy]

Yeah, love.

[Ian]

I'm co hosting with you on. What is it, Saturday? Friday? Saturday.

[Troy]

Co host. Yo, I saw a dope quote, man. If you got enough time to scroll, you got enough time to call. Reach out. Hit your people up, man. Love is love. Peace. We'll see y'.

[Ian]

All. 45. Whatever.

[Ernie Holloway]

Get that AMEX Gold Card ready. I'm too tired to cook. We feeling Five Guys or the Cheesecake Factory? Both earn up to $120 a year in statement credits of participating partners. Up to $10 each month when you pay with the AMEX Gold card. Learn [e-mail] Explore Gold enrollment required terms apply. Finding great candidates to hire can be like, well, trying to find a needle in a haystack. Sure, you can post your job to some job board, but then all you can do is hope the right person comes along. Which is why you should try ZipRecruiter for free at ZipRecruiter.com zip. ZipRecruiter doesn't depend on candidates finding you, it finds them for you. Its powerful technology identifies people with the right experience and actively invites them to apply to your job. You get qualified candidates fast. So while other other companies might deliver

[Troy]

a lot of hay, ZipRecruiter finds you

[Ernie Holloway]

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[Troy]

See why? Four out of five employers who post

[Ian]

a job on ZipRecruiter get a quality

[Troy]

candidate within the first day.

[Ian]

The smartest way to hire and right

[Troy]

now, you can try ZipRecruiter for free.

[Ernie Holloway]

That's right.

[Troy]

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