Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:19):
Why, good morning in hello folks. Here we are the
first weekend, I guess second weekend in April, and man,
oh man, was this a wild week or what? How
did you feel being an investor this week? Well, for
most people, most people felt pretty terrible about owning the stots.
(00:39):
But guess what, folks, if you were you know, if
you never if you took a long nap and you
never woke up this week, guess what the markets were up?
The S and P up almost six percent, NASDAC up
seven and a half percent, even the Russell two thousand
(01:00):
was up almost two percent. With all the craziness, folks,
I'm telling you, you can't get caught up in it.
You can't listen to the bad news bears. You can't
let these financial shows they want to sell fear. The
more fear they sell, guess what, the more you're tuning
(01:23):
in and that's what they want. They want you to
be scared right out of your shoes. You can't be
You can't be scared when it comes to investing. You
need to take advantage of opportunities. And I always say
when there's blood in the streets, when there's just havoc
in the stock and bond markets as there were this week.
(01:45):
That's what I call blood on the streets, and this
is when you really want to take advantage of that.
So sure, it was a wild week. It was the
best roller coaster ride you've ever been on if you
like roller coaster rides. There was no other ride like it.
We had a day listen the market's up and down,
(02:08):
and on Wednesday we had the best day for the
broad market since two thousand and eight. The Yes and
P was up ten percent. Na's that couple almost thirteen percent.
Talk about crazy. This was the week. This was when
the week was crazy. The phone lines are open. I'm
(02:28):
guessing you may have some questions one eight hundred talk
WGY one eight hundred eight two five five nine four nine,
any questions whatsoever, Folks, give me a call. I would
love to talk to you. One eight hundred eight two
five fifty nine forty nine. I just want to do
(02:52):
if you go to our web page Bouchet dot com,
baz in boyou c ch e y dot com. Not
right now at the end of the show eleven o'clock,
there are three amazing right on the home page pieces
of information for you to look at. One I did
a couple of TV interviews on Channel thirteen this week.
(03:15):
Ryan did one on Spectrum News, and we put up
the TV interview I did on Channel thirteen. You know, basically,
it says Stephen Bouchet urges caution during stock market volatility.
It was my take on it. And if you watched
it and you weren't scared out of the market, you
had a good week. Ryan also did a good market
(03:38):
update that we sent to our clients and we put
it up on the homepage Bouchet dot com for you
to take a look at. He kind of talks about terrors,
no tarors, and really a pretty good market update. And
then we have our annual State of the Economy recording,
and if you haven't watched it yet, you really need
(04:00):
too because there's some really good information there. And listen.
If you're not sure you're happy with your advisor, if
you're managing your own investments, you're not sure that's right
for you to do anymore because the emotions are just
too much, watch the twenty twenty five State of the
Economy recording. You will get some good information about what
(04:23):
we do, how we do it. You'll see my team.
My team is second to none. So that's all on
the homepage boucheed dot Comedy. As I said, wait till
eleven o'clock then take a look at it. The phone
lines are open. I would love to talk to you.
One eight hundred eighty two five five nine four nine.
(04:44):
So listen. This week we started out. You know, last
week I talked about tariffs, tariffs, tariffs, and it really
was it was all about tariffs. And you know, this
week we started out, investors looked at President Trump's tariff
medicine Waal Chief or Walt Chief. Wall Street Chiefs, joined
(05:08):
by Elon Musk, argued against the levies as global markers
just sold off the dollar, oil sold off stocks, you know,
basically right away. Briefly, and I mean briefly, we're up
on rumors that Trump was pulling back. But you know, Trump,
he's a school yard bully. I've said it all along.
(05:29):
I've had debates in my office with some people that
you know, I love to listen to. But at the
end of the day, I said, listen, this guy's a
business guy. Whether you like him or not, it doesn't
matter if he's a narcissist and you think he's the
biggest you know, toad in the world. Listen, that's okay.
(05:49):
I get that. A lot of people have feelings about people.
I don't ask how you felt about Bill Clinton or JFK. Listen.
Everybody has good sides, bad sides about the Look at
the policy, the policy, the policy, look at the leadership.
And I've said all along, whether you like this president
or not, whether you voted for him or not, I
(06:12):
think his policies at the end of the day, are
going to help this country and these terrors short term
pain for long term gain. I truly believe that, and
we are we did you know the stock markets down.
You know, year to date, the SMP is off almost
nine percent, nasnac's off thirteen percent. Short term pain for
(06:37):
long term gain. We're right in that sweet spot. Over
the last forty six years, the annual swing in the
markets high to low peak de troughs fourteen percent. So
you know, investors, they you know, they're not sure what
the thing. And I'm not saying listen, this market is
(06:57):
going to be volatile for quite some time. We're not
done with the volatility. So buckle up, hold on. You know,
it's it's it's a great time to take a look
at your portfolio. Maybe get rid of some dogs, bring
in some winners. You're buying them on sale. Listen, if
you look at if you always wanted to, If NASDAK
(07:21):
is off about eighteen percent from it's all time high,
the broad stock markets off thirteen percent from it's all
time high. Well, it's a pretty good discount. Now maybe
if you're patient, maybe it'll be fifteen twenty percent. Who knows,
maybe not, I don't know. But you're still able. You're
able to enter the stock market at a pretty good discount.
(07:44):
And that's what you have to remember. So listen. This
week everything was in the you know what, the dollar,
oil sold off, stocks, you know, sold off every day,
up and down, terifs, terrafs, teriffs. Then all of a sudden,
Trump said, well, we're just going to go back to
the ten percent tariffs. Remember last week, you know, we
(08:07):
had tariffs twenty thirty, forty fifty, sixty, seventy percent, one
hundred percent for China. Then it was up to one
hundred and twenty five percent. Then it was up to
one hundred and forty five percent. Right now, I don't
know where we are with China's tariffs, but it's it's
a whole lot more than everybody else. And you know what,
(08:28):
this is a game of chess with China. China is
the second largest economy in the world. It's a force
to be reckoned with everybody else really is so far
behind this great country of ours and then China. And
we know China's a dictatorship. We know that President Chi
will be literally, you know, they'll hang him from his
(08:52):
from his angles and Beijing square. This is how how
it works in economyny this country. And President Trump knows this.
So I think there's some you know, playing chess there where.
At the end of the day, you'll probably see both
countries kind of come more to the middle and will
(09:14):
will will We'll have some kind of a negotiation. Remember
this president did write a book called The Art of
the Deal. You'll probably see some kind of a negotiation.
And then all of a sudden, the markets are going
to like this, and you'll you'll see a lot going on.
So as I said, for the week, listen, Nadal up
(09:36):
five percent, s and P up almost six percent, NANSDAG
up seven eight percent, pretty good, pretty good. You had
Apple Listen, they took you know, they're going to have
more iPhones produced in India than China. Amazon dot Com
warned of higher price Chinese products because of these tariffs.
(10:00):
You know, the administration froze funding for Cornell and Northwestern.
You know, these universities that just aren't thinking straight, and
I mean that they aren't thinking straight to think that
they're supposed to be. You know, kids that graduate from
these colleges are supposed to be some of the brightest
(10:21):
in the world. And you have these professors and the
administrations in these colleges just not thinking straight. And I'm
not going to go into it, you know what I'm saying.
They are just dummies in a lot of ways. Listen,
there's a lot of talk out there that this president's
going to hurt social Security. This president is not going
(10:43):
to hurt Social Security. Elon Musk closing down some offices
of Social Security because they're full of mold, the leases
are getting ready to be expired. And then you have politicians,
local politicians like Schumer and you know Gilebrand talking about
(11:04):
how this president's going to hurt Social Security recipients. It's
all fake news, folks. This president is not going to
hurt Social Security. They're not going to touch Medicare and Medicaid.
It's all fake news. Elon Musk is getting rid of waste, waste, waste.
(11:25):
You want to have the garbage stacked up in your
house for weeks? Would you you get rid of that
waste each each week you bring out the garbage, right,
the garbage gets emptied, you start fresh. And that's what's
going on. We are getting rid of a lot of fraud,
a lot of waste. How many millions of people over
(11:46):
the age of one hundred years old we're getting social
Security checks. That's waste, folks, It's actually fraud. It's actually
theft of services of money. And this is what we're getting.
Why is that a bad thing? What I laughed the
most about is all these people keying these teslas. Listen, folks,
(12:09):
guess who buys mostly teslass? People that think on the
left side of the political spectrum, people that want this
country to be all green, no gas stoves, no gas
Guslin cars. Those are the people that are buying teslas.
And because Elon Musk is in charge of cutting waste,
(12:30):
why should that be a bad thing. It should be
a beautiful thing. Save this country money. We're running right now,
we're going to be two three trillion dollar deficit for
the year. And if we can cut that, we cut
back on how much debt this great country of ours
is in. We're in debt thirty seven trillion dollars. That's
(12:52):
some serious money. We can't go on being in debt
thirty seven trillion dollars. Can't keep running at a deficit.
So if we can find ways to save money to
cut down on that deficit, that's not a bad thing, folks.
And I'm not sitting here talking politics. I'm talking facts.
(13:13):
You may not like some of the facts, but they're facts.
I know there's people that have strong opinions both sides
of the aisle. I listen to everybody's opinions. At the
end of the day, I think we're going to be
better off because of the money the cost cutting measures,
and there's going to be some pain because of the tariffs.
I think we're going to be better off, and I
(13:36):
think that the stock market is going to be better off.
I really do. One eight hundred eighty two five five
nine four nine one eight hundred eighty two, five fifty
nine forty nine. If you have any questions, folks, give
me a call. I'm going to take a quick fifteen
second break. One eight hundred eighty two five five nine
(13:57):
four nine. Thank you, folks for letting me wet my whistle.
The phone lines are open. One eight hundred eight two
five five nine four nine one eight hundred eighty two
five fifty nine forty nine. Give me a call with
(14:19):
any questions that you have. So we were talking about
the stock and bond markets and what a wild, crazy
week it's been, and man, oh man, it's been wild
and crazy week, even the bond market. You know, it
was up last week more than it's up this week.
Year to date, the bond market's only up one point
(14:40):
one two percent. They yield on the US ten year treasuries. Man,
I did not think we were going to see bonds
go up this much. But when you look at the
ten year treasury, we're at four point five percent. One
year treasury four just over a smidge and over for percent,
six month four point two percent, thirty year four point
(15:05):
eight percent, almost five percent. So you know, last week
we talked how mortgage rates were coming down. Well, this week,
with interest rates going up, mortgage rates aren't coming down
as much. And I like it when mortgage rates come down,
because that means that a lot of people are able
to afford buying houses more when mortgage rates come down,
(15:27):
when interest rates come down, it also means that the
you know, one of the biggest line items in our budget. Listen, folks,
we need to cut the deficit that we're running at
year in, year out. We can't continue to run at
a one two three trillion dollar deficit every year, and
that just it's like our household budget, folks. If you
(15:49):
and your spouse make fifty thousand dollars a year and
you're spending sixty where's that extra ten thousand dollars a
year coming from. You're either borrowing it on credit cards,
you're taking it out of the equity of your home. Somehow,
some way, maybe you're going to a loan shark on
the streets and paying a big, big to pay that back.
(16:11):
But if you're if you're making fifty thousand and you're
spending sixty thousand, that money, that extra ten thousand dollars,
that's what we call a deficit. You're spending more money
than you're taking in, and you can't continue to operate
like that. You're going to be bankrupt now. You know,
the one thing this country has going for it is
(16:32):
it's able to print its own money. So in some ways,
I don't think we need to worry about going bankrupt.
But we can't continue to run financially this unstable too
much longer because it's just going to affect the dollar.
It's going to affect our credit worthiness. We know, back
in twenty eleven, you know, we lost our triple A
(16:55):
credit rating because of our debts. So cutting down on
the deficit, cutting back on how much we're in the
hole for every year, that's a positive thing. We need
to do that. There's nothing wrong with that, nothing wrong
at all with that. And you'll see that show up
at the end of the day. You'll see that show
(17:17):
up because we'll get a better handle and if and
hopefully hopefully we'll get some cuts. You know, earlier this week,
with all the craziness in the markets, some people were
some economists were expecting maybe four interest rate cuts this
week from the Fed. I'm not sure we'll have four.
I'm guessing we'll have one, two, maybe three, but we'll
(17:39):
probably have one or two more interest rate cuts. You
have consumer confidence at one of the lowest peaks ever.
You have people afraid they think inflation is going to
be there. You have you know, unemployment ticked up. We
have on the other side of the coin, more people
went back to work, more jobs were found, and that's
(18:04):
not a bad thing. We're listen, our economy is pretty resilient.
We got an economy that just is hanging in there,
holding up. You're gonna have thirty companies on Monday releasing earnings.
A lot of companies will be the banks, and you know, listen,
higher interest rates aren't good for banks, but I think
banks had a pretty good first quarter. So on Monday,
(18:27):
you're gonna have you know, financials and healthcare sectors, especially
companies like Goldman Sachs, Bank of America, City Group, Johnson
and Johnson, Habit Labs, US Bank Corp. On you know, Wednesday,
you're gonna have American Express, Blackstone, Charles Schwab, Netflix, United
(18:48):
Healthcare Group. You know, on Thursday, you know, you got
all of these companies this coming week that are going
to be releasing first quarter earning, so we'll see what happened.
It's on Wednesday. You also have the Census Bureau releases
retail and food sales for the month of March. We'll
see if people are out there spending. I'm guessing because
(19:11):
people are nervous, they're not spending as much. The last
few weeks have been pretty rough found consumers. One of
the reasons why you have consumer confidence down, the sentiment
on the economy is down. This coming week, you also
have Good Friday on Friday, no pun intended Eastern next Sunday,
(19:32):
and that means that the stock market and bond markets
are going to be closed on Friday, so we have
a shortened week as far as traders go. Monday through Thursday. Monday, Tuesday, Wednesday,
Thursday a shortened week. Next weekend, I'm going to Rome.
I shared with you before I listen. I've had a
(19:53):
rough year and I'm thankful. I have a friend in
the Vatican, and I have a Mass being said for
me on Tuesday, the Tuesday after Eastern God willing, I'll
see the Pope on Wednesday. I'll have a face to
face with the Pope, and I'm really looking forward to that.
(20:13):
I'm thankful for so much, folks, especially the year that
I've had. It's been a rough year all around, and
I'm thankful for this opportunity. I've renewed my faith over
the last five years. It's been a rough five years
for me on a personal level, and I'm you know,
(20:36):
I found that I've been more faithful than not. I've
been more faithful than never before. So I'm thankful to have,
you know, the opportunity of having you know when when
when when when When they're going to announce your name
and say a mask for you at the Vatican. That's
that serious business. So I'll be I'll be flying next
(21:00):
weekend for Rome and I'll be able to, you know,
have that mass set and as I said, God willing,
hopefully the Pope gets better and I'll be able to
see the Pope on Wednesday. If not, I'll be there
in spirit with the Pope. I'm hoping he's a good man.
I'm reading the autobiography Hope, and folks, whether whether you're
(21:25):
you're Catholic or not, this Pope is a pretty good man.
And reading his autobiography took him six years to write it.
Reading his autobiography is a pretty special thing. His autobiography
is he's an amazing man and if you're looking for
a good read, he really tells a good story. So
(21:45):
I'm in the middle of that book, Hope, the autobiography.
There's other books called Hope, but there's only one autobiography,
one that the Pope himself wrote, and it's a pretty
good book. Two five, four nine, one eight eighty two,
five fifty nine, forty nine. If you have any questions whatsoever, folks,
(22:08):
give me a call, any questions whatsoever. I would love, love,
love to talk to you. So, you know, you got
Wall Street. You know, basically it's all about the trade
war that's going on with this president, and it's it
doesn't feel good. I'm not going to sit here and
(22:28):
say it feels good. This president's doing something that he
thinks he needs to do. He thinks he needs to,
you know, basically, get this country back on the square
footing and make things fair around the world.
Speaker 2 (22:45):
You know.
Speaker 1 (22:45):
He his most recent thing is he's exempting phones, computers,
chips from the new tariffs. So if you thought your
iPhone was going to coll smre, I guess it's not
going to cost more. So every day, you know, he
changes like the wind. But I think that's just his
way of negotiating. And you got a lot of Wall
(23:06):
Street executives warning on Friday that you know, the tariffs
were sending the US economy into an unknown and that
uncertainty was already hurting consumers and companies alike. A lot
of financiers came into the year excited about President Trump.
(23:26):
But now there they may be, you know, scratching their head.
Maybe they're not as excited because they just don't know
what's going to go on with these these tariffs. And
it is all about the tariffs. It's all about the tariffs, folks.
You're listening to Let's Talk Money, brought to you by
Bouchef and Andrew Group, where we help our clients prioritize
their health while we manage their wealth for life. We're
(23:49):
going to take a quick break for the news. One
eight hundred eight two five five nine four nine one
eight hundred eighty two five fifty nine. Give us a call, folks,
any questions whatsoever. I'll see on the other side of
the news. It's Stephen Bouchet with you today, folks. I
(24:19):
have some great colleagues and they are very capable. They
do the show a lot for me and they are
really good at what they do. But today you have
me Stephen Bouchet and I can't thank you enough for
tuning in, and I thank you for hanging in through
the news. I truly appreciate you listening every week and
every Saturday at ten, every Sunday morning at eight. I
(24:42):
just can't thank you enough. It's you know, we're one
of the premiere talk shows on radio. We've been I
think we're the longest running talk show on radio, or
almost the longest running talk show on radio. I've been
hosting Let's Talk Money Now for thirty plus years. That's
a long time, a really long time. And I love
(25:04):
doing this show. You know, I love doing this show.
I love being here with you every weekend. The phone
minds are open. If you have any questions, give me
a call. Let's Talk one, eight hundred Talk WGY one
eight hundred eighty five five nine four nine. So breaking news,
you know. As I said just before the news break,
Trump extempts phones, computers, chips from new tariffs. Smartphones and
(25:29):
computers will be exempted from his tariffs. So he's making
it easier on consumers. Just when you thought you need
it to go out and buy that iPhone or a computer,
you don't have to. He's exempting smartphones and computers and chips.
Trump earlier this month, you know, earlier this week, actually
one hundred and forty five percent tariffs and products from China.
(25:52):
That means that if you're thousand dollars iPhone, you know now,
it's going to cost you twenty five hundred dollars. Guess what,
it's still going to cost you one thousand dollars because
it's being exent.
Speaker 3 (26:05):
Listen, this guy, you know, he's he's a businessman, and
he's not going to you know, he's at the end
of the day.
Speaker 1 (26:20):
I think the policies are going to be okay. And
I'm not a Trumpster, folks, I'm not a Republican at all,
and I'm not a Democrat either. I'm a blank I
just you know, I wish we could all come more
in the middle. But basically, breaking news to guidance. You know,
we're going to have exclusions smartphones, computers, and electronic devices
(26:42):
and components, semiconductors, solar cells, flat panel TVs. If you
wanted to get that TV, listen, it's Master's weekend. It
is is better than Christmas Day, uh, sitting home watching Masters.
If you wanted to go out today, and buy a TV,
You're you're not going to be paying a terraf on it.
(27:02):
He's exempting those flat TVs and flash drives and memory
cards and solid state drives. So the tariffs aren't going
to be as bad as you thought. That's breaking news, folks.
That is hot off the press. You know, one of
the gold made record highs. And I tell you what
(27:22):
else came up from. I think it was as low
as seventy six thousand. This week is bitcoin. Bitcoin as
we sit here, is up. It's almost eighty five thousand
dollars bitcoin. So you know, bitcoin has come a long way,
and bonds fell. That's why the yields are as high
as they are. So you got you know Wall Street.
(27:44):
You know, at the beginning of the year, they thought
that it was going to be a walk in the park.
It's not a walk in the park. And that's okay.
I think at the end of the day. I think
at the end of the year, I do believe the
markets are going to be higher than where they are now.
I truly believe that, or at least I hope I'm right,
and I'll let you know if I'm wrong. I'm not
(28:05):
worried about volatility. When there's blood in the streets, that's
an opportunity. Folks. If you're a good investor, listen, if
you always wanted to buy, especially these Magnificent seven, if
you wanted to always buy these Magnificent seven first, you're
getting them at a pretty hefty discount. These Magnificent seven
(28:27):
are you know, if you wanted to buy them, why
not buy them now? You know they're they're they're they're
they're down, you know, nine to forty percent down, and
why not buy these these great companies. I love the
Magnificent seven. Listen, these are great companies. Sure, they were
on a hot streak for years. One of the reasons
(28:50):
why the stock markets did as well as as they
did was because of the Magnificent Seven. But Apple, Amazon,
they are our two largest holding and they've been hit
like they've been sucker punched by Mike Tyson. They've been
hit so hard. But we're not selling them. If anything,
I'd like to add to them because they're great companies
(29:11):
and they will come back. Navidia, Microsoft, Google, Meta, Tesla.
You know, if you wanted to own these companies, they
are down and down pretty big. Tesla's down almost forty
percent year to date. You got Apple down twenty one percent.
I'm not happy about that. It is what it is,
(29:34):
but it is down. You got Amazon down only nine percent.
So Amazon's hanging in. They're a little bit better than Apple.
And you know apples are Apple and Amazon are top holdings.
And if you own NASDAC, they're your top holdings there.
If you own the SMP, they're your top holdings there
(29:54):
as well. One eight hundred eight two five, five, nine,
four nine. Let's go to the phone lines where we
have Paul in Connecticut. Hello, Paul Steve.
Speaker 2 (30:06):
I'm a regular caller to horse racing and investment shows,
and I generally call from an academic perspective on both. Okay,
so on horse racing, I'll call on data, right and
I'm going to make some points about data independent of
the equity market. We all know the bond market is
larger than the equity market, okay, And I'm not going
(30:30):
to get into specifics, but when you look at the
bond market and read what I read, and I know everybody,
I don't watch TV shows, those shows that you might
refer to, I read really technical stuff and I understand
the use of leverage and the scent probably did step
(30:51):
in and influenced the trend on the tariffs because there
were problems with the bond market. Everything I've read and
it's irrefutable because it's cross reference, but it's not a
mainstream discussion because it's technical. I want you to comment
on that. And then the next observation is more of
(31:12):
would I send a note to my friends and I
believe Thursday morning, I think it was Thursday morning, it
could have been Friday morning. Right after I noted that
the spider closed at a different percentage change than the
true spy, I go, here we go again with these ETFs,
either using quantitative statistical matchups the levered ETFs. Everything was chaotic,
(31:39):
so that spider didn't equal the true move in the
S and P and I think it ended up cleaning
up the next day, and I thought, I wonder if
there's a way to arbitrage that. That's the second point,
and the point the third is really this that when
I and I've referenced this before when I worked at Marriott,
had those friends with the guy who managed the entire
(32:04):
profit sharing plan and met with hero price people and
so forth. In the day of the mutual phone, when
you were starting out, maybe in the early nineties give
or take, and he would describe to me what went
on it. It was so different that today the vanilla
investor should just stick with that because the confusion and
(32:28):
all these products and everybody shaving basis points might have
gone on in those days. But the point I raised
about the leverage and the settlement creates havoc. To your point,
it is more volatile beyond comprehension. To your point, if
(32:48):
you understand what you own, which is a vanilla stock
like Apple, and you believe in it, that's great. A
bond that you believe in that returns great. But there's
all these things out there that are messing people up,
and it destroys your understanding and belief in the integrity
of the financial system. So you could just come in
(33:11):
with it. You don't have to keep me out of here.
Speaker 1 (33:13):
Yeah, no, Paul, you made some great, great points, and
you know I can't disagree with you. One a lot
of these financial shows, I call him financial porn, especially,
you know, one of the more popular shows with one
of the more comedians in the marketplace. He's a smart man,
a brilliant man, but I can't stand watching him, and
(33:34):
I'm not going to mention his name. He's just a
goofball and people watch him thinking he's this guru, and
he's far from a guru. He may be smart, he
may have graduated, he may have, you know, been running
a hedge fund and newsletter. And you know, if you're
(33:55):
going to take advice from him, you better not because
one second he's as this, another second he says that,
And I call it financial porn, And you're right, Paul.
People shouldn't get caught up in some of these news
shows because they're for entertainment. This believe me, they are
(34:16):
for entertainment. I can't stand the news, the financial news
shows when they try to talk over each other. If
you're bringing experts on, let experts share their opinion. Let
experts talk. That's why you're bringing them on. Don't try
to look like you're the sharpest, you know, knife in
(34:38):
the drawer. Don't try to look like you know more
than they are. If you're bringing experts onto your show,
let those experts talk. But I'm so with you that
if you do your own homework and you truly you know.
I've talked about artificial intelligence a lot of folks and
(34:59):
if you I haven't played with it, go out and
play with it. Kind of go back, you know, As
Paul said, I started my business thirty five years ago,
in the beginning early nineteen ninety to be exact. So
it was thirty five years ago in three months now
that I started, you know, being in business and helping clients,
(35:20):
and AOL was the big thing back then, right, Think
of how much good information you got from AOL and
how good you felt. Well, now it's artificial intelligence AI,
and there's so much information you can get there. You'd
be better doing that than you would listening to some
of these jokesters on these financial porn shows. I hate
(35:41):
to say that, but it is what it is.
Speaker 2 (35:44):
Now.
Speaker 1 (35:44):
Let's talk about President Trump, all right. Specifically, he came
out and said it's been documented this week he listened
to listen. I love Jamie Dimon, the head of JP Morten.
I love him, and he's just art man, and he's
worried about what some of these tariffs are going to
do and that it may drive us in a recession. Folks,
(36:06):
I said last week, we may already be in a recession.
I kind of touted our website, Bouchet dot com and
right on the homepage there's three amazing articles and Paul,
if you haven't looked at it, go look at it
because I'd love to get your feedback on it. You
can email me or call in next week. You know.
One is my TV interview on Monday night. I did
(36:28):
two different TV interviews, you know, and basically I said,
I urged caution during stock market volatility. The worst thing
you can do is panic and have knee jerk reactions.
Any good investor should not have panic in their you know,
running through their veins and be scared and have knee
(36:48):
jerk reactions. So caution is where it comes in. I
did an an interview, I gave my opinion and anybody
who wants that interview who hung in there. They had
a pretty good week in the markets, you know, as
I said, the SMP this week was up, you know,
almost six percent, NASTAC up seven and a half percent,
(37:09):
even the Russell two thousand was up just shy of
two percent. It was a good week in the market
with all the craziness. The other two things on our
homepage Market Update TOD twenty twenty five first quarter Market Update,
written by my son Ryan, who's acting as our chief
investment officer. He does a great job talking about tariffs,
(37:33):
and you know, the tariffs are no tariffs. You know,
it's like Shakespeare, right to be or not to be.
And then we have our State of the Economy, folks.
We did our State of the Economy in March this year,
not January, and it was very timely. Just about all
of our advisors took part in it. And if you
(37:54):
ever want to get some really good information with some
good charts, look at the twenty two twenty five State
of the Economy recording. All three are right on the
homepage of Bouchet dot com. But anyway, going back to
Paul talking about technicals and everything, President Trump listened to
Jamie diamond say that these tariffs can be bad, can
(38:17):
cause us into a recession. And Trump, you know, he
basically changed his tomb So the man's not an idiot.
He's not unwilling to listen to others and people that
may be smarter than he is. And Jamie diamonds a
pretty bright guy. And Trump, you know, so good news
was when when when the tariffs were cat at ten percent,
(38:40):
so he didn't have countries like Vietnam being tariff at
seventy percent, in other countries ten twenty, thirty, forty fifty
sixty percent, So we cat everybody but China at ten percent. China.
You know, basically, Trump was a man of his word.
He said, if you retaliate against us, I'm doubling your tariffs,
(39:01):
and he doubled the terriffs from fifty four to one
hundred and eight percent, then one hundred and ten, then
one hundred and twenty five, and then one hundred and
forty five percent. Now, remember I said in the beginning
of the show, it's like a chess game with China.
It's a force to be reckoned with China. Is you
got a dictatorship there, communist country president she can't just
(39:23):
do what maybe he plans on doing, or he's going
to be you know, basically, it'll be a mutiny over there.
So I think Trump knows this. Trump comes out and
says he's friendly with President She of China, And I
think at the end of the day, you'll see our
great country in China come together, there will be some
middle ground there and then all will be better than
(39:46):
where is today. And I'm optimistic that can happen. And
with regards to the technicals. Yes, Paul, you're right. A
lot of these ETFs, you know, it's you know, the
index is the index. But in order for these ETFs
and sometimes mutual funds to mirror image that you have
(40:07):
to use some you know, you got some toys in
the toy box, and they're using toys, so a lot
of times they don't always line up, but they shake
out and Paul is right. So, Paul, you make some
good points. I appreciate your calling in with those points,
and I'd like to hear more from you. Go to
(40:28):
my website bouche dot com, look at those things and
let you know what you think about them. One eight hundred,
and do it after the radio show, Paul, don't do
it now, wait till eleven o'clock one eight hundred Talk
WGY one eight hundred eighty two five five nine four nine.
Any questions whatsoever, Folks, give me a call. One eight
(40:50):
hundred eighty two, five fifty nine forty nine. So, you know,
as I said, a lot of crazy week, you know,
sweeping tariffs on April second, you know, announced by President Trump,
dub Liberation Day. This you know, we had a massive
sell off, you know, the Dow plunging over four thousand
(41:12):
points in two days. Now, that sounds like a lot,
But listen, folks, the Dow's not like the SMP. The
dows forty thousand, so four thousand is ten percent, Okay.
The S and P is only fifty three hundred as
we sit here, it was six thousand, but we're at
fifty three hundred, and Nasdaq is sixteen thousand. So when
(41:36):
you hear big numbers like the Dow plunged four thousand points,
and I hate quoting the Dow, there's only thirty stocks
in the Dow thirty. There's five hundred stocks in the SMP.
Actually five hundred more than that. Because meta, I'm sorry,
not meta. Google has alphabet, I should say the old
(41:58):
Google has two share classifications. Birdshare has two share classifications.
But the S and P is a much broader index,
a much better representation of the stock market as a whole.
Why financial shows why it's always about the dial. The dial,
the Dow. It may be the most popular index, but
(42:21):
it's not the best suited index if you're going to
benchmark your portfolio. Or better yet, I every once in
a while tell you if you haven't sat down with
your advisor. Now, it's a good time sit down with
your advisor he or she and have them benchmark your portfolio,
see how it measures up to the SMP. It's all
(42:42):
about the S and P. The S and P is
really the broad stock Market Index or the Total Stock
Market Index, which takes into county, mid cap and small
camp indexes. But don't benchmark yourself to the Dow. The
Dow could be much different, and the S and F
or the Total stock Market Index, those are much better
(43:04):
indications of where the stock market's trading. And you should
sit down with your advisor. You know, I told you
one hundred percent of my money's invested, just like my clients.
I'm going to say this, I did not look at
my portfolio once this week. Not actually, I haven't looked
at my portfolio in weeks. It's human nature right to
(43:25):
want to look at how much money you're losing.
Speaker 3 (43:27):
Not me.
Speaker 1 (43:29):
I know I'm losing money. I know the market's down.
I don't need to have it verified and confirmed. I
don't need my money today, this week, this month, this year,
so I don't really care what's going on in the
stock market. I know over time stock market is an
asset class is the best performing asset class, So I
(43:52):
really don't care what it's doing today. If anything, I'm
looking for cash to put the work, and I'm looking
the free up cash to put the work. Blood in
the streets. That's an opportunity, and I do feel this
is an opportunity. You should not be selling. You should
be buying. I said last weekend. Sell when the market's
(44:16):
at it's all time high, and the market will go
back to be at its all time high again and
again and again and again after that. The market always
does that. But take advantage of the market being down.
That's an opportunity. That's how you want to think. If
you want to make money, that's how you make money. Listen,
(44:39):
if you want to go to Macy's and you know
their Monday sale is Wednesday. Are you going to go
on Tuesday and pay full price when you know that
Wednesday maybe it's going to be discounted twenty percent. No,
you're going to wait till Wednesday? Right? How come when
it comes to stocks, people want to sell when it
(45:00):
it sound sale and they want to buy when everybody
else has made money. Crazy crazy, crazy way of thinking.
You got to put it in perspective, folks, you gotta
when there's blood in the streets, those are opportunities. And
if you don't need your money, I say almost weekly,
if you need money over the next couple of years,
(45:22):
do not have that money investing in the stock market
because of times like this where the S and P
is thirteen percent off, it's high, NASTAC is eighteen percent off,
it's high. Do not do not have that money investing
in the stock market because it may be worth less.
Speaker 3 (45:41):
Have some money, some you know, money off to the side,
conservative so that you can weather these storms.
Speaker 1 (45:51):
Because it's not if. It's when the next market correction,
when the next bear market, when the next recession happens.
It's all about when, not if, So don't be scared
out of the market because of this. The SMP NANSDAK
we had some substantial declines. We were in a bear
(46:13):
market for both the SMP and NANSDAK. We're out of
that bear market. Sure, the S and P is thirteen
percent off, it's high, NANSDAK about eighteen percent off. It's high.
A bear markets when those markets are twenty percent off
its high. And earlier this week we were twenty percent
off the highs. The markets rebounded. You know, the President
(46:37):
Trump announced the ninety day palls a new global tariffs.
I just gave you breaking news that you know, President
Trump is not going to tax phones, computers, TVs. He's
exempted a lot of that. So that's good news for
the consumer. The consumer should feel better about that. The
(46:57):
thousand dollars iPhone is not going to cost twenty five
hundred dollars, So that's all good news for the consumer.
And China, Yes, it's still there's still one hundred and
twenty five percent tariff on the table for China, but
I'm pretty sure you'll see that change when I don't know.
I think you'll see China and this great country of
(47:19):
ours come together. That will change. Listen you head on
Wednesday alone, almost a ten percent rise in the SMP
and almost that's its biggest one day gain since two
thousand and eight, and almost the thirteen or I'm sorry, yeah,
almost a thirteen percent rise in NANSDAC on Wednesday alone.
(47:40):
So if you got scared out of the market on Tuesday,
you missed out on that. I had a client against
my advice put stop loss orders in and I tell
them listen if you have good investments. Paul kind of
hit on this. I believe in Apple and Amazon, so
why would I put a stop loss in on those
just so that when the market goes through some volatile
(48:03):
days like it did over the last few weeks, that
they'll sell out and then when are you brave enough
to get back in? And I had a client that
had stop losses and he admitted I should have listened
to you, Steve. I lost money, they sold and the
market's immediately recovered in a day like Wednesday. I missed
out on it. That client is right, folks. You are
(48:26):
listening to Let's Talk Money, brought to you by Bouchef
and Answer Group, where we help our clients prioritize their
health while we manage their wealth for life. I can't
thank you enough for tuning in every Saturday at ten,
Sundays at eight. Listen, folks, these are scary times. The
scariness will continue for a while. I don't know when
(48:48):
we'll get through it. Go to our website bouchet dot com.
You had that interview that I did with Channel thirteen
to two interviews. On Monday, Ryan did an interview on Spectrum.
We got a couple of the good things on our website.
You're listening to Let's Talk Money, brought to you by
Bouchef and and your Group, where we help our clients
prioritize their health while we manage their wealth for life.
Why, good morning in hello folks. Here we are the
first weekend, I guess second weekend in April, and man,
oh man, was this a wild week or what? How
did you feel being an investor this week? Well, for
most people, most people felt pretty terrible about owning the stots.
(00:39):
But guess what, folks, if you were you know, if
you never if you took a long nap and you
never woke up this week, guess what the markets were up?
The S and P up almost six percent, NASDAC up
seven and a half percent, even the Russell two thousand
(01:00):
was up almost two percent. With all the craziness, folks,
I'm telling you, you can't get caught up in it.
You can't listen to the bad news bears. You can't
let these financial shows they want to sell fear. The
more fear they sell, guess what, the more you're tuning
(01:23):
in and that's what they want. They want you to
be scared right out of your shoes. You can't be
You can't be scared when it comes to investing. You
need to take advantage of opportunities. And I always say
when there's blood in the streets, when there's just havoc
in the stock and bond markets as there were this week.
(01:45):
That's what I call blood on the streets, and this
is when you really want to take advantage of that.
So sure, it was a wild week. It was the
best roller coaster ride you've ever been on if you
like roller coaster rides. There was no other ride like it.
We had a day listen the market's up and down,
(02:08):
and on Wednesday we had the best day for the
broad market since two thousand and eight. The Yes and
P was up ten percent. Na's that couple almost thirteen percent.
Talk about crazy. This was the week. This was when
the week was crazy. The phone lines are open. I'm
(02:28):
guessing you may have some questions one eight hundred talk
WGY one eight hundred eight two five five nine four nine,
any questions whatsoever, Folks, give me a call. I would
love to talk to you. One eight hundred eight two
five fifty nine forty nine. I just want to do
(02:52):
if you go to our web page Bouchet dot com,
baz in boyou c ch e y dot com. Not
right now at the end of the show eleven o'clock,
there are three amazing right on the home page pieces
of information for you to look at. One I did
a couple of TV interviews on Channel thirteen this week.
(03:15):
Ryan did one on Spectrum News, and we put up
the TV interview I did on Channel thirteen. You know, basically,
it says Stephen Bouchet urges caution during stock market volatility.
It was my take on it. And if you watched
it and you weren't scared out of the market, you
had a good week. Ryan also did a good market
(03:38):
update that we sent to our clients and we put
it up on the homepage Bouchet dot com for you
to take a look at. He kind of talks about terrors,
no tarors, and really a pretty good market update. And
then we have our annual State of the Economy recording,
and if you haven't watched it yet, you really need
(04:00):
too because there's some really good information there. And listen.
If you're not sure you're happy with your advisor, if
you're managing your own investments, you're not sure that's right
for you to do anymore because the emotions are just
too much, watch the twenty twenty five State of the
Economy recording. You will get some good information about what
(04:23):
we do, how we do it. You'll see my team.
My team is second to none. So that's all on
the homepage boucheed dot Comedy. As I said, wait till
eleven o'clock then take a look at it. The phone
lines are open. I would love to talk to you.
One eight hundred eighty two five five nine four nine.
(04:44):
So listen. This week we started out. You know, last
week I talked about tariffs, tariffs, tariffs, and it really
was it was all about tariffs. And you know, this
week we started out, investors looked at President Trump's tariff
medicine Waal Chief or Walt Chief. Wall Street Chiefs, joined
(05:08):
by Elon Musk, argued against the levies as global markers
just sold off the dollar, oil sold off stocks, you know,
basically right away. Briefly, and I mean briefly, we're up
on rumors that Trump was pulling back. But you know, Trump,
he's a school yard bully. I've said it all along.
(05:29):
I've had debates in my office with some people that
you know, I love to listen to. But at the
end of the day, I said, listen, this guy's a
business guy. Whether you like him or not, it doesn't
matter if he's a narcissist and you think he's the
biggest you know, toad in the world. Listen, that's okay.
(05:49):
I get that. A lot of people have feelings about people.
I don't ask how you felt about Bill Clinton or JFK. Listen.
Everybody has good sides, bad sides about the Look at
the policy, the policy, the policy, look at the leadership.
And I've said all along, whether you like this president
or not, whether you voted for him or not, I
(06:12):
think his policies at the end of the day, are
going to help this country and these terrors short term
pain for long term gain. I truly believe that, and
we are we did you know the stock markets down.
You know, year to date, the SMP is off almost
nine percent, nasnac's off thirteen percent. Short term pain for
(06:37):
long term gain. We're right in that sweet spot. Over
the last forty six years, the annual swing in the
markets high to low peak de troughs fourteen percent. So
you know, investors, they you know, they're not sure what
the thing. And I'm not saying listen, this market is
(06:57):
going to be volatile for quite some time. We're not
done with the volatility. So buckle up, hold on. You know,
it's it's it's a great time to take a look
at your portfolio. Maybe get rid of some dogs, bring
in some winners. You're buying them on sale. Listen, if
you look at if you always wanted to, If NASDAK
(07:21):
is off about eighteen percent from it's all time high,
the broad stock markets off thirteen percent from it's all
time high. Well, it's a pretty good discount. Now maybe
if you're patient, maybe it'll be fifteen twenty percent. Who knows,
maybe not, I don't know. But you're still able. You're
able to enter the stock market at a pretty good discount.
(07:44):
And that's what you have to remember. So listen. This
week everything was in the you know what, the dollar,
oil sold off, stocks, you know, sold off every day,
up and down, terifs, terrafs, teriffs. Then all of a sudden,
Trump said, well, we're just going to go back to
the ten percent tariffs. Remember last week, you know, we
(08:07):
had tariffs twenty thirty, forty fifty, sixty, seventy percent, one
hundred percent for China. Then it was up to one
hundred and twenty five percent. Then it was up to
one hundred and forty five percent. Right now, I don't
know where we are with China's tariffs, but it's it's
a whole lot more than everybody else. And you know what,
(08:28):
this is a game of chess with China. China is
the second largest economy in the world. It's a force
to be reckoned with everybody else really is so far
behind this great country of ours and then China. And
we know China's a dictatorship. We know that President Chi
will be literally, you know, they'll hang him from his
(08:52):
from his angles and Beijing square. This is how how
it works in economyny this country. And President Trump knows this.
So I think there's some you know, playing chess there where.
At the end of the day, you'll probably see both
countries kind of come more to the middle and will
(09:14):
will will We'll have some kind of a negotiation. Remember
this president did write a book called The Art of
the Deal. You'll probably see some kind of a negotiation.
And then all of a sudden, the markets are going
to like this, and you'll you'll see a lot going on.
So as I said, for the week, listen, Nadal up
(09:36):
five percent, s and P up almost six percent, NANSDAG
up seven eight percent, pretty good, pretty good. You had
Apple Listen, they took you know, they're going to have
more iPhones produced in India than China. Amazon dot Com
warned of higher price Chinese products because of these tariffs.
(10:00):
You know, the administration froze funding for Cornell and Northwestern.
You know, these universities that just aren't thinking straight, and
I mean that they aren't thinking straight to think that
they're supposed to be. You know, kids that graduate from
these colleges are supposed to be some of the brightest
(10:21):
in the world. And you have these professors and the
administrations in these colleges just not thinking straight. And I'm
not going to go into it, you know what I'm saying.
They are just dummies in a lot of ways. Listen,
there's a lot of talk out there that this president's
going to hurt social Security. This president is not going
(10:43):
to hurt Social Security. Elon Musk closing down some offices
of Social Security because they're full of mold, the leases
are getting ready to be expired. And then you have politicians,
local politicians like Schumer and you know Gilebrand talking about
(11:04):
how this president's going to hurt Social Security recipients. It's
all fake news, folks. This president is not going to
hurt Social Security. They're not going to touch Medicare and Medicaid.
It's all fake news. Elon Musk is getting rid of waste, waste, waste.
(11:25):
You want to have the garbage stacked up in your
house for weeks? Would you you get rid of that
waste each each week you bring out the garbage, right,
the garbage gets emptied, you start fresh. And that's what's
going on. We are getting rid of a lot of fraud,
a lot of waste. How many millions of people over
(11:46):
the age of one hundred years old we're getting social
Security checks. That's waste, folks, It's actually fraud. It's actually
theft of services of money. And this is what we're getting.
Why is that a bad thing? What I laughed the
most about is all these people keying these teslas. Listen, folks,
(12:09):
guess who buys mostly teslass? People that think on the
left side of the political spectrum, people that want this
country to be all green, no gas stoves, no gas
Guslin cars. Those are the people that are buying teslas.
And because Elon Musk is in charge of cutting waste,
(12:30):
why should that be a bad thing. It should be
a beautiful thing. Save this country money. We're running right now,
we're going to be two three trillion dollar deficit for
the year. And if we can cut that, we cut
back on how much debt this great country of ours
is in. We're in debt thirty seven trillion dollars. That's
(12:52):
some serious money. We can't go on being in debt
thirty seven trillion dollars. Can't keep running at a deficit.
So if we can find ways to save money to
cut down on that deficit, that's not a bad thing, folks.
And I'm not sitting here talking politics. I'm talking facts.
(13:13):
You may not like some of the facts, but they're facts.
I know there's people that have strong opinions both sides
of the aisle. I listen to everybody's opinions. At the
end of the day, I think we're going to be
better off because of the money the cost cutting measures,
and there's going to be some pain because of the tariffs.
I think we're going to be better off, and I
(13:36):
think that the stock market is going to be better off.
I really do. One eight hundred eighty two five five
nine four nine one eight hundred eighty two, five fifty
nine forty nine. If you have any questions, folks, give
me a call. I'm going to take a quick fifteen
second break. One eight hundred eighty two five five nine
(13:57):
four nine. Thank you, folks for letting me wet my whistle.
The phone lines are open. One eight hundred eight two
five five nine four nine one eight hundred eighty two
five fifty nine forty nine. Give me a call with
(14:19):
any questions that you have. So we were talking about
the stock and bond markets and what a wild, crazy
week it's been, and man, oh man, it's been wild
and crazy week, even the bond market. You know, it
was up last week more than it's up this week.
Year to date, the bond market's only up one point
(14:40):
one two percent. They yield on the US ten year treasuries. Man,
I did not think we were going to see bonds
go up this much. But when you look at the
ten year treasury, we're at four point five percent. One
year treasury four just over a smidge and over for percent,
six month four point two percent, thirty year four point
(15:05):
eight percent, almost five percent. So you know, last week
we talked how mortgage rates were coming down. Well, this week,
with interest rates going up, mortgage rates aren't coming down
as much. And I like it when mortgage rates come down,
because that means that a lot of people are able
to afford buying houses more when mortgage rates come down,
(15:27):
when interest rates come down, it also means that the
you know, one of the biggest line items in our budget. Listen, folks,
we need to cut the deficit that we're running at
year in, year out. We can't continue to run at
a one two three trillion dollar deficit every year, and
that just it's like our household budget, folks. If you
(15:49):
and your spouse make fifty thousand dollars a year and
you're spending sixty where's that extra ten thousand dollars a
year coming from. You're either borrowing it on credit cards,
you're taking it out of the equity of your home. Somehow,
some way, maybe you're going to a loan shark on
the streets and paying a big, big to pay that back.
(16:11):
But if you're if you're making fifty thousand and you're
spending sixty thousand, that money, that extra ten thousand dollars,
that's what we call a deficit. You're spending more money
than you're taking in, and you can't continue to operate
like that. You're going to be bankrupt now. You know,
the one thing this country has going for it is
(16:32):
it's able to print its own money. So in some ways,
I don't think we need to worry about going bankrupt.
But we can't continue to run financially this unstable too
much longer because it's just going to affect the dollar.
It's going to affect our credit worthiness. We know, back
in twenty eleven, you know, we lost our triple A
(16:55):
credit rating because of our debts. So cutting down on
the deficit, cutting back on how much we're in the
hole for every year, that's a positive thing. We need
to do that. There's nothing wrong with that, nothing wrong
at all with that. And you'll see that show up
at the end of the day. You'll see that show
(17:17):
up because we'll get a better handle and if and
hopefully hopefully we'll get some cuts. You know, earlier this week,
with all the craziness in the markets, some people were
some economists were expecting maybe four interest rate cuts this
week from the Fed. I'm not sure we'll have four.
I'm guessing we'll have one, two, maybe three, but we'll
(17:39):
probably have one or two more interest rate cuts. You
have consumer confidence at one of the lowest peaks ever.
You have people afraid they think inflation is going to
be there. You have you know, unemployment ticked up. We
have on the other side of the coin, more people
went back to work, more jobs were found, and that's
(18:04):
not a bad thing. We're listen, our economy is pretty resilient.
We got an economy that just is hanging in there,
holding up. You're gonna have thirty companies on Monday releasing earnings.
A lot of companies will be the banks, and you know, listen,
higher interest rates aren't good for banks, but I think
banks had a pretty good first quarter. So on Monday,
(18:27):
you're gonna have you know, financials and healthcare sectors, especially
companies like Goldman Sachs, Bank of America, City Group, Johnson
and Johnson, Habit Labs, US Bank Corp. On you know, Wednesday,
you're gonna have American Express, Blackstone, Charles Schwab, Netflix, United
(18:48):
Healthcare Group. You know, on Thursday, you know, you got
all of these companies this coming week that are going
to be releasing first quarter earning, so we'll see what happened.
It's on Wednesday. You also have the Census Bureau releases
retail and food sales for the month of March. We'll
see if people are out there spending. I'm guessing because
(19:11):
people are nervous, they're not spending as much. The last
few weeks have been pretty rough found consumers. One of
the reasons why you have consumer confidence down, the sentiment
on the economy is down. This coming week, you also
have Good Friday on Friday, no pun intended Eastern next Sunday,
(19:32):
and that means that the stock market and bond markets
are going to be closed on Friday, so we have
a shortened week as far as traders go. Monday through Thursday. Monday, Tuesday, Wednesday,
Thursday a shortened week. Next weekend, I'm going to Rome.
I shared with you before I listen. I've had a
(19:53):
rough year and I'm thankful. I have a friend in
the Vatican, and I have a Mass being said for
me on Tuesday, the Tuesday after Eastern God willing, I'll
see the Pope on Wednesday. I'll have a face to
face with the Pope, and I'm really looking forward to that.
(20:13):
I'm thankful for so much, folks, especially the year that
I've had. It's been a rough year all around, and
I'm thankful for this opportunity. I've renewed my faith over
the last five years. It's been a rough five years
for me on a personal level, and I'm you know,
(20:36):
I found that I've been more faithful than not. I've
been more faithful than never before. So I'm thankful to have,
you know, the opportunity of having you know when when
when when when When they're going to announce your name
and say a mask for you at the Vatican. That's
that serious business. So I'll be I'll be flying next
(21:00):
weekend for Rome and I'll be able to, you know,
have that mass set and as I said, God willing,
hopefully the Pope gets better and I'll be able to
see the Pope on Wednesday. If not, I'll be there
in spirit with the Pope. I'm hoping he's a good man.
I'm reading the autobiography Hope, and folks, whether whether you're
(21:25):
you're Catholic or not, this Pope is a pretty good man.
And reading his autobiography took him six years to write it.
Reading his autobiography is a pretty special thing. His autobiography
is he's an amazing man and if you're looking for
a good read, he really tells a good story. So
(21:45):
I'm in the middle of that book, Hope, the autobiography.
There's other books called Hope, but there's only one autobiography,
one that the Pope himself wrote, and it's a pretty
good book. Two five, four nine, one eight eighty two,
five fifty nine, forty nine. If you have any questions whatsoever, folks,
(22:08):
give me a call, any questions whatsoever. I would love, love,
love to talk to you. So, you know, you got
Wall Street. You know, basically it's all about the trade
war that's going on with this president, and it's it
doesn't feel good. I'm not going to sit here and
(22:28):
say it feels good. This president's doing something that he
thinks he needs to do. He thinks he needs to,
you know, basically, get this country back on the square
footing and make things fair around the world.
Speaker 2 (22:45):
You know.
Speaker 1 (22:45):
He his most recent thing is he's exempting phones, computers,
chips from the new tariffs. So if you thought your
iPhone was going to coll smre, I guess it's not
going to cost more. So every day, you know, he
changes like the wind. But I think that's just his
way of negotiating. And you got a lot of Wall
(23:06):
Street executives warning on Friday that you know, the tariffs
were sending the US economy into an unknown and that
uncertainty was already hurting consumers and companies alike. A lot
of financiers came into the year excited about President Trump.
(23:26):
But now there they may be, you know, scratching their head.
Maybe they're not as excited because they just don't know
what's going to go on with these these tariffs. And
it is all about the tariffs. It's all about the tariffs, folks.
You're listening to Let's Talk Money, brought to you by
Bouchef and Andrew Group, where we help our clients prioritize
their health while we manage their wealth for life. We're
(23:49):
going to take a quick break for the news. One
eight hundred eight two five five nine four nine one
eight hundred eighty two five fifty nine. Give us a call, folks,
any questions whatsoever. I'll see on the other side of
the news. It's Stephen Bouchet with you today, folks. I
(24:19):
have some great colleagues and they are very capable. They
do the show a lot for me and they are
really good at what they do. But today you have
me Stephen Bouchet and I can't thank you enough for
tuning in, and I thank you for hanging in through
the news. I truly appreciate you listening every week and
every Saturday at ten, every Sunday morning at eight. I
(24:42):
just can't thank you enough. It's you know, we're one
of the premiere talk shows on radio. We've been I
think we're the longest running talk show on radio, or
almost the longest running talk show on radio. I've been
hosting Let's Talk Money Now for thirty plus years. That's
a long time, a really long time. And I love
(25:04):
doing this show. You know, I love doing this show.
I love being here with you every weekend. The phone
minds are open. If you have any questions, give me
a call. Let's Talk one, eight hundred Talk WGY one
eight hundred eighty five five nine four nine. So breaking news,
you know. As I said just before the news break,
Trump extempts phones, computers, chips from new tariffs. Smartphones and
(25:29):
computers will be exempted from his tariffs. So he's making
it easier on consumers. Just when you thought you need
it to go out and buy that iPhone or a computer,
you don't have to. He's exempting smartphones and computers and chips.
Trump earlier this month, you know, earlier this week, actually
one hundred and forty five percent tariffs and products from China.
(25:52):
That means that if you're thousand dollars iPhone, you know now,
it's going to cost you twenty five hundred dollars. Guess what,
it's still going to cost you one thousand dollars because
it's being exent.
Speaker 3 (26:05):
Listen, this guy, you know, he's he's a businessman, and
he's not going to you know, he's at the end
of the day.
Speaker 1 (26:20):
I think the policies are going to be okay. And
I'm not a Trumpster, folks, I'm not a Republican at all,
and I'm not a Democrat either. I'm a blank I
just you know, I wish we could all come more
in the middle. But basically, breaking news to guidance. You know,
we're going to have exclusions smartphones, computers, and electronic devices
(26:42):
and components, semiconductors, solar cells, flat panel TVs. If you
wanted to get that TV, listen, it's Master's weekend. It
is is better than Christmas Day, uh, sitting home watching Masters.
If you wanted to go out today, and buy a TV,
You're you're not going to be paying a terraf on it.
(27:02):
He's exempting those flat TVs and flash drives and memory
cards and solid state drives. So the tariffs aren't going
to be as bad as you thought. That's breaking news, folks.
That is hot off the press. You know, one of
the gold made record highs. And I tell you what
(27:22):
else came up from. I think it was as low
as seventy six thousand. This week is bitcoin. Bitcoin as
we sit here, is up. It's almost eighty five thousand
dollars bitcoin. So you know, bitcoin has come a long way,
and bonds fell. That's why the yields are as high
as they are. So you got you know Wall Street.
(27:44):
You know, at the beginning of the year, they thought
that it was going to be a walk in the park.
It's not a walk in the park. And that's okay.
I think at the end of the day. I think
at the end of the year, I do believe the
markets are going to be higher than where they are now.
I truly believe that, or at least I hope I'm right,
and I'll let you know if I'm wrong. I'm not
(28:05):
worried about volatility. When there's blood in the streets, that's
an opportunity. Folks. If you're a good investor, listen, if
you always wanted to buy, especially these Magnificent seven, if
you wanted to always buy these Magnificent seven first, you're
getting them at a pretty hefty discount. These Magnificent seven
(28:27):
are you know, if you wanted to buy them, why
not buy them now? You know they're they're they're they're
they're down, you know, nine to forty percent down, and
why not buy these these great companies. I love the
Magnificent seven. Listen, these are great companies. Sure, they were
on a hot streak for years. One of the reasons
(28:50):
why the stock markets did as well as as they
did was because of the Magnificent Seven. But Apple, Amazon,
they are our two largest holding and they've been hit
like they've been sucker punched by Mike Tyson. They've been
hit so hard. But we're not selling them. If anything,
I'd like to add to them because they're great companies
(29:11):
and they will come back. Navidia, Microsoft, Google, Meta, Tesla.
You know, if you wanted to own these companies, they
are down and down pretty big. Tesla's down almost forty
percent year to date. You got Apple down twenty one percent.
I'm not happy about that. It is what it is,
(29:34):
but it is down. You got Amazon down only nine percent.
So Amazon's hanging in. They're a little bit better than Apple.
And you know apples are Apple and Amazon are top holdings.
And if you own NASDAC, they're your top holdings there.
If you own the SMP, they're your top holdings there
(29:54):
as well. One eight hundred eight two five, five, nine,
four nine. Let's go to the phone lines where we
have Paul in Connecticut. Hello, Paul Steve.
Speaker 2 (30:06):
I'm a regular caller to horse racing and investment shows,
and I generally call from an academic perspective on both. Okay,
so on horse racing, I'll call on data, right and
I'm going to make some points about data independent of
the equity market. We all know the bond market is
larger than the equity market, okay, And I'm not going
(30:30):
to get into specifics, but when you look at the
bond market and read what I read, and I know everybody,
I don't watch TV shows, those shows that you might
refer to, I read really technical stuff and I understand
the use of leverage and the scent probably did step
(30:51):
in and influenced the trend on the tariffs because there
were problems with the bond market. Everything I've read and
it's irrefutable because it's cross reference, but it's not a
mainstream discussion because it's technical. I want you to comment
on that. And then the next observation is more of
(31:12):
would I send a note to my friends and I
believe Thursday morning, I think it was Thursday morning, it
could have been Friday morning. Right after I noted that
the spider closed at a different percentage change than the
true spy, I go, here we go again with these ETFs,
either using quantitative statistical matchups the levered ETFs. Everything was chaotic,
(31:39):
so that spider didn't equal the true move in the
S and P and I think it ended up cleaning
up the next day, and I thought, I wonder if
there's a way to arbitrage that. That's the second point,
and the point the third is really this that when
I and I've referenced this before when I worked at Marriott,
had those friends with the guy who managed the entire
(32:04):
profit sharing plan and met with hero price people and
so forth. In the day of the mutual phone, when
you were starting out, maybe in the early nineties give
or take, and he would describe to me what went
on it. It was so different that today the vanilla
investor should just stick with that because the confusion and
(32:28):
all these products and everybody shaving basis points might have
gone on in those days. But the point I raised
about the leverage and the settlement creates havoc. To your point,
it is more volatile beyond comprehension. To your point, if
(32:48):
you understand what you own, which is a vanilla stock
like Apple, and you believe in it, that's great. A
bond that you believe in that returns great. But there's
all these things out there that are messing people up,
and it destroys your understanding and belief in the integrity
of the financial system. So you could just come in
(33:11):
with it. You don't have to keep me out of here.
Speaker 1 (33:13):
Yeah, no, Paul, you made some great, great points, and
you know I can't disagree with you. One a lot
of these financial shows, I call him financial porn, especially,
you know, one of the more popular shows with one
of the more comedians in the marketplace. He's a smart man,
a brilliant man, but I can't stand watching him, and
(33:34):
I'm not going to mention his name. He's just a
goofball and people watch him thinking he's this guru, and
he's far from a guru. He may be smart, he
may have graduated, he may have, you know, been running
a hedge fund and newsletter. And you know, if you're
(33:55):
going to take advice from him, you better not because
one second he's as this, another second he says that,
And I call it financial porn, And you're right, Paul.
People shouldn't get caught up in some of these news
shows because they're for entertainment. This believe me, they are
(34:16):
for entertainment. I can't stand the news, the financial news
shows when they try to talk over each other. If
you're bringing experts on, let experts share their opinion. Let
experts talk. That's why you're bringing them on. Don't try
to look like you're the sharpest, you know, knife in
(34:38):
the drawer. Don't try to look like you know more
than they are. If you're bringing experts onto your show,
let those experts talk. But I'm so with you that
if you do your own homework and you truly you know.
I've talked about artificial intelligence a lot of folks and
(34:59):
if you I haven't played with it, go out and
play with it. Kind of go back, you know, As
Paul said, I started my business thirty five years ago,
in the beginning early nineteen ninety to be exact. So
it was thirty five years ago in three months now
that I started, you know, being in business and helping clients,
(35:20):
and AOL was the big thing back then, right, Think
of how much good information you got from AOL and
how good you felt. Well, now it's artificial intelligence AI,
and there's so much information you can get there. You'd
be better doing that than you would listening to some
of these jokesters on these financial porn shows. I hate
(35:41):
to say that, but it is what it is.
Speaker 2 (35:44):
Now.
Speaker 1 (35:44):
Let's talk about President Trump, all right. Specifically, he came
out and said it's been documented this week he listened
to listen. I love Jamie Dimon, the head of JP Morten.
I love him, and he's just art man, and he's
worried about what some of these tariffs are going to
do and that it may drive us in a recession. Folks,
(36:06):
I said last week, we may already be in a recession.
I kind of touted our website, Bouchet dot com and
right on the homepage there's three amazing articles and Paul,
if you haven't looked at it, go look at it
because I'd love to get your feedback on it. You
can email me or call in next week. You know.
One is my TV interview on Monday night. I did
(36:28):
two different TV interviews, you know, and basically I said,
I urged caution during stock market volatility. The worst thing
you can do is panic and have knee jerk reactions.
Any good investor should not have panic in their you know,
running through their veins and be scared and have knee
(36:48):
jerk reactions. So caution is where it comes in. I
did an an interview, I gave my opinion and anybody
who wants that interview who hung in there. They had
a pretty good week in the markets, you know, as
I said, the SMP this week was up, you know,
almost six percent, NASTAC up seven and a half percent,
(37:09):
even the Russell two thousand was up just shy of
two percent. It was a good week in the market
with all the craziness. The other two things on our
homepage Market Update TOD twenty twenty five first quarter Market Update,
written by my son Ryan, who's acting as our chief
investment officer. He does a great job talking about tariffs,
(37:33):
and you know, the tariffs are no tariffs. You know,
it's like Shakespeare, right to be or not to be.
And then we have our State of the Economy, folks.
We did our State of the Economy in March this year,
not January, and it was very timely. Just about all
of our advisors took part in it. And if you
(37:54):
ever want to get some really good information with some
good charts, look at the twenty two twenty five State
of the Economy recording. All three are right on the
homepage of Bouchet dot com. But anyway, going back to
Paul talking about technicals and everything, President Trump listened to
Jamie diamond say that these tariffs can be bad, can
(38:17):
cause us into a recession. And Trump, you know, he
basically changed his tomb So the man's not an idiot.
He's not unwilling to listen to others and people that
may be smarter than he is. And Jamie diamonds a
pretty bright guy. And Trump, you know, so good news
was when when when the tariffs were cat at ten percent,
(38:40):
so he didn't have countries like Vietnam being tariff at
seventy percent, in other countries ten twenty, thirty, forty fifty
sixty percent, So we cat everybody but China at ten percent. China.
You know, basically, Trump was a man of his word.
He said, if you retaliate against us, I'm doubling your tariffs,
(39:01):
and he doubled the terriffs from fifty four to one
hundred and eight percent, then one hundred and ten, then
one hundred and twenty five, and then one hundred and
forty five percent. Now, remember I said in the beginning
of the show, it's like a chess game with China.
It's a force to be reckoned with China. Is you
got a dictatorship there, communist country president she can't just
(39:23):
do what maybe he plans on doing, or he's going
to be you know, basically, it'll be a mutiny over there.
So I think Trump knows this. Trump comes out and
says he's friendly with President She of China, And I
think at the end of the day, you'll see our
great country in China come together, there will be some
middle ground there and then all will be better than
(39:46):
where is today. And I'm optimistic that can happen. And
with regards to the technicals. Yes, Paul, you're right. A
lot of these ETFs, you know, it's you know, the
index is the index. But in order for these ETFs
and sometimes mutual funds to mirror image that you have
(40:07):
to use some you know, you got some toys in
the toy box, and they're using toys, so a lot
of times they don't always line up, but they shake
out and Paul is right. So, Paul, you make some
good points. I appreciate your calling in with those points,
and I'd like to hear more from you. Go to
(40:28):
my website bouche dot com, look at those things and
let you know what you think about them. One eight hundred,
and do it after the radio show, Paul, don't do
it now, wait till eleven o'clock one eight hundred Talk
WGY one eight hundred eighty two five five nine four nine.
Any questions whatsoever, Folks, give me a call. One eight
(40:50):
hundred eighty two, five fifty nine forty nine. So, you know,
as I said, a lot of crazy week, you know,
sweeping tariffs on April second, you know, announced by President Trump,
dub Liberation Day. This you know, we had a massive
sell off, you know, the Dow plunging over four thousand
(41:12):
points in two days. Now, that sounds like a lot,
But listen, folks, the Dow's not like the SMP. The
dows forty thousand, so four thousand is ten percent, Okay.
The S and P is only fifty three hundred as
we sit here, it was six thousand, but we're at
fifty three hundred, and Nasdaq is sixteen thousand. So when
(41:36):
you hear big numbers like the Dow plunged four thousand points,
and I hate quoting the Dow, there's only thirty stocks
in the Dow thirty. There's five hundred stocks in the SMP.
Actually five hundred more than that. Because meta, I'm sorry,
not meta. Google has alphabet, I should say the old
(41:58):
Google has two share classifications. Birdshare has two share classifications.
But the S and P is a much broader index,
a much better representation of the stock market as a whole.
Why financial shows why it's always about the dial. The dial,
the Dow. It may be the most popular index, but
(42:21):
it's not the best suited index if you're going to
benchmark your portfolio. Or better yet, I every once in
a while tell you if you haven't sat down with
your advisor. Now, it's a good time sit down with
your advisor he or she and have them benchmark your portfolio,
see how it measures up to the SMP. It's all
(42:42):
about the S and P. The S and P is
really the broad stock Market Index or the Total Stock
Market Index, which takes into county, mid cap and small
camp indexes. But don't benchmark yourself to the Dow. The
Dow could be much different, and the S and F
or the Total stock Market Index, those are much better
(43:04):
indications of where the stock market's trading. And you should
sit down with your advisor. You know, I told you
one hundred percent of my money's invested, just like my clients.
I'm going to say this, I did not look at
my portfolio once this week. Not actually, I haven't looked
at my portfolio in weeks. It's human nature right to
(43:25):
want to look at how much money you're losing.
Speaker 3 (43:27):
Not me.
Speaker 1 (43:29):
I know I'm losing money. I know the market's down.
I don't need to have it verified and confirmed. I
don't need my money today, this week, this month, this year,
so I don't really care what's going on in the
stock market. I know over time stock market is an
asset class is the best performing asset class, So I
(43:52):
really don't care what it's doing today. If anything, I'm
looking for cash to put the work, and I'm looking
the free up cash to put the work. Blood in
the streets. That's an opportunity, and I do feel this
is an opportunity. You should not be selling. You should
be buying. I said last weekend. Sell when the market's
(44:16):
at it's all time high, and the market will go
back to be at its all time high again and
again and again and again after that. The market always
does that. But take advantage of the market being down.
That's an opportunity. That's how you want to think. If
you want to make money, that's how you make money. Listen,
(44:39):
if you want to go to Macy's and you know
their Monday sale is Wednesday. Are you going to go
on Tuesday and pay full price when you know that
Wednesday maybe it's going to be discounted twenty percent. No,
you're going to wait till Wednesday? Right? How come when
it comes to stocks, people want to sell when it
(45:00):
it sound sale and they want to buy when everybody
else has made money. Crazy crazy, crazy way of thinking.
You got to put it in perspective, folks, you gotta
when there's blood in the streets, those are opportunities. And
if you don't need your money, I say almost weekly,
if you need money over the next couple of years,
(45:22):
do not have that money investing in the stock market
because of times like this where the S and P
is thirteen percent off, it's high, NASTAC is eighteen percent off,
it's high. Do not do not have that money investing
in the stock market because it may be worth less.
Speaker 3 (45:41):
Have some money, some you know, money off to the side,
conservative so that you can weather these storms.
Speaker 1 (45:51):
Because it's not if. It's when the next market correction,
when the next bear market, when the next recession happens.
It's all about when, not if, So don't be scared
out of the market because of this. The SMP NANSDAK
we had some substantial declines. We were in a bear
(46:13):
market for both the SMP and NANSDAK. We're out of
that bear market. Sure, the S and P is thirteen
percent off, it's high, NANSDAK about eighteen percent off. It's high.
A bear markets when those markets are twenty percent off
its high. And earlier this week we were twenty percent
off the highs. The markets rebounded. You know, the President
(46:37):
Trump announced the ninety day palls a new global tariffs.
I just gave you breaking news that you know, President
Trump is not going to tax phones, computers, TVs. He's
exempted a lot of that. So that's good news for
the consumer. The consumer should feel better about that. The
(46:57):
thousand dollars iPhone is not going to cost twenty five
hundred dollars, So that's all good news for the consumer.
And China, Yes, it's still there's still one hundred and
twenty five percent tariff on the table for China, but
I'm pretty sure you'll see that change when I don't know.
I think you'll see China and this great country of
(47:19):
ours come together. That will change. Listen you head on
Wednesday alone, almost a ten percent rise in the SMP
and almost that's its biggest one day gain since two
thousand and eight, and almost the thirteen or I'm sorry, yeah,
almost a thirteen percent rise in NANSDAC on Wednesday alone.
(47:40):
So if you got scared out of the market on Tuesday,
you missed out on that. I had a client against
my advice put stop loss orders in and I tell
them listen if you have good investments. Paul kind of
hit on this. I believe in Apple and Amazon, so
why would I put a stop loss in on those
just so that when the market goes through some volatile
(48:03):
days like it did over the last few weeks, that
they'll sell out and then when are you brave enough
to get back in? And I had a client that
had stop losses and he admitted I should have listened
to you, Steve. I lost money, they sold and the
market's immediately recovered in a day like Wednesday. I missed
out on it. That client is right, folks. You are
(48:26):
listening to Let's Talk Money, brought to you by Bouchef
and Answer Group, where we help our clients prioritize their
health while we manage their wealth for life. I can't
thank you enough for tuning in every Saturday at ten,
Sundays at eight. Listen, folks, these are scary times. The
scariness will continue for a while. I don't know when
(48:48):
we'll get through it. Go to our website bouchet dot com.
You had that interview that I did with Channel thirteen
to two interviews. On Monday, Ryan did an interview on Spectrum.
We got a couple of the good things on our website.
You're listening to Let's Talk Money, brought to you by
Bouchef and and your Group, where we help our clients
prioritize their health while we manage their wealth for life.
Popular Podcasts
40s and Free Agents: NFL Draft Season
Daniel Jeremiah of Move the Sticks and Gregg Rosenthal of NFL Daily join forces to break down every team's needs this offseason.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.