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[SPEAKER_03]: On radio, on YouTube, streaming live on investtalk.com and for our podcast subscribers, this is Invest Talk.

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[SPEAKER_03]: Independent Thinking, shared success.

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[SPEAKER_03]: Invest Talk is made possible by KPP Financial, a registered investment advisor firm serving clients throughout the United States.

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[SPEAKER_03]: Here is KPP Financial Portfolio Manager, Luke Guerrero.

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[SPEAKER_01]: Good afternoon, fellow investors, and welcome back to Invest Talk.

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[SPEAKER_01]: I'm your host, Lou Guerrero, and today's Friday, September 5th, 2025.

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[SPEAKER_01]: It is now the first Friday of the month of September, and we are nearing the end of this quarter.

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[SPEAKER_01]: And overall, the end of 2025, but just because the year is ending, just because the calendar is winding down, doesn't mean we have the luxury to do so as well.

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[SPEAKER_01]: And so, here at Investonk, we meet each and every day with one objective for this podcast, this radio program, our YouTube series.

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[SPEAKER_01]: And that is to help make you a better and more informed investor.

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[SPEAKER_01]: Now, if you are a frequent listener, you know the format of the show.

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[SPEAKER_01]: We talk about a main focus point.

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[SPEAKER_01]: We bring other talking points to the table as well.

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[SPEAKER_01]: But the most important part of this program is answering your finance and investment questions that you submit via our any time listener line on our YouTube channel, our Instagram page, via email, and hopefully most importantly, my favorite live throughout the show.

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[SPEAKER_01]: Now, just a bit, we'll talk about today's market performance and run down those show topics for you today, but let's tackle this colleague question now.

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[SPEAKER_07]: Hi, guys.

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[SPEAKER_07]: Great show.

01:56.409 --> 02:05.677
[SPEAKER_07]: I was calling up to see what you guys think about Duolingo, see if this is worth investing in or should just move on and find something that's obviously on the show.

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[SPEAKER_07]: Thanks.

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[SPEAKER_01]: Okay.

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[SPEAKER_01]: Duolingo is that app with a little bird.

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[SPEAKER_01]: Let's pull it up here on faxette.

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[SPEAKER_01]: And it is a company that started as a software company for

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[SPEAKER_01]: Teaching people languages, the offer school, free web-based tool that aims to make it easier for teachers to use their platform in a structured learning environment.

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[SPEAKER_01]: You know, the bird yells at you when you don't frequently enough study, whatever your language you're trying to study.

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[SPEAKER_01]: But the reason why this name has had a lot of relative strength improvement since mid-2023 was on the back of their AI

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[SPEAKER_01]: focused.

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[SPEAKER_01]: Reformation of their company, right?

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[SPEAKER_01]: Then an AI driven expansion where their goal was to put AI first in every part of content creation.

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[SPEAKER_01]: Now, there was a little bit of backlash there because they were replacing contracted human content creators with these AI creators instead.

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[SPEAKER_01]: But at the same time, they used generative AI to launch a hundred and 48 new language courses.

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[SPEAKER_01]: And so in spite of this company being down a 48.15% in the past three months, it's up 28.87% in the past 72 weeks, it was up 218% in the year 2023.

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[SPEAKER_01]: Now, investor sentiment around this has kind of changed a little bit, right?

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[SPEAKER_01]: We were looking at for most of any industry that has started to implement AI,

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[SPEAKER_01]: within their business is finally getting some monetization from it.

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[SPEAKER_01]: In Q2 2025 earnings did beat expectations.

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[SPEAKER_01]: I'll buy a little bit about a 33% surprise on earnings and on top line revenue, about a 5% surprise there.

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[SPEAKER_01]: But there was a pretty significant drop recently, right?

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[SPEAKER_01]: You see it about the middle of June.

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[SPEAKER_01]: Pretty significant drop, who you had some downgrades.

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[SPEAKER_01]: You had a 12% slide in one month.

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[SPEAKER_01]: Subsequent eight percent slide there, leading to that three month, downward movement of 48.15%.

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[SPEAKER_01]: But a lot of that is bringing it from some ridiculous highs.

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[SPEAKER_01]: In spite of this drawdown,

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[SPEAKER_01]: Still training at 63.8 times for looking earnings, 12.8 times price to book value, 39.8 times price to cash flow.

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[SPEAKER_01]: Now for this type of business, that one of the reasons why I do not like buying something at this crazy evaluation is that yes, they have 10.9 million paid subscribers as of June 25.

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[SPEAKER_01]: But it's not very sticky.

04:54.827 --> 05:02.051
[SPEAKER_01]: Except for when the bird harasses you that you haven't done your language lessons for the day, sometimes people don't find an incentive to continue these things.

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[SPEAKER_01]: And not a really wide mode here, not a big mode here.

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[SPEAKER_01]: If you've ever looked at this app, sure, there are studies that tell you that it doesn't do as good a job and actually teaching you how to be fluent in a language, that's besides the point.

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[SPEAKER_01]: But I mean, it's pretty basic stuff here.

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[SPEAKER_01]: And so alternatives could pop up, especially with,

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[SPEAKER_01]: better implementation of AI from the ground floor rather than trying to replace.

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[SPEAKER_01]: And because of that, I just think that there are a lot of threats from competitors that exist now in new entrances to the market as well.

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[SPEAKER_01]: And so even though it's drawn down, 48.15% of the past three months trading where it is right now, albeit far lower than its average price earnings of 669 times,

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[SPEAKER_01]: still a bit too expensive, a lot too expensive for me.

05:50.476 --> 05:54.277
[SPEAKER_01]: That is duelingo, ticker, du, oh, oh, thanks to the call.

05:56.978 --> 06:01.220
[SPEAKER_01]: Now we have a lot to talk about today in the next 45 minutes or so.

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[SPEAKER_01]: So here's a little bit of what we have planned.

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[SPEAKER_01]: My main focus point concerns this topic.

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[SPEAKER_01]: What is identity theft and how can you prevent it?

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[SPEAKER_01]: Identity theft occurs when someone uses another person's private data with that permission and then commits fraud.

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[SPEAKER_01]: So it's important to learn what are the warning signs.

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[SPEAKER_01]: Also, we'll touch on the new jobs numbers, pretty in-depth, hiring stalled in the month of August only 22,000 new jobs, also the previous month's jobs numbers revised downward.

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[SPEAKER_01]: Also, to check on an interesting thought experiment.

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[SPEAKER_01]: And a lot of what has been pricing companies where they are today is the potential productivity growth from these large language models.

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[SPEAKER_01]: So what if it just turns out that AI is just normal technology?

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[SPEAKER_01]: What might happen then?

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[SPEAKER_01]: And should we have time at the end of the show?

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[SPEAKER_01]: We'll touch on the recently Titan Rules, the NASDAQ has on certain small cap stocks, trying to avoid suspected pump and dump scams.

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[SPEAKER_01]: Also, we will have some voice bank calls ready to play, including one on London that is LUNDIN, gold ink, ticker, L-U-G-D-F, and another on Stanley Black and Decorink, ticker-S-W-K.

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[SPEAKER_01]: There's also some questions that came into the comment section of the Invest talking YouTube channel.

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[SPEAKER_01]: And of course, I welcome your finance and investment questions live.

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[SPEAKER_01]: Anytime throughout the show.

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[SPEAKER_01]: Now, head it into a quick break.

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[SPEAKER_01]: Please remember you can call any time and leave your questions on the Investock Voice Bank.

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[SPEAKER_01]: If you're listening via our live stream, we're possibly on AM1220 in the Bay Area.

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[SPEAKER_01]: Call now at 888-99 chart.

07:38.960 --> 07:41.542
[SPEAKER_01]: Up next, I'll make a comment on today's market activity.

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[SPEAKER_06]: Serious investors are certain to have finance and investment questions.

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[SPEAKER_06]: Wanted to get your take on WW Granger.

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[SPEAKER_06]: And the best person to ask your question in the right way is you.

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[SPEAKER_02]: I was wondering from your standpoint, if they're at downside, in buying fractional shares versus whole shares.

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[SPEAKER_06]: And 24, 7 rain or shine, Justin Klein and Luke Guerrero stand ready to provide their unbiased answers.

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[SPEAKER_02]: The issue, though, is really over the last decade or so.

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[SPEAKER_02]: It's never maintained this level of profitability for a long period of time.

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[SPEAKER_01]: Modernies are incredibly volatile, so when the going is good, take some profit.

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[SPEAKER_06]: Your participation makes an invest talk better.

08:29.259 --> 08:31.719
[SPEAKER_06]: My name is Mike, I'm calling in from Orange County, California.

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[SPEAKER_06]: This is Lewis, calling from Bolivia.

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[SPEAKER_06]: Let's go talk to Chris and me.

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[SPEAKER_06]: So don't forget to call Invest Talk.

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[SPEAKER_06]: First off, great show.

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[SPEAKER_06]: I want to watch me too.

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[SPEAKER_06]: The Invest Talk phone lines never close, and now Luke Guerrero is here, call Invest Talk 888-99.

09:00.007 --> 09:00.307
[SPEAKER_06]: Sure.

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[SPEAKER_01]: Really quickly, let me tell you about our upcoming new, wealth webinar.

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[SPEAKER_01]: It's called Beyond the Mag 7.

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[SPEAKER_01]: How do I identify AI opportunities across sectors?

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[SPEAKER_01]: We're going to help you move past the familiar names and identify the key opportunities in which to invest for the real AI revolution.

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[SPEAKER_01]: So, happening online, September 30th, my mom's birthday.

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[SPEAKER_01]: From a one to two p.m.

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[SPEAKER_01]: Pacific Time, seats are limited so you can register now in Invest Talk.com.

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[SPEAKER_01]: Let's talk a little bit about the market today, before we move any more forward.

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[SPEAKER_01]: A bit of a mixed bag on the day, though the top line indices mostly negative, the down, down, 48 basis points.

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[SPEAKER_01]: That's some P500, down, 32 basis points, NASDAQ.

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[SPEAKER_01]: Just down a little bit, at three basis points, Russell 2000 small caps up 48 basis points.

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[SPEAKER_01]: Despite about that, S&P 500 still posted its fourth weekly gain in the past five weeks, Nasdaq marked its first weekly gain in the past three weeks.

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[SPEAKER_01]: Look at the sectors.

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[SPEAKER_01]: Looks like under performers included energy banks, investment banks, online brokers, payments, athletic apparel in the back of Lulemins earnings and guidance and cruise lines.

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[SPEAKER_01]: Outperformers included

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[SPEAKER_01]: building materials, industrial metals, and precious metal miners.

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[SPEAKER_01]: On the bond side treasuries, rallied a bit across the curve you did see in spot areas yields down anywhere from five to 10 basis points.

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[SPEAKER_01]: The same time, the dollar index was down 60 basis points of gold, finished up 1.3% and yet another record high.

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[SPEAKER_01]: and crude oil ended down just about two and a half percent a bit off worst levels just barely.

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[SPEAKER_01]: And that was really because there was a report that Saudi Arabia will want to speed up output at this weekend's OPEC plus meeting.

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[SPEAKER_01]: Stocks really unable to hang on some early gains we saw in the day though not much really behind.

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[SPEAKER_01]: You know, this subtle drift lower that was sustained for most of the trading day equities initially.

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[SPEAKER_01]: You saw this rally, right?

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[SPEAKER_01]: You saw weaker than expected August payrolls and a subsequent treasury rally, especially within the policy sensitive to your yield, the lowest level since April.

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[SPEAKER_01]: And so, this weaker report really put more rate cuts on the table with the market now pricing a 100% chance of a September 50 basis point cut.

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[SPEAKER_01]: and 66 basis points of cuts through December, some sell side economists, also forecasting steeper rate cut path following this report.

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[SPEAKER_01]: Though, you know, I would still know that a weaker print may not be enough to meaningfully spark recession fears, given what we've seen is a pretty resilient survey numbers from the household survey.

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[SPEAKER_01]: This also could just be a primary impact from falling emigration, and they're still a pretty relatively resilient wage growth.

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[SPEAKER_01]: Beyond non-farm payrolls, earnings takeaways largely upbeat the exception being Lulu Lemon, a big decliner on the day, though a lot of it appeared to be a pretty company specific, I would say, so unlikely to shift the view on the consumer.

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[SPEAKER_01]: overall and their spending patterns.

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[SPEAKER_01]: Quiet elsewhere, tariff headlines, that focus on the U.S.

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[SPEAKER_01]: Japan trade agreement, also some focus on the start of the U.S.

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[SPEAKER_01]: M.C.A.

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[SPEAKER_01]: that is the U.S.

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[SPEAKER_01]: Mexico Canada Agreement, Reneg gociation process, and really the extent to which all of these tariffs, all this income, all this revenue,

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[SPEAKER_01]: is likely you're hopefully going to provide somewhat of a cushion from the Treasury market amid global concerns, really, about debt pressures, deficit pressures.

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[SPEAKER_01]: Looking ahead to next week, benchmark revisions for the U.S.

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[SPEAKER_01]: labor market will be out on Tuesday, followed by August PPI on Wednesday, and CPI on Thursday.

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[SPEAKER_01]: Every day now, we receive questions over on our Invest Talk YouTube channel, where we not only post content from this show, but we also have a bunch of other educational content that you can only get over on YouTube.

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[SPEAKER_01]: You can get it for free, but you gotta go check out our YouTube.

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[SPEAKER_01]: And this question came in on ticker ICU.

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[SPEAKER_01]: It says, I know you guys are big fans of medical devices sector.

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[SPEAKER_01]: So I wanted to get your take on ICU medical ticker ICU, you I already.

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[SPEAKER_01]: So I guess that's ICUI, there it is.

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[SPEAKER_01]: And what do you want to know about ICUI?

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[SPEAKER_01]: It says, it's down about 20% and I've seen some conflicting reports on future earnings revisions would love to get your take.

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[SPEAKER_01]: Well, ICUI engages in the provision of innovative medical products.

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[SPEAKER_01]: They're based in San Clemente, California.

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[SPEAKER_01]: It's a leader.

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[SPEAKER_01]: leading global developer and manufacture of advanced medical technology so they have infusion pumps they got IV sets they got needle free connectors oncology drug delivery systems the whole shabang of things that you might need in the intensive care unit as it looks like

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[SPEAKER_01]: Really strong Q22025 results adjusted EPS at 210 beating the 150 consensus revenue at 548 million slightly above estimates gross margin and proved to 38% up from 35% the previous year.

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[SPEAKER_01]: It is a $3 billion market cap company.

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[SPEAKER_01]: It's got about $1.575 billion in debt.

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[SPEAKER_01]: For your guidance, adjust it a bit downward a couple of months ago, which could be one of the reasons why you're to date, it's down about 15.4 to percent.

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[SPEAKER_01]: Now, it's margins have improved, but in 2022, 2022, 2023, and 2024, it lost money.

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[SPEAKER_01]: It's net margin, sitting about 7.9%.

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[SPEAKER_01]: Revenue growth, 13.4% going back to 2019, but honestly, pretty much nothing since 2022.

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[SPEAKER_01]: So here's a company that is not growing much, that is oscillating between profitable and unprofitable.

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[SPEAKER_01]: It was rowed of strength has been weeks since 2019 and has quite a bit of debt on its balance sheet with really not that much free cash flow.

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[SPEAKER_01]: So for ICUI, which is ICU medical, I'm going to take a pass.

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[SPEAKER_01]: Thanks for the call.

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[SPEAKER_01]: Alright, thanks for watching.

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[SPEAKER_06]: The weekend is here or almost here, but you've got financial investment questions, so step up and call in, in Vestalk, 88899 chart.

15:57.651 --> 16:01.575
[SPEAKER_01]: My main focus point today concerns this topic.

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[SPEAKER_01]: What is the identity theft?

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[SPEAKER_01]: More importantly, how can you prevent it?

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[SPEAKER_01]: Now, identity theft is widespread.

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[SPEAKER_01]: It happens to a lot of people.

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[SPEAKER_01]: If you have experienced it, you're not alone.

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[SPEAKER_01]: And if you haven't experienced it, it does not mean that you are safe.

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[SPEAKER_01]: According to the FTC, they get 1.1 over 1.1 million reports.

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[SPEAKER_01]: 1.1 million reports of identity theft

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[SPEAKER_01]: Just last year.

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[SPEAKER_01]: That's in one year.

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[SPEAKER_01]: Theives who are trying to steal your identity to make purchases in your name, use your personal data, your social security number, your credit cards to open account to drain funds, to file fake tax returns in order to route the refunds to themselves, and also to seek benefits in your name.

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[SPEAKER_01]: And now you say, okay, I'm pretty careful.

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[SPEAKER_01]: So what are the some of the ways in which these thieves are targeting people?

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[SPEAKER_01]: One of them is fishing.

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[SPEAKER_01]: Maybe they send you an email with a suspicious link.

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[SPEAKER_01]: Maybe you think it's from a recognized email.

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[SPEAKER_01]: You click on it.

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[SPEAKER_01]: It's a YouTube video.

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[SPEAKER_01]: They tell you it's about just cute cats.

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[SPEAKER_01]: You have to look at this right now.

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[SPEAKER_01]: But the link is compromised.

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[SPEAKER_01]: Since a virus to your computer, they get information from you.

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[SPEAKER_01]: That's one way.

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[SPEAKER_01]: Oftentimes, the computers we use at work have added layers of protection that our personal ones don't have, so hacking can be a threat to our personal computers and even our work ones.

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[SPEAKER_01]: Another is physical theft, they could steal your ID, they could steal your cart, they could steal documents, not just from your house, but from your trash.

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[SPEAKER_01]: And all of these ways in which these do things can make each and every one of us a victim.

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[SPEAKER_01]: So what are some red flags that you should be looking for?

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[SPEAKER_01]: One is if you have missing mail.

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[SPEAKER_01]: Sometimes the intercepting your mail is a good way to get information.

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[SPEAKER_01]: Maybe they change your address on one of your accounts to reroute it to where they are.

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[SPEAKER_01]: You should also take a look at your credit cards.

18:22.458 --> 18:25.199
[SPEAKER_01]: You're checking account, are there any strange charges?

18:27.380 --> 18:30.102
[SPEAKER_01]: We should each and every one of us be monitoring our credit score.

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[SPEAKER_01]: While you're doing that, do you see any unexplained credit score drops?

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[SPEAKER_01]: Are there any new accounts on your credit score that have been opened in your name?

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[SPEAKER_01]: On your credit report, that is, that you are not aware of.

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[SPEAKER_01]: One of the big problems with fishing scams is they're not necessarily immediate.

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[SPEAKER_01]: They lure users into clicking on a link to send malware to enter personal data.

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[SPEAKER_01]: And in the moment, nothing can happen.

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[SPEAKER_01]: And that's why if you are suspecting that something like this has happened to you, you need to continue to monitor.

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[SPEAKER_01]: Even if you haven't, it's critical to monitor.

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[SPEAKER_01]: There are ways that you can protect yourself.

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[SPEAKER_01]: Strong passwords, not using the same password for each

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[SPEAKER_01]: protected pins to factor authentication, which is where you have a secondary device that is notified via email via text message through an authenticator app, in which you have to put a pin such that if somebody was trying to log in in your name and they had to use your name in password, they don't have your device, they can't get that information.

19:34.283 --> 19:39.867
[SPEAKER_01]: Everybody, each and every one of us should make sure that we secure our sensitive documents,

19:41.118 --> 19:49.940
[SPEAKER_01]: Part of that is not just keeping them in the safe place, but understanding that old things that you no longer have need to be disposed of properly.

19:50.860 --> 19:52.361
[SPEAKER_01]: Burn them, shred them.

19:53.641 --> 19:57.742
[SPEAKER_01]: Get rid of them in a way that nobody can copy them, nobody can find them, nobody can use them.

19:57.762 --> 20:01.263
[SPEAKER_01]: In order to compromise, you are financial well-being.

20:03.543 --> 20:05.764
[SPEAKER_01]: You also should not be carrying these things around.

20:06.799 --> 20:09.561
[SPEAKER_01]: You should never be carrying your social security card with you.

20:10.141 --> 20:12.022
[SPEAKER_01]: Shouldn't be carrying your birth certificate with you.

20:12.763 --> 20:16.305
[SPEAKER_01]: These are things that need to be left at home in a safe place.

20:18.206 --> 20:24.029
[SPEAKER_01]: Nothing you want to do, which for some of us, not myself, is very difficult.

20:25.250 --> 20:29.433
[SPEAKER_01]: Stop sharing so darn much about your life on social media.

20:31.173 --> 20:47.166
[SPEAKER_01]: You don't want to give criminals clues about who you are, which can then be used as clues to get into your systems, where you live, what your password might be, any number of things that can compromise you on a daily basis.

20:48.407 --> 20:56.534
[SPEAKER_01]: As I said, even if you are not suspecting that you are potentially a victim of identity theft,

20:57.470 --> 21:12.920
[SPEAKER_01]: It is critical to continue to monitor everything, monitor your credit score, monitor your account activity very closely, one easy way to do it is because federal laws allow free credit reports from major bureaus.

21:14.521 --> 21:20.165
[SPEAKER_01]: One thing that I do, because somebody did try and steal the stuff, is I freeze my credit.

21:21.710 --> 21:25.671
[SPEAKER_01]: And if I want to open another account, then I unfreeze my credit.

21:26.351 --> 21:30.952
[SPEAKER_01]: You can have alerts put on your account such that if anybody tries to do anything, you will get immediately notified.

21:31.012 --> 21:32.653
[SPEAKER_01]: Another thing that I've done for myself as well.

21:33.413 --> 21:35.654
[SPEAKER_01]: Now, you can do all you can.

21:36.734 --> 21:37.954
[SPEAKER_01]: You can be all the protection.

21:38.474 --> 21:39.235
[SPEAKER_01]: You can be prepared.

21:39.675 --> 21:41.415
[SPEAKER_01]: But at the end of the day, something might happen to you.

21:41.975 --> 21:47.317
[SPEAKER_01]: So if compromised, freeze your credit, contact your institutions.

21:48.422 --> 21:53.405
[SPEAKER_01]: file reports of the FTC in police and dispute any and all fraud quickly.

21:54.326 --> 21:59.869
[SPEAKER_01]: Taving these steps and knowing the remedies is critical to secure your financial future.

22:02.190 --> 22:07.774
[SPEAKER_01]: On the next investment talk we will look into at this topic why investors shouldn't ignore AI's impact.

22:08.554 --> 22:16.559
[SPEAKER_01]: AI is rapidly transforming investment strategies in financial services and presenting long-term opportunities that investors must actively monitor.

22:17.600 --> 22:21.954
[SPEAKER_01]: That's Monday, but for now, I'm Luke Guerrero and ready to take your calls at 80-89 chart.

22:33.698 --> 22:38.760
[SPEAKER_06]: Every investor is working to build a secure financial future.

22:39.341 --> 22:44.563
[SPEAKER_06]: How they get there and when they get there, that depends on many factors.

22:45.103 --> 22:50.606
[SPEAKER_06]: The more you learn about how the market works, the better your chances for success.

22:51.306 --> 22:55.748
[SPEAKER_06]: So don't forget to call, in Vestark, 888-99 chart.

22:55.808 --> 23:02.371
[SPEAKER_04]: Hi, this is Mad Miami, of which you guys do always recommend your podcast on my friends

23:03.388 --> 23:11.374
[SPEAKER_04]: I'm curious you take on a stock LUGDF London Gold, but it's actually on the OTC market.

23:12.075 --> 23:14.577
[SPEAKER_04]: I'm wondering if I can about to get in a little bit too late.

23:15.418 --> 23:19.261
[SPEAKER_04]: It has a mine in Ecuador called Fruta de Norte.

23:20.101 --> 23:24.125
[SPEAKER_04]: The numbers for it seem really strong over the past one to two years.

23:24.625 --> 23:33.453
[SPEAKER_04]: They have no long-term debt, but I always remember you guys mentioned that you have to be careful with instability in a country when it comes to miners.

23:34.273 --> 23:37.296
[SPEAKER_04]: And this one is positioning Ecuador, like I mentioned.

23:37.878 --> 23:46.468
[SPEAKER_04]: Some just curious you take on the stock and kind of forward looking projections and even the possibility of this eventually may be coming to New York Stock Exchange.

23:46.949 --> 23:47.650
[SPEAKER_04]: Thank you so much.

23:48.190 --> 23:52.495
[SPEAKER_01]: Okay, so this is L U G D F it is London.

23:53.116 --> 24:05.042
[SPEAKER_01]: gold spelled L-U-N-D-I-N, not London like the city, and a surprise surprise that operates a natural resource mining company 100% of its revenue is coming from its mine in Ecuador.

24:05.262 --> 24:08.904
[SPEAKER_01]: It's mining operation in Ecuador, that fruit-to-del-Nortemine system.

24:10.004 --> 24:12.245
[SPEAKER_01]: and revenue has grown pretty significantly.

24:12.605 --> 24:14.785
[SPEAKER_01]: From a whopping 0 in 2019 to 1.193 billion in 2024, the price is up 238.33% in the past 72 weeks.

24:14.805 --> 24:18.746
[SPEAKER_01]: Up 217.62% year to date, the past three months they had a Q2 earnings beat, 110% for your cash flow growth year over year, which is wild,

24:39.131 --> 24:44.515
[SPEAKER_01]: I think they had earnings grow something like 50% year over year at the same time.

24:45.415 --> 24:53.741
[SPEAKER_01]: And so, you know, in the short term, I don't know, I don't wanna say, I wouldn't say it was played outright because they're still ramp up in operations here.

24:54.642 --> 24:57.564
[SPEAKER_01]: But I think that this is a company that is a gold line.

24:58.004 --> 25:03.187
[SPEAKER_01]: And so any revenue growth, any margin growth,

25:04.166 --> 25:09.289
[SPEAKER_01]: any net income is entirely tied to the price of gold and we've spoken on this show pretty frequently.

25:10.770 --> 25:16.873
[SPEAKER_01]: But the reasons why it is essential to have gold as a balanced part of your portfolio.

25:19.214 --> 25:24.337
[SPEAKER_01]: With higher inflation, issues surrounding,

25:29.972 --> 25:34.594
[SPEAKER_01]: Goldman Sachs saying that if Fed independence was threatened, gold could climb to $5,000, an ounce.

25:37.655 --> 25:42.757
[SPEAKER_01]: It is just critical for diversification purposes and also for the return potential over the next decade.

25:45.212 --> 25:51.277
[SPEAKER_01]: Now in order to do that, you can either bicole directly or you can do as the caller is trying to do, get into a minor.

25:52.178 --> 25:57.762
[SPEAKER_01]: And so that's just to say that all these miners are generally going to have revenue track in the same way.

25:58.282 --> 26:02.326
[SPEAKER_01]: This one is special and then it had a little bit of a ramp up, strong operational thorough

26:15.214 --> 26:19.236
[SPEAKER_01]: But the problem I have with this company isn't that you're late to the boat, it's that it trades OTC.

26:19.256 --> 26:22.857
[SPEAKER_01]: And when you trade OTC, you tend to get worse prices, why?

26:22.917 --> 26:25.158
[SPEAKER_01]: Because liquidity and volume are significantly less.

26:25.218 --> 26:32.521
[SPEAKER_01]: It trades about 40,000 shares, average daily volume, whereas highly liquid stocks trade in the millions.

26:33.761 --> 26:35.482
[SPEAKER_01]: And so understand, that means spreads are wider.

26:36.742 --> 26:40.904
[SPEAKER_01]: And as you mentioned, there's a lot more risk because it's concentrated in one country, in one mind system.

26:40.944 --> 26:43.225
[SPEAKER_01]: So I love the idea,

26:44.715 --> 26:48.378
[SPEAKER_01]: If you're willing to take the risk, I don't think it's fully played out.

26:49.258 --> 26:55.783
[SPEAKER_01]: But if you're trying to invest in gold and gold minors, I'd probably focus on one that has broader diversity rather than being focused in one country.

26:55.803 --> 27:00.327
[SPEAKER_01]: I would also stay on exchange for those liquidity reasons.

27:01.708 --> 27:05.771
[SPEAKER_01]: That is London gold, take our LUG, DF, thanks to the call.

27:08.165 --> 27:12.868
[SPEAKER_01]: Now on Fridays, we generally make time to fit in a quick rundown of key benchmark numbers.

27:13.609 --> 27:14.969
[SPEAKER_01]: So let me get you with that list right now.

27:17.811 --> 27:20.233
[SPEAKER_01]: The two-year treasure yield is at 3.517% today for perspective.

27:20.253 --> 27:24.616
[SPEAKER_01]: Last week that number was 3.621 and 190 times 92 weeks ago that number was 64 basis points.

27:31.225 --> 27:34.627
[SPEAKER_01]: The 10 year treasure yield, priced at 4.088% today, last week at number is 4.232%.

27:34.667 --> 27:37.508
[SPEAKER_01]: 176 weeks ago, that number was 3.9 to 1% to 190 one weeks ago, that number was 1.762.

27:37.568 --> 27:41.570
[SPEAKER_01]: Gold is priced at $3,593 per ounce, that is a 146 dollar increase compared to last week.

27:59.828 --> 28:01.648
[SPEAKER_01]: Five weeks back, that number was a $3,048, and 184 weeks ago, that number was $1,800,6.

28:01.688 --> 28:04.169
[SPEAKER_01]: Silver today was priced at $40.98 per ounce that is a $1.25 increase compared to last week.

28:04.189 --> 28:06.209
[SPEAKER_01]: 82 weeks ago, that number was $22.80, and looking back 176 weeks, Silver was 23.94.

28:24.543 --> 28:34.050
[SPEAKER_01]: Oil was selling for $61.97 per barrel that is a $2.00 and $1.00 decreased compared with last week, 50 weeks ago that number was 67.79, 92 weeks back that number was 74.30 and $191 weeks ago that number was 66.62.

28:43.222 --> 28:47.744
[SPEAKER_01]: The national average for a gallon of regular gasoline is $3.20 since the same as last week, 118 weeks ago.

28:47.784 --> 28:49.485
[SPEAKER_01]: And I'm almost $3.566 weeks ago.

28:49.505 --> 28:51.006
[SPEAKER_01]: And I was 425 and looking back 186 weeks, a gallon of regular gas cost $3.57.

29:00.657 --> 29:05.921
[SPEAKER_01]: California was averaging $4.60 per gallon that is a one cent increase compared to the last week.

29:07.002 --> 29:13.887
[SPEAKER_01]: 96 weeks ago that I was 532 and 172 expect that I was 587 for comparison in North Carolina.

29:15.027 --> 29:20.571
[SPEAKER_01]: Gasses averaging 289 per gallon today that is $1.71 less than gas in California.

29:21.752 --> 29:25.075
[SPEAKER_01]: Let's shift gears a little bit and talk about

29:26.374 --> 29:27.295
[SPEAKER_01]: Today's job is numbers.

29:27.315 --> 29:27.735
[SPEAKER_01]: The U.S.

29:27.876 --> 29:32.760
[SPEAKER_01]: added only 22,000 jobs in the month of August was the expectation 75,000.

29:33.901 --> 29:42.070
[SPEAKER_01]: And so this difference, this gap, which could be revised up, could be revised down, signals a sharp labor market slowdown.

29:43.472 --> 29:51.899
[SPEAKER_01]: Not only did this number not meet expectations, June's job game provides down to a net loss of 13,000, marking the first monthly decline since 2020.

29:52.340 --> 29:59.906
[SPEAKER_01]: An employment rose to 4.3%, driven in part by weak hiring across manufacturing, finance and professional services.

30:00.647 --> 30:05.091
[SPEAKER_01]: And since Trump's liberation day tariffs in April, average monthly job gains have dropped to just 26,750 and 50.

30:09.327 --> 30:17.595
[SPEAKER_01]: Minority unemployment seems to be a bit down black unemployment jump to 7.5% the highest in 2021, and long-term unemployment increased as well.

30:18.255 --> 30:23.560
[SPEAKER_01]: Private sector job growth came mostly from the areas that we have seen for quite some time now.

30:23.881 --> 30:24.922
[SPEAKER_01]: Year over year.

30:25.322 --> 30:30.607
[SPEAKER_01]: From healthcare, which added 46,800 jobs despite the broader economic weakness.

30:30.647 --> 30:32.829
[SPEAKER_01]: You're seeing it in healthcare, you're seeing it in some services.

30:33.329 --> 30:39.775
[SPEAKER_01]: Primarily, where job growth is focused over the past year, government job growth has also been a boon to employment.

30:41.150 --> 30:52.213
[SPEAKER_01]: This time, however, federal employment dropped by 15,000, though many of the recent layoffs that we have seen in the news won't really show in data until the severance runs out a couple months from now.

30:52.853 --> 30:55.353
[SPEAKER_01]: And so what does this mean for us as investors?

30:56.914 --> 31:00.755
[SPEAKER_01]: Well, we talk all the time about the Federal Reserve's dual mandate.

31:00.775 --> 31:03.896
[SPEAKER_01]: It's really three, the last one being the stability of the financial system.

31:04.536 --> 31:09.357
[SPEAKER_01]: But it's worried about, it's being worried about growth, labor, and inflation.

31:10.780 --> 31:15.681
[SPEAKER_01]: And we've gotten into a situation now where the labor market is clearly deteriorating.

31:15.721 --> 31:16.921
[SPEAKER_01]: The economy is softening.

31:16.961 --> 31:20.622
[SPEAKER_01]: Maybe not enough to cause a recession, but certainly softening.

31:21.802 --> 31:33.825
[SPEAKER_01]: In fact, the market now fully expects a Fed rate cut in September, but investors, including myself, are skeptical about how much it will do, and if the risks really outweigh the benefits.

31:35.730 --> 31:46.737
[SPEAKER_01]: If you look at inflation, which has been systematically above two and a half percent let alone the two percent fed target, cutting rates now could potentially reignite that.

31:46.997 --> 31:53.421
[SPEAKER_01]: Now it could stimulate the labor market, but really there isn't demand for new jobs.

31:55.142 --> 31:58.944
[SPEAKER_01]: The big impulse is automation.

31:59.244 --> 32:00.025
[SPEAKER_01]: It always has been.

32:00.465 --> 32:04.848
[SPEAKER_01]: People talk about globalization, taking jobs away, it's always been automation.

32:06.079 --> 32:13.926
[SPEAKER_01]: That has been the singular driving force over the past 20 years that has sought to and worked to eliminate jobs.

32:15.868 --> 32:30.662
[SPEAKER_01]: And so these companies that are spending billions and billions and billions of dollars on AI in order to implement it within their systems within their companies are more likely to go down that route with the cheaper capital than they would be to hire elsewhere.

32:33.130 --> 32:41.475
[SPEAKER_01]: Now, we've talked about some of the issues with the jobs report, the quick, which you could have caught in last week's newsletter, on generally why these revisions happen.

32:41.515 --> 32:49.960
[SPEAKER_01]: These data revisions happen is because, and this has been going on for decades, the Bureau of Labor Statistics has pleaded change the way you're doing it.

32:50.321 --> 32:50.921
[SPEAKER_01]: It's antiquated.

32:51.041 --> 32:52.042
[SPEAKER_01]: We send up paper service.

32:52.882 --> 32:53.883
[SPEAKER_01]: We facts things.

32:55.043 --> 32:57.225
[SPEAKER_01]: And it's difficult to get companies to respond to them.

32:58.722 --> 33:03.107
[SPEAKER_01]: And so if fewer companies are responding, each individual response has more of a weight.

33:04.229 --> 33:09.535
[SPEAKER_01]: And if they're responding later, then when that response comes in, it still affects the month in which it was sent out.

33:10.576 --> 33:15.121
[SPEAKER_01]: But with fewer respondents, that effect becomes greater, hence the revisions.

33:16.069 --> 33:21.193
[SPEAKER_01]: Now, potentially, the new nominee for the BLS has floated strapping the monthly jobs point entirely.

33:21.593 --> 33:27.337
[SPEAKER_01]: That raises concerns about the Fed who is trying to be data-dependent.

33:27.677 --> 33:32.020
[SPEAKER_01]: All these policy makers making decisions may be quarterly as too much of a lag there.

33:33.061 --> 33:37.444
[SPEAKER_01]: Either way, the clear thing here to note is that the labor market is clear to theory.

33:37.965 --> 33:43.348
[SPEAKER_01]: How much effect a Fed rate cut in September may have to float that

33:44.278 --> 33:48.980
[SPEAKER_01]: He's yet to be seen swing back to the best talk of voice bank for a call that came in earlier.

33:49.640 --> 33:50.680
[SPEAKER_05]: Hello and best talk.

33:50.840 --> 33:57.683
[SPEAKER_05]: My name is Brian I'm from Ohio and like to see what you thought about the stock Stanley Black and Decker.

33:58.425 --> 34:00.646
[SPEAKER_05]: ticker symbol swk.

34:01.187 --> 34:09.751
[SPEAKER_05]: I'd like to hear what you think the fair value prices on the stock and also what you think how it might do in the future.

34:10.232 --> 34:10.612
[SPEAKER_05]: Thank you.

34:11.472 --> 34:21.718
[SPEAKER_01]: Stanley Black and Decker, I think I actually have a drill in my closet from Stanley Black and Decker, is a power and hand tool company, a very old

34:25.760 --> 34:33.751
[SPEAKER_01]: They IPO'd back in 1972 been trading for a while, but over the past five years, well, that of strength started to dip in 2021.

34:34.252 --> 34:42.063
[SPEAKER_01]: Interestingly enough, when people were starting to spend money, again, now a lot of the home improvement did happen during the pandemic.

34:43.188 --> 34:49.437
[SPEAKER_01]: and relative strength did maintain during that period of time, but it hasn't quite caught back to those levels.

34:49.518 --> 34:50.619
[SPEAKER_01]: The past 52 weeks down 20.27%.

34:50.659 --> 34:55.106
[SPEAKER_01]: Past three months up about 20% what drove that in the past three months?

34:59.312 --> 35:17.059
[SPEAKER_01]: a bit of margin recovery analyst upgrades on quarterly earnings you're seeing here net margin which was negative in 2023 starting to creep back up a bit right projected to go up to 4.6% from just under 2% during 2021 again a lot of people doing home improvement stuff

35:17.819 --> 35:25.304
[SPEAKER_01]: about 10.3% net margin, so not quite near where it was historically when it was great, but still improving.

35:25.344 --> 35:27.285
[SPEAKER_01]: It's an $11 billion market cap company.

35:27.325 --> 35:28.706
[SPEAKER_01]: It's got about 6 billion deaths.

35:28.906 --> 35:29.946
[SPEAKER_01]: Quite a bit of debt there.

35:30.006 --> 35:34.929
[SPEAKER_01]: Free cash flow, not headed in the right direction, not operating cash flow, not headed in the right direction.

35:35.690 --> 35:42.494
[SPEAKER_01]: Debt though, they are paying off their debt a little bit, not much cash on their balance sheet, either, just under $300 million on their balance sheet.

35:43.902 --> 35:46.623
[SPEAKER_01]: What they have been doing is trying to improve profitability, which certainly they have.

35:46.643 --> 35:47.664
[SPEAKER_01]: You see that in their margins.

35:48.204 --> 35:49.304
[SPEAKER_01]: They have been cutting costs.

35:50.145 --> 35:53.346
[SPEAKER_01]: And in the short term, there's a bit of a sensitivity towards interest rates here.

35:53.786 --> 36:07.152
[SPEAKER_01]: Not just because major projects and such and consumer purchases tend to be predicated upon what the cost of debt is, but because small caps are asymmetrically exposed to risk of financing with debt.

36:07.192 --> 36:08.133
[SPEAKER_01]: So you see, right?

36:08.933 --> 36:14.975
[SPEAKER_01]: Bad jobs report, potential for 100% according to the market, chains of a rate cut, what does that do?

36:15.415 --> 36:19.016
[SPEAKER_01]: Small cap stock here up, 4.02% in a single day.

36:19.517 --> 36:23.618
[SPEAKER_01]: Again, in spite of that, that's still down 2.3% over the past year.

36:24.778 --> 36:29.000
[SPEAKER_01]: Revenue, flat, down actually since 2022.

36:29.760 --> 36:33.021
[SPEAKER_01]: And because of this, it's trading pretty cheap, 13.8 times forward looking earnings, 14.9 times cash flow.

36:35.933 --> 36:38.435
[SPEAKER_01]: I don't know, it's a turnaround in progress story here.

36:38.455 --> 36:40.297
[SPEAKER_01]: It's a turnaround in progress story.

36:40.317 --> 36:41.738
[SPEAKER_01]: I don't think they've quite turned it around.

36:42.299 --> 36:43.941
[SPEAKER_01]: Certainly, they have a lot of work to do.

36:44.441 --> 36:48.945
[SPEAKER_01]: Their margins have been expanding, but their casual problem seemed to still be a problem.

36:50.006 --> 36:53.129
[SPEAKER_01]: And most importantly, their growth has not been regenerated.

36:53.990 --> 36:58.794
[SPEAKER_01]: Probably in the phase of stopping the bleeding, not quite in the phase where I would want to dive in just yet.

36:58.854 --> 37:00.816
[SPEAKER_01]: That is, it's Stanley Black and Decker.

37:01.735 --> 37:03.296
[SPEAKER_01]: ticker SWK.

37:03.676 --> 37:04.236
[SPEAKER_01]: Thanks for the call.

37:04.936 --> 37:06.417
[SPEAKER_01]: Now it is what days of today.

37:06.517 --> 37:07.597
[SPEAKER_01]: Oh yeah, it's Friday.

37:07.817 --> 37:08.458
[SPEAKER_01]: Almost forgot.

37:08.918 --> 37:09.518
[SPEAKER_01]: Almost forgot.

37:10.138 --> 37:12.779
[SPEAKER_01]: It is Friday and on Fridays.

37:13.620 --> 37:23.204
[SPEAKER_01]: We finish wrapping up writing the weekly KPP premium newsletter which goes out to our clients and our premium newsletter subscribers.

37:24.243 --> 37:31.009
[SPEAKER_01]: Now, I want to briefly mention what we will be talking about in the newsletter that is it distributed tomorrow in the KPP Insights section.

37:31.049 --> 37:46.003
[SPEAKER_01]: We discussed moves in the dollar this year, moves in the dollar critical for what it means for outside investors coming in the affordability of our goods as we export them all sorts of aspects of everything.

37:47.123 --> 37:48.924
[SPEAKER_01]: So we'll dive into that and stock idea section.

37:48.964 --> 37:54.288
[SPEAKER_01]: We mentioned a Canadian clothing manufacturer as well as an American tool production company.

37:54.968 --> 38:01.132
[SPEAKER_01]: And in the portfolio management section, we touched on key things to consider when building a portfolio.

38:01.372 --> 38:02.033
[SPEAKER_01]: Oftentimes,

38:03.323 --> 38:17.766
[SPEAKER_01]: People think about the stocks that go into their portfolios without thinking about the correlations between them, without thinking about how they all fit together, without thinking about the weights that you may want to hold each of them in.

38:17.786 --> 38:23.507
[SPEAKER_01]: With that thinking about a lot of critical portfolio management aspects that each of us need to consider.

38:23.527 --> 38:30.448
[SPEAKER_01]: So that last section, a particularly important one this week, will dive in at a high level at some things you need to consider.

38:31.541 --> 38:37.284
[SPEAKER_01]: If that sounds interesting, if you want to learn more, super easy, visit us at investtalk.com.

38:37.645 --> 38:39.305
[SPEAKER_01]: You can check it out there, you can subscribe.

38:39.766 --> 38:41.607
[SPEAKER_01]: And when you are a newsletter subscriber, we're a client.

38:42.327 --> 38:45.229
[SPEAKER_01]: The newsletter will hit your inbox on Saturday afternoons.

38:47.410 --> 38:53.874
[SPEAKER_01]: We are headed into our final break so you have a one more chance to get your questions in now before the weekend.

38:54.414 --> 38:56.015
[SPEAKER_01]: If you want to, give me a call at 888-99, chart.

39:09.172 --> 39:15.537
[SPEAKER_06]: 20, 25 rolls on, and you might have some fresh questions for Justin or Luke.

39:16.037 --> 39:19.980
[SPEAKER_06]: Call in Vestock, 888-99 chart.

39:20.680 --> 39:26.725
[SPEAKER_01]: We got time for one more question here before we head off for the weekend and we chose one fresh for our YouTube channel.

39:27.245 --> 39:29.907
[SPEAKER_01]: It's about processes for when you decide to sell shares.

39:30.427 --> 39:35.050
[SPEAKER_01]: The question states, I am very interested on your guys' process for when you decide to sell shares.

39:35.591 --> 39:41.014
[SPEAKER_01]: I've been recently taking some gains from Google and Microsoft after buying during the April lows.

39:41.495 --> 39:45.998
[SPEAKER_01]: I understand that taking a gain should be when you feel the business doesn't have any more potential to succeed.

39:46.018 --> 39:50.421
[SPEAKER_01]: But at the same time, there was so many unpredictable events that could send the stocks down.

39:51.041 --> 39:53.723
[SPEAKER_01]: All right, so we can strike portfolios from a top-down level.

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[SPEAKER_01]: So you think about, what is your worldview?

39:57.266 --> 40:02.029
[SPEAKER_01]: What is your worldview say about what sectors should do well?

40:02.569 --> 40:04.230
[SPEAKER_01]: What is then within that area?

40:04.730 --> 40:10.153
[SPEAKER_01]: How do you determine what sub-sectors are likely to be most affected by the macro environment in which you see?

40:10.173 --> 40:21.380
[SPEAKER_01]: And then from there, we kind of do a fundamental approach in which we find stocks that are tilting toward small caps, profitability, value,

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[SPEAKER_01]: and looking at those factors, create an opportunity set of names.

40:25.938 --> 40:41.684
[SPEAKER_01]: So when those stocks are no longer there, either that they are not as profitable as they were when you had them in your universe, or when they are not as value-oriented, maybe they're really expensive now, they move towards growth, that style drift is typically when we look to sell shares.

40:42.684 --> 40:45.405
[SPEAKER_01]: Now, that's at a high level, divesting from the company in full.

40:46.185 --> 40:49.607
[SPEAKER_01]: And again, a lot more to it than that, trying to give you high level understanding of you.

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[SPEAKER_01]: Now,

40:51.772 --> 40:57.134
[SPEAKER_01]: When you want to continue to hold on to the company, it's important to set and keep to tolerance bands, okay?

40:57.854 --> 41:01.895
[SPEAKER_01]: If you have a 4% weight and you're portfolio, then you want Microsoft to have.

41:02.455 --> 41:03.395
[SPEAKER_01]: And you're doing really well.

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[SPEAKER_01]: And it creeps up to 6%.

41:05.456 --> 41:09.337
[SPEAKER_01]: And your tolerance band was at one and a half, sell the darn thing, be disciplined.

41:09.697 --> 41:15.379
[SPEAKER_01]: A lot of people round trip holdings because they do not trim when they are profitable.

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[SPEAKER_01]: Very tough question, right?

41:18.797 --> 41:19.778
[SPEAKER_01]: Lot to answer there.

41:20.338 --> 41:21.319
[SPEAKER_01]: Just a little high level.

41:21.719 --> 41:22.520
[SPEAKER_01]: More goes into it.

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[SPEAKER_01]: Certainly, one of the most important things.

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[SPEAKER_01]: A lot of people know when to buy.

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[SPEAKER_01]: Not a lot of people know when to sell or trim.

41:28.763 --> 41:29.304
[SPEAKER_01]: Thanks for the call.

41:30.264 --> 41:31.965
[SPEAKER_01]: So we had a live call, Robert.

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[SPEAKER_01]: Ah, calling from Pleasanton.

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[SPEAKER_01]: And listen on an AM 12, 20.

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[SPEAKER_01]: You got a question about Lulu?

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[SPEAKER_01]: Yes, sir.

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[SPEAKER_01]: Lulu, Lulu, I'm in a rough day.

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[SPEAKER_00]: This is just, yeah, with this big drop today.

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[SPEAKER_00]: What are your feelings you think it might be an opportunity and time to pick some up now?

41:49.852 --> 41:54.055
[SPEAKER_01]: You know, I have never been pretty high on Lulu Lemon.

41:54.796 --> 41:56.618
[SPEAKER_01]: The reason being is I used to love Lulu Lemon.

41:56.898 --> 42:01.001
[SPEAKER_01]: Back when they were first, back when they first came out and very comfortable sweatpants.

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[SPEAKER_01]: From a company perspective, I noticed that the quality has kind of degraded over time.

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[SPEAKER_01]: And that's just a me personally touching the these pants and saying I don't like him as much and that shouldn't really inform our investment decision But really the thing that hits me with the Lulu is they came up in a time when Athleisure wasn't really relevant.

42:18.216 --> 42:25.643
[SPEAKER_01]: It wasn't prevalent at all They created this market around a type of clothes that was both gym oriented more fashionable and as with any other product

42:26.984 --> 42:27.824
[SPEAKER_01]: Other entrants came in.

42:28.625 --> 42:35.269
[SPEAKER_01]: And you have your Viori, you have your more athletic, actually, athletic, your versions, more premium versions of the Adidas brand.

42:35.549 --> 42:37.610
[SPEAKER_01]: You have all sorts of entrants into this market.

42:38.090 --> 42:42.893
[SPEAKER_01]: Such that if you looked at corporate earnings here and you look at the guidance from Lulu, a lot of the issues here were company specific.

42:42.973 --> 42:47.415
[SPEAKER_01]: It didn't really make a comment on consumer spending, which has been pretty robust.

42:47.535 --> 42:48.896
[SPEAKER_01]: You see that in household surveys.

42:49.216 --> 42:50.697
[SPEAKER_01]: You see that in a lot of other places.

42:50.737 --> 42:53.358
[SPEAKER_01]: That's why Lulu specifically was down 20%.

42:53.398 --> 42:56.040
[SPEAKER_01]: It didn't drag most of the market down with it.

42:56.580 --> 43:00.624
[SPEAKER_01]: It's been down about 56.12% year to date.

43:00.664 --> 43:05.809
[SPEAKER_01]: It's now trading still not at its low in terms of forward-looking earnings, 14.3 times.

43:06.990 --> 43:16.800
[SPEAKER_01]: I just think for Lou Levin, the structural issues here doesn't mean it won't bounce here, but the structural issues within the industry where they are no longer the only game in town in terms of premium F-leisure.

43:17.700 --> 43:20.663
[SPEAKER_01]: Again, you got your Vioris, your alos, all these other brands.

43:21.644 --> 43:22.024
[SPEAKER_01]: I don't know.

43:22.244 --> 43:27.066
[SPEAKER_01]: I think from a long-term perspective, it's best days are likely behind it.

43:27.746 --> 43:29.747
[SPEAKER_01]: That is Lulu Lemon Athletica.

43:29.767 --> 43:31.408
[SPEAKER_01]: Take her Lulu.

43:32.148 --> 43:34.429
[SPEAKER_01]: Thank you for the call Robert and enjoy a weekend.

43:35.249 --> 43:36.150
[SPEAKER_01]: I'm glad Robert called.

43:36.950 --> 43:45.073
[SPEAKER_01]: I hope he enjoys his weekend because I wanted at least one live call before the show was over and we got it.

43:46.456 --> 43:54.083
[SPEAKER_01]: That being said, my name is Luke Guerrero and Justin Klein and I. Thank you for listening to yet another invest talk.

43:54.684 --> 43:55.204
[SPEAKER_01]: Episode.

43:55.985 --> 44:03.352
[SPEAKER_01]: If today's show made you think about your own financial picture, your investments, your taxes, your retirement, whether it's all really working together.

44:04.295 --> 44:17.459
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44:18.219 --> 44:25.282
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44:26.162 --> 44:36.197
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44:37.630 --> 44:38.410
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44:38.910 --> 44:39.611
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44:40.351 --> 44:41.171
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44:41.871 --> 44:42.532
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44:43.172 --> 44:50.814
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44:51.154 --> 44:55.336
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44:55.736 --> 44:58.997
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44:59.397 --> 45:03.803
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45:04.163 --> 45:11.934
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45:12.434 --> 45:16.720
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45:20.642 --> 45:24.283
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45:24.303 --> 45:27.645
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45:27.665 --> 45:28.365
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