OpenAI Leadership Turmoil, FOMC Minutes Analysis, and Crypto Market Upheaval: Binance CEO's Exit | Money Moves

[00:00:00] Matty A: What's going on, guys? Welcome into today's episode of Money Moves. As always, your host, Matty A. Co host, Mr. Ryan Breedwell. What up, y'all? It is Thanksgiving week.

[00:00:34] Ryan Breedwell: And we are giving

[00:00:35] Matty A: thanks. We are giving lots of thanks.

[00:00:37] Ryan Breedwell: Oh, for all the wonderful women in our lives.

[00:00:41] Matty A: Oh, man. Shout out to them. As both of us are texting and arguing with our wives before we get on this show.

[00:00:47] Matty A: Love you, baby. Love you. We got a great show for you guys today. It's going to be short and sweet show. We don't have during Thanksgiving week, there's generally not a ton of stuff that comes out, but we do have some good [00:01:00] stuff to cover. We've got some updates. We've got FOMC minutes, which is probably the biggest news coming out this week that will drive and impact the markets, right?

[00:01:08] Matty A: I

[00:01:08] Ryan Breedwell: would say that's my meat and potatoes, but that's my stuffing and gravy. Oh, look at you getting all creative

[00:01:13] Matty A: with your Thanksgiving lingo. We got. Some updated real estate data that has been coming out, headed into the holiday and just overall some mainstream market news in crypto with Binance, big news coming out there, open AI, and overall a lot of the same continuing themes, narratives, trends, headlines.

[00:01:38] Matty A: That are run in par for the course right now. Correct. Not anything reversing too significantly. But that being said, we will cover everything for you guys in today's episode. First and foremost. What is your favorite dish that you are looking forward to on Thanksgiving? What is your go-to? YY it's the [00:02:00] one thing that will never miss your plate on Thanksgiving,

[00:02:03] Ryan Breedwell: Turkey, and gravy with that skin boy,

[00:02:06] Ryan Breedwell: Oh that's what I like.

[00:02:06] Matty A: I know my simple man. That's like a fastball down the middle. I was hoping for a

[00:02:10] Ryan Breedwell: knuckle ball or something. We don't have knuckle ball stuff. My, now if you ask that to like my mom. Yeah. Which my nana makes this wild. Marshmallow salad? Is it like over the sweet potatoes?

[00:02:23] Ryan Breedwell: No, it is a salad made of marshmallows. What? Your

[00:02:27] Matty A: grandpa getting litty on the sugar.

[00:02:29] Ryan Breedwell: Nana makes it out of Marshmallows, walnuts, cranberry sauce, tangerines.

[00:02:37] Matty A: Sounds like a lot of sugar.

[00:02:39] Ryan Breedwell: Bro, it is looked forward to. We have a family friend that comes to Thanksgiving most of the time. His name is Sean. He doesn't eat any vegetables, but he's I eat one salad every year.

[00:02:48] Ryan Breedwell: And it's always a salad. Cram

[00:02:50] Matty A: as marshmallow dessert salad. My go to is My grandma's pea salad. Have you ever had a good pea

[00:02:59] Ryan Breedwell: salad? [00:03:00] No, I didn't even, honestly, until you just said that, didn't know that existed. Oh yeah, this

[00:03:04] Matty A: is as hillbilly as the H sins get down. So it's peas, sliced up chunks, chunk, like cubed chunks of cheese, or cheddar cheese.

[00:03:16] Ryan Breedwell: Velveeta, or are we talking cheddar?

[00:03:18] Matty A: No we're talking cheddar. Okay. Yeah, we're not getting... Yeah, cheddar's a little better. Then, red, chopped up red onions. Okay. And mayonnaise. Dude,

[00:03:31] Ryan Breedwell: what the

[00:03:31] Matty A: fuck? Yeah. Oh my gosh. I'm telling you that is the first thing Is that like a dip? Oh, no. It's like you Is it cold?

[00:03:40] Matty A: Yeah, it's cold.

[00:03:41] Ryan Breedwell: Oh, brother. It is phenomenal. I will say my father in law does make a very interesting dish sometimes. My wife loves it. I can't do it yet. But it's a famous dish on my wife's side of the family. Half sour cream, half cream cheese, [00:04:00] pistachios, dried jarred beef, not salami. Oh, I didn't know it existed either.

[00:04:07] Ryan Breedwell: Okay. It's beef that comes in a jar, it's dry. Yeah, it doesn't sound good. Chopped up, and then they put it all together and they bake it. Okay. And they use it as a dip. Okay.

[00:04:19] Matty A: I might be able to

[00:04:19] Ryan Breedwell: get down with that. I have yet to explore that diet

[00:04:23] Matty A: combo. And then green bean casserole, that's just my go to. I do like green bean casserole.

[00:04:27] Matty A: I like stuffing. Homemade green bean casserole. Stuff. Oh

[00:04:29] Ryan Breedwell: yeah. I'm ready. I like the leftover turkey sandos the day after. And

[00:04:33] Matty A: then for dessert, we obviously, of course, everybody got the normal pies and all that, but cream butter tarts. I

[00:04:41] Ryan Breedwell: don't even know. What are you? Where are these foods coming?

[00:04:44] Ryan Breedwell: I'm

[00:04:44] Matty A: telling Fatty Matty was

[00:04:46] Ryan Breedwell: birthed. Macaroni Tony You ever heard of a freaking creamed butter tart?

[00:04:50] Matty A: Tone. Tone. Don't hate till you try it, baby. And don't hate. I'm gonna bring in. I'm gonna bring in some. Bring me a cream butter tart. I'll bring you a cream butter tart and I will [00:05:00] also bring you. Don't even think about bringing me.

[00:05:01] Matty A: A nice old ice cold scoop of pea salad. I don't like mayonnaise.

[00:05:06] Ryan Breedwell: I will

[00:05:06] Matty A: not. You'll like this concoction. I'm telling you that much baby

[00:05:09] Ryan Breedwell: God. Yeah. That is man thing. , man. You know what I'm giving things for? I'm outta your

[00:05:13] Matty A: table . There will be some goodness. And of course, we're popping bottles.

[00:05:19] Matty A: We're actually because my grandma my grandparents passed this last year. This is the first year of my entire life that we're not doing Thanksgiving at their house. So new family tradition. We we got a big table reserved at Paul Martin's. Oh, sweet. And we're gonna do their full prefixed Thanksgiving dinner there.

[00:05:37] Matty A: Looking forward to that. It'll be something a little bit different. But overall wanted to start today's show. To give thanks to all of you guys are amazing listeners. One of the things that we're heavily going to be focused on in 2024 is building a greater sense of community, better value, better resources, better ways to get connected to network, to get in [00:06:00] proximity.

[00:06:00] Matty A: And so we're really excited to be rolling out more information there. If you guys aren't subscribed to the show yet, be sure to hit that subscribe button, leave a review. We significantly appreciate every single person that takes 60 seconds out of their busy schedule to leave a review. It's how we reach more amazing listeners like you.

[00:06:16] Matty A: And don't forget to check out the Millionaire Mindcast store. Upgraded, Black Friday special, shop. millionairemindcast. com. And of course, As always on Wednesdays, don't forget to take advantage of your free financial x ray to connect with Ryan and his amazing team, who will go through your entire investment portfolio for free.

[00:06:35] Matty A: They'll give you a feedback input and also build out a financial plan. Yeah, financial plan. And that is all at the cost of free 99. So if you want to take advantage of that x ray to 844. 4, 4, 7, 1555. I've said that so many times, I almost forgot it. Text the word X ray to 844 447 1555. And for all my credit [00:07:00] investors that are looking at passive income deals, I've got some ones rolling out in 2024 for you guys.

[00:07:07] Matty A: You can text the word deals to that same phone number. 844 447 1555. All right. You like that? I did like that. You looked a little taken aback by that. Taken aback. Taken aback. What are you, the grammar police today, huh? My wife

[00:07:22] Ryan Breedwell: always gets on me when she says I'm taken aback.

[00:07:24] Matty A: Yeah, my wife is an author and any time I miss say something or misspell something, that is the quickest way to get me

[00:07:33] Ryan Breedwell: Into there.

[00:07:33] Ryan Breedwell: Riled up. Oh. Alright,

[00:07:36] Matty A: Big news coming out today, mainly was FOMC. Yeah the minutes. The minutes came out, the overall sentiment, they always do a good job of finding that balance, of making it seem like they're not gonna do what everybody wants them to do. But they leave some breadcrumbs along the path in the discussion to let you read in between the lines what was the [00:08:00] takeaway from today's minutes and how is the Market responding as a result of that.

[00:08:05] Ryan Breedwell: So my opinion on the takeaway of today's minutes was that it was much more I'm going to say it this way. It was less hawkish than it has been, as in they did not essentially indicate that, Hey, we're checking to see if we need to raise interest rates more. They were saying, we're going to be careful not to raise interest rates too quickly if we don't need to.

[00:08:30] Ryan Breedwell: That was the tone difference from the first set of minutes from last month. And obviously the data that's happened between now and then or then and now and today's minutes. I think that we still have I don't think, we have about three more weeks left of inflation data that's going to be coming in.

[00:08:47] Ryan Breedwell: They were very pointed on that they're going to take minute data up to the last minute before they make the decision. I think they actually had a section where they specifically said that. Yeah, they did. And... What I took away from it [00:09:00] was obviously no pause in the December meeting. So no more rate hikes this year.

[00:09:05] Ryan Breedwell: We actually flipped the graph completely from any chance of a rate hike down to, there was a 0. 2 chance, I believe, of a cut, which, it means there's a slight chance, but I highly doubt that's going to happen. 99. 8 percent chance of a pause right now. And then moving forward, it solidified even further cuts by May or maybe even starting as soon as.

[00:09:26] Ryan Breedwell: March. And I think probably what they would do is indicate in March that cuts are coming. Cause I just think it's going to be too much heat for the market to handle. I saw that in the, in one random meeting, I think they're going to try to forecast it like the, how they're holding back.

[00:09:42] Ryan Breedwell: I think they're going to give us a little glimpse and then pull the sheet down. So we know what's coming and that's one of the meetings that has a dead month in between. So it would actually give 60 days for things to bake into the market versus it

[00:09:57] Matty A: all happening at one time. Yeah it looks like [00:10:00] 30 chance currently of a cut in march followed by Just shy of 50 chance of a cut in may and I checked

[00:10:07] Ryan Breedwell: this morning before that data was out Let me just see how much different that was.

[00:10:11] Ryan Breedwell: I saw that

[00:10:13] Matty A: I don't know if it was unusual wills that noted this but essentially noting that A rate cut is fully priced in for June of 2024. Oh, it's that

[00:10:23] Ryan Breedwell: no doubt Yep, but it's going to happen by then shout out to ryan bravo for calling that about nine months ago But it might happen as early as March there.

[00:10:35] Ryan Breedwell: There's a pretty good chance it could happen by march. What would kick it? Further to June would be a bump up in any sort of data in an area that it wasn't expected, like a surprise, even a small one. So things do need to keep threading the needle best they can. What would, theoretically,

[00:10:54] Matty A: one of those surprises potentially be?

[00:10:55] Matty A: Like a huge... Inflation jumps

[00:10:57] Ryan Breedwell: back, a huge drop like unemployment rate going [00:11:00] down. Non farm payrolls or private payrolls spiking like they did unexpectedly in July, which screwed me last time on my prediction. We were getting, we were looking for a 200 K print. We got like a seven 90. So that was way too hot and heavy.

[00:11:14] Ryan Breedwell: So something like that would then say, okay, we need to wait longer. Oh, we need to wait longer. Oh, we need to wait longer. But we're for sure in the zone to be cutting sometime between. March and definitely by June meeting of next year. We even have analysts going as far to say, we're going to break to all time highs on the S and P this year.

[00:11:33] Ryan Breedwell: Bank of America coming out today saying that we should get to the 5, 000 mark by the end of the year. God, I would love that, but I don't know if the 5, 000 marks going to happen. That would break through all time highs like 48 15 or 48 and some peanuts on the S and P and we're trading at about 45, 46 right now.

[00:11:50] Ryan Breedwell: That would be another 10 percent and some move and that's consensus

[00:11:55] Matty A: is that the Fed is going to cut by 1 percent or more on the Fed funds [00:12:00] rate by the end of next

[00:12:01] Ryan Breedwell: year. And that's before they start cutting and what will happen in my opinion is when they start cutting that scale will slide aggressively to the left more they're going to want to come down hard just like they went up hot.

[00:12:15] Ryan Breedwell: beCause you don't want to get stuck into hyperinflation by keeping things hot and heavy too long. You wanna get people back to the normalcy of money where it used to be. But I want to just caution people not to expect interest rates to get back down to a quarter of a percent. Like they did right after Covid or they did for like that span

[00:12:33] Matty A: time.

[00:12:34] Matty A: I don't think we'll see that No. Ever again. If not, definitely not anytime

[00:12:38] Ryan Breedwell: soon. I'll remind people that interest rates, like in 2018 were two and a half percent. And that's probably where we'll be. So whatever loan you got back then, that's about what the money will cost. Four and a half to five and a half percent for well qualified buyers on like homes.

[00:12:52] Ryan Breedwell: There should be some 0 percent money available on car loans if the manufacturer's wanting to eat it in the back end. So things will get back to more normal, but like [00:13:00] you are not going to get a 2 percent interest rate on a mortgage. I hope I, not that I don't want people to have that. I just don't want to, I don't want to sit to try to paint people pictures that aren't going to happen.

[00:13:11] Ryan Breedwell: It's just not quantifiable to see interest rates getting back down to that level given. I'm preaching to the choir. We're just where inventory is even at. The demand's gonna be so high. We don't have an oversupply. So we don't need to get money out into the market to sell houses like we did.

[00:13:29] Ryan Breedwell: That was one of the reasons that money was so cheap. They had to get the damn houses off the market. I just listened to a guy talk about that. That's never, that lightbulb's never gotten written off of my head. But all the foreclosures that happened and all the houses and all. That needed to get bought up over the last seven, eight, nine, 10 years.

[00:13:44] Ryan Breedwell: Yeah, it got absorbed and then some. They did. That's why it's been so good to be a real estate investor. Time, times are just changing. Yeah. And for the better, because again, when money has a cost to it and it moves in a responsible manner, good deals are made, there's [00:14:00] profitability on both sides and that keeps the kind of needle moving forward.

[00:14:04] Matty A: Yeah. Yeah, speaking of inventory and going back to that point that you just noted of, people who got those insanely rock bottom interest rates, that's also a part of why there's such a limited supply of inventory out on the market. Obviously, builders can't keep up. And their confidence has dropped significantly, I think, over the last nine months, just based on demand, but people who purchase homes and locked in 3 percent mortgage rates in 2020 and 2021 are, of course, reluctant to sell.

[00:14:38] Matty A: Yes, I am. Why would you ever want to do that when you've got essentially free

[00:14:45] Ryan Breedwell: debt? Free debt. If you ain't making more than 2. 79 percent on your cash, you can get that into money marketing.

[00:14:52] Matty A: That is obviously keeping tight. Inventory levels, it's keeping prices higher, [00:15:00] but I will say just because the cost of capital is so expensive for a lot of people and so many people have been priced out of the market, now we're starting to see some homeowners come back down to reality a little bit in terms of how they're pricing their houses.

[00:15:13] Matty A: The velocity at which homes are trading still is drastically lower, but the... Price increases, I think, are starting to cap out. If anything, they're starting to come down. The share of U. S. home sellers dropping prices is at a record high per fortune. That just came out. Same thing, similar report on Redfin.

[00:15:32] Matty A: We've got Altos reports that active single family inventory is up 0. 5 percent week over week and is now up slightly.

[00:15:45] Matty A: Yes, it's still down almost 36 percent compared to the same week in 2019, but the fact that even last year inventory was drastically up and sales had slowed pretty significantly. Now we're even above that in this year, [00:16:00] same time same week as last October or November. I think that we'll still continue to see, Prices hold relatively stable.

[00:16:09] Matty A: And we'll still see a pretty slow trickle of home sales. NAR just re released today, existing home sales, those decreased to 3. 79 million in October, which is a new cycle low. Sales declined 14. 6 percent year over year compared to October of 2022, which was the 26 consecutive month with sales down year over year.

[00:16:32] Matty A: And, some people are saying the cracks in the housing market are growing larger, a seller slash prices, and this was a clickable headline from Redfin. I don't, I just, I don't buy that one bit. I think if anything, one of the safest and most stable asset classes right now is single family houses.

[00:16:51] Matty A: They're not gonna give you your best ROI on invested dollars, but they are a great store of value right now that has a significant [00:17:00] amount of Insulation with all of the market macro and micro variables that are surrounding that particular asset. Yep.

[00:17:09] Ryan Breedwell: And I think one of the funniest things that I've been seeing is like a lot of people posting like the cost of a house and interest rates.

[00:17:15] Ryan Breedwell: And so if the cost of your house was, three years ago, 800, 000 and at 3 percent this is the mortgage, you have to reprice your house so that it costs 3, 000 now. And I'm just like. That is not how that works. Housing prices are not dictated on what you can pay. They're dictated on what the market will pay.

[00:17:37] Ryan Breedwell: Yep. And not what you can pay. What the market will pay. Intrinsic value, not. Not implied value that you can afford. That's another inaccurate thing I've seen floating around, is people have to slice, slash their houses by 000. Because that's honestly what you'd have to do to get, if you're using, people don't understand the effect of 3 percent to 7 percent on a mortgage.

[00:17:56] Ryan Breedwell: It's 100 percent more interest on your mortgage cost. And some. [00:18:00] So that, That to me is not what's going to happen, but I will say that I have seen that too, where people are coming down 50 to a hundred grand off the price, but then they're making, or they're not. And they're making the seller buy down the rate.

[00:18:16] Ryan Breedwell: That's another thing I've heard a couple of my clients do Hey, we'll buy, we'll pay that price. No problem. We'll go buy our rate down by 100, 000 and get us down to a 4 percent rate. Yeah. So I've seen, that's another tactic I've seen people deploy. And that's also why seller carry is being is popular if done correct.

[00:18:32] Ryan Breedwell: So right now, cause both parties win, that person's going to get a way higher seller. Seller finance rate than they'll probably ever get. Yep. And you're going to get a loan cheaper than you could ever get. So it's a win for both parties and they're going to get an amortized in an amount of time.

[00:18:47] Ryan Breedwell: That's an unreasonable for a bank to ask, but reasonable for an individual to do. Yeah, exactly.

[00:18:53] Matty A: Yep. Absolutely. Now with the markets where they're [00:19:00] at heading into the holidays, I saw. According to Oppenheimer, B of A, a couple really bullish predictions or potential outcomes as we head into the end of the year.

[00:19:14] Matty A: Oppenheimer said that the S& P 500 could soar another 18 percent by year end as the economy is strong and the Fed is likely to end its rate hike cycle. Is that something that has some real legs to it? I think B of A was even more aggressive, right? Yeah,

[00:19:32] Ryan Breedwell: I definitely think we should rally I don't want to say enough, I want to say moderately.

[00:19:39] Ryan Breedwell: Not, I don't know if it would be good as B of A's, but it might be as good as getting back to the 4800 mark. 5000 on the S& P, again, that's never been seen ever.

[00:19:49] Matty A: And that was B of A, right?

[00:19:51] Ryan Breedwell: Yeah. Cool. I feel like that is going to come once we cut interest rates. Cause what, how, [00:20:00] what's the catalyst to get.

[00:20:02] Ryan Breedwell: The last time we were where we were,

[00:20:04] Matty A: there'd be no rhyme or reason behind getting above that threshold, right?

[00:20:08] Ryan Breedwell: It would be something that I haven't thought of, which, not saying that can't happen or that I haven't even read or seen anybody else consider, so I would have to go dig into their prediction, cause they'll put notes and reasonings and why.

[00:20:22] Ryan Breedwell: I wonder if that's more of a technical. Set up because I was looking at a lot of the technicals in the SMP and they would indicate that it's a good time to buy. But the oscillating indicators indicate that it's a good time to sell, I believe. Shout out to Macaroni Tony on my oscillating indicators.

[00:20:35] Ryan Breedwell: I don't know. I think on the short term it looks like a sell, which means it's a good time to buy. And on the long term it looks like a buy, which means it's a good time to buy and hold in the short term. As confusing as all that verbal vomit was. I don't know if we can get there. I hope that we can get there.

[00:20:52] Ryan Breedwell: I definitely think we can march back to 48, but breaking through the 48, the low 4, 800 mark, I think, like I said, around the 48 20, that would be the highest that [00:21:00] the market has ever been ever. And it would be at a time when interest rates are at the highest they've been in 20 plus years. So I don't know if we have enough of earnings or consumer spending, but there could be inflation data.

[00:21:18] Ryan Breedwell: And points that come in that maybe point to a cut being made, being the consensus not just like a likelihood in March. And maybe that would push it forward. Cause people are trying to get in before. Some sort of pop. Yeah. That there's a lot, this is why investing is so fun and why you stay invested in quality long term because anything can happen when you invest in the stock market, especially because it's open on five days a week and things move so quickly.

[00:21:44] Ryan Breedwell: But you can make a lot of money being smart and picking things over a long period of time and letting those things work for you and so I do think that we're going to rally up. I hope we hit the 5, 000. I just don't know if we'll break to that level until we get a really strong catalyst. Me being [00:22:00] one of the biggest bulls that there is to get us there.

[00:22:02] Ryan Breedwell: Because again, everything has to be quantifiable. Yeah. I would say there's probably like less than a 25 percent chance, and that might even be hot and heavy, that'll happen. But there's always a chance for anything to happen on any given

[00:22:14] Matty A: day. Yeah. What are some of your wealthier clients doing right now?

[00:22:21] Matty A: Putting money

[00:22:21] Ryan Breedwell: into their accounts. By a lot of it. Quite a bit. Especially two, three weeks ago. Yeah. I was doing like 50, 000 just chunks. Yeah. I was having people hit me up to put money in their account. They did that before the last little bump, bump up. So they've made six, 7 percent on that because dividends were also paid.

[00:22:44] Ryan Breedwell: sO yeah it's hard to do the right thing, especially in investing. Sometimes it's hard to buy a good deal when you're down to your last dollar. No matter how good it pans out because the what if, but that's why a fortune favors the bold. [00:23:00] We saw.

[00:23:02] Matty A: Some interesting news come out today around Binance and their CEO who's officially stepping down.

[00:23:10] Matty A: He's pled guilty to money laundering violations in Seattle and Binance also pleading guilty. Paying the 4. 3 billion dollar fine. Crypto markets are responding to that right now. Yeah, they were in the red. What does that mean? For the crypto market as a whole and let's just say this platform?

[00:23:31] Ryan Breedwell: We have, so we have FTX and now we have CZ from Binance.

[00:23:35] Ryan Breedwell: I think people are starting to realize that the same people That are preaching to them that the current system is broken are just the ultimate fraud or the profits of fraud. They're just, that's why you like, I know regulation is not what the industry wants, but it is absolutely needed because no matter who you are, [00:24:00] if you're unregulated, regulations protect both the business from not getting too hot and heavy.

[00:24:07] Ryan Breedwell: And the consumer from not getting screwed over by people because obviously nobody thought CZ was doing four and a half billion dollars and In a money laundering, but he's admitted to it and so Not even trying to fight the charges They obviously must have had pretty black and white evidence and it was clear as day and I think they'll want to keep that Evidence as sealed as possible.

[00:24:28] Ryan Breedwell: So admitting to it is probably the cleanest way to be done it just goes to show you that it's Regulation is necessary for anything to develop and playing and being, playing as part of the rules or by the rules is just a necessary evil. Everybody has to do it every day, right? We don't like all the rules that exist, but we have to play by them.

[00:24:49] Ryan Breedwell: It also makes it so that furthers that anything that doesn't have any like VC money behind it or any or projects that are not [00:25:00] willing to be a part of that. I would highly recommend, if you're already speculating, being very careful speculating in those names. And those names to me would be, Bitcoin, Ethereum's now on that chopping block.

[00:25:13] Ryan Breedwell: These tokens that want to say, Hey, we're trying to break the system. I do not see that being a very popular narrative. And the U. S. Justice Department did announce today that they're going to do a huge crackdown on the crypto market because of what they found in the Binance. Findings because if they're doing it on and they're that big there's got to be a lot of players doing it And I've said before and I'll say it again.

[00:25:37] Ryan Breedwell: That's the biggest problem that'll happen with the crypto market. It's just too much fraud Yeah, there's too much people that'll do bad with it for it to be good That's why it has to be regulated. So keep the bad people out so you can minimize the negative that happens

[00:25:50] Matty A: It's gonna be interesting to see how this all plays out next year Because it feels like the crypto market was getting some momentum and every time it does [00:26:00] there's some bad Black cloud and storm that comes out around.

[00:26:04] Matty A: Bitcoin

[00:26:05] Ryan Breedwell: halving is coming up. Soon So I know that's gonna be important. I Just think that there's too much fraud by the major players at the top right now The thing that would be crazy is if they found that aetherium Guy Vi, whatever his name is, Vitaly, if he found, was found.

[00:26:25] Ryan Breedwell: I feel like he's I don't know if he has that in him. I don't, I think he's

[00:26:29] Matty A: just a nerd that loves that kind of stuff. Yeah. I don't see him being somebody that's out to steal and launder people's money, but who knows?

[00:26:35] Ryan Breedwell: Who knows? Anything can happen. That's why, again, whenever you speculate and stuff like that, it should be with a very small portion of your money.

[00:26:41] Ryan Breedwell: And you should make sure that you're willing to lose all of that because When regulation doesn't exist, fraud's going to be around because money's involved.

[00:26:51] Matty A: Big news for OpenAI, their board voted out firing. Good news. Yeah firing [00:27:00] Sam was a Bateman. I think it is Sam Bateman something like that I was getting confused with SBF.

[00:27:05] Matty A: Yeah, I do the same thing open a eyes new CEO Emmett Shear who was appointed yesterday Sam Altman. There you go is in talks to resign after 24 hours 700 of the seven 170 OpenAI employees signed a petition saying that they will leave the company now unless changes are met and Altman is brought back as CEO.

[00:27:33] Matty A: He got hired on two days later by Microsoft to run their side of the OpenAI platform. There's still more and more information coming out around this, but to have a unicorn company like that, have a board, vote out the CEO and one of the founders, without there being any discussion around it, it sounded like it was a total coup.

[00:27:55] Matty A: It did. That's just really interesting to me. I wonder what [00:28:00] more is going on behind the curtain there. Or some company that has a value of that...

[00:28:06] Ryan Breedwell: That size. You know what it's going to be? It's going to be something to do with stocks and money

[00:28:10] Matty A: and something. Totally, right? It's going to be some type of, power play, money play, fraud.

[00:28:15] Matty A: Money grab. Something's going on there that I think there's still a lot to be uncovered and going to come out.

[00:28:21] Ryan Breedwell: And it will be because all that stuff's going to be on transcripts and there'll be text messages and emails. Those tech people are not smart about keeping their business. They think that you send an email and it's Oh yeah, nobody will ever see this wrong.

[00:28:34] Ryan Breedwell: So yeah, I will, we'll know soon. I think that it was a very unwise idea for them to go about it the way that they did. Yeah. That would be like Tesla doing that to Elon. Their company would fail. So you can't bite the hand that feeds, folks. Always

[00:28:47] Matty A: remember that. Holiday hiring among retailers decreased to 135, 000, the lowest level, in about five years, according to data from the Bureau of Labor Statistics.

[00:28:57] Matty A: Many in [00:29:00] TransUnion their head of finance or economic outlook, Charlie Wise. Said that consumers are struggling to afford their everyday expenses. They're trying to keep the house of cards from collapsing. Is there any signs for financial collapse on the consumer side that you guys are seeing? Or is really the jury still out once we get back through the holidays?

[00:29:28] Ryan Breedwell: I think once we get back through the holidays that'll be a better indicator because if you use the indicators right now Anybody traveling on Thanksgiving is gonna tell you that people have money because all the flights are sold out Yeah higher than normal rates. All the hotels are gonna be booked.

[00:29:42] Ryan Breedwell: All the restaurants are gonna be used People are gonna go to the store like I am tonight so I think there's a lot of narrative pushing to fit the narrative. Yeah. And I don't see a lot of that translating into reality. People are, as long as the consumer is [00:30:00] spending the way that the consumer is currently spending, there should not be, and I would almost say will not be, a recession because there can't be.

[00:30:08] Ryan Breedwell: There's too much money flowing back into

[00:30:10] Matty A: the market. When does the party end though, right? Because if you think that credit card debt is at an all time high, people are now starting to... Have some challenges servicing that credit card debt. You got auto loans

[00:30:23] Ryan Breedwell: credit card delinquency in 2007 was 19 percent Where is it

[00:30:30] Matty A: at today?

[00:30:31] Ryan Breedwell: It's at about three Between three four five. I can't remember. It's less

[00:30:36] Matty A: than still very low then compared to that. Yeah, so a

[00:30:38] Ryan Breedwell: lot of again It's a lot of the, it's a lot of data point picking and a lot of people say, Oh, it's at this number now. And it wasn't there. We were at historically interest rates for 0.

[00:30:47] Ryan Breedwell: 25, homie. We were at historically people were gone are the days you make the minimum payment on your credit card. Cause that APR is maxed out. Yep. So people just can't do that anymore. That's why [00:31:00] it's happening that way. It's a guess what credit card people will make their minimum payment. Interest rates go back down, credit card interest rates go back down, people will come on more money, and the first thing they're gonna do is settle up their credit card debts.

[00:31:12] Ryan Breedwell: Yeah. Happens every single time. Everybody thought the world was gonna end in 2008. Everybody thought it was gonna end in 2000. Everybody thought it was gonna end in the 90s. Then the late 70s, early 80s. Then we had the 50s, excuse me, the 60s, the 50s, the 30s, all the World War. And here we are today, shooting for 5, 000 if you ask for Bank of America's opinion.

[00:31:32] Ryan Breedwell: Yeah, and everybody who was not an A sayer and kept in and rode the pine pony through. Is happier and richer and wiser to do the goal again is to always buy quality, hold quality, reinvest dividends from quality if they are paid, and dollar cost average away to success. It was, it'd be the same thing to be said on the real estate side.

[00:31:55] Ryan Breedwell: You don't just buy one investment property and you're done and you hang your hat up and you [00:32:00] tap your next of kin on the shoulder and say it's your turn to keep this wealth wheel rolling. You have to get multiple properties and parlay from properties in and out in 1031 and go from SFRs to commercial.

[00:32:09] Ryan Breedwell: And then when you get into commercial, figure out what area in commercial you want to be in. There's a lot more to it than just that. But if you do it for a long time and you're consistent with it, you get to the point where you're at. You could have done what you were doing 11 years ago, right? There you are today.

[00:32:24] Ryan Breedwell: Same story with investing folks. Just takes time. Just takes time.

[00:32:30] Matty A: We will continue to keep you guys posted on all things stocks real estate investing and personal finance Thank you guys for tuning in to today's episode again Don't forget to subscribe leave a review check out the millionaire minecast store shop dot millionaire minecast dot com And of course don't forget to connect with ryan and his amazing team for your free Financial Portfolio Review by texting the word X ray to 844 447 1555 for my credit investors that want to look at investment opportunities in real [00:33:00] estate syndication.

[00:33:01] Matty A: You can text the word DEALS to that same phone number. With that being said, wishing you guys all a very safe, very happy, a very warm and enjoyable Thanksgiving with your family wherever you're spending it at. Definitely so much to be grateful for. Thinking about all the things that are going on in this world.

[00:33:19] Matty A: If you can roll out of bed, get a clean glass of water, lay your head down on a nice, warm, comfy, cozy bed and pillow, and you got people around you that care about ya, you got your health, right? So many things that we can that we just often take for granted. And while obviously this is the week that spotlights it, just sitting with daily gratitude for all the things that you do have the gap versus the gain. I know there's a lot of ideals and things that we would love to have and be where we're at. Maybe your bank account look a little bit fatter, maybe your waist look a little bit skinnier, whatever it may be, but also just being grateful for where you're at, the ground that you've covered, who you've been able to do [00:34:00] that with, who you're becoming and what you're growing into and knowing that 2024.

[00:34:04] Matty A: And ultimately every day in front of you is an opportunity to get that much better, to bring that much more value to other people, to make a bigger impact. And most importantly, keep tuning in and doing it with us on the Millionaire Mindcast. So with that being said, keep investing in yourself and your wealth on your March to a million and beyond.

[00:34:21] Matty A: We'll see you guys in next week's episode. Happy Thanksgiving. Cheers, y'all.