20 Episode results for "Bank Of America"
Dua Lipa Reveals Why She Decided To Still Release Her Album In 2020 And Never Look Back
"Luxury isn't about feeling better than others. It's about feeling your best feeling fierce smoothly cruising down the street and in the first ever luxury. Suv by genesis. You can highly capable beautifully. Designed the brand new. Gv eighty is what a modern luxury suv should be. I mean somebody had to make luxury fund. Why not us with available all wheel drive in three hundred seventy five horsepower. Gv eighty is boundless by design visit genesis dot com to learn more about the first ever g v eighty suv coming december. Twenty twenty initial availability. Limited see your genesis retailer regarding gv eighty availability. Holiday season means stocking up on essentials like decorations and an ugly sweater with the bank of america cash rewards credit card. You choose earn three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation derived from hollywood dua lipa created a record and twenty twenty with future nostalgia. That's now topping. Many year end best of lists but it arrived right at the beginning of the pandemic and she admits the idea of releasing at that moment in time totally scared her until she thought about what inspired the album in the first place will the reason i made. It was to kind of get away from any outside. Freshest whatever was going on in the wealth. I was like maybe now is the time to put this out and i'm really really grateful and i wouldn't change it for the world you know i. I wouldn't have wanted to the record and saved it for another time. Well we're certainly glad that she didn't shelve it either. Future nostalgia is out now. That's direct from hollywood holiday season. Means stocking up on some essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose her. In three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation.
#1NewVoicemail Do you budget??
"Along please leave a message. It's Whitney all right I've got a question super kind of random but it's actually not so I'm wondering if you budget satisfied with your message press one to listen to your message press two are you still there apparently meant slash into it whatever it's called now is like the number one budgeting tool and the second budgeting tool is like have a bunch of this budgeting stuff kind of built in to my my bank but I'm curious league if everybody else does so anyway super kind of not random but also and something else within a I don't remember but I'm very interested to see so my bank has its own like budgeting tools up on the grim but let me know I feel like I do a little bit of research today while I was like in the bathroom and random so let me know also if you do it with like excel or you just do it by hand for many years I just did my shit by hand like on a piece of paper so this week who is going to be talking about budgeting and money a little bit but I'm just curious what everybody else's so I figured I call and ask if you don't get a chance to call me back you can hit me like your bills and your money and how you do it yeah that's the question I have today because I actually have somebody on the show you need a budget y. n. a. b. and then there's a couple of other ones and then there's some that I guess acorns or whatever was a big one for I guess saving and there's this other one oh and that worked for me I guess I wish I had saved more but you know like save more in my savings but for the most part I did it by hand and I didn't use an APP even though technically thin and it's only savings bank of America I think it was Bank of America who started that round or keep chain shit a couple of years or a few years back
TIP293: Intrinsic Value Assessment of Bank of America w/ Bill Nygren (Business Podcast)
"You're listening to Ti on today's show. We're going to be doing a deep dive intrinsic value assessment on an individual stock pick and the company. Today Is Bank of America to help us with today's assessment. We have Mr Bill. Nygren and Mike Nicholas Bill is the CIO at Oak Mark Funds which has over seventy six billion dollars under management. So get ready to hear some indepth discussions about the intrinsic value of Bank of America. You're listening to the investors podcast while we study the financial markets and read the books that influenced self made billionaires the most. We keep you informed and prepared for the unexpected always. I'm here with my co host Preston Pysche on the show we have bill nygren and Mike Nicholas. How are you guys today? We're hanging in there. Stay can't really say we're good. Markets down ten percent today after a couple bad weeks. We're doing okay and it is definitely special times. Is Bill set there? The Magas down ten percent. Yes you heard right. Ten percent be recording here. Mon- Sixteen but guys. I'm sure someone like you managing a lot of money. Your inbox must be full these days. What are the typical questions? You're beginning and what do you tell your clients question. We get most often is ranked will happen with the corona virus. I think something is always important for investors in crisis is to remember. What your expert at and what. You're not an expert and we are certainly not infectious disease experts here at Oak Mark. We read a lot with what they write. We listened to what they say. And unfortunately the views of the path this could take or so diverse is hard to base any kind of investment strategy off than opinion on or the virus might go but what we are good at it. Mark is valuations and that's been our expertise for a long time. Stocks are really cheap today. If you believe as we do the five to seven years from now things will look sort of normal again. Most of our approved lists I think all one or two names are beneath there by targets. Typically it's a third to a half of our list that's below by targets and like two thousand eight. We're trying to take advantage of the market volatility to restructure portfolios typically. We sell things close to sell targets and by close by targets. Today we'd be selling close to buy target to buy something that would have to double to be. His by. Argon is really unusual times so bill the last time you were on our show you talked about your investment process. Some of the picks that were on your radar back then were net flicks alphabet in mastercard and on today's show we're GONNA be talking specifically about Bank of America the Ticker for Bank of America for everyone out there be a see the bill. Could you please provide us? Just a basic overview of the business model of America is one of the largest money center banks in America today in our house perhaps the bass consumer banking franchise in the US industry leading wealth management platforms that that typically operates under the Merrill Lynch ran a really really great management team is strong balance sheet at in. Our view went along runway for market growth. We believe that the bank is priced attractively today. Engine used only wide minutes bogged specifically as relates to its lead within consumer facing technology where Bank of America in part due to it still has been able to invest that much higher rates than a lot of their molar regional competitors into technology solutions. Which have really named to lower their direct deposit. Costs engage in to focus on the consumer drive more value scenario customers so we believe the valuation is attractive. The steel that they operate within congenial remand significant competitive advantage and underlying business are on par with some of the best financial institutions. Thank you for your thoughts on that Mike now. I also want to preface this by saying that at the time of Recording Bank of America has dropped from just short of thirty five dollars to twenty one dollars in less than a month and today it changes all the time but it dropped another twelve percent. I mean it's just incredible. Just even talking about these numbers now. The Corona viruses already had a meaningful negative impact on economic activity and this negative impact will continue. I'd say that the hand is how negative the impact will come along. Persist and finally how economy will behave after the corona virus recites. Now what are your thoughts on the economic impact off the corona virus and has already been priced into the current Stock Price. Off Bank of America. I think one of the things we do well at stake is to focus on business. Value and quite a business will be worth in for lack of a better term. We call normal times and we're not GONNA be any better guessing than anyone else. As to how severe the impact could be in the short term or Bankamerica. Or how many quarters of bad performance has been already discounted? But what we do know. Well is to say the stock price has gone from thirty five to twenty one and that's basically but four five years of free cash flow that we expected it make America so a lot has been priced in things ought to be really dire to justify this kind of decline. We're at our best but we can focus on saying. This is what we think we'd have to happen to justify how big a move. The stock is already had. Our guest is no better than anybody else's and we saw yesterday that even the Venture Jerome Powell had a difficult time going out with a forecast or economic activity for two thousand twenty. What we do now is be resilient economy bills written some bar pass ladders about America's economy by extension the equity markets who grew another astaire's time wars and natural disasters and Real Estate Valentine's and other viruses. You name it. We all feel. This'll be now different banks as you mentioned that punish they're viewed as macro proxies that report particularly worldly during the last. Turn but I think what's missing and some of the analysis in the way. The socks recently is how much improvement. There's been debate since last night and Branson of that perception Yoga's actually's assail who's been enormous amount of capital built by Bank of America. Number of the large banks performed very vulgar anxious and they do have really diverse revenue streams and unlike other sequels reinvestment. They set aside money for today's talk the lumber experiencing so we think they're going to perform much better than they have prior downturns early. This is an opportunity for them to approve the underwriting discipline in the capital bell the way they do business is far superior than the way that usually guys talked about the low interest rates just recently fed chair. Pow has cut the rate by one hundred basis points. It's been since nineteen eighty two that we've seen such a significant cut Not to mention all the bailouts in quantitative easing now for a bank lower interest rates simply mean that interest income Get smaller and smaller. Which is the top line of the business? So do you guys see this as a bad thing or do you think a normal interest rates are going to be coming back into the future despite the downward pressure that we've seen in yields for decades at this point. How are you guys seeing that? Low rates are undeniably verse for banks than higher rates especially with the sheep of Yule curve as we see if they were longer term rates. Aren't you are of her? Shorter-term rates are today. And if you think about a bank or Bank of America in particular that's largely funded by overnight deposits but that ultimately leads further out mccur. You could imagine that the more narrow that difference or that spread is more impactful. It'll be on. Its first margin and net interest income makes up roughly half or so of Bank of America's revenue. Jeez rates look nothing like history by the absolute level or that this ravaged Michelle report rates at a long-term rates. We don't necessarily believe this looks like environment on the shoulder of this year. America's earnings or the underwear brushing they'll have lower net interest income like we hire charge offs next fence as the economy slows down here. So earnings number that we see here or two thousand twenty we all think is what they're capable of earning allows a business cycle on average over time when you think about the services of the banks provide binger patient respected. They're very necessary. They're extremely valuable to the consumers. They store money. They protect your money. They live and move and transfer money. They give you advice. Invest your money from our perspective. You don't believe that there are over earning relative to the value that are provided in Or certainly not. The highly competitive offering around here are in so remark perspective. Where you see this year is not likely to be remarks. By the normal earnings power of the bane wiping to remember lower for longer mate environments. His debate business models have been very adaptable over time. You think back to the nineteen eighties interest rates in the high teens. Most icy insured banks were generally a mid to high teens percentage of their revenues. Beatty's but if you fast forward to today some of the big banks like Bank of America are generally almost half the revenue from fees. So it's not just interest income that dictates the growth of the business anymore. But of course there's also the other side of the mystery of Michigan June nine assault of his past where no rates could go up. They have historically been previous in short. We're seeing today. In that specific instance we think the banks have to typically higher power perhaps even higher than what we saw last mirror would make America org about dollars a share so from our perspective. They'll be able to weather the storm. They'll be apple. Business model perhaps even cosby lead to and some of their competitors so-called intimate bags they compete under positively might not harder time beating this market as well as they face. Samri investment risks on the acid side of their balance sheet about physicians. Virginia so let's talk a bit more about that. What are the key factors of success and banking? And what Does Bank of America do better than its competitors US I think? There's a couple stringent underwriting discipline of course a very solid risk management platform increasingly scale being one of the biggest branch years steel really enables the ability to invest in technology. And it's a client systems regulatory reasons it really allows them to ask the residual tools for their customers. And when you think about the absolute stale bet that Bank of America is appointing now new technology facing services and solutions last year. That number was about three billion. It's been like that for almost half a decade longer and the magnitude of that is really enormous. I was listening to your interview with Sean Sandercock outburst public. Not long ago really enjoyed the shots interview reading. Shawn's long as well. But First Republi- total operating expenses for the whole bank is less than what Bank of America spends. I knew proctor. Vouching loan every single year. So their ability to reinvest multiples of some of US more medium sized banks expense bays are being truly widening. They're about to the neighboring investment accounting customer students. How would you describe the competitive situation between the biggest banks like Bank of America Citigroup Wells Fargo? And if you honors I would describe it as highly competitive but in our opinion the Big Three Banks. Wells Fargo J. P. Morgan and Bank of America. Of course will ultimately are the winners. The all in deposit costs for the Big Three banks today which is an important driver of profitability given how significant deposits are as a percentage of the overall funding sources for the banks. Those costs are about half of what most regional banks would pay. And if you think about user growth a fifty percent of all new checking accounts they are being opened up one of those big three banks. Despite the fact that they only control about a quarter of the country's branch network so we believe they're taking considerable share even younger cohorts and the most of that is due to what we talked about before it was scale and their ability to invest that much higher levels than many of their smaller competitors to improve the customer experience so while obviously going through its own issues today and we have a lot of respect for J. P. Morgan's franchise but ultimately believe that the big three banks were spending by far the most to continue to separate themselves in terms of digital solutions services that they offer will ultimately be the winners in a highly competitive market. Might mention the the big three in the. Us heard about fifty percent share of new accounts. If you follow the model that you see in most of the rest of the world it's unusual for the top three banks to only have fifty percent market share. So I think there's a historical precedent that we've seen a lot of other countries where the growth of the big three becomes the best part of the story. Yeah Bills Right today. Those top three are probably thirty percent of deposits but a much higher percentage of new accounts that are happening in the market today. And you look back maybe ten or twelve years ago. That number was closer to twenty percent. So if you do look at a lot of developed markets. The top three owned a lot. Bigger percentage of share of total deposits and Bank of America alone has talked about their desire to double their consumer deposit share over time. So we think there's a long runway for Bank of America to continue to win in the market and continue to gain share so bill. The last time you were on the show you talked about how. The market remembers the two thousand crisis. You said that was maybe one of the reasons that banks were still so unpopular. How has that thesis evolved? And how do you see that today with the crisis is going on twenty twenty for starters if you think about the way the banks were positioned a little over a decade ago into the Great Financial Crisis? The quality of their balance sheet in a lot of different ways was way inferior to what it is today. I if you start with capital the average bank today has almost twice as much capital per dollar of assets is it had in the great financial crisis. Then if you look at the quality of the underwriting any loan that's been written in the past twelve years has been to a substantially higher standard that it was going into the crisis. Frankly banks mortgage loans as all they really cared about was the quality of the House. They weren't worried about the quality of the borrower. And today it's more like good old fashioned lending where a bank is worried about. Whether or not they're going to get paid back I think. Investors have heavily punished the banks for this higher level of capital which means the return on equities are unlikely to be as large as they were fifteen twenty years ago but they haven't given them credit for the flip side of that. Which is they become much less risky businesses because they have so much more capital in fact. Some of the people who've been negative on the banks talk about the banks because they have so much capital becoming almost like utilities. We think they're really cheap. They're better businesses. They're motzer growing their market. Shares are growing. They're just much better position than fifteen years ago. So banking stocks are extremely regulated. Howdy recommend somebody get smart on. All these legal frameworks. That are very complicated. That an investor. A new investor can feel comfortable taking on a position. There right stick. There's been a number of new regulations put in place since the great financial crisis in two thousand in two thousand nine. Almost all of these regulations were designed to ensure that the banks are better prepared for the next downturn. There's been more stringent rules placed on the types of instruments that the banks can put on their balance sheet that liquidity of those instruments their ability to perform proprietary trading. You're more recently. The way reserve against bad loans and of course the amount of capital. They must hold throughout cycle in two thousand ten senator. Chris Dodd and Representative Barney. Frank past probably the most sweeping bank regulation that we've seen since the Great Depression. The Dodd Frank Act and among a number of the different provisions within the act one of which forced the banks to adhere to annual stress tests and these stress tests would be conducted by the Federal Reserve and they would put the banks through stress scenarios one of which they call a severely adverse scenario. This scenario is very adverse at assumes the equity markets declined by fifty percents on employment goes up to ten percents. Fed funds goes to zero residential. Real estate prices declined by twenty five percent. Commercial prices down thirty five percent a tough environment severely adverse and. What's interesting is even at the trough of that hypothetical environment that the Fed would run. Somebody like Bank of America. Through Bank of America has more capital at that trough than they did entering the prior downturn. So I think it's it really shows how much better capitalized the bank. And the whole system is relative to what we saw. Twelve years ago the regulators are taking a much more hands on approach. But for your listeners. I would advise perhaps reading through which the Fed makes public a number of these reports. That the dowd fast annual stress test reports to get a better feel for how your potential investment might perform a much tougher environment interesting. Mike you mentioned the interview with it with Johnson Toxin from Samba capital. We had not too long ago where he was pitching. First Republic. Bank pee on the podcast and one of the things that he highlighted was the net promoter score and he hide that as an example of the strength of the bank. Now the net promoter score is a customer loyalty metric that measures customers willingness to not only return for another purchase a service but also to make a recommendation to the family friends or colleagues. So when I was looking for Bank of America the score was minus twenty four and that is about ass popular or unpopular if you like facebook. Scores higher than zero typically considered to be good and scores about fifty considered to be excellent so in comparison the Industry Everett's financial services and banking is eighteen and again bank of America. That was minds twenty four. Should we asked potential in Bastos in Bank of America? Be Concerned about the negative. Net Promoter. Score? It's a good question. The net promoter score for Bank of America that you quoted. It doesn't really seem to sink much with the business trends that they're actually seeing within their own business of course they're on customer satisfaction. Scores are at all time highs. They continue to take a lot of market share. Purdue accounts and the overall deposits for the bank have grown by more than forty billion every quarter for the last five years. That's adding the deposit bakes base of like nearly the twentieth largest financial institution. America every quarter. So I think jd power was just out talking about how the average customer relationship duration for Bank of America has increased significantly from two thousand eight thousand nine to today. And you can't help but see references littered about customer centrisly and doing the right thing when you read. Bank of America's annual report so we think customers are voting with their actions. I can certainly speculate as to perhaps why that perception may exist or where it may have come from based on on some of the actions that took place during the great financial crisis but when we look at the actual fundamental trends in the customer trends within the business. It really doesn't seem to sync up well with the score that we're seeing. Let's take a quick break and hear from today sponsor. Although we're value-based investors at heart it has long been known among investors around the world that systematic or quant base strategies have become a highly successful way for professional investors to extract returns from the market. In fact most of the top ten hedge funds in the world today like bridgewater associates and renaissance technologies discovered this decades ago. And there's one podcast that covers this area and finance in great detail in its top. Traders UNPLUGGED DOT com. And Right. Now you can get a free book explaining how to systematically identify and follow market trends as well as a comprehensive guide to one hundred of the best investment books of all time just go to top traders unplugged DOT COM SLASH T. Ip to get your books today again just head over to top traders unplugged dot com slash T ip. You'll be glad you did Preston and I are looking for a host for a brand new show. The Intrinsic Value Podcast we expect the show to feature different Intrinsic Value Assessments and for you interview guests. Just as we do with John Steiner Stockton detailer felder. And so many others here in the master's podcast. Who also likes the you have your own mastermind discussion where you pick your favorite stocks and talk about the Kurd Mike conditions if you want to learn more about the position and how to be a part of the team. Please send me an email at stake at the master's podcast dot com in your email together with your resume. Please include a stock analysis off a stock. You recently found interesting all right back to the show so guys thank you so much for laying the groundwork there so let's dive into the fun stuff here. How are you guys looking at the intrinsic value of Bank of America? Sure per any idea that we're looking at or looking for three criteria to be mad. The first of which is that company is trading for steep discount to what we think it's worth is be always require that the businesses run by manager that truly think and act like owners and we want her share value to be growing over time from our perspective. Bank of America passes all three of these tests. As you mentioned earlier this dachshund the low twenties today. Call it twenty one or twenty two dollars a share and last year. They aren't about three bucks generated. Roughly a sixteen percent return on its tangible. Common Equity. This year is going to be more challenging rates as we talked about we'll be a headwind bad debt expense or bad loan expenses. Likely to go up. There's going to be some headwinds that they're going to be facing but over time we believe make. America is capable of earning a low to mid teens return on tangible common equity and we think that tangible common equity on a per share basis looking out a few years is going to be twenty two twenty three dollars a share so using our substance we think the earnings power for the bank is north of three dollars a share so today's level the stocks trading about six and a half times our estimate of a normal earnings that we think they can grow off of now as you think about evaluation on from downside protection perspective. The stock is trading about what we would appraise to be liquidation value or tangible book value. What we think they could sell other assets and pay Back Liabilities for and the valuation relative to the S. and P. Five hundred is near historic lows so from our perspective. We don't think the market is really rewarding. Bank of America for some of the improvements that we discussed since the last downturn whether it's credit quality or capital levels for expense reduction or more sustainable return profile and the companies taking advantage of that repurchasing a high single digit percentage of their shares. They're paying out a really competitive yield. Today and the total capital yield the combination of the two is amongst the highest of any public company. That's in existence today. God forbid there is some existential threat. Every businesses facing some form of technological obsolescence today in the case of Bank of America if that were to come to fruition. It's nice to know that the majority of today share price is reflected in tangible asset value. That could be ultimately returned to shareholders as for what it's worth by our math assuming that return structure and a reasonable discount rate. We see no reason why the bank can't be worth two time tangible book value or more and that would lead you to believe the stocks were somewhere in the mid forties or so are more than double today share price. Look at how. Our assumptions differ from consensus. I think the first thing you see. Is that most people who write about. Bankamerica are unwilling to give them as much credit for growth that comes from reducing their denominator. The share base as they do for companies that grow the top line. But it's important that it's just as valuable to an investor and it creates just as high. Eps growth rate this denominator shrink is the numerator grow. Secondly who see a lot of reports written that say over the past thirty years? The average bank stock typical P. E. was ten to twelve times earnings. And I think what that MRS is during a lot of that time the SNP multiple wasn't much higher than that but today pre corona virus scare the SNP. Multiple is getting close to twenty times earnings and yet the bank analysts were still talking about a target ee of ten to twelve times earnings as we said earlier because of the way these companies have expanded their moats their competitive power is growing the safety of the companies much better than it was during the past thirty years. We think the gap to the market P. E. should be shrinking so we're looking at a higher earnings per share number out five to seven years from now. The average analyst is and we're putting a higher multiple on that. So would you say that? There's a catalyst to this happening or is it just as much the that's called the. Maga wising up and understanding that that difference Cadillac Suv always been a hard thing for us to anticipate even when you look back on. Some of the biggest market terms like when the Internet bubble popped in early two thousand. It's still hard to look back. And they this was what the catalyst was that started. That declined the Internet names. I think one of the things we look for is companies that are generating a lot of excess capital so the longer the market the company undervalued the more shares they can repurchase another thing. Is We like companies that pay back cash flow to shareholders via dividend and the average bank? Hang out about a third of their earnings. In dividends The dividend yield will become so compelling on these stocks as will the growth rate investors will have to stand up and take notice. Now let's go to the next segment of the show and we not going to talk about Bank of America but we're going to talk a bit more. About the industry of asset management. All audience are primarily value investors. And the way that we are brought up is with the zero six twenty five fee structure that Warren Buffett used for his partnership as the optimal fee structure for both investors and portfolio managers. We also have other value investors like Guy Spear and Moore's pop riots. Who had been here on the podcast with the same structure for their fund. The fee structure implies that asked vast you pay zero percent management fee but they're patrolling manager has a six percent annual performance hurdle with a high water mark that means investors need a minimum of sex percent return before the portfolio manager is paid and the high watermark is the highest peak in the value that the investment has reached. Meaning that demand you can collect incentive fee. Less the funds value is above the high water mark and returns are above the hurled rate. So the is then pay a twenty five percents fee returns over six percent now that is not the model that oakmont funds has chosen taking oakmont select fund ethnic sambol. You chosen a more conventional fee structure with a one percent expense ratio. Why did you choose your fee structure? And what are your thoughts on the Euro Sex twenty-five model? We would've loved to have gone to the model that you suggested the no fee until we make six percent and then a quarter of the profits above that since the Oak Mark Fund was launched in Nineteen Ninety. One the fun went up about twenty four times. Its initial value. The fees to US would have been substantially higher under that arrangement than they were a fraction of one percent of the assets. But realistically the reason we chose that fee is regulation doesn't allow the Mutual Fund industry to adopt that fee. You're going to take any positive. Incentive fee than the shareholders have to get refunded that same amount. If you don't meet the hurdle so if you're going to take twenty five percent of all prophets above six percent that anytime you fall short of six percent you have to return twenty five percent of that shortfall to the investors with the month that we've just been through with a crisis like the corona virus every mutual fund has an equity portfolio would have been out of business if they had that kind of fee structure so the only way we can get the mutual fund industry to move to an incentive fee based model via change in the regulatory environment. I'd certainly be supportive out. So mutual funds have really had a bad name in the marketplace. In the last I would say in the last decade relative to ETF's if you're going to argue against that ideal what would you say? I think the biggest issue that active management has had generally that also specifically within the mutual fund industry is for a long time mutual funds ran what I would call closet index portfolios where typical model might be the portfolio manager saying. I think utilities look expensive today. So instead of owning the market weighed in utilities all on eighty percent of the market way and I think banks look really attractive so instead of the market wait boost that to one hundred twenty percent but you have these industry weightings that are very tightly. Clinging to what the SNP index weighting is and effectively eighty percent of the portfolio. Our so is nothing more than an index bond and then the manager is charging the fee only on the twenty percent. That's actively managed so I think the active management industry has brought a lot of this problem on itself by basically running call it an index fund plus but charging active management fees on the whole portfolio. I think the way you defend yourself against it. Is You do what the Oak Mark Fund family has done. And we don't hug. Index is at all we buy stocks we think are cheap. We hold them long term. We analyze them in depth. And we don't worry about what our tracking error is versus the S. and P. Five hundred every dollar that's invested in our court. Folio is an actively managed dollar. And we've seen all the studies that say that the funds that rely on long-term Holdings of active share high active share portfolios have tended to be the best performing funds and the thing is very important for the listeners. Also to hear that because we have a lot of each absolutely have caught a lot of different partnership models and very often. A mutual funds have been brought up as the skier example of how? It's not supposed to be so a really appreciate you. Stepping up to the plate and giving US another perspective for listeners. It would be safe to say that. The asset management industry have changed dramatically over the past few decades passive. Men's funds with lower and lower fees have increased in popularity and we see more and more algorithm trading. Just mention a few of the changes for US investors and perhaps those listeners who are thinking about a career in management. What does the future hold for activist funds employing traditional portfolio managers? It's interesting I think. Been a lot of focus passive management in just the past couple of years but my view of it is if I look at the time I've been interested in the stock market which goes back to I was in high school and there's been kind of a natural progression where the equity market has been able to provide high rates of return better than almost any other asset category. And because of that it's been an attractive place for individuals to put money back in the nineteen seventies and eighties the easiest way to access that as an individual was through your local stockbroker given a very extensive way to do it not a well diversified way but it be putting all your assets in bonds and then he started to see mutual funds. Come in and that was a much lower cost. Way of investing in the local stockbroker was a typical fund had hundreds of holdings in basically performed in line with the market. Then you saw index funds. Come that said why should we try differ? Just a little bit index in charge of big feet. Let's lower the fee and just produce average returns. And then you saw the value based bonds and growth based funds and after that it was value. Etf's in growth. Ats All along the way the active managers have had to do something that justify their fees and I think that keeps changing when I started at Harris Associates the advisor to the Oak Mark Funds in the early eighties. Simply being value-added there was a reason to earn an active feet. It provided a better return over a long period that an index fund did and there weren't a lot of easy ways for investors to access just a diversified value portfolio. Today you can do that with a value. Etl The charges nothing. That's why it's so important that we've had to evolve in stock selection criteria. You mentioned at the start of the show. That last time we were on a we talked about our holdings of Netflix an alphabet and how those were such unusual names to see in value portfolio. We've had to be responsive to how the economy has changed to an asset light model that gap accounting doesn't do a particularly good job of defining so the old statistics of price to book and P. E. don't work really well on a lot of the industry and at Oak. Mark we've evolved and we've owned a lot of the names that don't necessarily look cheap on gap metrics but on another form of business valuation. Metrics look stunningly attractive. And that's been one of the reasons that oak mark funds has been able to outperform most of its value peer group over the past decade. As we've talked about what a tough decade it's been Value Managers the people thinking about a career in this industry. Just have to understand. It's a constant evolution and you have to stay a step ahead of the computers if the computer can do what you're doing it's going to charge a lower fee than you can but you have to have human judgment human analysis that can't be done. That effectively zero cost in order to make a career in this industry. Thank you for the Liberation on that and for the piece of advice to many of the younger listeners. Now Bill and Mike. You have been very very patient with me here today and you've been very gracious with your time. So thank you so much for coming on. The masters podcast. I'll definitely like to give you guys opportunity to talk a bit more about my funds. What you do and whether Audience Kalin more about you. The Oak Mark Fund family has seven funds. We invest with a long term value framework. If we do that across markets the United States and internationally equity and extend so. We've got the Oak Mark Fund the Mark Select Fund market or National Oak Mark small-cap and then three global funds where we handle the asset allocation between international markets and domestic markets. We also have an equity income fund where we handle the asset allocation between stocks and bonds. You can read about how we think about investing at our website. Okay Mark Dot Com. The commentary pieces that we right. We put a lot more focus on that a lot of our competitors do if you go through and read a couple years worth of our commentaries. You'll have a very good idea about how we invest everything we do is long term value. So that in a snapshot is what we try and do it out. Mark Fantastic and we'll definitely make sure to linked all of that in the show notes and we'll also make sure to link to the previous interview that we have with bill guys again. Thank you so much for time and for coming on the Masters podcast. Thanks for having all right guys so this part time in the show we'll play question from the audience and this question comes from Brad. Let's take a quick break and hear from today sponsor this free podcast episode is brought to you by Radius Bank. The Best Online Bank in two thousand twenty according to bankrate dot com as a forward thinking digital bank radius has always been well prepared to handle all your banking needs with their interest. 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And they're so confident in the product that all the bedding counts with a lifetime warranty get ten percent off your first order and free shipping when you use Promo Code investors only at Brooklyn Dot Com. That's B. R. O. K. L. E. N. DOT COM Promo Code Investors Brooklyn. Everything you need to live your most comfortable life all right back to the show. I really enjoyed your recent episode number. Two Eighty eight where he built discuss current market views physicians. In how you believe the next few months or going to play out. I'm a big follower of the podcast in in enjoy keeping up with some of the great minds you both follow like radio. Lebron Row Powell. On episode two eighty eight you indicated. It might make sense to purchase gold and oil towards the second half of the year. Can you provide some input on why you would favor physical gold over paper gold especially since the current flocked to cash is providing? Good bar ends in the paper. Gold and silver markets. Thanks Gus so Brad. I think this is a fantastic question. And to understand the argument for fiscal gold or paper. Gold I think it's important to understand history the US dollar replaced the British pound sterling as the world's premier restore currency back in nineteen forty five in the courts with the Bretton Woods Agreements. And at the time the. Us dollar was the currency with the greatest purchasing power and the only currency backed by gold but in effect the world bus To gold because other currencies were packed to the dollar now throughout history have multiple occurrences the happy in the dominant currency for instance in the seventeenth century. He can be argued that the currency was even the most important as a credit system was reinvented by the Dutch and the enforcement off credit claims were art. No better place in the world now. My point by saying that is that believed that. Us dollar will forever be the world's most important currency in its current form is just very very unlikely. The reason biggest change was nineteen seventy one when Nixon took the US off the gold standard. Yes it was still called the US dollar before and after that but it was a very different currency than must before because we entered the rail mafia occurrences where central banks around the world could print infinite amount of money. And perhaps that is best exemplify here. In the corona crisis where money has been printed an unprecedented levels so when we look back in history which currency has maintained his purchasing power gold has and gold has thousands of years so when we talk on the show about the risk of hybrid inflation one way to hedge against that is through gold. And just for the record. I would like to say that I think the inflation numbers can go much higher than today but anywhere near the higher inflation rates that you have seen with hundreds of percents in annual inflation or even higher than that. I think that it's very very unlikely in the US but I do think that we will have more inflation in the time to call or these. Their significant risk that we'll have more inflation in the time to come in especially in the case shoot hardware. Inflation happen fiscal goal. Becomes much more attractive than paper gold because as soon as you have goal in the financial system say through an ETF dod or through a derivative. It doesn't mean that you have access to the fiscal gold when push comes to shove and that's whenever you need fiscal the most so even if you do own goal on paper it won't really do any good if the government takes away the goal from you and if you don't think that's possible consider what happened in nineteen thirty three through the secretary or a six one zero to president. Franklin D Roosevelt made it a criminal offence for US citizens to own trade gold anywhere in the world with the exceptions for some jewelry and collects coins. But the reason why I'm saying this is that a hope that you breath worth look back in history and see that the system that we have a stable as it may look like we've just throughout history seen so many changes just in the last hundred. We've seen dramatic changes in the monetary system so fiscal gold. Dust makes sense or paper gold even though it can be a little more troublesome to own it now to end my response with a quote from. W If you don't go you know neither history north economics so Brad I think Stig provided a just an outstanding overview of kind of the history of the risk associated with governments potentially stepping in Whether they can do that now with how interconnected and digital the economy has become compared to the last time that Some of these things were implemented on the gold market is something that is just really insanely difficult to quantify what this really are because it is different We we just have a different economy at this point I don't know that I have a good answer for you. I just when I look at the physical. Gold market verse. The paper market These are my concerns with the physical gold market is just the speed at which you can receive your payment and if there would be something else that would that would takeoff Other than gold your ability to sell out of that position due to the speed at which you can settle. I think is a concern for me personally On the paper gold market the the big story right now at least for the last month has been The separation between the the premium that you actually catch on the physical market versus the paper market now whether that trend persists or not. Or what's even driving? That is yet to be determined and I don't think anybody can say with a whole lot of confidence which driving that If that trend would continue to persist in the coming months I I don't know I think that's a little bit concerning so I don't have a good answer for you. I'm like everybody else kind of standing there on the from aside kind of looking at what's happening in saying this is very interesting. This is very fascinating. What's taking place? And I just don't know if there's a good answer as to where to be positioned based on everything that stig laid out there Based on these nuances between the price difference between the physical market and the paper market. And then just the con- the whole confiscation pieces just something that I don't even know how you'd put a determination on that I do as as anyone who's listened to the show knows has a concern. I have concerns about Fiat currency moving forward to not just the US dollar but all the Fiat currency around the world because like sticking mentioned Everything when when the. Us came off the gold standard seventy-one everyone else came off the gold standard at the exact same time because they were pegged to the they were pagan their currency. To the dollar. So you've had this competitive devaluation that's been going on for literally decades and now that you got interest rates in real terms pegged at zero. I just think you're gonNA see some crazy things happening in the market Especially with respect to volatility When they're printing this much money and they're pumping the Q. E. AND THEY'RE PUSHING INTEREST RATES. They're going to sustain interest rates at zero percent. The market's going to be looking at that and saying oh things aren't things aren't unstable because the yields in the fixed income market aren't volatile. There's going to be pegged at zero and people are GonNa be lulled into thinking that there's nothing wrong there when in fact behind the scenes. I think there's there's a lot of things wrong And then what's the implications of all this universal basic income? That's rolling out. And what does that mean? There's there's so many unknowns. This is so crazy that what we're seeing I just don't know that I have a good answer for you so Those are our thoughts. That's how we're looking at all the different variables and maybe it's helping you determine where you may be. You have more confidence after hearing all that. So Mike for asking such a great question. We're going to give you free access to RTP finance tool on our website. And one of the great things about the T. I P finance tool is like you learned in this episode where we're calculating the intrinsic value of a company. This tool on our website allows you to go into any company on the US markets. You can pull it up and automatically Graphs the free cash flows of the company. You can come up with an array of of what you think. Those future free cash flows will look like and then the software automatically does the intrinsic value. Estimate of what that company will be worth. We're really excited to be able to give this away to you for free and we really appreciate you asking such a great question on the show so if anybody else out there wants to get a question played on the show and get free access to. Rtp finance tool on our website. Go TO ASK THE INVESTORS DOT com. And you can record your question and if it gets played on the show you get a free subscription to RTP finance tool our guys. That was all the press on. I had for you for this week's episode of the PODCAST. We each again next week. Thank you for listening to ti to access our show notes causes or forums go to the investors podcasts dot com. This show is for entertainment purposes only before making any decisions consult professional. This show is copyrighted by the investors podcast network written permissions must be ended before syndication.
The Secrets of the Self: Choiceless Awareness 12/29
"They come back to daly. Md we're still under six secret which is about what i like to call the choice less life. Choice less awareness. Let's do a simple exercise practicing what we've discussed. Sit down for a few minutes and reassess some of the important choices you've made over the take a piece of paper and make two columns one call them says good choices and the other column says bad choices now under each call them listed least five choices relating to those moments. You consider the most memorable and decisive in your life so far both public and private. The choices are recollection of the choices. Could be well. let's go over. A few examples failed relationships loss job. Opportunities cottage in walking away from fight overcoming deep fear walking away from an opportunity that the world was good. But didn't feel right to on and on so once you've made your list. Think of at least one good thing that came out of the bad choices and one bad thing that came out of the good choices. So you know. I have an example myself. I walked out of my fellowship. One day in a fit of anger because my boss was abusing me in front of a lot of people and in that moment lost the opportunity to be at a very prestigious fellowship. I was working with one of the most important professors. In my field of endocrinology rumors he would get the nobel prize. I was a prized fellow. And i just walked out. Because i was feeling not joyful in my body with what i was doing dissecting rats and many other things which looking back i didn't enjoy whatsoever as just doing it for the prestige so at that moment. That choice means seemed very bad. When i walked out. I no money. My wife is pregnant. I found a job at an emergency room. Moonlighting at four dollars an hour. Life was totally miserable. But had i not walked out of the job wouldn't have written the books written. That wouldn't be doing this. Podcast right now. Bad choice leading at that moment leading to a magnificent outcome of course when i look back even that even the struggle of medical school the struggle of residency the addictive tendencies that game with residency and fellowship smoking etc. Those were bad choices but had not made those bad choices. Even the addictive choices. I wouldn't be telling you how to overcome addiction at this moment. Aw aw you decided to upgrade your outdoor deck. So you ordered the essentials. A power washer a set of patio chairs and a shiny new grill. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping or up to five point two five percent as a preferred rewards member which you put towards the cost of your most essential deck addition a bird feeder apply for yours at bank of america dot com slash more rewarding copyright twenty twenty bank of america corporation. This is an exercise in breaking down. Labour's getting more in touch with ho flexible reality really is as i like to say reality or so called. Reality is subject to revision.
Marriott & Bank of America: Persistence & Progress
"This CNBC podcast is sponsored by capital group home of American funds. Their long-term approach helps. You say I can't find a firm with nearly ninety years of experience navigating market volatility visit capital group, dot. com slash market volatility, American funds. Distributors. Inc.. This is. I'm CNBC producer Katie creamer today, our podcast to CEOS of two large American companies tackle justice from inside the corner office. Marriott's CEO Arne Sorenson on the importance of leaders. Working together for change is not just a question about what we. Do. Recognize that what any individual company is simply not enough and light. The head of the world's largest hotel company is speaking up now. I think our employees bases demand that. CITING DEMANDS IT Bank of America's Brian Moynihan on the banks, one billion dollar pledge to address equality. Talking to put up the money and We are doubling down on it and he says it's more than a press release. Going to quiet down quiet down on terms of making the economic progress within the in the court social progress. We need to make here. It's Thursday June. Fourth Twenty twenty squad begins right now. Good morning, everybody welcome to Squawk box here on CNBC. I'm becky. Quick along with Joe, Kernan and Andrew. Ross sorkin Marriott CEO Arne Sorenson, and addressing the recent events surrounding race in this country, and in his company in a recent linked posts, saying for many years I've tried to use my purchased Marriott to advocate for opportunity for all regardless of race, gender, nationality, or any other point of human difference, each person deserves to be recognized for who we are and respected for common humanity, and the distinct qualities that make us unique joining us right now. Is Arne Sorenson? He is the CEO of Marriott international and Arnie. It's great to see you. Thanks for being with us today. Becky you to. Want to set this against the proper backdrop, obviously, the last several months have been incredibly difficult for everybody in the Travel and leisure industry. You are a global company. You've got more than seven thousand properties, one hundred and thirty one different countries, so you've been watching the arc of this as it all takes place, you've had to close properties. You've had to furlough employees. Where are we right now? How many of your properties are actually still shuttered? How many? Employees. Have you had to furlough? How many have you been able to bring back? Less aggression there, of course, the impact of Covid nineteen has been profound on our business. We've seen. By Revenue Sales, at army tells by ninety percent globally starting of course I in China then moving around the world as we got into March. And are low point. We had about two thousand, nine, hundred seventy five hundred hotels that were closed around the world. We've probably reopened three to four hundred of those I. Think when we look at even in the United States. We see the early signs of recovery, although we've gone from something like minus ninety percent revenue, something like minus eighty percent revenue so well in percentage terms. If you think about it from the bottom is up one hundred percent. is still a long long. Before and we suspect it's going to be. A slow climb beck. Levels we nineteen. So that sets the backdrop for what a difficult several months it's been already and how much you have on your plate. Employees are kind of watching this and not knowing what's happening on, either then you have the civil unrest and the riots that have taken place, and that adds to it so as A. What did this mean? Warning label to do. What are you hearing from your employees? This is obviously a just blew latest reminder, a frustratingly long Sharon criminal justice, particularly for for blacks and urban cities in the United States. where! There is unfairness that is profound, a and I suppose the only thing that are is what positive about this is the availability of cell. And the fact that we can see the outrageous behavior that obviously. Killed George Floyd in Minneapolis. Allows US I think to some sometimes. Put aside your search for him big. Unity Instead, say this is a profoundly unacceptable. And start to turn the corner in eight now. What is it that we can do about it? When I blog about this weekend, of course was was quite personal. I woke up Saturday morning and had this on my mind as everybody did. and. This is something we should communicate about. I'm obviously not black leader in a business community him United States. We have a very diverse work group and wanted to communicate with them like the more I think about it. It is not just a question about what we Mary Do, which is really the focus of blog, but recognize that what any individual company can do is simply not enough. We've gotTA. Find a way to. Make a dramatic more progress can. Is Space than any single company? Can You well what does that translate into in real terms? Arnie we, all the conversations are underway in a number of different organizations, so the VRT for Jampel is is talking about fitness a real time as we speak. I think many of us are are using our networks, folks both inside and outside our companies to. Talk about places we can make a difference I think I. Think and must each of us do what we can with our workforce and with our partnerships, unity's where we do business, but I think that we can band together also through outfits like the Bart recognized that we've got to work on criminal justice issues which. Company can't do probably ending together and advocating. Criminal Justice around educational opportunity around access to healthcare around access to financial resources. These are for big areas that. Collectively. We can push for not just. What can we do as companies, but what can we? Help implement in the policy space. To to put this outrageous behavior bindis. SAY THAT! These are real time conversations that are happening with you and your peers at the Business Roundtable How quickly do you think that this is something that can, it can translate into action. We had Randal Stevenson a former head of the business roundtable on earlier this week, and he said that look when any of these big companies kind of put their mind to it, they they can have a significant amount of say in policy in Washington and that we've seen it happen time and time again. For issues that are near, and dear to any of these individual companies, hearts or that make a real difference for business business doesn't work free markets don't work in an environment where a large class of our people are perceiving and experiencing injustice, so we have an imperative to begin to use our muscle and are influenced to begin to affect policy change to address this. That this is something where? This is a moment that all of these companies are going to stick with us and say that this A. An agenda that has to carry down I do I do it again. By suggesting for a second, Bart ought to band together and use its force together. I'm not crying. Excuse the conduct that any individual company will be we will continue to be very active in this space as myriad, but I think collectively would be that much louder and I think the Bart and other organizations will move very quickly and will not let up on this. I think our employees basis demand. I think society demands it. I think fundamental aspects of fairness and the importance of opportunity. demands it and I think as a consequence. Is this event I? Don't know whether you had a chance to see prisoner after noon. But one of the things that I found some urging was to hear his hopefulness. And we we need that hopefulness. We need to take the. Outrage and the anger, but we need to marry with hopefulness. Okay, we can make a difference here. In! Let's Marshal our resources. Marshall are. The happen. let me ask and it's a question. I've raised on this program the past several days. Do you think that the Bart? If. That's how this is going to work. Will and should advocate not just on these issues, but directly on behalf of certain politicians. Four and against that are for the policies that you are advocating four and the reason I asked. I'M GONNA try to ask the most a political way. The same people who were very helpful in terms of lowering corporate taxes in America are absolutely against things like affordable. Affordable Healthcare Act. Which of course helps the people at the lowest levels and often the lowest levels at our economy, and often people who are black and Brown, and so so let me let me a guess. Answered it this way. I'm obviously not a spokesperson for the Business Roundtable Thrown table will come out and quite soon. Talk about work. That will be done in this space. I do share the business room. Get a tables task force on healthcare, and I'm quite convinced based on the work that we've done before that. The Business Roundtable will continue to speak out in favor of. Access for all Americans to healthcare. and. That obviously gets wrapped into the affordable care, act or Obamacare, and and there are a different political voices at times which are either using that as a symbol to attack or simple to defend Let let's stay away from this most superficial symbolism of this and go to the most important fundamental aspect of this, and that is that everybody in the United States deserves access to healthcare period. And the Business Roundtable members. I think overwhelmingly agree with that notion in. We'll advocates were hey, aren't we really appreciate your time today? I know this is an issue that you're following up on that and also the coronavirus response from the Business Roundtable. We'll have you back very soon to talk about all of it, but thank you for your time today. It's good to see you. Love. Next on Squawk Pod Bank of America's CEO, Brian Moynihan on fighting inequality from the C. Suite. We could not let it quite. The business community have to. To make the product. Occur, not quite now. We'll be right back. This CNBC podcast is sponsored by capital group home of American funds. Their long-term approach helps you say I can't find firm with nearly ninety years of experience navigating market volatility visit capital group DOT, com slash market volatility, American Funds Distributors Inc... Protesters gathered in major cities across the country for another day yesterday in many locations, cheering the additional charges brought against Minneapolis police officers, regarding the death of George Floyd. New York City saw its first curfew insent five years earlier this week. The city's first since. World War. Two February nineteen, forty five to be exact. A few want short history lesson. Franklin, Roosevelt, was president. The allied forces had just bombed. Germany, and the United States was facing a coal shortage. These latest protests come at a time when businesses are looking to reopen after months of Corona. Virus induced lockdowns on Tuesday. Bank of America announced a one billion dollar commitment over the next four years to help. Local communities address economic and racial inequality, especially in areas hardest hit by the coronavirus pandemic, the funding will be appropriated for initiatives, including virus, testing, flu, vaccine, clinics and support. Support for minority owned small businesses investment for affordable housing, and inside the Bank itself recruitment and retention of staff from low to moderate Income Communities Bank of America Chairman and CEO Brian Moynahan joined us. Here's Becky quick. Just wonder if you could talk a little bit more about why you're doing this right now. Becky Thank you for having me on the first of all You know these. Why are we doing this now? We're doing this now because one. These something horrible deaths that occurred just have been cited and anger and our teammates in a worry. In our teammates. So, they obviously wanted them to condemn these actions, but also they want us to do something about it. In the same thing happened on communities in as you know, take with the healthcare crisis another taking the community centric customer center teammates centric approach. This is consistent with that how we run the company, but the reason for now you're seeing two things. Come together. One is the. Long held issues about opportunity economic. Mobility and things that have practiced that had just. Fast in this country, and on the other side you see a healthcare crisis affects those communities and an add more adverse ways, affecting the broader society, and we thought instead of just talking this time to put up the money, and we are doubling down on our efforts to help drive success in Syria. Will the money be used I know it's it's over four years, and it's going to be used in some of the communities where you're already putting money to work. What what kind of infrastructure do you have built right now? What will does new funds allow you to? Do you know we've been doing a Lotta great things? So if you take an example like housing, we do five billion dollars a year in financing for low and moderate and community housing. Across the country. The difference with this in housing. That specifically is there's money that's needed. It's more equity, the harder money to find and so in case, Charlotte for example recently. We put my. Family owned. We've put equity. And then that was able to be leveraged along with other CEO's in Charlotte who also admitted money from the financial institutions and others that we ended up raising a quarter of billion dollars to build extra housing so in a case housing. It's going to be tough for money. The money is farther down the capital and help build, and also brings expertise, and so we have worldwide expertise in doing this and then Charlotte. We open an office for. The non profit work with so they could help drive to go to healthcare, so we did a million dollars for testing support for Howard University Hospital and the idea was. They need the money to conduct tests in the communities in Suffolk. With a tougher number of cases coming up and they WANNA test, and so they needed money to conduct test, so we did a million dollar contributions on the healthcare. It'll be that type of thing which will be testing. Contact tracing. Clinics and other things that we can do to help. The healthcare crisis been housing on the other end so thousand jobs killing health care crisis, and also support the small businesses importantly Brian. When you talk about this money that's going into housing in that money to build housing, or is that money to to finance loans that normally would not be approved, or that would have very high interest rates. How's that work? This is built housing. Good affordable workforce housing, but it's the differences. There's a there's a large infrastructure that builds housing developers and other types of things, but the question is. Where do you get the equity and sometimes the seed money? Where do you get the expertise money? And that's what will be thinking about now in. Charlotte if we looked at our opportunity, task, force and a lot of work. A seismic healthcare crisis goes back to the to the work that we've been doing over the years around opportunity around economic mobility. There's a rush I. Think you had on your show. The freemen others have been studying this. And unfortunately our home headquartered city was the last out of fifty. And so a group of A. Business Community and other politicians and others got together and studied it. Somebody outcomes was the lack of affordable and workforce housing and so. The CEO's the building at the idea is to double down and throw down on these programs and beat them up and on the other side as the opportunity around education so reskilling people sweetheart, ten thousand people from low and moderate incomes communities over the last few years, just a commitment to bring them into our company to work. Communities we serve if we also work with community colleges and others sitting high schools to start developing programs with a group of CEO's. I, think that Thi this is, this is the money. It's hard to find all these different program areas, but I think the programs we have seen across the country that provable just need more money now to create more opportunity, more mobility, and that over the long term help solve these issues. It won't solve some the criminal justice issues and things like that. That, but will solve the underlying economic issues I think all of us look at the events, and what's been happening and we want an instant fix an instant solution, but the solutions you're talking. About are things that really take time, and we'll play out over a number of years How do you make sure that when things quiet down when you know? The streets are quieter when when businesses opened up again that that that focus isn't lost. That goes back to how we think about. the company in terms of we believe our company is a place where team can have conversations and. Talk about things about going on in society and affecting them individuals that can bring your whole self to work and be who they are. One of the other areas that were pushing us to take that that that that kind of openness and conversations and dialogue, and and try to scale it across inside a company it's it's a disaster and outside the company. Things aren't going to quiet down. They shouldn't quiet down on terms of making economic progress within the in the course social progress. We need to make here I go back two years ago when the United States was. In very tough circumstances around these similar issues. It's fifty years later. There's twice as many people working. There's nice states make great progress, but still we haven't fixed some of these issues, and it's time to take them, so we can't let a quiet down as we have to. Keep pushing and that by doubling down on efforts will make a lot more money, available and I'm sure other companies because companies believe that they have to be part of the solution. Healthy is someone with more money for faster cross proven programs across the country. But I just don't want. Leave the thought that this is gonNA close down. It shouldn't cry down we we not let it down as the business community we have to. Redouble our efforts to make the progress, so it doesn't occur not quite. Brian you mentioned at the top that that you had heard a lot of anger from your employees. What what have you heard? Who Have you talked to? What what kind of things have you heard back? We have formal and informal mechanisms. Everybody in the company. My email address is available and they sent me notes and about their feelings and you know. We have the more more formalized mechanisms. Diversity inclusion networks and groups of teammates in Hispanic and African American groups that come forward in this program was in development frankly for a year with those. Those leaders across the company. Is Any our company and our communities of color saying you know we need to. We just need to do more and then Lo and behold we. A healthcare crisis affects communities where we have these tragic circumstances around these. And the and the fact that occurred. Multiple Times over the last few years including Charlotte a few years ago. If you remember we had. A similar ship incident, and so the idea was those teammates had helped form this process. You know it was going along, but then we said we have hit it then we think we doubled the money that they're as they were suggesting along with our NCA TAC which is community visor group, which is from the leaders in these. She's across. Country just doubled up because. And, so it comes informal by them having four months put on process, and how we think about how we deploy resources along these dimensions, but it comes in formerly a lot of notes for people saying I'm angry on fearful and. I like the fact. That work I feel safe but I. Don't feel safe in my community and. Are we going? GonNa say something, and are we gonNA. Do something and that's what you know what I think to use our. To do. Not only say something, but do something, and this is the doubling tripling of our efforts to do something. How many employees do you have an and they all have your email address to reach out. Says everybody nine states. In the world, it's my emails in public domain so that hundred nine thousand. Believe me after we announced. The initiative yesterday they came back and are are thankful that we're only saying something condemning graphic of the issues. That the tragic and things like that, but we're doing something that's that's the thing you. If you go back conversations at Davos. over the years and even last time together with seems like forever ago. You know the conversation was about companies need to serve their stakeholders all the stakeholders, and then you deliver the profit for the shareholders to experience for the customer experience for teammates. In the community, but they also have to deliver society for society at large, and you know on the company to do what we call the genius, the end to be able to deliver for our core stakeholders and society of Arjun, and this is part of that, and so it's very consistent with how he's on the company how you're not talking about across the ears and. And so that they've coming out of saying. You know that's our money or mouth is in. You know where they can team designed a program that we think will have meaningful impact, and it's not enough money. We need a lot more money from a lot of other people, but it is meaningful change. The trajectory of what we were doing and help jobs straight needs to get Ling and small businesses. Now's fine. Thank you for your time and thank you for your leadership on this. We really appreciate talking to you today. Thank you, Becky and thank you for continuing dialogue. These issues with with our company Bank of America. In the CEO's generally so keep pushing us we. We got a healthier cause capitalism. SQUAWK POD, we'll be right back. That's the show for today. Thank you for listening. squawk box is hosted by Joe, Kernan that quick and Andrew Ross. Sorkin tune in weekday mornings on CNBC at six am eastern and to get the best of our. TV show right into your ears subscribed to squash pod. We are on spotify stitcher. Apple podcasts wherever you listen will evac here tomorrow. This CNBC podcast is sponsored by capital group home of American funds. Their long-term approach helps. You say I can't find a firm. With nearly ninety years of experience navigating market volatility visit capital group dot com slash market volatility. American Funds Distributors Inc...
Bank of America
"Sometimes, our food is more than just food. It's part of our community. So this year discover is giving five million dollars to support black owned restaurants to places like Rodney. Scott Barbecue post office pies and hundreds more learn how you can show your support at discover dot com. Everybody, has a PODCAST, right? Every celebrity everyone knew at college. There are literally hundreds of thousands of podcasts out there and yeah, it's a bit of a mess. I'm nick cloth and my new show servants apart, we'll give you the most interesting and important stories in podcasting and I'll tell you why you should care. Listen to serve in a pod on the iheartradio APP apple podcasts or wherever you get your podcasts. All right. So listen guys, this is big news. You know I heard media's new black information network, be I N. it is the first and only twenty four, seven national audio service dedicated to providing news coverage with a black voice and a black perspective especially needed during these times. This is what I, really. Love, Bank of America recently signed on as one of the founding partners of the Black Information Network, and this is big. This is so big. It's a part of Bank of America's ongoing commitment to advance racial equality and economic opportunity now as. As. A FOUNDING PARTNER BANK OF AMERICA IS COMMITTED I say committed to help effect and sustains the Knicks significant change in racial equality they're going to be working with be I end to provide reliable news for the black community to learn more about America's one billion, dollar one, billion with a B. I said one billion dollar four year commitment to help drive economic opportunity health care initiatives and racial equality particularly for people and communities of Color. All you have to do is visit Bank of America Dot. com slash about. Thank you. Thank of America. This is some great information right here on the real. It is. I. Couldn't agree with you more I'm loving this. Thank you bank of America I. Love It. When the company step up like this, you know this is how you affect change. Thank you so much bank of America. We'll have more of the Steve Harvey Morning Show coming up at thirty three minutes after the hour. After this, you're listening to Steve Harvey Morning Show. Are you. Zoomed out. Netflix. Wants to many welcome to the Carlos. Watson show a brand new. TV. Show for Mazi. We did deep deepen real with Andrea. What would you done differently to actually have won the whole thing? Well, hung out with you a little bit more Sean, Spicer Saint, black lives, matter doesn't anyone's life better? They leave the bull, the doors, we bring you the conversations you need to hear to make sense of this crazy here. Join Me Carlos Watson on the Ozzy Youtube Channel, or listened to the podcast version on the iheartradio APP, Apple. PODCASTS or wherever. Wherever else. You listen pay 'em Carlos, Watson, I'm hosting a primetime talk show. Guess what? I'm not a white guy named Jimmy Hey with a global pandemic historic recession racial justice protests. Twenty twenty is not a joke. We need something more than late night comedians helped make sense of this craziness. Welcome to the Carlos Watson. Show look. It's going to be brand new deep conversations with everyone from now complied Walt Paris Hilton back again, join me Carlos Watson on the Ozzy Youtube. Channel or listen to the podcast version on the iheartradio. APP Apple podcasts or wherever else you listen.
Dr. Phil Shares Some Quality Advice On How To Get Through This Pandemic
"Give the gift of safety this holiday season with birdie. The original personal safety alarm made four women. Women birdie is super easy for anyone to us. Just pull off the top to activate the one hundred thirty decibels siren and flashing. Strobe light and click back into stop. It comes in five pop colors with a beautiful solid brass keychain making it the perfect stocking stuffer for all the women in your life. She's birdie is offering iheart listeners. Ten percent off their first purchase. Just go to. She's birdie dot com and enter code iheart that's s. h. e. s. b. i. r. d. i. e. dot com and enter code. Iheart holiday season means stocking up on some essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose certain. Three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright. Two thousand twenty bank of america parisian derived from hollywood spending so much time at home in two thousand twenty hasn't been easy for anybody but some people have obviously taken it harder than others. And dr phil thinks one of the big mistakes people are making is isolating emotionally while they isolate physically being in quarantine does it mean isolation. We've got to stay connected. We've gotta stay communicating and we can't feel like we're the only ones that are lonely or depressed or alone we've got to give it a voice and talk to each other and reach out to people that you think maybe are really suffering chest remember. You might be at home. But so are a lot of friends and family. And they're just a phone call away or zoom meeting away astor wrecked from hollywood holiday. Season mean stocking up on some essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose her three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america operation. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation.
#1455 - SPECIAL Q&A: Caller from Finland Requests Help with Global Present Delivery
"You decided to upgrade your outdoor deck. So you order the essentials. A power washer a set of patio chairs and shiny new grill. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping or up to five point two five percent as a preferred rewards member which you put towards the cost of your most essential deck addition a bird feeder apply for yours at bank of america dot com slash more rewarding copyright two thousand twenty bank of america corporation so i received an kind of an unusual message on hustle hotline. The day got all kinds of calls about all kinds of stuff. You know people asking for advice about things people wanting to sell something people who have the wrong number such as the phone is just ringing off the hook and other days looking at it hoping that somebody will remember that i exist but to the point a listener. I guess he's a listener. I'm not sure someone from finland called in and had a question about his longstanding seasonal side-hustle. He's very busy one month of the year. I wasn't sure if he wanted to remain anonymous or not but he's got a problem to solve. So i thought i'd just you know present you with this lightly edited version and we'll see what we can do for him so i want to say thanks to our sponsor got from them always appreciate them allowing us to bring all this content to you our listeners completely free and then here's a special episode caller from finland requests. Help with global present delivery. What you see what this is all about so do stay tuned. You finally decided to learn how to ice skate. So order the essentials. Every ice skater needs a pair of blades. A new helmet hand. Good set of kneepads and your used. Your bank of america cash rewards credit card choosing to earn three percent cashback on online shopping rewards that you put towards the cost of an essential piece of post skating recovery heating pad visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation. Hi chris my name is chris. boswell. I'm calling from my warehouse in the northern part of finland for the past several hundred years. I've been going around the world of redistribute delivered gifts to children but this year has presented some serious challenges. Unfortunately kids just aren't excited about getting hand sanitizer for their stockings and the adults aren't comfortable with having strange men in their homes. Especially since i tend to spend a lot of time with a lot of people who not only that but logistics tough too. Many parts of the world have mandatory quarantine periods. Which makes it difficult to get to every house in what evening new zealand won't let me in at all. I think i need a new side hustle for at least a better distribution blad. Chris which should i do. But how can we save christmas. Well of of all the challenges faced you know. This is a tough one. I i get callers. You know basketball kinds of things but But chris thank you for your call. So let's see what's possible here. I agree kids really. Don't want hand sanitizer bottles or clorox wipes in their stockings. Could've given that to them. In march or april they could have turned around and resold them right. So that could have been very valuable. But we're late for that. I'm also not sure everybody wants to have a zoom call with the north pole. Virtual christmas morning just seems a little depressing Of course many of us will be making some zoom calls today. So here's what it comes down to. I think you know we are all embracing change this year right so even iconic figures from finland perhaps have to acknowledge that some things are outside our control. You know maybe the best way to save. Christmas is for all of us to show up however we can for those. We love As well as those who might be less fortunate okay. So that's what. I'm trying to do trying to show it for people. I love as was help out. However i can s for new zealand man. I guess they'll just have to wait for christmas since they won't let anyone in. But maybe that's okay because it's summertime there so you know it's always confusing anyway so twenty twenty one. We're going to fix all kinds of things you know from christmas to like you know seasonal differences between hemispheres. And whatever else is going on in your life but for now. Let's let's just all do what we can to save christmas together. Those we love as well as anybody else out there who might be less fortunate. Thank you to our caller from finland and thank you listeners. I am so grateful for you up. You have a wonderful day. Wonderful rest of the holiday season. My name is christie although not the one from finland but the one who produces this podcast side at school From the onward project.
The Art Of The Exit (Trailer)
"The Light Bulb the whatever you call it that one moment is sometimes all it takes to begin something great. That's the focus of that made all the difference a new podcast cast from Bank of America join me a leash burke as I talked to achievers from filmmakers to entrepreneurs about the defining moments that inspired them to make an impact act their stories might just inspire you to what would you like the power to do you can find that made all the difference anywhere you get your podcasts. The people have been conspiring illegal ways of getting rich for a long long time and although most hosted failed miserably very select few have actually managed to pull it off from Yahoo Finance. This is the art of the exit original podcast that takes you inside the world's. Most notorious Heists listened today on Apple podcasts or wherever you get your podcasts.
The Secrets of the Self: Letting Go 12/28
"Hello friends welcome back to daly. Brett deepak chopra. We've been talking about the sixth secret of the freedom teams to my today. Let's discuss the freedom in letting go how by letting go of each experience you make room for the next. It's a skill and the skill of leading goal can be learned once learned. You will enjoy living much more. Because you're living will be spontaneous. No anticipation no regrets. No resistance what. I call spontaneous creativity. Spontaneous right actions spontaneous thinking or what i just Simple listening to the inner intelligence within you which is the ultimate and supreme genius. So let's practice little letting go and how to choose without getting trapped. Here are some things you need to pay attention to what make the most of every experience these days. There's a buzzword in the consciousness ecosystem it says. Are you enjoying spontaneous. Joy sponge joys without any reason joyfulness without any reason if you look at any object a natural object or even a manmade object like a coffee cup or a natural object like a beautiful rose or a natural scene like a sunset and you make the most of that expense by not interpreting that expense. You will invite spontaneous joy. Eight is your interpretation desire to label the experience that creates a filter and to remove the filters just to obsess over labeling it or describing it or evaluating or judging it and this into step do not obsessing over right and wrong decisions. Why had denies yourself after the fact because most people bag nyse after the fact anyway. If you're aware when you making decisions the new one app to obsess about it in. This is part of our experience because meta cognition being aware of making choices and decisions as you're making them that would be step two step three would be. Stop defending yourself image. Which means basically give up being right and ninety percent of your life will change going beyond risks. What does really does that. Mean what that means. Actually that undestanding that every choice is a risk. There's no such thing as a one hundred percent risk-free joyce okay. Crossing the street in new york city is a risk are opting to go. For a spacewalk is a risk are investing in the stock market is a risk or telling someone i love you and getting a response that didn't affect is a risk so what is going beyond risk means keeps risking otherwise. What's a dream. Par number five would be make no decision. When in doubt pressed the pause button sleepover number. Six would be cpas abilities. Whatever happens which is what happens by the way you can find a possibility in every adversity. That is to your advantage. So anytime you think you're experiencing adverse situations consensus events are scarce of. What's the opportunity here. And so new. Move into the opportunity which is basically what we've been saying. Find the stream of joy in every moment. Think about this reflects a little bit in your own life. There's a stream of joy that is so elemental and so unshakable that when you're experiencing it time place you return to your timeless being that a moment of like that that you've had as a child when you were playing in nature when you looked at the beautiful scene or listening to music or poetry just falling in love You decided to upgrade your outdoor deck. So you ordered the essentials. A power washer a set of patio chairs and a shiny new grill. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping or up to five point two five percent as a preferred rewards member which you put towards the cost of your most essential deck edition a bird feeder apply for yours at bank of america dot com slash more rewarding copyright twenty twenty bank of america corporation pink of these moments and find your stream of. Let's put today.
642 - 5 Legal Documents You Need During a Pandemic
"And now for some Good News Bank of America's hiring and looking to support local Communities Bank of America offers growth and support as well as the training and resources. You need to create a long lasting career like their award winning academy and Financial Adviser. Development Programs Bank of America's not only invested in your career. They're invested in you. Your health and safety are their number. One priority visit careers dot, B. of A. dot com slash money girl for your next career move. Pay Everyone I'm Laura Adams, and this is the money girl podcast where my mission is to give you the knowledge resources and motivation to manage your money, the best way possible and create a richer life I'm so glad you're joining me and I want to welcome you to the money. Grow community if you're new to the show, and if you're a longtime listener, I'm so glad to have your support. So this week. I WanNa talk about something. That is a little bit more serious I think as we're all grappling with how to stay healthy both physically and financially during the pandemic. It's really important to make sure that you and your family have the right emergency documents, and this is something that a lot of people put off until it's really too late, so no matter if you are living in a corona virus. Virus hotspot, or you don't know anybody who has contracted Cova did I? Don't think there's ever been a better time to review your legal documents or think about creating them. If you haven't thought about this before, so this show is for you whether you've already got all of your emergency documents in place whether you've been meeting to create them for some time, or you've never even thought about the topic of emergency documents. Documents. This is for you, so stay with me. We're going to cover different types of emergency documents that you need why you need them why you may need to update them if you've already got them. And if you get covert or any other unexpected illness or get into an accident, these documents help you manage your life. They help you manage your finances and essential decisions that you've gotta make. It's GonNa. Give you. You a lot more clarity and less stress if you have these documents in place during an emergency, so instead of being caught off guard during a difficult time consider if you should have five of the legal documents that we're going to cover the first one you've probably heard of. It's the last will and testament, and the purpose of a will is pretty simple. It's just to communicate your final wishes after you die. Unfortunately, there are lots of people who do not have a will, because they mistakenly believe it's something that's only for old people or for rich people. There for everyone, the fact is every adult should have a will. It doesn't matter if you've got lots of assets or very little. If you die without a will, the courts will decide what happens to your possessions, and even to the people in your life like a minor child, not your family and what you have a will, you should not forget to update it periodically to make sure that it addresses all your wishes, all your assets, and all your beneficiaries. In fact, my husband and I recently went through all of our documents and made sure that our will in particular. Particular was up to date. It had actually been quite awhile since we had taken a look at it, and we made some really important changes, so don't forget that periodically. You need to review these documents. Critical life events such as getting married divorced, having a child, losing a spouse or partner and lot of other things should trigger you to update your will, but it's really a good thing to just consider maybe every year. Maybe every January. It's part of something that you just remember to think about and just think of there any things that you need to change your documents. Now, if you're starting from scratch, and you WANNA, make a will make an inventory of your assets, so these are your bank accounts your investments in real estate that you own vehicles, expensive belongings, and maybe even sentimental possessions that you have and decide what you want to happen to these items when you're no longer around, you can list beneficiaries for specific items like maybe you know who gets a piece of heirloom jewelry. That's been in your family or who you want to get your artwork collection. You can also create distribution percentages such as fifty percent of the value of your assets go to. To Your partner and fifty percents would go to your child or to a friend. There are a lot of different ways that you can decide how to distribute your assets, and in addition to dealing with your possessions, a will allows you to name a guardian for your minor children, and don't forget to leave instructions for what you would want to happen to your pets and things like digital assets, intellectual property, and any business assets that you have, you can create a plan for your funeral such as where you want to be buried, and you want your organs donated. Someone must carry out your. Your final wishes and all the legal details, so you can name a designated family member, friend or an attorney to be your executor. This person will handle all the arrangements and depending on the size of your estate. This can be a pretty challenging and time consuming job, so make sure that the person you designate knows that their designated, and you know that they're capable and willing to do the job. The bottom line is having a will make sure death easier on those you love it can help keep peace in your family by settling disagreements minimizing bureaucracy, and even saving your ears from unnecessary. Unnecessary expenses you actually don't need a lawyer to create a will, but I would say if you have a high net worth or many different types of assets. It's a really good idea to hire an attorney. They're gonNA think about things that you need to include in your will that you may not think about, but if you can't afford an attorney, having even just a simple template for your will is better than nothing, and you can download those from a lot of different legal website, so just do a search for free online will template, and that might be a good place to start. All right the second type of legal document that you may need is a living will. This is a document that specifies what you'd want to happen. Regarding your end of life care, so this would help if you were unresponsive for an extended period, or maybe in the final stages of a terminal condition, having a living will make sure wishes clear when you're facing death, it's a pretty essential guide for family doctors who might need to know if you would want to extend your life by artificial means. To Die, without any interventions. The third type of document is kind of similar to a living will. It's called a healthcare proxy. This document allows you to designate someone to make medical decisions for you when you can't and you also hear it called a healthcare power of attorney or a healthcare surrogate. Imagine that you're in an accident or you come down with a severe illness, and you become mentally incapacitated. Having a healthcare proxy allows that person or even multiple people that you choose to be your representative to make medical decisions for you or even to admit you into a healthcare facility. You might want to name to proxies just in case one of. Of them isn't available. When you need them, so consider who you trust with your care and discuss the responsibilities of this, and also your wishes with those people, also some hospitals will not allow medical professionals to disclose any information about you even to your healthcare proxy unless you have something called a hippo medical privacy release. Hippo stands for health insurance. Portability and accountability and having that release means that your family can speak to your doctor about your medical situation without creating a legal problem for the doctor. So this is really important. Definitely consider having a hippo release in addition to a health care proxy a living well. Bank of America is hiring and looking to support local communities. Working for Bank of America is more than just a job. They offer growth opportunities support training and resources to help you create a long lasting career path like their award, award-winning Academy and Organization that ensures your success. Through coaching and development. The academy can help you learn about your professional interests and exposure to new opportunities they set you up to thrive both today, and in the future they also offer financial adviser. Development programs designed to support and nurture your growth in the. The field and you don't need finance background whether you're starting out in your career, you're looking to transition into financial services or your seasoned advisor. The Adviser Development Program gives you the right mix of course work, and on the job training to ensure Success Bank of America is not only invested in your career. They're invested in you. Your health and safety are their number. One priority visit careers dot B. of A. dot com slash money girl for your next career move. That's careers dot B. of A. dot com slash money girl. Before we continue. Let me tell you about today's sponsor. Mutual Mobile, they're a product design and development company that can help you build your next APP. Mutual mobile has designed and built over six hundred mobile and Web APPs powering fortune, five hundred companies and prominent startups like under armour, clorox, kitchen, aid, and more normally hiring a freelancer can be a really stressful process, but with mutual mobile. It's a breeze. You'll know right. Right away that it's a good fit, their team experts and custom digital product, Management User, experience, development, capabilities and visual and interactive design. They'll handle your project from ideation to product shipment to maintenance and everywhere in between, so if you have design or development needs schedule, a free thirty minute consultation with mutual mobile APP, mutual mobile dot link slash money girl to get started. That's mutual mobile dot link. Slash money, Girl. All right. The fourth legal document that you need is a power of attorney, even if you don't ever need a designated proxy to make medical decisions for you, you likely need someone that you trust to help with other types of decisions, such as managing your finances or even legal affairs, creating a power of attorney allows another person to stand in for you as an agent. If you're incapable of making routine transactions like paying your bills or signing contracts, they're different kinds of powers of attorney, but the most common one is called a durable power of attorney. You can use it. It anytime you're not capable of doing something like selling real estate making insurance claims filing taxes or even making any type of financial decision, you can also create one or more limited powers of attorney, these name people to act on your behalf for very specific transactions during a limited period, so having a power of attorney is how the financial end of your life can run smoothly if you become incapacitated, and it's also a tool for giving someone the authority to manage nearly any aspect of your life. If you're simply unavailable, or you don't have time to handle it yourself. And the last type of document we'll talk about is a child-care authorization. If you're the parent of a young child, you should have this document. It will address a variety of situations such as whether your child's school or daycare can release them to another individual. You can use this authorisation to allow someone else such as a partner or a nanny to temporarily make decisions for your child in your unexpected absence. So even though your kids may be home right now, do to the pandemic. Make sure that you've got this authorization in place four point in time when they do go back to school. A common question or push-back that I hear is well Laura. I'm married, so doesn't that mean that my spouse can just take care of all these issues? And yes spouse may be able to make some crucial decisions for you, but you could both die or become a capacity at the same time. Also think about this. Let's say your spouse is in a coma in the hospital due to a disease or accident. If you had a financial hardship and you needed to. To sell some of your assets such as jointly owned investments real estate, it could be very difficult because each of you would have to authorize the transaction, and if your spouse was unable to do that, you would not be able to make some really important financial moves the way to get around. This is for married couples and domestic partners to give each other power of attorney you avoid having financial restrictions that way during a crisis and each of you should have. Have Your own wills and your own healthcare proxies also consider what would happen to your minor children. If you and your spouse were in an accident together, it's really terrible to think about, but you've got to name a guardian in your will, so the court doesn't appoint one four you that you may not like and another common question is. Where do I keep all these important documents? Well, you want to keep the original sign documents in a very safe place you. You definitely need to maintain the original somewhere like an attorney's office or at home in a fireproof say for even in a bank safe deposit box, but you also want to keep copies at home you WanNa. Keep them just in case you need them at night or on the weekend you'll have copies. Therefore you and you can also scan and upload them to a safe cloud base storage services such as dropbox. Evernote said that you've got them in multiple places. Do Yourself and your family a favor by getting all your emergency documents created as soon as possible, and if you've already got them as I mentioned, put a reminder on your calendar to make any necessary updates each year every few years it so much easier to prepare for a potential disaster than it is to recover from one that blindside you after a tragedy occurs, it may be too late to make critical decisions, so it's really important to get ahead of that and you're gonNA. Feel so much more at ease. That, you're prepared for some unexpected issue. Your emergency documents make sure that you and your children's future is protected, no matter what happens. I know this is a pretty heavy topic to think about specially right now with so much going on, but as I mentioned I think it's also a really good time to get all of these emergency documents in place so I hope it's been helpful. If you have a question or a dilemma, a great way to keep the money conversation going is within my private facebook group called dominate your dollars to request an invitation. Simply visit dominate your dollars on facebook, or you can send me a text message for immediate access just text. The word dollars do l. l.. A. R. S. to the number three three, four four I. Hope to see you in the group. You can also visit Laura de Adams. Dot Com to email me a money question. You can even record a voice message that I may be able to use the show, and if you don't want your voice on the show, you can just tell me that in the message. Just call three, zero, two, three, six, four, zero, three, zero, eight, twenty, four, seven to leave your message. Money girl is produced by the Audio Wizard Steve Ricky Berg with editorial support from Karen Hertzberg. If you've been enjoying the podcast, we would love you to take a moment to rate and review it on Apple. PODCASTS or wherever you listen to shows, that's an easy way to give back and show your support. You might also like the backlist episodes and show notes that are always available at quick and dirty tips dot com. That's all for now. I'll talk to you next week until then. Here's the living a richer life. If you're stuck at home, feeling isolated or worried about the state of things we hear a better helper encouraging you to take a mental health. Break when you can. If you need a little help. Getting started on one of your own. Here are few it is. Guys. We've been home for awhile now. Yeah, it's pretty common to feel little, isolated and Deville worried about the state of things right now. And we hear on the podcast and the people at better help really want to encourage everyone to take a mental health break when they can I've been doing a little project nothing too big something that I can accomplish and one day it sort of feeds my soul to start something and be able to see it through and finish it, and it can be the smallest thing like you know that drawer in your kitchen. That is the catchall drawer that just everything just falls in that drawer. I organized that drawer. You guys. It made my heart feel good. It may yeah I don't know how to explain it, but it was too small. Thing that I did and it. It got me sort of out of my head, and in my body a little bit. We also want to point out the folks at better help. Better help offers online professional counselors who can help if you are wanting to reach out and speak with someone you can talk to a licensed online therapist and find some relief some communication some connection. You can get affordable professional. Help when you want it wherever you our. Listeners get ten percent off their first month with the Discount Code stitcher. Get help, today. Go to better help dot com slash stitcher.
Bank of America, United Airlines, Retail Sales Report
"Here for free by going to our special links Zappia dot com slash full Wednesday October sixteenth. Welcome to market flurry. Thanks disaster for supporting market SAP here's the easiest way to automate your work it connects all your business software and handles work for you so you can focus on the things that matter most tries could do no wrong in I mean did the sky was the limit and then you crack open the books there and it wasn't exactly as good as we thought it would that enemy and I I was working there for spell during that time and I it was so amazing to see the attitude when that acquisition was made in the enthusiast the Bank of America is investing a lot in this and it's paying off the thirty eight million digital digital users now we don't talk a lot about Zell I personally aching in digital and the success that they're realizing on the digital front I mean it's not surprising I guess but I think it just goes unnoticed because of the threats does for the longest time the narrative with Bank of America more so it seems to me than the other big banks has I mean it was unbridled enthusiasm Chris like really the feeling there was the Bank of America was taking over the world kin Lewis's results now I mean if we look back last quarter we were talking about how on the surface a lot of these banks were really dealing with a challenging environment just given the you tell me what's what's working better for Bank of America right now is at the consumer banking side or is it the investment banking side well I mean I think the number for straight environment given the uncertainty with the the ongoing trade war market volatility that results from all of this I mean banks were it seems like they had the longest hangover from the great recession Oh in part because of that horrific countrywide acquisition that they made it was a dark you but all all in all I mean the bank is performing very well consumer banking revenue was up three percent loan screwed assails data we'll get to that in a second let's start with Bank of America though third quarter profit and revenue came in slightly higher-than-expected from Bank of America never never even used cell in we have bank of America counseling in our family. Now that doesn't mean Zell isn't isn't doing well here though because when you look at the it's the nationals going to the World Series we've got some earnings we've got some I was GONNA say interesting it is interesting we've got some interesting retail sales numbers are turning in transactions Brazil they have eight point nine million users now came in just under eighty one million per bution from all sides of the business but I tell you what really struck me and going through the report here in in the accompanying presentation is the investments that there may wasn't just the investment banking side but certainly that was the the the star of the core I think I mean heck even in consumer investment accounts grew seven percent for a year ago from Iran remember don't just take your worldview in extrapolate that to the greater market so you've got your family's money with Bank of America my family it's capital Thanks for looking at chain with times yeah I agree and we we certainly saw I mean recently there was this report I think it was an accent I would tell you that it the investment banking side of the business is really performing well in in was was responsible for a lot of the the Abbey man and this is on top of the Wnba Chamber Yes Stanley Cup just a couple of years ago it makes you even wonder why why why are we in a football team here is there a football team I mean does that really qualify football at this point they're they're taking a backseat as they should yes sir dollars went through that network for the court that's almost doubled from a year ago so just because I'm not using it doesn't mean it's not the unused and I think it's a good lesson for investors the person transactions for the core that's close to double what they chalked up a year ago and when you talk about the dollar volume flowing through those networks twenty one billion we but but I mean going back to this to this investment in digital at a really want to shine a light on this because we talk a lot about square pay pal in this war on cash there are efficiencies that are being wrong out of the system here so it's not like that money is going from one bucket into another bucket I mean a lot of times that efficiency efficiency is just taught you know that's that's smart that they're that they're trying to do this and it's it's a you know all things being equal I think it's a good thing that really having a bit of a challenge there and it does it does show you the advantage that the big banks have in their scale but but I mean when you look at this quarter offer came in at a billion dollars that was a little bit higher than expected revenue was sort of even with expectations but they raised guidance for the full year people don't like companies like these when it comes to airlines most of what you're going to see people complaining about cancel flights delayed flights expensive seats getting kicked off their flight crease capacity by three and a half percent this year that that core metric their revenue per available seat mile grew one point seven percent that was in line with their forecasts it was basically like hey at one point I just said so wait is this your venom Oh and the guy was like well yeah kind of like okay it it does look like Bank of America's gaining traction stock up a little bit shares of United Airlines up a little bit this morning as well third quarter I'm willing to bet that ninety nine point nine percent of that is all just total hate people just don't like comcast right they just the customer service is horrible eighty seven nobody knows right animating everybody would would opt for safety I absolutely but I think that it's this whatever Yadda Yadda Yadda don't have comcast I can't speak to it but my point is there is this there is this vibe out there on the consumer side where another layer of uncertainty within the airline industry and it's not evenly distributed some airlines have much a much greater exposure to the seven thirty airlines are thankfully I don't know that I wanna be hopping in one of those things anytime soon in I've got a couple of flights coming up here in the near future airlines are really interesting I mean to report that was talking about this land grab out there in the payment space as the cost of of moving money around is is coming down in their companies ear and I would point out that United Airlines is doing this without the seven thirty seven Max as as most every most all major that are really capturing that and there were opportunities that these big banks were missing in part of that part of that rain two remaining part of it also it's worth remembering that because they don't have the exposure and once the seven thirty seven Max gets fixed all of a sudden united in South West have CAPAC- regulatory or or macro concerns that are beyond my control but airlines often make me think of companies like comcast creating a little a little bit more streamline market but there's no question that the big banks are trying to get in there and capture their share of that of that payment space Are Fixed in everything is getting back to normal in airlines like united are able to integrate more flights back into the road ask and what I mean by that is if you only pay attention to what people's they would consumers save you just scroll through social media search comcast customer service you know whatever that may be but when you look at it from the actual business side I mean there are a lot of reasons to actually consider investing in businesses like these and so from that perspective you could say well their earnings their profitability the potential is is probably a little bit depressed right now I mean the market clear trying to return value to shareholders in one form or another I mean I think share repurchases have have been a really good way ineffective way gotten out in front of it and instead of waiting for problems to arise I mean they've really gone through adjusted their schedules cancelled a lot of flights that we're going to be dependent on this yeah well yeah these are better run businesses buffet who hated airlines forever has bought shares of a bunch of them so I'm going to try and figure out which wants to buy I feel like it's a little bit more difficult just because again it's not that exposure to the seven thirty seven Max is not evenly distributed so Delta Airlines doesn't have the these these are companies that offer up a lot of opportunities simply because of the competitive positions in their respective spaces spaces they servers really important in but seven percent deposits up by three percent a consumer checking accounts up two point three percent total ten years so it is it they're getting on hand I've got I mean I personally have never really had any interest in investing in them they always seem a bit too capital intensive and in beholden to they do see this metric kind of hanging in that area for the rest of the year so I think they said good expectations they raise their guidance a little bit the big unknown is that seventy that we talk about Corwin core out from all of these tech Silicon Valley based company like square straight pay pal and whatnot. It's interesting Z. A. P. E. R. dot com slash fool for your free fourteen day trial that Zappia dot com slash oil so the monthly retail sales number this came out and normally I don't pay a lot of attention to them retail sales in September fell zero point I think that's you know for a number of reasons clearly the airline was scale they can invest their resources wisely fuel costs relatively low they they expect to win Kevin Max and therefore they have more planes that are grounded so in a way it makes it a little bit harder to sort of judge if you're looking at all the airlines and thinking and that that's a little surprising to me well and I think that's all also based on a forecast of I think there was something around two tenths of a point expand it's enough to get it on the show today well yes and as we point out from time to time this is one of those months that Zappia is really great at helping us Zap from one APP to the next and right now through November you can try Zappia free by going Zappia dot com slash integrate them all because when you're going from zoom video to slack to Google docs and back again you can lose track that's just like a day in a life here three percent that certainly doesn't seem like a big number but it's the largest amount since February and I think I have this right that e commerce sales fell month over month there's a little bit more than others you think about incorporating back to school shopping in August and September that's the second most important time of the year for retailers and Haitian because clearly the market's assuming at some point they will it's a matter more of win that that really is kind of a guessing game it's it's very difficult to say there really knows that and so then you have to try to make a judgment as to how much credit is the market giving it four when the time comes that the seven thirty seven issue just a few months back I think we're going to see trade concerns in costs playing into consumers decision making process a bit more this year versus last year one and the most recent conversation I had with someone a capital one Zell came up you know and it was just like Oh okay so I mean what was that converse either way I mean if you're looking at investing airlines I I mean united united clearly looks like a very well managed company they've been focusing for a long time here on over on a fairly consistent basis and I mean it you know they they make healthy amounts of cash long way to airlines are notoriously difficult but well run airlines can certainly uh prices because they just don't fully know exactly how this is all going to shake up an as you raise prices that typically puts a little bit of a stranglehold on consumer behavior in right I mean this that that was it doesn't sound like much on its own but when you compare that to the actual expectations it becomes a little bit more I don't want to say concerning but it's enough to and one of the most successful back to school seasons ever INS in so it's not to draw this this big it's not the paint this picture of all retailer suffering you just gotTa status quo I think it will come to find now is that this trade war is not something that's going to be ending anytime soon and I think most of that aren't really feeling perhaps as good as they won a few I mean there's some really interesting some telling data out there regarding the state of zero or even negative they're the ones that hold the most in credit card debt in so over time this really has only gotten worse ultimately today I'M NOT GONNA make a call here in saying that this is going to happen I wouldn't be surprised though if we are headed for a tougher holiday season maybe some were thinking out of retailers you're seeing a lot of businesses right now small businesses particularly that still have the uncertainty that this trade war presents the raising consumer credit card debt today in there was one there was one data point that struck me as pretty fascinating because if you look across the I think the numbers bear that out I mean if you bought shares of United Five years ago in your owning them today I mean you're sitting on fifteen percent annualized returns and your money is double over the course of the last five years in early the exposure that united or South West so like in Delta's latest quarter are like are they doing really well relative to the competition or are they just doing really well This spectrum of household wealth in in in how much credit card debt these households have households with the lowest net worth bud I mean we are we're going into a very pivotal time of the year out of back to school season now we're getting into the holiday season and I also have to factor in their level of inventory and let's face it some of them are better than others when it comes to managing their inventories yeah there's no question Eh. The average American
Being Single VS Boo'd Up
"Picture this nineteen twenty seven chicago a black female blues singer. My rainy is well ahead of her time. And has no problem going toe to toe with music executives to get what's owed to her in the new net movie. My rains black bottom. Viola davis portrayal. Rainy is incredible. The movie truly showcases the power of the american dream in a time when women especially black women were not respected watch. How pave the way for artists today. Checkout ma rainey's black bottom in select theaters now and on netflix december eighteenth. This film is rated r. Holiday season means stocking up on essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose certain. Three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation stereotype of being single during. The holidays usually brings looks of pity from people but really it can be cool again if you're single. Who what being single for holiday. Yeah and i'll let people you need fire somebody. I'm tending to waste. Waco christmas day by yourself through well. There are a lot of things junior that single people can do someone with a significant other. Can't guys here ways. The singles have better during the holidays. Check it out junior. No fights waiting to happen. Someone good thing yeah. That's a great thing or breakup. You know what. A lot of people break up over the holidays. You don't have to worry about that. Jk break up if you ain't no yeah. You don't have to buy a lot of gifts. Think about it okay. I'm just looking at the bright side of this There are no mandatory spouse holiday parties. You have to attend got known the stove either male okay. Here's another one. You don't have to choose which family you're going to celebrate with as always a fight about that you know. Yeah but you need to find. Somebody house won't show famine. And then here's a good one new year's eve you can go in focusing all on you never brought in the millions by yourself. Do you do blowing that horn. Don't nobody he outta here. Focus on just yourself in the new year but you can do that the year before because you still by. We're looking at the positive side of being single steams all not. There's no pass no you. Don't you need to find somebody. I remember the first time we've moved to atlanta i. yeah. I didn't go home all right when i woke up and there was nothing. No i call home. I heard all that joy and laughter and getting passed around on the phone a phone. Fuck questions i'm coming. Who is that. We talk to coming in doing the now. Who is that. Who in doubt. What baby is that. Which i look at that you don't want to do. Wow i like all of that. You like being by yourself during the holidays. Listen that's what is that. What one okay. Christmas morning is like what at your house. Listen listen don't you know pods radley again. You maybe it isn't that join. Be lonely always got to be rattling. No noise again. No company at all. You ain't in the neighborhood. Because i ain't gonna let you in you know leaving in the neighborhood sag. You ain't coming in. What is it in your house. All right we'll have more of a steve harvey morning. Show coming up right after this. You're listening steve. Harvey morning show. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent cash back online. Shopping essentials the essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation holiday season means stocking up on essentials like decorations and an ugly sweater with the bank of america cash rewards credit card. You can choose three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation.
Davos News, Bank of America outlook and JPMorgan's shift towards Paris
"Welcome to banking weekly from the Financial Times with me Patrick Jenkins this week. I'll be joined by David. Crowe biking editor from Devas Laura Newnan are us. Banking at set from New York. And also by Stephen Morris European banking correspondent. And I guess this week is Brian Moynihan Chief Executive of Bank of America this week. We'll be talking about Davos and the latest financial news from the world the Economic Forum. Also our interview with Brian Moynahan and finally J. P.. Morgan is it moving to Paris. I to Davos Davos with joined down the line from the ski slopes by David Crowe Banking editor David. Thanks very much for making the time. Tell us what is the main the theme of this year's gathering of the bigwigs of finance policymaking and business. Hi Patrick and greetings from a very busy very loud congress center in Devas. It's still very early days but I think one of the main themes this year is going to be climate and sustainability. Now that is in part because the organizers of the World Economic Forum want it to be Greta thin Berg the seventeen year old climate activist and in some senses a standard ended Barrett for the green agenda has been on stage today asking delegates to take the climate emergency seriously. And you remember that Larry think the Chief Executive of fund on Management Join Black Rock in a sense. Set the tone for this meeting by putting big changes to his business to focus more on sustainable investment that included things like cutting big polluters that divided big chunk of their revenues from thermal coal for instance from its active portfolios. But not. Everyone here is singing from the same songsheet earlier. Today Mike Colbert's the CEO of Citibank spoke on a panel and he said his bank would take take a more nuanced approach working with companies to help them become more sustainable using the carrot. If you like without beating them with a stick as he put it. Let's hear a bit of what he had to say. We've actually been introducing outcome based financing more of the actual cost of your financing will be based on what what's your actual carbon emissions is at a certain point in time so getting stick right in terms of the right benchmark pricing and then creating the right outcomes and certainly is a financial institution what I say to our clients his. I don't WanNa be the sharp end of the spear meaning. I don't WanNa have to be the ones I'm telling you are enforcing standards in your industry or in Your Business. You should set those you get proper buying and we'll be here to support you. We're we don't WANNA find ourselves is is being the person that starts to dictate winners and losers ebanks job is to support the communities in which should operate it's not to dictate outcomes so I think it shows that there is going to increasingly. Be a divergence on this issue between banks fund managers inches and other financial services companies that want to cut polluters off from the global financial system. Like the Netherlands Lender I N G for instance which has said it might have to bank some polluting customers. And then there are those like Mr Corbett who think that it is not the banking industries job to police. The climate who think that that job should fall. Instead to policy makers shareholders customers regulators and so on finally David aside from climate sustainability. What are the themes are on the agenda? Well I think there's going to be a lot of soul-searching about negative rates in the euro zone and lower rates elsewhere in the global economy enemy. We had another set of lackluster earnings from. UBS this morning predominantly because of its struggling investment. Bang but also because negative rates in Switzerland are hurting cutting its net interest income. My sense is the bank. CEO's accept the negative rates are going to be here for the medium to long-term despite their best efforts convince central bankers that low profitability in the banking industry is bad for the real economy. So you're going to hear a lot less about battered margins and more about the long game came about the need for government to take fiscal measures on spending and tax to boost the European economy. Well enjoy the ski slopes David thank you very much for that. Let's move on to second topic now. And a few days ago law renewed US banking editor and Rob Armstrong. US Finance editor. Sat that down with Brian. Moynahan the Chief Executive of Bank of America to talk about what he's learned during his time at the top and also what. The plans are for Bank of America. Going food one of the most interesting areas for discussion was around the booming share prices of US banks especially when compared to those in Europe. Bank of America's stock is up about twenty percent over the past year but despite that impressive performance. It's still lags. The Industry Leader J. P. Morgan organ. So Laura and rob asked Brian Moynihan what that mentality he judged himself against his competitors. Wolves Bank of America actually getting left behind calling. I look at what we've done in our stock price performances than one three five. He just up from the industry and so there's a couple of perform very well. Frankly in the last five. The additional profit beginning is that the holes put in the company's capabilities from a pure calculation basis and from the risk. framers we had required required us to issue a lot more shares and that's why our share reductions a critical part of restoring the overall profitability of companies. So the market caps gone from say on sixty billion with three hundred thirty billion. We earned one hundred. Thirty billion dollars of the decade would return two hundred thirty minutes share share buybacks and dividends in. We've reduced is the share count from eleven half-billion at aged under nine now and until we get the name of completely back. Then that's why we have momentum even your where learnings relatively flat last year for the fourth quarter or ups is up and that's because that is part of shareholder value proposition. And you can go back and look at the first prison stations. May which is we have to get to the fortress balance sheets and indeed once we get there. We can grow what we call ourselves. So we're joined by Laura. Thanks for much for joining Rene Solorio. What did you make of this common from Brian? Monahan is clearly a little bit sensitive about the idea that J. P. is taking spoils the very much playing second fiddle. What's your thoughts? Are they getting left behind. So if we look at it on the net income basis or on a shareholder return basis certainly j. p. Morgan Chase House done better than Bank of America on on most fronts. If you look at the last decade or so and digging Morgan Chase has also really succeed in creating narrative that it is the truly strong you buying from the financial crisis but isn't to say that bank America is losing to Jason Audience. Mike America is the biggest digital bank in the US. It's the biggest small business lender. It has number one to share in the US. So let's hear another clip now. This is Brian. Moynihan's statement of his ambition Iran growth and particularly the scope for expanding their consumer banking operations creations get gross these to talk about consumer market share because people can sort of relate to that all consumers with large thank you franchise United States largest visits franchise largest commercial money in the United States. And yet we are market shares consumer probably twelve thirteen fourteen percent depending council obvious. You could double thirty million dollars over time if you could after so Laura what do you make of this plan clam for growth. Is it realistic so surprising feature of the US bank earnings. Every quarter is at the biggest banks helping continuing to gain share. And that's even as as we see lots of new banks launching the space particularly digital buyings. The biggest banks have continued to really tighten their grip. So I think Brian's point is at that's something we're going to continue did you see and that there's still a lot of market share to begin given that the market shares of the top banks are actually quite small routers other industries. So I think it's fair to say that that the market share we'll grow whether it will double. I think that's probably a bit of a stretch. He didn't give any time frame. I think even over the longest timeframe personally surprised if they monitor double because the big. US banks are constrained in their growth. It's not like they can grow. We'll just going out and buying something it can't so I think doubling it is going to be quite ambitious and then finally Laura Utah. Oh to lot I think to Mr Moynihan banked what he's learned from the past ten years or so since the crisis have he ensured that his as he called them his his teammates. Keep in mind the lessons that should have been learned from the crisis. What did he have to say on my exactly? I think Brian and a lot of Wall Street. Executives and other senior executives are concerned about is that as a crisis becomes an older memory and as there are fewer people working in the banks who have been through us or being through any kind of entering the institutional memory is lost and lock in effect decision making in the can affect how people view risks. So if you think about someone there are people working in the US banking industry. Who worked in industry she for ten years and have only known economic growth? I mean you can learn about in history books you can learn about it from your account last but it's not the same as actually seeing the loans turn by seeing in the borrower learnt money for a small business facing bankruptcy trying to structure those out and so I think one of the fears is that because the US been economically nonstop in particular so good for so long. It's very important to try to keep the new wave of US bankers grant in the fact that actually things can go wrong. And when they I do this is how we cope with them. Great Laura thank you so much for joining us onto a third item of the day. And we're joined now by Steven Stephen Morris our European banking correspondent and the Line Stephen. JP Morgan has made an interesting of news this week by announcing the purchase of a new building in Paris this is brexit related. Does this mean they're moving their European headquarters out of London. Well not quite MRIs. Wha- Investment Banking Times. They call optionality which is horrible would basically they have fought the office next one. They have already in the first al-Hindi small giving them room for an extra four hundred fifty people on top of the two hundred and thirty. They already have in Paris. This is interesting because these will be potentially the sales and trading team full any products donated in euros so it looks like Paris is becoming a much bigger part of that plan than initially. We must still emphasize that Paris as European Office is currently the fourth biggest ten thousand people in London that are five hundred the people and Luxembourg and four hundred and fifty people in Frankfurt already so if they fill this out it will become the second largest office and that European trading hub. They have said that they're waiting to see what happens during this transition period which will kick off from the end of this month. Just what kind of financial deal is struck between in the UK and the European Union. What kind of market access will be retained from the city of London because obviously the people they have to move the few computer assist transfer across the cheaper for them which is ultimately that goal? There's an obvious parallel here. Isn't there with Bank of America which probably around and about a year ago now started the move all of a substantial number four hundred also sales and trading people out of London or at least they set up around four hundred New People in Paris many of them transfer from London. Is that the model here. Well yes it looks like. Harris is rapidly emerging as the win. A At least in terms of trading from Brexit we know about the well-documented difficulties of American and other investment bankers moving from London to less large metropolitan cities such as Frankfurt and Zurich and. It looks like Paris is the best situation for most of these banks of the right mix exa culture infrastructure in an increasingly business friendly attitude we tried to know. My chrome was instrumental in Dissuading Bank of America Citi Group and blackrock the world's largest asset manager to locate more of their operations in Paris after brexit and he continues to make positive noises J. P. Morgan announcement of your office building purchase actually came alongside a roth of other companies announcing investments in Paris including child the big energy and company which just moved this entire treasury operations from London to Paris specifically citing the increased cost of operating from London after Brexit. So it looks like J. P. Morgan and is really following a wider trend not just in financial services but in all business in picking Paris. It's kind of a place to do trading and sales and eastern financial at your markets for the future. Yes it clearly helps doesn't it when you're president is a former investment banker himself. Thank you very much. Well that's all for this week and also from me. That's it as your host of banking weekly will join for the next few weeks by Matthew Vincent my colleague in the meantime I just wanted to say. Thank you very very much to David. Lawrence Stephen and also to Brian Moynihan of Bank of America. And thank you so much for listening for all of these years. Remember you can keep up to date with all the the latest banking stories at dot com slash banking banking weekly was produced by Fiona Simon. Until next week goodbye.
Last Monday of 2020 After Victory Show Intro
"Hi i'm katie. And i wanna share some of my absolute favorite moments for my podcast. Katie's crib presented by baby dove my daughter. When she first looked more like my husband. I was ecstatic. I loved her so much and suddenly she started looking me house. Like that's so awkward and weird. And i thought wow i have a lot to process with with me still inside of me. You can listen to a new episode every thursday. Katie's curb is available on iheartradio apple podcasts. Or wherever you get your podcasts. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation ladies and gentlemen undivided. Attention is all that's required here. Nothing more It's not necessary to have good sense. It's not necessarily have common sense degrees or not needed anything of any value. You just don't need it. Just just need you listening. Because this is the steve harvey morning show. We need you to be open minded and receptive to the foolishness. That's about to go down. Ladies and gentlemen this is thus steve harvey morning show. Make no mistake about it. Ain't no other one. Banded and miss hill was. Let's get to stay surely straw. Good morning steve. Kicking own over collar for real. Good morning steve. Hey crew only into the impressionable. Keer junior spates moaning. I'm here and the king of foolishness ladies and gentlemen nephew. Tommy love it. Love it but you started. I'll love you go kick this morning. Yeah we're good about you. I feel pretty good man pretty good. I'm just like really really fine. No i was just trying to think of how to describe it often. You count your money though by once a week once every two weeks ago. Look at it. Look at those zero. I don't ever do that. You know go looking for okay. Wait when when you got it looking. It'll be you can go see it a viewing at least online. Go pull up your. I thought you meant like look at the actual money. Yeah no just put it up to say okay dane. No bank accounts or it. Do you ever call down. And say i want all my bank right at the. I'm just playing. Where if you do if you threaten me. I've done that before. Oh yes you talk to me craze. Yeah i'll tell you in assume i won't to have made it brings. Trucks is dead. I take all that i never really had to do. It once had much. But i had enough down there to be effective. So bank talked me crazy. One time. i said i no problems. Let me money. Are you have talked to a manager. Let me talk to him. And said i'd be down the mall to thirty. Need it all in cash about six people in my house steady. Who said something. We've been this out right bank. I know bill is the former employees here who made this mistake. I said it correctly the former here. 'cause you're done all right. Listen yeah coming up at thirty two after the hour more of this crazy. Ignorance show steve harvey morning. Show right after this. You're listening to harvey morning show. Holiday season means stocking up on some essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose certain. Three percent cashback online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation.
Back To Church
"Luxury isn't about feeling better than others. It's about feeling your best feeling fierce smoothly cruising down the street and in the first ever luxury. Suv by genesis. You can highly capable beautifully. Designed the brand new. Gv eighty is what a modern luxury suv should be. I mean somebody had to make luxury fund. Why not us with available all wheel drive in three hundred seventy five horsepower. Gv eighty is boundless by design visit genesis dot com to learn more about the first ever g v eighty suv coming december. Twenty twenty initial availability. Limited see your genesis retailer regarding gv eighty availability. The and clear jar that you've seen around but sometimes the name escapes your tongue. Five layers and he's jar like vanilla fudge cookie or layers like chocolate cherry cheesecake. That clear jar. That's talented introduce you meet smooth creamy in a jar. Made with real ingredients source from around. The world made the traditional way pretentious indulgent absolutely celerity. Raise the jar when you know. It's time to go back to church you know when it's time okay when you know it is time. Take your back the church. Somebody lay hands on me right now. Not g get here when you wake up and you would somebody and you don't know their name. It is time who who you backslid along. We've been laying into until you wake up in the fight box. You explain nuts too much to look back when you wake up and you got her own we in back with in the back in the front. That's a crazy here time you go back to charity. Would you start to look at your boys grand. Mom feel snubbed. Ship saw in got me. I never felt this way you know is dan when you see. Spank mark on your behind. And you'll know how they got no innocent manhattan rockdale. Take say you could have a win. Win your lights warning if you turn around time though. you know. it's time to go back when you wake up and you'll home is need to lower back to go back to church. You've been argan which is fine girl for an hour ahead trying to convince her ain't no way y'all can because we're not really come on down to the the fifth the fifth time to go back church when you wake up with a tattooed says veronica and you name all right. We'll be back. With more of the steve harvey morning show right. You're listening to morning. Show holidays means stocking up on some essentials like decorations. An ugly sweater with the bank of america. Cash rewards credit card. You can choose her three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation. We're shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation.
The Crew Goes Rogue
"Hi i'm katie. And i wanna share some of my absolute favorite moments for my podcast. Katie's crib presented by baby dove my daughter. When she first looked more like my husband. I was ecstatic. I loved her so much and suddenly she started looking me house. Like that's so awkward and weird. And i thought wow i have a lot to process with with me still inside of me. You can listen to a new episode every thursday. Katie's curb is available on iheartradio apple podcasts. Or wherever you get your podcasts. Holiday season means stocking up on essentials like decorations and an ugly sweater with the bank of america. Cash rewards credit card. You can choose three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation. You know what twenty twenty has been a rough year for everyone. I mean we're still here. Of course we're still here but it had some moments it and we gotta talk about Just you know how we turn negatives into positives junior. You had you had some. How how did you go. Rogue and twenty twenty. Tell us about. You know one thing i did you know. I was in the house most of the year since march. You know and that lonely feeling and stuff you know you get all that stuff. I just really literally getting my truck and just drive around listening to some good music. It change your whole mood. I mean you don't have to be in the house. you could be isolated man you know. Some is brothers. And i jumped over to some jay z to now go back and forth. You know josie on a whole joe's head you to start off with well let me tell you. This is what i learned the whole job. Search i it is. If you just get on. Twenty-five it is exactly all seventeen songs. Actually all seventeen song go baby. That's how you could take a negative and making a positive. I love my role. Moma's like year. I did back in the house. I'm i'm make road moment due to. I mean i'm going to beltway. Eight and see what i. What can i go along with album. Man technologie album around a full laymen as long. Yeah it is all right. Thank you guys coming up. More of the steve morning show holo go row. Gotta do it right after this at all. You're listening to harvey morning show. Holidays means stocking up on some essentials like decorations. An ugly sweater with the bank of america. Cash rewards credit card. You can choose certain. Three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation.
Hardest Person To Shop For
"What's up everybody. It's jill scott. And here's one of my favorite moments from j. dot il podcast brought to you by netflix's new film iranians black bottom golden. Oc yes yes. She wasn't a solved woman either. Meaning she didn't say okay. I'll do whatever you say. I'm gonna listen to a new episode of j. dot il the podcast every wednesday and check out my rainey's black bottom in select theaters now and on netflix. Six december eighteenth. This film is rated r. We're all shopping for essentials online these days and now you can get rewarded for it with the bank of america cash rewards credit card. You can choose to earn three percent. Cashback on online shopping essentials. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation the season for people who are hard to shop for and you know what a lot of people you know you look at them like say. For instance steve carla. Steve is everything. he's hard to shop for. I would think he has everything. So i gotta ask you. Who are you having trouble. Finding a gift foreign. Why girl my husband. It is so hard that yes it is so hard to shop for tosh. Because really doesn't yeah. He doesn't really want anything but he asked for some tools. So we're gonna go to you know. The store home depot home improvement store lows and really get some suggestion from the guys. And you know the guys working here and see what i can get him. That's a surprise him as well even told me what he wants. I want to get something that he didn't think i would get heart two by four so yes my husband every year. I'm stumped as to what to get him. What about you shirley. What about you. Who's hard to pick four No one's really. I mean i just get what i like. I just get what. I like what i like for them to have from right you know. I don't stress a battered or anything like that. I hope they like it and nine times out of ten they do. I really put my heart into gifts. Because i love giving you know this is the season of giving so yeah so i don't stress about whatever i like and i think that you might like and usually i'm right. Thank god right right. all right. we'll be back with more of the harvey morning show. Merry christmas coming up right after this. You're listening to show this holiday season. Pepsi co. is partnering with toys for touch to give a gift with everybody. With every purchase of specially march pepsi mountain dew and sierra mist two liter bottles pepsi cola will donate ten cents to toys for tots so head on over to your local giant and give the gift of giving happy holidays from pepsi. Holidays means stocking up on some essentials like decorations. An ugly sweater with the bank of america. Cash rewards credit card. You can choose certain. Three percent cashback on online shopping. The essentials have never felt more rewarding visit bank of america dot com slash more rewarding to apply now copyright two thousand twenty bank of america corporation.
#1451 - Q&A: Working through anxiety and 2020 fatigue.
"You decided to upgrade your outdoor deck. So you order the essentials. A power washer a set of patio chairs and shiny new grill. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping or up to five point two five percent as a preferred rewards member which you put towards the cost of your most essential deck addition a bird feeder apply for yours at bank of america dot com slash more rewarding copyright two thousand twenty bank of america corporation. Hey there what's up chris. Calvo here your host of school getting a lot of emails recently. A lot of emails question social media comments and such on. I called zoom fatigue couple of weeks ago. But it's not just zoom fatigue. It's twenty twenty. Patik the twenty twenty flu and i don't mean covid. Today's question from our listeners is quite reflective of this attitude or this experience. Let's say it's not really an attitude. It's something people are legitimately going through. A listener is drained discouraged and disheartened with the continued struggle of twenty twenty. They wanna know how other people have managed to overcome this. Now i know for myself. I can speak from my experience. I had a few rough weeks there for a while. When the pandemic started. I was trying to figure out how to reframe it. I did pretty well for a few months but then as it went on it was kind of like found myself discouraged and disheartened a little bit drained and of course my life overall is not that different during the pandemic. I'm not worried about losing my job. I'm healthy and very fortunate. So i'm aware of all that but still feeling pretty discouraged right because that's just how it is so also a quick word overcome. We'll talk about this morning moment. But i'm a big believer that trying to overcome our fears or anything else that we perceive as negative is not always ever the right objective right. It's not so much about like overcoming as it is working through or accepting and acknowledging and not worrying about what we can't control but for the things that we can still. I know it's tough out there. I know that. So as i said. I've been hearing variations of this question a lot working through anxiety and twenty two thousand fatigue. Let's hear from his listener and talk about it. After this quick message from our sponsor you finally decided to learn how to ice skate. So order the essentials. Every ice skater needs a pair of blades. A new helmet hand a good set of kneepads. And you use your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping rewards that you put towards the cost of an essential piece of post skating recovery. Heating pat visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation. Hey chris this is ben from denver and i've been follow your projects for also really appreciate your perspective on life and like so many others you know worn out from this year between the protests the pandemic the stress surrounding the election and everything else. I've been struggling with low grade. Anxiety and twenty twenty fatigue. I mean i'm just going through the motions at work. Don't tell my boss and having a hard time getting motivated for anything beyond the basics just wondering why you and others have been able to figure out. I mean i know you don't have all the answers but any hip would be helpful so yeah thanks and looking forward to hear from you then thank you so much for this very on message. I appreciate it. I know you're actually speaking a lot of people so for anybody out there in the situation. Identifies with been an also address goes. You don't like if you're going really well we'll just hold on. Come back to you to but for everybody else for all of us. you know. First and foremost let's take a deep breath like in a lot of ways. This year has just been hard. And i don't think anyone has a magical answer. I don't think there are magical answers. something that i noticed kind of in the beginning of all this was that lots of people including myself where we're trying to do lots more live streaming and conversations with listeners. Readers viewers etcetera. I liked that. I want to do more of that. But i think in the beginning there is such a russia people doing it and everyone looking to the so-called experts for answers and the so-called experts again perhaps including myself. We don't have the answers like nobody does. This is all something that continues to unfold uniquely. Human history for everybody okay. So that's the first thing. I think it's really important just for everybody to understand into acknowledged because when you struggle like you're not the only one who's struggling so one thing i am doing as the year comes to a close because i've had some ups and downs here as well. I'm just beginning to look forward into the next year and just trying to be as creative as possible. Be as open minded and ask myself what can i do differently like. I know how to have my routine. I know how to fight against something that i can't control and that doesn't usually work out so well. So how can i use whatever is here and just try to find a way to grow through that again. It's not easy. But i think that is the right perspective to start from so try some different stuff i'm doing is like as i journal. I'm like what am i gonna do differently. What am i going to change. What am i some projects. I've always wanted to start. But i haven't or something. I started a long time ago but didn't finish or maybe something totally different. So that's just a couple of tips but mostly hanging in there because everybody is fighting hard battle. And if anybody who's not fighting hard battle like as i said i'll come back to you if you're like actually this year has been amazing for me. Well that's great. I have no resentment of that. I would just say if that is your situation channel energy towards helping someone else to care for somebody. Look after them or help them in some practical way. I think that's also a good thing to do. When you're feeling discouraged so a good thing to do at all times thanks again. Appreciate that hanging there. Everybody and i'll be around. Thank you so much listening. We are a community. You are awesome wherever you are in the world. Whatever you're up to. I hope you'll continue to listen. My is christel about this. Is site us at school from the onward project.
#1457 - GOALLL! Corporate Filmmaker Moonlights as Soccer Ref
"You decided to upgrade your outdoor deck. So you order the essentials. A power washer a set of patio chairs and shiny new grill. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping or up to five point two five percent as a preferred rewards member which you put towards the cost of your most essential deck addition a bird feeder apply for yours at bank of america dot com slash more rewarding copyright two thousand twenty bank of america corporation. Everybody welcome so glad you're here. I hope you had a good christmas. Those who celebrates. I hope you're able to enjoy some time with family and friends you were able to give a good president maybe get a good president For some reason this christmas just kind of sucked because you know whether it was twenty twenty or because there's something going on in your life which is what acknowledged that as well because people have all kinds of different experiences but hey here we are right whether you celebrate christmas or not like we're coming to the end of the year we've got a new year coming up and for me personally. I've just been trying to make the most of each day you know. Like what can i do within my control. How can i make some progress on something. That's important to me while also recognizing that you know a lot of stuff continues to be outside our control but we do what we can and by the way we're also a global community. There's a lot of people out there listening to this program and hopefully not just listening but actively thinking for themselves about you know how can i create more freedom and opportunity so that i can be more secure so that when something comes along you know that might derail parts of my life. I've got some other parts of my life. That are more secure. That's what it's all about just wanted to say that. I'm glad you're here in today's story as we come to the end of the year when a young soccer fan can't find his feet for the game. He gets the ball rolling on becoming a referee instead making money from the sidelines. So we're gonna look at the business details it becoming a ref What is it pay. How do you break in what might be good to know before you try actually learned a couple of things myself and this episode one is that there's a huge range of payment basically like you can make a very small amount of money or actually quite a lot of money being aref. So what's the difference. We're gonna talk about that. The story is called corporate filmmaker moonlights as soccer ref. It's coming up after this overtime penalty. Well as action on overtime penalty. It's just a brief sponsor message so state-owned. You finally decided to learn how to ice skate. So ordered the essentials. Every ice skater needs a pair of blades. A new helmet hand a good set of kneepads. And you used your bank of america. Cash rewards credit card choosing to earn three percent cashback on online shopping rewards that you put towards the cost of an essential piece of plo skating. Recovery heating pat visit bank of america dot com slash more rewarding to apply now copyright twenty twenty bank of america corporation own admission trevor. Rappleye wasn't the most athletic kit some seventeen years ago when he was just thirteen. Struggles with footwork. Present a problem when he signed up to his local soccer club the difficulty implying killing his enjoyment of the sport he still wanted to be part of. It wasn't quite sure what to do. Eventually the idea hit it like ahead but instead of playing on the field he get the ball rolling on something else. That's when trevor set his sights on becoming a referee it would allow him to use his soccer knowledge in a productive way. Although he was still young at the time only fifteen at this point he started the process to become accredited. Soccer referee for the state of california turns out to referee. Us one has to be registered with the legitimate association without that registration. Refs can't work a match at all at least not officially in some cases not even legally after his training which involves some- theory but mostly in person courses. Trevor felt ready. He was young and still unathletic but the training gave him new confidence. He wasn't about to blow the momentum since he was already involved with his local soccer community. The first few games easy enough to come by he would the lower level matches played by his local club. Trevor the size of the game didn't matter much with every whistle blow. He felt his confidence grow. Not only as a referee but also as a person. That's a big reason why he kept at it. Getting yelled at even insulted by spectators and then rolling with it does wonders for one self esteem so he continued refereeing in favour of playing all the way up to his college years up until then he's been earning some money from the games but it wasn't much actually at eleven dollars per game which takes ninety minutes or more. It was a pittance but now he was entering college. He knew the games would have a higher level and hopefully a higher pay great. He'd heard stories of referees at this level. Earning hundreds of dollars per game. He wanted a piece of that action once it college. Trevor started all the way at the bottom again. He'd referee the lower ranked division three games and often only the assistant ref the one who runs down the sidelines with a flak. He did these for quite a while. And then decided it was time to take a shot at goal as he approaches twentieth birthday. An opportunity presented itself to attend the us nationals. There was one thing he'd seen about the refs. That got lots of games in different tournaments. They made sure they were noticed. They did so by tending some of the larger competitions even paying their own hotel food and travel costs all with the goal of building a profile within the community so trevor spent eight hundred dollars assembling his own gear and equipment and headed off to the week long nationals which was certain to be a net loss but he wasn't concerned trevor viewed as an investment. He figured it worst case you'd have a lot of fun at best. He might make valuable connections in the refereeing world. And he did make those connections in fact he met the decision makers for several larger games and after a few more meetings he was eventually offered a coveted role. Refereeing a division one game like the low run. His first shot was as the assistant ref. Earning hundreds of dollars per game and as an added perk. Some of them would be televised. Which would eventually lead to some embarrassment. I'm one of his first big televised games involving the us national team. Trevor slipped and fell within twenty seconds of the match starting. luckily he got straight back and didn't miss a beat for the rest of the game. It just proves even a small slip doesn't have to stop you in your tracks if you're on the ball from there Strength the strength. He continued refereeing. Higher profile matches and competitions as the caliber of game grew. so did his paycheck. And you can now command over five hundred dollars for a single game. Trevor who now works in corporate film production never became a full-time ref. But that was never the goal instead. He uses his refereeing funds for fun money with extra earnings and nearly ten thousand dollars per year. It's something he still gets a kick out of all right. So as i alluded to in the beginning when i was working on a story i was impressed. First of all just with trevor's nasty and like his creativity and finding a way to be involved in the soccer world perhaps actually involved much more that he would have been if he had just kept playing even improved as a player like now he's actually able to work with all these high teams and travel all that kind of stuff but the interesting thing i thought was there's a huge pay range for riffing games new. You've got eleven dollars for a ninety minute game at the low end up to five hundred to even eight hundred dollars. It says in his notes here. Eight hundred dollars on the high end so one. Is that suggest. Well you know in some ways. I think the first observation is well. It's just a matter of working your way up okay. And that's true to some degree like there is a matter of paying your dues and of course you have to become good. You know that that's the most important thing is gaining the quality. The excellence and such. But i don't think that's all there is to it because i bet there are a lot of really good reps who aren't earning five hundred eight hundred dollars a game so usually in these situations. It's not only a matter of working your way up. There's often a shortcut. There's often a shortcut or a fast-track. There's like you know the people who are getting better. They also noticed something else. And in this case it was question of trying to make those connections trying to be noticed being willing to travel to the nationals. And pay your own hotel because you're trying to break into this field. So i think this is true for a lot of things in life. It's not only about working your way up like you do have to pay dues and get better. That is essential. Let's say but it's not sufficient you have to become excellent. Become a master at your craft and then also figure out okay. What to successful people do. That's different from those who you know just wrapping the low level games or whatever. It is right so that is an analogy. That can apply to a lot of things. I think i will leave you with that today. Inspiration is good but inspiration. Went action is better. Today's show notes for everything. I mentioned in this episode. Might be some other stuff who knows go to school dot com slash fourteen fifty seven one four five seven. Thank you again for joining me this year. I hope you'll continue as we go into twenty twenty one. My name is chris gil about this is site us at school From ni onward project.