18 Burst results for "Christopher Davis"
"christopher davis" Discussed on The Unimaginary Friendcast
"He doesn't buy the hype around the unidentified objects quote. I did have one very brief meeting on it. Trump said in an abc news interview in two thousand nine hundred ninety but people are saying they're seeing you people are saying they're seeing your foes to i believe it not particularly so that was in two thousand nine hundred ninety was saying that i was gonna put that question to the audience like anyone listening if anyone obviously had experiences. We wanna know but just what people's opinions are the comment right before the one that's up now was just that there has. There's such a big place. There just has to be some other other folks out there working to that at the end of the day. That's the best argument. I've heard so far in the grand scheme of things not just tonight like ever like it's just how could it just be us like why. Why do we think that were important. Where the only creatures forgetting to that into wrap up some of the pentagon stuff so louise l. on the former head of that classified program that started in two thousand seven ended in two thousand twelve told. Cnn and twenty seventeen that he personally believes personally believes there is a very there is a very compelling evidence that we may not be alone. These aircraft will call them aircraft or displaying characteristics. That are not currently within the us inventory nor any foreign inventory that we are aware of says. He's resigned from the defense department in two thousand seventeen in protest over the secrecy surrounding the program and the internal opposition to funding it. Oh ooh what are. We still afraid of so. When was the first time we were probe david group. They there's not like. I thought that there'd be an iconic like like y- like times movies or something will will you know like start off something like that. They just in the seventies and eighties. People started recording in pro. First time like there's not an iconic one that starts it off but it's true. i mean. christopher davis does say there there is only a couple more options other than your butthole for learning about a person. But i need if you're able to fly across the galaxy you can figure out you don't have the anal probe anything unless you want to. And maybe that's i don't want like i don't want to save those aliens that people but i mean come on like when we walk into stores now they can just hold a thermometer a heads to get our temperature like we have the pro papau unless we want to so. It's very good point david. I appreciate that analysis analysis. I i just want to also point out that nathan i. This was probably spring of twenty nineteen. We thought it would be an interesting idea to check out one of those big bridal conventions and just like it was a trap to Bro you guess. We walked in and spent about the seventeen seconds and realize that it was absolutely a nightmare to be there and it wasn't for us it wasn't you know wasn't a cup of tea.
"christopher davis" Discussed on The Unimaginary Friendcast
"He meets a guy who is amused by his his. You know his handful nets like so. It's like it's cute to see two people together. Who who like each other in our. I thought it was cute. Because the guy who likes them is used by his is What's his collected is diva side or something. And i didn't realize which. I learned to the documentary. That moi era rose which was the mom icon in the gay community. She became which was interesting tons of videos of people impersonating turns and she has really fun style to impersonate david. Why is that. you think. I'm glad you did that. Just now nathan. Because she's not easy to like. I tried to imitate arthur out. And she's not easy to imitate than accent that she puts on that real accent. I think there's some there's some weird pitch changes that she does. It's really unique. So i like we watched so much that it kind of embedded in my head a little bit. I don't. I don't know if i could freestyle off of it but i get little survey. It's not easy to do. I feel like we're alienating our audience that alienating our audience that hasn't seen shits creek so watch it david. Everyone should watch it happy. Hell hell holidays. Says one of our favourite listeners. Christopher davis my news and i think it might become relevant a little bit later in the program but i have joined an online boycott against john travolta and tom cruise because they are well aware because of their knowledge and their silence regarding the abuses of the church and just being all around bitchy gatemen. Do you think there's any sort of. I don't want to say pass. But any sort of leeway for them like you know when you're in a coal and you don't really see things clearly until you're out of the cult but they're still in the coal no because they have seen. We'll look at look at tom cruise. He hasn't seen his daughter in. They're saying now a decade. But if they're telling him that she's a suppressive person and that means something terrible truly in his his world. I i wonder like leah. Remini was on her high horse until she left. And now it's easy to judge from the outside. I think that's a very good point. He is in fact the most brainwashed. Well he has seen failings he has seen things that he knows things so if a partially on the culture it can partially gonna call. But you have to give him some of the responsibility. No you have given some. There are some stability too. But i think it's because he wants to be like that he wants to be able to get well. We're going to see a little bit. Maybe we should get into that now. Teller is may or may not come up in just a few minutes. We'll see how someone who's gonna let me just put it. They know shit. And i know that they know shit. Because how can this. I can't divulge who told me. But i know someone who has talked to them. And especially john travolta but also tom cruise and they have vented a little bit so they know shit but they're just not willing to stick their neck out to do anything about it..
"christopher davis" Discussed on Masters in Business
"Had called GEICO or progressive who were two of the largest advertisers on Google before they came public we would have learned that to to get a lead through Google was costing them something like two dollars their next nearest customer acquisition vehicle which I think was late night cable television and was thirty dollars. Wow it was so valuable so anyway. Those are mistake so I would say you know we've been guided by failure and We really tried to have a culture of embracing it and learning from it and and Earning a subsequent return on the past mistakes. We've made it's interesting. You guys do that via wall all of the I should say all many of the prominent venture capitalists hold out there. Some people call it anti portfolio either. The things they said no to like apple or Amazon or some of the more spectacular failures. They've Said said yes. To and call it a badge of honor but it does reflect a certain degree of humility and willingness to learn from mistakes. You don't I don't see it. In many of the companies that manage public funds. So it's interesting to hear that you guys do something similar to what the VC's do well. It's at my my grandfather's you don't learn from mistakes if you don't admit you megan and and you know we're in a dynamic business. What what what helped us succeed in the nineteen seventies was different than the eighties worked in the eighties work in the nineties so this process of evolution? That's why going back to your very early question about value and Growth Twi get so mad when people say. I won't look at something because if you look at biotech because you're a value investor you're gonNA miss an enormous change in society. Heidi in the economy. That may or may not unfold but when it does it will have real economic consequences and you might not look at it in order to buy a biotech company. But but you might look at it in terms of what I mean for healthcare costs or what which is your in your insurance portfolio Or what it might mean for you know life expectancy and so we just we have a curious mindset but we also think that the idea of not looking at things is very very dangerous. Why didn't you invest in the company that cured cancer? Well they didn't have any earnings the first quarter exact just a crazy. We made a lot of money. Investing in Cable and you know cable had no earnings for twenty five years and that long really. Yeah I think so. You know is all cash flow. I don't think they went to earnings until about fifteen ten or fifteen years ago and cable started in the seventies so I would yeah I would say it would have been twenty five years with no no reported earnings But again going back to accounting lots cash flow. So what do you do for fun on. What do you do when you're not in the office or when you're not reading well That's a good question. I mean I you know we we always say you know. It's it's hard to find investors that Successful investors that had a history playing team sports Say It's sort of the mindset. You tend into end up with runners swimmers case link offers but you don't get a lot of E type of long-term sort of value investing I think partly partly it's because I think investing successful investing value investing requires you to think differently than the the others to set yourself apart and nat mindset tends to lend itself more to quiet pursued. You know individual things rather than being part of the team yet didn't have lower emotional intelligence things like that So I do enjoy things like running and swimming But but I would say the one thing I do. That's a little bit unusual. I have I have had for twenty years years or so a very in a very old wooden sailboat. I dealing you going to say and I It like it was built fifty two years ago fifty. Three years ago went down the ramp the same month I did. And it's not a fancy boat at it's But it's very well built. SORTA hardy boat and and I love love sailing that wherever I can and so we up to Scandinavia or up to Nova Scotia or down to the Caribbean. And what I love about the metaphor of sailing link is that you know people say golf is like life. I don't think golf's like life. I mean people say you play against yourself it's on but but engulfed the small stuff counts the same as the big stuff right and I don't I think that's like life six inch. PUTT counts the same as the one hundred yard drive in life or I guess two hundred yards. I don't know how far people drive a golf ball. But Eh sailing I think is very metaphorically powerful especially for investing because you can't change the direction of the wind you have to adapt but if you WANNA WANNA make progress you can continue to make progress but in an indirect way so against the war and when we.
"christopher davis" Discussed on Masters in Business
"My father started that business. We manage money for people like you know alliedsignal or foundations allegations and so on and Very reputable and One of the consultants that had worked with this firm came to him. And said you know would would you be interested in starting a mutual fund and my father said well. Don't you need to go to a mutual fund shop were institutional adviser Mutual Funds. Is something nothing else and happily this adviser said well. I don't think so because I want you for your money. Management Approach your money management philosophy and I have clients for whom a large separate institutional count is not suitable but a mutual fund would be well happily. My father saw that fifty years ago and started the mutual funds. We started the managing the mutual funds. Then well the same thing happened Berry with ETF's so what happened was we had a long. Most of our clients come to us through financial advisor sort of trusted advisors. They've had a long relationship with it advisor that we had done business with for twenty or thirty years came and said you know. I'm curious if you could start an ETF. And I like my father said well. ETF Don't you need to ETF shop. Aren't they passive. Aren't they index. Based he said well lots of indexes have higher turnover. The new half So you know there's great tax efficiency. There's ease of transactions. They really are suitable for some clients so we looked at it and we launched a four actively-managed managed ETF's based on the four strategies that we thought had the most promise in today's market where we see the biggest out of those four so it's a concentrated US strategy called D. Usa Davis elect us so that is a really Sort of focussed. US Strategy Davis International D.. I N. T. and that non on. US International again very focused. So it's not a you know. The international indexes are just a mess. You know I think we've outperformed the international indexes and sort of all periods. It's and a lot of active. Managers have so if you want to invest internationally being active is usually the way to go but there weren't some great active. ETF SO D- A global global that combines. Both I always say if somebody's coming does with just wants one fund globalist ride the best. Because it's the least constraint. Dwi L. D. Davis worldwide and then financial financial where I started my we started. DFL because the financial etf you know the financial etf the largest financially tiff has fifty percent almost forty six percent in five stocks. You that makes sense. I mean that's a little scary. You know aping the SNP. Yeah and so they have huge concentration risk in a single subsector sub-sector so we we launch those. They're actively managed. We run him with the same discipline. The same philosophy the same team and I thought well this'll be the beginning of wave like everybody will do it now but it hasn't happened and I think the reason is is that our were large enough to have credibility to be able to offer it to make investments and operational excellence to do it. But we're small enough that we don't have to worry about liquidity and front running for buying Google. I don't have to worry about you. Know somebody trying trying to jump in in front of us We have a culture of transparency. We're already low cost you know. All of our actively managed funds have below average fees. And so we didn't have to worry about some fee arbitrage and And so we we service it out with fully transparent true. ETF's a we put a lot of our own money in them because there is a lot of tax efficiency in them in this environment and and And what we found surprisingly very few traditional. ETF advisers that have come Tauzin said. Hey I'm mostly passive but I've looked at the data and there are periods of time where even the average active manager outperforms for five years. Right maybe I should reserve a place in my portfolio for real active management and so we saw it first globally international. But we're even seeing the US now you mentioned the tax efficiency. I know this has been said jokingly. Maybe it's only half jokingly but it's true if they were introduced as a new product today mutual funds might have a harder time finding being an audience whereas the ATF's because of the way they're structured. What happens internally doesn't generate a tax bill until you send sell them are we seeing that transition from mutual funds to ATF's or is it still too much of a niche product and mutual funds are going to be around for another century or so? Well I mean we started the because we saw the advantages. They are not advantaged in every environment right. A traditional mutual fund with steady inflows has enormous ormuz advantages because it can in a sense reposition the portfolio without generating any gains and so on an ETF does not have that advantage in ETF. Not F- is very much like an essay right. It's a separately managed account in essence So there are advantages there are up environments where you could imagine them being into but by and large I would say if I had to predict I could definitely see the I. It would be hard for me to understand why wouldn't continue to gain traction because of the relative ease of transactions and so on and so I you know I think in a sense you know. They have the the some of the advantages of mutual. Oh funds in terms of governance and CO mingled account. Read the ease of transaction of individual stocks. You could sort of see how that could have a long way to go. And we certainly wanted to put a marker in the sand and be really the leader in true active management Within within each everybody focuses on low cost passive but the tax benefits are are just so spectacular. I'm surprised we haven't seen more. Mutual funds roll out some form of an ETF base version of their APP the funds. Well I think that they have a number of barriers that we were comfortable Stepping over that stand in their way some are too large and they worry about liquidity facts. Facts right some have fees that are too high. So if you're charging one percent on a mutual fund it's hard to offer a low cost. ETF And without creating opportunity for fee arbitrage and so on you mentioned that meaning I recall when Pimco I rolled out there. ETF's they they had them at a higher price point than the mutual funds. Rose off the concern the arbitrage well yes I think so. I mean I think that you. You don't want to create create a situation where somebody could by the underlying stocks and in a sense short the PF and make a guaranteed return. That would be reasonable So if that guaranteed return is you know thirty basis points or sixty basis points. That's going going to be tough to make a lot of money on because you're taking single event risk and things like that so you'd have to deliver it so high but you know if you're charging one or one and a half percent then then you somebody could say. Well I'll just buy the stock short. The T.F I make an extra one and a half percent doing that. makes sense so you know it's a little bit like itunes. I mean one of the things that I would say that you know music was free you could rip it off on the Internet and I think Apple's philosophy was if you make it easy for for people to do the right thing they'll do the right thing. Sure and and that's what I feel that way about the ETF if you make it easy for somebody ready to do the right thing to invest with you at a reasonable fee Then I think they'll do it. You know kids. Can somebody open a separate account and mimic. What you're doing you know you know? Of course I they can People see the con- firms they can see the trades that you're doing for an account and they they can mimic those for other accounts on which they're not paying you a fee but I think that if you make it easy for people to do the right thing they do the right thing you know. I've heard people talk about that. But let's say someone were to open an ESA may and then they would chain chain A different account to that that that seems like it's far too much work to actually do to save fifty or seventy five basis females unless it was hundreds of millions of dollars in which case it would be really easy to identify Who is piggybacking? On all your trades there was a wonderful Story but real mentor of mine. Early was a manning Bob Kirby and he worked at capital group and he was just a legend wonderful wonderful wonderful investor and a wonderful human being and he tells the story about how he was managing an account for a older lady and and She came in one day and she said you know my husband has died. And would you take on managing his account. He always wanted to do it himself but now that he's dead. I'd like you to take take it on. And Kirby looked account in realized that this This husband had been free riding on all his trades. And every time Bob I bought a stock for the wife The CON from would be sent home. The husband would take a portion of his paycheck at the end of the month and by the same stock. But here's the punchline. What was amazing? Is that the husband's account had meaningfully outperformed why well because the husband never sold anything and because he who is buying it out of income every month whereas Bob managing this closed account was constantly selling things and and so what he was doing what we call cutting the flowers watering the weeds. Right what I've done with Amazon for a decade right I'm constantly trimming it You know to add something that hasn't gone up and and over time I'm any honest. Investor and especially any honest value investor will tell you that their biggest mistakes were what they sold no what they bought quite quite interesting. I know really have you here for a finite amount of time so let me get to my favorite questions that I ask all my guests let these are usually pretty pretty revealing about who you are and what you're about let's start with. You mentioned Amazon. Prime what you streaming these days. Give us your favorite net flicks Amazon Prime PODCAST programs well. This is a very disappointing question. Because I am. I find that I watch watch things so infrequently I feel there were two decisions I made when I was in my early twenties is I said I'm not going to become a sports fan because because it's three to five hours a week at least least at least and I don't understand who is home every Sunday watching football for twenty only weeks a year. I don't like golf is the same way. It's an enormous commitment of time. And what I felt when Netflix came out and people could binge-watching series. He's what I said as well you know like Mae West. I can resist anything but temptation. So why get on that trolley. So I simply said I'm not going to subscribe because because I don't want to see these I don't WanNa get addicted To some series so I would say you I watch films I read a lot But I don't watch a lot of I've seen some of the big ones that breaking bad and so on but but I also find if you don't watch for a long time and then you put it on your so shocked by islands and things like.
"christopher davis" Discussed on Masters in Business
"We haven't beaten them in all periods and so on but since we started them today we've outperformed and we think that over time that's our responsibility. We don't know what that pattern will look like. We don't know how long periods of underperformance will be or not we would optimize for building wealth first outperforming second but over time those it's our joint goals for us and what we would say. Is We in a world where indexing continues to gain share the momentum effects will be large right so it can go on a long time but berry. It's as simple as this like if I tell you that. There is an investment where paying a higher price would increase your future return. You'd say that doesn't make any sense. The price I pay is determined in a by return right whatever the return will be the lower the price I pay the higher my return right it makes sense yet. Momentum ignores that momentum says the opposite the more it's gone up the more attractive. It is our view. Is We're going to choose. Commonsense over whatever affects our fashionable and working today because if the wheels come off that effect it's GonNa feel pretty silly to just say that well I bought it because it broke the fifty day moving average and had gone up a lot so it became more attractive to me. So you know our view is look the the fundamentals overtime. We'll out we have a strategy that we think is added value over the index over time. And really all of our strategies and and that sort of what we come to work to do but that is a byproduct of the primary job which is we WANNA buy businesses that are compounding machines. We WanNA build wealth for a generation and and that relative performance will essentially wash out from that focus on the primary goal. I liked the way that sounds. Let's talk about the state of the markets. Today you're a value investor. This has been a pretty rough decade for value. It's been all growth almost straight through maybe the fourth quarter of two thousand eighteen eighteen. So evalu- reassert itself why is value such a laggard. This go round well. Of course I'm going to take umbrage bridge with the classifications it is a really broad classification. What we describe as value or what some people describe value is using quite a broad rush to pay with well and of course what counts as value in what counts as growth keeps shifting growth is a component of value right companies that grow profitably are more more valuable so when we modeled the future cash flows of a business? If we have a business that we can buy for you know like that apartment building for ten million dollars. It's going to produce a a million dollar coupon in perpetuity. Well there's no mystery what our return is it's ten percent but there's no growth that's okay returns ten percent Eh. We buy another business for ten but it only earns five hundred thousand but that five hundred thousand is able to be reinvested. Twenty percent incremental return on equity. Woody will the next year at six hundred thousand seven hundred twenty thousand. Then it's eight fifty. That business will end up being a lot more valuable even though you started hearted with a lower earnings yield or to put it in terms of stocks a high p e stock could be a much better value than a low P E stocks depending on what the earnings will do overtime over time. So I think we're value. Investors that category has been a misnomer is some of the greatest value stocks of the last twenty years have been companies. He's like Google. Google came public at. I think it was eight or nine times what it earned three years out. So if Google was trading at eight times earnings things you would say. It's a great value stock right well. It was trading at eight times earnings three years out so it grew into that and then blew by it so I think one one of the problems that value investors have had historically and need to get over and by the way to get over it they should just follow the greatest of all right. They should follow follow. Warren Buffett the value investors who say I determine value based on a predetermined set of business characteristics or industries and. I won't look at technology. So you mentioned Google which is just a money machine. The advertising business just throws off a ridiculous amount the cash Warren Buffett's investment apple. Just apple continues to not only dominate phones. Every time they introduce a new product. I don't love the ear buds but if it was a standalone company it'd be like six or eight billion dollar revenue company. Their services are blowing up. I could see how you can make the argument. Google is evaluate replay. Apple's value play in your top holdings is also Amazon fast-growing not a lot of profits. How do you make Amazon a Evalu- playing well? Of course this is. You know my background as I said I started as an accountant and I was not a CPA. But I was funded count but you know. Accounting is the language anguish business and gap accounting in particular can have all sorts of distortions and we always say what we're looking for is not reported earnings. Things were not looking at statutory earnings. We're looking at owner earnings in other words. If you owned a business how much would you say that business was earnings and what I mean by that is that when a company reports earnings to the tax authorities it chooses accounting policies that minimize current reportable income accelerate depreciation. Expense is things you could capitalize defer revenue whatever it is and often when they report their earnings to investors they do the opposite they choose accounting policies that maximize current reportable income. Well we're trying to get it. Owner earnings which often between those two so Amazon may be the best example. Because if you were to imagine a company that said well we have a very very profitable business. In fact I'll use a familiar name GEICO now. If GEICO says well insurance policies that have been on our books more than a year or two are very very profitable and they stay with us for a long time. So we're willing to spend a lot of money to get new policies. Now if they could grow their policies. He's twenty percent a year but earn zero in the first year. They would do it and if they can do it. A second year they'd earn zero in the second year and a third year they'd earn zero in the third year in other words if they're investing for growth but the core business is very profitable then the accounting can be in a sense distorted. Now I'll give you real numbers on Amazon so so when we bought Amazon we were comparing into Walmart now. Walmart grew sales. This is sort of an amazing thing to think about. Over seventeen year period. They grew sales from about a billion dollars to about seventy billion dollars this walmart over. Seven the seventy ninth. This would have been nineteen nineteen eighty nine hundred ninety seven or somewhere in their nineteen eighty five right around there now. Over seventeen year period in its history Amazon grew sales from the billion to about one hundred billion so roughly the same rate of growth. Right those would be roughly the same over seventeen years now. During during the seventeen years that Walmart grew from a billion in sales to seventy billion in sales how much free cash flow do you think they generated they reported earnings. So there's lots of net income but if you owned the business right the end of the day how much cash did you have. I gotTA think a few billion dollars right. It was negative really negative free cash flow for seventeen years cumulatively. Well those stores are expensive. You've got to buy the land. You gotta buy the facilities syllogies. So it's not a zero cost of construction right. But why do they do that. Because they're going to get a good return on the money that they spent right now. The accounting in treatment for that is that you capitalize it you call it capital spending and you depreciate it over time so there's lots of income but if you go to the cash flow statement. There's no cash. In fact there was negative had to borrow some money right during that period of tiny finance that growth now during the same period of time when Amazon grew sales from a billion to just about one hundred billion gross merchandise value what was their cumulative free cash flow they reported no earnings though prophets at all it's got to be tens of billions of the cash. It was about seven billion dollars. I think of cumulous so if you own the business yet. Seven billion dollars in the bank. At the end of seventeen years you grew sales from a billion one hundred billion Ryan but you reported no earnings which better. I'll take the ladder the ladder so our view was hindsight though. But but what was interesting is is then you get to valuation and when we bought Amazon it was trading at about one time sales right Walmart in that period of that seventeen years growth growth was trading between one and two time sales that whole period they both have the same gross margin. They're both making money selling stuff. It's just the net margin was in there so what it required as a value investor to by Amazon was one adjusting the core business and saying if they chose not to grow just like Walmart when Walmart growth slowed by the way it. Just gushed cash. Right oh I mean the cash out of places to physically store. Oh and the way the soon nami behind them of all of this cache of all of those maturing stores just poured in so cash flow at Walmart went through the roof in in the next fifteen years right. So the first thing you have to do is you had to look at second. You had to say okay for every dollar now. We assumed that Amazon could have a five percent margin on sales about and we looked at bundles of goods. And so on. But what you'd say is well for every dollar. That Amazon is choosing not to report as net income. They are reinvesting on our behalf. Do we have confidence like Walmart. That they're earning a decent return. I think Walmart got about fifteen percent or fourteen percent or maybe it's high seventeen at one. Point of every dollar. They retained in reinvested. That was their return on that Increm- so are we confident. That Jeff Bezos and Amazon is getting a good return on the money that they are not and you know the answers look at the data and this is when we bought it you know whether it was pushing into prime whether it was pushing into video whether it was wonderful creating aws they have gotten huge returns huge returns on the dollar. You have one of the great capitola caters reinvesting so split. Let the business into those now with. Aws We say really there are three components value aws as if it was a standalone business value. The retail business and then estimate estimate. What you think would be the return? On the incremental capital. They're spending and ends up. Amazon was a terrific value stock. And so we don't use new math math. We don't use pop's we don't use eyeballs or clicks. We really just look at the cash that that business will produce and it's funny because one of the great things about looking across industries is the more time you spend with Jamie diamond. The more you see that somebody like Jeff Bezos. They speak the same language. You know. It doesn't matter that one's in banking and once in finance. It's interesting almost worked together. I think it's been reported that Jeff tried to hire Jamie when Jamie went to bank one to be number two at Amazon. Oh really. Isn't that amazing. And they did that. Joint Project on healthcare with its Amazon J. P. Morgan and Berkshire hathaway that that. We still haven't heard anything about that. Still when you look at Amazon you have to wonder they keep finding these new industries to invest in what what would happen if they push into finance. What would happen if they push into healthcare? Those are two of the biggest industries in the country. I know I don't want to bet. Against Jeff bezos sophy. Roll something out like that. Well there it's hyper rational company that makes decisions for the long term. You know one thing I would recommend every listener does if they haven't don it. They should read Jamie diamonds annual reports every year And they should read. Jeff Bezos his annual reports. Every year. Both men write their own reports. Which alone tells you something something about the place for sure? They both hyper rational. They're modest they're driven. They have smart people around them. And you know. In the case of of Amazon you know Amazon is still smaller and retailer. wal-mart retail is a ten trillion dollar business. So there's enormous enormous room to go. Oh in terms of what they can do an aws is probably a bigger business than retail. When you look globally? How that will unfold so I would say that it is at the higher end of our estimate of fair value But the determination is for how long they will be able to invest at these high rates of return and and so we have sold awesome over the years and of course that's been a terrible mistake but we do have a value discipline so there's a price where are matt doesn't work with Amazon. It's pushed up towards towards that end. We've trimmed some but honest to God if I said to my mother my mother owned Amazon She bought a little because she liked the story in the very beginning. And I've told her it's it's a big percentage of your portfolio. I wouldn't lose a lot of sleep over it. They can stick around a little bit. I have a ton more crush absolutely. We have been speaking with Chris Davis he is the chairman and chief investment. Asman officer at Davis Advisors. If you enjoy this conversation be sure and check out the podcast extras where we keep the tape rolling and.
"christopher davis" Discussed on Masters in Business
"Manages over twenty two billion dollars Chris's also on the board of Directors of Coca Cola and is the CO Vice Chairman Airman of the Museum of Natural History located here in New York. City Chris Davis Welcome to Bloomberg. Thanks so much. It's good to be here so let's talk about this industry we're both in. What was the business like when you joins? Davis advisors was earning existing company. Wasn't it. Yeah I mean I feel in a way I've gone through the full. Oh Life Cycle of the mutual fund industry. I came into it at a time when nobody cared and then there was a period of time when everybody cared in our back to a period of time when nobody cares so it's been in a a long cycle. When did you start? I started in the business in nineteen eighty nine as a A countenance State Street Bank. And then I went to work for a Japanese. Japanese American firm Tanaka Capital Management and then came into Davis advisors in Nineteen ninety-one. What was your role in ninety one? Well it's funny. I working at Tanaka what I was really passionate about was S. and L.'s. And and the reason I was so interested in S. and L.'s. Is If you remember. We were in the midst of the SNL crisis. I was an analyst realistic financial analyst at this by side firm and what struck me is. I don't know if you remember the movie. It's a wonderful life. Should I kept thinking in all of these headlines Sounds about SNL crisis there must be a few Bailey building and loans out there good companies with good loans that are gonNA come through this time and be value creators so in all the headlines with Bank of New England failing and all of that I was passionate about it and I think in my old firm there wasn't quite as much enthusiasm and when I spoke to my father and talked about coming over to Davis one of the things we decided is because the firms call Davis Advisors. There's the risk that the employer of last resort for people with the same last tonight and so I said if I come in I want my own report card. I'm a bank in financial analyst. How about if we start a financial fund and so in one thousand nine hundred ninety one we started? The Davis Financial Financial Fund was that a distressed asset fund or just a or a hybrid. Okay we never intended to be distressed investors but we became distressed investors from time to time but no it was a straight mutual fund. But with the idea that we would focus entirely on financial stocks and my grandfather had a great phrase. He called good financial. Oh Company's growth stocks in disguise. He said that they can compound for generations and yet they're often valued as if they have no growth and so that was the premise. I missed the fund has been running it for twenty seven or twenty eight years but that was the way for me to have my own report card in a sense independently of all of the other fears of being employer of lawsuit for people who might not have been around during the SNL crisis thousands of of these S. and L.'s. Went belly up right a lot of babies with wrote out with a lot of bathwater. Well well you know one of the great things about starting then is in a way. The financial crisis was sort of a significantly amplified version but had a similar shape there were crazy government policies but the SNL crisis was primarily about commercial real estate. And we we might come back later to the fact that often credit cycles have have this diurnal or alternating characteristic when you hurt you last time is usually not. What hurts you the next time? And as we all know in the financial crisis commercial real estate was this is sort of a safe place to be but back in the eighties. You had looked through office buildings you had corruptions. You had the Keating five you had government hearings and you know a lot of reform that came out of that but you're absolutely right. The fundamental lesson was the business of banking the business of making spread on money making loans taking deposit is maybe maybe the world's second oldest profession and that doesn't go obsolete in these cycles. What's happens is the irrational irresponsible players get wiped out the whole industry valuation tanks? But what you realize is at a fundamental level. The survivors are actually advantaged by the crisis. Because now there's less supply less competition more rational environment often. The regulatory environment has raised moats cheaper stocks Fox. So that was what the layout was in one thousand nine hundred ninety or ninety one when I came in and started our financial fund and in a way. It's exactly what I see. Today it was is just. The financial crisis was an amplified version. It's taken longer for the sector to regain credibility but I think we're looking at the same sort of decade ahead that we they had in the ninety s where these will really become pounding machines to put a little flash on those bones. We're recording this on a morning where JP Morgan just reported earnings things. They literally reported the best use earnings ever in bank history now. Eight eight eight billion dollars. A quarter Israel money you know and what is the perception. The perception is Oh my God. You know the the London whale I mean. You know this this whole thing. This could crumble at any say you know. The London Wale was was like six weeks worth earnings. You know it's amazing. The end in one of the most interesting things about that in this is really a lesson when all banks thanks all companies. Whatever company on if you have a long-term timer is and it's going to go through a crisis right? It might be new coke. It might be the salad oil scandal it might be. You know Microsoft's hearings and they're going to go through a crisis and one of the things to really look at is. What is the management response? So let's get a little more granular neuron that we've seen fortress diamond respond to a number of crises whether was the purchase of J. P. Morgan the London whale or library or any of those things and they've managed to come out pretty well on the other side of the street wells Fargo. They seem to be stuck in a Rut one. Pr Hard nightmare after another. They can't get out ahead of the force placed insurance and and the phony accounts and it's just eleven years after the crisis. They're they're still fighting. Not just the last battle the last war how come they can't seem to get ahead of what is just an endless parade of bad pr. You're well you know Bill Gates famously. Said success is a lousy teacher and And of course if you look back at Wells Fargo Wells Fargo. It was certainly May Be the best positioned and manage the financial crisis better than any other institution. It was partly the nature of their business but it was partly going all the way back to when we first bought the original Wells Fargo when I started my financial fund back in the early nineties. You know it was a company that had had an outstanding credit culture a rational discipline around costs in a lot of common sense in the place and they did the merger with Norwest which was really the surviving surviving institution but that culture sort of persisted. And you know the old saying is you get in more trouble with a good premise than a bad premise. Well think about wells Fargo's premise. It was very very plausible right. People hate walking into a bank. They love walking into a store why well people helped them. They helped solve their problems not not bureaucratic and and you don't Norwest. And then ultimately wells took this basic idea of viewing their branches stores with sales people that are there to help help you. That are paid commissions and they recognize that if customers get multiple products with one brank. The customers are happier and the banks for more profitable. The customers are stickier. It's sort of a win for everybody. So that worked for a long time. It carried them through the financial crisis really without a blemish well of course overtime they pushed that model too far right eventually. Customers have enough products right. They've got three or four accounts they don't need the fifth well rather than simply accept this. The salesforce that was down in the trench levels in some of the businesses started to cheat and I would say would be the equivalent Colin of going into Saks and the commission salesmen. They're sells you a pair of shoes. But he wants to sell you to. You only want one so when you leave. He takes your credit card runs. It's a second pair through but instantly refunds you so there's no cost to you but what he's done is so deeply wrong deeply unethical. Especially for God's sakes if you're you're a bank so this was happening because of a botched incentive system because it had worked so well but then to quote the wonderful legendary. Da of our hometown. Bob Morgan Thaw. Aw It's not what you do that gets you in trouble. It's what you do to cover up what you do the continuing trouble and of course what happened is as news of this perked up wells. Dell's buried it. The management didn't WanNa know they under-reacted and that's put us where we have but you contrast J. P. Morgan and wells and those are two of our largest holdings and the reason is right now J. P. Morgan can do no wrong. And in a way it is taken a long time for it to build this credibility wells fargo used to have that credibility ability they can do no right so wells Fargo has now one of the cheapest of all the banks well flip back ten or fifteen years. Who is in the penalty box right? Well we know Bankamerica thank America city right. Those two were two of the best performing banks last year. So companies like people learn from their mistakes. They'll get it right. They've got new management and sooner or later the cloud will lift and you'll get ultimately the multiple expansion that comes from people instead of viewing it as below average bank as viewing it as average so we've been buyers of wells through this. We think their behavior was terrible. The reactions were terrible but we also know that they'll get better matter quite fascinating. Let's talk a little bit about your portfolio construction process. A lot of people these days use a lot of computer power for to start out with screens either be they positive or negative. How do you begin the process of creating a portfolio? You know I had A meal with Danny Common Quite a while ago at an investor event and I was sitting next to him. And we're talking about investing and he said well L. as far as I can tell you're in the manufacturing business and I said what we're not You know what are you. An academic or not in the manufacturing business he had not won the Nobel L. Prize at this point so And he said Oh you're in the manufacturing I said well what do we make and he said decisions and he said if I were you I would break down the process of making a decision into is many steps and inputs that are measurable as possible and over time time really look at where the value add where the value taken away so when we start thinking about investing we think about from the point of view of decisions we break down the process us into these big areas right. There's the sourcing of ideas then. There's exactly what you are asking about. This sort of portfolio construction the investment decisions and that includes what what you sell what you buy. Opportunity cost relative weightings and so on and then there's of course the constant on-going revaluation of the portfolio in light of changing prices and changing data. Right because you have new inputs every twelve weeks and sometimes more often than that and so you know we start with the view that our the number one job is to build generational wealth right. We we really think about the clients that are with us. Many of them have been with us for decades. And so we start with with the idea that we want to own a business for a long period of time and therefore the return on the business is not going to be driven by US trying to predict the future. Pe e e- ratio or what. It'll be a takeout or a break-up what we're really looking at is the earnings that business will generate relative to what we paid aid for overtime and those earnings will drive our return. So you're not thinking about it in terms of stock or a little pieces of paper relative to the company you're thinking about the underlying relying business and what the future cash flow. I mean. Imagine if you bought an apartment building let's say you paid ten million dollars for an apartment building and that apartment building was generating five hundred thousand dollars of.
Christopher Davis, Governor Cuomo and New York discussed on Buck Sexton
"Police collision reconstruction unit Albany county sheriff's investigating fatal car crash Thursday night a ton of Knox county sheriff Craig apple says vehicle driven by twenty two year old Christopher Davis of Alabama traveling at a high rate of speed on BB wrote about eleven thirty car if the roadway at Knox gal Ville road struck several
"christopher davis" Discussed on MonsterTalk
"I said 1966 when he was young uh he lived in a very isolated uh part of kentucky you know this is out in the woods any he looked out his back window uh late at night saw this creature which kind of fit elizardo manned description home with sworn rep tilleli ian skin and webbed fingers and sweat creep through his backyard disappear into the woods now this this was something that happened you know full well before the lizard man sightings before loveland frog uh you know before any of that would have been known to any body and you know our look at that say wow see that the guys who loosened aiding or he saw something because the possibility of a hoax in that case was i think fairly low because to have a lizard man costume of any sort 1966 in a rural part of kentucky is pretty slim so i don't know how to explain that reporting that that was one that sounded blizzard man 'skin was fairly intriguing to we got spoiling the bulk what did you make both a strange incidents in the end i think my in in in the other cases i've looked at here yoz r i always feel that these people saw something i mean of dissed wooden pure fabrication it wasn't a masterminded hoax um you know something was at the bottom of this cnn no in in usually the case when you know you you sure you could have some original witnesses seeing something and then some people interpreting things after that but you know something attacked attacked christopher davis you've got you've got police backing up the guy took a lie detector you just absolute no no doubt that something came after christopher davis so the question is what was that in uh i think these these folks down there and in.
"christopher davis" Discussed on MonsterTalk
"Cutileiro uh speculation about the the the possible cause right oh yeah i mean you i don't think he expected to hear that and i mean in some ways lucky lucky for fans of monster tales he didn't completely just dismiss it and you know yeah yeah you know these people these are the people that i mean he he's out there on the beat he knows you know he knows these folks and he's thinking well there could be something to it you know even at the time this is before christopher davis had come forward so he just said he basically said hey if anybody has seen this thing i would like them to come to my office you don't nobody's in trouble nobody's under arrest just you know i want to get to the bottom of so he kind of just played a cool and um you know in in retrospect the case having been covered by the police and documented in such a way like when when christopher davis came forward you know he took his statement he made him draw a picture of the creature um in all that so it's you know all this is on record now most of the time encrypted cases you know the law enforcement just dismisses it out of hand before doing anything so this was this was something that out for meals like well this is great i've got police reports and there's later police reports uh from from the witnesses from subsequent witnesses so it was a great thing in this case yeah it did remind me a little bit of stranger things though it i kept imagining him serve giving those he didn't he didn't mock anybody didn't sound like he you know he he he listened honestly and and just uh tried to get to the bottom of it which is really cool as the right thing to do.
"christopher davis" Discussed on MonsterTalk
"At it because it got closer he realized it didn't appear to be a human it looks scaly he was brownlee assured greenish um and it had what he said were three fingers with long clause in it had erupted million looked to it and of course scared him to death he jumps in his car and starts racing off in whatever this thing was said he said it tried to jump on the car in get get inside he was reaching for him and he managed to speed often can we even dodging the thing fell off the back into even even then continued to pursue him running onto legs and so his story became sorta the pinnacle for the case because when he came forward to the police department the the uh the sheriff's office there he talked to the sheriff at the time list andrews deal and uh the sheriff thought he had a very compelling case not not necessarily that he had seen a lizard man because the sheriff was you know uncertain as to what that was but the fact that something had happened to this kid something scary in in uh you know something that had affected him enough to come down there until a story in just two kinda give you a little bit more brief background prior to chris christopher davis coming forward the police had gotten a call from a couple that live near escape were swamped that said they're they're car had been mauled by what appeared to be an animal and it was strange in uh truesdell since indect deputies out there and they took a look and uh they ended up calling him down there and said we don't know what to make it us but it definitely appeared that an animal or something had come out of the swarup in.
"christopher davis" Discussed on WNYC 93.9 FM
"Of the united states of america the law the promise the plug the gaps with a towering wall propelled donald trump to power and now a few miles away in otay mesa the prototypes are finished itself exactly miss universe but they say is mr trump's latest beauty contests litter each of them standing up above us here like domino's and they're very somewhat in their design summer are pretty solid concrete others have slaps what they're going to do now is to test them and that will involve trying to climb over them trying to smash their way through and also find a tunnel underneath there is no sign of the solar panels the president said might power and finance his wall but border patrol agent mattio vieri owl who's in charge of this sector of the frontier insists the designs are innovative the war we've done here is partnered with industry for them to use their creativity and ingenuity to come up with new creative design and i've been aborted full agent for thirty two years every word that i have been where we put up tactical infrastructure we have seen a decline in a russ but no wall is going to quench america's voracious thirst for the legal drugs and the mexican cartels have other options including tunnels under the border go okay on the time bison slow all i'm standing now the equivalent of six or seven stories below the us mexico border and a tunnel which is a reasonable size i can stunned up endless tunnel and straight tight to a certain extent the size that i can just touch the sides here the string of lights that have been put in here to eliminate it in sandbags blocking off the tunnel and the mexican end special agent christopher davis is with the san diego tunnel task force we talked about sophisticated tunnels and.
"christopher davis" Discussed on TalkRadio 630 KHOW
"Well here's what all the protest apparently there's a there's there is a epidemic of talks killing white killing plucked cubes rammed the washington post databases showed that a total of nine hundred sixty three people shot and killed by the papal in 2016 two hundred thirty three of the nine hundred sixty three people shot and killed by the people were blocked but 24 percent nine hundred sixty three people were shot and killed both the cops worst year 24 percent leuckel's group work within the group of two hundred thirty three the washington post list six team of those is on clearly those but armed people tool by coal those must took boom unjustified homosexual cases of police brutality so uncle joe go through and took a closer look took those sixteen incidents in which the washington post reported with the police shot and killed in an armed blocked suspect shall we go through the lowest wide let's do that and choice february four send them tomio a wanted full turned to face officers with sulphur full impeach him at night after being told to stop and raise your hands seems justified to me on february thirteen in vilnius virginia john perkins was shot while on top of a deputy beating him with his business news and talks with deputy leaving the deputy with the swiss in case you're wondering cut of trayvon martin george zimmerman situation on february twenty four these choi wisconsin christopher davis was shot while trying to run over a papal with his core blue trying to kill a cop with the core what are you own home so listless with as an unarmed black person on march twelve him twelve march what hole in houston peter black officer shoots and advancing suspect after teasing him twice you know you taste somebody twice leaky coming after you at some point you got a real laws vcp cracked sump them dale on april five indianapolis kevin hits the suspect was fighting with the popo and reached for the cops gun he was unarmed all right but he didn't want to stay that way well he's well he's not even marine temperature anymore on may twenty two in jacksonville florida vernell being was shot after ramming the police cruiser with his to you were things meet people shooting like this permit go after the popo in.
"christopher davis" Discussed on KFI AM 640
"In on his property and he watched baen his phone as someone rummaged through his backyard and then took a poop oh all while the homeowners wife and kids slept inside so i guess the homeowner didn't want to broach this person but he ripped out his phone to kinda take video of him serve squeezing it out yeah the the transient is timothy christopher davis age twenty three out of victor veiled he was arrested on suspicion of trespassing in an unrelated warrants i don't see littering in in the community littering if you take it would be squeeze it off on the guy's property yeah he did that's a crime isn't it he relieves himself in the backyard somewhere can't fire loafing somebody's backyard at stats misdemeanor that's why said littering couldn't think of what the charge would be illegal dumping this is his hopeless because they don't they don't want take severe action against be so you have a human zoo at side it's like having having no wild animals pond through your backyard stopping grunting and leaving the deposit story at a pasadena is similar a pasadena co couple were woke up and they found a burglar our own the floor of their home he fell asleep he made himself a sandwich helped himself to some drinks and then he took a nap in the house you you can't unlock door he rummaged through a few rooms than made himself assume were jiti sleep prank some beverages on an of dear what i think is only on the kitchen floor this is on the floor of their home uh they're gonna terrapin for sean and pin weekdays at two kfi am 640 more stimulating talk tbi yep first of all let me tell you the problem with our entire system of.
"christopher davis" Discussed on KFI AM 640
"Helpful socal honda traffic center issues on the ten an omani helo federico healthy work zone it albaath the other ten this is going to go oh from ah 10 westbound from garvey although it rosemead boulevard gouge france has the carpool and left lane shutdown roadwork until five am your drive is the lowest feeds in that area and in upland this is on the two 10 westbound right before mountain there's a report of a tanker truck on fire on the right shoulder you study to see some lookie lewd lays as you approach this stretch good days in san bernardino earlier crash that was all the 210 eastbound right after waterman that's been cleared from lanes your drive is recovering in that area kfi in this guy helped get you there faster i'm brian vance back with your hot and humid forecast next a guy in redlands called the cops found out there was a break in on his property and he watched on his phone as someone rummaged through his backyard and then took a poop oh all while the homeowners wife and kids slept inside so i guess the homeowner didn't want to broach this person with looked at his phone to kinda take video of him said squeezing it out yeah the the transient is timothy christopher davis aged twenty three eta victor veiled he was arrested on suspicion of trespassing in an unrelated warrants elsie littering in it withering if he ticketing squeeze it off on the guy's property yeah he did that's a crime isn't it he believes himself in the backyard somewhere can't fire loafing somebody's backyard stats misdemeanor that's why said littering i can think of what the kansas charged with illegal dumping this is hopeless cause they don't they don't want take severe action against be so you have a human zoo at side it's like having having no wild animals on through your backyard stopping grunting leaving the deposit story.
"christopher davis" Discussed on KFI AM 640
"A multifaceted approach to combat the nation's opioid epidemic president trump urging republicans not to abandon efforts to passed the senate measure the repeal obama care comments came as the new reuters if this opinion poll shows a pejorative americans are ready to move on from healthcare reform got your forecast will check your drive on the freeways nets a guy in redlands called the cops found out there was a break in on his property and he watched on his phone as someone rummaged through his backyard and then took a poop oh all while the homeowners wyson kids slept inside so i guess the homeowner didn't wanna protests person but he whipped out his phone to kinda take video of him said squeezing it out yeah the the transient is timothy christopher davis age twenty three out of victor veiled he was arrested on suspicion of trespassing in an unrelated warrants an llc littering in the in the humidity littering if you a he squeeze it off on the guy's property yeah he did that's a crime visited he believes himself in the backyard somebody who can't fire loafing somebody's backyard that stats misdemeanor that's why said littering i couldn't think of what the kansas charged with illegal dumping is is hopeless do they don't they don't want take severe action against the so you have a human zoo at side it's like having having no wild animals pond through your backyard stopping grunting and leaving the depok does story at a pasadena is similar a pasadena co couple worth woke up and they found a burglar owned the floor of their home he fell asleep he made himself a sandwich helped himself to some drinks and then he took a nap in the house you you he can unlock door he rummaged through a few rooms the native self assume which sleep prank some beverages unnerves dear what i think he's only come the kitchen floor this is on the floor of their home they're gonna terrible floor sean and pin weekdays at.
"christopher davis" Discussed on KFI AM 640
"A guy in redlands called the cops thrown out there was a break in on his property and he watched on his phone as someone rummage to his backyard and then took a poop oh all while the homeowners in kid slept inside so i guess the homeowner didn't want to broach this person but he looked at his phone to kinda take video of him serve squeezing it out yeah the the transient is timothy christopher davis aged twenty three eta victor ville he was arrested on suspicion of trust passing in an unrelated warrants nc littering delivering if you take any squeeze it off on the guy's property here he did that's a crime isn't it he will lead to some from the backyard who can't fire loathsome in somebody's backyard stats misdemeanor that's why said littering couldn't think of what the kid who charged with illegal dumping is is hopeless cause they don't they don't want take severe action against be so you have a human zoo at side it's like having having no wild animals on through your backyard stopping grunting and leaving the the deposit story at a pasadena is similar a pasadena co couple worth woke up and they found a burglar owned the floor of their home the film asleep he made himself a sandwich helped himself to some drinks and then he took a nap in the house you you he on unlock door he rummaged through a few rooms the native self assume which sleep ranks some beverages designing loves dear what i think he's only come the kitchen floor this is on the floor of their home they're gonna terrible war sean and pin weekdays at two kfi am 640 more stimulating talk bruce furlong was the the guy referred to for a long was actually there and actually gave his own statement on oji's baha'is slabbert all over and saying i know he didn't mean to hurt me i know that it was in his you know he he didn't mean to uh to to make it a big deal he just one or two stops and then he turned to oj simpson and in one of the most a just egregious is lagerei displays of parole loves was like man if o j called me tomorrow.
"christopher davis" Discussed on KFI AM 640
"The found sell you ask him how his friday nice and going in fact if evening greed and let there friday remade well now into khurana 90man eastbound civil crowded fran where canyon kid the to forty rang kfi in the sky have get you there faster i mean martinez a guy in redlands called the cops found out there was a break in on his property and he watched on his phone on as someone rummaged through his backyard and then took a poop oh all while the homeowners whites and kids slept inside so i guess the homeowner did want to protests person they lived out his phone to kinda take video of him said squeezing it out yeah the the transient is timothy christopher davis aged twenty three out of victor veiled he was arrested on suspicion of trespassing in an unrelated warrants elsie littering in the in the mainly littering if you think of any squeeze it off on the guy's property yeah he did in that's a crime isn't it he relieved himself in the backyard who kid fire loafing somebody's backyard at stats misdemeanor that's why said littering and i didn't think of what the kansas charged with illegal dumping his is hopeless to they'd only don't want take severe action against be so you have a human zoo at side it's like having having no wild animals pond through your backyard stopping grunting and leaving the pas story at a pasadena is similar a pasadena co couple worth woke up and they found a burglar on the floor of their home he fell asleep he made himself a sandwich helped himself to some drinks and then he took a nap in the house you you he can unlock door he rummaged through a few rooms the native self sandwich sleep pranks and beverages on an of dear what i think is only on the kitchen floor this is on the floor of their home they're going to tear up the floor sean and pin weekdays at two kfi am 640 more stimulating talk law day praying what he that he just tweeted bath relax and enjoy by tweets after consultation with my generals and.
"christopher davis" Discussed on KFI AM 640
"The found so you ask him how his friday nice and going in fact if teaming agreed and let there it's friday remade what now into khurana ninety when eastbound civil crowded fran where can into the to forty rang kfi in the sky have gets you there faster i mean to martina as a guy in redlands call the cops found out there was a break in on his property and he watched on his phone as someone rummaged through his backyard and then took a poop oh all while the homeowners whites and kids slept inside so i guess the homeowner didn't want to broach this person they looked at his phone to kinda take video of him said squeezing it out yeah the the transient is timothy christopher davis aged twenty th th three out of victor veiled he was arrested on suspicion of trespassing in an unrelated warrants elsie littering in the littering if you take any squeeze it off on the guy's property yeah he did in that's a crime isn't it he believes himself in the backyard similar can't fire loafing somebody's backyard stats misdemeanor that's why said littering i couldn't think of what the kansas charged with illegal dumping is is hopeless do they don't they don't want take severe action against be so you have a human zoo at side it's like having having no wild animals pond through your backyard stopping grunting and leaving the deposit story at a pasadena is similar a pasadena co couple worth woke up and they found a burglar on the floor of their home he fell asleep he made himself a sandwich helped himself to some drinks and then he took a nap in the house yeah he can unlock door he rummaged through a few rooms than made himself a sandwich sleep cranks and beverages unnerves dear what i think i think on the kitchen floor this is on the floor of their home uh they're going to tear up the floor john and pin weekdays at two kfi am 640 more stimulating talk law day pray when he that he just tweeted sit back relax and enjoy my tweets after consultation with my generals and.