The Trillionaire Mindset - 82: Why the Apple Savings Account is INSANE

Episode Date: April 21, 2023

Become an exclusive member to get ad-free and bonus episodes at https://tmgstudios.tv The WGA Writers Strike is looming. This week the guys break down what they’re asking for and why the studios are being as stingy as ever. It’s also earnings season and Ben goes deep on the newest Netflix and Tesla reports. Plus, Apple’s INSANE new savings account and why you might want to get in on it. Head to https://tmgstudios.tv and stick around for After Hours where Emil will take on his viral TikTok appearance! Cancel unwanted subscriptions – and manage your expenses the easy way – by going to https://rocketmoney.com/trill This episode is sponsored by BetterHelp. Give online therapy a try at https://betterhelp.com/trill and get 10% off your first month! Sign up for a one-dollar-per-month trial period at https://shopify.com/trill Check out our channel page on Apple Podcasts, go to: https://apple.co/trillionaire SUBSCRIBE to Trillionaire Mindset at https://www.youtube.com/trillionairemindset Want to subscribe to our newsletter? http://bit.ly/3k4Nfar Trillionaire Highlights Channel: https://www.youtube.com/TrillionaireMindsetHighlights Trillionaire IG: https://www.instagram.com/trillionairepod Trillionaire Twitter: https://twitter.com/trillionairepod TMG Studios YouTube: https://www.youtube.com/tinymeatgang BEN https://www.instagram.com/bencahn/ https://twitter.com/Buncahn EMIL https://www.instagram.com/emilderosa/ https://twitter.com/emilderosa *DISCLOSURE: THE OPINIONS EXPRESSED IN THIS VIDEO ARE SOLELY THOSE OF THE PARTICIPANTS INVOLVED. THESE OPINIONS DO NOT REFLECT THE OPINIONS OF ANYONE ELSE. THIS IS NOT INVESTMENT ADVICE. THE VIEWER OF THE VIDEO IS RESPONSIBLE FOR CONSIDERING ANY INFORMATION CAREFULLY AND MAKING THEIR OWN DECISIONS TO BUY OR SELL OR HOLD ANY INVESTMENT. SOME OF THE CONTENT OF THIS VIDEO IS CONSIDERED TO BE SATIRE AND MAY NOT BE CONSIDERED FACTUAL AND SHOULD BE TAKEN IN SUCH LIGHT. THE COMMENTS MADE IN THIS VIDEO ARE FOR ENTERTAINMENT PURPOSES ONLY AND ARE NOT MEANT TO BE TAKEN LITERALLY.* Chapters: 0:00 This Week! 1:06 Girls Only Episode 2:58 Housekeeping 4:45 One Hour of Our Time 7:30 Buzzfeed News Shutting Down 9:55 Thanks to Rocket Money! 11:50 Buzzfeed Stock Options 14:18 SpaceX Rocket Go Boom 15:25 The WGA Writers Strike 19:20 The Last Writers Strike 21:20 The Studio’s Message 26:00 Sponsored By BetterHelp 27:23 Familiar Territory 32:00 The WGA Requests 35:15 Earnings Season is Back 37:12 Thanks to Shopify! 38:50 Record Margins and Tailwinds 43:10 Netflix Earnings & Botched Stream 46:00 Give Us Some Slack! 47:40 Netflix Winding Down DVDs 48:40 Tesla Earnings 52:50 Tesla Margins Getting Squeezed 54:30 Apple Savings Account 57:55 Jamie Daimon’s Letter 59:30 Ben’s Missed Apple Buy 1:03:30 Banks and Saps 1:06:00 Credit Karma Survey 1:09:00 “That Just About Does It” 1:10:13 After Hours Preview Some of Our References: https://jacobin.com/2023/04/tv-film-writers-guild-strike-wga-work-stoppage https://www.theguardian.com/media/2023/apr/15/tv-writers-strike-streaming-wga-amptp https://www.wgacontract2023.org/updates/state-of-the-industry https://www.vanityfair.com/hollywood/2018/08/the-end-of-the-tv-writers-room-as-we-know-it-mini-rooms https://smartasset.com/checking-account/average-savings-account-interest#:~:text=According%20to%20the%20FDIC%2C%20the,20%2C%202023

Coming up on Trillion Air Minds Sex Girls Only episode. Ding! It's, uh, the Buzzfeed News shuts down. Jonah Peretti, is he an idiot? We're talking about what the hell's going on with this impending writer strike. Plus, earning season is upon us. We got Netflix and Tesla. Did they beat or did they miss?

And what does the market think of all of this? Ooh! Plus, we're talking about the Apple Savings account that might be able to give you all kinds of funky yield. No, not funky, fuck you stupid. No, funky yield! It's, uh, gonna be a lot of money, baby. Ooh, daddy, give me that yield. Ha ha ha ha ha ha! Welcome back to the Onki at the Beepin! Kramer! When I get done with you.

Yeah. I don't know. You're not in that. They don't meet up. They're going to solve this. They're going to 100,000. Whoa, whoa, whoa, okay. What did you say?

I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know.

I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. Whoa, whoa, whoa, okay. What did you say just before we started? I said, remember, this one is for the girls. Yeah, last week was a boys only episode. Yeah. This is girls only.

That was last week. Wasn't it? I think. Yeah. Last week was the boys episode. Girls don't go back and listen. Yeah. And boys. We're talking about boys. You better turn it off right now son. Boys. Get out of here. Turn around. Face the wall. Face the wall. Plug your ears. All right. That's not for you. Now that the boys are all gone. Hey girls. How's it going? How's your week?

Hey girls, how's it going? How's your week? How's your day? You look nice Fuck that is a good it is a good color on you. No, it really is bed and I were talking about it, and yeah You look so baby girl It's incredible man. Wow. I didn't know that I didn't know that they made him like you Man, wow, I didn't know that, I didn't know that they made him like you. It's early, man. All right, ladies, check the disclaimer in the description box. What? Been trying to hit on a woman at the coffee shop. Till you drink that. I didn't know they actually make them like you. That's crazy. No, what? Checking her tag. No, I'm just trying to see what make a model.

Oh, the tag on her on her blouse. Yeah, what? Hey, Emil, do you know what a blouse is? Like some kind of lady shirt. Yeah, yeah, it's exactly what it is. It's a shirt for girls. Yeah, so that's my blouse. Yeah, we did not coordinate this, but we did go green for girls. Yeah. We go kuku for koko puffs and green for girls. Yeah. Well, um, so we have a live stream coming on May 4th. That would be next week, two weeks.

That's two weeks. Two weeks. Yeah, two weeks away. I counted two. Because today is 420 yesterday for you guys. You're all probably high as hell right now. There was a line. No, we were high yesterday.

Yeah, we were high yesterday. We're high right now. They were high yesterday. Do we wear green because we're high? No. Yeah. Because it's weed though. I just was like, you know what? Putting that shirt up., I was like I haven't wore the green flame on a couple weeks

Well, Ben also only has like two shirts man shut up. That's not true I just bought a whole bunch of clothes that I haven't worn yet There was a big line outside of a local weed store here. Yeah, I didn't realize what it was for and you were like it's 420 So stupid. I'll be embarrassed. Why not just have weed already? Yeah, you would think the type you would think that's such a big deal to you. Yeah, the type of person who's in line first thing for 9am. What kind of stoners are these on the weed holiday? Well, I got a good. Yeah, I guess what are you getting fucking 30 dollars for an ounce in eighth?

Jesus Christ man. Hey God bless him. Yeah, it's stony balones. Yeah I'm not even I'm not gonna get high today. I haven't gotten high in like a I don't know a week a couple weeks and then before that it was months Weed's overrated these days Give me an edible I guess or split. edible, I guess, or a split. Ooh, maybe I should smoke a split. That's a way to, not today though, because that would involve buying cigarettes. Yeah, I just winked at him.

Well, we got a lot to get to today. Wait, should we talk about what we were doing in the morning, what were you talking about on the way here? Yeah, what, the tweet? Yeah, so, I tweet? Yeah, so... Oh yeah, we got a kill. We kids, yeah.

That was in Ben's passenger seat, and I got fucking pissed, because this was in my timeline... On Twitter. ...some guy, some guy Rob Fraser, wrote this fucking tweet. My flight to Vancouver was canceled, and it cost me $10,000 to take the ferry instead.

And it's one of those ones where it's a long tweet, so you have to click the tweet to see the long thing. And I was like, how the hell did a fucking ferry cost $10,000? So I clicked it. He says, hold up. $10,000 for a 90 minute ferry? Head exploding emoji?

Well, sort of. It's a ferry from Victoria to Vancouver, cost $160, and three hours, 15 minutes of my time. To take a C-plane cost me $220 and one hour, 15 minutes of my time. So I saved $60 by taking the ferry, right? No. I value my time at a minimum of $5,000 per hour. Sounds like a lot, but honestly, it's not.

So an extra two hours of travel time actually cost me $10,000. I know some people will read this and think I'm an idiot. Yeah. But time is everything. You don't get it back. How much would you pay for more time at the end of your life? I'd pay so much more time than $60 to get those two hours back. I think about this with everything I do. And so I was fuming in the passenger seat. And then what did you say to me? I said, what does this guy do? He's got to be like a VC or something. He's got to be like super important. And so I was like, I have no idea.

And I clicked on his profile. And he's a fucking, he found it a sock company. He run. Outway socks. Incredibly comfortable all day performance socks. Wait, wait, let's go back to his bio real fast. I just want to see what his bio says Founder slash CEO outweighs socks scaling a sock business to two to 100 million plus previous pro cyclist and

Tim team team team team team. Oh my team. Tana. Team Tana. Damn Rob. God bless you, sir I would ask you to come on the podcast, but we cannot afford your date. You're hourly rate. If we run over the hour We're looking at 7500 bucks. Yeah Jesus Christ. Fuck. I would try your socks, but I'm pretty good. I'm good, dude I don't need any let's see. Let's see some pictures of these socks Outway. Oh, yeah. Oh, they're like cyclists socks. Are they I don't know they just Oh, they're like cyclists socks. Are they? I don't know. They just, do we need more sock companies? Do we need more sock companies?

God damn. Someone's got to disrupt the industry. Mine is well be Rob Fraser. You know what? Maybe we can disrupt it. Clear socks. Clear socks, I like that. Clear socks. So we can see what's going on. Yeah, so you can see what's going on.

Quit hiding those biggies. That's the tagline. Quit hiding those biggies. That's the tagline. Quit hiding those biggies. Oh boy, what else was there this morning? I mean, just to rattle it off, Buzzfeed News is being shuttered by Jonah Paredi. And we were... So, for those of you who don't know, I used to work at Buzzfeed years ago. And I know that Disney made an offer to buy Buzzfeed back in like 2014 or 2013 or something

for like, I don't even remember, $750 million something like that. Chunk of change. Yeah, something, it was a nice premium for what they were at the time. And it was like peak Buzzfeed. And Jonah Peretti, the CEO said, no, he, and his president of the company, Jonathan, I can't remember his name, but he was so pissed off. He was like, are you insane? Let's take this.

Let's take this fucking buyout. And Peretti said no, because he had had plans for he had more ambitious goals i guess and those ambitious goals included uh... the company is the ground he did well no i'm joking i don't even think it's as well i think but there's something about executives and founders who they can't like they can't see that things are very good right now, but they won't always be this good.

They're always like, no, it can only get better from here. They have no ability to go. Let me get out while the gutting's good. Yes. It's impossible. Yes. So they expanded, they opened up offices internationally, Brazil, London, where else?

I think Canada, a couple others, and I went on a hiring spree, including myself. I got started right after they started doing branded content. They're like invented branded content. Branded content? Branded content. Did I say branded? No, I was. It's content only, this is an episode only for girls, and they made content only for Brandon. I thought they were, or I thought it was like they were getting a bunch of, like they got Brandon Boyd from Inkybesson to do some stuff like. No, Brandon, but I did a big Joe Biden collab. Oh, go Brandon or whatever. What is it?

Go Brandon. Go Joe Brandon. Let's go Joe Brandon. Joe Brandon. Um, I like that. That probably confuses him a little bit. Oh, yeah. Like, why are you calling me, Brandon? Yeah. I don't understand. I'm encouraging me. Hey guys, we want to take a quick break to thank another sponsor of today's episode, Rocket Money. Do you know how much your subscriptions cost? Do you? Well, most Americans think they spend around 80 bucks a month on subscriptions when the actual total is closer to get this. $200. If you don't know

exactly how much money you're spending every month, you need rocket money. Rocket money is a personal finance app that finds and cancels your unwanted subscriptions. Monitor's your spending and helps you lower your bills all in one place. Over 80% of people have subscriptions they forgot about and chances are you're one of them. Like that stars app just to watch one show or that free gaming trial you never actually used. Rocket money will quickly and easily find your subscriptions for you and for any you don't want to pay for anymore, just hit cancel and rocket money will cancel it for you It's that easy

Rocket money also helps you manage all your finances in one place and automatically categorize your expenses So you can easily track your budget in real time and also get alerted if anything looks off You know I've had plenty of unused subscriptions in my day Inat purchases that lead to subscriptions that expire on a, you know, the, the auto-renume. Oh, 30 day free trials. Oh, you know, it's even worse. Sometimes I'll hit you with a six-month free trial and you're like, oh, great. Oh, I've had those.

You got to set up a calendar, remind. Yeah. And then I inevitably forget that. That's why we need rocket money, baby. That's when I started saving money with the click of a button with rocket money. Over three million people have used rocket money, baby. That's when I started saving money with the click of a button with rocket money. Over three million people have used rocket money, saving the average person up to $720 a year. Stop throwing your money away. Cancel unwanted subscriptions and manage your expenses the easy way. By going to rocketmoney.com slash drill, that's rocketm money.com slash drill. That's rocket money.com slash drill.

Rocket money.com slash drill. But I got hired at their peak valuation. I think it was like $1.2 billion. And I remember getting the chance to buy stock options. And I was like, okay, I could buy it at a $1.2 billion valuation. Do I think that it could even double from here? And I was like, no, I could buy it at a $1.2 billion valuation. Do I think that it could even double from here? And I was like, no, fuck no, there's no way.

So now they're, I mean, the stock today was down to like 60 cents because of this news about Buzzfeed News Shuddering. But Jonah Peretti put out this long note internally and then it got published on Twitter where he bet he took ownership of a lot of it. He said that if I'm remembering right, like we, you know, I, I, I, he did blame a lot of it on the SPAC market, drying up by the time that they went public. Just public markets in general, the pandemic, the supply, just everything, but he says that they're more committed than ever to keeping costs down and growing revenues and still thinks that they are poised to like

be the next big media fucking thing. Yeah, just to be clear, it's just Buzzfeed new shutting down all the other arms are still intact. They said that they're going to reduce the Los Angeles footprint from four buildings down to one. I didn't They said that they're going to reduce the Los Angeles footprint from four buildings down to one. I didn't even know that they had four buildings. Yeah, Jesus Christ. And I think New York they're going to reduce their footprint too. They're just, you know, they're really consolidating and getting it down.

But I personally, I feel bad for the guy is what I was saying because you had this chance to catch out and just be happy and live your fucking life. But now you're answering to not only pissed off employees, but pissed off shareholders, the market that you've got now. He's got this whole new set of responsibilities dealing with being a public company. And yeah, and the fucking stocks in the shitter and I would think about it every day. Yeah. I would go, you fucking fool. Oh, yeah

I'd be embarrassed I'd be too embarrassed to have sex with my own wife Be like sorry. I'm sorry. I'm sorry Actually his wife's probably fine, but anyway at One of how much you value sex with my own wife. Yeah. I wonder how much he values I want them to put that on your tombstone a tomb bear What else happened today the space X rocket blew up to Yeah, big rocket go boom There was so many rockets on the bottom of that thing. Big ol' hunkin'

Well, you gotta make it a big explosion. Yeah, it looked like a bunch of them weren't working. It wasn't like a perfect cluster of Raptor engines or whatever. Yeah, I hope Elon Musk shit his pants a little bit. Just a little bit. No, he's gonna talk about how this is good for the company. Yeah.

Oh, we'll get to that, folks. We'll get to that. All right. Let's dive in. You want to get some meat? Some meat? Yeah, that was just the appetizer. Yeah, let's get into some meat and potatoes.

What kind of appetizer was it, do you think? Chicken wing? Uh, it was like little vegetables and stuff, like, Brussels sprouts and like that were kind of charred. Yeah. Yeah. Yeah. Sparigus. You know what it wasn't? It wasn't pathetic little smaller than shoestring French fries. Those do suck those fucking suck. Okay, so let's get back on track. Wedge potato fries. Just big old fat wedges Okay, what's going on in me? We want to talk about the WGA strike. What's the WGA?

The Writers Guild of America. What do they do? They represent TV writers. TV writers. TV writers. It's done, like I said, TV writers. Mm-hmm. And can you guess what country?

The United States of America. Yeah. Yeah, oh, because that's what the A stands for W. Go. W. Go. Yeah. We'll go. We'll go. So they recently, so they have a contract up in May first and they, if they can't come to a new deal with, with the networks, they're going to, networks and studios, they're going to, they've authorized the strike. It was overwhelming. 97.5% or something. 97.85% of ballots were cast in favor of authorizing a strike with a record 79% of eligible members

turning out to vote. Yeah, so they're authorizing a strike if their leadership does not reach a tentative agreement with the alliance of motion pictures and television producers Which includes netflix amazon abc disney all of all of the big players and a lot you might be sitting at home going Why do these lazy writers who have a cool job? Why are they complaining? Well, I got a lot to complain about you so the It comes back it comes down to a things that are affecting a lot of industries, honestly.

Like a lot of people are calling it the gigaification of the writing industry because it used to be a viable career. And the TV landscape was very different. You know, pretty much up until recently, the major places that had TV shows were just the major networks, right? And they all had kind of rigid schedules. There was dedicated seasons, like pilot season, where people would have, the pilots were the first episode you would do of a TV show, where they would film a whole pilot and then they would decide to pass on it or not,

or greenlight it. And those seasons would run for anywhere from like 22 to 26 episodes. So that's quite a long long season. That's a long season where you're making a lot of money on that. You would also get something called residuals right where the more if those episodes air again and again and again over time, part of your contract stipulates that you get residuals. You get, because ads are sold when those episodes air and you get a little chunk of it, you get a little nice little payday.

Right. Not so much with streamers. Even the whole ad thing was a completely different thing where they used to have the upfronts, which I believe was usually in May, where it was like all the networks would come and release their schedules and everything and the shows they're going to have and advertisers would come and buy ads basically. Yes, they would buy them up front. Yeah.

Hence the name. But things have changed drastically. Yeah, now you've got seasons are drastically shorter You got Netflix seasons being like half as many episodes. I mean or sometimes it depends, you know There's many series there's I feel like a TV show You're probably most people are watching if it's not on network TV could be anywhere from like four to ten episodes Right and so that's not necessarily a bad thing. It's just because that can lead to just more shows being produced and quicker, because

it does happen quicker. But there's no rules in place. So the last, I believe the last contract negotiation was in 2007. Right? No, there was one in... That was the last time they one in that was the last time they went on strike. The last time they went on strike and that lasted a hundred days. Yes. Right. And that was a very interesting time because you had I remember like Conan O'Brien, for example, late night with Conan O'Brien, had. Oh, that was actually a very fun. He was, remember when he was spinning the

ring. No. So basically his writers went on strike. Yeah. And they, so they couldn't produce original content, but they still wanted to do the show. So they would do weird things. He would interview segment producers. He would, and then, you know, they were making fun of the fact that they couldn't do things and he was like, for our next segment, I'm going to spin my wedding ring and we're going to see how long it will last. And so those are usually the first things to go because...

Late night programs? Well, yeah, because they're produced on a daily basis, right? Right, right. A lot of people are wondering what will happen. And so I think you're talking about 2017 when a strike was authorized, but they did not actually go on strike. So right now a strike is authorized,

it does not mean they will go on strike. It means if they don't come to a deal or a tentative agreement, they will end up going on strike. But yeah, so I mean, when things are in the can, it's fine, they can come out, right? But daily shows, late night shows, whatever. Yeah. Those are basically like recorded in a day.

Yes. It all happened so fast, so they don't have a bunch back locked. Right. Like movies, it's going to take a long time for movies to be affected. If they go on strike, it'll weirdly, you'll have a weird 2024 probably. Ah, yeah. Because they're made so far in advance. Right.

Yeah. So it all, like, slowly happens. And then animated shows will likely most will not be affected. They are usually a part of IOTC. Animated writers. Yeah. So it's a different union entirely. Interesting.

Okay. But. So it's a different union entirely. Interesting. Okay. But, but yeah, so and so what ends up happening is the, you know, the networks in the studios kind of paint two different pictures when they're talking about this stuff. You know, when they're talking to, when they're talking about like the changing landscape of entertainment, when they're talking about like the changing landscape of entertainment, when they're talking to like Wall Street investors and shareholders and everything, they're like worth the cutting edge. Sure, the landscape is changing, but we know how to navigate it. We are gonna be doing all these things and they do, right? They've been successfully navigating it, you know, but when they come to the negotiating table with

But when they come to the negotiating table with writers and guilds, they're like, uncertainty all around. We don't know what's going to happen. We don't even know if we'll be able to afford any keeps the lights on. Yeah, we're probably fucked. Yeah. And you guys are greedy. You want us to give you minimums. Yeah. Unstuff. So the WGA has been talking about this, how they have been pretty adept at navigating these things. And some of these, this uncertainty, they've been talking about with the streaming services and stuff, it did come with major investments, upfront investments where companies were buying up IP to fill out these big libraries and stuff, but subscribers are going up and there is

2022 was a weird year for pretty much every industry, right? So you're having weird things with the discovery Warner, right HBO Max, right, and they're doing all these write downs on this IP that they no longer want anymore. But that's, you know, aboriginal. Their profits, their operating profits of the entertainment industry have been on the rise steadily. You know, they are not losing out in the way they like to claim they are, and there's plenty of money. CEO pay is like at all time highs of course, but they're saying they don't have the money

to pay, you know, writers these things. And then there's other things happening with things called mini rooms. Did you read about the mini rooms? The mini rooms are where they get a bunch of writers before a show starts. Well, not a bunch, that's the thing. Oh yeah, a couple. Right, so it's usually a show runner and a couple, a couple or a few writers,

and they kind of like breakout ideas for pilots. And they don't, it's also a way to go around, like you don't have to pay the same minimum fees, you can save money, these types of things. So they're trying to like end a lot of these practices too and be you know taken care of So they're doing these little whereas normally they would pay people individually to write pilots and buy the scripts and stuff They're now just doing these flat rate kind of breakout little mini Write rooms and then hey whatever ideas you come up with we own them right

Cool awesome and obviously people are gonna say yes to that because they need to rooms and then, hey, whatever ideas you come up with, we own them. Right. Cool. Awesome. And obviously, people are going to say yes to that because they need to pay rent and whatnot. Right. But so the big thing, part of the reason why these media companies are seeing increases in profits and increases in CEO pay because of the performance of these companies is because, excuse me, the streaming models obviously of the performance of these companies is because, excuse me, the streaming models obviously benefit the companies way more now than the traditional model used to

also benefit the writers and whatnot. And that's what the WGA is fighting for. Is there needs to be amendments to these rules and regulations so that writers can more fairly participate in the profits from the shift to streaming. Because it's now there's no more residuals. There are shorter seasons. There's got to be some, there are arguing that there's got to be some kind of way to account for, they're still very popular programs. They're still, they're arguing that like there's got to be some kind of way to account for

they're still very popular programs. There's still, there are a million people. Well, that thing, they're arguing that, you know, like the production companies and networks and stuff are arguing that well, the TV landscape is just different now. Those days are over where you could just be a TV writer and you can have your 26 season show and make all that money. But, and so they're saying there's just not enough money to go around,

but that's just not true, right? When, you know, it was like in 2000, operating profits for the entertainment companies, we're at like 5 billion. In 2019, we were at like 50 billion. Seriously? That one, like, that can fuck people. So in 2000, combined, this is from the WGA. In 2000, combined entertainment operating profits

of major networks last studios was $5 billion. In 2019, the profits including new streaming platforms like Netflix were $50 billion. Goddamn. Hey, you guys, we want to take a quick break to think another sponsor of today's episode, BetterHelp. You know, recently I've learned a lot of new things about myself and that experience was

at times volatile, traumatic, but overall beneficial. And it changed my life by allowing me to grow and learn. Getting to know yourself can be a lifelong process, especially because we're always growing and changing. Therapy is all about deepening your self-awareness and understanding, because sometimes we don't know what we want or why we react the way we do until we talk through things. Better help connects you with a licensed therapist who can take you on that journey of self-discovery from wherever you are.

Therapy rocks, okay everybody? It straighty rocks. Okay, everybody, it straight up rocks. You get to talk to a captive audience about your problems and then they help you figure out why you're dealing with the stuff you're dealing with and give you practical solutions to handle it better. If you're thinking of starting therapy, give better help and try.

It's entirely online designed to be convenient, flexible and suited to your schedule. Just fill out a brief questionnaire to get matched with a license therapist and switch therapists anytime for no additional charge. Discover your potential with better help. Visit betterhelp.com slash trill today to get And so, you know, and not only that, now they're raising prices as they're trying to grow subscribers. And a bunch of them are about to turn on these, the ad supported content. Yeah. Netflix.

Right. And, you know, but and that's the thing. So the WGA kind of has, they did like a little timeline of this too, right? This is, none of this is new. They tried to do this kind of at every, at every new juncture, right? They talk about the rise of cable channels and how they started to be like,

oh, well, this is gonna change it. We were not sure. And so they said like the rise of cable channels in the early 2000s was projected to fragment audiences and end the mass audience programming era of broadcast. Instead, legacy media companies expanded into cable creating new networks to monetize broadcast content and expand their original production. The companies then wrote the growth of cable subscriptions in the US and around the world to record profits in the US alone. Basic cable

affiliate fees, the payments cable operators make the cable networks for the right to package the networks to subscribers have grown from $6.7 billion in 2000 to $36 billion in 2015 and then to $40 billion annually for the past several years. And they talk about that how it just, that happens every time, you know, when they started exporting IP around all around the world and that, you know, bringing, branching shows out internationally and all that kind of stuff, they were like, this is gonna change everything. We don't know what to do with all this uncertainty. And now you're finally seeing it

with like streaming services. This is streaming services and online viewing. It kind of reminds me of the record companies back in, back when Napster changed everything by, if you guys don't know what Napster is, fucking Google it, but peer-to-peer sharing of music was a big, big deal. Fucking 20 years ago, however long ago, because people could do it for free.

And the record companies were in a panic because they're like, whoa, shit, we're gonna go bankrupt from this. Like, we can't work this way. And it changed, it disrupted the whole music industry and Then iTunes obviously came and like kind of saved the day because they made it so that well you can buy songs piecemeal So it also takes a bit of the guess work out of downloading these programs where you can sometimes get viruses and stuff But now record companies are fucking more profitable

than ever. Is that true? I believe so. I remember reading that they're like, they're doing great. Streaming, they finally adapted and now they know how to actually make shit work. And they're fucking killing it. So the same thing is happening here.

It's like, and I think musicians get, as usual, the creatives artists and shit get the shit out of the stick, but I was gonna say that's kind of the story for creative industry. The creative industry and non-profits. It's um, what's in the name, man? Well, not supposed to make profit. No, there's plenty of money to be made. And really? No, yeah. But non-profits and I feel like creative industries, it's plenty of money to be made in. Really? No. But nonprofits, and I feel like creative industries, it's people who definitely want to be doing the work. So you find a lot of people underpaid. Right.

Every nonprofit is like, there's like 20 people getting paid anywhere from like 45 to $55,000. And then there's like six people on the board getting paid. For nothing. $400,000. And then there's like six people on the board getting paid, like for nothing. $400,000. The other big thing is there, the WGA wants to have AI regulated in some kind of capacity.

They want assurances from these companies that AI, that they're not gonna circumvent human creativity and rely on AI in, I don't know what they're laying out, but I'm assuming that it's like You cannot use fucking AI. I mean that would be huge, especially I would hope that I don't know if the visual effects industry Yet has a union. I know that they were trying for a long time to to unionize But the VFX industry those people get work to the fucking bone anyway, and I would think that they're all terrified of AI. And I don't know if, yeah, if this would be limited to just, I think it would be just

limited to writing, but because that's what they missed a couple of contracts ago, is they didn't, nobody could foresee what streaming would eventually become and how profitable it would be and how it would change the whole landscape. So that's again, that's why they're negotiating for this is because hey, things are changing rapidly. They have changed. We need to be compensated, commensurate with that. And just I don't want to miss it.

But so the WGA, they basically summed up what they're actually looking for so in addition to standard issues like higher minimum compensation and increased Contributions to healthcare and retirement funds writers priorities include standardizing residuals for feature writers regardless of whether their work is released in theaters or on streaming Curving the use of the much-hated mini-rooms applying contract minimums to comedy variety shows made for new media and addressing the issue of artificial intelligence. And yeah, I mean, that's all important. So more and more people are being paid the minimum, people are being paid less as the studios are making more money. So they said as the pandemic accelerated the shift to streaming, which now accounts for the majority of writing work in the industry, writers haven't shared in the prosperity.

A March WGA report finds that writer pay has declined 4% over the past decade, 23% when adjusted for inflation, and 49% of television series writers are compensated at the contract minimum compared to 33% in 2013. So more and more writers are being paid the minimum. The minimum's pretty good still, but Jesus, when you're not working consistently. That's the thing, it's not really. So, I mean, both of us probably have a lot of friends that are TV writers. And it's weird because in my mind, it's like it used to be, right? You get hired as a TV writer and it's like, you're making pretty good money. And you're seeing, you know, talking to friends and not only I'm seeing a lot of it on Twitter

where people are like, I have been consistently writing for whatever, five years. And I'm constantly struggling. Mon food stamps. It's like, whoa. I mean, dude, I mean, so if you get like two Netflix shows, right? One's like a six-part series and one's like a 10. It's not even, you didn't even do like a full season of TV before, right? You're showing it. I have friends who are like, oh, I won't even take gigs sometimes because it just might, it's not worth it for me to leave whatever I was doing to go right in an eight week room and make $20,000 and then I'm like out on my ass again.

Yeah. Well, I mean, oh, cause whatever they were doing. Because right, they're like, I have a steady, non creative job or something like that. A lot of people have to work jobs that they're not necessarily. They're like, oh, this is just a hold me over until the next creative job.

But they're like, yeah, I do want to write for that TV show, but who knows what happens when it ends. Yeah. Yeah, I lived with a TV writer, I dated one, and I remember how stressful it was. It's fucking stressful. And seeing that, I was like, I don't want to do this. Because I remember having that ambition. Like, I'd get in a TV writing. Not for me. Podcasting, baby, that's where it's at. I mean, anyone who's like, people should go read the WGA statement. It's quite long,

but they're talking about like kind of the state of the industry and everything. And how far we've come from being able to make a living off of this. Well, speaking of making money, we got earning season coming or happening right now. Oh, Netflix. Yeah, we got Netflix too. We'll get to that in a sec. But according to Bofa, we all know Bofa. Bank of America. Bank of America. Of the 10% of the S&P 500 companies that have reported earning so far, 90% have beat earnings per share

and 73% have beat on sales. That's a big deal because everybody has been talking about and anticipating this slump in EPS and in sales. That's a big deal because everybody has been talking about and anticipating this slump in EPS and in sales and it's just kind of not happening like everybody thought. Big part of that is banks. Banks have just been fucking killing it. City Group reported. Big banks have been killing. Big banks, yeah. JP Morgan fucking like I think they had a 50% beat on their estimates. City group, if I already said that. But yeah, it runs this narrative kind of runs counter to what the best analyst of 2022, Mike Wilson continues to say, which is the top line growth,

which is revenues and whatnot, has been inflated by high GDP inflation and pricing power. Because, you know, like the gas companies is a good example of pricing power where, hey, too bad so sad you guys need gas. We got it, bitch. Hopefully so. They pretty much did. They put out a statement, OPEC.

We got it. It says suck it, bitch. Do you remember what it stands for? Fuck. OPEC we got it says suck it. Do you remember what it stands for? Fuck OPEC stands for Only petroleum oh oil and petroleum now exporting Fuck what does it stand for? Do you not remember either it's petroleum exporting countries Oil organization organization petroleum exporting countries. Oils. Organizations.

Organizations. Orgization. That's what I said. What did I say? Yeah, no, I think so. You said oil and petroleum. Hey guys, we want to take a quick break to thank another sponsor of today's episode,

our one of our favorites Shopify. Ooh, folks, you hear that? You should know what that means already. Shopify is the commerce platform revolutionizing millions of businesses worldwide. Whether you're selling flaky salt or fine art prints, Shopify simplifies selling online and in person so you can focus on successfully growing

your business. Shopify covers every sales channel from an in-person POS system to an all-in-one e-commerce platform. It even lets you sell across social media marketplaces like TikTok, Facebook, and Instagram. Packed with industry leading tools ready to ignite your growth, Shopify gives you complete control over your business and your brand. Without having to learn any new skills in Designer Code and thanks to 24-7 Help and an extensive business course library,

Shopify is there to support your success every step of the way. That's the best part about it, okay? No matter how big you want to grow, Shopify is there to empower you with the confidence and control to revolutionize your business and take it to the next level. Now it's your turn to get serious about selling and try Shopify today. This is Possibility Powered by Shopify.

Sign up for a $1 per month trial period at Shopify.com slash Trill. All lowercase. That's Shopify.com slash Trill to take your business to the next level today. Shopify.com slash Trill to take your business to the next level today. Shopify.com slash trill. Well anyway, all of that top line growth has been, has more than offset the drag from higher costs, because inflation and supply chain stuff has led to higher costs,

but all of those tailwinds have more than offset that. Hence, these record margins were seen, but Mike Wilson maintains that once those tail winds die down in the next few quarters, margins are going to compress and so will earnings. And he continues to say in this note the other day that falling inflation for goods is a sign of waning demand. Like inflation coming down is good and everybody in the market is a fucking giddy about it, but he's pointing out that that's actually a sign of demand slowing down.

And inflation is actually the one thing holding up the revenue growth that you're seeing for a lot of these businesses. So because it's not inflation, it was just them fucking artificially propping up their prices. Yeah, yeah. I mean, it's just like, yeah, that's the pricing power. So these gradually eroding margins have mostly been, he says, a function of bloated cost structures. If and when revenues begin to disappoint, that margin, that margin degradation can be much more

sudden. And then these two strategists from Blackwark, Blackwark, these two strategists from Black Rock. Huh, got Blackwalk. Black Rock, these two strategists from Black Rock, Jean-Bio Boivin. Jean-Bovine. Jean-Bovine. Jean-Bovine. And Walee. Walee. Walee.

Zae. Zae. Why does it find to do it for the French person? Zae, even with results expected to slump the most in three years, that will not reflect the quote, coming damage yet. So like these people are, I mean, it's expected to slump the most in three years that will not reflect the quote, coming damage yet. So like these people are, I mean, it's interesting that the number one analyst of 2022 is still saying like, y'all, the worst is yet to come. But at the same time, I was reading that these, so you know how they've got these same day expiration options now?

these same day expiration options now? No. So like in the S&P in the in the in the in the big indexes, yeah, it used to be it used to just be like monthly and then it was down to I'm getting this wrong, so excuse me, but it was weekly and then it was three days a week Monday Wednesday Friday expirations and now they've got every single day of the week has explorations. So what that's doing according to some is you have people piling into put options, betting that the market's going to go down, right? But that acts as this like, it's like trying to sink a beach ball effect. You could see I'm sure you could, but the my wife's trying to get me to come back to the shore shot up. But these options, these put options that are being sold, well, someone is selling those. They're the dealers, the dealers selling those put options hedge against those put options by buying the index, by buying the futures, by buying the underlying, and then the put options just shrink and

shrink in value, and then people are now aware of that. So one strategy a lot of people are employing is then buying call options, which then just kind of has this feedback loop where the dealers hedging against the puts that they sold combined with the call buying option just keeps the market in this perpetual just like it's just not going to drop and it's very frustrating and the VIX just keeps getting compressed and going lower and lower the VIX is at like fucking 16 now which is wild. There's like no risk out there, it seems. Yeah, that fat tail is out there, but it's way far away. And what I mean by that is the risk that this will all just kind of unwind and then you'll see a negative feedback loop just feels ever increasingly unlikely.

Because then the more everybody's anticipating it to happen, or thinking surely it's going to happen, the more the less likely it is to happen. Because everybody's positioned for it. Everybody's bracing for it. We're at close to a year now of just everyone's fucked. Yeah, but like look at the market. I know. Nothing seems to be that fucked.

But it's still projected to come recession, 223 makes you think. So Netflix reported earnings, they added only, only 1.75 million subscribers missing their 2.3 million estimate. Did you hear about their love is blind, foibles? I was seeing on Twitter people making jokes about like Netflix trying to do a live stream or what I was like what are they live streaming?

Yeah, I'm gonna figure it out. The love is blind reunion I guess. What is that? Is that blind people love it? I don't know. Well, that's a fair question. Love on the spectrum, which was autistic people. No, love is blind is a blind date show

where people don't see each other and they get to know each other and decide if they want to get married or something. Yeah, but. Oh, that's like the classic, the dating game. Yeah, but that's just one episode. Shooter number three. Yeah, my dad was on that show twice.

Did he get picked? No. No, he didn't. In his episode. Wait, is that what? Is that what the Netflix style one is? No, the Netflix one is all these people are in some big fucking compound and they never see each other and they're just taking turns going into different rooms and talking to different people and getting to know each other. And then they kind of, you see who's starting to fall for who and the relationships that form. But when people were trying to watch it, they were getting all these messages, like, sit tight, eventually we're going to, but it didn't happen.

Oh, it just never came on. Well, it did. It took a few hours, but like eventually it did come on. But you know, people were going off and watching succession and yellow jackets and other shit, but. Oh, Sunday. Yeah. Yeah, I was trying to figure out what the fuck, I thought maybe they were livestreaming Coachella

or something, I couldn't figure that out. But they've done- People were mad about Frank Ocean and I was like, is all of this connected? Yeah. Apparently Frank Ocean and I was like is all this connected? Yeah Apparently Frank Ocean wanted like all the lights on the entire fairgrounds turned off for his Performance and then he had like an ice skating rink. Yeah, but it busted a thing Oh, no in the last like right before going on. He said I don't want this anymore

So they had to go and break down the ice skating rink and stuff and just It seemed weird. I don't know now. I dropped out. He's not doing the second week. Ah, yes, yes, all that. Oh, no, too bad. But so it was actually their second. They did the Chris Rock live stream and it went off without a hitch. It was totally fine. So it's like they've they're still trying to figure out the live thing, but in their earnings, they said that they were, quote, very pleased with their new ad tier

and that password crackdowns are slowly unrolling. I think in Latin America first, and then coming here, but. Do you think it made people realize, hey, maybe we should have given Trillionaire Mindset a little more slack for having like a weird sound issue. Okay, at least we fucking ended up on air, didn't we? It just goes to show...

Jack, doing it is hard. There's a lot of moving parts. Yes, fucking creeps. Jesus, fucking Christ. Not you girls. Yeah. We're talking to the boys only. You fucking boys. Go eat some Yeah. We're talking to the boys only. You fucking boys.

Go digs, go eat some dirt. Go eat some dirt. It morons. Have some sunny D. You fucking absolutely. I will say because there's no boys watching. It's just girls. Yeah.

I'm boys smelly. No, no. They're just fucking mean. Like that boys. Whenever I get mean messages, it's always some fucking. Yeah. I look at as like stupid fucking a.v.i A.v.i. What is it don't girls profile picture on this one Jesus Christ

What do you with a fucking Jan Xer the socks? What do you have a what do you what did you use? Do you have a hotmail account? A.v.i. What do you supposed to say? Profile picture, man. No, that's on Twitter, they would say. Oh, yeah, that's true. Yeah, it's short for Avatar. Right, I didn't want to say avi. Yeah.

The piece of shit. I told you boys are mean. But every time. Yeah, it's some guy. And they're like committed to being fucking dicks. And then you're like, oh, I'm sorry, you feel that way. And then they go, I was just kidding dicks. Yeah, and then you then you're like, hello I'm sorry you feel that way and then they go I was just kidding dude. I love you. Right. I was just trying to get your attention I am so sorry because they don't know how to show any affection and they're just like I'm gonna tell him he sucks And then he'll maybe give me some attention. That's the same way they are with girls one guy goes

Actually, I don't even want to give I don't want to give any of these people with their fun and attention. Well in other news Netflix is winding down their DVD services to, I bet there is not a single person in our audience who gives a shit because not a single person. I can't believe it was still fucking going. I can't believe it went on for 25 years. I remember getting them the first I do too. I remember blockbuster had a DVD service that was Superior because you could go Swap it out at the blockbuster, right? That's a nice. I was like I could go right now and swap it out and you pay it a flat rate every month DVD dot com is what it's oh wow. That's what it's called now, huh? You can get cocaine bear

Structuring cocaine bear. What are they gonna do with all those old discs? Is what I wanna know. They sell in the red box? Yeah, yes. Well anyway, the other big news this week, Tesla had their earnings. And I have to wonder, Emil. What, what are you wondering? Are people, and when I say people,

I mean Tesla permaboles, which is of course the crowd that believes that Elon Musk is Jesus Christ reincarnate, and cannot do any wrong, and that Tesla is actually a software company, it's a technology company, it's not a car company, which sure, fine, I'll give you that. But I have to wonder, after all the bullshit

that has come out of Elon's mouth and has not only failed to live up to expectations, but in some cases fully failed to come to fruition, are they close to just not believing the shit that he says? I got a wonder. I mean, who knows? His whole thing now is just completely different than it was even just like In September, right? It's now he's all wrapped up in his like woke A battling yeah, he woke crusade so his whole persona has kind of like changed

Yeah, I don't know because one of the things that he said on their earnings call is he said that Tesla is in a uniquely strong strategic Tesla is in a uniquely strong strategic present. Tesla is in a uniquely strong strategic position because we are the only ones making cars that technically we could sell for zero profit for now and then yield tremendous economics in the future through autonomy. No one else can do that. Like he's we could we could the cars, we could give them away for free, but we would still profit the most because of autonomy in the future. And it's like brother, my brother in Jesus Christ, you have been saying that for almost 10 years now. And it ain't anywhere even close.

And now you, not only that, but you got way more competition than you did before. Yeah, and now everyone kind of fucking hates you you got way more competition than you did before. Yeah. And now everyone kind of fucking hates you. Yeah. And now everybody fucking hates you. Also, they keep lowering sorry of your kids. They keep lowering prices. Why am I going to buy a Tesla today when it's very likely that they might lower prices by another 10% in a couple weeks. Oh, you're holding out. Yeah. Right. What is it? Like five times since in the last year or something? They've lowered their prices. Yeah. Quite significantly too.

And you've got competition. I mean, part of the bull cases that they're starting in this totally untapped market in Asia, but then China's own BYD company announced an $11,400 electric vehicle coming in the market. I mean, that's really what I would fucking love that. It's called the, what is it called? The Seagull. Magic. Me and that thing, Scoot Scoot, BB.

Get in losers, we're going saving the planet or whatever. I mean, like that. Yeah, so, oh yeah, this Morgan Stanley research note, a flock of Seagulls, B.I.D.'s, $11,000 car, another sign of EV deflation heading to our shores. Do you know if they just released because now I think there's only 10 cars including all electric and plug-in hybrids that qualify for the full $7,500 rebate. I don't think the federal government. Yeah.

I don't know if we can Google that, but I'm curious if Tesla is still on there. Yeah, they are, because I believe that buried in their earnings report was about $500 million worth of those credits were attributed to their... Yeah, but I think as of recently, the... Cash flows. The rules have changed and everything. Oh. I don't know. Can we Google that?

How would you phrase that? 10 cars eligible for... Just command F, Tesla. Oh, Tesla, yeah. Oh yeah, so the... Yeah. Those are the model three and the model three long range are eligible. Oh, only the, oh, no, no, no, no, no, this, I don't think this is the right list, but no, it is.

Oh, okay. So all of the Teslas. Yeah. Interesanthi. So Teslas earnings though, they had an increase in revenue while they saw a drop in profits. So revenues were higher, but their margins were down. As was free cash flow, which actually would have been negative, were it not for that $500 million in regulatory credits. So not very good.

You don't want to see that because this is supposed to be this growth company. And suddenly, it would appear as though even though top line growth is continuing, those margins, man, they're starting to get squeezed because you got the competition coming your way. And if suddenly Tesla's profitability story starts to change, who boy look out? I mean, they do have a record cash stockpile of $22 billion, but that can go pretty damn quickly. And I'm curious to see how they're gonna utilize that. They might announce a stock buyback, which the market would probably love, or maybe it wouldn't, because it's like, if I were a shareholder, I'd want to see them do smarter things

at that cash, especially as margins are starting to compress a little bit, you know? Like what? I don't, I don't even know compress a little bit, you know? Like what? I don't even know. What the fuck are you going to do with it? Buy more Bitcoin. Open another Gigafactory. Open another Gigafactory. In China.

And there's also, I mean, there are a lot of things up ahead for them. They, I think Elon was saying that their energy capture business has grown and that's like the next big phase. There's always, there's always something else with him. Oh, we're also doing this and we're also like, I mean, yeah, that's his whole fucking thing. Yeah, I'm just tired. I mean, they're always, you know,

they're gonna put chips in our head soon. We'll be, I hope they're sun chips. We'll be living and we'll be living in weird bubbles on Mars soon. Yeah. So the other huge news that I've been getting a lot of messages about, the Apple savings account. They announced it months ago, but they're only finally rowing it out.

They partnered with Goldman Sachs. It is a savings account with a 4.15% annual interest rate. That is 10 times the national average of 0.35%. There's no fees or minimums. They also just announced I didn't. Right, and even like that 0.35% is even high for, for example, on my Chase Savings account. Yeah, I'm getting 0.01%. It's pathetic. That's part of the reason why Chase's margins were so good and why their profit was low why they're profit with it. Right.

Because they're not paying out. Banks should be giving more yield on these savings accounts. Yes. And hopefully this kind of shit encourages, I mean, I saw it and I was like, fuck, maybe I'll just open an app with savings account. Yeah. There are also a couple other accounts you can get a little bit

higher, but it's, yeah, they're eligible. They're from random banks and they're not going to be as easy what you're getting with this also is the convenience. And there's fucking Apple is just, they're the smartest. Right, the goal is to get more, like they want you fully wrapped up in Apple's entire yes, environment atmosphere.

Yeah. So in order to get the savings account, you have to first get the Apple credit card, right? That was what, where I was like like I don't fucking want another credit card Yeah, and they offer I believe Where is it all purchases get you 1%? What the fuck all purchases get you 1% cash back and then I believe 2% cash back when you use Apple pay and

So what happens is the cash normally just sits there like a checking and you can use it to pay off bills or just use for Apple Pay. And now, like going to this higher yield, now you can just click of a button opt to have it funnel into the savings account and just make money and you're not paying any fees. And I think, I mean, I can't give financial advice

and I'm not, but like damn, I might even look into this because if you're looking to just make extra cash on your cash, fuck it, man. I mean, most major banks, like if you deal with, you know, Chase, Capital One, you know, Wells Fargo, you're probably getting like 0.01%. Yeah. Those higher rates are, it's always a regional bank, a weird brain. Why do I want to say brain to a bad? Why do I want to say brain to a bad? The ones where you get the higher ones are,

I have people who, I'm sure it's fine, but I don't want to open a bank account with like, ally or whatever you're doing. You know what I mean there. So, like part of the thing is they have, there's over two billion active Apple devices. And doing something like this, just further ropes people in and makes it even ever harder for them to switch hardware.

It's like you're an Apple person for life now, especially when you're now incorporating, oh, dude, I- You're a bank now too. When Apple Pay came out, I was like, I'm never gonna use that. Like how hard is it? How hard is it to pull out your card, right? Yeah. I use it all the time.

Yeah. It's like to the point where sometimes I forget my wallets I'm like, I'll just fucking Apple Pay. Yeah. And I only recently started using it because you told me. I know, I was like, dude, why don't you ever, it's great.

And I said, because it doesn't work. And you're like, yes it does. It always do. My favorite thing is the Apple Watch. I could do it on Apple Watch and like when we're in New York, I just tap it to go on the subway. It's very cool. What I thought was interesting is it basically goes in line with what Jamie Diamond, the CEO

of JP Morgan, said about or talked about, and one of the many things that he talked about in his annual shareholder letter. And if you have a minute and you're interested in reading some really boring shit, Google the Jamie Diamond annual shareholder letter, because he's like, you know, he's one of the, I mean, we don't have to pull it up, but because it's just so fucking long. But one of the things that he points out in the shareholder letter is risks to the industry, to the economy, and in particular to like his bank, and he said that technology companies pose one of the biggest risks. I mean, obviously he knew by the time

he was writing it that they were going to be coming out with this. But yeah, that big tech rivals could very well take customers. And it looks like they're already starting to fucking do that. I'm seriously considering an Apple account just to get the thing. I mean, it's not a bad idea just to like have, if you're already, I'm not personally not a huge cash back guy because I'm like 1% whoopty-doo. All right, it's a dollar for every 100 bucks. Right, when you can get points. Right, I just love points, man. I do too. It's nice now and dollar for every hundred bucks. Right. When you can get points, right?

I just love points, man. I do too. It's nice knowing I got a little stockpile. Yeah. If I want to fly somewhere. Yeah. It's not real money. Right. Yeah. I'm buying it with funny money. Yeah. It's funny, man. And the more you got, the more rich you feel. Yeah. And I'm sure it's just personal, like you probably saved the same amount when it comes down to points and cash back and whatever the fuck. But but it's just this apple shit man. I remember in 2009 at the bottom of the market when the recession was in running on all cylinders. And apples stock price was like I don't know 85 bucks a cylinders. And Apple's stock price was like, I don't know, 85 bucks a share, and I don't even remember what the market valuation was.

It might have been like $50 billion or something. And I remember telling my mom, mom, you guys need to get all the cash you can and buy as much Apple as you can. It's like, it's not gonna go away. And it's only gonna, and she, I remember, she'll deny it, but she said, honey, you don't know what you're talking about.

I was like, okay. And I think it increased 50 fold from there? Yeah, about that, because 50 times, 50 billion is 2.5 trillion, which I think is what it maxed out at. So cool, Mom. Thanks, Mom. I know you're probably walking the dog right now as you listen to this.

That's usually what she does. She walks the dog. She's got him in the stroller. She's listening. She's probably saying, oh, haha, fuck you, Ben. You're probably saying that. Well, you know what? I'm not going to say it back loud. Ha ha fuck you, Ben. You're probably saying that Well, you know what I'm not gonna say it back mom. I love you mom All the same even though you didn't make millions of dollars in Apple well to be fair neither did I

Anyway, I mean there's nothing stopping other come like Google Google has Google pay They do they can partner with Banks chase Yeah, they got a partner with someone I mean they can partner right they can partner with... Banks. Chase. Yeah. They got a partner with someone. They can partner with someone in... Apples with Goldman Sachs. But I mean, good.

Like, get people to start offering higher yield savings accounts. Yeah. It's just like, also in March, they introduced this Apple Pay Later where you can pay in four equal installments over six weeks with no fees or interest. How the fuck? So you've got like a firm and you've got, what's the other one that does that? Buy now, pay later, company. Does it work?

If you're screaming at us right now, I'm so sorry that we're blanking on the other name. But like now every time you check out, they're like, do you want to pay $6 for the next seven years? Yeah, I don't. I don't. I don't. I don't. I don't. It blows my mind how companies like that

could even get off the ground because I would think that they would realize like, hey, all Apple has to do is like write some fucking code or whatever and come up. I mean, I know it's more complicated than that, but I would never even dream as a VC of investing in something like that that I know a huge rival like Apple could easily implement and just wipe you out completely. Well, I mean, it's not just Apple though, because they're plugged into so many things where it just

wouldn't be... I think it pops up if you buy something from like a clothing company, you know, a clothing company. You wanna buy this shirt over the course of a year? Right, and so I mean, even if Apple did that. And honestly, the first time I saw people getting into Apple credit cards was Apple basically did that. They were like, if you sign up for our credit card, you get 12 months, zero interest. And so that's huge.

If you're going to buy a $2,000 computer, you can then pay it off. I mean, they've been doing that for since I was in college. Right. Exactly. They were with Barclays bank. I remember. That was the first time I heard of people getting Apple credit cards though when they were doing that.

Yeah. I remember that was one of my first credit cards, the Apple. But I didn't get anything for it. I just got fucking... No, but you basically... You were an interest. Yeah, that's a... Yeah.

Oh man. I mean, it's not easy to drop $2,000. Uh... On a computer. No. And if you do drop it, I hope you pick it up. Jeez, somebody's gonna come swoop up all that cat. Girls.

Don't. Uh, what was I gonna to say about fucking Apple? Uh, anyway. Well, I guess on that note. Wait, also I do want to say it's crazy because before all this was happening, it was just like a, it was like a couple weeks ago, I was looking at like my Chase savings account and I was like, what's the fucking difference between this and checking it? It's just like the way they named it.

I'm getting fucking .01% on this fucking thing. My Amix account earns like 4% APY. And I've already made like 10 bucks on it in the last couple of weeks. Yeah, it's like, oh, you've made $10. I'm like, cool man, I might just keep it in there. Someone's doing calculations at home of how much you have in there.

Yeah. Well, that shows that he's got like, wow, geez. Oh, Goldman Sachs, I remember what I was gonna say. I remember, I think I might have told this story. I was at a bar talking to this girl and... What were you guys talking about? He was in New York years ago and she was asking me what I did and I was like, oh, I trade stocks and she goes,

she was a little drunk and she looks at me and she goes, oh, you mean like Goldman Sachs? And I didn't know goes she was a little drunk and she looks at me and goes oh you mean like old mim sap And I didn't know if she was kidding so I just kind of laughed and went yeah just like that Oh, so do you work at like old mim sap? Yeah, and it was loud so I said did you say goldman gold mim sap since she goes yeah, isn't that what it's called? I was like no, it's gold mim sacks and she goes, yeah, isn't that what it's called? I was like, no, it's Goldman Sachs and she goes, shut up. I love her. You're lying.

But I remember just, I remember kind of just going, are you fucking with me? Because if you are fucking with me, I'm in love with you because you're a comedic genius. Right, right, right. Or you're a fucking moron. Right. Which I'm still in love with you because you're a comedic genius. Right, right, right. Or you're a fucking moron. Right. In which I'm still in love with you. I think she's then said, oh, so like JP Morgan's, or like, do Morgan's or something like that.

No way. I can't remember, but she got another bank wrong. And I thought, okay, but she ended up being an idiot. Or just very drunk. To do both of them like, or maybe just some kind of speech impediment. I'm like, to think it's Goldman Sachs and JP Morgan.

Morgan's, I think, JP Morgan's. Oh, JP Morgan's is fine. Yeah, it's like people who say Barnes and Nobles. Barnes and Noble. Look at the sign. I've not heard someone say Barnes and Noble in 10 years. Well, it still exists. Yeah, are you hanging out at the borders on the weekend.

Oh, man, borders was a bookshop, folks. It was a bookshop where we all went to go pee before going to the movies when our parents would drop us off at the local city center. Let's or Starbucks or Starbucks. Let's, uh, I wanted to end on a negative note here with the credit karma thing. There was a survey from credit karma and one in five people, 59 and up, said that they don't have a retirement account. So that's 20% of people 59 and up saying they don't have a retirement account compared to 25% a quarter of Gen X respondents. 17% of baby boomers said that they've decreased

their contributions to retirement because of inflation and 5% said they can't afford to contribute at all. And then you got to love Gen Z man. Half of them surveyed said that they are looking to retire early, which is funny because 41% of Gen Z says that their net worth is $0 or less. But they're also fucking.

Yeah, that's, yeah, that's, that's, that is a bit ridiculous. But 38% of millennials say that their net worth is $0 or less. Right. That one is alarming. And one in five of 59 plus their net worth is zero or less. Right, that one is alarming. And one in five of 59 plus, their net worth is zero or less. So that's- Those numbers are alarming.

Yeah. Gen Z, it's like, 41% of them are like 18. Yeah. So if they all had a bunch in savings, I'd be like, can you tell us what you're doing? Yeah. But, I mean, none of it is surprising.

It's scary. Yeah. I mean, none of it is surprising. It's scary. Yeah. I mean, there was that stack going around. That was like 50% of people can't afford a $400 emergency or something like that. That will financially ruin them. Awesome. We love this system. No, we're doing well.

We love America. But yeah, those are, they're scary. Oh boy. But we're all just gonna work till we die, okay? When we get two old, the government will strike some kind of deal with Walmart where they'll have to take on Walmart greeters. So we'll all just be-

You're gonna be a robot, dude. But someone's gotta, someone's gotta talk to the robot. Someone's gotta be standing there putting in prompts. Welcome to Walmart. I'm not going to know how to put in a prompt when I'm 90. Yeah. When I'm 90, I'm going to be smoking cigarettes and just doing a hard drugs.

I'll have earned it at that point. I'm going to be daring my body to quit. Why not? I don't think that's going gonna be what you're doing. What if I'm 90? I'm not gonna be going, whoa, am I gonna be trying to make it to 100? I'm gonna go, damn, everyone I've ever loved is dead. Might as well smoke it out.

I know, but this is a common story from people, right? Yeah. What I'm 90? You ever seen a 90-year-old? I'm not trying to get it. Everyone's like, I'm gonna try heroin. I'm trying to get ever seen a 90-year-old? I'm not trying to get it. Everyone's like, I'm gonna try heroin. I'm trying to get a needle and you're like, fucking stretched out flat.

They'll have fucking heroin vapes. Trying to roll a joint with your arthritic. Yeah. I hope I don't get arthritis in my hands. Well, that just about does it for this episode, doesn't it? That just about does it? That just about does it for this episode of Julian and mindset. And to all the girls out there, you're sick. You're so sick. Boys, you can come back girls. You can open the door and the boys turn back around and plug your ears.

They're covered in dirt. No, they've been doing that year thing where it goes, oh, they're just making themselves laugh. This is cool. I can't wait to go in the fridge and get some Sony D. We love you. Yeah, we love you very much. We're going to be doing after hours now.

We're gonna be talking about all sorts of stuff. AI, 9-11. Or wait, no. Whether or not AI did 9-11. We're gonna be talking about all sorts of shit. Jeffrey Epstein. Is he alive? No, no.

If you wanna find out. You wanna find out. You know where to find out, you want to find out. You know where to find us, I keep doing that. That's my new tick. Anywho, love ya. Bye. This week on After Hours. He's hot. But you don't have to come for other guys.

Just show off your hot shit, dude. I don't have to come for other guys. I have to come for other guys. Oh yeah. I've made an arrangement that I can't get out of. But you don't have to come for other guys. I have to come for Oh, yeah, I've I've made an arrangement that I can't get out of but you don't have to come for other guys What's the arrangement? I can't talk about that's part of the arrangement. If he's six foot. I'm making him He's 60 dollars bringing the sword. I'm gonna fall on it. He's six feet tall. He's 165 pounds now bringing the sword I'm gonna kill myself

Can you imagine having to put sunblock on that body? I'm imagining it right now. What'd you say Albert? No, I could do it. Now I'll get your front too. He uses vintage condoms, I think. Lame skin. I only use vintage pleated condoms. You could brush that.

You could let me. Sign up on TMG Studios.tv to watch the full bonus episode. You could let me know. Sign up on TMG Studios.tv to watch the full bonus episode. You could let me know. You could let me know. You could let me know. You could let me know.

Sign up on TMG Studios.tv to watch the full bonus episode. You could let me know. Sign up on TMG Studios.tv to watch the full bonus episode. You could let me know. You could let me know. Sign up on TMG Studios.tv to watch the full bonus episode. Ha ha ha ha ha ha ha!