{"version":"1.0.0","segments":[{"startTime":3.503,"endTime":4.237,"body":"Ladies and"},{"startTime":4.237,"endTime":7.807,"body":"gentlemen, tech enthusiasts"},{"startTime":4.237,"endTime":7.807,"body":"and savvy investors."},{"startTime":8.274,"endTime":12.379,"body":"Welcome to today's very special episode"},{"startTime":8.274,"endTime":12.379,"body":"of The Money Runner podcast."},{"startTime":13.079,"endTime":16.816,"body":"This is going to be a hard"},{"startTime":13.079,"endTime":16.816,"body":"driving, deep dove headfirst"},{"startTime":17.15,"endTime":21.388,"body":"into the heart pounding world of stock"},{"startTime":17.15,"endTime":21.388,"body":"markets and technology valuations."},{"startTime":22.122,"endTime":24.691,"body":"I think you're going to stay glued"},{"startTime":22.122,"endTime":24.691,"body":"to the screen to maybe,"},{"startTime":25.291,"endTime":29.362,"body":"just maybe question everything"},{"startTime":25.291,"endTime":29.362,"body":"you thought you knew about investing."},{"startTime":30.53,"endTime":33.767,"body":"Have you ever found yourself"},{"startTime":30.53,"endTime":33.767,"body":"staring at the screen, flabbergasted"},{"startTime":34.2,"endTime":36.669,"body":"by the astronomical rise in tech stocks"},{"startTime":37.203,"endTime":39.706,"body":"and the valuations that go along with it?"},{"startTime":39.706,"endTime":43.51,"body":"Does the word bubble dance on your tongue"},{"startTime":39.706,"endTime":43.51,"body":"when you look at the current market?"},{"startTime":43.51,"endTime":46.88,"body":"Well, hold that thought,"},{"startTime":43.51,"endTime":46.88,"body":"because high prices alone"},{"startTime":46.88,"endTime":49.482,"body":"are not enough to end the stock rally."},{"startTime":50.15,"endTime":52.652,"body":"There's a whole lot more to this"},{"startTime":50.15,"endTime":52.652,"body":"high stakes narrative,"},{"startTime":52.819,"endTime":54.387,"body":"and I'm here to uncover it."},{"startTime":54.387,"endTime":55.822,"body":"Welcome to The Money Runner."},{"startTime":55.822,"endTime":67.167,"body":"I'm David Nelson."},{"startTime":67.167,"endTime":78.745,"body":"Just when you think"},{"startTime":78.845,"endTime":82.682,"body":"you've got it all figured out,"},{"startTime":78.845,"endTime":82.682,"body":"a conversation with a market wizard"},{"startTime":82.682,"endTime":86.453,"body":"like Dan Niles can turn your world upside"},{"startTime":82.682,"endTime":86.453,"body":"down."},{"startTime":86.986,"endTime":89.756,"body":"It's not just about snagging a bargain"},{"startTime":86.986,"endTime":89.756,"body":"at the market bottom"},{"startTime":90.156,"endTime":92.692,"body":"or cashing out at the peak. Oh, no."},{"startTime":92.692,"endTime":96.529,"body":"It's about the elusive catalysts"},{"startTime":92.692,"endTime":96.529,"body":"that drive those decisions."},{"startTime":97.53,"endTime":100.567,"body":"On the heels of Friday's better"},{"startTime":97.53,"endTime":100.567,"body":"than 2% rally in technology"},{"startTime":100.567,"endTime":103.703,"body":"shares, even the bulls are scratching"},{"startTime":100.567,"endTime":103.703,"body":"their heads."},{"startTime":104.938,"endTime":107.173,"body":"It's not like we're coming off the lows."},{"startTime":107.173,"endTime":111.478,"body":"All stocks"},{"startTime":107.173,"endTime":111.478,"body":"all stocks had a monster move in December."},{"startTime":111.478,"endTime":114.547,"body":"And let's be honest,"},{"startTime":111.478,"endTime":114.547,"body":"not all the data is supportive."},{"startTime":115.482,"endTime":117.517,"body":"Ten year yields are back above 4%."},{"startTime":117.517,"endTime":121.721,"body":"And the rise of geopolitical tensions"},{"startTime":117.517,"endTime":121.721,"body":"around the world have the potential"},{"startTime":121.921,"endTime":124.591,"body":"to upend the strong economic narrative."},{"startTime":125.959,"endTime":127.961,"body":"Every time I'm on TV."},{"startTime":127.961,"endTime":129.996,"body":"I get asked the same question."},{"startTime":129.996,"endTime":133.633,"body":"Are stocks"},{"startTime":129.996,"endTime":133.633,"body":"and in particular tech stocks overvalued."},{"startTime":134.167,"endTime":135.535,"body":"My answer is always the same."},{"startTime":135.535,"endTime":137.036,"body":"It's a nuanced answer."},{"startTime":137.036,"endTime":139.439,"body":"Is Dell trading at 12 times earnings."},{"startTime":139.472,"endTime":141.207,"body":"Is that expensive?"},{"startTime":141.541,"endTime":144.377,"body":"Not growing terribly fast,"},{"startTime":141.541,"endTime":144.377,"body":"but it is certainly smack"},{"startTime":144.377,"endTime":148.047,"body":"in the middle of the AI revolution"},{"startTime":144.377,"endTime":148.047,"body":"as the demand for processing power,"},{"startTime":148.214,"endTime":151.584,"body":"AI server farms"},{"startTime":148.214,"endTime":151.584,"body":"and the cloud continue to grow."},{"startTime":152.852,"endTime":153.92,"body":"Maybe."},{"startTime":153.92,"endTime":156.055,"body":"Maybe Apple fits that narrative."},{"startTime":156.189,"endTime":160.393,"body":"29 times forward earnings for a company"},{"startTime":156.189,"endTime":160.393,"body":"growing at best single digits."},{"startTime":160.827,"endTime":162.328,"body":"That's rich."},{"startTime":162.729,"endTime":165.832,"body":"If valuations were the only thing"},{"startTime":162.729,"endTime":165.832,"body":"that mattered, Apple"},{"startTime":165.832,"endTime":167.867,"body":"would likely be trading at 100."},{"startTime":169.302,"endTime":172.505,"body":"On the other side of this discussion,"},{"startTime":169.302,"endTime":172.505,"body":"you have Nvidia,"},{"startTime":172.505,"endTime":176.676,"body":"which many think is overvalued simply"},{"startTime":172.505,"endTime":176.676,"body":"because of the price momentum."},{"startTime":177.81,"endTime":180.213,"body":"They are the brains of the AI platform."},{"startTime":181.114,"endTime":183.816,"body":"Their shares"},{"startTime":181.114,"endTime":183.816,"body":"one of close to 240% last year"},{"startTime":183.983,"endTime":187.921,"body":"and up"},{"startTime":183.983,"endTime":187.921,"body":"almost 20% in just a few weeks this year."},{"startTime":187.921,"endTime":192.091,"body":"And yet it's for multiple"},{"startTime":187.921,"endTime":192.091,"body":"or valuation went down."},{"startTime":192.592,"endTime":194.727,"body":"Is that overvalued?"},{"startTime":194.727,"endTime":196.563,"body":"Well, we're"},{"startTime":194.727,"endTime":196.563,"body":"right in the middle of earnings season."},{"startTime":196.563,"endTime":201.734,"body":"NVIDIA reports next month,"},{"startTime":196.563,"endTime":201.734,"body":"so I guess we'll find out."},{"startTime":201.935,"endTime":206.239,"body":"Throughout history, we've seen this movie"},{"startTime":201.935,"endTime":206.239,"body":"play out time and time again."},{"startTime":206.673,"endTime":210.543,"body":"And each time"},{"startTime":206.673,"endTime":210.543,"body":"we learn that high valuations in a vacuum"},{"startTime":210.677,"endTime":213.279,"body":"are not I repeat, not enough"},{"startTime":213.613,"endTime":215.982,"body":"to throw the battleship into reverse."},{"startTime":216.716,"endTime":217.65,"body":"You need a catalyst."},{"startTime":218.718,"endTime":219.385,"body":"We could have had the"},{"startTime":219.385,"endTime":223.156,"body":"same conversation in early 1999"},{"startTime":219.385,"endTime":223.156,"body":"as a lot of tech stocks"},{"startTime":223.456,"endTime":226.926,"body":"like Cisco were increasingly"},{"startTime":223.456,"endTime":226.926,"body":"looking like a bubble."},{"startTime":227.927,"endTime":231.631,"body":"If you made that bet,"},{"startTime":227.927,"endTime":231.631,"body":"you would have been a full year early."},{"startTime":232.198,"endTime":236.402,"body":"The Nasdaq composite"},{"startTime":232.198,"endTime":236.402,"body":"went on to a gain of over 87% that year,"},{"startTime":237.47,"endTime":239.072,"body":"2021. A similar story."},{"startTime":239.072,"endTime":244.377,"body":"The Fed and government continue to shower"},{"startTime":239.072,"endTime":244.377,"body":"markets and investors with liquidity."},{"startTime":245.478,"endTime":248.114,"body":"The Fed not only kept"},{"startTime":245.478,"endTime":248.114,"body":"rates close to zero on the short end,"},{"startTime":248.114,"endTime":252.318,"body":"they continue quantitative easing,"},{"startTime":248.114,"endTime":252.318,"body":"expanding their balance sheet month"},{"startTime":252.452,"endTime":256.289,"body":"after month, even after ballooning it"},{"startTime":252.452,"endTime":256.289,"body":"another 3 trillion."},{"startTime":256.723,"endTime":258.992,"body":"In 2020 alone,"},{"startTime":258.992,"endTime":262.962,"body":"since just about every valuation"},{"startTime":258.992,"endTime":262.962,"body":"model starts with the risk free rate."},{"startTime":263.162,"endTime":265.531,"body":"Valuations kept ballooning higher."},{"startTime":266.866,"endTime":269.669,"body":"The moral of this story was spelled out"},{"startTime":266.866,"endTime":269.669,"body":"by the late, great"},{"startTime":269.669,"endTime":271.904,"body":"economist John Maynard Keynes."},{"startTime":272.672,"endTime":277.21,"body":"The market can stay irrational longer"},{"startTime":272.672,"endTime":277.21,"body":"than you can stay solvent."},{"startTime":278.144,"endTime":282.115,"body":"Former Fed Chair Alan Greenspan's"},{"startTime":278.144,"endTime":282.115,"body":"irrational exuberance speech"},{"startTime":282.515,"endTime":285.785,"body":"was made in 1996, a full four years"},{"startTime":286.085,"endTime":289.856,"body":"before the market peak in 2000."},{"startTime":292.492,"endTime":295.094,"body":"In a vacuum, valuations rule,"},{"startTime":295.728,"endTime":299.532,"body":"but the market doesn't trade in a vacuum,"},{"startTime":295.728,"endTime":299.532,"body":"and neither should you."},{"startTime":300.566,"endTime":303.169,"body":"We are surrounded by data and a news cycle"},{"startTime":303.169,"endTime":306.272,"body":"that continues to influence investor"},{"startTime":303.169,"endTime":306.272,"body":"and market behavior."},{"startTime":307.44,"endTime":310.977,"body":"The direction of the fundamentals"},{"startTime":307.44,"endTime":310.977,"body":"is even more important"},{"startTime":311.277,"endTime":313.98,"body":"than the absolute values."},{"startTime":313.98,"endTime":315.615,"body":"Clearly there have been bubbles."},{"startTime":315.615,"endTime":316.549,"body":"I get it."},{"startTime":316.549,"endTime":321.12,"body":"And some poor investor always ends up"},{"startTime":316.549,"endTime":321.12,"body":"being the last one in, but in each case"},{"startTime":321.754,"endTime":325.291,"body":"it wasn't an absolute value metric"},{"startTime":321.754,"endTime":325.291,"body":"that ended the party."},{"startTime":325.925,"endTime":328.027,"body":"It needed a catalyst."},{"startTime":328.027,"endTime":331.164,"body":"The bursting of the Internet"},{"startTime":328.027,"endTime":331.164,"body":"bubble in 2000 had a few catalysts."},{"startTime":332.131,"endTime":335.868,"body":"Greenspan, then Fed chair, started"},{"startTime":332.131,"endTime":335.868,"body":"hiking rates in June"},{"startTime":335.868,"endTime":339.605,"body":"the previous year"},{"startTime":335.868,"endTime":339.605,"body":"and continued all the way until May"},{"startTime":339.605,"endTime":342.842,"body":"2000, with short rates of six"},{"startTime":339.605,"endTime":342.842,"body":"and a half percent."},{"startTime":342.842,"endTime":349.682,"body":"Money was tight and in part a contributing"},{"startTime":342.842,"endTime":349.682,"body":"factor to the two stock declines."},{"startTime":349.682,"endTime":351.751,"body":"In March of 2000, Japan was in recession."},{"startTime":351.751,"endTime":355.922,"body":"But from my perspective as a Wall Street"},{"startTime":351.751,"endTime":355.922,"body":"veteran working at Lehman"},{"startTime":355.922,"endTime":359.525,"body":"during the rise and fall of the dot"},{"startTime":355.922,"endTime":359.525,"body":"com era, Y2K"},{"startTime":360.093,"endTime":364.23,"body":"was the single biggest"},{"startTime":360.093,"endTime":364.23,"body":"driving catalyst that pricked the bubble."},{"startTime":365.431,"endTime":366.232,"body":"Companies spent"},{"startTime":366.232,"endTime":369.602,"body":"millions panicking"},{"startTime":366.232,"endTime":369.602,"body":"as the end of the millennium approached"},{"startTime":370.236,"endTime":372.572,"body":"dire predictions of planes"},{"startTime":370.236,"endTime":372.572,"body":"falling out of the sky"},{"startTime":372.572,"endTime":375.408,"body":"in a digital world"},{"startTime":372.572,"endTime":375.408,"body":"that would be forced to their knees"},{"startTime":375.942,"endTime":379.779,"body":"if they didn't upgrade their systems"},{"startTime":375.942,"endTime":379.779,"body":"to handle the changeover to 2000."},{"startTime":381.08,"endTime":384.884,"body":"Those of us working at Lehman often joked"},{"startTime":381.08,"endTime":384.884,"body":"about the hundreds of computers"},{"startTime":384.884,"endTime":388.121,"body":"coming on to the floor day after day"},{"startTime":384.884,"endTime":388.121,"body":"after day."},{"startTime":388.621,"endTime":391.324,"body":"In December 1999."},{"startTime":391.324,"endTime":394.093,"body":"As a result,"},{"startTime":391.324,"endTime":394.093,"body":"I'm sure a lot of companies over ordered,"},{"startTime":394.327,"endTime":397.096,"body":"including the manufacturers themselves."},{"startTime":398.064,"endTime":402.602,"body":"In the end, it was a big rip off"},{"startTime":398.064,"endTime":402.602,"body":"as countries that did little or nothing"},{"startTime":402.602,"endTime":407.106,"body":"to upgrade their systems came through"},{"startTime":402.602,"endTime":407.106,"body":"the millennium changeover just fine."},{"startTime":407.94,"endTime":410.777,"body":"Planes"},{"startTime":407.94,"endTime":410.777,"body":"didn't fall out of the sky and the sun"},{"startTime":411.377,"endTime":414.18,"body":"came up the next morning."},{"startTime":414.18,"endTime":418.184,"body":"We complain about valuations in 2024,"},{"startTime":414.18,"endTime":418.184,"body":"but in 2021"},{"startTime":418.718,"endTime":421.187,"body":"I saw even more excesses."},{"startTime":421.187,"endTime":424.49,"body":"Many cloud stocks put in monster returns"},{"startTime":421.187,"endTime":424.49,"body":"that year with little"},{"startTime":424.624,"endTime":426.025,"body":"or nothing in the way of earnings"},{"startTime":427.126,"endTime":428.261,"body":"growth was screaming."},{"startTime":428.261,"endTime":432.965,"body":"But we couldn't even have a conversation"},{"startTime":428.261,"endTime":432.965,"body":"about multiples because there weren't any."},{"startTime":434.1,"endTime":437.303,"body":"Again, we needed a catalyst"},{"startTime":434.1,"endTime":437.303,"body":"in the catalyst for bursting."},{"startTime":437.537,"endTime":441.674,"body":"The 2021 bubble was,"},{"startTime":437.537,"endTime":441.674,"body":"of course, the Federal Reserve."},{"startTime":443.042,"endTime":445.945,"body":"Later"},{"startTime":443.042,"endTime":445.945,"body":"that year, even Fed Chair Powell could see"},{"startTime":445.945,"endTime":449.615,"body":"the inflation is transitory"},{"startTime":445.945,"endTime":449.615,"body":"narrative was losing supporters"},{"startTime":449.615,"endTime":453.152,"body":"and that they would be forced"},{"startTime":449.615,"endTime":453.152,"body":"to pull liquidity from the system."},{"startTime":454.32,"endTime":457.657,"body":"And there's nothing nothing stocks hate"},{"startTime":457.657,"endTime":460.359,"body":"more than when the Fed takes away"},{"startTime":457.657,"endTime":460.359,"body":"the punchbowl."},{"startTime":461.727,"endTime":464.997,"body":"The March 2022 kick off to 11 rate hikes"},{"startTime":465.298,"endTime":469.068,"body":"and more than a half trillion roll"},{"startTime":465.298,"endTime":469.068,"body":"off of the Fed's balance sheet triggered"},{"startTime":469.068,"endTime":473.005,"body":"a bear market, sending technology"},{"startTime":469.068,"endTime":473.005,"body":"stocks on average down"},{"startTime":473.206,"endTime":476.676,"body":"28% that year."},{"startTime":476.843,"endTime":479.712,"body":"So here's"},{"startTime":476.843,"endTime":479.712,"body":"three things that could end the party."},{"startTime":479.812,"endTime":482.515,"body":"Number one. Earnings season."},{"startTime":482.515,"endTime":486.352,"body":"Hedge fund pro Dan Niles"},{"startTime":482.515,"endTime":486.352,"body":"said it right here on this podcast."},{"startTime":486.786,"endTime":489.622,"body":"This is when the rubber hits"},{"startTime":486.786,"endTime":489.622,"body":"the road for tech stocks."},{"startTime":490.189,"endTime":491.19,"body":"Take a listen."},{"startTime":491.19,"endTime":494.494,"body":"You're kind of at the spot"},{"startTime":491.19,"endTime":494.494,"body":"where the rubber hits the road, where"},{"startTime":494.694,"endTime":498.898,"body":"these companies in a couple of weeks"},{"startTime":494.694,"endTime":498.898,"body":"are going to have to put up numbers"},{"startTime":498.898,"endTime":502.201,"body":"that justify these monster moves"},{"startTime":498.898,"endTime":502.201,"body":"they've had, because last year,"},{"startTime":502.201,"endTime":504.27,"body":"it really didn't matter"},{"startTime":502.201,"endTime":504.27,"body":"whether you made earnings or not."},{"startTime":504.637,"endTime":505.805,"body":"It's early in the season"},{"startTime":505.805,"endTime":509.876,"body":"and the AI heavyweights"},{"startTime":505.805,"endTime":509.876,"body":"haven't given us their side of the story."},{"startTime":509.876,"endTime":511.777,"body":"For a day."},{"startTime":511.777,"endTime":517.583,"body":"The news on tech was good on Thursday"},{"startTime":511.777,"endTime":517.583,"body":"evening, Supermicro computer SMCI reported"},{"startTime":517.583,"endTime":522.622,"body":"blowout numbers, citing strong demand"},{"startTime":517.583,"endTime":522.622,"body":"for its rack scale AI and total I.T."},{"startTime":522.688,"endTime":524.09,"body":"solutions."},{"startTime":524.09,"endTime":527.593,"body":"On Friday, the tech rally was led by SMCI,"},{"startTime":527.693,"endTime":532.031,"body":"up a staggering 36% in a single session."},{"startTime":532.999,"endTime":535.368,"body":"Clearly, a lot of good news priced in."},{"startTime":536.402,"endTime":541.274,"body":"However, a missed earnings number alone"},{"startTime":536.402,"endTime":541.274,"body":"isn't going to prick the bubble."},{"startTime":541.807,"endTime":543.743,"body":"Oh yeah. It'll send the shares lower."},{"startTime":543.743,"endTime":547.413,"body":"But in the end, an earnings report isn't"},{"startTime":543.743,"endTime":547.413,"body":"just a look into the health of a company."},{"startTime":548.047,"endTime":551.784,"body":"It's also a report card on"},{"startTime":548.047,"endTime":551.784,"body":"how good or bad a job"},{"startTime":551.817,"endTime":553.819,"body":"the analysts did"},{"startTime":551.817,"endTime":553.819,"body":"in getting the estimates right."},{"startTime":555.288,"endTime":557.623,"body":"But if a company like Nvidia or Microsoft"},{"startTime":557.623,"endTime":560.459,"body":"says the demand isn't what we thought"},{"startTime":557.623,"endTime":560.459,"body":"it was, or even worse"},{"startTime":560.993,"endTime":564.297,"body":"that it's slowing,"},{"startTime":560.993,"endTime":564.297,"body":"that would be enough of a catalyst"},{"startTime":564.297,"endTime":568.501,"body":"for investors to rethink their commitment"},{"startTime":564.297,"endTime":568.501,"body":"and love affair with tech."},{"startTime":569.435,"endTime":572.138,"body":"What else could blow up"},{"startTime":569.435,"endTime":572.138,"body":"the current narrative?"},{"startTime":572.772,"endTime":573.906,"body":"The Fed."},{"startTime":574.44,"endTime":577.209,"body":"For the last few weeks,"},{"startTime":574.44,"endTime":577.209,"body":"the timing of the first cuts"},{"startTime":577.209,"endTime":579.445,"body":"by the Fed has been pushed out."},{"startTime":580.279,"endTime":582.415,"body":"At the start of the year, a march cut"},{"startTime":582.982,"endTime":585.451,"body":"was looking very promising."},{"startTime":585.451,"endTime":589.322,"body":"But here we are just a few weeks later,"},{"startTime":585.451,"endTime":589.322,"body":"and that's been pushed out to June."},{"startTime":590.356,"endTime":592.258,"body":"Remember the explosive rally"},{"startTime":592.258,"endTime":595.728,"body":"triggered by the Fed's November"},{"startTime":592.258,"endTime":595.728,"body":"meeting and press conference that followed"},{"startTime":596.162,"endTime":599.732,"body":"was built on the belief"},{"startTime":596.162,"endTime":599.732,"body":"that we were at peak rates"},{"startTime":600.132,"endTime":604.67,"body":"and that the Fed was going to start"},{"startTime":600.132,"endTime":604.67,"body":"cutting rates sooner rather than later."},{"startTime":605.838,"endTime":609.842,"body":"Anything that delays or pushes out"},{"startTime":605.838,"endTime":609.842,"body":"that narrative, that's a negative."},{"startTime":610.443,"endTime":613.446,"body":"If we got two back to back hot inflation"},{"startTime":610.443,"endTime":613.446,"body":"reports,"},{"startTime":614.013,"endTime":616.616,"body":"the Fed might be forced"},{"startTime":614.013,"endTime":616.616,"body":"to tighten conditions further."},{"startTime":616.616,"endTime":620.853,"body":"And yes, the party would end."},{"startTime":623.723,"endTime":624.957,"body":"Finally,"},{"startTime":624.957,"endTime":628.628,"body":"maybe the most difficult to plan"},{"startTime":624.957,"endTime":628.628,"body":"for is rising"},{"startTime":628.628,"endTime":632.098,"body":"geopolitical tensions"},{"startTime":628.628,"endTime":632.098,"body":"that could easily spin out of control."},{"startTime":633.132,"endTime":637.47,"body":"The war in Ukraine looks like a stalemate,"},{"startTime":633.132,"endTime":637.47,"body":"with some predicting that Putin"},{"startTime":637.837,"endTime":641.34,"body":"might already be looking to countries"},{"startTime":637.837,"endTime":641.34,"body":"like Finland or Poland,"},{"startTime":641.741,"endTime":645.144,"body":"especially if he sees success in Ukraine."},{"startTime":646.445,"endTime":651.117,"body":"If a native country is attacked, Article"},{"startTime":646.445,"endTime":651.117,"body":"five is triggered and the United States"},{"startTime":651.117,"endTime":653.953,"body":"will be drawn into direct armed conflict"},{"startTime":654.353,"endTime":657.523,"body":"with another nuclear power. Yeah."},{"startTime":658.557,"endTime":661.26,"body":"Trust me, stocks won't like that."},{"startTime":661.26,"endTime":665.431,"body":"Half a world away, the war in"},{"startTime":661.26,"endTime":665.431,"body":"Gaza is spreading beyond its borders into"},{"startTime":665.431,"endTime":668.934,"body":"the Red Sea"},{"startTime":665.431,"endTime":668.934,"body":"as Iranian proxies continue to challenge"},{"startTime":668.934,"endTime":671.704,"body":"international shipping"},{"startTime":668.934,"endTime":671.704,"body":"throughout the region,"},{"startTime":672.838,"endTime":674.306,"body":"according to Bloomberg."},{"startTime":674.306,"endTime":678.344,"body":"Ship transits through the Suez"},{"startTime":674.306,"endTime":678.344,"body":"Canal dropped to the lowest level"},{"startTime":678.344,"endTime":681.914,"body":"since the ever given blocked the waterway"},{"startTime":678.344,"endTime":681.914,"body":"three years ago."},{"startTime":683.382,"endTime":685.651,"body":"Going around the Cape of Good Hope, adds"},{"startTime":685.851,"endTime":690.523,"body":"close to 8000 nautical miles"},{"startTime":685.851,"endTime":690.523,"body":"and nearly ten days to the journey."},{"startTime":691.257,"endTime":692.792,"body":"That's real money."},{"startTime":692.792,"endTime":697.296,"body":"Consumers worldwide will be forced to pay"},{"startTime":692.792,"endTime":697.296,"body":"as those incremental costs"},{"startTime":697.296,"endTime":701.3,"body":"are passed on driving prices and inflation"},{"startTime":697.296,"endTime":701.3,"body":"higher."},{"startTime":702.001,"endTime":704.904,"body":"Trust me, stocks won't like that either."},{"startTime":705.604,"endTime":708.34,"body":"Let me close today's show with this"},{"startTime":708.34,"endTime":711.51,"body":"investing is a journey, not a sprint."},{"startTime":712.645,"endTime":715.481,"body":"Markets will rise and fall,"},{"startTime":712.645,"endTime":715.481,"body":"but our quest for knowledge"},{"startTime":715.481,"endTime":719.151,"body":"and understanding,"},{"startTime":715.481,"endTime":719.151,"body":"that's the true constant."},{"startTime":719.218,"endTime":721.32,"body":"Stay engaged, stay informed."},{"startTime":721.787,"endTime":725.991,"body":"And if you're watching this podcast,"},{"startTime":721.787,"endTime":725.991,"body":"remember, this is a partnership."},{"startTime":726.392,"endTime":730.596,"body":"Reach out question and even challenge"},{"startTime":726.392,"endTime":730.596,"body":"everything I say."},{"startTime":731.397,"endTime":733.933,"body":"You're learning? Yeah, well, so am I."},{"startTime":733.933,"endTime":735.0,"body":"I am you."},{"startTime":736.001,"endTime":738.938,"body":"When you"},{"startTime":736.001,"endTime":738.938,"body":"feel you know it all, you're toast."},{"startTime":739.672,"endTime":742.074,"body":"The stock market and the market of life"},{"startTime":742.074,"endTime":744.577,"body":"will exploit that flaw every time."},{"startTime":745.678,"endTime":747.613,"body":"The best trades and decisions"},{"startTime":747.613,"endTime":750.483,"body":"are made with knowledge and courage."},{"startTime":751.55,"endTime":753.753,"body":"Until next time,"},{"startTime":751.55,"endTime":753.753,"body":"keep running with a purpose."},{"startTime":754.92,"endTime":757.022,"body":"If today's podcast struck a chord"},{"startTime":757.323,"endTime":760.326,"body":"and you want to continue"},{"startTime":757.323,"endTime":760.326,"body":"the conversation, hit subscribe."},{"startTime":761.26,"endTime":763.562,"body":"And don't forget to visit my substack"},{"startTime":761.26,"endTime":763.562,"body":"site."},{"startTime":763.562,"endTime":765.998,"body":"dcnelson123@substack.com."},{"startTime":766.699,"endTime":768.1,"body":"Thanks for joining."},{"startTime":768.1,"endTime":775.04,"body":"I'm David Nelson."}]}