Transcripts For FBC Making 20240703

Special presentation, unbreakable investor. Heres your host, Charles Payne. [cheers and applause] charles good afternoon, thank you all for coming out, really appreciate it. Of course everyone at home, welcome to this special edition of making money with Charles Payne, unbreakable investor. Of course everyone knows i always said that the stock market is the most significant moneymaking machine in history. Of course it is not a get rich quick machine and not necessarily easy to operate. The market can also be counterintuitive, ill lodge call. So much noise out there, so many opinions and also wall street itself. Not the physical place but wall street, the titans in these ivory towers. They spent well over a century promoting the notion the market sun beatable for the retail ininvestor. Recently the media calling wall street pros and investors are dumb money. The more households invest in the stock market, the more likely the stock market is going to go down. Share a chart with you. This was used in 2021. Essentially what theyre saying, right here, this is the blue line, households own stocks. Too many households own stocks. This is ridiculous, the market goes down, it will crash. Everyone is out of bonds. What happened since 2021. The market for the most part have gone like this. Bonds have gone like this. This has been the worst three years of, ever for the bond market f the dumb money was dumb what does that make the smart money . This has been an extraordinary run. This is the way it is. Historys guess what . When it goes down on this particular time the dumb money wasnt done, they were actually brilliant. It is really notion of individuals selfdirected investors scares a lot of folks on wall street. The market branched into the sort of belief if you look around people out there, so many people i talk to really believe they can attain generational wealth no matter what the endeavor is. The hottest phrase im hearing particularly from millenials is generational wealth. Charles, i want generational wealth. I love to hear it. I see it everywhere. It is fantastic. People want better lives for themselves, better lives for their future this is the way it always has been and i think more and more people believe it. Here is the problem, it is easier said than done. There is an old scottish proverb attributed to industrialist andrew carnegie. Three generations between the clog and the clog. How is my scottish, not bad, right . Not bad. In america it was translated from shirt sleeve to shirt sleeve. Essentially the first generation works really hard, right . They build wealth, they sacrifice, start to get the wealth. The second generation, sibling stage they kind of see this but at some point the third generation, the grandkids, the cousins, whatever it is, they squander the wealth. So if youre going to build generational wealth it is going to have to happen in a different way. Now the way ive seen it happen here in america, the way i would like to see it happen in my family, is you get the first generation the arrive, first, second, fourth generation, they toiledded, for the most part. They toiled no matter how they got here. For me this is where my grandparents were. In the book i talk about how they bought their own property in alabama. And it is such a powerful story, it really is, what they gave up, mules, farm equipment, just to have that dirt. They actually moved that needle a little bit. Then my mother left the farm. She left alba. She went to boss ton. She went to new york. She got married. My father was in the army. We started to see this mobility. We lived in homes. Listen my strand parents home in the 70s didnt have Running Water or electricity but they took care of themselves, fed themselves and their families. Then there is me. I finally had access to opportunities people frankly my father didnt have, my grandparents didnt have. I also took Something Else though. I took advantage of them. I remember when i was in the air force i would go to college at night and none of my friends did t was really crazy to me. I would be heading off to school. Theyre knocking back, grilling grub, knocking back beers, you will miss all the fun. I get back from classes by midnight i caught up. I was just as drunk as they were okay . What im hoping, by the way were talking right now financial wealth. My friend is up there right now, will, one of my best friends in the world. He always says your health is your wealth. This is the ethos also. Not just about financial wealth. What we need to teach our kids for that generational wealth is the ethos, the importance, not just of survival but of thriving, of achieving because somewhere in here, im going to have someone in my family who just wants to be a School Teacher. Not really interested in money per se but i want them to be the best School Teacher out there. Someone has to carry this torch. This is part of the ethos. For me how we want to go, american roadmap for generational wealth. That is what im hoping at least to try to achieve. Of course one of the problems is the selfdoubt. Here is the thing with the doubt. A lot it is self and some inposed by industry. They want to dissuade you from trusting in yourself. Believe me it is ruthless. What the industry wants is aum, assets under management. They wanted your money. For individual investors i will say, individual investor have a terrible track record for doing this themselves mainly they buy one stock, see how to goes, took a flyer, didnt work out, watercooler. What is ironic sometimes the stock they took a flyer on actually go up. I see the stock go up 100 . Didnt go up another 100 . Sort of like the casino in movies, guy starts off maybe at the roulette wheel and dice and chips stack up and crowds and beautiful women, hey. Let it ride, baby, let it ride . I see it all the time in the stock market. This is not the way we go about this. So many people do. That is one of the motivations in this book. Individual investors try this on their own typically end up being broken. My goal for you today is to become a unbreakable investor, learn how to do this the right way. All right, folks with, that, lets talk now with the audience. First of all, great audience, huge audience. Thank you very much for coming out. I want to take some questions now. Im going to start with steven f. From new york. You have a question about timing the market. Yes. Im on passive income and sort of semiretired but still relatively young, 63. When you have these, timing the market in the sense of when the markets have these sight upswings, when youre in my boat is it smart to pull money out in cash . Especially last yearandahalf. Especially what you see is going on in the middle east . Charles well you know, it is a terrible backdrop, right now, the middle east, but it is a realistic backdrop to that this conversation. There will be terrible things happen all the time as were on this path. People go to work the next day. They do what they have to do to survive and to live and that ink clouds investing. It is a wonderful question. You look great for 63 listen, i dont want to digress too much, if you told me i look like this at 60, 20 years ago i would say hello know you know . We want to live long and live longer. Used to be the old rules. Like if you turn 60, less money in the market or to your point timing. Timing is hard, timing is haired. I say people picked the bottom. Two things happened youre lucky or youre lying. For the most part theyre lying. I talk about timing the market in general, right . People, lets just say 20 years ago you put certain amount of money, 10,000, 100,000 into the stock market. 10,020 years ago into the market or just stayed in cash. It would have gone up interest come pounding stayed in cash. If you were a bad timer you would have 121,000. If you were a perfect timer you would have made 151,000. This is idea how much do you want to play the game, how much you risk being a bad timer. Certainly dont want to be out of market that is the moral of this story. Dont worry too much picking tops and bottoms or getting out. The market goes up in spurts. You want to be in those spurts because theyre powerful, theyre powerful. Dont try to guess what it is over. Real quick, sir ice act newton one of the smartest people whoever lived, there was investment in europe, called mississippi project, it was huge, powerful. He obviously knew a lot of powerful people. He invested in, made a fortune. Kept going up. It is too high i dont want to mess with it. Kept going up, kept going up. Got back in. Guess what he did . Went straight down. The smartest man in the world in history lost all his money. Time for another question. Bernadette about liquidity. What should i do when the liquidity in my equities dries up . Charles thats a great question, by the way. You know it is kind of complicated folks. The Federal Reserve is out there printing money, creating money, trillions and trillions of dollars and trying to take it out of the economy. In the last three months they have taken trillion dollars out. That money circulates, helps the market. When it comes out one things happen you have to look at quality of stocks that you own. Right now, if you look at this, negative Profit Margins, about 40 of the companies in the s p have negative Profit Margins, very negative Profit Margins and another 10 negative Profit Margins. Were talking about 350 of the stokes out there. You really in environments like this when there is not a lot of money sloshing around people are not taking a flyer because there is not money sloshing around of course take companies that can weather the storm. Dont have to raise money in high Interest Rates. Own companies that do extraordinarily well. That is how i make the adjustment in my portfolio in this environment when liquidity is being sucked out of the economist edward from connecticut, you got a question . Charles with a National Debt of 33 plus trillion, which i believe is unsustainable, how does the average American Family and investor handle the negative effects of that debt . I mean you just said we have to be in Healthy Companies are there enough Healthy Companies to be in that to handle this debt . There is enough had think companies, but you have to talk the country as a corporation. If america were a corporation, we would be a f. Talking about aaa going down, we should be in triple d going down. Some people believe this works, modern monetary theory, print all the money, no big deal. People come maining about this, im one of them, over 15 years ago. If we didnt fall over a cliff when will it happen . This year coming up we spend a trillion dollars on the interest, on the interest alone. Think about that for a moment. How many hospitals could you build with that . How many schools could you build with that . That is the interest alone. Credit card Interest Rates highest ever. Store cards at 34 . Youre right, this is unsustainable because there will be a whole lot of economic pain but still a 25 trilliondollar economy. Were not necessarily investing in the stock market. Were trying to find and own Great American companies. Thanks a lot, great question. Folks, coming up, former poker player champ one much best ever, annie duke discusses lessons that can be learned from that game. The man who was the underdog who came back again and again and again and again and again [cheers and applause Fisher Investments its easy to think that all Money Managers are pretty much the same, but at Fisher Investments were clearly different. other money manager different how . You sell High Commission investment products, right . Fisher Investments nope. Fisher avoids them. other money manager well, you must earn commissions on trades. Fisher Investments never at Fisher Investments. other money manager ok, then you probably sneak in some hidden and layered fees. Fisher Investments no. We structure our fees so we do better when clients do better. That might be why most of our clients come from other Money Managers. At Fisher Investments, were clearly different. [sfx game controller] when occasional heartburn wont let you sleep. [sfx game controller] get fast relief with tums heartburn sleep support. Love food back and fall asleep faster. 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It will release your fat and it will release you. [applause] charles whoa. I think that is the best clapping i ever seen a audience do right there, i till tell you now. Welcome back to unbreakable town hall. Perhaps the biggest impediment to long term investing heck, even short term, is learning how to get around. Called loss aversion. Loss equals pain. I would go to say as americans, we dont like any pain. We take a pill for everything. Physical pain, we dont want financial pain, emotional pain. Youre a messed up person. So come on, we avoid it at all costs, even, even if the cost is even greater than the pain down the road, right . Well ignore this, it will only get worse. We ignore that, only take a pill for it but the underlying issue never goes away. There is in fact been studies how investors deal with or dont deal with pain. There is real famous guy, richard thaler, Behavioral Analysis. Came up with a simple study underscores aversion. A couple guys who worked with him actually came up with the, what they call the prospect theory in which they tell subjects im going to flip a coin. If it lands on tails you lose 10. If it lands the other way how much should you get if it lands on heads . For the most part, moats people said 10 bucks give or take . So it is interesting. Scientifically this is the way it looks. Anyone who paid it past 8th grade let me know what it means. For everyone else this is how it looks okay . We want twice as much for the risk than we get from the from the gain, right . The pain from a loss is so significant, the same thing, it just crushes us. I dont know why, but that is the way it suggests. Really, really questions it. Like real life you have to learn how to accept occasional losses in your portfolio if youre going to do well in the stock market. On that note i decided it would be better to have reallife superstars, right, who overcome loss on this show rather than beautiful analysts. Were super blessed to have one of the greatest athletes of all time. A man certainly an underdog, he came back again and again and again. Evanneder, the real deal, holyfield. [applause] you dont know how many times i lost my voice cheering for you. I called in sick a lot of mondays. I cant come in. Evander fought saturday. I love you. I love your story. I watched you from day one. One of the things that sets you apart in addition to your Overall Record and now great you were, you took on these huge challenges, these huge challenges. These guys you were fighting were twice your size. Talk about taking a loss. It is so funny i was going to start with riddick bowe, but you experienced a loss a lot earlier in your boxing journey, didnt you . I sure did, yes. Charles tell us about it. Well the big thing in boxing is your first loss and i was 80 and somehow listening to what people say, you get caught up in the color of a persons skin. So they were telling you, white boys cant fight. Well, i dont know because i never fought one until i fought one and i won. Okay then, then the second time i win. Third time i win. Then fourth time i fought a white kid but he wasnt like the other white kids. You know wasnt smiling and his mom wasnt with him. His, the dad wasnt with him and he didnt have on a nice robe. Charles did even have shoes on . Didnt have no shoes on just like i didnt have no shoes on. Obviously he was poor too. Charles right. And you know what . First guy beat me and i start crying and i didnt want to fight no more, my mama said you got to go back. I fought him again. He beat me again. [laughter]. I really, realized i cant beat him now but, my mama said, son, there aint no quitting now. You can quit when it is over. If you, when ever you fight you win, then you dont have to fight no more but youre not going to quit. Charles right. And nothing that you do real well. You have to win. Then when you win you, then you make the right decision whether to quit or not. So it is based on when you win, when you win then you choose not to do it, then you being truthful but a lot of times when you lose, when you quit, you embarass yourself. Charles right. Did you ever fight him again . Yeah. I fought him again the third time and but, and the third time after i fought him i was with my buddies. And so, none of my buddies, none of my buddies ever lost against a white guy, and they say, when they see all the white boxers, they said, were going to easily beat them. I didnt said nothing because i realized, some of them could fight. Charles [laughter] and, you know, they seen all, all the white kids. They were when we all made to it the final. Five boxers made it to the finals and first guy loses. The second guy loses. The third guy loses. The fourth guy loses and im the last one. They told me i was going to lose too. I said, they said you aint burger king too. I dont have a cramp like you all have. My stomach aint hurt. They said you going to lose anyway. No im not, you know the guy you fighting . No, i dont know him. He said, that guy that you lost against. What guy . Cecil collins. I seen his name and i start crying. Charles [laughter]. But i knew that i have to fight him. Charles right. Because my mama was going to get me. I know my mama going to win. I cant hit her back. At least i try to hit him back. We fought and you know, i prayed and i went and give my all. And i won. That was the thing that led, i just, didnt quit. It just the fact when it come down to it always going to be somebody that you are going to have to, call on to get you there. Charles right. I did. Charles so funny watching you as a fan, i saw that in fights like, you know, there is always these athletes who seem to fight at the same level as their competition. In light heavyweights you had some mindboggling fights, mindboggling against really great guys. You moved to heavyweights, the battles, wars. When someone punched you, they were getting punched back. It was like, i dont care how hard they hit you they better not start gloating and getting comfortable urn coming right back. You fought bowe three times. Yes. Charles how did you, how did you, he was huge, he was huge. What were you thinking okay again . You got to take a loss every now and then, you learned that early on to achieve greatness, but against this guy, what did you think about . The thing was is that to be a great fighter you had to fight great people. Charles right. And you cant be afraid of none of them. Charles right. And i realized that, what i believe in is that if you give your all you aint got no reason to be ashamed of it. Charles right. And you cant let nobody make you feel that that you didnt do your very best but you know that each and every time you give more. I was willing to give more. As long as i lived i knew i could give more. Charles before i wrap this up, the question that Everyone Wants to know, what did you do with the ear . What i did with the ear . I didnt get it. Charles that is worth some money right now, whoever got that ear, that piece of your ear. That piece of skin . Charles im just joking. It is all good. Charles everyone remembers when mike tyson bit you. That was the reason you moved up to fight him. It took a while before but it happened. I want to say beyond athleticism, beyond boxing, for me personally you are such an inspiration, you are a inspiration. We need people like you, you know what . You can overcome these kind of things. I dont think it was any surprise you were born in alabama. That is where my family is from. That there is Something Special for the alabama stock. Youre a Great American hero. Thanks. [applause] oh, before we go, before we go, folks, Evander Holyfields birthday today. [cheers and applause] happy birthday. I didnt know anybody knows that. Charles forks are coming out. [laughter]. All right, so on page 25 of my book, unbreakable investor, there is a segment titled lessons to be learned from the game of poker. I was tossing and turning, golly, i dont want to get these wall street guys, Behavioral Analysis i need people talking real stuff. You heard from one of the realists ever. My next guest was next person that popped into my head, what business to get success you have to talk losses as professional poker player, annie duke. She worked her first job in kentucky fried chicken. Enrolled in columbia university. Pursued a double main, ending lesh and psychology. Went to penn to pursue major in cognitive linguistics. Wrote a dissertation on hypothesis how children learn their first language. She has written seven books. Her latest quit, the power of knowing when to walk away. Bring in annie duke. Annie, thanks for joining the show. Thank you for having me. You know, people look you up and i dont know, when they do, probably like wow, you come from brilliant academic stock, right snuff brilliant parents. I got to say, why poker . You had this amazing education and knowledge, what got you, what lured you into playing poker for a living . Anything that might possibly go into the vice category would be my older brother, but what actually happened was that i was at the end of my graduate career and i was going to become a professor and i was suffering from a chronic illness that made me have to take time off. My dad was a School Teacher. I didnt really have a way to support myself i was taking time off before i went the academic route. I needed to make money. My brother suggested i tried playing poker for a living. I watched him play poker a lot. He was very good by that point. So i sat down at the table, i just fell in love with the game. 18 years later you know i retired in 2012 after playing for 18 years. Charles talk a little bit about the career. Career winnings, how many bracelets did you end up with . You were really a dominant force . Well, i have a world series of poker bracelet, a world championship. Im the only woman to have ever won the nbc National Heads up championship which is oneonone competition and then i also won the tournament of champions. So that was a tournament where esp and harrahs partnered together to invite the 10 best players in the world. I was lucky enough to win that. You know ive read one of your books, half of another book, i have given them away to people. I havent read quits yet. I remember something you said that was so interesting about decision making, that all decisions are bets and that almost all bets people are betting against themselves. Explain that. So basically you can think about it this way, that the problem that poker is, is that you dont know what other peoples cards are and there is a lot of luck involved like on the turn of the card. So in that sense when we think about betting at poker were investing our money in a particular decision that we think is going to have the best outcome. So we can take that away from the poker table to say that is what were doing with all of our decision making. We have our resources time, attention, money, effort, well choose some sort of option to invest that in and what were hoping for is that is going to have the best possible outcome for us. So when i say that all decisions are the abouts against ourselves we can think about any different outcome that might happen as some different version of ourselves that might occur in the future and so when we choose to bet on one version of ourself that might occur in the future were betting against all the other versions of ourselves that might have occurred if we made different decisions. Charles you also had a piece on Berkshire Hathaway and you know, of course this is and investing audience. Talk a little bit about that if you can. Yeah. So we have a problem with taking the long view. You talked earlier about the work of daniel stiversky with loss aversion. We get really caught up in losses at the moment that make us make terrible decisions, when were losing our decisionmaking kind of goes off the rails. So what we need to try to do as decisionmakers, not get caught up in the momentary ups and downs, but start to think about the long view. So one of the examples i like to give is about Berkshire Hathaway. If you look at any random day and you track the Berkshire Hathaway stock, what you will see there is lots of ups and downs, right . Maybe at 11 00 a. M. On a tuesday you see there was a big drop in the stock but if you look at it from the long view, over the whole course of the existence of Berkshire Hathaway, obviously it has vastly outperformed the s p 500 and it is a stock you would want to own. One of the things we need to do to be more intelligent investors stop getting caught up in the momentary ups and downs, to start thinking what is good in the long run so we make better decisions that will benefit our futureselves. Charles it is interesting, obviously the audience kind of knows that, everyone would love to practice that. I think one of the problems though is the noise. There is so much noise out there. I say, financial media, particularly financial tv on one hand is a great thing but on the other hand it is probably one of the worst things that happened for the individual investors. People on tv, during the commercial break i took 3 cents profits on that. People like should i be doing that as well . Before i let you go, you committed yourself to helping people with these sort of decisionmaking quandaries and do you think were Getting Better at this as a society or worse . Oh, gosh, i think with the sort of instant information there is a lot of things that are worse about it because we really can get caught so easily in the ups and downs because we have access to it immediately. What we actually need to do i think, to help ourselves be better at this is to start planning ahead. Instead of trying to make a decision in the moment that some investment shoots up or in the moment that some investment shoots down we need to think in advance as we make the investment about what the conditions are underwhich we might invest might invest more, under which we might actually choose to divest to, take risk off and the more that we can sort of think ahead so were planning ahead and pre precommitting to actions in the future the better off were going to be and one of the simplest examples of that is to set stop losses and take gains and actually stick to those. Then were not making the decision to stop the loss when were in a moments of losing, rather, were thinking about it in advance. Charles a few years ago fidelity went over all of their accounts and there is one group that significantly outperformed the rest. Those are dead people. Im not joking, right . They werent looking at their phone, oh, my goodness it is down two bucks, i got to get out of this thing. Annie, thank you so much for joining us. Youre absolutely fantastic, what an inspiration, we appreciate it. Thank you so much for having me. Charles absolutely. All right, folks, coming up taking the big step to Start Building and managing your own portfolio. We have got three guests who read unstoppable prosperity, they have taken the courses. They want to share their success stories. Theyre next. [applause] tourists tourists that turn into scientists. Tourists photographing thousands of miles of remote coral reefs. That can be analyzed by ai in real time. 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[applause] [cheers and applause] charles all right, so we talked about fear, loss aversion which of course is the number one thing people think about when they stay out of the market, right . Or the number one reason is they will take a few losses, just go about this thing the wrong way. Sew when i speak to investors and wouldbe investors there are generally two conversations. The others are saying okay, i think i could do better than im doing from my broker, right . A lot of people feel that way. They get their statements, somethings not right. Of course they already begin with low expectations from the firm. They dont even deliver on that. Of course remember wall street has love at this err goals for their own trading their own investing than we do, than they do for you, rather. This week, last week, citigroup reported their results. I have to tell you something, absolutely phenomenal. They did great. They had 10 and the stock did pretty good on trading but the kind of trades that they made, the kind of money they made they never even tell you about that. Of course some people stay out of the markets because of that or they will tell you to seek some other low yielding instruments but you know what happens is, when you finally make your move, you finally decide you want to do this, it is a big step to go out there to manage your own portfolio. With that im pleased to introduce three unstoppable book buyers who are here to share their story with us tom, jeanie and richard. Let me just start with you. Let me start with you, jeanie, you were saying be gentle. First of all we met earlier today. Fantastic. Im glad you guys came out to share your stories. Let me start with you, how much investing experience did have before you got the book . I started out with mutual funds in like 1985 and, pretty much just stuck with those and then i read your book, unstoppable prosperity, and it changed everything for me. I thought you know what . I bet i can do better through individual stocks. So i took advantages, advantage of your services, your education, your hotline and, and it did, changed everything and im really doing well. It has been a tough year but i feel like im unbreakable know. Charles love it, love it. Richard . We can clap, yeah. [applause] my story is a little similar to jeannies. I was trading mutual funds. I always loved to trade stocks. So i thought, there has got to albert way to do this and i saw your commercial and i bought the book, read it, i got to be a part of this. And i was always upset about the fees and you have all this free trading now and, i packed myself with information and ive been doing it ever since, charles. And because of you, im a much better investor. Charles right, right. Youre going to have the ups and downs, right . I think when annie was talking about you know, on any given day the market can be up or down and a stock you can own up or down and by the way a reason nothing to do with fundamentals. If this thing in the middle east gets worse, hopefully it wont, the market may be down the next couple days. It doesnt change the fundamentals those at these great companies. People really shrewd take advantage of those kind of dips. Tom, youre shrewd. Thank you. Charles [laughter] youve been talking to my wife . Charles [laughter]. After you talked to her. Tell him im shrewd. [laughter]. Tell us your story. Im retired. Im a chemist in sales 40 plus years. When i retired we got on a cruise ship, my wife and i to celebrate. I was very fortunate during that lynn adventure, we met another couple on the boat, retired attorney from philly and we were having a conversation. I have invested money through my 401 k since 1982 and that became quite a stack of cash and i always been with vanguard. Love vanguard. Dont want to sift and badmouth them but im talking to this very nice, wealthy gentleman, i told him, i dont think im smart enough to run my own money in the market. I will let vanguard do it. And he said this to me and i will remember it a long time, he said, tom, you dont have to be smart enough to manage your money, you just have to be smart enough to get the right people to help you manage your own money. And that started it. That started it. Charles right. And i hired you and i hired other people and, with that advice i literally retired, six figure income and i gauge my performance over threeyear windows. I actually got a raise. And i got the damn numbers to prove it. [applause] charles tom brought some receipts, okay . This guy, that i swear to god, and i love this, what youre doing today, i im rambling. Its emotions. Im emotional, im sorry. Im sorry, i cry a lot. I love sappy movies but it is controlling that emotional level when the markets volatile and i love being a longterm investor. I will brag on one of my stocks if you want . Charles sure. I own q. I dont know if you heard of it, havent heard of it. Theyre the leader, actually in the world, not just in this country, in quantum computing. I dont want to get into all that but theyre the leader. Theyre in maryland. They just expanded into europe. They just funded a joint venture with the university of maryland. Those, if you want to analyze, running a. I. , artificial intelligence, ionq runs their Quantum Computers for google, they run it for microsoft, they run it for amazon. Theyre the guys. They have the technology. It works. If you want to work a. I. You have to work reams of data. The quantum computer is so much faster charles lets get the rest of them in. I know. Im sorry. Charles passion is a beautiful thing, it really is. That is what i want to ask you, jeannie. People say i know, im sorry for you you work so much youre always working. When they say that i kind of feel sorry for them. They obviously have a job where they punch the clock where theyre miserable okay. This would be my hobby. It is a blessing. Have you come to enjoy just the process itself . It is the most fun thing i have ever done that makes money and makes really good money. Charles i like how you qualified that. I saw your husband looking over there like [applause] very gratifying because its based on skills and practice. You know i work hard at it. Charles sure, sure. But i love it. Charles sure. It is so fun. Charles rich are ard, last word to you . Well you know, i was debating whether to come on and my wife and i have four great kids, kevin, erica, olivia, collins. I have was talking to my son on the phone, should i do this . I got to opportunity to go on Charles Payne . Absolutely, it is Charles Payne. Number two if you can help someone become a better investor by going on this showandtelling everybody, you can do this, would it be worth it . I said absolutely i would do it in a heartbeat. Then you have your answer. You know, i used to make my living by swinging a paintbrush or a saw, or a hammer and you know how i do it now . I push a button on a computer. Charles little bit easier. [applause] tom, jeannie, richard, thank you very much, really appreciate you coming out. Folks if you would like a copy of my new book, im offering it free, unbreakable investor to everyone watching right now at home, go to unbreakableinvestor. Com, that is how you claim your free copy. Normally about 30 bucks, 29. 95. It is yours for free. You have to cover shipping. The offer is at unbreakableinvestor. Com. Please get a copy. I put a lot of hard work i finished the book on july 4th. That is what i did on my july 4th. I put a lot of personal stuff as well. Coming up i break down how to identify opportunities in the market, plus some other things. Well take a whole lot more questions from this wonderful audience. Well be right back. Applause. Rsv is out there. For those 60 years and older protect against rsv with arexvy. Arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. Arexvy does not protect everyone and is not for those with severe allergic reactions to its ingredients. Those with weakened immune systems may have a lower response to the vaccine. The most common side effects are injection site pain, fatigue, muscle pain, headache, and joint pain. I chose arexvy. Rsv . Make it arexvy. At ameriprise financial, our advice is personalized, based on your goals, whatever they may be. All that planning has paid off. Looks like you can make this work. We can make this work. And the feeling of confidence that comes from our advice . I can make this work. That seems to be universal. I can make this work. I can make this work. No wonder more than 9 out of 10 clients are likely to recommend us. Because advice worth listening to is advice worth talking about. Ameriprise financial. [cheers and applause] charles all right, so earlier in the show i talked about how wall street likes to call Retail Investors the dumb money . Even suggesting when they get in you get out. This goes back to joe kennedy. I dont know if you remember the old shoeshine boy story. Joe kennedy was getting a shoeshine and the kid looks up to Start Talking about markets. Apparently he went up the he the elevator and sold everything and the market crashed. Retailers in the stock market are high as they were when the new investor revolution began, around 2020. Everyone got in the market, some people said stocks do not go down. They do go down. People started to bail a little bit. I like the fact people are getting back in the stock market. Here is the bad news, wall street and Silicon Valley they know how to take advantage of this eagerness. They always do. They did a replay what happened in the tech telecom crash. Im calling it the great ipo heist. Instead of poor quality names like president s. Com they brought the market a lot of exciting companies, right . A lot of exciting companies. Heres the problem, the best stock in the world can be overvalued stock, right . This right here is a 25 worst stocks in history. These are the 25 stocks that cost people the most money in history, in history. At the top of the list is worldcom. Not too far below it is a Company Called rivian. You guys know rivian, exciting company. People have lost 92 billion in rivian. Coinbase is on the list. Uber is on the list. Doordash is on the list. Sun company and airbnb. Theyre on the list. They have lost hundreds of billions of dollars for people, individual investors. Now i bring this up you got to be careful, right . You always say buy what you know a lot of effort is putting things making wellknown and taking advantage of the public. Listen were on the cusp of something amazing the fourth industrial revolution. Artificial intelligence, robots all of these things. Many of these companies will be phenomenal but i do fear that a whole lot of these companies are going to either be not too great orth going to come to market at prices first day they trade will be the highest they ever trade. Here is what is going to happen, right . Silicon valley will get the bag and individual investors will be left holding the bag. This is something you really, really want to be careful of. Be careful. Were going into an election year. Im a very political kind of person. Im a political annal if you will but you dont necessarily always invest in politics. Policies can hurt and they can hurt certain industries, and hurt the market from time to time. Be careful, i had people say well, if a democrat is in office i will not be in the market at all. Apparently this is the average move of a democrat. If a republican is in office, im not buying at all. The bottom line, if you go with any of those you limit yourself. If you just stay in the market you can make pretty good money. Be a little bit careful with that without a doubt. Here is what i want to do now, bring in some more questions, okay . Lets start with adam from huntsville, huntsville, alabama. Im sorry . Oh, scott, is scott here . We got adam on, we got adam with a sound bite. Investor, im not one that like you know, studies it every day. I kind of invest and forget about it. Then every year i talk to some people and then may make some changes or leave it alone. So im one of those guys kind of leave it alone, stay it for the long term. Charles sounds great, right . That is what wall street tells you to do. Anybody remember ron popiel, set it and forget it. The market dont work like that. I told you 25 worst stocks of all time. Here is the 25 greatest money creating stocks of all time. Good news anyone in the audience could have bought them. Apple at the top of list, created 2. 3 trillion of wealth. Anyone in the audience can own that. I bring up a cautionary tale. I bring up names that havent done too well lately. Main thing, ibm, is down 16 . Philip morris down 30 last five years. Ge down 38 the last 20 years. Pfizer getting whacked today, 25 . They are all on the list. Every stock hit as point where they dont go up anymore. We have a question from val tina. Im 64, soon to retired. I havent built a nice reserve for my retirement. I hope to learn a thing or two from this show. That is the thing i get, im too old to do this. I listen i want to be a lifelong endeavor, do forever and forever. That is what unbreakable investor is about. I have a chapter about Warren Buffett. Warren buffett bought Apple Computer when he was 85 years old, 85 years old. Remember Warren Buffett hated technology stocks. You can debate how much of a technology stock. At 85 he bought apple. The stock is up 600 since he bought it. By the way the dividends, he made 878 million in dividends. Youre never too old, particularly these days. We plan to live a lot longer. Go to maria from new york with a question about treasurys. Maria. Hi, charles, thanks for taking my question. Im just wondering now that treasury bills and bonds and notes now that the rates are so much higher, how do they play a role in ones portfolio when it comes to laddering . Charles great, great question. So i got to be honest with you, im a stock guy. I only really bought bonds this year because yields have gone up so much and you know, again it gets back to that 33 trilliondollar question we had earlier in the show that now you can make money off of treasurys. You can make money off of cds, like that. One strategy is called laddering. You start with shorter duration, when that expires you go into longer duration, you when that expires you go into longer duration, when that expires you go into longer duration. It is a way of creating a steady stream of income and cash through treasury investments. I wouldnt put all my money into it, if right now youre sitting on cash it is what they call easy money if youre sitting on cash. Scott from new jersey has a question on gaining financial literacy. Good afternoon, charles. Charles good afternoon. Ive sat with my share of financial advisors. Their information is basically all different. Charles yeah. I was wondering what you could recommend i could do to make myself better at investing without using the help of an adviser . Charles i got to be honest, right . I was a kid. I became interested in the stock market when i was 13. Started reading the journal. Back in the 70s it was hard, it was nothing but lines and numbers. I finally figured it out. When i was 14 i want to work on wall street. When i was 17 i bought my First Mutual Fund my mom had to cosign. I thought brokers were amazing with investments. I became a broker. Guess what . You have house stock you have to peddle. Golly, you had to peddle it. To learn there are certain things. These are four books you should read, against the gods is not a stock market book. How man learned to take risk. Intelligent investor, benjamin graham, Warren Buffett sort of thing. Recent books, nick was on the show, keep buying. Fantastic book, young smart writer on wall street. Morgan housel psychology of money. I would do these books. Bunch people you can follow on twitter. I have a bunch of of twitter handles. You cant write them all down. What but the fact of the matter is theres a lot of information out there, theres also a lot of misinformation. Were toward the end of the show, i want to say thank yous to all of our guests and everyone here in the stewed you studio. Youve been absolutely fantastic. Hes the thing, i believe in financial freedom, i believe in people taking charge of their own, i dont know, their own destiny, right . Its hard but its not hard, right . And thats the whole thing. A lot of people want you to feel like its impossible. It is certainly not impossible. And one thing i will tell you coming out of the pandemic that i notice is people want to control more things. They want greater control of their life, they dont want other people controlling it. I want to leave you with these lyrics from one of my favorite Frank Sinatra songs. The best is yet to come. Out of the tree of life out of the tree of life i teeth sensitivity is so common. It immediately feels like somebodys poking directly on the nerve. I recommend sensodyne. Sensodyne toothpaste goes inside the tooth and calms the nerve down. And my patients say you know doc, it really works. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com Fisher Investments in this market, youll find Fisher Investments is different than other Money Managers. other money manager different how . Arent we all just looking for the hottest stocks . Fisher Investments nope. We use diversified strategies to position our clients portfolios for their longterm goals. other money manager but you still sell investments that generate High Commissions for you, right . Fisher Investments no, we dont sell commission products. Were a fiduciary, obligated to act in our clients best interest. other money manager so when do you make more money, only when your clients make more money . Fisher Investments yep. We do better when our clients do better. At Fisher Investments, were clearly different. dramatic music [narrator] in 1918, henry ford calls the press for a shocking announcement. Today is a monumental day, gentlemen