On this week’s episode we had four big things happen this week - a plane falling out of the sky in Russia, a presidential election debate, the world’s most powerful people hanging out in Wyoming, and one of the best company runs in history. And were going to tell you why this matters and how these event impact you and your money. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads Become a client of Fjell Capital Show notes: Nvidia’s data center revenue doubled in the quarter - among other massive achievements What Cisco can teach us about Nvidia How diet pills are hurting the Danish economy The next big IPO will test the market and AI Your phone may be getting a new charging port Millions of dollars are going to space to make drugs and semiconductors 0-DTE options have accounted for 43% of S&P 500 options in 2023 🤯 Did Hawaii Electric cause the Maui wildfires? Prigozhin dies in a plane crash - Putin called his fate “complicated” and said “made serious mistakes in his life.” Jerome Powell is on his annual mountain retreat What home can you actually afford, by mortgage payment Rising insurance costs start to hit home sales Some crazy stories about big decisions

(Sorry we forgot to publish this last Wednesday, another episode dropping on Wednesday) On this week’s episode we talk about asset demographics in the US and why they exist, the cost of timing the market and why it doesn’t always work, how mortgage rates and rates in general are staying higher for longer, SpaceX’s quarterly earnings, and the $900,000 AI job. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads (https://www.fjellcapital.com/weekend-reads) Become a client of Fjell Capital (https://www.fjellcapital.com/start-here) Stocks The next streaming wars will be Netflix and Microsoft over cloud gaming (https://www.theverge.com/2023/8/14/23829262/netflix-cloud-gaming-testing-tv-web) AI powered article summaries (https://www.theverge.com/2023/8/15/23833045/google-artificial-intelligence-summary-chrome-sge) SpaceX said it made it’s first profitable quarter on $1.5 billion in revenue (more than Marriot, WYNN, and TRowe Price) (https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?st=7i3up5shn4vvlz9&reflink=desktopwebshare_permalink) Walmart says says consumer picture is looking up compared with start of the year (https://www.wsj.com/business/retail/walmart-wmt-q2-earnings-report-2024-1aa8e9f?st=77861o4v7f2l6m4&reflink=desktopwebshare_permalink) Target said backlash to its Pride month collection contributed to weaker sales (https://www.cnbc.com/2023/08/16/target-tgt-earnings-q2-2023.html) Energy stocks finally aren’t falling in 2023 (https://allstarcharts.com/corrections-are-a-choice/) The cost of timing the market (https://www.visualcapitalist.com/chart-timing-the-market/) Economy When will the Fed begin cutting interest rates? The answer to that question depends on who you ask. Odds provided by CME Group show traders are placing the highest chances of a cut in May of next year. Economists at Goldman Sachs agree, expecting the first rate cut will be delivered in Q2 2024. Across the Street, JPMorgan doesn’t see Powell & Co. cutting rates until the second half of 2024. Next door, Morgan Stanley is more optimistic, predicting the first reduction in rates to arrive in Q1. Something most investors can agree on: the Fed will pause at its upcoming meeting on September 20. Are mortgage rates hurting the housing market? (https://www.wsj.com/economy/housing/mortgage-rates-2023-us-higher-seven-percent-c92d684a?st=i3hjnka1tcb322w&reflink=desktopwebshare_permalink) The $900,000 AI job is here (https://www.wsj.com/articles/the-900-000-ai-job-is-here-230fc3cb) This inflation chart from Ryan Detrick (https://twitter.com/RyanDetrick/status/1688218131402276865) Electronics construction spending is breaking out (https://twitter.com/BullandBaird/status/1689287624479985664) Housing Why the share of wealth among younger people is skewed towards real estate (https://www.visualcapitalist.com/us-wealth-by-generation/) Other Most Americans under 30 prefer subtitles (https://today.yougov.com/topics/entertainment/articles-reports/2023/08/11/american-adults-under-30-watching-tv-subtitles)

On this week’s episode we discuss the $1 trillion credit card debt number and why that doesn’t matter, Andy Jassy’s 3 layers to generative AI and LLMs, forecasted AI investment over the next 3 decades, what could cause interest rates to continue higher, July CPI and shelter inflation, the continuously crazy jobs market, and how American’s home equity may keep the economy afloat. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads Become a client of Fjell Capital Stocks Disney report earnings The stock market is at it’s 10th best start EVER Layers to LLMs AI investment forecast to approach $200 billion globally LK-99, what is that? Economy Why rates may go higher Credit card debt sets new record at $1 trillion, and it doesn’t mean anything It’s inflation, but it’s different Where Is Shelter Inflation Headed? Jobs are still hot, but less hot Housing Americans are sitting on a ton of home equity

On today’s show we discuss the future of technology stocks in the 2023 market, EUV and ASML’s “monopoly on magic”, the risk reward of the stock market and why it may be deceiving, China’s deflations worries and what that may mean for the world economy, the downgrade on US debt and it’s implication on the market, the potential Birkenstock IPO, and the mall that sold for 93% LESS than it was worth in 2012 and the current Fargo housing market. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads Become a client of Fjell Capital Stocks Everything is up (https://www.capitalspectator.com/all-the-major-asset-classes-now-posting-gains-year-to-date/) Apple Card savings accounts surpass $10 billion in deposits] (https://techcrunch.com/2023/08/02/apple-cards-savings-account-reaches-over-10-billion-in-deposits/) Amazon shows strength (https://www.cnbc.com/2023/08/03/amazon-amzn-q2-earnings-report-2023.html) Interesting music stats (https://www.goldmansachs.com/intelligence/pages/infographics/music-in-the-air-2022/index.html?chl=em&plt=briefings&cid=804&plc=body) Tech or energy or industrials? (https://allstarcharts.com/regime-change/) The magic (https://thegeneralist.substack.com/p/asml) of Dis… I mean EUV (https://www.goldmansachs.com/intelligence/page/euv-made-semiconductor-chips-will-enable-next-wave-of-ai.html?chl=em&plt=briefings&cid=728&plc=body)? Equity risk premium doesn’t feel like a premium (https://www.wsj.com/articles/the-benefit-of-owning-stocks-over-bonds-keeps-shrinking-20528203?st=3f6714nwzhbesdx&reflink=desktopwebshare_permalink) Economy Inflation at home, deflation in China (https://www.wsj.com/articles/while-everyone-else-fights-inflation-chinas-deflation-fears-deepen-4045cabf?st=gc67142y963xyxt&reflink=desktopwebshare_permalink) Fitch downgraded US debt (https://www.axios.com/2023/08/01/fitch-ratings-us-credit-rating-downgrade) Microsoft has a higher credit rating that the US (https://www.linkedin.com/feed/update/urn:li:activity:7092611286336729088/) The US has fallen behind (https://twitter.com/DisruptorStocks/status/1686739033848700928) several other countries with their credit rating The big state’s labor markets are rolling over (https://www.visualcapitalist.com/unemployed-workers-vs-job-openings-by-us-state/) Housing Beyond Realty Fargo housing market update (https://www.linkedin.com/feed/update/urn:li:activity:7092552292087824385/) Is the local mall dead? (https://www.wsj.com/articles/local-malls-stuck-in-death-spiral-plunge-in-value-a7998b7d?st=065bno0mo3iqafg&reflink=desktopwebshare_permalink) -------------------------------------------------------------------------------- Chapters 00:00 Introduction 03:06 All major asset classes are higher 05:49 Will tech stocks turnover and underperform 09:17 The equity risk premium is gone 15:38 Amazon reports stellar earnings 20:40 The Apple card crests $10B in deposits and Apple reports earnings 25:40 What is going on in the music industry 35:45 EUV and the monopoly on magic 43:25 Fitch downgrades US debt 48:21 Fargo real estate market 49:52 This mall saw a 99% drawdown in price 53:12 Jobs across the country 55:40 Close

On this week’s episode Tom and Jacob talk about financial literacy, Google and Microsoft’s spend on AI, investor bearishness, the GDP shocker, the rate hike, and Sequoia’s dumping of their crypto fund. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the Weekend Reads Become a client Suggestion No one knows what to do, though they know who can help them What Went On Investors frequently make less than their investments Investors are still bearish - even after a double digit year so far Google and Microsoft are paying big to play AI Growth isn’t even slowing Powell: “we need to get this done” Say goodbye to the crypto fund -------------------------------------------------------------------------------- Chapters 00:00 - Introduction 01:43 - Welcoming Tom back to the Pod 02:16 - Financial Literacy in America 16:59 - People Tend to Underperform their Investments 22:05 - Investors are Bearish Despite a 20% Rally in the Stock Market 26:57 - Google and Microsoft are Paying Big to Play in AI 32:45 - GDP Accelerates 2.4% 35:43 - Jerome Powell "We need to get this done." 41:14 - Protection on the Stock Market is "the cheapest you've ever seen" -------------------------------------------------------------------------------- This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Tom Stadum, Dan Schuster, Jacob Radke, and Noah Gjesdahl work for Fjell Capital in Fargo North Dakota and all opinions expressed by Tom, Dan, Jacob, Noah, or any podcast guests are solely their own opinion and do not reflect the opinions of Fjell Capital. Tom, Dan, Jacob, and Noah are registered representatives of Sanctuary Securities and investment advisor representatives of Sanctuary Advisors. Fjell Capital is a DBA of Sanctuary Securities and Sanctuary Advisors. -------------------------------------------------------------------------------- money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

On this week's episode Jacob and Dan sit down and talk about the difference between good or bad and better or worse, AI and all of the sudden new developments over the last week, the speculative stock boom, the VIX at multiyear lows, holding cash while the market is running, and Netflix’s and Meta’s ad strategy. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the Weekend Reads Become a client of Fjell Capital Suggestion The Investment Fallacy of Good or Bad (https://www.fjellcapital.com/posts/the-investment-fallacy-of-good-or-bad) What Went On Let’s talk about AI Microsoft (https://www.cnbc.com/2023/07/18/microsoft-stock-hits-all-time-high-on-new-copilot-ai-subscription.html) Apple (https://www.msn.com/en-us/news/technology/apple-added-71-billion-to-its-market-value-after-news-that-it-s-been-secretly-building-an-apple-gpt-to-rival-openai/ar-AA1e7icN) Meta (https://www.reuters.com/technology/meta-opens-ai-model-commercial-use-throwing-nascent-market-into-flux-2023-07-18/) Speculative stocks are soaring (https://www.wsj.com/articles/tech-stocks-meme-stocks-crypto-investors-are-feeling-bold-again-f158812b?st=j78bddzehyo9jd4&reflink=desktopwebshare_permalink) The VIX is way down, lowest since before COVID (https://www.axios.com/2023/07/19/the-stock-markets-volatility-index-points-toward-a-bull-market) Did you miss it? (https://thisisthetop.substack.com/p/you-missed-it) Key line: What you don’t want is your excitement around cash yields to prevent you from putting your money to work. Netflix added 5.9 million subscribers in the quarter (https://www.cnbc.com/2023/07/19/netflix-earnings-show-strength-amid-media-chaos.html) Ads on Threads (https://www.bigtechnology.com/p/advertisers-to-zuck-take-our-money)

On this week’s episode Tom, Jacob, and Dan talk about their thoughts on the year so far, Goldman Sachs price target raise, slower inflation (and the markets fantastic week), JPMorgan’s surge in earnings, the state of VC funding, empty commercial space, and why you should do hard things. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the Weekend Reads https://www.fjellcapital.com/weekend-reads?utm_campaign=ep41&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital https://www.fjellcapital.com/start-here?utm_campaign=ep41&utm_medium=social&utm_source=fjellcorporate Suggestion Thoughts on the year so far What Went On Goldman raises target on the S&P 500 to a 25% of $4,800 by the end of the year Stocks rip on slower inflation JPMorgan’s profit jumped 67% on First Republic Banking regs are getting stricter VC funding is in shambles What does all of this empty commercial space look like Do hard things

On this week’s episode Jacob, Dan, and Noah talk about what Laminate Money is, the incredible success and the opportunity and risks around Meta’s new platform Threads, home price growth in the US, Friday’s payrolls report, big pharma’s big cash pile, 11 ways cynics argue any news is bad news, and how Goldman Sachs plans to leave it’s partnership with Apple. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the Weekend Reads Become a client of Fjell Capital Suggestion What is Laminate Money What Went On Meta Threads - https://www.fjellcapital.com/posts/meta-threads?utm_campaign=ep40&utm_medium=social&utm_source=fjellcorporate U.S. Home Price Growth 1983-2023 - The Big Picture (https://ritholtz.com/2023/07/u-s-home-price-growth-1983-2023/) The Average Monthly Mortgage Payment is 100% Higher than 18 Months Ago (https://www.fjellcapital.com/posts/the-average-monthly-mortgage-payment-is-100-higher-than-18-months-ago?utm_campaign=ep40&utm_medium=social&utm_source=fjellcorporate) Wage Gains, Low Unemployment Keep Pressure on Fed; Hiring Slowed in June, Jobs Report Shows (https://www.wsj.com/articles/june-jobs-report-unemployment-rate-economy-growth-2023-af4d6547?mod=hp_lead_pos1) 11 ways cynics argue any news is bad news 👎 (https://www.tker.co/p/market-economic-news-bad-both-ways) -------------------------------------------------------------------------------- money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

On this week’s episode Tom, Jacob, and Dan talk about Instant Pot and it’s ironic demise, next twelve earnings per share updates, the mid year outlook, the modern wealth survey, the key to making good financial decisions, and how people’s past and present perceptions change. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads https://www.fjellcapital.com/weekend-reads?utm_campaign=ep39&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital https://www.fjellcapital.com/start-here?utm_campaign=ep39&utm_medium=social&utm_source=fjellcorporate What Went On The estimates keep getting revised up (https://www.axios.com/2023/06/22/sp-500-us-stocks-earnings-outlook)The mid year outlook from Capital Group (https://www.capitalgroup.com/advisor/pdf/shareholder/MFCPBR-096-1039324.pdf?sfid=168949301&cid=81011868&et_cid=81011868&cgsrc=SFMC&alias=btn-LP-CTA)Charles Schwab modern wealth survey (https://content.schwab.com/web/retail/public/about-schwab/schwab_modern_wealth_survey_2023_findings.pdf)The key to making good financial decisions (https://www.forbes.com/sites/timmaurer/2023/06/04/the-key-to-making-good-financial-decisions-connecting-with-your-future-self/?sh=5c224b2e5b66)People hold fond memories of the past, but the present is always a threat (https://kyla.substack.com/p/the-nostalgia-cycle-loop)Be a ruthless editor in chief (https://www.artofmanliness.com/character/behavior/sunday-firesides-be-a-ruthless-editor-in-chief/) Quote of the Week “This is going to be a profound technology inflection point, like mobile devices were, like the move toward the cloud was, like the advent of social media.” - Shantanu Narayen, CEO of Adobe

On this week's episode Tom, Jacob, and Dan talk about what average is and why not everyone can be above it, they also talk about the sudden bullish sentiment in the market, why houses are so expensive, automating everything in your life, throwing money at problems, and about preserving optionality. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads https://www.fjellcapital.com/weekend-reads?utm_campaign=ep38&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital https://www.fjellcapital.com/start-here?utm_campaign=ep38&utm_medium=social&utm_source=fjellcorporate Suggestion Be Average In Most, Just Not With Your Money (https://www.fjellcapital.com/posts/be-average-in-most-just-not-with-your-money?utm_campaign=ep38&utm_medium=social&utm_source=fjellcorporate) What Went On How much could AI boost US stocks? (https://www.goldmansachs.com/intelligence/pages/how-much-could-ai-boost-us-stocks.html?chl=em&plt=briefings&cid=616&plc=body) The 'most popular prediction' about stocks going into 2023 has been dead wrong 😬 (https://www.tker.co/p/first-half-selloff-prediction-wrong) Why Are Houses So Expensive? (https://ofdollarsanddata.com/why-are-houses-so-expensive/) Automate everything in your life (https://humbledollar.com/2023/06/improving-my-habits/) Money and problem solving (https://maddieburton.substack.com/p/throwing-money-at-unsolvable-problems) Preserving Optionality and Other Things (https://kyla.substack.com/p/preserving-optionality-and-other) Quote of the Week “I would almost say that the conditions that we need to see in place to get inflation down are coming into place.” Jerome Powell on inflation ----------------------------------------------------------------------------------------------------------------------- money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

On this week’s episode Tom Stadum, Jacob Radke, and Noah Gjesdahl talk about the process in which billion dollar companies are formed and how it’s the same as your financial life, the Apple Vision Pro and how it could shape our future, Marc Andreesen’s “AI will save the world”, how expectations are a liability in your life, the rebalancing bonus, the SEC crackdown on Coinbase, and the unrelenting labor market. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads https://www.fjellcapital.com/weekend-reads?utm_campaign=ep37&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital https://www.fjellcapital.com/start-here?utm_campaign=ep37&utm_medium=social&utm_source=fjellcorporate Suggestion When it comes to growing your net worth. This couldn't be truer. (https://www.fjellcapital.com/posts/when-it-comes-to-money-and-growing-your-net-worth-this-couldnt-be-truer?utm_campaign=ep37&utm_medium=social&utm_source=fjellcorporate) What Went On Is a new bull market here? https://awealthofcommonsense.com/2023/06/is-this-a-new-bull-market/ How AI will save the world https://pmarca.substack.com/p/why-ai-will-save-the-world SEC says Coinbase is an exchange https://www.wsj.com/articles/sec-sues-coinbase-says-it-is-unregistered-broker-dealer-95ec0637?mod=hp_lead_pos2 10 ideas for a better life https://moneytalks101.substack.com/p/10-steps-for-a-happier-life Quote of the Week “A goal without a plan is just a wish.” - Antoine de Saint-Exupéry ----------------------------------------------------------------------------------------------------------------------- money, investing, investments, markets, stocks, bonds, the fed, stock market, rithotlz wealth management, the compound and friends, animal spirits, the all in podcast, josh brown, laminate money podcast, personal finance, dave ramsey, why should you invest, why do people invest, how to invest, financial education, american debt, budget money debt cash, personal finance, how to invest in real estate, how to start in real estate, compound interest, buying house, save, insurance, buy, snowball, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, tom stadum, jacob radke, noah gjesdahl, fjell capital, fjell fargo, fargo north dakota, fjell, layer by layer, financial life

On this weeks episode Tom, Jacob, and Noah talk about what having enough actually means for individual people, they also talk about the 5 stocks that are leading the market, State Farm’s ban on CA home insurance, the debt limit, the fed, why down and sideways markets are bullish, and how there is a shortage AGAIN in semiconductors. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads https://www.fjellcapital.com/weekend-reads?utm_campaign=ep36&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital https://www.fjellcapital.com/start-here?utm_campaign=ep36&utm_medium=social&utm_source=fjellcorporate Suggestion https://www.fjellcapital.com/posts/enough-whats-enough?utm_campaign=ep36&utm_medium=social&utm_source=fjellcorporate What Went On The 5 stocks killing it (https://www.fjellcapital.com/posts/the-stock-market-year-to-date-has-defied-expectations-what-could-change?utm_campaign=ep36&utm_medium=social&utm_source=fjellcorporate) State Farm is out of CA (https://grist.org/housing/state-farm-california-insurance-wildfire/) The debt limit deal got done (https://www.wsj.com/articles/debt-ceiling-limit-winners-losers-a212028d?mod=hp_lead_pos3) We haven’t spoke about the Fed in awhile (https://www.wsj.com/articles/fed-official-says-rate-pause-doesnt-signal-end-to-hikes-758041e5?mod=economy_lead_pos1) Why down and sideways markets are bullish (https://ofdollarsanddata.com/why-down-sideways-markets-are-bullish/) There simply aren’t enough semiconductors (https://www.wsj.com/articles/the-ai-boom-runs-on-chips-but-it-cant-get-enough-9f76f554) Quote of the Week The best way to predict the future is to create it." - Peter Drucker

Nvidia climbed 26% post earnings, the tech sector is over 30% higher on the year, tech companies and building their own chips with US chipmakers, and AI is being talked about as a platform shift. It is clear the game is changing, but how? On this week’s episode Tom, Jacob, and Dan talk about the change in AI, Microsoft’s Build conference, Nvidia’s stellar day, Apple’s lag and chip deal with Broadcom, Q1 earnings by the numbers, and how the rule of 72 needs to be understood by investors. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe the weekend reads here https://www.fjellcapital.com/weekend-reads?utm_campaign=weekendreads&utm_medium=social&utm_source=fjellcorporate Become a client here https://www.fjellcapital.com/start-here?utm_campaign=weekendreads&utm_medium=social&utm_source=fjellcorporate Suggestion https://www.fjellcapital.com/posts/the-rule-of-72?utm_campaign=ep35&utm_medium=social&utm_source=fjellcorporate What Went On Earnings by the numbers (https://insight.factset.com/earnings-insight-infographic-q1-2023-by-the-numbers) Nvidia spikes 26% after stellar earnings guidance (https://www.cnbc.com/2023/05/24/nvidia-nvda-earnings-report-q1-2024.html); can big tech continue this rally (https://www.capitalgroup.com/advisor/insights/articles/big-tech-turnaround-can-it-continue.html) The AI platform shift (https://stratechery.com/2023/windows-and-the-ai-platform-shift/) Apple strikes a multibillion dollar deal (https://www.wsj.com/articles/apple-strikes-multibillion-dollar-supply-deal-with-broadcom-58c0c7e7) with Broadcom, seems like semi deals are happening left and right Share buybacks are booming (https://www.wsj.com/articles/share-buybacks-continue-at-torrid-pace-while-investors-sit-on-sidelines-4c1b4e59?st=ordjvqf4gqnuu1g&reflink=desktopwebshare_permalink) as investors have been trimmed stocks Don’t underestimate the US consumer (https://www.tker.co/p/consumer-spending-resilient-finances-strong) Quote of the Week “We say ‘no’ to almost everything” - Eddy Cue of Apple on their success.

Influence is a precursor to success. If you want to earn more money, save more money, start a business, or raise kind kids, you need influence. In this video, we share seven ways you can win more influence as you seek to build an above average balance sheet. Tom, Jacob, and Noah on this episode also talk about Tom’s time in New York, Stan Druckenmiller’s quote about free money, the 16 levels of wealth according to Morgan Housel, the “civil war” in Silicon Valley, the three outcomes in housing, the genius of Bob Iger, and one of the wildest pieces of click bait I have seen. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads www.fjellcapital.com/weekend-reads Show Notes Suggestion https://www.fjellcapital.com/posts/how-to-increase-your-influence-and-achieve-success What Went On 16 levels of wealth (https://collabfund.com/blog/the-spectrum-of-financial-dependence-and-independence/) Civil war in Silicon Valley (https://www.tabletmag.com/sections/news/articles/silicon-valley-civil-war) The 3 options for housing (https://awealthofcommonsense.com/2023/05/the-housing-market-lottery/) Genius of Disney (https://www.wsj.com/articles/netflix-pitches-advertisers-as-ad-tier-trails-smaller-rivals-dd394ffb?mod=hp_lead_pos3) The craziest headline I have seen in a while - “Home Prices Posted Largest Annual Drop in More Than 11 Years in April” (https://www.wsj.com/articles/home-prices-posted-largest-annual-drop-in-more-than-11-years-in-april-613f2d58) Quote of the week “If you give people free money, they will do stupid things.” - Stan Druckenmiller

There is no silver bullet when it comes to investing. What works well in one economic cycle may not work well in another. That's why it's important to be flexible and adaptable. In this video, we'll share some tips on how to find the investment opportunities in any economic cycle. On this week’s episode Tom, Dan, and Jacob talk about the quality growth at a reasonable price strategy, it’s application in our world with AI, the menu of investment options today, building easy thing versus building hard things, how generational buying opportunities come around not as often as you think, and why nothing ever gets cheaper. Subscribe to the Weekend Reads 👉 ⁠ https://www.fjellcapital.com/weekend-reads⁠?utm_campaign=ep33&utm_medium=social&utm_source=fjellcorporate Become a client of Fjell Capital 👉 ⁠https://www.fjellcapital.com/start-here⁠?utm_campaign=ep33&utm_medium=social&utm_source=fjellcorporate Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Show Notes Suggestion https://www.fjellcapital.com/posts/quality-growth-at-a-reasonable-price?utm_campaign=ep33&utm_medium=social&utm_source=fjellcorporate What Went On - Google’s Sundar Pichai talks Search, AI, and dancing with Microsoft (https://www.theverge.com/2023/5/12/23720731/google-io-2023-exclusive-sundar-pichai-search-generative-experience-ai-microsoft-bing-chatgpt) - A menu of investment opportunities (https://www.rbadvisors.com/insights/a-menu-of-investment-opportunities/) - Easy to build, but hard to sustain (https://www.notboring.co/p/small-applications-growing-protocols) - There will be no generational buying opportunity every month (https://awealthofcommonsense.com/2023/05/stock-market-tops-bottoms-middles/) - Does anything get cheaper (https://spilledcoffee.substack.com/p/does-anything-get-cheaper)? Quote of the Week “What gives you opportunities is other people doing dumb things ... In the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number people doing dumb things, and they do big, dumb things.” - Charlie Munger, 2023

On this week’s episode Tom, Jacob, and Noah talk about how to fix financial mistakes, what impact interest rates have on stock market valuations, money and happiness, the debt ceiling and how it’s politicized, regional banking crises, ChatGPT’s first victim, large tax revenue losses in pandemic exodus states, and Apple found strength in India and the Middle East. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads Become a client of Fjell Capital Suggestion Fixing financial mistakes What Went On How Interest Rates & Inflation Impact Stock Market Valuations Money Can’t Buy Happiness…Or Can It? Political debt ceiling chicken JPMorgan acquires First Republic Bank, PacWest is looking for a buyer, and regionals feel the pain ChatGPT and AI maybe just claimed it’s first victim New York and Cali lost over $90 billion in income over the pandemic Apple found strength in India Quote of the Week “It's always a sad day when you see a bank fail but we are all very pleased to get the major source of uncertainty that was remaining from the recent bank turmoil addressed… This is a case of a small handful of banks that were poorly managed and getting this addressed is very important.” CEO of JPMorgan Chase, Jamie Dimon, on the First Republic acquisition

On this week’s show Tom, Jacob, and Noah talk about how much margin impacts your personal financial life, the problem with being house rich, free money’s demise, phenomenal earnings, European luxury, and the debt ceiling. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads 👉 https://www.fjellcapital.com/weekend-reads Become a client of Fjell Capital 👉 https://www.fjellcapital.com/start-here Suggestion What Do I Mean by Margin Anyway? (fjellcapital.com) What Went On The problem with being house rich The unbearable heaviness of being positioned The Free Money Feels (And May Be) Gone Fire Sale: $300 Million San Francisco Office Tower, Mostly Empty. Open to Offers. - WSJ SPACs Delivered Easy Money, but Now Companies Are Running Out - WSJ Earnings season is going phenomenal, just look at these companies that are able to pass higher prices (easily) Price over volume Cleary luxury has a place in the world, LVMH is Europe’s first $500 billion company Quote of the Week “Apple was not that hard to understand. I mean, how dumb was I.” Legendary investor Peter Lynch on missing Apple.

On this week’s episode Tom, Jacob, and Dan talk about automation, lifestyle creep, housing prices, today’s interesting market, Apple’s India play, the undoing of America’s labor shortage, and earnings (with a key point on profit margins). Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads at www.fjellcapital.com/weekend-reads Become a client at www.fjellcapital.com/start-here Suggestion Focus on Automation (fjellcapital.com) What Went On How Much Lifestyle Creep is Okay? Will We Ever See Affordable Housing Prices Again? What is an affordable house? Current housing market update. Thoughts on today’s markets and what could lie ahead. Hedge funds are ultra-bearish on US Treasuries (substack.com) - taking the contrarian view? Apple unveiled its first store in India, Bloomberg reported earlier this week that Apple reported nearly $6 billion in sales in the year ending in March. US prime-age labor force participation rate (the preferred metric) is back to 2019 levels Margins are getting pressed, and it’s most prevalent in Tesla (29.1% in q4’22 and 19.3% in q1’23 on higher revenues), but its because of price reductions. Producer prices tell this story all to well. Those seller prices have been falling and that ultimately means companies are getting compressed on margin. Quote of the Week “If you can convince people to pay $40 for $4 boxes of cereal, maybe, just maybe, you can convince strangers to live with each other,” - ⁠Paul Graham on Airbnb’s unlikely success⁠

On this week’s episode Tom, Jacob, and Noah talk about success and how deep convictions lead to massive gains, AI’s nondominance in market performance, US bank outperformance, the Fed minutes, and de-dollarization. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads: www.fjellcapital.com/weekend-reads Become a client of Fjell Capital: www.fjellcapital.com/start-here Suggestion https://www.fjellcapital.com/posts/follow-no-one What Went On What is the ultimate level of wealth? AI is meant to mimic humans, and that makes it have the same emotional biases we have. It won’t beat the market… inverse AI ETF here we come. Rising rates? Good for some but not for others The Fed is unhinged… talks about how there will be a recession in there rate decision meeting and doesn’t pause rates Let’s talk about de-dollarization… it’s a joke who’s going to provide the world with assets if not the US government *for the time being Quote of the Week “⁠but it feels like that’s moving in the right direction.⁠” - Chicago Fed President Goolsbee on inflation

On this week’s episode Tom, Jacob, and Dan talk about how your biggest asset should be your best assets, the job numbers, what central banks around the world are doing, Jamie Dimon’s annual letter shareholders, the broad commodity rally, and a fresh perspective on how to choose people in your life. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Subscribe to the Weekend Reads: www.fjellcapital.com/weekend-reads Suggestion Your best assets should be your biggest assets (fjellcapital.com) What Went On Where are the jobs going… Australian CB > The Federal Reserve… Declining yields should tell investors recession not bull market Take a second to reflect on Jamie Dimon’s composure in his annual letter Commodities started ripping higher gold and oil It’s a funnel not a filter Quote of the Week ⁠“We [JPMorgan Chase & Co] are champions of banking’s essential role in a community - its potential for bringing people together, for enabling companies and individuals to attain their goals, and for being a source of strength in difficult times.” - Jamie Dimon, CEO of JPMorgan Chase & Co⁠