#72 – From Tariffs to Takeout: Unpack the First Half of 2025

Wes Moss [00:00:58]:
Welcome, Jeff Lloyd.

Jeff Lloyd [00:01:01]:
It’s good to be back in studio. It’s good to be in June. I know it’s not quite summer yet.

Wes Moss [00:01:07]:
But it’s certainly feeling like, feels like summer. This weekend’s been, you know, gorgeous. And even though some what is the date that summer actually starts?

Jeff Lloyd [00:01:14]:
It starts June 20th.

Wes Moss [00:01:16]:
So we have a little ways to go. But it kind of feels like summer in the south, you know, where it’s not summer yet and it’s still spring.

Jeff Lloyd [00:01:22]:
Michigan.

Wes Moss [00:01:23]:
Yeah.

Jeff Lloyd [00:01:23]:
Yeah.

Wes Moss [00:01:23]:
You’ve been there. Yeah. You’ve seen the magic of Michigan, the most highly underrated state in the nation. You look like you should be running for a for office. I could see you look like a senator today.

Jeff Lloyd [00:01:35]:
Well, I appreciate that. So all our senator, Jeff Lloyd can’t see me right now, but I’m sporting a new blue blazer.

Wes Moss [00:01:40]:
Got a little Carolina blue in it. Little Roy Williams look, it’s got a.

Jeff Lloyd [00:01:44]:
Little Carolina in it. I think you’re right. Showing support to your Tar Heels.

Wes Moss [00:01:48]:
Thank you. Well, it’s the first day June. We’re now we’ve gone through five months of the year. Feels like there’s been a lot, just a little bit going on. I think we were talking about it this week in the office. We’ve, we’ve seen a new president take office, new administration. We’ve seen tariffs, seen tariff pauses. We’ve seen the s and P500 down almost 20%.

Wes Moss [00:02:09]:
Really? I know this is the great Conor Miller and I think last week we’re debating about this, we were down over 20%. We didn’t quite close 20%. So he doesn’t call it a bear market. I do. Nasdaq was down 25%. Then we saw a V shaped recovery. That’s exactly what it sounds like. Down one side steeply.

Wes Moss [00:02:27]:
Up one side steeply. To recover since the April lows, we’ve seen inflation down to 2.3%, the lowest level since Feb. Of 2021. And still an ongoing war with Russia, Ukraine. So still lots of geopolitical tension. Tariffs are not solved back there now in the courts. The one thing to note about the courts is that even if the courts get overturned or if the tariff, this particular version of tariffs, there’s still other avenues that administration can use and still end up with a similar or the same tariffs. Now it could really put a damper on the negotiations for now if this thing gets continued to be challenged in courts, et cetera.

Wes Moss [00:03:10]:
But I think tariffs are here to stay. And for the most part the market has gotten used to that. We’ve seen name calling for the Fed chair to cut rates. That really hasn’t happened yet. No rate cuts in 2025. We’ve seen US credit downgrade. Now that was no shocker. I remember the first downgrade.

Wes Moss [00:03:31]:
I can’t remember maybe a decade ago here in. I remember being right here for the first credit downgrade. I don’t know if it was Moody’s or Fitch started it, but there’s three main rating agencies and it’s. I remember that was a very scary time.

Jeff Lloyd [00:03:47]:
I think it was back in August of 2011. And I remember kind of getting text and having, having conversations like we’re in a whole new world now, like this has never happened. Like, I mean things are going to be completely different moving forward. And then real scary headline.

Wes Moss [00:04:03]:
Scary. Very unprecedented. Unprecedented. And now it’s been more precedented because we’ve had three. All three rating agencies have now downgraded all the way down to double A1. So it doesn’t sound all that bad. But it’s still, still an issue that we’re going to all be dealing with over the next decade. Balancing the budget, getting the deficit back to a more neutral state.

Wes Moss [00:04:26]:
It’s possible. You look at the numbers, it’s possible. It’s just. Does it, does Congress, can they. Can they do it and can we get the growth in the United States to help raise the overall revenue? I still believe in Hauser’s Law, which of course is no matter what tax are how high or how low we go, the treasury collects about, call it 19% of overall GDP when it comes to tax revenue. And that’s been a fascinating. Connor Miller did this. If he had done it 20 years ago, it’d be, it’d be Miller’s Law.

Wes Moss [00:04:57]:
Hauser did it first. It’s Hauser’s Law. Conor Miller I think last weekend we talked about it, reaffirmed it. His numbers are a little bit different, but we’ll see. We’ve seen over the last 50 years or more or longer. No matter what tax rates are, the US Government collects about the same amount of overall tax revenue relative to our gdp. So what does that mean? We need size, we need scale, we need growth. The more growth we have, the bigger the economy and we end up with more money coming in.

Wes Moss [00:05:24]:
Who knows, maybe we’ll spend even more. But we know that at least there’s a path to a solution. So I think we, we get the point here. JEFF Lloyd which is it’s been a busy start to the year. It’s only we’re just starting the sixth month and there were plenty of opportunities during that list of very real headlines that happened to kind of, to your point, run for the hills.

Jeff Lloyd [00:05:49]:
There was something just about every month, January, there’s a new administration. Well, I don’t really know about this.

Wes Moss [00:05:55]:
Maybe I should get out of stocks.

Jeff Lloyd [00:05:57]:
Maybe I should get out of stocks. February rolls around all these tariff talks. Maybe we need to get out of the market.

Wes Moss [00:06:04]:
Maybe we should get out of stocks.

Jeff Lloyd [00:06:06]:
March, I don’t know. The market’s beginning to sell off. Like I’m getting a lot more scared of what I’m seeing with these tariffs and what’s going on in the.

Wes Moss [00:06:14]:
Maybe we should get out of stocks.

Jeff Lloyd [00:06:15]:
April, I don’t know. The market’s down 20, 25%.

Wes Moss [00:06:19]:
Okay, go down another 20%. Maybe we should get out of stocks.

Jeff Lloyd [00:06:23]:
Hey, it’s May. What do they say in May?

Wes Moss [00:06:26]:
Don’t they say sell in May and go away?

Jeff Lloyd [00:06:28]:
Sell in May and go away.

Wes Moss [00:06:29]:
Such a nice ring to it.

Jeff Lloyd [00:06:31]:
Maybe it’s time to get.

Wes Moss [00:06:32]:
Maybe we should get out of stock.

Jeff Lloyd [00:06:33]:
Maybe we should get out of stocks.

Wes Moss [00:06:34]:
But what if we were to have sold in May, JEFF LLOYD what would have happened? Is it the far. Is it the, the Stock Traders Almanac? Isn’t that always right?

Jeff Lloyd [00:06:43]:
You would have missed out on another good month.

Wes Moss [00:06:46]:
Another really.

Jeff Lloyd [00:06:47]:
So I don’t know who came up with Salome and go away and we could do some research on it and you know, we’re, we’re not fact checking who came up with that, but I think we can honestly say over the last 12 years he’s been wrong. It lives in fact, May has been up for the month of May, 11th out of the best 12 maze.

Wes Moss [00:07:07]:
So sell in May hasn’t even remotely worked. It’s funny that adage continues to be in the vernacular, you See it on cnbc. I saw it all month long. It’s selling May. Should we sell in May and go away and then just come back when it’s a brighter day? And which, by the way, the months for this stock market, call it moniker or almanac theory, that is. And it did work for a while and that’s why it was created, or at least it was suggested and it continues to endure to this day. But it basically says that most of the gains in the market are from November through the beginning of May. So that if you were to sell in May and you stay out of the market from May all the way, all the way through October, then you just get back into the market in the fall and you typically in November.

Wes Moss [00:07:56]:
And that’s when you get your strong performance. And that just hasn’t been the case whatsoever. If you missed this May, you missed out on one of the best maze in 35 years. Now, part of that is the recovery from the fears over tariffs. I mean, I think what we’ve seen is the administration is kind of testing the fence. They’re trying to break the mold. They’re trying to figure out what happens with tariffs. They’re trying to renegotiate the tariff deals with essentially every trading partner we have in the United States.

Wes Moss [00:08:24]:
And what we didn’t know coming in is just how far the administration would take it. We knew they were serious about it. Then we saw the stock market cratering and they were continuing to kind of hold the line and be really serious until we got to a certain point treasury yields started to spike. That’s bad for the deficit because of all the interest we have to pay. So higher rates is really bad for the deficit. That you hear about spending, you hear about entitlements, you hear about all sorts of spending that’s somewhat hard to cut. Well, what’s happening going the other way, higher rates, higher interest on the debt that we already have. And we can’t start to chip away at the overall big 30 plus trillion in debt until we get the annual deficit at least to a balanced place.

Wes Moss [00:09:09]:
So as soon as rates start to spike, the administration, I think that’s the period of time where they said, wait a minute, we don’t need rates spiking, market down. There’s only so far you can do this until we end up in a real recession. And I don’t think anybody wanted that. So what we’ve also seen is approval ratings for the White House and President Trump start to climb again. Ever since there’s been some ever since I think it’s become evident to the world that we’re in a big negotiation. We said that in March, we said it in April, is that we’re not really in a trade war, we’re in a trade renegotiation. And that is. It’s been happening.

Wes Moss [00:09:45]:
There’s still a lot to be written, Jeff Lloyd, about that. But the market has, I think, gotten used to the fact that we’re going to have tariffs in some way, shape or form for again, the better part of the next several years. And that’s just, I think, an economic reality that the market has gotten used to.

Jeff Lloyd [00:10:01]:
And I think it’s one of those things. When the new administration came in in January, it was the speed at which they started talking about tariffs and trying to put them in place. And I think it took a lot of investors and it took the market off guard just at how quickly that really happened as soon as they took office.

Wes Moss [00:10:24]:
The other thing too is that. Let’s go micro macro here. So micro is in. We got earnings from Nvidia this week that had some market implications. Remember, markets are about earnings, not just sentiment and not just geopolitical tension. Markets are really fundamentally just about what companies are making, what are they earning and what are they growing those earnings. And according to FactSet, we are continuing to see earnings growth of close to double digits. Now, again, that doesn’t mean the stock market’s gonna be up double digits, but it means the underlying tide, the gravitational force that pulls markets is moving in the right direction and that’s still earnings.

Wes Moss [00:11:04]:
So we saw Nvidia earnings this week. I’ll let you talk about that a little bit. And I think the bigger story, Jeff, and this goes back to the labor market and it goes back to inflation, is that we’ve seen the. I think the biggest story that hasn’t been talked about enough is that job market equilibrium. Remember, if you go back to March of 2022, we saw 12 million job openings and we saw 6 million people looking. So vacancies seekers, 2 to 1 gap. And what did that do? Well, when you have 12 million open jobs, companies are. And there’s only a few people willing to take those jobs, they can start to barter for higher wages.

Wes Moss [00:11:44]:
Well, and companies will say, look, if we’re going to get this person, we’re going to need to pay more. But what did it do? It pushed up wage inflation and then that filtered through the entire system. And yes, there are lots of reasons for the inflation that we saw in 22, 23. Yes, it was liquidity during COVID Yes, it was supply chain. But ultimately we saw wage inflation through that major labor market dislocation. That’s gotten back to almost perfect equilibrium where we have 7.2 million job openings and 7 million people looking. It’s still a little bit out of whack, but it’s much closer to parity than we’ve seen. Hence, we end up with a big component of having inflation under control.

Wes Moss [00:12:29]:
Have I told you you don’t know about the Summer Challenge?

Jeff Lloyd [00:12:31]:
I don’t know about it.

Wes Moss [00:12:32]:
The 30 day summer challenge.

Jeff Lloyd [00:12:33]:
This is news to me.

Wes Moss [00:12:34]:
That’s right. You weren’t here last weekend. We talked about it. I’m gonna give you a quick update on what that is. And it’s number one topic conversation in our house at this point. Before I do that, I wanted to give a quick shout out to a very longtime Money Matters listener, a friend of mine’s mom, Skeet Fisher. So, Skeet, if you’re listening, I know she’s been fighting the battle with cancer with the good folks at Emory University. And she’s been dealing with this really all year and goes through.

Wes Moss [00:13:03]:
She’s kind of in the middle of six rounds of chemo, so she’s crushing it. She thanks all the doctors and nurses and friends that have helped support her through that journey. And we just want to wish her the very best in a healthy journey, healthy recovery. And we, we love that she’s a longtime Money Matters listener. So we just thinking about you, Skeet, with that. Jeff, you missed this is the think it was the very first day out of school and my kids are staggered. So they didn’t all get out at the same time. There’s some different schools, different grades.

Wes Moss [00:13:35]:
They don’t just. It wasn’t like an end date. It was a, it was kind of like a feathered out date. They, it was a ramp down and.

Jeff Lloyd [00:13:46]:
They were gradually letting the dam down.

Wes Moss [00:13:48]:
Gradually water out where it’s just full. Explosive days weren’t full and there was exams. They had to go. So it was kind of, there’s these, it’s like this summer purgatory. They’re kind of out of school, but they’re not totally out of school, so they didn’t have anything. There’s a lot of downtime. And I started looking around those first couple of days, it felt like my kids are a bunch of little unhappy retirees running around because they didn’t have anything to do. Like, wait a minute, I don’t have any core pursuits because your summer schedule hasn’t started and I was home in Pennsylvania a couple of weeks ago and it reminded me of my youth in the long list of projects, tasks, jobs that my dad would give me.

Wes Moss [00:14:26]:
So there was never any downtime. Now it’s easier to do that. I think in rural America when you live on a farm, there’s always work to do. Paint this, fix that, mow this, what.

Jeff Lloyd [00:14:36]:
You had some real course, right?

Wes Moss [00:14:39]:
Clean up after the horses every day, got to clean. There’s always something to do. And it made me realize of what am I going to do? Sure, the kids have sports and they’ve got summer work for school, but there’s still a lot of downtime. So after that visit home, that reminded me of my youth. I told the boys, I said, we are, it’s going to be just like you’re on a farm now. It’s going to be different than the farm. But instead we’re going to do the 30 day summer challenge. So every single day and, and the focus is on reading and personal growth.

Wes Moss [00:15:12]:
And it’s, there’s, it’s a lot for them to do every single day now. Not hours and hours, but at least 30 minutes to two hours a day. And I’ve got one for the different ages, different grades and we’re on, probably we’re 10 or 12 days through, depending on if they had a lacrosse tournament or not. So they’re all doing the summer challenge. There couldn’t be. At least they’re busy. And I’m making them focus out on what they need to be doing because I’m worried by the time they get out of college, what’s the job market going to look like? The same thing that the anthropic CEO has been talking about what happens to jobs because of AI And I want them to understand that because it’s a reality for them. We’ll talk more about that.

Wes Moss [00:15:54]:
Nvidia Earnings Takeout Nation. By the way, that’s the most fascinating story about the week. The prevalence of food delivery. I almost don’t even believe it. Wait till you hear this. More Money Matters straight ahead. Are you facing a fork in the road and deciding between continuing your career and retirement?

Mallory Boggs (Disclaimer) [00:16:16]:
Wes.

Wes Moss [00:16:16]:
I’m Wes Moss, host of Money Matters and this massive life decision shouldn’t be taken lightly. Talk with my team. If you’d like help reviewing your retirement accounts and building a financial plan, we can help you review options and offer an opinion based on your best interests. You can find us@yourwealth.com that’s y o u r wealth.com. where did you even find this? This was not Wall Street Journal. All right, but wherever you found this about, we call it Takeout Nation. I almost don’t believe it. But when you start doing the research, I guess it’s true.

Wes Moss [00:16:58]:
Tell me the statistics. Tell our listeners the statistics around this.

Jeff Lloyd [00:17:01]:
It came from Food and Wine magazine online. Maybe that’s why I missed it. And the headline was, like you said, almost unbelievable. But according to the National Restaurant Association’s 2025 report, 75% of restaurant traffic is now takeout. 75% of all restaurant traffic is now takeout. Let that set in. Let that set in.

Wes Moss [00:17:31]:
Well, in fairness, it is takeout, drive through or delivery. Which just means that 75 out of 100 meals prepared by a restaurant are not eaten in the restaurant, which I. So here’s the big picture. And again, these numbers are, as far as I can tell, this is correct. And the reason maybe we don’t know this is because the restaurant industry is still growing and it’s much bigger than it was before COVID It’s not as though this has been a bad thing for the restaurant industry, which kind of goes back to the same theme that we’ll be talking about I think from now on, which is the impact of technology and particularly artificial intelligence on different industries. This is a really good example of an industry that has been transformatively changed because of apps on our phone, GPS technology and really the boost because we were locked in our homes and we couldn’t go anywhere because of COVID But now you add another layer to that which is AI technology within those applications, making it even easier to order. And it doesn’t surprise me that it’s this many. The volume of delivery and takeout and drive thru.

Wes Moss [00:18:55]:
Another thing we’ve talked about here, Drive thru got better during COVID It had to. I thought Elon Musk and SpaceX had figured out drive thrus because I saw 115 cars go through the Chick Fil A drive thru in Kentucky in about seven minutes. I couldn’t believe it.

Jeff Lloyd [00:19:13]:
Well, do you.

Wes Moss [00:19:13]:
So it’s gotten better.

Jeff Lloyd [00:19:14]:
And we talked about this a few years ago, but do you remember that Chick Fil a in Atlanta? I think it was off. How mill they closed the dine in and drive through and shut out the in restaurant dining option and just made it drive thru. Oh, completely, Completely.

Wes Moss [00:19:30]:
Do they build it that way? Do they shut the restaurant part down?

Jeff Lloyd [00:19:33]:
They shut the restaurant part down and added drive thrus in it.

Wes Moss [00:19:36]:
Well, so that is not, let’s say that’s not even AI. Let’s just say that’s logistics, technology that has gotten better over the last decade. We were kind of forced. And the long story, the long, interesting story that I’ll sum up in hopefully a sentence here is that Chick Fil A got really good at drive thru slash delivery because they did it in New York City and it was a totally different place. And they had to transform how they had people walking in and getting them their food. They took that call, that new technology, that new pattern, that new logistic setup and they applied it to the drive through and it was perfect timing. They did it. But this is an even bigger story than that now.

Jeff Lloyd [00:20:19]:
I was just laughing at the Chick Fil A in New York City. I used to have an old coworker that would come to Atlanta, get Chick Fil A sandwiches and take it on the plane to be able to have to eat in New York City when he got back because they, because they didn’t have a gym.

Wes Moss [00:20:34]:
And I don’t know how many there are. But it’s not like we’re in the heart of Chick Fil A. But so look, the reality is that customers want speed. They want speed. Chick Fil A is a great example of that. 95% of customers say fast service is number one. It is crucial, critical, or else I’m going to do it. Part of this is also driven by deals.

Wes Moss [00:20:58]:
Again, these are offers through an app. These are offers through technology deals that drive loyalty. 80% of customers use them, buy one, get one free combo meals. That’s a huge part of this. And then there’s tech everywhere. And younger adults are really good at using delivery apps. And then what we’ve started to see is AI powered assistance on those apps. Now, my food delivery apps don’t have that yet.

Wes Moss [00:21:23]:
Yet we’re here in Atlanta, but Uber’s been rolling that out in other cities. Now, I again, I updated my app because I was looking for this. We still haven’t seen it. But imagine when your app says, look, I know it’s Thursday night. This is what you got. The Lloyds usually like, here’s what you ordered last time. Do you want me to just put it in same order again and you say, sure. Just the friction just as is essentially going away to hit.

Wes Moss [00:21:53]:
Yes.

Jeff Lloyd [00:21:53]:
Well, they make it so easy for you, whether that’s ordering pizza.

Wes Moss [00:21:57]:
Yeah.

Jeff Lloyd [00:21:57]:
Do you want to do the same order? Or if you want to order Chipotle. That’s what my daughter loves ordering. And you just pull up the menu, click, click, click. Done. Your credit card stored. They make it easy, makes you want to use it again.

Wes Moss [00:22:11]:
And here’s some of the numbers. So think of the restaurant revenue of the restaurant industry is about a trillion dollars. So we’re talking about 750 billion of that is not sitting down in the restaurant. Three quarters of a trillion not being eaten in the restaurant. But here, here’s how the industry’s also changed. What do Uber Uber delivery drivers make? They make on average almost 25 bucks an hour. That’s a very real job in a very real industry. Door jas drivers about 19 bucks an hour.

Wes Moss [00:22:42]:
If we look at weekly earnings, Uber eats or the, the eat part of the app and the Uber app hover around what, 200 bucks a week. These are, this is part time side gigs. So 200 bucks, that’s you’re talking about 10 hours a week. DoorDash about 240 bucks per week. So they’re, they’re a little bit, they’re doing more. If you’re a doordasher, I guess you’re doing more doordashes. The average American spends about almost 90 bucks a month. That, that would be nice.

Jeff Lloyd [00:23:16]:
The Lloyd’s are slightly higher than that. Imagine the Moss household might be a little bit higher than that as well.

Wes Moss [00:23:22]:
That’s on delivered or carry out meals. 31% of consumers use use these apps already. Third party food apps for delivery at least twice a week. At least twice a week. Average delivery order about 36 bucks. So bottom line it’s this is not just some extravagant new trend that is wait a minute. Eventually this is life in America Now Americans are more apt to get takeout, get drive through, get delivery. That’s just the way this industry is working.

Wes Moss [00:23:52]:
And it’s only probably, I think it’s only going to get more prevalent. You’ve got Wendy’s, is that has an AI voice assistant. I think, I think that’s through Drive Thrus. There’s Pizza My Heart which is California chain that has an AI chatbot called Jimmy the Surfer. Makes it that much easier to hang 10 and get pizza. There’s Soundhound AI. It’s only going to get larger from here. But here’s the good news.

Wes Moss [00:24:20]:
If you would have told me this in a vacuum that 75% of food is not going to be in restaurant. It’s going to be outside the restaurant. I would have thought, ooh, maybe good for cooks but pretty bad for the rest of the industry. So bad for the server industry, bad for the real estate industry. If you have nobody coming in, why do you need a big lease for a restaurant? You just have a giant prep kitchen. So that to me would have some really negative economic implications. Wait, technology could be ruining this trillion dollar industry. 2019 pre Covid sales total restaurant industry 800 I’m rounding here.

Wes Moss [00:25:00]:
850 billion 2020 dropped to about 700 because of the pandemic of course. 2025 where are we projected at $1.5 trillion in sales in the restaurant industry? That’s a 74% increase over 2019. Today we have over 1.4 million delivery drivers. 10 years ago there were zero. Well no, there was still pizza. So it wasn’t zero but it’s, it wasn’t, I don’t know was. It wasn’t close to a million. And the delivery job market is projected to continue to grow by 10 to 12% per year till 2028.

Wes Moss [00:25:39]:
So we got a long way to go. Here’s the other thing. Restaurant industry expect to add another 200,000 jobs this year. Total employment is almost 16 million. So the restaurant industry in aggregate and the jobs themselves have grown. Not only have the jobs have grown, the revenue’s grown. So the whole industry has changed but it’s bigger than ever. So every industry is going to have its own.

Wes Moss [00:26:07]:
I guess you would call this metamorphic change over the course of.

Jeff Lloyd [00:26:12]:
It’s the restaurant renaissance is what is going on right now.

Wes Moss [00:26:15]:
Maybe that’s the right word. Jeff Lloyd leave it up to you to bring the right word to the conversation. You can look at it as the world we’re getting hit by a tidal wave and industries are, and jobs are going away because AI or you can look at it as a renaissance and we’ve, we just saw it happen within the restaurant industry and I think AI will just continue to power the industry further and higher and not necessarily take jobs. I think it’s going to create more then it’s going to take away. We’ll see how that plays out. I mean we’re going to be talking a lot about what the anthropic CEO said. It’s on my summer challenge list for my kids to try to understand this because according to the anthropic CEO, half of all jobs, entry level white collar jobs over the next five years are going to go away. Do the math on that’s 167 million person workforce gets 18 million entry level jobs.

Wes Moss [00:27:13]:
That would be, let’s call it tech jobs, service oriented jobs and you take half of that’s 9 million jobs that could go away. I think the question is, I Can see truth in that. What we don’t know for sure is what are the nine? Are we going to get another nine or maybe even more, 10, 11, 12 billion jobs back with the renaissance in these industries. Thanks for finding take out this, this takeout story. I think that this is, I’ve been, you know, I think part of it is I’ve just felt guilty because we’re this family. We’re the family. And I thought we were the one of the few that do this so often. And to see that the Lloyds do it, it makes me feel better.

Wes Moss [00:27:56]:
75% of America does it. I don’t feel like the like, like a takeout delivery black sheep anymore like I did. You freed me this weekend.

Jeff Lloyd [00:28:05]:
You were not alone. We are not alone. I wouldn’t even say we equally guilty. It’s just part of the reality that we’re going through in the phase of life that we are with, with our kids and all their activities and going this way and that and the other.

Wes Moss [00:28:18]:
Thing though, and you can make the argument that you’re still gathering around the table and you can take out or you get food delivery, but it is no substitute for cooking and it’s certainly no substitute for cooking and grilling because then you have, you have so much more interactive time where it’s the prep and it’s the going to the grill back and forth 10 times and you’re also making things on the stove and the kids are helping and you’ve got plates and then everybody sits down, they eat the same meal and then they clean up. So it’s a good old fashioned which seems to be going the way of the dodo bird. The dinosaurs is the good old fashioned family meal that takes up some prep, some eating and then some cleanup. Takeout is kind of, it’s. Almost everybody has their own thing. It’s quick boom, paper plates in the trash. There’s not a lot of prep. The eating is quick, Cleanup is over.

Wes Moss [00:29:16]:
So I think grilling hopefully will make up for that lack of around the table dinner table family time.

Jeff Lloyd [00:29:24]:
And it just makes more, it makes it that much more enjoyable when you actually do it and can gather everybody around the table and around the grill and prep and throw whatever on the grill and all enjoy it together.

Wes Moss [00:29:37]:
Can you give me a quick Nvidia update? That was quite a, quite an announcement this week.

Jeff Lloyd [00:29:44]:
And remember, this is not a buy, hold or sell recommendation. But you know, we talk about market moving events and that might be Fed Chairman Powell speaking or it might mean new inflation data when it comes to corporate earnings. Nvidia is the poster child of what a lot of investors look at of how’s the market doing? How’s the economy doing? Well, Nvidia announced earnings this past week, announced revenue of over 44 billion for the quarter.

Wes Moss [00:30:14]:
So that was a 44 billion for the quarter.

Jeff Lloyd [00:30:17]:
For the quarter. So that was a growth rate of about 70% year over year. And then they announced earnings or net income of 18.8 billion billion which equates to net income of over $50 billion a day.

Wes Moss [00:30:35]:
Say that one more time. They had net $50 million a day.

Jeff Lloyd [00:30:38]:
50 over 50 million a day.

Wes Moss [00:30:41]:
I’m sorry, did I say billion billions trillions million millions a day. $50 million of net income per day. Day. Well, with that in the next few Sundays, I think we’ll start talking a little bit about some of the research I’ve gotten back on the I wanted to we continue to study happy versus unhappy retiree habits. So we’re learning a lot more with a brand new study that we’ve just finally analyzed, collected and analyzed. It’s taken really three, three months at least to do that. And the, the some of the revelations one I’ll, I’ll share very quickly before we run today that if you’re worried about running out of money, you are not alone. And I saw this as a top three financial fear for every single net worth category.

Wes Moss [00:31:33]:
100 and under 100 to 500,000 in savings, 500 to a million million to 2 million. And even people with over 3 million in investable assets save for retirement, still one in four of them, they’re still very worried about running out of money. So it’s the emotional side of investing that no matter what we do, it’s never going away. We’ll continue to talk about these topics and this new research right here on Money matters. Jeff Lloyd, we’re going to run. Let’s go. All right. With that you can easy to find us Jeff Lloyd and me easy to do so@your wealth.com it’s y o u r wealth.com have a wonderful rest of your day.

Mallory Boggs (Disclaimer) [00:32:23]:
This is provided as a resource for informational purposes and is not to be viewed as investment advice or recommendations. This information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. The mention of any company is provided to you for informational purposes and as an example only and is not to be considered investment advice or recommendation or an endorsement of any particular company. Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. There is no guarantee offered that investment, return, yield, or performance will be achieved. The information provided is strictly an opinion and for informational purposes only, and it is not known whether the strategies will be successful. There are many aspects and criteria that must be examined and considered before investing.

Mallory Boggs (Disclaimer) [00:33:11]:
This information is not intended to and should not form a primary basis for any investment investment decision that you may make. Always consult your own legal tax or investment advisor before making any investment tax, estate or financial planning considerations or decisions. Investment decisions should not be made solely based on information contained herein.