On this week’s episode Tom and Jacob talk about the recent button trend, having hired guns, and the levels of wealth in the United States.

Email Jacob at jacob@tiredandrich.com for questions or suggestions for future topics.

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Want to read more about soaring tensions?

https://www.newsletter.tiredandrich.com/p/soaring-tensions

View Details

On this week’s episode Tom and Jacob talk about the large Interest rate cuts and the election season and how that affects your money.

Email Jacob at jacob@tiredandrich.com for questions or suggestions for future topics.

Subscribe to Tired and Rich, the newsletter for tired parents, at

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Want to read more about the election?

https://www.newsletter.tiredandrich.com/p/the-election-and-your-money

View Details

On this week’s episode Jacob is in California so Tom discusses with the viewers about the looming interest rate cuts, the overall uncertainty in the market, and he brings back the basics to investing.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Want to learn about today's interest rates?

https://www.newsletter.tiredandrich.com/p/interest-rates

View Details

On this week’s episode we talk about the common misconceptions on retirement, and the benefits of starting early.

We talk about how to strategically plan for retirement and the inverted yield curve.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Want to know A Better Way to Budget?

https://www.newsletter.tiredandrich.com/p/investfirst

Show Notes:

Introduction:

What happened in markets:

Markets hit a road block, but not the whole market. Tech no longer has the lead on the stock market. Utilities, financials, and good ole consumer staples have kept the market propped up, being the best performing sectors this year.

S&P 500 is still only 3.9% off it’s all time high.
https://sherwood.news/markets/stock-market-today-sp500-stocks-hit-the-skids-semis-fall-by-most-since-2020/
The first trading day after Labor Day, like the past seven years, was a negative one. It kicked off a month that has historically been weaker than the others.
The S&P 500 reported a 11.3% earnings growth year over year (best since Q4 of 2021)
https://insight.factset.com/earnings-insight-infographic-q2-2024-by-the-numbers

Jobs, the Fed, and inflation have the markets on edge.

The 5 year breakeven inflation rate is under 2%
https://www.cnbc.com/2024/09/06/jobs-report-august-2024.html
The yield curve un-inverted
https://www.commonwealth.com/insights/what-does-an-un-inverted-yield-curve-mean

https://www.cnbc.com/2024/08/28/buffetts-berkshire-hathaway-hits-1-trillion-market-value-first-us-company-outside-of-tech-to-do-so.html

The insurance index is up 28.18% this year.

QUESTIONS TO ASK TOM

Retirement as a Process: You mentioned that retirement is a multi-year process. Can you explain what that process looks like from the initial planning stages through the first few years of retirement?

The Mental Shift: Switching from saving to spending can be challenging for many retirees. What advice do you have for easing into this shift in mindset?
Practice Makes Perfect: You recommend practicing retirement before fully retiring. How does this practice help people better prepare financially and emotionally for retirement?
Overspending Risks: What are some common warning signs that retirees might be overspending early in retirement, and how can they adjust to avoid running out of money?
Working Longer: You’ve talked about the benefits of working longer to improve retirement plans. In what situations do you recommend people consider extending their careers?
Dealing with Unexpected Changes: Retirement rarely goes exactly as planned. What are some practical ways retirees can adapt to unexpected changes, whether related to health, family, or the market?
The Long Game of Investing: How should retirees approach investing in the long term, especially with the likelihood of living through multiple bear markets?
Retirement Careers: Many people are choosing to work in retirement. What kinds of jobs or careers are popular for retirees, and how do they impact financial planning?
Navigating Social Security: You mentioned that clients often ask when to start drawing Social Security. What factors should people consider when deciding the best time to claim their benefits?
Real-Life Retirement Lessons: What are some common misconceptions about retirement you’ve encountered from working with clients, and how can listeners avoid making the same mistakes?

Tired & Rich

Morning everyone,

We're going to dive into retirement today.

Many of you are on the back nine of your career, meaning retirement is getting closer.

It's getting real. You check your 401k balance and occasionally receive an updated Social Security Statement, and you're wondering how it will all work.

Can you swing it?

Can you retire when you want to?

How best to plan the next ten years (or whatever you have left)?

Well, today, we're doing just that.

This edition will be more of a cliff notes version than a deep, exhaustive dive.

I want to give you a dose of reality.

Because there's what your friends say it's like, how your parents did it, what you read on the internet, and how it actually works for you.

First of all, I am a massive advocate of not winging retirement planning.

Over the years, I've worked with too many families who come to Fjell late in their careers to get serious about retirement planning.

They almost always say, "We should have done this sooner," we say, "Sure, but we can't change the past, only the future. Let's get you a plan to crush retirement."

There are many reasons why kicking the can down the road happens, but I want to start with a firm reminder: Don't let that be you.

This quote sums this up nicely - fail to plan, plan to fail.

Don't wing it 🙂

Now, onto the retirement tapas menu.

1

While there is a day that you will quit working, retirement is actually a giant, multi-year process.

It's a process to retire, and once you are retired, it's a process to get used to retirement and fine-tune your investments and spending strategies.

I recently had a conversation with a client who has been retired for a few years and just turned on social security.

I remember the "Should I retire a few years early?" conversation, and now, years and years later, the conversation of "Is now the time to pull Social Security?" happened.

Retirement is a process.

Just like your career is/was a process.

It takes time to dial it in.

The day you quit working is your "retirement date," but it really starts years before.

2

Second, retirement is a mind trip.

It's weird to spend your entire career, like 40 years, saying we need to add to our investments accounts, then, overnight, you say, "We need to start pulling money out of our accounts."

The shift from saving your money to spending your money is difficult.

And that is why I like to remind people that retirement is a process and to give yourself some grace to figure it all out.

While I love a tight financial plan and specific numbers to offer families (for example, you can spend X dollars per month, given your portfolio), retirement is far from the linear nature of modern financial planning software.

It's hard to go from save save save to spending your own money you worked so hard to accumulate.

3

Third, like everything in life, practice makes perfect.

You should 100% practice retirement while you are working.

Put your paycheck into your investment account, pay yourself a fixed income for six months, and see how you do.

Whatever you want to do in retirement, practice it while you are working.

Why is this so important? Once you hand in your notice, sell your business, or transition out of your job, it's almost impossible to get back in.

So make sure you are ready to quit before you quit.

Practice retirement because this next part is tricky.

4

Overspending early in retirement can quickly derail a retirement plan.

I often spend time with clients who are nearing or in retirement. One thing I am particularly interested in is their spending ratios.

If spending is too high early on, it's a danger sign to me.

Here's why.

Let's say you spend $10,000 / year too early in retirement.

You are 67, and your money should last for another 25 years (the early to mid-90s is usually the age you want to plan for.)

If you keep spending and make no adjustments, you'll spend an extra $250,000 in retirement.

If that math doesn't work out, you'll run out of money early.

Running out of money, no matter what you start retirement at, is the nemesis in retirement planning.

That's why I mentioned practicing retirement is so important. You need to have a great budgeter to have a comfortable retirement.

5

Work longer.

Over the years, I've noticed that working in retirement is becoming increasingly common.

While we celebrate breakthroughs in medicine, those breakthroughs make us live longer.

And living longer is expensive. Hence, more people have adopted "retirement careers."

If you are short on your funding goals or want to improve the math in your plan, work a year, two, or three more.

I won't go too deep into the math of this, but working a year, two, or three longer than you want usually dramatically improves the overall health of your retirement plan.

If you are nervous, the market crashes, or need to shore up your accounts, working longer is always the best option to enhance your retirement plan quickly.

This works if you have $100k, $1m, or $5m+.

6

You change, the world changes, your family changes, your car decides to break….

You get it.

But what does that mean?

It never goes to plan.

Let me give you an example.

I can't tell you how many people have told me, "I want to die in my home. I hate nursing homes and don't want to be there, ever."

I respond that almost 100% of the families I have worked for sell their family home, move to an independent living facility at some point, and invest the home proceeds in the municipal bond market to help pay rent.

They plan one thing earlier and later, and they get really tired of finding someone to mow the lawn, clear the driveway, etc.

The plan changes.

Health scares, market turmoil, family drama, and aging all show up in strange and unexpected ways.

Taking them in stride, in the context of your well-thought-out retirement plan, is critical because retirement never goes to plan.

7

Retirement is the long game.

You've heard it here many times.

The long game is the game to plan.

Another example.

Many online articles will point to investment strategies for nearing or recent retirees.

While I read these articles and have had many investing conversations with families around retirement, these articles offering blanket investment advice to anyone with an internet connection can be quickly taken out of context.

They're almost always written by journalists, not financial advisors in the trenches, with actual families doing the retirement planning.

Here's the deal: Modern retirements last 20-30 years, and historically, there are bear markets (bad market drops), on average, every four years.

The equity markets, though, go up

View Details

On this week’s episode we reflect on Nvidia and the current consumer Savings problem.

We talk about what wealth looks like, Warren Buffet's insane consistency, and the manufacturing sector's leading indicators.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Want to know How to make a financial comeback?

https://www.newsletter.tiredandrich.com/p/how-to-make-a-financial-comeback

View Details

On this week's episode we talk about the end of earnings season, the real estate market, and Jerome Powell in Jackson Hole.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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View Details

On this week’s episode we talk about the biggest things that happened in the last week.

We talk about T-Bills and whether or not you should buy them, Bill Ackman’s position on Twitter, the housing market, and what it means to be a legendary investor.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Stocks

Is It Time to Time to ‘Buy a T-Bill and Chill’?

https://apple.news/A0EqZt0zcR2iQJcvTzEuQ4g

The Mindset for Investing

https://www.linkedin.com/posts/tomstadum_heres-the-break-down-ok-investors-know-activity-7116512516305801217-aC5x/?utm_source=share&utm_medium=member_desktop

Sequoia “GPU Capacity is Being Overbuilt”

https://www.sequoiacap.com/article/follow-the-gpus-perspective/?utm_source=substack&utm_medium=email

Earning Season

https://insight.factset.com/sp-500-financials-sector-earnings-previewq3-2023

Bill Ackman buying X - why is this interesting?

Economy

America’s Factory Boom Brings Billion-Dollar Projects to Tiny Towns

https://www.bloomberg.com/news/features/2023-10-05/ev-factory-investment-brings-changes-to-american-small-towns?utm_campaign=news&utm_medium=bd&utm_source=applenews

Housing

Home Prices Are More Tied to Employment Than Rates

https://www.linkedin.com/feed/update/urn:li:activity:7115709759969783810/

View Details

On this week’s episode we get back into the swing of things and we talk about some really important personal finance lessons. Since it’s been a month since our last episode we wanted to give a recap of what happened over that month, why it matters that you should pay attention to it, and how knowledge compounds.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Become a client of Fjell Capital

StocksA tough September (https://www.barrons.com/articles/when-to-buy-stocks-september-44d37a64?mod=hp_LEAD_1_B_2)

Level Three Autonomy has Arrived in the Benz (https://www.theverge.com/2023/9/27/23892154/mercedes-benz-drive-pilot-autonomous-level-3-test)

Economy

The Unstoppable Dollar (https://apple.news/AEgbNuEl_T_i-nrTPdQ8KFw)

Student Loan Payments Start Again (https://www.cnbc.com/2023/10/01/how-the-restart-of-student-loan-payments-could-shake-the-economy.html)

Personal Finance

Knowledge Compounds - Tired and Rich

Dandelion Decision Making

View Details

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.

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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

View Details

(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)

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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)

View Details

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.

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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

View Details

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.

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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

View Details

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.

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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

View Details

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.

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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)

View Details

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.

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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

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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.

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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)

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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.

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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

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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.

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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

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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.

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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

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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.

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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

View Details

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.

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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.

View Details

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

View Details

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

Suggestionhttps://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

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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.

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Suggestion

Fixing financial mistakesWhat 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

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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.

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SuggestionWhat 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.

View Details

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.

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SuggestionFocus 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

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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.

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Suggestionhttps://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

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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 filterQuote 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

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On this week’s show Tom, Jacob, and Noah mix it up by leaning into a new show structure. We talk about how high fixed costs can lead to the death of your financial life, why the stock market makes you feel bad, home prices across the US, Apple’s buy now pay later product launch, the dying metaverse, and what to pack when the weather turns bad.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Subscribe to the Weekend Reads here.

SuggestionTreat your financial life like a tech company

What Went On

Why the Stock Market Makes You Feel Bad All the Time - A Wealth of Common Sense

The housing market is rising in the east and setting in the west, just like the sun

Apple Pay Later and AI’s potential effect on marketing, will you be spending more money involuntarily.

The Metaverse goes dark

Donald Trump gets indicted on 30 some accounts of document fraud

There will be losers, the first to feel the tension are using the first to fall Quote of the Week

“When the weathermen pack umbrellas, the forecast is for rain.” -Will Robbins, Equity Portfolio Manager at Capital Group

View Details

On this week’s episode Tom, Jacob, Dan discuss what credit default swaps are and why they are so heavily watched (especially today), the tech market’s insane 2023 rally, the Fed’s decision, the bond market’s volatility, and Hindenburg Research’s latest attack on Block.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

The GoodWas the Techcession in 2022 good for the Tech market in 2023, or is it fake?The BadWhat are CDS and why are they heavily watched in the banking sector.

The ComicalMovies and TV depictions of destinations is a key factor in travel plans

The HeadscratcherSmall banks hold nearly 70% of commercial real estate loans (axios.com)A shock to lending standards - The Reformed Broker

What went onThe Fed raised ratesBond market swings are the most volatile since '08 — just look at the ICE BofA MOVE Index (axios.com)Google Launches Bard AI Chatbot to Counter ChatGPT - WSJBlock: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion – Hindenburg Research

Win of the weekOld economy companies

Time MachineRemote work is starting to hit office rents (axios.com)

Quote the week“I mentioned with rate cuts, rate cuts are not in our base case and so, that'sall I have to say. Thank you. Thank you very much.” -Jerome Powell

Subscribe to the Weekend Reads here

View Details

On this week’s episode Tom, Jacob, and Noah talk about updates in the financial sector, the mass inflows to CDs and money market funds, the safety of your money, AI, and more layoffs.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

•An interesting question to ponder

oDoes more money make you better at managing your money.

•The Good

oWhile the stock market may be down, our current situation caused a historic bond rally

•The Bad

oCredit Suisse went down and was acquired by UBS for $2 billion $0.28/share; the Saudi’s lose $1 billion on CS

oIs your money actually safe, record CD and money market inflows

•The Comical

oBeloved and debated, French bulldog becomes top US dog breed

•The Head Scratcher

oThe yield curve moves towards uninversion on the news of a banking crisis…

•What Went On

oJosh Brown called the top of interest rates, and I’m inclined to believe him

oThree million US households making over $150k are still renters

oTiger global wrote down its venture portfolio by 33%

oSVB filed for Chapter 11, Moody’s downgraded the US banking system to negative

•Win of the Week

oAI is coming to your office suite, and with ChatGPT - 4

•Time Machine

oMeta lays off another 10,000 employees, which put them below prepandemic hiring trends

•Quote of the Week

o“In both cases success became less about a series of victories and more about going big or going home.”- Ben Thompson

View Details

Description: On this weeks episode Tom, Jacob, and Carissa talk about the recent rout of banks that experienced major drawdowns and mini crises, the Powell Congressional testimony, as well as the Friday payrolls report.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Subscribe to our newsletter: Weekend Reads

The GoodI believe this last week will prove to be a pivot in the 2022 saga
We finally broke something - by Genevieve Roch-Decter, CFA (substack.com)
The Bad Silicon Valley Bank, Silvergate Capital, First Republic, Charles Schwab, big and small banks alike
The Comical The market cared zilch about the payrolls report on Friday (unlike anticipated, hell week for different reasons)
The Head Scratcher What will the Fed do now?
What Went On - Jacob
Jerome Powell testified to Congress on Tuesday and Wednesday
Used vehicle prices rising at an unseasonably strong rate (cnbc.com)
Nvidia grew from gaming to A.I. giant and now powering ChatGPT (cnbc.com)
Home prices experience their 3 worst drawdown (and experiencing year over year declines for the first time since 2012)
Win of the Week
Short form streaming, Spotify is making its feed look more like tiktok, joining the gang of TikTokesq feeds
Time Machine
New Drugs Are Coming to Market at Sky-High Prices - WSJ
Quote of the Week
"There are recent developments that concern a few banks that I'm monitoring very carefully and when banks experience financial losses, it is and should be a matter of concern," Ms. Yellen

View Details

On this week's episode, Jacob, Tom, and Carissa talk about Eli Lilly's announcement of a 70% reduction in insulin costs, which is a huge deal as about 1 in 10 Americans have diabetes. We also discuss Americans piling on debt, the moon's new time zone, the Chinese lab leak, Arm listing on the NY Stock Exchange, and once-in-a-generation snowfall in California.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes* The Good
Eli Lilly's Insulin Price Cap Squeezes Other Drug Makers | Barron's (barrons.com) * The Bad
Americans in Their 30s Are Piling On Debt - WSJ * The Comical
Should the moon have its own time zone? (nbcnews.com) * The Head Scratcher
A Lab Leak in China Most Likely Origin of Covid Pandemic, Energy Department Says - WSJ * What Went On
U.K. Chip Designer Arm Plans New York Share Listing, in Blow to London’s Stock Market - WSJ
Home foreclosures are ticking back up (axios.com)
Key Fed inflation measure rose 0.6% in January, more than expected (cnbc.com)
Berkshire Hathaway 2022 annual report - The Reformed Broker * Win of the Week
Activist investors are a good thing for shareholders (not so much for the founders) * Time Machine
Unusually heavy snowfall on US west coast is ‘once-in-a-generation’ event | Extreme weather | The Guardian * Quote of the Week
“Best career advice I've heard on how to make money: Lie to people who want to be lied to, and you’ll get rich. Tell the truth to those who want the truth, and you’ll make a living. Tell the truth to those who want to be lied to, and you’ll go broke. Choose wisely.” - Nick Maggiulli

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On this week’s episode we welcome Carissa Geske back to sub 0 temperatures from her long vacation to Thailand. On today’s show we talk about how the weather may affect jobs, how the seasonality of jobs may have changed, reviewing the anniversary of the war in Ukraine, big tech’s latest lawsuit, and a ton of other super interesting topics that happened in the markets last week. Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

The Good The strong job report could’ve been caused by warm weather and seasonal factors
The Bad 1 year after the war started in the Ukraine (more sanctions on Russia)
The Comical Would you drink olive oil infused Starbucks Coffee?
The Head Scratcher Google is getting sued because YouTube was recommending ISIS recruitment videos that got a woman killed
What Went On
Office landlords are defaulting
Meta is Launching Paid Verification
Twitter has 14 million in unpaid bills
There are cracks forming in the auto loan market
Win of the Week Nvidia delivered on its expectations of being economically immune
Time Machine 2021’s Booming IPO market is 2023’s Booming Going Private Market
Quote of the Week “Progress is great. There’s this pervasive fear that productivity gains will take everyone’s jobs, but as we wrote about in our piece on Formic, what actually happens is that people find new, more interesting jobs. A much lower percentage of us work on farms to feed our families than we used to; now some people get to do silly things like write newsletters for work.” - Packy McCormick
Key Takeaways
Dan - People are awesome. Invest in them.
Jacob - Market psychology sometimes matters more than the actual numbers
Carissa - We live in a big, small world
Best Part of Last Week
Dan - First gig in 7 weeks
Jacob - It happened new “truck”
Carissa - Being back in Thailand after 7 years of being gone was a dream.

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On this week’s episode Jacob, Dan, and Noah discuss this week’s key economic data points including retail sales, employment, and inflation. They also discuss US debt, the housing market, the Ohio chemical spill, and more on Q4 earnings.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes:

The Good: Consumers are spending us into a no landing scenario
The Bad: Household debt jumped at the fasted quarterly pace in 20 years - jumped to $16.9 trillion
The Comical: At least one car per day crashes into a 7 Eleven out of 100 daily storefront crashes
The Head Scratcher: Where are the workers in NYC
What Went On

Inflation - 0.5% on the month 6.4% on the year
The US is on track to add 19 trillion in new debt over 10 years
Single family housing starts nosedive and building permits tumble
Ohio chemical spill

Win of the WeekAirBnB on it’s first profitable quarter
Time MachineCompany earnings transcripts
Quote of the Week“We live in a time that the Golden Age sci-fi storytellers from the 1930s to the 1960s could have only dreamed about, and yet, if you polled the average person on the street, most would tell you that things aren’t looking good. There’s the stat – according to a 2021 Pew Survey, 68% of Americans believe their children will not be better off than they are.” - Packy McCormick

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Show Notes* The Good: Nasdaq off to its best start since 1991 (substack.com) * The Bad: Mass Layoffs or Hiring Boom? What’s Actually Happening in the Jobs Market - WSJ * The Comical: Alphabet shares dive after Google AI chatbot Bard flubs answer in ad | Reuters * Head Scratcher of the week: IBM Global AI Adoption Index 2022 * What is going on? 1. I Tried Microsoft’s New AI-Powered Bing. Search Will Never Be the Same. - WSJ 2. Disney announces layoffs, cost cuts, ESPN plan (cnbc.com) 3. Robinhood Hits Back at SEC, Warns of Threat to Zero-Commission Trading - WSJ 4. Fed Chair Powell says inflation is starting to ease, but interest rates still likely to rise (cnbc.com) * Biggest Win: Google now wants to answer your questions without links and with AI. Where does that leave publishers? | Nieman Journalism Lab (niemanlab.org) * Time Machine: Bankrupt FTX Chases Politicians to Return Donations by End of February (businessinsider.com) * Quote of the week: * Book a call with an advisor. * Follow along on Linkedin.

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On this week's episode Carissa, Jacob and Noah Gjesdahl talk about what the Fed did at the February meeting, the rollover of the nice to have parts of our economy, where Jim Cramer stands on Meta, US debt, and JP Morgan's big bet on timberland.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics. Show Notes

The Good: Jerome Powell seems to be getting dovish
The Bad: People have given up on the nice to have economy
The Comical: Meta Platforms is 100% higher than it was when Jim Cramer cried on live TV
Head Scratcher of the week: US debt and the debt ceiling
What is going on?
Big tech earnings (Apple, Amazon, Google)
Mortgage rates fell below 6%
Annuity sales hit a record in 2022
JP Morgan adds $500 million to their timberland position
Biggest Win: ChatGPT grew faster than anyother prior platform
Time Machine: Globally exposed companies are underperforming
Quote of the week: "If money doesn't buy happiness, you're spending it wrong."
Book a call with an advisor.
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On this week's show special guest, Dan Schuster, Wealth Advisor at Fjell Capital, joins Carissa and Jacob. On this week's show, we talk about the tech rally, the 60/40 portfolio, earnings, money supply, and the most recent Hindenburg report on fraud at Adani Group.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good: Don't lose faith in the 60/40
The Bad: The S&P 500 is reporting more net profit margin shrinkage
The Comical: Jim Cramer is this bad at Stock Picking
Head Scratcher of the week: M2 Money Supply is declining, for the first time ever
What is going on?
Hindenburg Research's post on the fraudulent signs of the Adani Group
US GDP grew 2.9% in the 4th quarter year over year
Amazon launches rxPass as a $5/month prime addon
Tesla's huge rally
Biggest Win: ETFs turn 30 years old, how they revolutionized investing
Time Machine: Temp worker layoffs are happening at an accelerated pace
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On this week's episode Tom, Carissa, and Jacob discuss what a mild recession is, year-to-date market performance, the extraordinary measures the Treasury has to take, and the signs that we are really in a recession today.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Tom and Jacob are Registered Representatives of Sanctuary Securities and Investment Advisor Representatives of Sanctuary Advisors. Fjell Capital is a DBA of Sanctuary Securities and Sanctuary Advisors.

Show Notes

The Good: YTD Performance
The Bad: Congress shouldn't play games with the US's creditworthiness
The Comical: Bankrupt companies are outperforming
Head Scratcher of the week: What is a mild recession
What is going on?
S&P 500 earnings are projected to drop 3.9% yoy in the fourth quarter
Microsoft and Google are laying off employees
Weekly jobless claims are unexpectedly lower
US existing homes sales fall 17.9%
Biggest Win: mRNA vaccines
Time Machine: Americans are spending more than they make
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Tom, Jacob, and Carissa discuss the 6.5% read on the consumer price index, the big bank's earnings results, and the future of the economy.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good: Inflation YoY was 6.5% but declined month over month

The Bad: California is flooding, but it still hasn't had enough rain to bring it out of drought status
The Comical: The big guys can't seem to agree on inflation and the economy
Head Scratcher of the week: Are we actually in a bull market?
What is going on?
The secret to Roman concrete is revealed
Why the big bank's earnings reports matter
Taiwan Semi smashed expectations but said the outlook isn't so great
The world bank says global growth could be at its third weakest pace in three decades
Biggest Win: 3D printing is hitting new highs
Time Machine: Russia is getting hit with more sanctions
Quote of the week: "Don't save what is left after spending. Spend what is left after saving.” - Warren Buffett
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On this week's show Tom, Carissa, and Jacob talk about the recent payroll report and what it means for inflation, the new search engine that is disrupting Google, and how housing could get more affordable in 2023.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good: Wage growth is slowing, a good sign for inflation
The Bad: OpenAI is proving its worth as a search engine
The Comical: Microsoft may be adding ChatGPT to Productivity Apps
Head Scratcher of the week: Swiss National Bank posts record $143 billion loss
What is going on?
Tech layoffs are happening faster than in the pandemic crash
Google and Meta are losing advertising market share
Stats on trading a 10/2 inversion
SpaceX is raising $750 million at $137 billion
Biggest Win: Where will mortgage rates be in 2023?
Time Machine: Median annual drug costs cross $200,000
Quote of the week:“It’s free. There’s no fine print,” Bastian said. “We have invested over $1 billion to create this.” CEO Ed Bastian of Delta
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On this week's episode Tom, Jacob, and Carissa talk about 2023 and what could happen in the economy, markets, and people's lives.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good: What's going to happen next year in markets
The Bad: The SPAC boom ended with a frenzy of liquidation
The Comical: Bitcoin's 2023 price target
Head Scratcher of the week: Negative yield bonds are almost no more
What is going on?
2022 could've been worse
Crypto customers sell claims for pennies on the dollar
Home prices fall for 4th straight month
Chip inventories are back and in excess
Quote of the week: "It’s worth repeating: No one accurately sees the world as it is."
Book a call with an advisor.
Follow along on Linkedin.

Powered by Fjell CapitalFjell Capital is a leading wealth management firm designed to deliver results for people who desire to take their game to the next level. If that is you, please reach out here. Everyday, we are helping families around the country solve their current needs while setting themselves up for a brighter future.

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Investors are excited to move on from 2022 because it's been a bad year. Nobody knows what's going to happen in 2023, but we hope for a better one. On this week's episode Tom, Jacob and Carissa talk about 2022's awards - The Biggest Win, Loss, Good, Bad, Failure and Quote of the year.

Show Notes

• The Good of the Year: Speculation is almost out of the market.
• The Bad of the Year: 2022 was weird -- Commodities, crypto, the fed, VC, Housing and humans. • The Comical of the Year: Wall Street is usually always wrong (but they get paid for it) but I have no idea what’s going to happen in 2023 and neither does anyone else. • Head Scratcher of the week of the Year: Why Russia ever invaded Ukraine in the first place, and how Ukraine has held up

• Biggest headlines of the year?
• The Fed Started Hiking Rates Early
• The Russia-Ukraine War kept prices higher
• Tech and media entered a recession
• Bad Business Deals Turn into worse deals
• The Crypto bubble popped
• Best and worst performing stocks of 2022
• Quote of the Year: "I don't need a ride, I need ammunition" - Volodymyr Zelenskyy, President of Ukraine

Tom Stadum and Jacob Radke are Registered Representatives of Sanctuary Securities Inc. and Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., a SEC Registered Investment Advisor. Fjell Capital is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.

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On this weeks episode Tom, Carissa, and Jacob discuss the rolling over of inflation, why the Fed isn't reacting the way the market wants, the criminal charges on SBF, the SEC's attack on retail brokers and finfluencers, and more.

Email us at laminatemoneypodcast@fjellcapital.com for questions and suggestions for future topics

Show Notes

The Good: Inflation is falling
The Bad: The Fed isn't budging
The Comical: Sam Bankman-Fried got put in lockup on fraud accusations
Head Scratcher of the week: The SEC is attacking retail brokers and finfluencers
What is going on?
Pandemic loans are coming due
Retail sales slide despite the holiday season
Homebuilder sentiment slides
Here is Big Technology's award winners for 2022
Biggest Win: Dan got LinkedIn famous
Time Machine: Share of Americans living paycheck to paycheck rises to 63%
Quote of the week: "If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes"
Book a call with an advisor.
Follow along on Linkedin.

Powered by Fjell CapitalFjell Capital is a leading wealth management firm designed to deliver results for people who desire to take their finances to the next level. If that is you, please reach out here. Everyday, we are helping families around the country solve their current needs while setting themselves up for a brighter future.

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On this week's episode Tom, Jacob, and Carissa talk about Robinhood's 1% match, PepsiCo's laid off employees, Elon's genius on regaining ad revenue, Microsoft's bone with the FTC, and Campbell’s stellar quarter.

Feel free to shoot us an email at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.
Show Notes

The Good: China eases Covid restrictions
The Bad: PepsiCo is laying off employees
The Comical: Musk's Twitter advertising offer that snagged Apple and Amazon
Head Scratcher of the week: Robinhood is offering 1% matches on contributions to retirement accounts
What is going on?
Microsoft's battle with the FTC continues
Goldman Sachs is looking to invest in crypto companies
TSMC is investing an additional $25 billion in the Arizona factory
The US trade deficit widened on lower energy exports
Biggest Win: Campbells is the underdog that is now performing
Time Machine: Laid off tech employees say goodbye to stock options golden age
Quote of the week: "Incredible things can be done simply if we are committed to making them happen."
Book a call with an advisor.
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Leave a ReviewReviews are a huge part of the world we live in and they help new people discover this podcast. If you found value in this, please leave us a review on iTunes or Spotify.

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On this week's episode Tom, Jacob, and Carissa talk about Koger's call on food inflation, Blackstone's 7% down day, the what and why of the Santa Claus rally, and the key indicators of a recession from oil and gas prices to lumber and the Fed.

Feel free to shoot us an email at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

Show Notes

The Good:Kroger's call on food inflation.

The Bad: Blackstone Real Estate Income Trust Inc., exceeded its monthly limit of 2% of its net-asset value.

The Comical: The stock market could have a jolly December.

Head Scratcher of the week: Audience claps for Sam Bankman-fried.

What is going on?

The strong November job reports keep the Fed on track to raise interest rates by a half percentage point. Jobs are still strong Employers added 263,000 jobs in November and the unemployment rate held steady at 3.7%. Markets didn't like that.
Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead...Powell said he expects the Fed can start slowing down as soon as the December meeting, and that is pretty much all the market heard.
Tesla delivered its first electric semi to PepsiCo. “We completed our first cargo run with a very enormous amount of Frito-Lays,” Mr. Musk said.
Oil and gas prices are below pre war levels, a signal that a recession is looming and also raises the chances that OPEC+ cuts production
Biggest Win: Fixed income - 10 year is down to 3.4% - This is a huge boom and something we knew would be coming.
Time Machine: Lumber prices are the worst performing commodity this year. down a stagering 65.5% this year.

To experience financial excellence, book a call with an advisor here.

Follow along with our team on LinkedIn.

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On this week's episode we discuss how hedge funds are still betting against Game Stop (GME), how Credit Suisse is going to lose $1.6 billion, and some good and bad news on the state of economies.

Feel free to shoot us an email at LaminateMoneyPodcast@fjellcapital.com with your feedback, questions, or topics you want covered on the show.

Show Notes

The Good:We are looking at some steep holiday discounts

The Bad: Credit Suisse looking at a $1.6 billion loss

The Comical: Investor Carl Icahn is still betting against Game Stop (GME)

Head Scratcher of the week: The Woolly Mammoth is making a come back

What is going on?

OECD gave a firm warning to Europe
30% less homes are being bought by investors
A rail strike may be on our horizon
Bob Iger is back as Disney CEO
Biggest Win: John Deere is killing it
Time Machine: Record high food prices, turkey is expensive so people are going out I guess

To experience financial excellence, book a call with an advisor here.

Follow along with our team on LinkedIn.

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On this week's episode we discuss the clashes consumers are having with debt and spending as balances rise and sentiment drops, the most poorly managed company in the world, how Taylor Swift broke ticketing, what a split congress means for the debt ceiling, and a wild expectation on GDP growth.

Feel free to shoot us an email at LaminateMoneyPodcast@fjellcapital.com with any feedback, questions, or topics you want covered.

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From the midterm elections to inflation to new crypto bankruptcies, the markets had a lot to process over the week. In this week episode we talk about what all this news means for the markets and ultimately your financial life.

Feel free to shoot us an email at LaminateMoneyPodcast@fjellcapital.com with any feedback, questions, or topics you want covered.

Show Notes

The Good: Markets popped and the Dow is close to all-time highs

The Bad: Binance walks away from the FTX deal

The Comical: Record market cap swings

Head Scratcher of the week: Meta's rally on 11,000 people getting fired

What is going on?

The inflation rally
Midterm results are in - what does that mean for markets
Crypto meltdowns could lead to margin calls - JPMorgan Says
Futures point to more gains
Biggest Win: People's 401(k) are getting some relief
Time Machine: Sam Bankman-Fried was a multi-billionaire then suddenly a millionaire
Quote of the week: The housing market is smashed
Book a call with an advisor.
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On this week's episode we discuss what the Federal Reserve did last week and what that means for you, Starbuck's record pumpkin spice latte sales, the $1.25 million Creel House, and what we would do with $1.6 billion.

To join the conversation, please send in your feedback and questions to:

laminatemoneypodcast@fjellcapital.com

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In this week's episode we talk about the Dow, Apple, Meta and the trouble big tech is facing, the deceiving GDP print, and how to run your financial life in a world of uncertainty. Markets move extremely fast, so fast it can seem like the market is pricing in current events, but it is really pricing in future outcomes.

If you liked this episode, please like, comment, and subscribe!

If you have any questions or feedback please email:

laminatemoneypodcast@fjellcapital.com

We'd love to hear from you!

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In this episode we talk about where people are cutting back on their spending, how the demand for rent is sinking, and why 2/3 working adults are far worse off financially then they were a year ago.

Please send in your questions/feedback at:

laminatemoneypodcast@fjellcapital.com

We'd love to hear from you!

Articles referenced:

The Bump Before the Slump by Dr. David Kelly

https://www.linkedin.com/pulse/lifting-fog-uncertainty-growth-inflation-politics-rates-david-kelly/?trackingId=4dZkbqqJsbVeWMcpmNLl9w%3D%3D

Why Isn't Inflation Slowing?

https://awealthofcommonsense.com/2022/10/why-isnt-inflation-falling/

Apple's Pricing Power

https://www.cnbc.com/2022/10/24/apple-raises-prices-on-apple-tv-and-apple-music.html

Apex Space

https://www.cnbc.com/2022/10/24/andreessen-horowitz-backed-apex-space-aims-to-mass-produce-spacecraft.html

Personal Finance in the UShttps://www.cnbc.com/2022/10/24/more-americans-live-paycheck-to-paycheck-as-inflation-outpaces-income.html#:~:text=With%20persistent%20inflation%20eroding%20wage,according%20to%20a%20recent%20report

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In this episode we dive into the recent inflation report and it’s effects on markets, the rubber bands the Fed has on the economic watermelon, and how millionaires invest and think about investing.

Ray Dalio's Video 'How The Economic Machine Works': https://youtu.be/PHe0bXAIuk0

Email laminatemoneypodcast@fjellcapital.com with your questions and feedback, we'd love to hear from you.

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In this episode we touch on market pricing, OPEC, the economy, and jobs as it relates to what it means to be a consumer, the importance of a consumer in the broad scope of the economy, and what it means for you personally.

Send in your questions or feedback to laminatemoneypodcast@fjellcapital.com

Carissa's book - The Simplest Way to Change the World by Dustin Willis

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In this week's episode we discuss how fast markets move -- how investor behavior drove the London Gilt, the recession may not be as deep as anticipated, recency bias clouds investing and emotions, the current state of inflation, and the condition of liquidity in the US.

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For feedback, questions, or comments email laminatemoneypodcast@fjellcapital.com and be sure to follow us on LinkedIn at 'Fjell Capital'.

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Your financial life, your neighbors financial life, the companies you invest in, our economy as a whole, is built layer by layer. Come learn how each week what the team at Fjell Capital is thinking as new layers unfold and how you can design and build your dream financial life.

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