저자: Kevin · 외국인
요약 보기
SVB 파산 이후 사모대출·상업용부동산 발 디플레이션 침체(대공황 시나리오)를 경고. 은행 예금 이탈로 재무여건 긴축 심화, Fed의 QT가 문제를 악화시킨다고 주장. 대형은행은 구제되나 소형은행 예금은 위험, 사모대출 공매도 및 Fed의 금리인하 가능성 언급. 본인은 '대공황'까지는 아니라 보며 인플레 일시적이면 주식 투자 기회, 지속이면 채권·현금 또는 공매도 입장 제시. 엔비디아·TSMC·AMD·테슬라·엔페이즈 등 가격 방어 성격 종목을 언급.
다듬은 글
As always, folks, we got to cover the depression scenario, the Great Depression scenario of tightening financial conditions, the Fed potentially U-turning a massive Great Depression that will be worse than 2008. Michael Burry is calling for it that this is no different from the crash of 2000, no different from the Great Financial Crisis of 2008, except we are walking into the Great Depression.
And in this video, we're going to cover institutional coverage on the not-so-benign Great Depression scenario that we could be facing. Now, many of you know that I am not the biggest bear today. I was a mega bear in January of 2022. That was the perfect time to start being a bear. Today, I am not a bear.
However, I like to pay attention to what the bears are saying. And that is the coverage that we are going to go into right here. First, we are going to start with a Jefferies letter on greed and fear. And then, we will cover multiple other institutional pieces on the depression scenario following banking crisis.
Here we go. Jefferies says Check out the programs on Building a Wealth link down below with an expiring coupon code on March 22nd. All right, we got that out of the way. So, the Silicon Valley Bank collapse is a hint of potentially massive financial problems building in the former boom areas of private equity and private lending.
And unfortunately, the private equity market could lead to it collapsing, could lead to a massive disinflationary impetus for our economy. And the impacts of that will be great. Let's analyze what some of those could look like. Take a look at this. The fact that credit the credit boom in the past cycle was in private lending or shadow financing will mean that lags in monetary policy will prove to be even greater than normal.
This is to say that while in 2008 we had a boom in real estate, over the last decade we had a boom in private lending known as shadow financing like startup lending. And the collapse of Silicon Valley Bank shows us the potential first shoe to fall. But this does not mean there will be no impact from monetary tightening.
Rather, in a world where the US enters recession, Silicon Valley Bank will be seen as the first hint of problems to come in private equity. Just as the failure of New Century Financial in April of 2007 was the first hint of problems to come in subprime mortgages. They're comparing today to April '07, which means much more pain still ahead.
In this respect, 2022 was the year where US equity suffered multiple contraction from monetary tightening. 2023 will the be will be the year of earnings downgrades hitting the stock market if the recession proves to be accurate and we do go into recession, which we widely expect. This is now the key issue in financial markets.
2024 will be the year when markets will have to end up dealing with the emerging credit problems of the private equity space. In other words, multiple compression 22, earnings compression 23, private equity collapse by 2024. That calls for mega hell over the next 2 years and it really makes you want to make sure you have your life insurance up to date.
Go to metkevin.com/life. You can sign up for life insurance in as little as 5 minutes. It's the life insurance Lauren and I use. It's fantastic. 5 minutes on and you can Apple or Android pay for it. It's great. In this respect, it's both amazing and an opportunity that the leveraged loans price index, leveraged loans is usually lending for riskier companies.
And there's an index that tracks a pain in this in this region, and it's still only trading 6.2% below its recent high. The greed and fear index is basically recommending you short leveraged loans. You can Google how to do that, but basically they're saying things about to hit the fan. They say this would be a good as time as any, if the recession forecasts are accurate, to jump into shorting leveraged loans and private equity and being prepared for the true pain that's coming because they believe that we are heading into a five-quarter-long recession.
Folks, five quarters is 1.25 years. In other words, if we go into a a recession Q4 of '23, we could be in recession all throughout 2024. This is scary. They also believe that on unfortunately, because inflation is remaining sticky, the Fed is going to be in a very, very tough situation. They call Jerome Powell a wannabe Volcker.
They say his failed wannabe Volcker act has now put him in a pickle because inflation is not falling fast enough and we're in a financial crisis, which we were not in this sort of financial crisis the last time around. Now, maybe we'll get some clues on what happens on March 22nd in terms of what Jerome Powell ends up deciding to do.
What is he forecast with the dot plot? But he is in a pickle. And what is this potential pickle mean for the bear case? What's the nightmare scenario? Well, here it is. TS Lombard tells us what the nightmare scenario potentially looks like. So, first, they talk about how this cycle, I hate the phrase, is different.
They talk about how this cycle is different because in this cycle and many any many many institutions have talked about this. This cycle is different because it really what households are doing in this banking crisis is they're pulling deposits out of banks and they're buying treasuries. And 's what we did with House Hack as well.
That's my real estate startup. Now it that's it's important to know by the way that we are closing the funding round. We may never have another found funding round until we IPO for House Hack. We're closing that funding round on March 31st. Go to househack.com to read solicitation there. This video is not a solicitation.
While we are trying to do the non-accredited round at a at the same valuation probably for May or June, we can't guarantee that it'll actually happen because if the SEC doesn't give us a green light, we'll just start operating and we we won't do a fund raise. So, if you're accredited, you've got 12 days left to potentially get in on House Hack.
But anyway, what we did at House Hack is we pulled most of the money that we had and we bought Treasury bonds back in November. So, we've been milking like $70,000 a month of just cash of revenue from Treasury bonds thanks to having these Treasury bonds But that's actually part of the reason why you're having a banking crisis is because money is going from bank accounts to treasuries.
You actually didn't have that happen so much in prior recessions. In prior recessions, yeah, people sold stocks and spent less money, but they didn't flee into Treasury bonds. But that's actually creating more banking stress this time around, which is quite interesting. On top of that, because the Federal Reserve is going through a quantitative tightening process except for this last week where they expanded a little bit by $300 billion, just a diddly $300 billion.
The Fed is actually destroying money. It's the opposite of the money printer. You're vacuuming it up and lighting it on fire. The Fed's balance sheet, if it were constant, then the money that's going into buying treasuries would actually flow back into the economy. But, because we're quantitatively tightening, we're actually burning money.
That burning of money leads to potentially more banking risk because banks are basically having to move cash to people's pockets. And potentially move held-to-maturity securities to cash. That means taking even more losses at banks. TS Lombard here says, "Banks can tend to be cheeky with what they do." Let me explain this cheekiness in a very basic way and why this banking price crisis could get worse.
In English, there are two places the Federal Reserve or banks can put their bags. AFS, available-for-sale securities, and HTMs, held-to-maturity securities. You don't really have to understand all of the differences between these. But, in English, these are things that they're willing to sell. These are things they're not willing to sell.
Let's say you bought Enphase at $80 and you bought Tesla at $300. Let's just say, okay? Uh well, you would be holding the bag on Tesla stock and you would be up on Enphase, right? So, how could you be cheeky with your financials if you're a bank? Well, just say your Enphase stock is available for sale.
And here, you What do you do? You mark-to-market, which means you actually look at the current market value and you say, "Look, we have a profit. We're so smart. We have a profit. Just look at our gains." And then you hide your losses in available for or held-to-maturity uh securities. And so, you hide your bags over here where there is no mark-to-market requirement.
So, in other words, the banks can hide their bags legally. Legally hide their bags. And not hide their bags on the available and basically prop up their available for sale securities, right? What does that mean here? Well, if more people are pulling cash out, banks are like, "Crap, this is going to expose our bags." In other words, when the bags get exposed, things could get even worse for the banking crisis.
And so, TS Lombard asks the question here, "Why would you keep your money in deposits unless the Fed cuts rates or banks raise rates?" Right? It's a fair question. Why would you have your money sitting in cash if you could be milking 4 to 5% on Treasuries? It doesn't make sense. And so, in other words, the Federal Reserve may have to straight-up cut their rates to prevent the banking crisis under what Treasuries are yielding to stem the flow of the banking crisis.
And until this happens, the financial crisis continues because financial conditions keep tightening. Here's the nightmare. The nightmare scenario would be the financial system cannot take any more tightening, but the real economy needs it. Inflation stays high, which forces Fed rates to stay high, which forces banks to expose their bags more, which leads to more banking collapses while rates are high and the Fed has to over-tightening over-tighten.
To stop this crisis, you have to lower rates and guarantee deposits. You have to quell the panic. Guaranteeing deposits is what the Fed has started to do with the Treasury Department, but not at all banks. The Treasury Secretary Janet Yellen basically just told you your deposits are not safe at small banks.
In fact, I could show you that, which is very scary because think about it. I've regularly been saying that you should be cautious about having your money at the small banks. Now, some people are like, "Cavet, you're creating fud, and you're going to create the bank run." And no, I I I see a fire, and I'm warning people that there's a fire coming to you.
I feel like I'm not part of the problem, I'm identifying the problem, right? Uh this is this is like it's very obvious. If you have more than the FDIC insurance limits at the bank at small banks, why would you be there? That doesn't make sense. And listen to what Janet Yellen tells you in her congressional testimony right here.
She gives you the biggest warning that you possibly need to get out of small banks. issues we're dealing with on it. Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully recovered? Every bank, every community bank in Oklahoma, regardless of the size of the deposit, will they get the same treatment that SVB BP just got or Signature Bank just got?
A bank only gets that treatment if a majority of the FDIC board, a supermajority, a supermajority of the Fed board, and I in consultation with the president determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences. So, what is your plan?
And we need that determination. Right. So, so what is your plan to keep large depositors from moving their funds out of community banks into the big banks. We have seen the mergers of banks over the past decade. I'm concerned you're about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, "We're not going to make you whole, but if you go to one of our preferred banks, we will make you whole at that point." Um Look, I mean, we're That's certainly not something that we're encouraging.
That is happening right now. That is happening because depositors are concerned about the bank failures that have happened and whether or not other banks could also No, it it it's happening because you're fully insured no matter what the amount is if you're in a big bank, you're not fully insured if you're in a community bank.
Well, you're not fully insured. And You You were at Signature and it was It just barely met that threshold. You were at Signature. Well, we felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks. Um and that something, given that our judgment is that the banking system overall is safe and sound, um depositors should have confidence in the system and we took these actions So, there's a special assessment that's been done on community banks in my state and all banks across the country.
Was there any discussion that that special assessment would only apply to the larger banks or was it always assumed the special assessment would cover every bank including rural banks in my state? Um I I think I I'm not certain what the rules are around that. Um that that's uh for the FDIC. Yeah. All right.
So, we got the message loud and clear, Janet Yellen. The big banks that are systemically important, plus or minus $250 billion, they get bailed out. Their depositors are safe. If you're at a small bank and you have a less than the FDIC insurance limit, if you have not yet gone to the FDIC calculator, do that.
Google it. FDIC calculator, and Google will help protect you are. You should leave the small banks. That is what Janet Yellen is telling you. She is grabbing you by the shoulders and saying, Uh yeah, we're not protecting all the small banks. They're going to go away. And it sucks, but there are going to be a lot of bankruptcies and a lot of unemployed people, and this banking crisis is not getting better, it's getting worse.
And the question is, how bad is it going to get for the big boys? The small boys going away, that's already almost a foregone conclusion. The big depositors are probably going to flee the smaller banks. I hate to say. Uh it's terrible. But, the crisis could get a lot worse because now the Federal Reserve is being called upon to not only to protect all depositors with the Treasury Department, but also stop quantitative tightening because quantitative tightening is leading to more outflows from the banking sector, which is just making this issue worse.
Uh and the problem with this is the following. Uh T.S. Lombard here says, "This alone wouldn't solve the problem from a bank perspective, though, as people would still be putting their money into money market funds instead of leaving them on deposit. The crisis has revealed to anyone who has been asleep all last year that they can finally get a return on their liquid assets.
So, why would you leave your money in a bank right now?" Banks could raise deposits, but that would represent a significant hit to prob- uh profitability. That means there probably will end up being another required step from the Federal Reserve. Cut rates, potentially quite aggressively. Banks will have to increase their deposit rates to stem outflows, damaging profitability, but we reckon the Fed will help them by cutting out a cutting rates and and bringing money market fund rates back down closer in line with deposit rates.
Otherwise, the tightening of financial and credit conditions will be hard to manage. For the ECB, the financial system is less dynamic, but outflows to money market funds are a problem here as well. Central banks on both sides of the Atlantic will in any case be incentivized to wind back policy by deteriorating activity data and slowing inflation as the credit crunch unfolds.
Big picture. We're in a year-long, multi-year-long slog back to higher yields. That's their take. By the way, I wrote a little note here. Bank assets being bought and sold are probably why so much volatility happened in bonds last week. They're banks basically liquidating. But anyway, uh they do mention here though that because the assets in question, the Treasury bonds we talked about, are also the assets people are buying, there is no doom loop yet.
But where is the depressive doom loop? Where is the real depression? Listen to this. The credit crunch is already now uh going to expose fragilities in the economy in the other areas. Specifically, commercial real estate and intra-Asian flows being the elephant in the room. These have a risk of a doom loop.
So remember what a doom loop is. Let me first give you what a doom loop is not, okay? A doom loop is not sell Treasuries. Uh right? That's not a doom loop because when people sell Treasuries, yields go up. And what are other people doing? They buy Treasuries. Now that does create some doom in the fact that it reduces deposits.
That creates some doom for banks, but this is why I say in recessions, you stay away from financials. Said that for over a year. Okay. What is a doom loop? Well, here's what a doom loop is. Ready for this? Commercial or or or I should just say real estate in general. Here's a an example of a real estate doom loop, okay?
So, real estate doom loop, number one, less investment. What does that do? Lowers prices. Lowers rents. This is this then lowers Well, well, well, this one here is kind of like lowering your multiples. And this lowers your cap rates. Both of these really bad because they funnel together. As prices go down because people are less interested in investing in commercial real estate uh because they don't need an office.
They don't need to expand their business because there's less available debt for them to borrow. Lending standards have tightened so much. What then happens? Prices for commercial real estate go down. Multiple compression. Then, what happens? Well, rents could also go down. But, if rents go down, then prices should also come down for commercial real estate.
That is a style of a doom loop. But, not only that, what you could also see is a collapse of pricing in commercial mortgage-backed securities, CMBSs. Why? Because banks are having to liquidate their held-to-maturity securities. Small banks having a disproportionately large number of commercial mortgage-backed securities.
When I met with Cathie Wood for dinner, she made it very clear that it's the small banks that have the vast majority of the CMBSs. 25% of their book is CMBS, whereas the big banks only 7% of their book is CMBS. If you want to learn more about this kind of stuff in perspective, how to think about this, remember programs on building your wealth.
The coupon best price expires on the 22nd. But, anyway, when you get a collapse in these bonds, now all of a sudden, you're killing uh the the wealth of institutions who would ordinarily be buyers in the first place for uh office buildings or commercial buildings or for basically institutional real estate, right?
That potentially creates a doom loop because now guess what happens? Now uh institutional real estate prices come under pressure. Which makes those more attractive over residential real estate. Now investors stop caring about residential real estate because there are better deals in commercial real estate, maybe apartment buildings for example.
Residential real estate is usually considered one to four, house, duplex, triplex, fourplex. Anything else is generally considered commercial real estate, five units plus, office, whatever, retail, you name it. So if it's more attractive to invest in commercial real estate, then you have less buyers in residential and potentially institutional liquidations in residential.
So people keep saying that oh, the real estate crisis is not a big deal because inventory is so low, homeowners aren't going to sell. Homeowners are just one piece of the pie of this whole crisis, one piece. That's it. Institutions go away, now you have less demand for investment real estate, pushing up cap rates potentially for the commercial stuff, lowering them for residential, which drive or making residential prices look lower or or pushing you're basically putting downward pressure on residential real estate to convince investors to go back to residential.
Uh and this creates a doom loop again where prices potentially spiral down for real estate through not only tighter lending standards, but also just less investment. And that is just an example of what you could get in this sort of depressionary environment. TS Lombard here says asset prices are still clinging onto the old way of life, available debt, available credit.
Uh and really this crisis that's beginning with Signature Valley Bank, Signature, Credit Suisse, these are not coincidences. These are most likely the start of us seeing the economy deteriorate. And we're now going to start in uncovering behavioral changes that have not started reflecting yet in asset prices, specifically real estate.
And we're weaning off the global financial system and an economy that's used to basically permanent easy liquidity, cheap easy debt. This is a big red flag. So this is why you're seeing these these nasty scenarios, these potential nightmare scenarios. Uh so it's not just them over here. It's also over here.
The potential loss of confidence you could see. In the not so benign scenario, this is according to Barclays, there could be a loss of confidence and the credit contraction would likely be abrupt throwing the US economy into a hard landing in short order. While regulators have taken important steps to avoid these outcomes such as by making depositors whole, an additional step could be to guarantee all deposits of the banking system.
However, that would require Congress to act which may be a possibility but so far is unlikely. If there is indeed a crisis of confidence throwing the economy into a recession, history suggests the Federal Reserve will be forced to ease aggressively. Uh in past recessions, the unemployment rate has risen by three percentage points on average.
That would be going from like three and a half to seven and a half percent. And the Fed cut more than 500 basis points when not constrained by the zero lower bound. Well, basically that means if we go to 5% now, we could be going right back to zero. So in this sort of hard landing scenario, the left tail risk is increasing substantially which is the recessionary risk, the cut risk, the rate cut risk.
And in other words, we could be seeing a lot more pain ahead of us and a lot of Federal Reserve cuts at the same time as we see more pain. Now, one thing that slightly props this up a little bit is this idea that boomers are more in cash. However, boomers are also potentially likely to create inflation.
This this piece by Lombard suggests that basically there are composite compositional effects of people's life cycle. And they basically tell you this. Young people aged 5 to 29 and old people 65 and plus are inflationary. The people in between who actually work are deflationary. So, people working are deflationary.
People spending money and not working are inflationary. But we're potentially and and they're saying that this era right here is why we had a great moderation in inflation. Well, now the people during the great moderation of inflation are becoming older and that's very inflationary. So, now you have to put together the pieces of the puzzle that you're getting here.
You're getting a potential one end of the great moderation of low inflation. That's an argument led by potentially boomers retiring, which is inflationary. Okay? So, now you have more sticky inflation. More sticky inflation equals Fed forced to keep rates higher for longer. However, now you have a banking crisis and doom loop for real estate.
I didn't even mention it earlier, but a doom loop a doom loop for real estate is generally considered bad because we know that Mr. Shiller, who put together the Case-Shiller index from Princeton, Princeton famous Princeton economist tells us that when real estate prices go down, people spend less money.
All of that is depressionary. Depressionary. There we go. Apparently, that's not a word. But anyway, that could lead the Fed to cut basically to zero. We could go right back to zero in this sort of depressionary scenario. However, that might not be enough to prevent pain throughout 2023 and 2024. Remember the crisis we talked about earlier in the segment.
2022, stock prices down. 2023, earnings down. 2024, private equity and lending down. And this would be the start of tightening uh lending. So in other words, if you want a really bearish case, this is it. Everything sucks going forward to 2024. Now my take in this is maybe. I could be wrong, but maybe, just maybe, is it possible that inflation does end up proving to be transitory?
That's the only hope you can have is that the inflation Uh here's your great moderation. Then you get the COVID inflation. And this is kind of where we are now. Is it possible that this inflation we've seen right here, this disinflation, continues? If that disinflation continues, then maybe, just maybe, the Federal Reserve could cut to zero, prevent the depressionary, like the full depression, and put a floor under the real estate disaster, and a floor under the banking crisis.
Basically, it is now high time that disinflation occurs on hyper speed. So, here's your take. If you think inflation will prove transitory, now may be a great time to invest in stocks. #notpersonalizedfinancialadvice. I've no idea what the hell is going on in your life. Yes, I'm a financial advisor.
Yes, I hav lot of people are bundling that with stocks and psych right now. Big coupon expiration coming on March 22nd. So, anyway, if you think inflation's transitory, now could be the opportunity of a lifetime to invest. And I personally think you go for pricing power style stocks in that environment.
Something that would be somewhat recession resilient for a short shallow recession. Because that way rich people can basically keep those stocks propped up. Rich people and rich rich businesses can keep those up propped up. Think Nvidia, Taiwan Semiconductors, AMD, Tesla, Enphase, stuff like that. Enphase is on sale right now, by the way.
I think great opportunity. We're getting close. 160 is like my load the truck target for Enphase. But anyway, if you think inflation is here to stay and the great moderation is over because of like this this boomer talk or or the stickiness of inflation. And I really summed up this boomer piece. Here, take screenshots of it if you want.
Ready? Here. Boom. One, two, three. There you go. You can read the whole boomer piece if you want. I don't think there's anything. Yeah, that was the end of the boomer piece. So, you can read the whole boomer piece there. I basically gave you the summary of the boomer piece. But anyway, there there you have the sort of evidence behind it as well if you want.
But anyway, if you think inflation is here to stay and the great moderation is over because of the boomer thing and or the stickiness of inflation, we you probably just want to milk milk either either milk bonds or just cash or straight cash and short. Short. Right? That's that's probably the position you're in.
And so, I actually think a heavy amount of positioning is on the side right now. Lot of cash is on the side right now. Yeah, retail individual investors have started buying the dip. But uh in my opinion, the only way you can argue in the Nike swoosh is if you believe in number one. This is the volatile Nike swoosh that we keep talking about.
That is a number one scenario right here. The doomsday scenario and inflation is here to stay. Uh we effed, basically. Uh so, uh pick your side. Or or hey, you know, or go 50/50. So, uh yeah. There you have it. That is uh that is some of the the madness uh that is going on. Check out the programs I'm building wealth down below.
If it makes you nervous, get life insurance in as little as 5 minutes. If you want to buy the dip, sign up for WeBull by going to meetkevin.com/free and get yourself up to 12 free stocks. Free money, basically, for signing up to trade on WeBull. All right, that's the doom scenario. Boy, there's a lot of content today.
All right, um Someone here donated money twice to ask me about UBS. I'll give you a little idea here. There is talk that UBS might be interested in buying Credit Suisse along with a whole lot of other drama that we've got to talk about. What's really important to know about uh Credit Suisse potentially being looked at as an acquisition by UBS is, in my opinion, any private enterprise would have to get such a massive discount on these banks because if they don't, guess what's going to happen?
If one company buys a toxic company, the value of the company that's not deemed toxic yet plummets. Unless they got such a good discount on that deal that they basically made that company near worthless and then they're getting their leftover clients. That's the only way that works out. Otherwise, that's how you get contagion.
A good bank buys a crappy bank and now the good bank becomes a bad bank. That's the disaster. Think about Bank of America and Countrywide. Bank of America bought Countrywide. You know how many lawsuits and crap they had to deal with for years after that because of the toxic bags they bought at Countrywide, that was an oopsie-dupsie.
And that's kind of what we're seeing now with Credit Suisse. It's starting, folks. Buckle up. Now, on the note of real estate potentially crashing, I want to give a quick little append that I was just in Fort Worth. I took a look at a lot of different areas in Texas. I'll be releasing a separate video on that.
But, I want to give you a little teaser. So, I met with Sarah Dichi, who's a tech YouTuber you should go follow her. And I learned something really incredible from her. I learned that she grew up in Texas, lived in New York, moved back to be with family in Dallas the Fort Worth area. But, guess what?
She's now moving out of Texas. She's got some reasons for that. But, based on the hint she gives you here, I want you to ask yourself, where is she moving? And when she announces this, it could be pretty unheard of. But, comment down below what you think based on the evidence I provide you. Now, and it sort of ties into this idea of, hey, if we do have a market correction, what does this mean for potentially re-migration?
Welcome back, everyone. I've got Sarah Dichi here. This is so exciting. And there is the beach. So, you live out here in Fort Worth, Texas. Why'd you move to Fort Worth? Yeah, the DFW area is super great for just living a simple life. Everything is easy out here, right? It's not super expensive, even though it's getting pretty expensive.
You know, finding a house has actually been more challenging than I thought. But, everything else, like the rents, you know, we live in a decent townhouse for not barely anything. You just have your own cars. I'm coming from New York City. Having a I mean, I know that's basic. You get around. And but you bought a townhouse out here at one point, a condo.
Yes, yes. So, we bought a condo and if all I'm saying is I am so against HOAs, y'all. Stay away from HOAs. I know they serve a purpose for having junk in your yard and stuff, but Texas is the land of HOAs. Oh, okay. I got burned pretty bad with that. But, now we're renting super cheap, like a nice townhouse for 2,800 a month.
It's like nothing. That's awesome. So, rent's pretty cheap out here compared to compared to New York. Oh, yeah. You going to ever move back to New York ever? So, you know, we moved out here to be with family, and I have had such a lovely time with my family. But, we're realizing that our jobs, YouTube, it is helpful to have other YouTubers around us.
So, we're considering other places. I haven't I haven't even I haven't even told my audience that. But, I'll say here, we're considering other places. Ooh, okay. Okay. All right, other places with YouTubers. Yes. So, there's maybe a couple places. Yeah, not too many of those places. A place would you leave a place with no income taxes?
I would. That is how much we want to be around friends. Oh my gosh. Okay. Well, we'll have to leave the tease there. Okay. Well, we'll When do we get to find out? When is one of them going to let us know? This summer. Stay tuned. Go to Sarah's channel, subscribe, and find out where she's leaving Texas for. Clickbait.
Comments 0