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joining us now is diversified Private Wealth Advisors president Dominic Tavella your take dom on the bitcoin craze the mania the bubble whatever you want to call it well I've been doing this business for a long time digging and I really remember that garbage calm era it took a really really long time before the pets.com finally blew up it went to zero I don't know where this thing is going or the other currencies like it but there's an awful lot of speculation in it and I think it's a roller coaster ride Mike we should point out with the CMA contracts the futures that start trading today there are some pretty stringent margin requirements that they put in place for these to keep so it basically you will only see at least initially some really big larger investors trading these things larger investors but I think what it does the it the futures trading opens the door to more people getting access to it so people are watching this people are seeing futures trading and they're thinking I don't want to miss out on this I need to jump in and get in this now there are a lot of different futures contracts trading out there that people are not invested in if you're not long Bitcoin right now there's no reason you need to run out open an account and get long Bitcoin right here let the traders trade it and then you can buy it on a pullback if you want to own it the same Irae the initial margin requirement for Bitcoin futures is as much as 47% it was initially set at 35% by comparison the initial margin requirement for the main oil futures contract is 4% so dumb at least these futures exchanges seem to be they're trying to keep people from hurting themselves and losing money particularly a smaller individual and everything is so speculative and the volatility is so enormous here that they're just trying to protect themselves in case there's a really major downswing what scares me is the average phone call that I'm getting in my office which is in the everyday investor who really has no business speculating in this kind of investment I see a long-term reason for owning something like this but in the short run you really have to let it all come out in the laundry but do they listen to you Dom because people want every conversation we have one buy yet at least not not through our firm but but they our call on a daily basis who want to know why we don't own it in their portfolios that's just not something we would do FOMO fear of missing out fear of missing out is a big thing with people and a lot of times when it gets to the point where you have everyday people calling in about certain types of investment like a Bitcoin you're getting near the top of it so Dom what are you suggesting to your investors where they look elsewhere to not if they're not going to be invested in Bitcoin where are you guiding them right now well we run very balanced portfolios and if you look at the year-to-date numbers on ESP in the Dow just about every one of our clients is smiling and hoping we get through December 31st just where we are and be happy to close the books right now so at this point we're really all focusing to 2018 and looking at the recent tax legislation hopefully it's going to get passed by December 31st but we're looking forward at this point want to close the pups on 2017 done what's how much of an impact will this tax bill have this new tax law let's just move ahead and start calling it that because the markets have been clearly trading up on hopes of this getting done but it was it by that hope and now sell the fact do we need to worry about that I think you really have to look at that dagen I mean if all most of the experts are looking at future growth of the economy they're looking at future growth in earnings of the S&P 500 it's pretty hard to argue that the gains we've gotten especially in this last quarter are really 2018 so we've kind of earned today what we really should have been earning in 2018 I think directly as a result of this tax legislation so going forward to 2018 I do expect a positive year but I'm nowhere near as optimistic as some of my other colleagues in the industry now I'm good to see my friend thank you so much Merry Christmas a great Christmas baby
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