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Tik Tok May officially be banned this month today's jobs report has everyone in the market confused and the Market's pretty pissed too could Elon musk's Doge fail and how does Walgreen Skyrock at 27% on the day at the same time as California fires continue to rage we get debates about politics arson and how in the world does California get exposed for a 117 million gallon Reservoir right above the Pacific Palisades sitting empty what is going on must be climate change or is it hey a quick note in case you haven't realized yet I try to put chapter markers at the bottom of all of these videos because I know sometimes people are looking for a quicker video or quicker update just look for the chapter markers that apply to you the goal of the meet Kevin report is to get you as much varied information as possible so you can go about your daily life without having to try to pay attention to every single little bit of news that happens instead just remember to look for your meet Kevin report every single afternoon and I'll provide you a recap of everything that I'm watching which usually has to do with politics finance a real estate and much more so if you like that follow along so let's get started first Doge there are now claims that Elon Musk knows that Doge or the department of governmental efficiency is going to fail I'd like to clarify that this is really just twisting what Elon Musk is saying Elon Musk says that getting $2 trillion of cuts out of the government would end up being a goal for Doge but it's a goal that they know they might end up missing but Elon musk's best case scenario goal of $2 trillion of cuts I want to make sure I said that correctly trillion ion dollar of cuts uh comes as a way of saying hey let's aim for the stars or or as they like to say let's shoot for the moon and even if we miss we'll end up amongst the Stars right this is a way of him saying look if we aim for two trillion in Cuts maybe we get $1 trillion of cuts and we still see that as a potential Boon and success Elon says there's no shortage of being able to cut from the government expenditures because quite frankly when people are spending other people's money it's really easy to find places to cut so Elon Musk is really optimistic in Doge and I don't think he's really claiming that he thinks doge is going to fail but that's not stopping critics of Elon musk's from from saying oh doge is going to be a big failure I mean frankly let's see what they can do do I think that uh government gridlock is going to enable all of the change that they want to accomplish no of course not I mean it was hard enough to get speaker Johnson you know approved you almost had Republicans vote against speaker Johnson and then we would have had a democratic speaker of the house and that's before Trump even gets into office so the margins are razor thin for Congress to actually authorize certain things this is where a lot of people hope Donald Trump can just remove expenses via executive action but we'll see so I'm still positive on Doge and I just want to clarify I don't think Elon Musk thinks doge is going to be a failure but he knows there are challenges up ahead on macro obviously a big deal today the jobs report came out now it's worth looking at some reactions first Goldman Sachs thinks after this jobs report that we're only looking at maybe two rate Cuts this year the first potentially getting kicked back to June Bank of America actually thinks rate increases are no more are now more likely than rate Cuts JP Morgan only sees two rate Cuts this year and City Bank thinks the earliest cut we're going to get is May right now markets are pricing in for the first cut in interest rate policy to come sometime between June and July by July we get to about a minus 83 basis point move so we don't actually fully price in a full cut until September of 2025 with only a 2% chance chance of actually getting a cut in January and a 25% chance of a cut in March now why is this happening well it's all happening because of the jobs report that we got this morning and I have to tell you the jobs report was actually really impressive Goldman Sachs yesterday thought jobs would come in at 120 to 125,000 I personally thought we would have gotten something around expectations around 165,000 mostly because I didn't think you would start to see layoffs in December you usually see them in January Feb March but we were both wrong we actually got 256,000 jobs which was a four Sigma beat over the average four standard deviation beat over the average estimate which kind of makes you wonder like what's the point of all these Wall Street estimates but anyway average hourly earnings matched and this should be really good news because as I said yesterday hey if we get anything close to expectations it's going to be good because it means we're not running into a recession like if we got a minus 100K it'd be recessionary well we got 256 which is is like the opposite of recession but it's so far the opposite of recession and we spent a lot of time in the course member live stream about an hour this morning talking about this and strategies but this is so far above expectations that markets actually sold off today uh because the news is so good that some people actually think I mean here's the NASDAQ down you know 1.56% today uh and uh you know Bitcoin bouncing around 94k I think even Tesla Tesla was mostly flat and trading most of the day but obviously ended slightly red there uh but the point is these numbers are so good that people are now concerned the Federal Reserve is going to talk about hiking again as inflation potentially takes hold now the good news here to sort of offset this is ghoul spe over at the Federal Reserve I give this guy respect okay I I actually originally when he came on the scene everybody's like Ah that's fool speed who is this guy right nobody gave this guy any credit at all uh and to say I mean it was you know everybody kind of hopped on the bandwagon there because he was kind of this newer weird kind of guy who was like well everything's fine know this is going to happen and so people thought he was a little goofy I have to say his interview on CNBC this morning which we watched during the course member live stream as well is actually really good he says look the speed of cutting is going to slow and that is going to affect long rates but we have to pay attention to the uninverted because we are normalizing or is something else going on now this is really interesting because this is the first like reasonable fed member that I'm hearing actually saying there are two risks here we could actually be potentially overtightening and then cause a crash so we have to be careful not to do that especially in the face of good data and then Sarah Eisen comes and goes but what about inflation you know 12-month inflation is up uh and and it's barely making any progress and look I respect Sarah a lot but gouby shut her down hard he goes look Sarah the beginning of 2024 had a bump in inflation and the 12-month figures count that but if you ignore that bump at the end of last year and look at what's happened over the last 6 months which is much more recent data the pce levels are at just 1.6% with core PC sitting at 2.2% over the last 6 months which means if we continue what is happened the last 6 months in the next 6 months those 12-month readings which we're going to be lapping those higher q1 numbers are actually going to mean we're below Target on inflation now I want to be clear that's kind of a brilliant analysis because just yesterday we were talking about how we're going to be lapping higher inflation from last year and we'll probably get lower numbers CPI and PPI come out next week and Bloomberg intelligence actually thinks that markets might rally going into CPI and PPI as people start digesting okay okay okay no no this is actually good inflation is down and the economy is strong thanks to this jobs report honestly I agree with this I substantially increased my bare bull scale today because I'm like wait this is like this is actually fantastic because I don't believe that inflation is going to stick around and I agree with gouls but I'm grateful that he's analyzing both sides of the equation look is and obviously time will tell especially in the face of tariffs but what he says is there's not not a lot of evidence right now that the economy is overheating and the FED has to be careful that they don't go too far to the tightening side because what if the yield curve is actually signaling something worse to us what if we got was actually and he used this word what if what we've been getting is actually transitory productivity where you had a 2023 and 2024 that was boosted up by artificial intelligence productivity that was really just a lot of capex spending and new investment into this sort of AI world but what if that starts fading away and we don't get those year-over-year gains anymore for productivity then you're left with transitory productivity and you potentially end up having a productivity either flatlining or crash in 2025 or 6 so this is interesting and I'm actually grateful to hear these perspectives because I appreciated his debate with Sarah Eisen and I appreciate this perspective that he's aware of the yield curve either signaling a normalization or something worse historically the yield curve doing what it's doing is really bad but then again this data today was really good right so it's like ah this is very confusing uh and as far as uh productivity growth interesting perspective now when I look deeper into the job numbers I couldn't find anything that was bad you know me look I'm a data kind of person when the data is bad I tell you it's bad and then people like to leave comments like oh you're just being a bear when the data is good people leave me comment and then I talk about how the data is good people like oh you're a flip-flopper or you're just a blind bull you just can't win when you're reporting this stuff but I will say I looked for something bad in today's jobs report and either the jobs report is total BS and it's all going to get revised away next year or it was actually pretty good the household revisions we were looking for no real change in fact we showed 478,000 uh job gains in the household report which is usually noisy but that's way up from the negative reads we had the last couple uh reads the jobs growth was actually pretty well Diversified too 33,000 in government education and Healthcare 80 but we also got 43k in Leisure and Hospitality 28k in Business and Professional 10K in it 43.9k in trade this was a diversified good report so why then is the market falling well honestly I think it's just drisking and de grossing by institutions usually when the market Falls right the market open as it did right here see this drop right at the market open to the low of the day or going into the close look at this bleed into the cloth it's a sign of institutional or even fund deg grossing where people are taking risk off the table and they're saying look things are maybe priced to Perfection right now let's just wait and see now I'm not encouraging anybody do that I'm really not making any encouragement at all I'm just letting you know what I'm observing is that's probably why we're seeing some negativity especially since there's been some risking in debt payoff since the December 18th flip-flop of the Federal Reserve because see you've got two camps at the FED you've got the Jerome POW Camp who are basically like no man everything's fine economy is great we won and then you've got the ghoul spe that are like not so fast you know there there could be reasons why we had this good bump in 2324 will it last small note somebody got mad at me yesterday for saying Trump bump because they thought it refers to a trump pregnancy bump I don't think they actually thought I meant that but they just didn't like the illusion of that or picturing Donald Trump pregnant okay this is why are we talking about this anyway University of Michigan expectations beat on current conditions but the onee and the 5 to 10 year inflation reads all beat at 3.3% it's not good because it sort of reactivates this fear that people have that inflation is going to come back we'll see uh anyway Bloomberg calls this situation A lose lose where they basically say the Donald Trump small cap trade has now gotten hosed and a lot of the gains you're seeing in Donald Trump trades are sort of fading uh in fact if you go jump over to the Russell 2000 you could see the peak here in the summer you could see the peak that we had post Trump we are now below both of those Peaks I've been a big proponent of staying away from small caps because I see them as disproportionate risky if we end up going into a recession anyway uh you've also got Bloomberg saying that any sign of growth now which we're hoping to get really good numbers from Q4 earnings from tech companies and others any signs of growth might actually just make the Federal Reserve more aggressive which means potentially if you get a Fed that wants to even talk about or even remotely think about raising rates again you actually end up with a 2022 Market sell-off scenario again versus a recession induc SM itself it seems like no matter what the mainstream media is telling you everything's going to crash and I'm I'm just starting to get really skeptical of it all because the numbers today were good and if they continue like this it's going to turn into a buy the dip opportunity I don't know anyway China's Central Bank has suspended the purchases of treasuries on Friday uh citing a shortage of bonds this is basically a way of them trying to say hey stop making bond yields go so low you are screwing up the market and making everybody think we're going into a deflationary spiral how dare you this is really normal interventionism from China in fact Xin ping was apparently so pissed at an economist who said that uh the you know Chinese government is uh you know misleading people with their data and the data is probably worse than uh uh or the data is probably looking a lot better than what the reality in China is that person end up getting censored by uh xiin ping almost directly uh and the Chinese government is saying hey look look look everything's fine in fact y all should stop betting on excess expectation for monetary stimulus because everything's fine okay so the POV of the Chinese government and Central Bank basically the same thing is we don't need a stimulate more because everything's fine our data is good and the Market's like you get it anyway uh China's Autos there was a front page story of this on the Wall Street Journal I actually don't think I have handr it doesn't matter front page story on the Wall Street Journal this morning they talk about an elimination round coming for automotive manufacturers because of an inventory glut in 2025 and even though demand Rose 5.5% in 2024 demand is far short of what the capacity is for Autos which means you could expect uh some more price Wars for Autos in 2025 and 26 Walgreens indicated fresh signs of stability with an earnings per share beat adjusted earnings per share beat they actually lost money their adjusted EPS this adjusted numberers ridiculous came in at 52 cents versus 40 uh 38 cents expected and keep in mind adjusted EPS numbers they're usually designed to remove things that are like one time in nature so yes sometimes they make sense but people hear that and then they think the company's making money I just want to be very clear the company is losing money but we will go through some of the good numbers sales came in greater than expected 39.4 billion versus 37.3 expected even International and Healthcare numbers beat slightly which was good their operating cash flow flow is negative 140 million but their free cash flow is actually positive almost a couple hundred million because they're selling and liquidating assets and locations that they have so watch for that you know usually when companies are selling their assets to have positive cash flows because they're out of cash and quite frankly they kind of are they do have inventories and receivables they've got inventories around $10 billion and receivables around $6 billion but they've got AC crude expenses of $27 billion and less than a billion of cash another $300 million in marketable Securities so when you add all that together they do not have a lot of cash to pay for all of the current debts that they have they have $27 billion due in the next year and they have less than 18 in the bank if you include inventories and receivables this is why they're trying to get bought out by a private Equity deal but the problem is the company's got $5.9 billion in litigation expenses that are acred payables which aren't something you could just burn like carvon burn the bond holders it's it's a lot harder to do that with litigation expenses that you owe people or other long-term debts so TBD how this company is going to claw its way out of debt but In fairness their sales did grow 7.4% year-over-year although their cost of goods sold increased so their gross profit was flat which means their margin compressed Donald Trump was unconditionally discharged via his sentence so therefore he is convicted of fraud but will suffer no jail time or monetary penalties Donald Trump Trump commented on him and Obama talking yesterday and suggesting hey there is a beautiful service yesterday yes I talked to Obama and we got along it's worth noting we just have different philosophies you know I thought that was actually a pretty mature thing there of Donald Trump to say which is a little different but I thought it was still kind of funny for what John fedman said when he came out of the meeting uh at maralago with Donald Trump first Democratic cator by the senator by the way to meet Donald Trump after the election uh and he says he's meeting Donald Trump because he's a senator for all pennsylvanians not just Democrats big fan of that by the way like that a lot when he walked out of the meeting apparently he said that he demanded Donald Trump make him the pope of Greenland another news fetman also said that he would be thrilled to work with Donald Trump on solving the dreamers issue these are children who entered the United States illegally because of the acts of their parents but then grew up here and grew up as Americans but never became legal Facebook was on The Joe Rogan podcast to speak about the Biden Administration and Biden Administration officials yelling and swearing at Facebook officials demanding that even true information or memes be censored and taken down Zuck said they had to say no often but as soon as they said no too often to the Biden Administration quote all of a sudden all of these agencies of the government wanted to come after Facebook and meta and frankly this isn't a big secret given that what we saw with the Twitter files revealed exactly this the government especially the Biden Administration weaponizing the FBI or contacts within the White House to get in touch with larger social media companies to shape narratives Mark Zuckerberg says that one of the reasons Donald Trump won was probably because of the free flow of information on X exposing a different perspective to the narratives that exist otherwise in a more censored realm now this is not Mark Zuckerberg saying that it's good for uh you know people to be able to make threats or break laws or whatever just like I don't think it's Mark Zuckerberg saying we should have censorship I think Mark Zuck is actually just taking a pretty reasonable approach here and it really marks this flip-flop from their prior stance where previously it seemed like Mark Zuck was all for sort of Defending what the Biden Administration was doing especially with the amount of money that they've donated to people like the G uh you know Gavin Newsome's re-election campaigns or the Biden Administration and it feels like now now that all of this is sort of getting exposed suck is kind of like yeah yeah yeah I'm on the winning team after all so like I I kind of still take what Mark Zuck says with a grain of salt we knew this stuff was going on and I'm grateful that he's starting to flip-flop but I still have some questions about you know the true motives of this recent yeah we're going to a community notes uh X style musk style POV that they have anyway uh regarding Tik Tok uh this is going to be a really interesting one uh Tik Tok okay the Supreme Court today is hearing oral arguments about a Tik tok's ban Tik Tok is expected to be banned this month and Republicans and Democrats agree that Tik Tok is a threat to National Security it's worth noting that every time you open up Tik tock on your phone unless you've already given them permissions the app basically demands it's annoying like every time can we have access to your contact can we have access to your contact s they basically just download all your contacts and beam them up to China even though they say they hold the American data in American based servers the same data that's supposed to be on American based servers has been found through hacks in chinese-based servers so like copies are being stored in China there was obviously a lot to talk about this because there's a balance between the potential for disinformation campaigns put together by the Chinese government the CCP but then also data Gathering of all of our contacts and what we're doing and what we're looking at but then also trying to back bance people's right to free speech right now it looks like the court doesn't give a flying honies about the right to free speech given that there's so many other ways to express yourself which does suck for Tik Tok creators but they argue that hey look they're collecting too much information and they could influence our uh uh Society in in a way that we don't like and if we ban if we uphold this ban of Tik Tok then it will force Tik Tok to divest which basically means sell the American portion of their business bite dance owns them so B dance would have to divest that part China though says we are going to block the sale of Tik Tok if the Tik Tok algorithm goes with it to the American company so they want the algorithm so this is going to be really interesting and it probably will set up a boost to YouTube and meta because they also have short form content which is probably exactly why Mark Zuckerberg is starting to flip-flop in this way because he's setting up for maybe an influx of viewers who use Tik Tok who are like yeah man Zuck is cool now oh boy all right you ready for the next part California fires here we go all right so let's talk a little bit of History first now 10 people are dead but which is absolutely terrible but we got to talk about what's going on with this stockpiling of water uh California approved State borrowing in 2014 for about $75 billion dollar because of major droughts through proposition one to build more reservoirs uh that was 10 years ago as of 2021 3 years ago the Associated Press said that none of these six plus planned reservoirs had received any money or started construction now the largest planned Reservoir would be a proposed Lake in Northern California which would be the largest project in over 40 years and people have been talking about this project for 50 years but because of quote shifts in political priorities it never happened part of that is because the environmental review permitting and water rights processes take so freaking long the completion of this Reservoir is not expected until at the earliest 2030 if we even begin Construction in 2026 this is because in California people like Jerry Brown who actually used to be the governor say that man for every year of construction you want to do expect three years of planning permitting and Engineering in California opponents say oh well you're going to use too much water on Mixing concrete and you're going to have to remove old buildings and relocate cemeteries and we don't want you to relocate our old stuff or you're going to mess with our fish habitats after all climate change is causing these fire why are you trying to go around and build more dams well the reality is California gets or dams or reservoirs well the reality is California gets plenty of water the issue is it all runs off that's because when we get snow melt on the Sierra nadaas which then melts off during the Spring most of that water doesn't get captured because we don't have the infrastructure to capture it all we used to build these projects back in the 1960s through the state Water Project we approved and built over 10 dams and California blew up its ability to actually collect more water back when our population was half the size of what it is today but then people got upset because salmon and steelhead trout which you know AR aren't endangered uh and can be farm raised or raised somewhere else were slightly having their River habitats diverted and therefore they couldn't get to where they nest and everything paused this is how in the 1970s we got squa which was was a Ronald Reagan law that essentially allowed anybody with any beneficial or potential affected interest from any kind of project housing Transit infrastructure drilling solar Farms you name it to be able to Sue and hold up projects in litigation until environmental equality is determined now Newsome says that he's able to get projects through the red tape faster through proposals like which which have been passed like a Senate Bill 149 which was supposed to limit these blockages to 270-day challenges but that's only if they're approved by the government as a by the governor actually as a pet project of the governor so you can imagine only the Democratic projects get through because he's a Democratic governor with the Democratic legislature and now all of a sudden what nothing ends up getting done in fact this Reservoir that people want to build up in uh kaloa County might begin Construction in 2026 maybe and it'll take 6 years to build likely some people hope 2030 but I don't have hope that that it's actually going to get done by 2030 so the point is California really sucks at building when you need to nobody has the balls to actually issue an executive order and build what we need and then solve the side effects later everybody wants to stop and litigate every potential side effect first and then nothing ends up getting done much like for example the Santa yanz Reservoir sitting empty above the Pacific Palisades which could have fed the D amam hydrants that went dry in California uh during this fire that's going on the Pacific Palisades I kid you not look at this here's the Getty via and the Pacific Palisades which we're going to talk about the fade of the Getty via in just a moment and what it can actually tell us about climate change or fire prevention measures you'll hear about that in just a moment and you can see this higher in elevation San YZ Reservoir is right here and it h it houses 117 million gallons of water the three tanks that serve the Palisade hold about 1 million gallons each so that's you know what 30 times as much water right up here than those three tanks combined actually well what do you got yeah more than that it's almost four times as many gallons of water up there uh and that Reservoir is empty yeah the left laning LA Times just did a whole expose about how this facility sits above the hydrant that ranra and it has been out of service due to a tear in the cover and nobody has any idea as to when it's going to be brought back into service because the politicians just don't pay attention to it at all so yeah has there been an empty Reservoir yep could it have helped mitigate some of the damage that caused in the Palisades yep now what do we have to deal with it as well or I guess instead well the potential that all of these lost 9,000 single family dwellings and apartments are going to cause a lot of rent inflation given that just 24.3 th000 were granted permits in LA county in 2023 and you just lost 9,000 of them that are already built or we're already built now they're burned down California climate change is the big excuse that people have people say oh well you know this is climate change uh but the reality is California has been experiencing Fires for thousands of years now yes fires have gotten worse but there might be a reason they've gotten worse first though one of the reasons we know the fires have been happening here for thousands of years is because chapparall shrubs like lilacs and manzanitas in California have adapted to getting burned down and then their Roots stay alive they sprout up again and now there's no competition for resources and these plants can flourish they're literally evolutionary predisposed to fires and surviving through them kind of crazy but it shows you that look we've always had fires in California now people say oh but winds have gotten worse and that may be true and certainly temperatures have been warmer and the periods of time that things have been drier have been longer so yeah there is some argument that the environment certainly has changed over time but it's hard to say if it's changing uh more or if that change is more impactful on Fires or what we're doing is more impactful on Fires see in the past fires would Sprout out all of the time in California but they were generally smaller fires because they would burn and then they burn out and because they were happening all of the time before you know humans were inhabiting California you were regularly doing guess what clearing the dead plants see Nature by itself was previously limiting really big fires because you had natural smaller fires that burned away that brush that's sitting dry everywhere so nothing's really changed except we sto the small fires when times are not super windy we're really good at fighting and putting out those small fires so we put out the small fires but then when we get a windy day we get screwed because nobody's been conducting or we certainly haven't been conducting as many controlled Burns to mitigate some of that leftover dry brush and then a heavy wind comes through and we get a Mega catastrophic fire that then Burns lots of homes with it now yes this is an argument that managing our land actually matters in fact if you listen to what the Getty via said it's pretty incredible listen to how the Getty via says they survived they said that they survived despite the fire coming right up to their property how because per the at the gy Via they extensively cleared brush their tree canopies were kept high above the grounds any low Ling brush had been thinned so much to where when some of these low Ling brush actually caught fire they said it would just burn up like Roseberry on the top of pizza and then put itself out because there was so little to burn they'd catch fire oh my gosh fire and they'd burn themselves out there were small fires like at the entrance Gates that were put out by fire extinguishers but otherwise they fought the fire with limited Water by conducting preventative measures that helped save the Getty via Historic Museum this actually goes to show that there is a way you can manage the land now finally the LA Times is in the area planes are apparently now getting hit by drones that are floating around which is not good you have to be careful because the water capturing drones that exist uh or sorry the water planes uh they're called super scoopers that exist in California uh they uh they fly very very low a super scooper plane is about a $30 million plane it flies uh it's usually down to about 100 ft above the Earth to drop water larger boeings will usually only get down to about 400t above the ground uh AGL above ground level uh and so these get pretty low into that that 0 to 400 range where drones will fly and this is why generally they don't want people flying drones in the fire areas because of these efforts one of these Canadian planes was damaged in the process who were helping and now this plane is grounded which kind of sucks because you don't want these 30 million doll vehicles that are actually really effective to be grounded they can dump up to 1,400 gallons of water in in a swoop it's incredible the National Guard has finally showed up in La meanwhile Newsome is complaining about misinformation and disinformation to Biden via Zoom there are also rumors circulating unconfirmed right now but there are rumors circulating that California at the moment uh is uh um considering rezoning the Pacific Palisades to allow for multif family home construction as opposed to single family construction this is leading people to say this was all the plan all along they wanted to make you know Cal here look at this it's a crazy video shot they wanted to burn California down specifically the Palisades so they could bring in more low-income housing now I I I don't I don't think that's exactly why these fires were caused but I will agree that there probably are murmurings about rezoning because of this and people want to be able to rebuild their single family homes but the permit process is probably going to make all of that massive hell especially since the insurance process is probably going to take a hot minute I should say no pun intended there anyway when it comes to Insurance uh State Farm obviously issued uh a letter to 72,000 policies that they will not renew in March uh they and and another underwriter called chub said that they wouldn't underwrite policies anymore in California and you have to say look everybody hates insurance but the reality is when politicians are letting reservoirs go dry and hydrants fail you got to kind of ask if you were an insurance company would you trust Nome was doing all that he could be doing to minimize your risk as an insurance company no of course not and then at the same time California is telling you you can't raise your prices to try to help voters not have to pay higher insurance claims which don't get me wrong nobody or premiums nobody wants to pay pay higher insurance premiums but you also understand that when politicians are making it more expensive for businesses to operate the businesses are like this doesn't make sense in fact the editorial board of the Wall Street Journal had a great math claim to this they're like look it right now cost insurance company uh insurance companies $19 in expenses and claims for every $1 they collect in premiums that doesn't even account for operating expenses they have to exist so they literally just light money on fire trying to work in California California is like n we don't need to let you know we don't need to fix our stupid problems in California let's just come up with the California fair plan which will be a state-backed no liability protection fallback catastrophic insurance plan and that'll provide property coverage up to $3 million cool except here's the problem with that there are probably way many more people on the California fair plan right now than the fund actually has money for the fund only has $700 million in cash which is enough for about 350 homes and we just lost 9,000 structures now they're not all on the fair plan but the point is you probably have more than 350 homes in the Palisades you know two billion $2 million cost to rebuild each on there but that's okay that's not going to stop people like Steve Lopez the same knucklehead that the other day said it's a compromise to live in California and you should pay over 50% in taxes for no water and fire hydrants and accept the compromise of living in California with forest fires and wildfires the reason you should accept this is because that's just that's just the price to pay to live in California well that same clown has struck again yesterday fires are compromise a compromise of living in California today going to Ghana because the mayor of Los Angeles went to Ghana you know and and was gone she was Ghana uh while uh the uh fire started even though we knew the catastrophic winds were coming has now written in the LA times today quote generally speaking I don't have a problem with the mayor of Los Angeles traveling the world particularly when it's about fostering economic and cultural relationships that can benefit Los Angeles got it going to Ghana as the mayor of La helps our culture and our economy understood thanks Steve Lopez I'mma plan my trip to Ghana to make sure I'm doing my part and keeping the economy up meanwhile I actually sent him an email and that email that I sent him is on screen right now to which Michael Jones replies succinct oh boy okay uh what else do we have uh then we've got the HOA talks about arson and there's been you know there was a lot of talk and there were videos of an arsonist potentially getting arrested yesterday but they were arrested for a different fenel and the police actually said that they didn't have enough evidence that he was actually an arsonist a lot of people think there are professional arsonists going around doing all of this which is possible but we just it's too soon to tell on this so uh with that said in yesterday's Daily Wealth email I had a question for you where are you in your real estate Journey most importantly what's next for you if you're a tenant are you becoming an owner forget about rates just start smaller it'll make a great rental property in the future if you already own a house when are you buying a second if you own a house in a rental when are you buying your next I want you to always be thinking about wedge deals and getting ahead in your Investments while at the same time thinking about yesterday's dad joke and today's in case yesterday's dad joke went over your head or below your knees the answer to yesterday's dad joke was well let me rephrase yesterday's dad joke yesterday's job dad joke was I ordered a chicken and egg on Amazon and I said I'll let you know the joke is what came first the chicken or the egg for today's dad joke did you hear about the kidnapping at school he's fine he just woke up
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