10/9/26 Green on the Screen, Fear in the Headlines & the Future of Healthcare

The Moneywise Radio Show and Podcast Friday, October 9th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com https://www.moneywiseguys.com/ facebook: Moneywise_Wealth_Management https://www.facebook.com/moneywiseguys/ LinkedIn: Moneywise_Wealth_Management https://www.linkedin.com/company/moneywise-wealth-management-bakersfield/ Guest: Quon Louey, Founder & Executive Director at Telehealthdocs Medical Corporation website: https://www.telehealthdocs.com/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Quon Louey & Telehealthdovs Medical Corporation are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management

• 0:00Speaker 00

  Live from the basement inside the historic Woolworths Building in downtown Bakersfield. Call or text in at 661-396-1000.

• 0:09Speaker 01

  I need a dollar, dollar, dollar, that's what I need. Hey, hey, well, I need a dollar, dollar, dollar, that's what I need. Hey, hey, said I need a dollar, dollar, dollar, that's what I need. And if I share with you my story, would you share your dollar with me?

• 0:29Speaker 02

  Securities offered through LPL Financial, member FINRA, SIPC. Investment advisory services offered through LPL Financial. LPL Financial and MoneyWise Wealth Management are independently owned and operated.

• 0:37Speaker 00

  Now, let's start the Money Wise Show.

• 0:40Speaker 03

  Hey, welcome to the Money Wise Show. It's the Friday edition. Lot of things to do this weekend. We're, we're the only thing that's keeping you away from the weekend. So, listen to us for another hour here on the Money Wise Show. Live from the basement of the historic Woolworths Building in downtown Bakersfield. For the next hour, you get to listen to us on the News Talk 96.1 and 1230 AM K E R N. Streaming live at MoneyWiseGuys.com. You can always go to Spotify and download our podcast if you want to listen to old episodes or this episode in about two and a half, three hours. Right, Steve Z?

• 1:18Speaker 00

  A little less than that.

• 1:19Speaker 03

  Maybe a little less. He gets on there pretty quick. He does, it takes a little time for him to rip the commercials out, so.

• 1:27Speaker 00

  I like to listen to them after.

• 1:28Speaker 03

  You'd want to, you want to get a second, second shot of commercials?

• 1:31Speaker 00

  Oh, nothing better than political commercials this time of the year.

• 1:35Speaker 03

  That and gold?

• 1:36Speaker 00

  Yes, I love my gold.

• 1:39Speaker 03

  Gold. I'm like Scrooge McDuck over here.

• 1:43Speaker 03

  If you can call or text into the show anytime, 24 hours a day, 661-396-1000, 661-396-1000. We did get a couple of really great questions in the past 23 hours since we've been on. So, we're going to go ahead and do that, but I'm your host, Justin Liel, and here with?

• 2:00Speaker 04

  Frank Lee.

• 2:01Speaker 03

  Frank Lee is joining today. So, we're going to have a great show today. Actually, the second half of the show, we have a good friend, Kwan Louis, who's the founder and CEO of Telehealth Docs. I'm sure you've, you've seen Telehealth around, so he'll be joining us, getting down to business with Kwan here in the second half of the show. But, we're going to do what we do best, but first, I gotta give my condolences.

• 2:27Speaker 03

  Steven, you know what I may be talking about?

• 2:29Speaker 00

  The Bears.

• 2:30Speaker 03

  The Bears. Hey.

• 2:32Speaker 00

  And that's coming from a Packer fan.

• 2:33Speaker 03

  Hey, you know what? I love my Packers. I, like, there's something about a good rivalry where you just, you have respect. You hate them. You hate them on Sunday, you hate them on Thursday, you hate them, like, every, every bone in my body hates the Bears. But, I have respect for the team, I have respect for the organization as a whole. But, we lost Mike Ditka. And, I, I gotta say, my condolences to the Bears organization, all the fans that are out there that are Bears fans. I have a lot of friends who are Bears fans and we, we rib each other all the time.

• 3:11Speaker 00

  Well, he one of the best coaches ever.

• 3:14Speaker 03

  One of the best, just, just the best dudes.

• 3:17Speaker 00

  Yeah.

• 3:17Speaker 03

  Ever, like, he, like, he just, great coach, great individual, great man, and sad day for the NFL.

• 3:27Speaker 00

  It is. It really is, and I, I was talking to a buddy of mine before the show. I totally forgot that he coached the Saints.

• 3:34Speaker 03

  Yeah, he did, for the last couple of years of his career, right?

• 3:37Speaker 00

  Forgot all about that.

• 3:38Speaker 03

  Yeah, he moved on to the Saints for, for like, two or three years, and that was right before, what's his face went in there?

• 3:43Speaker 00

  Peyton.

• 3:44Speaker 03

  Peyton, yeah.

• 3:44Speaker 00

  And Peyton and Breeze, yeah, but that was, that, I mean, that's one of those things where you get a Hall of Fame coach to.

• 3:51Speaker 03

  Vince Lombardi wound up closing out his career with the Redskins.

• 3:53Speaker 00

  Right, and I mean, Don Shula started with the Browns.

• 3:56Speaker 03

  Yeah.

• 3:56Speaker 00

  I mean, that, it's all, it was a weird thing, but when I saw the headline this morning, I was like, oh, man.

• 4:01Speaker 03

  Yeah, sucks, I mean.

• 4:02Speaker 00

  Don't want to see that.

• 4:04Speaker 03

  Yeah, I mean, it's, it's like, you know, losing a guy. It's a legend, it's like losing a guy like Parcells, or, you know, it's just, it, it kind of defies logic, and all I can say is, I just remember the, the Chicago Bears and that stupid song they did. The stupid dance they did after the Super Bowl in 85.

• 4:21Speaker 00

  Yeah, I will not play that.

• 4:22Speaker 03

  No, you will not.

• 4:23Speaker 00

  The shuffle, was it?

• 4:24Speaker 03

  No, that was the Icky Shuffle.

• 4:25Speaker 00

  Okay, what was the Bears song?

• 4:27Speaker 03

  It was some stupid, god awful thing.

• 4:29Speaker 00

  I just remember the music video, yeah. Was that Jim McMahon?

• 4:32Speaker 03

  Jim McMahon, which, fun fact, Jim McMahon was actually the backup quarterback to Brett Favre for a number of years. So, Bears and Packers, you know, which you'd never would have thought that Jim McMahon would have gone and flown the coop and gone over, uh.

• 4:47Speaker 00

  Refrigerator Perry.

• 4:48Speaker 03

  Refrigerator Perry, yeah, yeah.

• 4:50Speaker 00

  Those were the good old days.

• 4:52Speaker 03

  Yeah, so.

• 4:53Speaker 00

  Stop looking.

• 4:54Speaker 03

  So, all of the, all of you old Bears fans out there that remember Ditka from, from back in the day, my condolences to you. So, yeah, big loss for the NFL. But, we're going to do what we do right now, and we're going to get down to some numbers. Frank, what has happened in the market today? It looks a lot of green.

• 5:11Speaker 04

  Yeah, yeah, at least some good news, right? Well, we still have about an hour left until the market close. Dow Jones leading the gains here with 100 basis points in gains. S and P 500 up 66 basis points, NASDAQ 67, and Russell 2K 68.

• 5:30Speaker 03

  And so, for those of you that don't know basis points, a basis point is one one-hundredth of a point, so if we're up 100 basis points, that's 1%.

• 5:37Speaker 04

  Yep, exactly.

• 5:39Speaker 03

  1%. So, yeah, basically, markets are up, up between two-thirds and, and 1% so far, and actually up for the week. So, S and P is actually looking pretty good for the week. Are we close to a?

• 5:53Speaker 04

  So, let me check.

• 5:54Speaker 03

  I think, are we, are we at the?

• 5:57Speaker 04

  All-time high.

• 5:58Speaker 03

  All-time high right now? I think we are.

• 6:00Speaker 04

  Yes.

• 6:00Speaker 03

  We are.

• 6:00Speaker 04

  Yes.

• 6:01Speaker 03

  Yeah. All-time high on the S and P, yeah, and all-time high on the NASDAQ, it looks like. So, Dow's got a little time to get back up to its all-time highs, but it's leading the pack today as far as gains for the week and for the day. So, looking pretty good on the markets, and so, I mean, really, in essence, though, I, there's one article that came out today that I, I have to bring up, and this, this one may, might ruffle some feathers.

• 6:29Speaker 04

  Oh, your specialty.

• 6:31Speaker 03

  Yeah, I'm, I'm good at it, I'm, I'm good with the difficult conversations.

• 6:36Speaker 03

  Might ruffle some feathers, but, okay, I think everybody that's listening to my voice would probably agree with this statement. Inflation on many everyday items was entirely due to tariffs. That's not coming from just a blogger or an influencer or something like that, that's coming from the New York Fed. This is a report that was run, published today, that the tariffs that were implemented back in April of last year, much to the chagrin of many economists and investors, those tariffs, and then the, the subsequent legal fights and everything else that have kind of come around those, and what's legal, what's not.

• 7:21Speaker 03

  Basically, everyday items that we've gone out and bought, the inflation on those items is entirely due to tariffs.

• 7:30Speaker 04

  Yeah, yeah.

• 7:33Speaker 04

  And how much are we seeing?

• 7:34Speaker 03

  It's, this is the part that's wild, so let me go down here, I want to look at this one, one stat. So, the, the study provided some of the strongest evidence yet that tariffs were passed through to consumers rather than being fully absorbed by either foreign manufacturers or US companies. Shocker. Companies are in business to make money. If their profit margins are being squeezed because of tariffs, or taxes, or any other means, labor costs or whatever, who are they passing that on to? They have to protect their profit margins, right? If their profit margin is 5 to 7%, they're not going to take a 30% hit to their profit margin, and nor are their investors. And so, they're going to do what?

• 8:18Speaker 03

  They're going to pass that on to you and I as the consumer. So, that is the, the strongest evidence yet. Researchers found that for every one percentage point increase in the average tariff, so every, now, how many times, the tariffs, we're going to jump them by 25%, we're going to jump them by 50%, we're going to jump them by 100%.

• 8:37Speaker 04

  Yep.

• 8:38Speaker 03

  For every one percentage point increase in the average tariff, consumer goods prices rose by about 0.25% a year later.

• 8:46Speaker 04

  Yeah, a quarter.

• 8:47Speaker 03

  A quarter of it.

• 8:48Speaker 04

  Yeah.

• 8:49Speaker 03

  So.

• 8:49Speaker 04

  Which is substantial.

• 8:50Speaker 03

  It's wildly substantial, and roughly two-thirds of the inflation impact came directly from the tariffs themselves, while the remainder came from secondary effects. This is part of the research, is they're like, not just the tariffs, but what are the secondary effects from this, whether it be supply chain issues, or higher costs for imported components, or domestic companies raising prices when, hey, if I'm a domestic company and my competition is a company in Canada or China, and now that competition's no longer there, what am I going to do?

• 9:21Speaker 04

  Yeah.

• 9:21Speaker 03

  I raise my prices.

• 9:23Speaker 04

  Yeah.

• 9:23Speaker 03

  Because there's no competition, there's nothing keeping my prices down. It's the, the invisible hand. So, in the inflationary pressure peaked in early 2026, but the elevated prices are expected to linger into 2027, and then when we're dealing with diesel prices and everything else, you can imagine that inflation isn't, isn't over. So, this is part of the thing that I just, the debate has always kind of been around, well, we're going to raise tariffs and these other, these, you know, external countries are going to pay the tariffs.

• 9:58Speaker 03

  You know, China's going to pay the tariff or Canada or Mexico or, you know, the European Union, these, these countries are going to pay those tariffs. No, doesn't work that way. It never has. It never will. And the thought process that these tariffs were going to somehow, you know, close a gap or whatever, that all of a sudden in income taxes, we're going to go away because we were gonna, we were going to tariff ourselves into prosperity. All you have to do is look at the Smoot-Hawley Act of the 1920s and realize how bad that, that train of thinking was.

• 10:33Speaker 04

  Yeah.

• 10:34Speaker 03

  Right?

• 10:34Speaker 04

  Yeah. I mean, the other part of this that was interesting was that some of the economists that were part of the New York Fed research showed the difference of with tariffs and without tariffs.

• 10:49Speaker 03

  They did do those, they did, what was the stat on that? So, like, so with the tariffs, prices went up by what, two point something percent?

• 10:57Speaker 04

  Yeah. Yeah. So it was, it was an estimate of 2%, let's say.

• 11:00Speaker 03

  Okay.

• 11:01Speaker 04

  But if tariffs weren't implemented, the estimate that they've calculated was that prices would have decreased.

• 11:10Speaker 03

  By almost a percent.

• 11:11Speaker 04

  By almost a percent. So meaning that not only would our grocery bills stay the same, it would have actually gone down.

• 11:17Speaker 03

  Would have actually gone down.

• 11:18Speaker 04

  Yeah.

• 11:18Speaker 03

  So I guess shocker of shockers here is that, you know, when the tariffs were implemented in early 2024, or what? Yeah, mid 25, early 2025. You know, here we are in a situation where we were on the downtrend for inflation, right? That in October 2024, inflation was actually at a negative 0.5%, right? For a minute.

• 11:49Speaker 04

  For a minute.

• 11:50Speaker 03

  For a minute, right? But, yeah. And then it was, you know, since then, the inflation has gone up because, you know, all sorts of different policies and everything else. But the biggest policy that created that inflationary pressure was those tariffs. And this is what the New York Fed has found and has, has shown is, is what has happened. So, not to beat a dead horse, but the fact is, you know, the economists said so, right? We, we talked about this from, from the very beginning, that this was not going to end well. And it hasn't. And here we have the, the proof is in the pudding with the, the New York Fed. These are, these are smart individuals. These are not, you know, like I said, they're not bloggers.

• 12:31Speaker 04

  Right.

• 12:31Speaker 03

  Right? This is legitimate studies. And tariffs did not do us any good. We're going to take a quick break. We're going to come back and we're going to go into some of your questions right after this.

• 12:55Speaker 03

  Welcome back. Welcome back to the Money Wise Show. I'm your host, Justin Leland, here with Frank Lee. Next segment, we'll be getting down to business with Kwan Louis from Telehealth Docs. It's gonna be a great show. Got a couple of messages came in. The first message, this one actually came in after we just got off, markets go green right after our president said gas will go back to the normal pre-price, pre-war prices. Hmm. I don't want to be the bearer of bad news, but the reason for that is he struck a deal with Vladimir Putin to bring diesel to the United States. So.

• 13:33Speaker 04

  Yeah, that was headline news.

• 13:35Speaker 03

  Yeah. As a, as a, as a survivor of the Cold War, I'm, I'm that old. I remember the Cold War. We didn't do business with the Russians, right? And now we are. No, the, the markets have been green the entire day.

• 13:49Speaker 04

  Yeah.

• 13:50Speaker 03

  Yeah. That, that didn't, that didn't change what was happening in the market.

• 13:54Speaker 04

  Right.

• 13:55Speaker 03

  Anyhow, so we're going to get down to some messages here. We had one here. It says, hey, guys, this is Al, longtime listener. I know, when I see that, it says AI. We're, we're so, we're so like focused to, to the AI. It's Al.

• 14:07Speaker 04

  Yeah.

• 14:08Speaker 03

  Hey, guys, this is Al, longtime listener and finally got a chance to get down to the diner for lunch. Those fries have crack in them. Yes, they do. I'm sure of it. Back to my message. Every time there's a scary headline about the economy, it makes me want to change something. What's the money guy's advice for knowing when the headline actually matters to your plan and when it's just noise? LOL, be easy on me. We'll be easy on you. This was, this is a great question.

• 14:34Speaker 04

  Yeah.

• 14:35Speaker 03

  Frank, what is it that you, you do when you look at these headlines? What, what is your first inclination when you see something scary in the headlines?

• 14:43Speaker 04

  Scream down the hallway and throw paper. No, just kidding.

• 14:46Speaker 00

  Run.

• 14:46Speaker 03

  Run.

• 14:47Speaker 04

  Run.

• 14:47Speaker 03

  Run.

• 14:48Speaker 04

  No, no, don't. Definitely not that.

• 14:50Speaker 03

  Um, yeah, go ahead.

• 14:52Speaker 04

  There, there's, yes. I, I think to this, it's easy to get lost in a lot of the information nowadays. You know, what's the saying? Paralysis analysis.

• 15:02Speaker 03

  Yeah.

• 15:03Speaker 04

  Especially if you're retired or you're just listening to a lot of podcasts and news. It's, it's scary to distinguish what's factual and what's noise and what's signal.

• 15:14Speaker 03

  Right.

• 15:15Speaker 04

  I, I think Warren Buffett says it the best. Mostly 90% of what's actually out there is, is just noise, you know?

• 15:22Speaker 03

  The way I look at this, and I mean, maybe I'm a bit different, but I know I'm different. Trust me, I know I'm different. You have to look at the source. So depending upon where you're getting your news from, whether it be CNN, MSNBC, Fox, Newsmax, doesn't matter. These are all for-profit companies, right?

• 15:43Speaker 04

  Yeah.

• 15:44Speaker 03

  How do they get paid?

• 15:46Speaker 04

  Clicks.

• 15:47Speaker 03

  Advertising. Advertising space on their commercials, right? They get paid via advertising contracts. What drives the advertising contract? Eyeballs.

• 16:02Speaker 04

  Yep.

• 16:02Speaker 03

  How many eyeballs do you have looking at MSNBC versus Newsmax? That is going to determine how much those advertisers are going to pay to be on your station because that's how they're going to get your eyeballs. That's what they want to do. They're advertising to you. Okay? So if it bleeds, it leads, right? How, how do these companies, whether it be, whether it's MSNBC or Newsmax, how do they make sure that they keep your eyeballs on that screen?

• 16:34Speaker 00

  Fear.

• 16:35Speaker 03

  Fear.

• 16:35Speaker 04

  Yeah.

• 16:36Speaker 03

  Greed. Breaking news. Just in.

• 16:40Speaker 04

  Yeah.

• 16:41Speaker 03

  Everything's breaking news. And it's like, the 24-hour news cycle has gotten to the point where literally everything is breaking news. And none of it matters. Next to none of it. I would, I would go as far as to say that maybe 5% of the news is actually worthy of listening to.

• 16:57Speaker 04

  Yeah. Yeah.

• 16:58Speaker 00

  And that's giving them some love.

• 16:59Speaker 03

  I'm giving them love for that. So the, when I look at a question like that, I mean, I know where you're coming from. Trust me, I get it. My news feed, I see things and I'm like, that can't be true. And when you do even a modicum of research, it's not true. It's sensationalized. Everything is sensationalized to grab what? Eyeballs and clicks. That's how they get paid. Follow the money. That's where, that's, that's my, that's my take on it. So as long as you have a well-thought-out and very well-defined process for your investments, and you have good advice from good advisors who know what they're doing and have been

• 17:44Speaker 03

  doing this for some time, and they've built that allocation for you based on academic research and know exactly kind of the, this is the strategy we're going to use, and you stick with that, you're going to be far better off than if you're looking at the headlines. Promise you that. If you're looking at the headlines and just certain determining, hey, I'm going to make it, I'm going to make a move because of the, you know, such and such is happening, you're, you're, you're chasing returns and you're, you're chasing bad information nine times out of 10.

• 18:14Speaker 04

  Yeah.

• 18:15Speaker 03

  Hopefully that, we were being easy on you.

• 18:18Speaker 04

  Yeah.

• 18:19Speaker 03

  Yeah.

• 18:20Speaker 04

  Yeah. These are some times I wish we had like a video to show certain charts and

• 18:25Speaker 03

  Yeah.

• 18:25Speaker 04

  some of the research out there. Cause like, the best thing that comes to mind is like, the difference if you missed out in five days of the best market move.

• 18:32Speaker 03

  Right.

• 18:33Speaker 04

  You know, because things like this, when you hear news, you want to make changes and you miss out on certain things, that basically what this chart study demonstrates is that if you only miss out on five.

• 18:46Speaker 03

  Five best days out of the last 20 years.

• 18:48Speaker 04

  Yeah. That makes a huge.

• 18:50Speaker 03

  Your, your return cuts in half.

• 18:51Speaker 04

  Yeah. Yeah. By half.

• 18:53Speaker 03

  By half.

• 18:53Speaker 04

  By half. Yeah.

• 18:54Speaker 03

  When do those best days happen?

• 18:57Speaker 04

  Yeah.

• 18:57Speaker 03

  Almost every single one of those five best days or 20 best days in the market are within three weeks of the worst days on the market.

• 19:05Speaker 04

  Mm-hmm.

• 19:06Speaker 03

  Because everybody freaks out and screams and goes out and they sell. And then the, the smart money, like the Money Wise guys are going in there and buying it up. And that's when the market takes off.

• 19:18Speaker 04

  Yep.

• 19:19Speaker 03

  Yeah. Next question.

• 19:22Speaker 04

  Okay, here, I got it. I've worked for the county for 25 years and have a pension when I retired. My wife has a 401k through her job. My question to you is, should we be investing in her retirement differently? Because I already have a guaranteed monthly pension coming in.

• 19:36Speaker 03

  Ooh, this is a great question. This is where the financial planning piece comes in. It's like, okay, well, what are your needs? What are your income needs going to be when you retire? What is your pension going to actually benefit you? What's, are you eligible for social security or not? Right?

• 19:53Speaker 04

  Yep, yep.

• 19:54Speaker 03

  And what are those guaranteed sources of income going to be? And how much of a difference is there going to be between that and what you need?

• 20:00Speaker 04

  Yeah, yeah. We like, we like working with this because it gives us an idea. It's like, okay, if you're getting a guaranteed monthly income from pensions and social security, and you're able to make the difference, it's like, yes, you can either change the 401k investments to cater towards this, towards your plan, which all depends on your financial cash flow.

• 20:24Speaker 03

  Right. Well, and then the other question is, what is the 401k technically going to be used for? So if your pension is going to cover basically all of your needs, and the 401k is there for maybe travel and play money?

• 20:35Speaker 04

  Yep.

• 20:35Speaker 03

  Or is that 401k going to be used because I want to give my kids a nice, you know, huge, you know, beneficiary IRA at the end of my life?

• 20:43Speaker 04

  Yeah.

• 20:44Speaker 03

  There's different goals for different folks. That's what we would want to sit down and talk to you about. We did what, one more question that popped in, might be personal, but what does it take to be a client? Money limit for you guys, take me on as a client. I also have parents that are out of state, need a new advisor, but they live in New Hampshire. I work with, I have clients that are in like 25, 24, 25 states. Many of them started in Bakersfield, but then moved out of state. Give us a call, 661-847-1000, 661-847-1000. Michelle or any of the people that answer the phone would be able to help you and get you in touch with an advisor. We'd be more than happy to help anybody who wants to give us a call. With that, we're going to take a quick break. When we come back, we have Kwan Louis from Telehealth Docs

• 21:28Speaker 03

  going to join us, tell us everything about telehealth.

• 21:39Speaker 03

  Welcome back.

• 21:43Speaker 03

  I'm your host, Justin Leland, here with Mr. Frank Lee.

• 21:48Speaker 03

  And we are joined today

• 21:51Speaker 03

  by a good friend of the show, good friend of Money Wise,

• 21:55Speaker 03

  Kwan Louis, who's the founder and CEO of Telehealth Docs Medical Group. How you doing, my friend?

• 22:01Speaker 05

  Hey, I'm doing well. Hey, thank you for inviting me to be part of this great show here.

• 22:05Speaker 03

  You know what? You know, it's only as good as the content and the guests.

• 22:10Speaker 05

  Yes.

• 22:10Speaker 03

  The hosts are worth nothing.

• 22:12Speaker 05

  Well, I disagree. I absolutely disagree, but we'll make it as fun as possible.

• 22:17Speaker 03

  Yes, absolutely. Kwan, tell us a little bit about, I mean, if you've driven down Truckston, you've seen the, the building for telehealth. But tell us the, the, we've, we've had the conversation, we've had this over coffee, but the rest of our listeners have not had this conversation. Tell us about the, the genesis, if you will, of telehealth. I mean, you started this years ago. And, and then COVID happened, and then all of a sudden, it's like, everybody's doing telehealth, telemedicine, right? So.

• 22:50Speaker 05

  Absolutely. So I've been in this telehealth space for two decades now.

• 22:56Speaker 03

  Yeah.

• 22:56Speaker 05

  Hard to believe that even existed back in that time. So where I used to work, there was an issue with the state of California in the sense that they were spending millions of the tax dollars transporting inmates from the state, from the institutions to get medical care.

• 23:15Speaker 03

  Shocker that we were wasting money.

• 23:17Speaker 05

  Yeah, you would figure, at the time, at the time, they had this, this challenge of average of five transports per day, per institution, it was about 35 or so, at a cost of close to a thousand dollars per transport.

• 23:32Speaker 03

  Yeah.

• 23:32Speaker 05

  So we do the quick math, that's a hundred and some thousand dollars a day.

• 23:36Speaker 03

  Yeah.

• 23:36Speaker 05

  Every day. So I was tasked to be part of a team to say, hey, how can we do to resolve this?

• 23:42Speaker 03

  Yeah.

• 23:42Speaker 05

  And I always like to always think outside the box and everything. And this back in the day where I took a camcorder, tube TV and these cables everywhere, and internet was just slowly getting in there.

• 23:54Speaker 03

  We were just coming out of the dot com bubble, right?

• 23:57Speaker 05

  Exactly. We're using these dial-up lines. And within six months to a year, we were able to come up with this delivery of care, what is called telemedicine today. It was very archaic, but it was successful.

• 24:10Speaker 03

  Yeah.

• 24:10Speaker 05

  And imposing upon that delivery of care, we were able to save the state of California millions and millions of dollars.

• 24:18Speaker 03

  So you're telling me that you patented this idea and you're now a multi-billionaire?

• 24:23Speaker 05

  If that was the case, we'll be in Maui, Maui right now, right?

• 24:27Speaker 03

  Yeah.

• 24:27Speaker 05

  But, but no, so no, it was just something that, that was a phenomenal project. And I always loved to do that because I've always been into technology. Previous life, I was with Time Warner Cable, if somebody still remembers that name.

• 24:40Speaker 03

  Oh, yeah.

• 24:40Speaker 05

  With the spectrum today, getting them through the Y2K stages.

• 24:44Speaker 03

  Oh, yeah.

• 24:44Speaker 05

  I was in that server room during the, when the doomsday was supposed to happen, right?

• 24:49Speaker 03

  Zeros, right?

• 24:50Speaker 05

  Yes. So, so I've always been into technology and healthcare and so forth. But moving forward with that in mind, in 2011, I figured, you know, if we can do this for this captive audience, why can't we bring that delivery of care to rural America? Why not? You know, think of it.

• 25:08Speaker 03

  Why would you want to drive an hour and a half to go see a specialist?

• 25:11Speaker 05

  Absolutely.

• 25:12Speaker 03

  Right.

• 25:12Speaker 05

  You know, so, so I figured, so I took that concept, formed Telehealth Docs, and thought, oh, it was a slam dunk, not a problem. Oh, boy, was I, was I wrong about that, you know? I went from this great position, great job, doing, doing well, to a tiny little room, all by myself, me, myself and I, and then took that risk and, and took that chance. And, and was very successful at it, you know, as time went on.

• 25:41Speaker 03

  Yeah.

• 25:41Speaker 05

  But no, it was a phenomenal, phenomenal challenge, and I'm glad we did it. And now we're able to service so many people, not just Kern County, but throughout California, as well as another state now, too.

• 25:53Speaker 03

  So you're, yeah, you're not even just in, but how many, how many patients would you say that telehealth helps in, in California? Do you have the metrics to be able to see how many people are utilizing that service?

• 26:07Speaker 05

  Thousands and thousands. I mean, there's, if I were to guess, probably 30,000 a year.

• 26:15Speaker 03

  Oh, wow.

• 26:15Speaker 04

  30,000 a year.

• 26:16Speaker 03

  30,000 patients a year.

• 26:18Speaker 05

  25, 30, so it's not just here, but every little thing, right?

• 26:22Speaker 03

  All the way up the state.

• 26:23Speaker 05

  Absolutely. And grassroots Bakersfield.

• 26:26Speaker 03

  Yeah.

• 26:26Speaker 05

  It's not too, not too shabby.

• 26:28Speaker 03

  Not too shabby.

• 26:28Speaker 05

  Yeah, yeah.

• 26:29Speaker 03

  And it's a nice little building right there off of Truckston, right next to the dignity health, right? So.

• 26:33Speaker 04

  I know, last time we spoke, too, you guys were trying to open up a, like a physical therapy service, too?

• 26:40Speaker 05

  Well, not physical therapy, we're always open to explore anything that could be new.

• 26:44Speaker 04

  Yeah.

• 26:45Speaker 05

  We're always up for the challenges.

• 26:47Speaker 04

  Yeah.

• 26:47Speaker 05

  You know, and everything. Somebody may come, hey, have you thought about this? Said, no, let's think about it together. If it makes sense, let's do it.

• 26:54Speaker 03

  Yeah.

• 26:54Speaker 05

  And it may or may not work, but we, but we would try.

• 26:58Speaker 04

  Yeah.

• 26:59Speaker 05

  That's how we start with this as, as well.

• 27:01Speaker 03

  So let's kind of go talk to somebody who's like a rural individual who might be losing, you know, a hospital might be closing down in their nearby area. And they need to talk to a, a general practitioner, but there's not one within two or three hours of them. They need to go do some blood tests or whatever. They go, how does, how does that happen where they have to do something physical, like a blood test or a urinalysis? Do they just go to their local Walmart? Is that something that shipped? Like, what do they do? And then how are those results read back to them?

• 27:34Speaker 05

  Hey, that's a, that's a great question. So, so we start, we're outpatient basis. So for example, we treat with their diabetes, we do mental health, we do a lot of these different things. If extra tests are needed, then we would direct you accordingly, based on your insurance, of course, to go to the local lab to have it done. But as things are evolving, those are becoming even portable, right? Where it comes with radiology, things like that, there are different services. So I'll just use Lake of the Bella as an example.

• 28:03Speaker 03

  Right.

• 28:04Speaker 05

  You know, people out there, you know, before we were involved in that community, those residents would have to drive down the hill, you know, wait an hour to see a physician.

• 28:13Speaker 03

  If the, if the canyon was open.

• 28:14Speaker 05

  If the canyon was open, all the way back, your, your day is done.

• 28:18Speaker 03

  Yeah.

• 28:18Speaker 05

  You're tired, you're exhausted and so forth.

• 28:20Speaker 03

  Right.

• 28:20Speaker 05

  Now that we're a part of that community, you know, you go to the.

• 28:24Speaker 03

  The local lab.

• 28:24Speaker 05

  The local satellite office.

• 28:27Speaker 03

  Yeah.

• 28:28Speaker 05

  Whatever that may be. And then from there, see your doctor, gets done, everything's virtually. So in speaking with the physicians, they can do about 80, 85% now without being in person.

• 28:39Speaker 04

  Wow.

• 28:40Speaker 05

  Can you imagine that with the technology? You can do an electronic stethoscope and hear the heartbeat remotely. You can do.

• 28:46Speaker 04

  What?

• 28:47Speaker 05

  Yes. You can even do, there's even technology where you can do like an EKG now.

• 28:52Speaker 03

  Yeah.

• 28:52Speaker 05

  And everything gets, gets transmitted. So literally. You can do all this stuff without touching the patient now.

• 28:59Speaker 04

  But that's, that's with someone there helping.

• 29:01Speaker 05

  That's correct. So there's many different models.

• 29:04Speaker 03

  I'm putting the probes on myself.

• 29:06Speaker 04

  It's like, no, no, no, you gotta, you gotta put, get it, put it right.

• 29:09Speaker 03

  The second rib.

• 29:11Speaker 05

  Obviously, it is not being done at home, right? There's pre-COVID times when you have to go to a physical facility. But what COVID taught society, physicians and health plans alone, health plans as well, is that this can be done, right? Before COVID, everybody was so afraid of, oh, am I gonna get sued? I've been, physicians are saying, I've been practicing medicine for decades. This is not gonna work because I can't touch them.

• 29:39Speaker 03

  Well, you don't need to.

• 29:40Speaker 05

  Well, somehow, because of COVID, they've learned to rethink that process.

• 29:45Speaker 03

  Well, everybody's wearing a, a, a smart watch nowadays that has the, you know, telemetry and how many calories you burned and like, I mean.

• 29:53Speaker 05

  Right?

• 29:53Speaker 03

  Yeah.

• 29:54Speaker 05

  So with technology, if you can do that much, imagine there's such a shortage of help when it comes to medical care.

• 30:02Speaker 04

  Yeah.

• 30:03Speaker 05

  Now, this, we just fit right in.

• 30:05Speaker 04

  So I, I wanted to ask, cause you, you, you brought up an interesting point when it comes to the portable services.

• 30:13Speaker 05

  Sure.

• 30:14Speaker 04

  Do you see that as a, a growing sector within this whole medical provider telehealth thing? Like, are, are some of the companies offering like, hey, if, if they can't, if they're, you know, hours away from their local lab, we can send someone there and then, and.

• 30:36Speaker 05

  There, there's always entrepreneurs out there who's doing that. Obviously, there's a lot of regulations you have to go through, but absolutely, there's always a need for something like that. People are continuously reinventing the wheel and they have to.

• 30:48Speaker 04

  Yeah.

• 30:49Speaker 05

  Cause in today's time, especially as you mentioned, AI.

• 30:51Speaker 03

  Yeah.

• 30:52Speaker 05

  AI is gonna get so involved when it comes to healthcare, in my belief.

• 30:56Speaker 03

  Right.

• 30:57Speaker 05

  It's a tool, whether you like it or not.

• 30:59Speaker 04

  Yep.

• 30:59Speaker 05

  That you have to embrace it.

• 31:00Speaker 04

  Yeah.

• 31:01Speaker 05

  And utilize it to its best, best of its ability. It will make things more efficient. You know, you hear about AI scribing and AI receptionists and all this stuff. But at the end of the day, there's still, in my belief, there still has to be a human factor involved.

• 31:14Speaker 03

  Yeah, yeah, 100% there has to be. And I mean, I was talking to, you know, another physician actually on Wednesday evening about how AI is able to read an imaging, you know, ultrasound or whatever, mammogram. And being able to detect breast cancer better than the radiologist and, and finding more cancers before they actually are metastasized and, you know, they can actually be, be treated faster because AI is actually able to help look at that, look at that doc, look at that, that imaging. And so it's, AI is gonna be something that's always gonna be there.

• 31:58Speaker 03

  But I was also gonna say, Frank, that, you know, we do have traveling notaries, right?

• 32:02Speaker 04

  Right, right, right.

• 32:03Speaker 03

  Like, there's traveling notaries, it'll drive to your house and get a notarized document done. There's gonna be people that are, that, you know, that are gonna travel to go and do.

• 32:11Speaker 04

  Yeah.

• 32:12Speaker 03

  You know, for a fee, obviously. And if the insurance is gonna cover it, then heck, I'm gonna charge whatever I can to get from the insurance.

• 32:19Speaker 04

  Yeah.

• 32:20Speaker 03

  But.

• 32:21Speaker 04

  No, I, I see that as like.

• 32:22Speaker 03

  Traveling phlebotomist.

• 32:24Speaker 04

  Right, no, exactly, exactly. I, I see that as a need in certain counties.

• 32:28Speaker 03

  Right.

• 32:28Speaker 04

  Like Kern County, where you have a lot of cities that are rural and there's not a lot of facilities that they can go to. So it's like, for you entrepreneurs out there, you know, that's something to look into, right?

• 32:39Speaker 05

  For all those business owners who want to take a risk, hey, you never know.

• 32:43Speaker 04

  Yeah, yeah. We, we actually got a, a message in for, for Kwan here.

• 32:46Speaker 05

  Really?

• 32:47Speaker 04

  Yeah.

• 32:48Speaker 05

  Really? I'm shocked.

• 32:49Speaker 04

  No, don't be, man. So message is, I'm sure he has seen behind the curtain when it comes to the future of AI in the medical field. Is there anything that shocked him or things we aren't quite ready for, like robots doing surgeries? It's exciting, but it's also a bit scary.

• 33:06Speaker 03

  Ooh, good question.

• 33:07Speaker 05

  Absolutely scary and it doesn't really involve AI. Even before AI, I know some of the hospitals out here, they have this thing called the DaVinci.

• 33:16Speaker 03

  Yes, I was gonna, I was gonna mention that.

• 33:17Speaker 05

  And when I first saw it, I said, what the heck is this device? And I got wind of this device years ago. And it allows the, the physician surgeon to be so precise with everything and utilizing this robotic. I, I'll share with the story, I haven't had a chance to fact check it, but this is probably a decade or so ago. I heard about this person at a remote area, almost kinda like telehealth, utilizing some form of remote DaVinci, doing a vasectomy. Scary as that, right?

• 33:53Speaker 05

  A little glitch on the internet and I was like, whoa.

• 33:57Speaker 04

  He wasn't on dial-up.

• 33:58Speaker 05

  The octave will level, it'll just change, right? But, but it's just amazing what technology has done. So now with, with, with AI involved, it's only gonna take it to the next level.

• 34:09Speaker 03

  Right.

• 34:10Speaker 05

  My belief.

• 34:10Speaker 03

  Well, and I was, you know, I've, I've seen videos of people using that DaVinci device, right? For, um, yeah, there was, I saw one where it was like a, a test and the person did origami and made a crane.

• 34:25Speaker 05

  Yes.

• 34:25Speaker 03

  Using the DaVinci, like his, and he was in like another state.

• 34:29Speaker 05

  Yes.

• 34:30Speaker 03

  Looking at it on, on the, on the screen and able to do this very intricate origami, building this crane, and you think that they can't, you know, uh, cut an artery? Or, you know, do a bypass or things like that that can be done with that device? This is the wave of the future, just, you just hope that the wifi stays up.

• 34:48Speaker 05

  That's, that's the point.

• 34:49Speaker 03

  If the wifi goes out, then your vasectomy is gonna be really, really botched.

• 34:53Speaker 04

  Yeah.

• 34:54Speaker 03

  Make sure you have a good wifi.

• 34:55Speaker 04

  Yeah.

• 34:56Speaker 03

  Yeah.

• 34:57Speaker 04

  It is interesting because, and then to that matter, I, I think, cause both of us, I'm from the medical industry as well, I, I think putting everything and the faith of everything into a humanoid robot is, you know, crossing a border there. I, I don't think we're, we're there, or maybe we might never get to that point, who knows? To have that sort of precise procedure is, you need delicate hands. And at the end of the day, you need a human to, to monitor that.

• 35:29Speaker 05

  I, I think humans, in my opinion, should always play a factor.

• 35:33Speaker 04

  Yeah.

• 35:34Speaker 05

  Because, just because the facts say one thing, you have to go with your experience and intuition. Right? Because medicine is not, in my opinion, and I'm not a, I'm not a provider.

• 35:47Speaker 05

  So I can't, but there, there's that instinct, you know? Everything may say this, this, this, and this, but you have to follow your instinct, that's based on your experience.

• 35:58Speaker 05

  So like the lab work may say this or, or this, but something just a few, right? So it's up to the physician to investigate it, to look into it more. And I feel that's where we can excel as humans and not necessarily as robots. Cause as, as robotic, they just, they just read the data.

• 36:16Speaker 03

  Yeah. They're not thinking for themselves, they're taking.

• 36:18Speaker 05

  Thinking, not yet.

• 36:19Speaker 03

  Not yet, that's, that's coming.

• 36:20Speaker 05

  It, it is coming and so.

• 36:22Speaker 03

  Probably for the next eight months.

• 36:24Speaker 05

  That's all I was gonna say, maybe six months, right?

• 36:26Speaker 03

  Six months, right.

• 36:27Speaker 05

  The interactive AI, you know?

• 36:28Speaker 03

  Yeah, that, that, that quantum leap is gonna happen eventually, but as of right now, those robots can't think for themselves.

• 36:34Speaker 05

  Not yet.

• 36:34Speaker 03

  And it's good, it's, you know, I mean, anybody's seen a Roomba run around the house and they're like, you probably shouldn't run over that.

• 36:41Speaker 05

  Autonomous driving.

• 36:42Speaker 03

  It's autonomous driving, yeah.

• 36:43Speaker 05

  Yeah, it, it's here whether we like it or not.

• 36:46Speaker 04

  Yeah.

• 36:46Speaker 05

  So the faster we accept it and put safeguards around everything, I think the better it is.

• 36:53Speaker 03

  Yeah. Would you be, would you feel safe in a, in a self-driving Corvette?

• 36:57Speaker 05

  Self-driving Corvette, it's funny you brought that up.

• 36:59Speaker 03

  Doing 200 miles an hour?

• 37:00Speaker 05

  Well, that, it depends, but, but I did experience Waymo driving one of those.

• 37:06Speaker 03

  I've done that and I was actually quite impressed.

• 37:08Speaker 05

  I was in Arizona just about three years ago and they were piloting over there. And man, what a great experience. I was very, you know, gun shy, I'm a technology guy and I'm in the back. It was very nice, I was pleasantly surprised and I get to control the radio.

• 37:24Speaker 03

  Yeah.

• 37:24Speaker 05

  And first thing, first song I brought up when I was recording, it was Staying Alive.

• 37:29Speaker 04

  Yeah, yeah, yeah, yeah.

• 37:30Speaker 03

  I remember, I've done Waymo probably two or three times now at this point, did it in San Francisco, then again in Phoenix. And what I came away from with that experience was that I would rather be in a Waymo than in the car with my 16-year-old driver. It was a safer ride in the car with no driver than it would be with a, a new driver.

• 37:52Speaker 04

  Yeah.

• 37:53Speaker 05

  Yeah, cause it's instinct.

• 37:54Speaker 03

  Yeah. And it's much more cautious.

• 37:56Speaker 05

  It is.

• 37:57Speaker 03

  It is very much more cautious. Now, if it drives into the ocean, like some of the videos that you see every once in a while, like a, a Waymo, like taking the wrong turn or something. That is a little bit leery, but for the most part.

• 38:08Speaker 04

  Not, not a Waymo, not yet, but I mean, Tesla in itself is kinda, kinda there, but not really. I, I'm, I'm a little skeptical of where you're using those autonomous vehicles. Because if you were an early adopter to some of the Tesla cars, you've experienced phantom braking. And that was not fun.

• 38:31Speaker 03

  Yeah.

• 38:31Speaker 04

  That was not fun.

• 38:32Speaker 03

  Driving along and all of a sudden, scoo, down to, down to zero.

• 38:35Speaker 04

  On a, on a highway.

• 38:37Speaker 03

  Yeah.

• 38:37Speaker 04

  And luckily, there was no one behind us, but if someone was there, it's, it's not just like a slow stop from 70 to like 60, 50, no, it's an abrupt stop.

• 38:48Speaker 03

  Yeah.

• 38:48Speaker 04

  And it's, yeah, it was scary, so.

• 38:51Speaker 03

  You're a little gun shy.

• 38:53Speaker 04

  Yeah, I think I think I think Waymo has done a lot of better jobs with like the technologies that they put in there because they have a lot of cameras.

• 39:02Speaker 03

  They have the big gyroscopes, cameras and everything.

• 39:04Speaker 04

  They have LiDAR, they have everything that's, you know, I think a little better than your original Tesla because I think Elon, what he wanted to do was have no sensors, like no LiDAR and just only rely on camera.

• 39:15Speaker 03

  Yeah, that doesn't work.

• 39:17Speaker 04

  Which was a little iffy because it's like, huh, like, well, how does that work? Right?

• 39:21Speaker 05

  Well, if you need help with some of that PTSD.

• 39:23Speaker 04

  Oh, oh, thank you. Yeah, yeah, yeah, yeah. Thank you, thank you. Yeah, yeah, yeah.

• 39:27Speaker 03

  I will say, you know, Chris and I were in Phoenix for a conference and we took a ride to go get lunch and there was a Waymo there and we both jumped in it and it was like, it was Chris's first time, I think, being in a Waymo and he came out and he's like, you know, actually that wasn't, that wasn't as scary as I thought it might have been, right? It's so it's, you know, so from a telehealth kind of a perspective, you've been doing this for 20 plus years.

• 39:49Speaker 05

  Oh, yeah.

• 39:50Speaker 03

  Right? And, you know, the adoption is getting more and more prevalent. I know that other like HMOs are jumping on to this as well, like Kaiser and some others are doing much more.

• 40:01Speaker 04

  Oh, yeah.

• 40:02Speaker 03

  You know, phone and telehealth kind of conversations and Zoom meetings. You know, this is the wave of the future, I think, for for most of us when it comes to healthcare.

• 40:12Speaker 05

  I think it's not the wave of the future, it's today.

• 40:15Speaker 03

  Yeah, it's actually happening.

• 40:16Speaker 05

  It's happening because post-COVID, people expect it.

• 40:20Speaker 03

  Yeah.

• 40:21Speaker 05

  When you don't expect, I mean, prior to COVID, it was such a novelty, right? To be able to, and you hear about all the resistance and everything, but but humans in general are always resistant to change. COVID taught society, physicians, that this does work. Now that we're in the post-COVID era, people expect it. You know, imagine yourself with kids, you have to drag them out to the urgent care just to be treated and everything and you're stuck this, now you can just utilize your electronic device and get a refill. It's just phenomenal. The conveniences are all there.

• 40:55Speaker 03

  Yeah, going back to the urgent care thing, it's like if you if you're, you know, sick and you're the only one caring for your children, now you have to go to urgent care. Now you're infecting your children with everything that's at that urgent care.

• 41:08Speaker 05

  That's correct.

• 41:09Speaker 03

  Right? It's, you know, and so telehealth can be something that actually helps to save lives and actually keep people healthier.

• 41:17Speaker 05

  100%. It does help lives, preventive care, and it resolves some of the resource issues of not having, not graduating enough physicians to treat our growing population.

• 41:28Speaker 03

  Right.

• 41:29Speaker 05

  Because in general, people are living longer.

• 41:30Speaker 03

  Yeah.

• 41:31Speaker 05

  Right? And we're not grad, the ratio is just getting further apart.

• 41:35Speaker 03

  Yeah. And fewer and fewer physicians and RNs and.

• 41:39Speaker 05

  Yes.

• 41:40Speaker 03

  Yeah, it's just.

• 41:41Speaker 05

  So we're able to resolve that need at telehealth docs and I'm so proud of myself and a lot of my peers, there's a lot of us out there, but we're filling the need.

• 41:52Speaker 03

  Yeah. Well, Kwon, thank you so much for joining us today. We got a message that popped in that I want to go and talk into before we leave, but thank you so much for joining us.

• 42:03Speaker 05

  Are we done already?

• 42:04Speaker 03

  Yeah, I mean.

• 42:05Speaker 05

  Are you kidding me?

• 42:06Speaker 03

  It just flies.

• 42:07Speaker 04

  Wow. Easy. Yeah, I told you.

• 42:10Speaker 03

  See how that works?

• 42:11Speaker 05

  I hope you invite me again.

• 42:12Speaker 03

  You got a spot there anytime you want it. Absolutely. So we got a message popped in, says you're saying, what you're saying about is correct about, I'm going to say this is tariffs and not taro, tariffs and inflation, but it's not the entire picture. Basically, the gist of this is that the question that came in was about American companies being more competitive because of tariffs and this, that, and the other. This is true if, if we are focusing those tariffs on specific industries. You know, the United States has issued tariffs or had tariffs and the rest of the world has had tariffs on individual industries that we take as like national security or whatever.

• 42:55Speaker 03

  We have so many tariffs on the automobile industry because we're trying to protect the big three and everything else. That is fine. That's not what I'm arguing about the tariffs. Okay? That is perfectly fine. That's normal. That's that's normal run of business for a nation to have tariffs on industries that they find are important to them. What we're talking about is blanket tariffs. Now, the United States has only done blanket tariffs five times in its histories. Okay? 1866, 1870, 1890, 1920, and then the most recent ones here in 2025 and 2020. Each of those times has resulted in, guess what? Reciprocal tariffs.

• 43:39Speaker 03

  When you issue blanket tariffs against China and Singapore and Indonesia and Canada and European Union, what are they going to do? They're going to do the same thing to you. They're going to issue the issue similar tariffs blanket across the board, all industries. There's no, there's no discerning of what industry we're going to protect. That is what I'm talking, and that is the difference between what we're talking about here and why the the rates and inflation has gone up has nothing to do with protecting industry. Okay? So that is really, in essence, the difference. So in each of those prior times where we issued those blanket tariffs across the world, we had reciprocal tariffs, inflation ran amok and went crazy. Sound familiar?

• 44:24Speaker 05

  Yep.

• 44:25Speaker 04

  Yep.

• 44:26Speaker 03

  Yeah. So those things are actually the same. So it's not any different. It's just, you know, most economists, and I'm one of these economists that would tell you that targeted tariffs for certain industries make sense. They absolutely make sense. The semiconductor industry, the whether we want to issue tariffs on imported corn, we're protecting the farmers in the Midwest that grow corn. We're issuing tariffs on the automobile industry or name whatever. There's a, there's a book of tariffs that's like 3,000 pages long of all of the tariffs that we issue for all of our, all of our industries and they're not site specific.

• 45:06Speaker 03

  So if you, if you're, if you are in the semiconductor industry and you're in Venezuela, you're going to pay the same tariff of bringing that good into the United States as somebody who's bringing it in from Indonesia or Thailand or Singapore. Period. It's, it's, it's an industry specific, not a nation specific. Okay? That's the difference. And that's where I think that the listener who was, great question, because it's, that's one of the things that's wildly misunderstood is that all tariffs are good or all tariffs are going to help protect US and industry and that's not the case.

• 45:40Speaker 04

  I mean, in theory, that's, that's what the, the point of tariffs was when it was constructed was that it was supposed to help level the playing field.

• 45:48Speaker 03

  Right.

• 45:49Speaker 04

  But to what you mentioned, what you alluded to is that, yes, it is, but ultimately, what happens when, when corporations, even in the US, see that? They use this opportunity to then.

• 46:00Speaker 03

  Raise their prices because they don't have competition.

• 46:03Speaker 04

  Because again, in theory and paper, it does work out, but it doesn't really relate to exactly what these corporations, what these humans do. So that's, that's the difference.

• 46:14Speaker 03

  Yeah. And so, you know, think about that when, when we're talking about tariffs, there's two separate types of tariffs. There's the blanket tariff and then there's the, the laser focused tariff. We're not talking about laser focused. We're focused, we're talking about the blanket foreign tariffs that have caused this inflation. So with that, it's the weekend. We're coming into the weekend hot and heavy. So go out there, get some food at the Greek Food Festival, go, go get some jazz in the garden. It's going to be a great weekend. Be smart, be safe, be money wise. We'll see you next week.

• 46:43Speaker 02

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