3/31/25 Combating AI Scams, Navigating Crypto Taxes, and Tariff Effects on Agriculture

The Moneywise Radio Show and Podcast Friday, March 28th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Manageme instagram: MoneywiseWealthManagement Guest: Steve Murray, Owner of Murray Family Farms website: www.murrayfamilyfarms.org/

• 0:00Speaker 00

  From the padded radio room off Stockdale Highway, here is Money Wise. 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 S E F Securities, Inc., member FINRA, SIPC. Investment advisory services offered through S E F Investment Advisors, Inc., S E F Securities, Inc. and Money Wise Wealth Management are independently owned and operated.

• 0:40Speaker 00

  Now, let's start the Money Wise Show.

• 0:42Speaker 03

  Welcome to the Money Wise Show. We are live from the Garo Ellis padded radio room off Stockdale Highway on ESPN Bakersfield, 1230 a.m., 101.1 FM, and always streaming at MoneyWiseGuys.com. You can text into the show 24 hours a day at 661-396-1000. Today, we're your hosts, I'm Sharad Waite and?

• 1:02Speaker 04

  Frank Lee.

• 1:03Speaker 03

  Frank Lee, good having you here.

• 1:05Speaker 04

  Good to be here, back to back.

• 1:06Speaker 03

  Back, yeah.

• 1:07Speaker 04

  I was on Friday.

• 1:08Speaker 03

  There you go, hey, you're getting it down.

• 1:10Speaker 04

  Yeah.

• 1:11Speaker 03

  Hey, Sparky, congratulations on the show today. The, the, what do you call it, the first airing of?

• 1:21Speaker 00

  The debut.

• 1:22Speaker 03

  The debut, that's it.

• 1:23Speaker 04

  Congrats.

• 1:25Speaker 03

  Which, what's, I'm sorry, what's the name of the show?

• 1:27Speaker 00

  The Early Bird Special.

• 1:28Speaker 03

  Early Bird Special, right here on ESPN Bakersfield. Great, I mean, this, you got this, Stephen, we're so excited for you, happy for it, for, this will be a sports talk show, but you talk other things, you talk life a little bit in there.

• 1:43Speaker 00

  We'll talk entertainment, we'll talk sports, we'll talk movies, TV, lifestyles. We, we did a motivation Monday today.

• 1:51Speaker 04

  Nice.

• 1:52Speaker 00

  Which I almost broke down in the first hour, because I was talking about, you know, how much I've learned over the years with our work family and, you know, our group gathering on Friday last week.

• 2:04Speaker 03

  Yes, yeah. Hey, did you, on the Early Bird Special, did you talk about the tush push?

• 2:10Speaker 00

  We did, actually.

• 2:11Speaker 03

  What's your, what's your opinion?

• 2:14Speaker 00

  Um, I, I personally think, just like anything in the NFL, they, something works for a little bit too long, and then the NFL starts to change it, but there is little tweaks, like, you know, the NFL doesn't allow defensive players to push.

• 2:30Speaker 03

  Yeah.

• 2:30Speaker 00

  So now the defensive players are saying, okay, well, if you're gonna allow this, why wouldn't you allow us to push, you know, a linebacker to push a defensive tackle to stop that play?

• 2:40Speaker 03

  Oh, right. Oh, that's a fair.

• 2:42Speaker 00

  And now other teams are saying, okay, well, if you're just gonna let that happen, then maybe we just push where a quarterback, we'll swap out a quarterback for a defensive player, a 500-pound defensive player, and let them be the guy that they push.

• 2:58Speaker 03

  Uh huh.

• 2:59Speaker 00

  And no one will ever stop that.

• 3:01Speaker 03

  Right. And then it kind of turns into rugby.

• 3:04Speaker 00

  Pretty much.

• 3:05Speaker 03

  Uh, which I'd like to see a lot more laterals. Is that, that's, that's fun. That's fun to watch. And they only see it when it's like a Hail Mary play. And I don't know if it ever works, but, uh, well, congratulations again, the early bird special with Sparky and Burdick. That's, uh, every, it's.

• 3:22Speaker 00

  Monday through Friday, 7 to 9 a.m.

• 3:25Speaker 03

  7 to 9. They gotta update their website.

• 3:27Speaker 00

  Yes, they do.

• 3:27Speaker 03

  ESPN does. They still have you 8 to 9 on Sunday.

• 3:30Speaker 00

  They still have us on the weekends, yeah.

• 3:31Speaker 03

  Yeah, come on.

• 3:32Speaker 00

  It happened that quick, baby.

• 3:33Speaker 03

  Yeah, congratulations. So cool. Uh, we got some listener questions. And as usual, we're gonna start the show out by answering these questions. I'll read the first one. Again, if you've got a message, send them our way, 24/7 at 661-396-1000. Here's the message. Frank, you can help me out with this a little bit. I've been investing for eight or nine years and recently started with some cryptocurrency and NFTs. I wondered how does California tax these digital assets differently from the federal government? If so at all. Not sure if you can cover that or not, but thank you. Learned a lot and listen frequently. So, NFTs, uh, those are non-fungible tokens. Is that right?

• 4:15Speaker 04

  Yeah. You don't hear those nowadays. They just like suddenly dropped off.

• 4:19Speaker 03

  Yeah.

• 4:20Speaker 04

  It's not, it's not as relevant as crypto is, but.

• 4:22Speaker 03

  It's, yeah, it was, it really was like a buzzword for a while, NFTs. And, you know, I scratched my head. When, you know, the, the basic question is, is there a difference between taxation of crypto or NFTs, the federal versus the state? I couldn't really think of any different, big difference, other than.

• 4:42Speaker 03

  The fact that California has a tax as well, so the California income tax rate, which is the highest, one of the highest in the nation, has, would be taxing the sale of your NFT or your cryptocurrency. And if you sell that within a year, that's taxed as ordinary income. And so, ordinary income, you know, can be, can put, you know, be taxed pretty high. And so, you know, you just want to be aware of that. The, if you hold it for longer than a year, then you have long-term gains tax rate,

• 5:24Speaker 03

  which the maximum long-term gains tax rate is 28%. And of course, it's a lot less than that depending on what your income bracket is, your income tax bracket. So, you know, be aware that the federal government and California both, both consider the sale or acquiring of digital assets as property. So, that's why you would be subject to taxes or capital gains, because that's, they're essentially saying it as property. It is a little interesting, though, that, coming back to the NFT,

• 6:03Speaker 03

  if the NFT transaction is, involves an asset that is a, like a collectible, then there is a chance that that would be taxed at a different rate. And because collectibles have a different tax implication.

• 6:28Speaker 04

  Oh, I didn't know that.

• 6:30Speaker 03

  Yeah, similar to like gold.

• 6:33Speaker 04

  Right, okay.

• 6:34Speaker 03

  Buy or sell gold. And so, you know, if your NFT represents a work of art, it could be considered a collectible. And then you have a different tax rate, you know, for those, for those things. Which, you know, it's still like, I think most people are, even myself, sometimes have a hard time wrapping my head around, you know, the NFT thing.

• 6:54Speaker 04

  I think it started with the whole bored ape NFT, right? It's like the ape.

• 7:00Speaker 04

  The ape NFT.

• 7:01Speaker 03

  Oh, yeah.

• 7:02Speaker 04

  That simple.

• 7:04Speaker 03

  Image.

• 7:05Speaker 04

  Image of that bored ape. That just like spiraled out of control. It's like, oh, my God. We need to create our own bored apes out. There's like all these different type of ape NFTs.

• 7:16Speaker 03

  I, I, the technology is fascinating because you can, you can legitimize, not legitimize, you can, you can, you can confirm that a piece of art is legitimate, you know, that it is that piece of art that you own it and you own it through the NFT. So that, that's kind of cool. And it seems like there, there will be some interesting products that can come out that can make

• 7:42Speaker 04

  Yeah.

• 7:42Speaker 03

  Certain transactions easier.

• 7:44Speaker 04

  Yeah.

• 7:45Speaker 03

  You have the NFT.

• 7:46Speaker 04

  I know. I, I'm not too familiar with NFTs again, but I do remember when I was working at the, the tech startup back in Santa Monica.

• 7:55Speaker 03

  Yeah.

• 7:56Speaker 04

  One of our project managers moved to a company, a gaming company, actually, that were creating these type of NFTs based on the players playing. It's like you're able to create your own NFT by achieving certain, I don't know, like goals or quests.

• 8:19Speaker 03

  Uh huh.

• 8:20Speaker 04

  If you complete quests and then you can sort of sell those NFTs online.

• 8:24Speaker 03

  Oh.

• 8:24Speaker 04

  And I, I couldn't really get the, the details of it, but

• 8:28Speaker 03

  Yeah.

• 8:29Speaker 04

  It seemed cool at, at the moment.

• 8:31Speaker 03

  Yeah.

• 8:31Speaker 04

  But again, you don't really hear a lot of NFTs being the, the, the top of the subject.

• 8:37Speaker 03

  Yeah.

• 8:38Speaker 04

  You know, but I think that was one way for them to implement that trendy NFT collectible type.

• 8:46Speaker 03

  Yeah.

• 8:47Speaker 04

  And then see like, hey, like there's a game out of this. You can, you can sort of create your own NFT if, if you play through this, complete certain quests or whatever it is.

• 8:56Speaker 03

  And then it's yours. There's your token.

• 8:58Speaker 04

  Yeah, yeah.

• 8:58Speaker 00

  I've seen that on the Big Bang Theory.

• 9:01Speaker 03

  Oh, boy.

• 9:02Speaker 04

  Really?

• 9:02Speaker 03

  Oh.

• 9:03Speaker 04

  Where was that?

• 9:03Speaker 00

  They did that in the beginning of when Bitcoin first came out. They had said that they had won some of these fake tokens and they made a whole episode of how they were. They had put it, they'd stored it on a laptop years ago.

• 9:17Speaker 04

  Oh, yeah.

• 9:17Speaker 00

  And then they found it and the, it was actually hidden by the, the comic book owner.

• 9:23Speaker 04

  Yes, yes, yes, yes.

• 9:24Speaker 00

  I remember that episode.

• 9:25Speaker 04

  Yeah. It was, but no, I thought it was, uh, they were, they mined some coins.

• 9:29Speaker 00

  That was too, yeah.

• 9:30Speaker 04

  That, okay, okay, yeah.

• 9:31Speaker 03

  Is that show still going?

• 9:33Speaker 04

  No, it ended.

• 9:34Speaker 00

  They've spun off into three or four different shows though.

• 9:37Speaker 04

  Oh, really?

• 9:37Speaker 00

  Yeah.

• 9:38Speaker 04

  Uh, Sheldon.

• 9:38Speaker 00

  They have the young Sheldon.

• 9:40Speaker 04

  Young Sheldon.

• 9:40Speaker 00

  And then now they have a new show with Sheldon's older brother.

• 9:45Speaker 04

  Uh huh.

• 9:45Speaker 00

  With, with his family.

• 9:47Speaker 04

  Ah, wow.

• 9:48Speaker 00

  They're gonna make money off that as long as they can.

• 9:50Speaker 03

  Yeah, milk it.

• 9:51Speaker 04

  Yeah, that, that episode was so funny.

• 9:53Speaker 00

  Yes, that was one of my favorite.

• 9:55Speaker 04

  The comic book store is like, it's the old laptop, like eh, just throws it in the trash. Now it's like worth billions of dollars.

• 10:01Speaker 03

  That's like a, based off of a true story, right? Cause there, there was that, uh, the lawsuit just, I think just ended where, um, where the gentleman had his laptop thrown away and he was trying to petition the city to go do a search for it in the landfill.

• 10:19Speaker 04

  The landfills, yep.

• 10:19Speaker 03

  And they denied it and it's like, it's billions, I think it's billions or hundreds of millions of dollars, you know, that's worth. Alright, we got another message here. It says, have you heard of AI fueled tax schemes or AI driven scams in the financial sector? Hearing more and more, but not sure I've personally ever heard of anything like that. So Frank, I don't know if you've heard of some of this. I have.

• 10:41Speaker 04

  Not in particular, but I've, I've heard some in passing.

• 10:44Speaker 03

  Yeah, I mean, a lot of these AI driven fraud schemes are based off of deep fakes and the deep fakes can come in the form of an AI generated audio, like voice or video content. Where they're impersonating a trusted individual or an authority. And it actually sounds like them. And if it's not an audio deep fake, it could be an AI generated, basic AI generated phishing scam where they're making everything in the, in the email or in the letter and the communication looks very official and very detailed to where it just looks legitimate.

• 11:27Speaker 04

  Yeah.

• 11:28Speaker 03

  And that's like something that you wouldn't ever be able to do, like, and humans couldn't do that, but. AI can mass produce these. And so those are where I've heard some of the scams coming is basically these deep fake scams, which is just more of a high tech fishing or social engineering.

• 11:45Speaker 04

  Yeah, yeah. Which is something that we should talk about as a firm too, because we get those types of, I've gotten texts, how many texts from you saying, Jared, hey, I need to, I need you to call me.

• 11:55Speaker 03

  Right. Call me. I need some.

• 11:57Speaker 04

  At 9pm at night. It's like, what do you want, Jared?

• 12:00Speaker 03

  Right.

• 12:00Speaker 04

  Uh, but yeah, I've heard about those where, uh, people would get calls from their daughter, their son as saying it's an emergency. Like, I need you to fund me some money because I'm stuck here.

• 12:11Speaker 03

  Right.

• 12:12Speaker 04

  I'm in jail. I'm like, what the heck?

• 12:14Speaker 03

  It's, this has even happened with our show where Stephen, you and I have gotten emails from what appears to be a listener.

• 12:22Speaker 00

  Yeah, I've listened forever.

• 12:23Speaker 03

  Uh huh. And they'll, they'll even say, I enjoyed your episode last week where you had so and such and such guest on and you talked about this.

• 12:31Speaker 00

  Yeah.

• 12:32Speaker 03

  And I'm really interested in, in presenting, you know, some service, you know, to you or, or, you know, to be a guest or something like that. So it's clearly AI like driven.

• 12:44Speaker 04

  Oh, interesting.

• 12:45Speaker 03

  The email is and because these people aren't listening, they're not listening though.

• 12:50Speaker 00

  Ouch.

• 12:50Speaker 03

  Yeah. I mean, they're listening.

• 12:52Speaker 04

  The truth comes out.

• 12:53Speaker 03

  Their robots are listening, but they're not actually listening. They don't have, salespeople don't have time to listen to, you know.

• 12:59Speaker 04

  It's like they picked up every small detail is what you're saying.

• 13:02Speaker 03

  Yeah, they picked up enough detail to, to formulate an email that makes it look personal, you know, makes it look like, oh, wow, we've got like a fan in Florida.

• 13:12Speaker 00

  Yeah. I wonder if they take like the title of the show, run it through AI and then send an email out of that or it's just, it's super weird.

• 13:21Speaker 03

  Yeah.

• 13:21Speaker 00

  I've, I've gotten messages not only through the email, but I've gotten text messages that some, somehow it, it just doesn't sound human. You know what I mean? It just kind of sounds cryptid.

• 13:32Speaker 03

  Right. It's just, it's getting so much better though. And now the voice thing is creepy because this hasn't happened to me, but I've been with somebody where they've gotten a sales call. And it sounds human, but there's a little tiny delay. And my friend asked the, the, the person on the other phone, are you, are you an AI bot? And there was a pause and they're like, yes, I am. It's like, oh my gosh, they couldn't lie.

• 13:58Speaker 04

  Maybe we should just lead off with that. It's like, are you AI?

• 14:01Speaker 03

  Yeah, yeah, seriously. You gotta like preface every, that's what's gonna happen. Like, there's gonna have to be some sort of verification to know that you're not talking to like a code word, a secret word, you know, that, that they would know to verify that it's actually a human that you're talking to.

• 14:16Speaker 04

  Yeah.

• 14:17Speaker 03

  It's gonna get that way.

• 14:18Speaker 04

  Unless if they become sentient and just be like, no, I'm, I'm a living human being.

• 14:23Speaker 03

  Oh, my gosh.

• 14:24Speaker 04

  That would be creepy.

• 14:25Speaker 03

  It, but it would be super creepy.

• 14:28Speaker 04

  Yeah.

• 14:28Speaker 03

  It's already getting there with agents, AI agents. And this is, this has been a fairly recent innovation in the world. I think last year was the first where we saw, uh, OpenAI release their model, which is an agent is essentially, it's an AI-driven program that can go beyond just the large language model like these, you know, chatbot. It can actually do work for you. And it can go and not only browse the website, but then go into the website, you know, and fill out the form. And, and do the, you know, do the, do the work for you. Or it can do your, be like a travel agent.

• 15:13Speaker 03

  So it can make the phone calls. It can go through the, through the, through the internet and use the appropriate websites to go ahead and book your trip and do the work. Like it's, it's taking it another step further. Anthropic, which is the Amazon-backed AI startup that was founded by an ex-OpenAI research executive, released theirs back in October. And OpenAI released theirs in February of this year. And then today it was announced that Amazon's program, their new AI model.

• 15:52Speaker 03

  Is called Nova Act will compete with this with these other agents or agentic AI tools. And so, um, Amazon is in the game now being able to take actions in a web browser on a user's behalf. And, um, you know, to put all the inputs in and, you know, take care of what needs to be done rather than just scanning. You know, a website to give you information or to answer you a question that actually can do take it a step further.

• 16:25Speaker 04

  Yeah.

• 16:25Speaker 03

  That's a little frightening, right? It seems a little like sketchy that.

• 16:30Speaker 04

  Yeah, yeah, to a certain point, uh, cause I'm, I'm also trying to think like, oh, like, how do we implement that for our processes? It's like, oh, that'd be so helpful for me because then I don't have to input all these redundant.

• 16:41Speaker 03

  No kidding.

• 16:42Speaker 04

  Information. It's like, as soon as like I get that information, boom, right then and there.

• 16:47Speaker 03

  It'll just take care of it, right? And it could use like it access, you could have like a closed loop agent that takes care of all of your data input, you know? CRM management.

• 16:57Speaker 04

  Right, exactly. Cause a lot of the concern is, well, if I, if I say this, if I give you my social security or driver's license, like, how's it stored? Right. Those type of questions. And it is a real security issue because what happens in the off chance, yes, someone tries to hack into your system. You know, um, it's like a black swan event, but it's not saying it can't be done. There's, there's been instances where like. T-Mobile got hacked and everything like that. Uh, but I think with the correct guardrails and, and safety protocols, like, I think it can be done. And it could be something to where like, if there's this, uh, procedure where it erases the information.

• 17:42Speaker 04

  Or it's sort of codes it in a sense where it's always changing, like with the whole blockchain technology. That could probably help with a lot of the issues.

• 17:51Speaker 03

  Yeah, I think there could be some safety protocols in place to avoid that. And we, we use AI somewhat here in the office. Not, I mean, beyond just chat GPT, um, for, you know. General searches, but we have our own programs that we use that are closed loop programs. So there's, you know, any data that goes in, it stays here, doesn't go out. It's not used by the, by the, by the broader internet to, you know, to, so that other bots can, you know, take information from it. So it has sort of this closed loop system. And I mean, it's, it's a, it's for us, it's, it's a huge productivity booster.

• 18:31Speaker 04

  Yeah, no, it is, it is. And before we finish off, I wanted to go back to the, the listener's question.

• 18:37Speaker 03

  Yeah.

• 18:38Speaker 04

  Cause I've, we've heard of stories about those family members calling in.

• 18:42Speaker 03

  Yes.

• 18:42Speaker 04

  My wife and I have actually talked about that. It's like, what if I get a call like that?

• 18:46Speaker 03

  Right.

• 18:46Speaker 04

  It's like, well, we have a sort of like safe word put in place.

• 18:49Speaker 03

  Yeah. You and your wife do?

• 18:51Speaker 04

  Yeah, yeah.

• 18:51Speaker 03

  That's perfect.

• 18:52Speaker 04

  I think, I think that's an easy fix.

• 18:54Speaker 03

  Yeah.

• 18:54Speaker 04

  For now.

• 18:54Speaker 03

  Yeah.

• 18:55Speaker 04

  Uh, until then, it's like, if you feel like this is just out of the ordinary, it's like, you're kind of concerned, just always asking, hey, what's our code word?

• 19:03Speaker 03

  What's the code word?

• 19:04Speaker 04

  What's the code word? And you're like, if, obviously if you don't get an answer, then it's like.

• 19:08Speaker 03

  Right.

• 19:09Speaker 04

  Yeah.

• 19:09Speaker 03

  Uh, the, the question also from the listener was asking about tax, tax fraud. And, you know, I can see where AI would just, could just mimic a, a call from the IRS, right? So you think you're talking to an agent.

• 19:23Speaker 04

  Yeah.

• 19:23Speaker 03

  Or you think the form you're getting in the mail is legitimate because it just looks that way. It's got, it's got information on it that makes it seem like it's legitimately from the IRS. And that's, that would be concerning, right?

• 19:37Speaker 04

  Yeah.

• 19:38Speaker 03

  And I'm sure, I'm sure it's happening to some extent. There's always, especially around tax season, there's a big uptick in fraud that happens.

• 19:45Speaker 04

  Exactly.

• 19:45Speaker 03

  Including people filing your tax return on your behalf. You know, like they're doing it and they're getting the refund and you don't know it until you file your return and the IRS sends you a letter that says, no, you already filed your return. And you're like, well, I didn't file a return. And then it's a mess, right? Now you gotta go through the fraud division at the IRS and get that all cleared up. It could take a while.

• 20:05Speaker 04

  Yeah.

• 20:06Speaker 03

  But that's a common, that's a common fraud, you know, you see some scammer.

• 20:10Speaker 04

  Yeah.

• 20:10Speaker 03

  That gets just enough of your information to go. File tax return in your behalf and they're just looking for any sort of refund and getting that money and then boom, they're, you know, they're off to the races. It's crazy.

• 20:22Speaker 04

  Seriously, you're right. I owe taxes.

• 20:23Speaker 03

  Yeah.

• 20:24Speaker 04

  You can pay my taxes.

• 20:25Speaker 03

  Yeah, try it.

• 20:26Speaker 04

  Yeah, try it.

• 20:26Speaker 03

  Well, they're not putting in real information. I mean, they're putting in fake information to make it, to, to boost the, the tax refund that they get.

• 20:35Speaker 04

  Yeah.

• 20:35Speaker 03

  And then they're taken off. And so it's like, oh, but now you gotta go through the whole process of the IRS to prove that wasn't you and.

• 20:41Speaker 04

  Yeah, that is another, that is another headache.

• 20:44Speaker 03

  Great questions. So keep them coming our way. 661-396-1000. After the break, we're going to be joined by one of our favorite guests, Steve Murray from Murray Family Farms. He's our resident farming expert. We're Money Wise.

• 20:55Speaker 00

  Money Wise 401k plans are customized to you and your company's needs. 661-847-1000. That's 661-847-1000.

• 21:10Speaker 03

  Welcome to the Money Wise Show. I'm Sharad, your host, along with Frank Lee. We are joined right now by our guest, Steve Murray from Murray Family Farms and Tony Hargrove, also from Murray Family Farms and involved also in other things around the community. Welcome to the show. Welcome back to the show.

• 21:25Speaker 05

  Thank you very much.

• 21:26Speaker 06

  Hello, hello.

• 21:27Speaker 03

  So Steve, you just went to India and was this a vacation or was it a work thing?

• 21:36Speaker 05

  Well, actually, my wife and I have been involved in the Bakersfield Sister Cities program, which is a student exchange program where usually it's high school kids, usually eighth graders will go stay with a family in a foreign country for seven days and they will come and stay here. Then we've had the opportunity to do cultural exchanges with China, Japan, Korea, Queretaro, Mexico, India, second trip to India and.

• 22:06Speaker 03

  Are these all sister cities?

• 22:07Speaker 05

  All sisters, Bakersfield sister cities.

• 22:09Speaker 03

  How many do we have?

• 22:10Speaker 05

  We have, Tony's on the board.

• 22:12Speaker 06

  Seven. You missed Belarus.

• 22:14Speaker 05

  Belarus.

• 22:15Speaker 03

  Oh, wow.

• 22:15Speaker 05

  I don't know that we're going back there, though.

• 22:17Speaker 06

  No, no.

• 22:18Speaker 05

  Yeah, they came and they robbed, they robbed the houses and.

• 22:22Speaker 03

  Oh, really?

• 22:23Speaker 05

  And escaped.

• 22:25Speaker 06

  Yes.

• 22:25Speaker 03

  Oh, my gosh. That's crazy.

• 22:29Speaker 06

  She decided not to come back.

• 22:30Speaker 04

  How's, how's the Korean sister city, Puchon?

• 22:32Speaker 06

  Oh yeah, it's absolutely fantastic. We just had a meeting there. We actually have a weekly Zoom with people in Puchon to where the relationship is really strong.

• 22:42Speaker 04

  Nice, nice.

• 22:45Speaker 03

  So is there like, what do you call it, like not emancipation, but how do you break up with a sister city? You just like cut them off?

• 22:53Speaker 05

  You know what we're, what the goal is to be able to work out student exchange programs. And so some of our newer sister cities are still not clear on what that purpose is. In India as an example, that it was, it's my second time I was there in 2011 and Tony was with me and again, he is on their board, but that it is really wild going to India that, because where you travel, there's like three lanes on the highway and six rows of cars. And we got there and Tony was in the back with Bee and that had two tires blow out.

• 23:23Speaker 03

  Oh no.

• 23:23Speaker 05

  In rush hour traffic and we had, you know, machine gun guards with us the whole time.

• 23:29Speaker 03

  Wow.

• 23:31Speaker 05

  And they just dove into the, into the freeway and got our tires changed, turned around and went in the reverse direction in the freeway where we went on six different freeways in the wrong direction, twice backwards. And it was like.

• 23:47Speaker 03

  Sounds crazy.

• 23:48Speaker 05

  It was like a movie.

• 23:49Speaker 03

  Yeah.

• 23:50Speaker 04

  Welcome to India.

• 23:50Speaker 05

  Yeah, welcome to India. I was in a fetal position.

• 23:54Speaker 06

  The rules of the road change when you have that many guns with you.

• 23:57Speaker 05

  And so Tony got up in front because he thought maybe the tire's blown out. And then we got T-boned where he was.

• 24:02Speaker 03

  What? Is this in like one of those like three wheel?

• 24:06Speaker 05

  No, this was a.

• 24:07Speaker 03

  It's like a real car?

• 24:07Speaker 05

  This was an 18 passenger bus.

• 24:09Speaker 03

  Oh, oh.

• 24:10Speaker 05

  Yeah, there's 15 of us. So anyway, it was a great, great trip. And I'm just dramatizing some of the things that happened. Everywhere we went, we were just so warmly received and that there's a, there's a large Sikh community here in Bakersfield and that they've coordinated Amritsar as Bakersfield's sister city. And we had a chance to meet with. You know, the mayor, the equivalent of Kevin McCarthy in the parliament, the governor, and that we had Mayor Go, we had the mayor from Arvin that

• 24:42Speaker 03

  That was on the trip?

• 24:43Speaker 05

  It was on the trip.

• 24:44Speaker 03

  Oh, that's nice.

• 24:46Speaker 06

  Andre Gonzalez as well.

• 24:47Speaker 03

  Oh, nice.

• 24:49Speaker 05

  And so we were traveling like we were very important, so.

• 24:53Speaker 03

  Yeah, they have dignitaries.

• 24:55Speaker 05

  Yep. Dignitaries, so.

• 24:56Speaker 06

  It's amazing to find out the closeness of the relationship that Bakersfield has with India. The Golden Temple is kind of like the Mecca of the Sikh community, and then to find out that they have this just massive pool of drinkable water that surrounds the Golden Temple, and to find out that it was actually a family that's local to Bakersfield named the Tutt family that helped install the water filtration system for the Golden Temple. It was absolutely unbelievable, yeah.

• 25:23Speaker 03

  Wow. Is that how the connection to Bakersfield, I mean?

• 25:26Speaker 05

  Part of the connection, that Nazar Kuna, there's a number of different family people in Bakersfield that really wanted to develop the Sister City program, but I felt safe going into the water and splashing the water on my face.

• 25:41Speaker 03

  Yeah.

• 25:41Speaker 05

  Because of the Tutt brothers.

• 25:42Speaker 03

  Nice.

• 25:43Speaker 05

  Which came, you know, all of the Sikhs that have come here came with very little, very similar to my background, and were able to, really amount, I'm a speck compared to these people.

• 25:55Speaker 03

  Yeah.

• 25:55Speaker 05

  What they've been able to accomplish in a short amount of time in being successful in agriculture, many of the medical professionals, and that just such a kind-hearted, when there's a disaster, they're the first people to donate and to show up.

• 26:10Speaker 06

  Absolutely.

• 26:11Speaker 05

  It's a great, great community, and it's, they're really a pleasure to be with, so.

• 26:15Speaker 03

  Yeah, they have a, the Sikh community has a strong reputation of being just good citizens, just like, what's the word, just charitable and, you know.

• 26:32Speaker 03

  Peacekeeping, all that stuff.

• 26:34Speaker 05

  Yeah.

• 26:35Speaker 03

  So, well, congratulations then. That sounds cool. It seems like a huge benefit to Bakersfield to have these connections.

• 26:43Speaker 05

  Absolutely.

• 26:43Speaker 03

  You know, to these other countries. And, I mean, just, that seems like a great program.

• 26:50Speaker 05

  It started at the end of World War II where the, like Eisenhower said, you don't go to war with your friends. And so the first sister was Japan. And that relationship's going 75 years strong now. But the reason why I brought Tony here is that he's been with us for 15 years. He does a lot of our communications. He does a lot, people that go on Facebook or they look at Instagram or other things where they see things going on with Murray Family Farms. It's usually his creativity and that, I just want to say that one of the really great, our, our, our mission really is to improve the quality of people's lives through the fruit that we grow. But a lot of that is also through the people that we employ. We have, for a small farm, we have 90-year-round employees and that we get young people that come in and Tony's been with us for 15 years.

• 27:35Speaker 05

  But I'll say, you know, because you can go on to being in food protection, culinary arts, or you can go on to being a cashier or in entertainment or a guide on a wagon ride. But when you ask a question, think, think of a place where you've gotten the best service you've ever loved. And you know what the most common answer is? In-N-Out Burger.

• 27:55Speaker 03

  Oh, yeah. Yeah, they're known for that. They've got their processes dialed in.

• 28:01Speaker 05

  Dialed in, yeah. I would've said Starbucks, but they don't go to Starbucks.

• 28:04Speaker 03

  Yeah. Yeah. Disneyland has a similar culture too. They go, they do business workshops around the world, you know, how you, how you, you know, how you create customer service. And so is this something that's been implemented at Murray Family Farms? Like, how, how have you, you know, how is, how is your customer service? I mean, what, what, what's your culture like there?

• 28:24Speaker 06

  Well, I would say, obviously, our customer service is very important to us. I think one of the things that makes that instrumental is, one, people, people really enjoy working at Murray Family Farms. One of the things I always say is that you should work at a job where you get to meet the person who signs your check. I remember- When I got my first check, there was blue stuff all over it. And I was like, what is this? And they were like, oh, Mr. Murray had, he had blueberries on him.

• 28:50Speaker 06

  I was like, oh, my gosh.

• 28:53Speaker 06

  But then another part is that it's just very important. It's like, every single review that ever gets left for Murray Family Farms on any platform, be it Instagram, Google reviews, every member of our leadership team reads every one of those reviews every week, which I don't know of a lot of businesses.

• 29:10Speaker 03

  Now, that would be mind numbing. That would be for some businesses, you know?

• 29:14Speaker 06

  Yeah, yeah. It's a real dedication for us. And then we make the changes. It's, it's very good.

• 29:20Speaker 03

  Have you haven't got any people passing through from Oklahoma just offended by the okie pie? Just derogatory calling us okie, okie pie. It used to be like a slang.

• 29:31Speaker 05

  Not even one.

• 29:31Speaker 03

  Not a single person.

• 29:32Speaker 05

  Not a single one.

• 29:33Speaker 04

  Well, that's. After they get a bite, they're like, oh, my gosh.

• 29:36Speaker 05

  I think it's turned into a badge of honor.

• 29:38Speaker 03

  Yeah.

• 29:39Speaker 05

  That at this point, that, you know, and that the people that came in, and that was Highway 58, that what was the pathway that they came into the valley, a million people from Arkansas, Texas, Oklahoma, came right by where we are. And the reason is the pies were the way that they were making, utilizing scraps and fruit and whatnot to make, they were frying their pies. We're baking them now, but.

• 30:05Speaker 03

  Yeah, yeah. My grandmother was immigrated here during the Dust Bowl from Oklahoma. So she was a true okie. But I remember, and I've heard others say that it was, it was a, it was a derogatory term back, back in the day here. You called somebody an okie. It was, you know, it was meant to, you know, belittle them, you know, like they were less than. Which was part of the reason that spurred the Bakersfield Sound was that they, these were sort of outcasts, but they were, they were, you know, they were spending their evenings creating music and, you know, kind of like a different kind of mind, a different sound, a different style of music, which turned out to what we know now as the Bakersfield Sound.

• 30:50Speaker 03

  So, but yeah, no, that's, that's really cool. So what's happening at Murray Family Farms?

• 30:55Speaker 05

  Well, one of the things happening is that Easter is late. It's going to be.

• 30:59Speaker 06

  Oh, yeah.

• 31:00Speaker 05

  It's going to be late in April where that allows us to be peaking in our strawberry season. And we may be also peaking in our blueberry season. This year, one of the things we're doing is modeling after the White House. We're doing a Easter egg roll.

• 31:12Speaker 03

  Oh, yeah.

• 31:13Speaker 05

  Wooden eggs and that we're gonna have people painting them. And then we have several different slides that they're gonna be able to do competitive egg rolling, kinda like a boxcar thing.

• 31:25Speaker 03

  Yeah.

• 31:25Speaker 06

  Yeah, these are like, these are traditional Easter games that have been around for over 100 years. So it's very exciting to be able to participate in some of those games again. Cause this is what Easter would have looked like back in the day. So you get to come out and like really experience the traditional Easter. Plus with the wooden eggs, very much like the White House. We hope it becomes a tradition. We actually have a lot of different businesses in Bakersfield who are jumping in and decorating eggs for what we hope becomes a yearly Egg Hall of Fame.

• 31:56Speaker 03

  Oh.

• 31:57Speaker 06

  Samlin Ballpark is gonna be decorating one of the wooden eggs. We also have Kern Machinery. And, you know, if you guys want to, we have you guys decorate. Money Wise Egg.

• 32:06Speaker 05

  And we're partnering with the Bakersfield.

• 32:09Speaker 06

  Oh, yes. Yes, they're also partnering with the Bakersfield School of Art and Music to make that a possibility. So if anybody, this is also open to the public. If anybody actually wants to participate and decorate their own egg, they can sign up online at our website and then pick up a wooden egg to decorate.

• 32:26Speaker 05

  In town instead of driving out to the farm.

• 32:28Speaker 06

  Yeah, from the Bakersfield School of Art and Music, right underneath the Bakersfield sign.

• 32:31Speaker 03

  Oh, that's, that's where the Bakersfield School of Art and Music is? Underneath the Bakersfield sign?

• 32:36Speaker 06

  Yes, just right past the Bakersfield sign, yeah.

• 32:38Speaker 03

  Yeah, that's not far from Crystal Palace, right?

• 32:40Speaker 06

  Mm-hmm.

• 32:42Speaker 03

  Well, it's fantastic. So that's great. You'll have blueberries and strawberries potentially.

• 32:47Speaker 05

  Yes, for picking.

• 32:48Speaker 03

  For picking.

• 32:49Speaker 05

  Yeah.

• 32:49Speaker 03

  And I have.

• 32:51Speaker 05

  And for pies.

• 32:52Speaker 03

  Yeah, yeah. And then, of course, you have the, the normal, like, tours and things that you're, that you do out there.

• 33:02Speaker 05

  Everything will be open, wagon rides, all the things that we normally do.

• 33:05Speaker 03

  Yeah.

• 33:06Speaker 05

  This time of year, I mean, it's a crazy year. We've had a cool, wet spring, but. In agriculture, everybody is struggling that I know that is a farmer that we were put into, you know, there with the SIGMA, which is the Sustainable Groundwater Management Act, is big news and we thought we were going to go into probation where the state would take over all of the water in Kern County. It has been extended until September.

• 33:33Speaker 03

  Right.

• 33:34Speaker 05

  But with the uncertainty that we're anticipating that, you know, about a quarter million acres of land will be idled permanently in Kern County and Kern County, there's 40 of the counties in California could fit in Kern County as far as the amount of farmland we have and that it is impacting business. If you are an almond farmer, prices have been low and the water has been scarce and we're seeing land values at half of what they were maybe five years ago.

• 34:04Speaker 03

  And we're seeing bankruptcies.

• 34:05Speaker 05

  Well, we're seeing people not getting operating lines. So you you are not bankrupted, you just can't farm anymore.

• 34:12Speaker 03

  Well, yeah.

• 34:13Speaker 05

  Without an operating line of credit.

• 34:14Speaker 03

  What happens? I mean, what happens if you can't operate anymore?

• 34:17Speaker 05

  Then you try to sell it. And the problem is, is that there's a lot of people trying to sell and not a lot of buyers. So.

• 34:22Speaker 03

  Yeah.

• 34:23Speaker 05

  Where land might have been worth 30,000 or 35,000 an acre, today it might be 17, you know, and that and lenders are looking that are you upside down on your equity?

• 34:34Speaker 03

  Right.

• 34:35Speaker 05

  And that fortunately, we also invested years ago from something I learned in the California Agglittership Program was that freeway off ramps don't go down in value. And so the land that we have that is on I-5 and the land that we have on Highway 58 has risen even as we're making money off of the farms that we have and off of the venues that we have on the off ramps. That our land base still is strong compared to if we didn't have that diversification. We had a disaster where we froze out in 2006 and did not have the money to pay back our operating line and we rapidly went into diversification after that.

• 35:15Speaker 03

  Yeah.

• 35:16Speaker 05

  It's the reason we do what we do was we had to have more than just cherries.

• 35:20Speaker 03

  Right.

• 35:21Speaker 04

  I have a quick question on that because I'm still new, very new to the whole ag world. I've heard about vertical farming and the implications on how that could help with the amount of land that you have, that you need in order to operate efficiencies in water or like utilizing water to grow. Like, have you guys looked into that or is that something that's becoming headlines in these ag worlds?

• 35:50Speaker 05

  Well, where you're seeing a lot of vertical farming is when you get right into big cities where you have surplus industrial space where you can go in with lights and have vertical farming and it's more efficient on the water use.

• 36:05Speaker 04

  Mm-hmm.

• 36:06Speaker 05

  It also, you can farm, at one point, there was controversies as to whether greenhouse farming should be considered organic and the vertical farming also, when you're, historically, organics were always about the soil and when you start doing vertical farming, you're really dealing with medium instead and whether it's hydroponic or whether it's with mediums. But that, I think that where you're going to see some real breakout is in areas like unique strawberry varieties that don't thrive outside and when you have strawberries growing outside in the rough conditions and you have pink strawberries that have very delicate

• 36:45Speaker 05

  skin, you're seeing companies like Driscoll investing in plant breeding to develop varieties that will thrive in an indoor environment.

• 36:55Speaker 03

  Yeah, it seems like they're, you know, they also have the sort of drought resistant varieties that are, I'm sure, going to become more and more important. How about with the tariffs? Have the tariffs impacted? Ag here, how have tariffs impacted ag in Central Valley?

• 37:16Speaker 05

  Well, I think the best experience we had was last time Trump was president.

• 37:19Speaker 03

  Yeah.

• 37:20Speaker 05

  And that what we saw when the tariffs went in, that some crops were hit harder than others. And as an example, if you look at corn and soybeans, and they're in the Midwest and they've got a lot of senators, that the reciprocal tariffs went against some of those big agronomic crops to where they had a 70% impact on trade with the countries that went into these 25% tariffs or higher. With China as an example, they had a 25% tariff on cherries. And so when Trump threw tariffs at China, then China raised the tariffs to 50%. And I don't think they've ever gone down below 25%.

• 38:04Speaker 03

  Yeah.

• 38:05Speaker 05

  If they have gone down at all, but we don't sell a lot of cherries to China. And part of the reason is China has tariffs and that you go down to places like South America to Chile, or you go to Australia, 85, 90% of all their cherries go to China. Strong market, high prices, but we sell FOB. They pay for it and then they pay for the freight. With China, they ship it to China, it hits the dock, and then there's an auction. And so, you know, Chile and Australia can have 40% of the cost in freight and sometimes can get hurt, but as long as there's more demand than there is supply, dealing with

• 38:48Speaker 05

  China can be quite profitable, to the point where they have developed no other market. And that Chile will be three times bigger than the Pacific Northwest this year, and they still have developed no other customer than China.

• 39:01Speaker 03

  Oh, boy.

• 39:01Speaker 05

  And in Australia, that they were having problems because of social issues. And that all of a sudden, there was, information came out on social media that there was live COVID on Australian cherry bags.

• 39:13Speaker 03

  Oh, boy.

• 39:13Speaker 05

  And then that hit Argentina and Chile inadvertently because people stopped buying cherries.

• 39:19Speaker 03

  So you're saying this was a good thing?

• 39:21Speaker 05

  No, I'm not saying. It's a good thing.

• 39:22Speaker 03

  Well, I mean, the United States, we're able to find other buyers of our cherries.

• 39:27Speaker 05

  We have more diverse markets.

• 39:28Speaker 03

  I see.

• 39:29Speaker 05

  Then, then, but in the Midwest, they've gotten hit the hardest. That overall in California, six percent of specialty crops dropped in sales. It was a six percent hit in California. It was a seventy percent hit for corn and soybeans.

• 39:42Speaker 03

  Wow.

• 39:43Speaker 05

  So it whammied them. For us, it was, it was painful. And then billions of dollars came in and then there was dollars given back from the tariffs. And in California, we just do not have any direct payments from the government and kind of like it that way. And so we got some direct payments to offset that six percent of loss.

• 40:01Speaker 03

  I see.

• 40:02Speaker 05

  Whereas in the Midwest, they're more accustomed to direct payments. And we only have two senators and there's, I think, thirty senators that represent corn or soybeans.

• 40:10Speaker 03

  Oh, I see.

• 40:11Speaker 05

  And so they got votes for direct payments, whereas the only thing we get really is some backing on our insurance. If we have a crop disaster, we pay for it ten percent of our gross. So when you guys are done at the end of the year, I mean, even Pfizer doesn't make twenty percent.

• 40:26Speaker 03

  Right.

• 40:27Speaker 05

  We pay ten percent of our gross towards insurance. And then the government ensures the insurance companies and it's considered a subsidy.

• 40:35Speaker 03

  Yeah.

• 40:36Speaker 05

  But it seems like a very expensive insurance for having it be subsidized.

• 40:41Speaker 03

  Yeah, so it doesn't, are you concerned or not concerned about how the terrorists might, these, the current round of terrorists might impact the ag community?

• 40:51Speaker 05

  There's just, it seems like the pendulum swings both ways so wide.

• 40:56Speaker 03

  Yeah.

• 40:56Speaker 05

  And that I had an opportunity with ag leadership to meet with, with Supreme Court Justice Scalia. And he said it was designed not to work like this. They didn't want kinks. And so they created a system that just did not work. We had it so awkward that things move slowly. And I think that the last administration, this administration, things are moving so quickly.

• 41:14Speaker 03

  Yeah.

• 41:15Speaker 05

  That it would be nice to have things move slower, that it was not designed to move so quickly.

• 41:20Speaker 03

  Yeah.

• 41:21Speaker 05

  And how do you, how do cars get used to what's happening with car tariffs and parts and whatnot? They can't react that quickly.

• 41:28Speaker 03

  Right.

• 41:29Speaker 05

  And so.

• 41:31Speaker 05

  You know, again, I'm, you know, it, everything will work out.

• 41:37Speaker 03

  Yeah.

• 41:37Speaker 05

  You know, that I, and the money, what is the philosophy of money? It starts off by saying, things are not nearly as good or as bad as you think they are.

• 41:44Speaker 03

  Yeah. That's for sure. That's for sure. And you've got to have that attitude as a farmer.

• 41:48Speaker 05

  Yeah.

• 41:49Speaker 03

  Something I've always appreciated about farmers is like, you know, you're going to have booms and busts and just kind of keep moving. You've got to keep going.

• 41:56Speaker 05

  It's like droughts.

• 41:57Speaker 03

  Yeah.

• 41:57Speaker 05

  It doesn't, there's more droughts than there are wet years, but the wet years are wetter than the drought years.

• 42:02Speaker 03

  Yeah. Yeah. And we're fortunate, it's so far so pretty good this year.

• 42:05Speaker 05

  Yeah.

• 42:06Speaker 03

  Right?

• 42:06Speaker 05

  They're going to have to redefine what normal is because we've had some good wet years.

• 42:09Speaker 03

  That's great. That could be good news for, for the, for the water regulations here in California. Well, thank you so much, Steve Murray and Tony Hargrove from Murray Family Farms. Thanks for coming on the show again. Really appreciate it. We're Money Wise. We're going to take a quick break. We'll be back.

• 42:24Speaker 00

  Money Wise Wealth Management is the only locally owned, independent firm that uses a comprehensive wealth tax and estate approach. Working closely with a highly trusted CPA and attorney. For information on how Money Wise can help you invest and plan for your future. Call 661-847-1000. That's 661-847-1000.

• 42:50Speaker 03

  Welcome back to the show.

• 42:54Speaker 03

  We're Money Wise. I'm Sharad Waite here with Frank Lee. Got a listener question says, what is the, I'm sorry, that's not the question. The question is, do you guys see a bear on the horizon? That's from John. Um, I'm going to just go out on a limb here and assume we're talking about the stock market version of a bear and not the black bears.

• 43:16Speaker 04

  Bear on the.

• 43:17Speaker 03

  The black bears up on, on, on. Bear Mountain.

• 43:21Speaker 04

  Yeah.

• 43:22Speaker 03

  No. Okay, so a bear, a bear market is defined by a 20% drop from its, from peak to bottom. 20%. It's, it's important to know that there's no official body that declares a bear market. It's just sort of typically defined by that, that, that fact that you have a decline of 20% or more.

• 43:46Speaker 04

  Yeah, I think that's like the industry standard, that, that 20% drop.

• 43:50Speaker 03

  Yeah.

• 43:51Speaker 04

  For a period of three months?

• 43:53Speaker 03

  It just a sustained period. So it's not just, you know, I, I guess you can say we officially got into bear market if it goes below that 20%, but it's, it's usually driven by a negative investor sentiment and slowing economic growth, high inflation, or, or some geopolitical tensions. And, you know, the, the bear markets are, are probably more common than you would think. On average, a bear market occurs about every five to 10 years. Since 1929, there've been about 14 or 16, 14 to 16 bear markets in the US stock market, depending on how much you define how the, the duration of it.

• 44:35Speaker 03

  Some people say, oh, that was only a day, or that was a few days, so it doesn't count. So roughly, there's been about 15 bear markets since the Great Depression. And that means that's about one every six and a half years. The last bear market that we experienced was from January to October, between January and October of 2022. That was a period of, you know, of a lot of high inflation, huge inflation. That's, you know, the COVID stuff was really settling in. There's a lot of global economic uncertainty with the supply chain disruptions and all the geopolitical tensions.

• 45:10Speaker 04

  Interest rates increasing and everything like that.

• 45:13Speaker 03

  Yeah, Russia invading Ukraine contributed to the market volatility. And so, you know, whether or not we see one on the horizon, it depends on how, how, how far the horizon is, but it's a matter of time.

• 45:27Speaker 04

  Yeah.

• 45:27Speaker 03

  I, I think it's a natural part of the markets.

• 45:30Speaker 04

  Absolutely.

• 45:31Speaker 03

  It's like, if, if we never had bear markets, then.

• 45:35Speaker 04

  Yeah.

• 45:36Speaker 03

  We would just have a completely different system.

• 45:38Speaker 04

  Yeah, I think of it as if like the stock market is a living, breathing entity like the the the bull trend is when, you know, the stock market is breathing in a lot of the the volume and everything and you got to release at some point.

• 45:55Speaker 03

  Yeah, that's right.

• 45:56Speaker 04

  And then that's where the the the down market plays in.

• 45:59Speaker 03

  Yeah.

• 45:59Speaker 04

  That's how I see it. It's natural. Obviously, like, we can't really tell when it's going to be in a bear market, when it's going to be in a bull market. We can just only go by what the data shows us.

• 46:11Speaker 03

  Similar to what Steve Murray was just saying about droughts. He says, yeah, we have droughts, but we have more droughts than not, but we also have wetter years than we do, more wet years than we have number of droughts. So it all kind of works out in the end. You know, we're experiencing certainly a lot of volatility right now in the markets. Last week was the fifth of six, we had five of six weeks where the NASDAQ and the S and P 500 ended the week in red. And now we have the S and P 500 down about four and a half percent from the start of the year, and the NASDAQ's lost over 10%, which is it's their first, their worst start to the year since 2022. So we've had a three year, this is

• 46:54Speaker 03

  the worst start to the year since 2022, which is that's when we were just talking about the last bear market.

• 47:00Speaker 04

  Yeah.

• 47:00Speaker 03

  Was in 2022. So, great question. Keep them coming our way. Again, 24 hours a day, you can send in comments or questions, 661-396-1000. Tomorrow, we've got another great show with a good guest. We're going to have Leonard Welch back on the show. He is an attorney with Young Woolridge. He's going to talk about bankruptcy and subchapter five discussion, which we barely got into last time we was here. It's super, super interesting. But bring us your bankruptcy questions and we'll be happy to address those tomorrow with attorney Leonard Welch. In the meantime, if you missed this or any of our previous shows, you can find us wherever you listen to your podcasts, whether it's Spotify, Apple, or iTunes, you'll

• 47:45Speaker 03

  find us there. Remember these three things: be smart, be safe, and always be money wise.