# Suze and Keith's Quarterly Update

An episode of [Suze Orman's Women & Money (And Everyone Smart Enough To Listen)](https://invisiblenetwork.ai/podcast/1439621652), 6 Sep 2026, 34 min.

Audio: https://traffic.omny.fm/d/clips/2df1102a-5761-4c99-b489-aabd0161f8fe/44e0936e-923c-43c7-9e2a-aade00edf4d3/26bfb18c-565d-4c4e-a637-b4bc01427970/audio.mp3?utm_source=Podcast&in_playlist=4e05fb00-5a5b-4ed9-b353-aade00edf4dd

For this episode, Suze and Keith Fitz-Gerald sit down for an update from their June 2026 webinar. Together, they address the economy, the stocks they talked about previously, AI and more. Learn more about the Ultimate Scam Protection here: SuzeOrman.com Watch Suze’s YouTube Channel Jumpstart financial wellness for your employees: https://bit.ly/SecureSave Protect your financial future with the Must Have Docs: https://bit.ly/3Vq1V3G Help with the Must Have Docs: • Email:support@musthavedocuments.zendesk.com • Phone: 888-510-0510 Get your savings going with Alliant Credit Union: https://bit.ly/3rg0Yio Get Suze’s special offers for podcast listeners at suzeorman.com/offer Join Suze’s Women & Money Community for FREE and ASK SUZE your questions which may just end up on the podcast. Download the app by following one of these links: CLICK HERE FOR APPLE: https://apple.co/2KcAHbH CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMI See omnystudio.com/listener for privacy information.

## Transcript

[0:07] Suze: September 6th, 2026. Welcome everybody to the Women and Money
[0:12] Suze: podcast and Everybody Smart Enough to Listen. You know, back
[0:18] Suze: in June, we did a webinar, myself and Keith Fitz-Gerald,
[0:22] Suze: and if you weren't there, where were you? There were
[0:24] Suze: 125,000 of you there. And at that time, we said,
[0:29] Suze: you know what? Maybe we'll do an update, next quarter and
[0:35] Suze: guess what today is? It is the update of that webinar. Now,
[0:39] Suze: if you didn't see it, forget about it. You could,
[0:42] Suze: of course, go back and listen to it or watch
[0:44] Suze: it on YouTube, but the truth is, let's just start
[0:48] Suze: fresh today because here's the bottom line, everybody, you can
[0:53] Suze: look at all the stocks and the ETFs and everything
[0:55] Suze: that we talked about on that webinar and I think
[0:59] Suze: all of you, if you took action on them, you
[1:03] Suze: would be very, very pleased. There are some that are
[1:06] Suze: up almost 38% or more. All of them have performed
[1:11] Suze: exactly how they were meant to perform up, stayed stable,
[1:16] Suze: whatever it may be, including IBit, gold, all of that
[1:21] Suze: except for one stock, which is maybe our favorite stock, Tesla.
[1:26] Suze: So we're gonna be addressing that, but first I wanna
[1:30] Suze: bring on with me, Fitzy, Mr. Keith Fitz-Gerald. How are
[1:35] Suze: you today, boyfriend?
[1:37] Fitzy: I am doing great, sister. Thank you so much for
[1:39] Fitzy: having me back as always.
[1:40] Suze: Here's where I'd really like to start this, you know.
[1:45] Suze: A lot's happened in these 3 months really since we
[1:49] Suze: did the webinar. The market has gone up considerably. Stocks
[1:55] Suze: have gone up considerably. Interest rates on bonds have gone
[2:00] Suze: up considerably. So truthfully, you look at the stock market
[2:05] Suze: and everything, and you're just having a great old party here. However,
[2:10] Suze: if you look at the economy, you can see that
[2:12] Suze: 30 year
[2:13] Suze: mortgages, are you kidding me? They're at 6 and 3/4%.
[2:16] Suze: They're nearing 7%. We had a jobs report on Friday
[2:22] Suze: that came in higher than everybody thought, so now the
[2:25] Suze: big fear is that the feds are going to continue
[2:28] Suze: to raise interest rates all the way through next year.
[2:33] Suze: And look at the price of homes, look at everything,
[2:36] Suze: look at the price of cars. People are still struggling,
[2:39] Suze: inflation is still up. So here is my very first
[2:44] Suze: question for you. Do people watch the stock market? Or
[2:49] Suze: should they watch the economy and what dictates what they
[2:53] Suze: should do with their money, Keith?
[2:56] Fitzy: Oh boy, that is like a $1 trillion question, quite literally.
[2:59] Fitzy: So my advice is you watch the stock market, but
[3:03] Fitzy: you watch the stock market via the great CEOs of
[3:07] Fitzy: our time.
[3:07] Fitzy: Because regardless of politics, regardless of the Fed, the CEOs
[3:12] Fitzy: are charted with making a path through this profitably, which
[3:16] Fitzy: means they've got skin in the game. Politicians don't have
[3:18] Fitzy: skin in the game. The Fed doesn't have skin in
[3:20] Fitzy: the game. Geopolitics doesn't have skin in the game. And finally,
[3:24] Fitzy: the reason I say that is because earnings and rates
[3:27] Fitzy: have a 98% correlation, which means that if one goes
[3:31] Fitzy: up and the other goes down, 98% of the time,
[3:33] Fitzy: sooner or later they come back into alignment, which is
[3:36] Fitzy: a gift to investors.
[3:37] Suze: So here I am. I have money to invest. Everybody's
[3:42] Suze: scaring me. I'm like petrified. The markets are going to
[3:46] Suze: go down. The economy's gonna crash. I can't afford food.
[3:50] Suze: I can't afford to put gasoline in, and you're telling
[3:53] Suze: me that what you would be saying to people is,
[3:57] Suze: don't worry about the economy. Shortly it will come into
[4:01] Suze: balance with the stock market, that the stock market is
[4:05] Suze: the leading economic indicator that tells us where we are going,
[4:10] Suze: and the economy kind of tells us where we are
[4:13] Suze: right now. So if you wanna be where you're meant
[4:15] Suze: to be months from now, you follow the stock market.
[4:19] Suze: Is that correct?
[4:20] Fitzy: Yes, and there's a very counterintuitive reason for that. The
[4:24] Fitzy: economics gets all the headlines, right? Because it's tied to politics,
[4:27] Fitzy: it's tied to the market, it's tied to the headlines,
[4:29] Fitzy: to the internet. So all of that stuff screams around,
[4:31] Fitzy: but it's like watching a pinball game, right?
[4:33] Fitzy: But earnings are forward looking by their very definition, which
[4:38] Fitzy: means that if you want to understand where the economy
[4:40] Fitzy: is going, you actually watch the folks that are charged
[4:43] Fitzy: with producing the money. The stuff that has created $91
[4:48] Fitzy: trillion of wealth over the last 100 something years has
[4:52] Fitzy: come from the folks who drive earnings.
[4:54] Suze: So you're not afraid. You have all these stocks that
[4:57] Suze: have been going up and up and up. Some stocks
[4:59] Suze: are up considerably even since the webinar.
[5:03] Suze: But considerably when we started to talk about them on
[5:06] Suze: the podcast a year ago, you would tell these people,
[5:11] Suze: don't panic, stay where you are. If you have money,
[5:15] Suze: continue to dollar cost average, what would you tell them
[5:18] Suze: to do right now?
[5:20] Fitzy: Well, you've pretty much hit the nail on the head here,
[5:22] Fitzy: you know, longer term, we know that again, the trajectory
[5:26] Fitzy: is up. That's how innovation works.
[5:28] Fitzy: Now we also know because of all the headlines and
[5:31] Fitzy: social media that there's gonna be more volatility. So, as
[5:35] Fitzy: tough as that is, this is where you take a
[5:36] Fitzy: deep breath.
[5:37] Fitzy: This is where you do continue to dollar cost in
[5:40] Fitzy: because believe it or not, mathematically, that is how you
[5:43] Fitzy: harness the very volatility that everybody else fears. It's like
[5:47] Fitzy: going to a store, looking for your favorite product and
[5:50] Fitzy: learning that it's on sale. You don't care how it
[5:52] Fitzy: got on sale or why it got on sale, but
[5:54] Fitzy: the fact that it is on sale when your dollar
[5:57] Fitzy: cost averaging is a great thing, and over time that
[6:00] Fitzy: really works in your favor.
[6:01] Suze: You know though, Keith, and you and I talked about
[6:04] Suze: this the other day.
[6:06] Suze: In that a lot of people out there, obviously there's
[6:09] Suze: a lot of you that I know you have a
[6:12] Suze: whole lot of money, and then there's some of you
[6:15] Suze: that you're making it, things are OK, but because prices
[6:18] Suze: of gas have gone up significantly, everything has gone up significantly.
[6:24] Suze: Maybe the extra $100 or $200 that you were putting
[6:29] Suze: in dollar cost averaging into the ETFs or stock or
[6:33] Suze: whatever you were doing.
[6:34] Suze: You don't have any more money to dollar cost average,
[6:40] Suze: so that when the stock market does go down, and
[6:43] Suze: there are obviously periods that they go down and then
[6:45] Suze: go back up, go down, go back up, you don't
[6:48] Suze: have any more money to dollar cost average. What do
[6:52] Suze: you tell those people?
[6:54] Fitzy: Well, so there's a couple of different ways to handle that, right?
[6:57] Fitzy: If you are reinvesting your dividends, maybe you can free
[7:00] Fitzy: up some of that dividend income to put into stocks,
[7:03] Fitzy: maybe you don't own yet. If you think you don't
[7:06] Fitzy: have any money, I would respectfully push back on that
[7:08] Fitzy: because you're probably doing better than you think you can.
[7:10] Fitzy: It means you're playing the game correctly cause you're in
[7:13] Fitzy: to win.
[7:14] Fitzy: And the last thing is, you know, do you have
[7:17] Fitzy: anything that you want to sell? Because if you've been
[7:19] Fitzy: dollar cost averaging and you've been consistent exactly like you've
[7:23] Fitzy: talked about Suze for years, then I would be willing
[7:26] Fitzy: to bet that many of you listening today have probably
[7:28] Fitzy: got profits sitting somewhere you didn't expect. Maybe you can
[7:32] Fitzy: sell a little bit here and there. There's always a
[7:34] Fitzy: way to free up cash if you really look. The
[7:37] Fitzy: question and the challenge is
[7:39] Fitzy: that many of us fear doing that. Many of us
[7:42] Fitzy: don't think we have it, and that works against us
[7:44] Fitzy: over time. This is where you want to flip that around.
[7:47] Suze: You know, it's so funny, I have a friend who
[7:49] Suze: I like very much, but they're being stupid with their money.
[7:53] Suze: What can I tell you, that bought this one little company.
[7:57] Suze: It went all the way up to $80 a share.
[8:01] Suze: It's now all the way back at like $30 a share,
[8:06] Suze: and they have
[8:08] Suze: almost 80 to 90% of their entire portfolio in this
[8:13] Suze: one stock. Oh my goodness, and I said to him,
[8:17] Suze: I go, Why? And it's a lot of money. And
[8:21] Suze: I'm like, why can't you just sell that?
[8:26] Suze: Take some of the money and buy some of the
[8:29] Suze: stocks and ETFs that we've been talking about. Why can't
[8:32] Suze: you do that? And his answer to me was, no, no, Suze,
[8:37] Suze: I'm hoping it's gonna go back up. A lot of people, Keith,
[8:41] Suze: you know, won't let go of their losers, because they just,
[8:47] Suze: they can't, they want it to go back up if
[8:50] Suze: you had a significant loss on the books in a
[8:54] Suze: good quality stock, maybe you bought Palantir at 210, and
[8:59] Suze: here it is back at like 170.
[9:03] Suze: Or you bought all these other things that when they
[9:06] Suze: were really high, and now they're lower, would you tell
[9:10] Suze: them to possibly sell those and take a loss and
[9:15] Suze: do something with that money or just stick with it?
[9:19] Fitzy: Well, again, there's sort of two ways to do it.
[9:21] Fitzy: And by the way, I've, I've made that very mistake
[9:23] Fitzy: as a young man coming into this market. There were
[9:25] Fitzy: stocks that I held up and stocks that I held down, and,
[9:28] Fitzy: you know, the question when you're investing, particularly in markets
[9:30] Fitzy: like they are now when there's a lot of volatility is,
[9:33] Fitzy: you know, do you have an alternative? Is there something
[9:35] Fitzy: else you can buy, something you want to own? So
[9:37] Fitzy: can you move out of that particular stock and distribute
[9:40] Fitzy: your money a little bit into maybe an ETF. Can
[9:44] Fitzy: you put it into something with dividends? Can you put
[9:46] Fitzy: it into something that's more stable, something that allows you
[9:48] Fitzy: to sleep at night, because hope is not an investment strategy,
[9:51] Fitzy: but constantly weighing alternatives, figuring out what you can do
[9:54] Fitzy: with your money, maneuvering for the win, those are all
[9:57] Fitzy: things we did as kids playing dodgeball, whatever.
[10:00] Fitzy: The game was we have lost that ability to think
[10:02] Fitzy: like that as adults in in the market. It's really
[10:05] Fitzy: critical to constantly weigh those alternatives.
[10:07] Suze: I want to talk to all of you for a
[10:08] Suze: second because maybe you heard me say this on the podcast,
[10:12] Suze: and Keith knows I've done this. One of Keith's favorite
[10:15] Suze: stocks is IONQ, and if you want to talk about
[10:18] Suze: it later, you can, Keith, but I had a very
[10:22] Suze: large position in it, and it happened to be in
[10:25] Suze: my IRA.
[10:27] Suze: Not even a Roth IRA kills you.
[10:29] Fitzy: Oh my goodness, Suze, what are we gonna do with you?
[10:32] Suze: Because I did this all before Roths even existed, but
[10:36] Suze: that's besides the point. And then I wasn't smart enough
[10:38] Suze: to convert when I could. All right, stupid, stupid, stupid,
[10:43] Suze: and
[10:44] Suze: it was making me nervous, everybody. I didn't feel secure. Remember,
[10:50] Suze: I want you all to understand that you could hear
[10:53] Suze: us talk about stocks and do this and that, but
[10:55] Suze: I want you all to never forget the goal of money,
[10:58] Suze: and the goal of money is for you to feel secure.
[11:02] Suze: So I took a look at what I had in
[11:05] Suze: this one stock.
[11:07] Suze: And I decided to sell half of it. I left
[11:11] Suze: the other half there, but half of it so that
[11:15] Suze: I'd feel I didn't want to risk that much money.
[11:18] Suze: Since then it has gone down at least 10 points.
[11:22] Suze: So now I'm feeling, oh, I did great until it
[11:25] Suze: goes up another 30 points, and then I'm like, why
[11:27] Suze: did I do that? But what helped me, everybody, was
[11:31] Suze: I then took that money and I put it in
[11:34] Suze: other things that I wanted to buy in my IRA,
[11:39] Suze: but I didn't have the money to do so. So
[11:41] Suze: I also freed up the money in the IRA to
[11:45] Suze: buy these things that might be something you can do
[11:50] Suze: if you own it outside of an IRA. Remember, if
[11:54] Suze: it's at a loss, you can always take it off
[11:58] Suze: your taxes. However, make sure you never forget the 30
[12:03] Suze: day wash rule, which is if you sell something at
[12:07] Suze: a loss.
[12:09] Suze: And you're going to use it as a tax loss,
[12:12] Suze: you cannot buy it back for 30 days. But what
[12:16] Suze: do you think about what I just said, Keith?
[12:19] Fitzy: My advice to anybody listening is if you've got some
[12:22] Fitzy: funny feeling like that, some reason that's making you lose
[12:25] Fitzy: sleep at night, something you're uncomfortable with.
[12:27] Fitzy: There's always a path to profits in today's markets because
[12:30] Fitzy: there's so many wonderful companies to choose from. That's an
[12:33] Fitzy: ideal chance, an opportunity to line up the next great play,
[12:38] Fitzy: the next great dividend, the next great decision, and in
[12:41] Fitzy: your case, Suze, for example, use that loss productively.
[12:45] Suze: Right? And so, everybody, I get again that a lot
[12:49] Suze: of you have money to invest. You wanna know what
[12:52] Suze: to do with the money that you have. A lot
[12:55] Suze: of you wish you had more, little by little, you
[13:00] Suze: can always find, I don't care what your situation is,
[13:03] Suze: you can always find $10 a month, $20 a month
[13:08] Suze: to dollar cost average into certain things. Now, one thing
[13:12] Suze: that's really important that I hope Keith and I agree
[13:15] Suze: on is that if you don't have a whole lot
[13:19] Suze: of money to buy a whole lot of stocks, because
[13:23] Suze: a lot of you are like,
[13:25] Suze: I should just buy individual stocks. I don't need an ETF.
[13:29] Suze: I can just buy those individual stocks on my own.
[13:32] Suze: If you're going to just buy individual stocks, let's see
[13:37] Suze: if we agree on this. How many stocks, Keith, do
[13:41] Suze: you think if you're not gonna do ETFs, somebody should own?
[13:46] Suze: Wait, let's say it together. Let's say it together. Ready? 1-2-3: 25.
[13:51] Fitzy: 25.
[13:52] Suze: Were you gonna say it, really?
[13:54] Fitzy: Yes. Here's why. Here's why.
[13:57] Suze: 4% in each one.
[14:00] Fitzy: Here's, here's why. There's, there's two things to think about, right,
[14:03] Fitzy: because what we grew up with thinking about was you
[14:06] Fitzy: spread your money all over willy-nilly, and that's gonna protect
[14:09] Fitzy: you against losing.
[14:10] Fitzy: The flip side of that is you don't tend to
[14:12] Fitzy: think about winning over time, and research dating all the
[14:14] Fitzy: way back to the 1960s and which my research has
[14:17] Fitzy: picked up on over the last 40 years is that
[14:19] Fitzy: anything beyond 20 to 25, maybe 30 stocks tops adds
[14:24] Fitzy: risk but no additional return. So if you're going to
[14:27] Fitzy: own stocks, you also have another advantage which is today
[14:31] Fitzy: you have fractional shares, so you don't necessarily have to
[14:34] Fitzy: buy an entire lot of stocks. You don't have to
[14:37] Fitzy: go out and go crazy.
[14:39] Fitzy: I like to buy on big down days, for example,
[14:41] Fitzy: I like to buy one share at a time of
[14:44] Fitzy: something that interests me, because even that small amount, 10,
[14:47] Fitzy: 15 bucks sometimes, sometimes 100 bucks, sometimes a couple hundred bucks,
[14:51] Fitzy: but the point is, even one share at a time,
[14:54] Fitzy: if that's what you can afford over time, becomes a
[14:58] Fitzy: material advantage when it comes to building wealth.
[15:01] Suze: Yeah, and what's important about what Keith just said, everybody,
[15:04] Suze: is that you don't need a lot of money to invest.
[15:09] Suze: You don't. You do in real estate, but when it
[15:12] Suze: comes to the stock market, you don't. So hopefully you're
[15:17] Suze: dealing with a discount broker that offers slices.
[15:21] Suze: That doesn't charge you any commission whatsoever that maybe they'll
[15:25] Suze: let you buy for as little as $5 or whatever
[15:28] Suze: it is that you want to do and you can
[15:30] Suze: do that with exchange traded funds as well. Keith, before
[15:35] Suze: we go on to exchange traded funds, I want to
[15:38] Suze: stick with stocks for just a little bit.
[15:41] Suze: Your number one pick right now. Last time it was what, three
[15:45] Suze: months ago? What was your number one pick?
[15:47] Fitzy: Well, we talked about Palantir, Microsoft, and Apple in particular.
[15:51] Suze: All right, so those three, all right.
[15:53] Suze: What's your number one pick right now?
[15:56] Fitzy: Without a doubt, without reservation, and it's gonna be a
[16:00] Fitzy: tough stock to own going forward.
[16:02] Fitzy: Tesla.
[16:03] Suze: Why is it going to be a tough stock to
[16:05] Suze: own going forward?
[16:06] Fitzy: Because he's got a controversial leader. It's changing our world
[16:11] Fitzy: in ways that we are not entirely prepared for. It's
[16:13] Fitzy: gonna change our legal system. It's gonna change how we
[16:15] Fitzy: interact with each other, how we get around, how we
[16:18] Fitzy: get in space.
[16:19] Fitzy: There are any number of things that Tesla is doing,
[16:22] Fitzy: all of which are potentially $1 trillion businesses all by
[16:26] Fitzy: themselves that the market doesn't recognize. And you know, this
[16:30] Fitzy: past Friday, it got shellacked. People are saying, you know, officially, oh,
[16:34] Fitzy: the market was underwhelmed by Cybercab. They completely missed the point.
[16:39] Fitzy: It doesn't matter.
[16:40] Suze: Tell everybody what Cybercab is in case they don't know.
[16:42] Fitzy: Sure, sure. OK, I'm sorry. I get so excited about
[16:44] Fitzy: this stuff. So, so Cybercab is this gold thing that
[16:48] Fitzy: you're seeing all over the news with these butterfly doors.
[16:51] Fitzy: It has no pedals and no steering wheel. It's completely
[16:54] Fitzy: autonomous robot vehicle designed for the mass market as taxis
[16:59] Fitzy: and transportation.
[17:00] Fitzy: So it's really not a car, it's a mobility computer,
[17:04] Fitzy: a mobility robot, but the thing that people are missing
[17:08] Fitzy: is in order to make that thing work, you gotta
[17:11] Fitzy: have data, you gotta have AI, you gotta have Grok,
[17:15] Fitzy: you gotta have money, you gotta have geolocation, you gotta
[17:18] Fitzy: have about a dozen other things that make that work,
[17:22] Fitzy: all of which are totally undervalued by the market right now.
[17:26] Fitzy: And so I think Tesla, the fact that it got
[17:28] Fitzy: shellacked on Friday, it's pretty darn attractive to me.
[17:32] Suze: Well, you know, it actually got kind of shellacked, as
[17:35] Suze: you would say, right, from when we had our webinar
[17:38] Suze: three months ago. It's the only stock, truthfully, or ETF
[17:43] Suze: that is down significantly, 8%. In fact, that's down at all.
[17:47] Suze: Everything else is either even or up significantly. So why
[17:52] Suze: do you think, is it just because people don't like him?
[17:56] Suze: They don't understand him. What do you think is going
[17:59] Suze: on that you like the stock as your new number
[18:04] Suze: one pick and you probably like it because it's gone
[18:06] Suze: down so much? Why would you not be buying it here, correct?
[18:11] Fitzy: Well, that's really the logic right there, you know. Everybody
[18:14] Fitzy: says all these things could go wrong, and I hear
[18:16] Fitzy: constantly investors saying, well, this could happen, this could happen,
[18:18] Fitzy: this could happen. The question that successful investors ask is
[18:22] Fitzy: what happens if all this goes right?
[18:25] Fitzy: And then they focus on how do I invest in that.
[18:27] Fitzy: So if I've already decided that this stock is something
[18:30] Fitzy: that potentially is going to change the world, that is
[18:33] Fitzy: potentially undervalued, that has potentially gotten many of the attributes
[18:37] Fitzy: that I want.
[18:38] Fitzy: Then the question becomes how do I buy it, so
[18:40] Fitzy: I continue to dollar cost average into it. When it drops,
[18:43] Fitzy: I'm happy as a clam because longer term that's a
[18:47] Fitzy: gift to me. That's not a risk or a worry,
[18:49] Fitzy: and I grit my teeth. I hold my nose. I
[18:52] Fitzy: don't like any of it when it drops, but I
[18:54] Fitzy: know that years from now when this thing has
[18:58] Fitzy: double, tripled, quadrupled as great companies in the past have,
[19:02] Fitzy: and not just Tesla either. Great companies have gone through
[19:05] Fitzy: challenging periods. Apple's almost been bankrupt three times, but that
[19:09] Fitzy: didn't stop me from buying it. So, I would encourage
[19:12] Fitzy: investors who look at a stock like that. If you
[19:15] Fitzy: come to the same conclusions I do, controversial, undervalued, great
[19:20] Fitzy: technology that is changing our world, it's worth a look
[19:23] Fitzy: because longer term.
[19:25] Fitzy: We haven't even begun this race.
[19:27] Suze: So Tesla... SpaceX, Tesla... SpaceX, which was interests you more?
[19:33] Fitzy: Well, I actually own both for very similar reasons, you know,
[19:36] Fitzy: and today, Tesla gets the edge, but SpaceX is another
[19:40] Fitzy: one of these things, right? Super controversial. Everybody, you know,
[19:44] Fitzy: wants to challenge all the things that can go wrong,
[19:46] Fitzy: but if it gets this right,
[19:49] Fitzy: We're talking about the most vertically integrated company in human history.
[19:54] Fitzy: We have never seen anything like this. There is literally
[19:58] Fitzy: not another company on the planet that can compete at scale,
[20:02] Fitzy: and the words at scale are really what everybody should
[20:05] Fitzy: think about watching because it's nice if you're talking about
[20:08] Fitzy: a Nike or you're talking about, you know, some other stock,
[20:12] Fitzy: a Peloton, whatever. OK, they could run.
[20:14] Fitzy: But what are you gonna do? You're gonna sell a
[20:15] Fitzy: bicycle or you're gonna sell a pair of shoes once.
[20:19] Fitzy: But with SpaceX, you're talking about billions of subscribers and
[20:23] Fitzy: billions of bits of data. You're talking about things that
[20:26] Fitzy: you can add to at a scale that has been
[20:30] Fitzy: previously unimaginable, and I don't think the market values that
[20:32] Fitzy: accurately yet.
[20:34] Suze: And so everybody's fear of this AI being in a bubble,
[20:39] Suze: everything's going to pop. They're borrowing too much money, the
[20:42] Suze: data centers are ruining the whole world, all of that.
[20:47] Suze: Does that bother you at all?
[20:50] Fitzy: Well, you know, I'd be lying if I said it
[20:52] Fitzy: didn't bother me somewhat, right? You know, I mean, it,
[20:55] Fitzy: I'm human too. I feel it. I'm a father. I'm
[20:57] Fitzy: a husband. I, you know, I, I, I worry, you know,
[20:59] Fitzy: what does the world look like that I'm bringing my
[21:01] Fitzy: children into? But does it bother me from an investing standpoint? No,
[21:05] Fitzy: because this is very different today than it was back
[21:09] Fitzy: in the dot com era, for example. You know, we
[21:12] Fitzy: had businesses with no revenue, no customers, no whatever, and
[21:15] Fitzy: they were spending gobs of money on, on just phantom code.
[21:19] Fitzy: There was nothing there. These businesses today, real revenue, real
[21:23] Fitzy: potential that we've never ever seen before. This is not
[21:25] Fitzy: phantom currency, and the reason they're spending so much money
[21:29] Fitzy: right now,
[21:30] Fitzy: is because this is for all the marbles. I'd be worried, Suze,
[21:35] Fitzy: if Nvidia was making chips that weren't getting sold. I'd
[21:39] Fitzy: be worried if companies were saying, hey, we got enough AI,
[21:42] Fitzy: we don't need that, and we have to cut some bargains,
[21:45] Fitzy: you know, but what I'm seeing is triple digit growth
[21:47] Fitzy: from consumers. I'm seeing triple digit usage growth from companies.
[21:51] Fitzy: I'm seeing triple digit production from the folks making the infrastructure.
[21:55] Fitzy: So all of that is a reason to spend money
[21:59] Fitzy: because what happens next,
[22:02] Fitzy: they don't have to manufacture it again. The chips are
[22:05] Fitzy: already out there. They can change a line of code
[22:07] Fitzy: and make a billion dollars using all of this stuff. Now,
[22:11] Fitzy: data centers, that's the one that legitimately does bug me.
[22:15] Fitzy: We say, OK, is it destroying the planet? Is it
[22:17] Fitzy: worrying it's building the country, tearing up farmland, you know,
[22:20] Fitzy: are the Chinese involved? Are they spending too much money?
[22:23] Fitzy: I mean, there's a dozen different concerns there, right? But
[22:26] Fitzy: the other thing, again, what if they get it right?
[22:29] Fitzy: What if the AI that they're building and the data
[22:32] Fitzy: centers they're building helps solve cancer, helps solve medicine, helps
[22:35] Fitzy: solve humanity's biggest problems, and I think we're going in
[22:38] Fitzy: that direction.
[22:39] Suze: And are you worried at all about AI displacing people's jobs?
[22:45] Fitzy: I worry not necessarily AI displacing jobs, and the reason
[22:49] Fitzy: I tell you I'm not worried is if we look
[22:50] Fitzy: at agriculture in this country in the 1890s, early 1900s,
[22:54] Fitzy: we had 80, 90, 95% of the people in this
[22:57] Fitzy: country around the world really involved in some form of agriculture.
[23:01] Fitzy: A little more than a century later, only three, maybe
[23:04] Fitzy: two out of that original 100 people would still be
[23:06] Fitzy: in agriculture. I'm not worried about AI itself. I think
[23:10] Fitzy: people who are going to lose their jobs are people
[23:12] Fitzy: who do not take the time to learn how to
[23:14] Fitzy: use AI effectively. AI itself is not going to kick
[23:17] Fitzy: people out of their nest because we're gonna have jobs
[23:20] Fitzy: and we're gonna have job functions that we don't even
[23:23] Fitzy: know exist yet. So I'm, I'm very optimistic that we
[23:26] Fitzy: are going to get this solved. We're gonna do it right.
[23:29] Fitzy: The transition in the middle.
[23:31] Fitzy: Is gonna be the tough part because there's a lot
[23:33] Fitzy: we don't know.
[23:34] Suze: Again, sticking on stocks briefly, give me, besides Tesla, what
[23:38] Suze: do you think about Meta?
[23:40] Fitzy: Meta is a stock that I struggle with. I love
[23:42] Fitzy: to hate that stock.
[23:43] Fitzy: I think that the train wreck that is the C-level suite,
[23:47] Fitzy: meaning all the senior executives have betrayed the American public.
[23:51] Fitzy: I think they've done a tremendous amount of damage worldwide
[23:54] Fitzy: in terms of predatory behavior, engineering addiction, preying on children, marketing,
[24:00] Fitzy: improper use of funding.
[24:02] Suze: So would you buy, sell, what would you do?
[24:04] Fitzy: We had a small position in Meta, and I actually
[24:07] Fitzy: sold out of all of it. I don't want anything
[24:09] Fitzy: to do with the company. I don't care how much
[24:11] Fitzy: money it's going to make because the company just settled
[24:14] Fitzy: for billions of dollars which effectively bought their privacy at
[24:18] Fitzy: the expense of the investing consumer. That doesn't sit well with me.
[24:22] Suze: You would not be touching that with a 10 foot pole,
[24:25] Suze: you know, last time at a loss, at a loss,
[24:28] Suze: but last time we also named all these ETFs that
[24:32] Suze: were doing very well for dividends and things like that.
[24:35] Suze: But you said one of the areas when it comes
[24:39] Suze: to
[24:40] Suze: real estate because I made this comment and I'm still
[24:42] Suze: sticking by it, everybody, because especially when the feds raise rates,
[24:48] Suze: you see the 10-year Treasury go up, 30-year Treasury higher
[24:51] Suze: than it's been in a long time, mortgage rates go up,
[24:54] Suze: so you see them at 6 375, close to 7%.
[24:57] Suze: I just don't like real estate right now, individual homes
[25:01] Suze: that you can buy as an investment. You want to
[25:04] Suze: buy a home, call it your own, and you can
[25:07] Suze: afford it, OK.
[25:08] Suze: But not as investments and we talked about REITs, real
[25:12] Suze: estate Investment Trusts. Our one of our favorites is Care
[25:16] Suze: Trust nursing homes doing fabulous, but you came up with,
[25:21] Suze: you think people should be doing REITs in public storage.
[25:25] Suze: When I asked you, you said, I don't know. I haven't
[25:29] Suze: done my research yet, and I'll come back to you
[25:31] Suze: on that. Now's your chance. Come back to me. What's
[25:35] Suze: your favorite public storage REIT that you wouldn't have a
[25:40] Suze: problem with people starting to dollar cost average into right now?
[25:44] Fitzy: Drum roll, please. My personal choice right now is extra
[25:51] Fitzy: space storage and the ticker is EXR.
[25:55] Suze: And what is the dividend that it's currently paying?
[25:58] Fitzy: They are paying 4.65% right now, so that's a nice, healthy,
[26:03] Fitzy: comparatively stable dividend with a lot of room in it.
[26:06] Fitzy: I like the way the management works. I like the
[26:08] Fitzy: fact that it's 93% average occupancy.
[26:11] Fitzy: They've got a great markets, I think a niche strategy,
[26:14] Fitzy: and that put it over the top for us because
[26:16] Fitzy: what we liked about it was that stability at a
[26:19] Fitzy: time where seemingly everything else in the real estate market
[26:22] Fitzy: is darn unstable.
[26:23] Suze: All right, let's move on because we actually only have
[26:26] Suze: a few minutes left, believe it or not, and I
[26:30] Suze: want us to address the ETF FITZ because I get
[26:39] Suze: a lot of emails about it. People got in three
[26:42] Suze: months ago when it first came out thinking it was
[26:45] Suze: gonna go straight up, even though we all said that's
[26:48] Suze: not what you do it and how you do it.
[26:51] Suze: Explain to them what's happening with Fits, what it's gone through.
[26:56] Suze: And how you feel about it and where you think
[26:59] Suze: it's gonna go. Tell me and everybody what they need
[27:04] Suze: to know about FITZ.
[27:06] Fitzy: Well, first of all, to everybody that has stepped in,
[27:08] Fitzy: thank you very much. We're thrilled with the reception that
[27:10] Fitzy: it's getting. I am pleased as punch by the way
[27:13] Fitzy: this thing is performing right now, which is exactly as designed.
[27:17] Fitzy: So we've got a little extra volatility, but we have
[27:20] Fitzy: importantly some very strong what's called upside capture, which means
[27:24] Fitzy: in plain English, on days where the markets are really running,
[27:28] Fitzy: this is designed to run harder, faster, farther.
[27:31] Fitzy: And so we've had less than 90 days in, we
[27:34] Fitzy: haven't had any income, no distribution, so it's easy to
[27:37] Fitzy: look and say this thing's, you know, not performed, not
[27:40] Fitzy: gone anywhere, but what we designed was a long term product.
[27:43] Fitzy: So a 90 day window, you know what, where it's
[27:45] Fitzy: performing as expected, where it's settling down where these great
[27:48] Fitzy: companies are doing what's called bedding in.
[27:51] Fitzy: I'm very happy. I love what I'm seeing.
[27:53] Suze: And right now when I look at it, it doesn't
[27:57] Suze: show that it pays a dividend at all. When I
[27:59] Suze: look at VOO or I look at SPY, which are
[28:02] Suze: the Standard and Poor's 500 index ETFs, I see that
[28:05] Suze: it pays a little dividend. Is FITZ ever going to
[28:09] Suze: pay a dividend?
[28:10] Fitzy: Oh. Yes, it is. This is an important point because
[28:13] Fitzy: we're so new with this one that we haven't gone
[28:16] Fitzy: through an income slash distribution cycle. So FITZ owns a
[28:20] Fitzy: number of companies. The blended yield is about 1.43 or
[28:24] Fitzy: so right now. Today. Last time I looked, the S&P
[28:27] Fitzy: 500 is somewhere in the 0.99% range.
[28:30] Fitzy: So when this pays a distribution, which is scheduled for
[28:33] Fitzy: quarterly because we haven't been through a full quarter yet, uh,
[28:36] Fitzy: that's when you're gonna start to see that mount. That's
[28:38] Fitzy: when the numbers are going to pick up the fact
[28:40] Fitzy: that there is a distribution on this one and if,
[28:43] Fitzy: if we're again, if we're doing our jobs correctly, that's
[28:45] Fitzy: gonna grow over time it's gonna grow faster, farther, harder
[28:49] Fitzy: than the broad dividends that are the entire S&P 500.
[28:53] Suze: So I think everybody, here's the main thing you need
[28:56] Suze: to know about FITZ. If it's just sitting there, not
[28:59] Suze: doing anything, you're not liking it, you're mad at it,
[29:03] Suze: sell it, OK? Sell it because you were never supposed
[29:07] Suze: to buy it for it to move quickly, right? Fitz
[29:13] Suze: would always tell me, Keith would always say, Suze,
[29:15] Suze: if you're gonna put money in this, you have to
[29:18] Suze: know you're looking at five to 10 years down the road,
[29:22] Suze: and then you will be thrilled that you did. But
[29:25] Suze: what's very difficult for all of us is when you
[29:28] Suze: see other stocks moving or other ETFs like, you know,
[29:31] Suze: I love SMH or XBI
[29:34] Suze: and they've been moving big time. When you see them
[29:37] Suze: moving and then you have an ETF that doesn't move
[29:41] Suze: really much up or down, you get frustrated. So I
[29:45] Suze: want all of you to really ask yourself, why did
[29:50] Suze: you buy it? What did you expect from it, and
[29:55] Suze: how long did you intend to keep it? And Fitz,
[29:59] Suze: what would you say to them?
[30:01] Fitzy: Well, I think that's the key right there, you know,
[30:04] Fitzy: if you're willing to judge what's intended to be a 5, 7,
[30:07] Fitzy: or 10 year product based on less than 90 days
[30:10] Fitzy: of history, this isn't for you. Don't buy fits. In fact,
[30:13] Fitzy: sell it and go the other direction. I wish you
[30:15] Fitzy: all the success in the world.
[30:16] Fitzy: But if you understand the long term proposition that we're
[30:19] Fitzy: talking about, the growth rates we're talking about, the way
[30:22] Fitzy: the world is going, and why these 30 companies, which
[30:26] Fitzy: we believe are absolutely the best, most successful companies in
[30:30] Fitzy: the world, and you understand this whole earnings thing we
[30:33] Fitzy: talked about a little while ago, then I would submit
[30:36] Fitzy: you're in the right place at the right time, and
[30:38] Fitzy: that's worth staying, worth hanging around. I personally am gonna
[30:41] Fitzy: be hanging around for a long time.
[30:42] Suze: Remember, the goal of money is for you to feel secure.
[30:45] Suze: If you're not liking it, if you're questioning it, if
[30:48] Suze: it's not something that you want, sell it. It is
[30:52] Suze: really just that simple for those of you who understand it,
[30:57] Suze: continue to come with it and stay with it, but
[31:00] Suze: you have to invest in a way that feels good
[31:03] Suze: for you, just so you know. So I know a
[31:08] Suze: lot of you write me and you go, what's up? Well,
[31:10] Suze: what's up is enough time hasn't passed.
[31:13] Suze: But if enough time has passed for you, you're the ones,
[31:17] Suze: it's your money. You have to make the decisions about it.
[31:22] Suze: Before I bring this to the end, I just want
[31:24] Suze: to say to everybody, which is,
[31:28] Suze: both Keith and I think that it is very probable
[31:31] Suze: that even though these markets might have a down month
[31:34] Suze: here in September, who knows, whatever, over the long run,
[31:38] Suze: their trajectory is up and up.
[31:42] Suze: Invested in the right stocks, especially AI, ETFs, semis, all
[31:48] Suze: of that medical, medical, yes, XBI. I love that medical.
[31:53] Suze: It's a biotechnology ETF that I've loved forever. If you're
[31:58] Suze: invested properly, diversified, and you have at least 5 to
[32:03] Suze: 10 years till you need this money, if you have
[32:06] Suze: a little extra money and you can continue to dollar
[32:10] Suze: cost average in things that are
[32:12] Suze: good quality and the things that you want as you're
[32:15] Suze: getting older if you can just simply take extra money
[32:18] Suze: and if you still have a mortgage and you're gonna
[32:21] Suze: stay in your home forever, pay down that mortgage by
[32:24] Suze: the time you are retired, get out of credit card debt,
[32:28] Suze: make sure that you are investing wisely for your own
[32:32] Suze: personal situation. Keith and I will always be here for
[32:37] Suze: you in many different ways, but anything else that you
[32:40] Suze: wanna say.
[32:42] Fitzy: No, constantly focus on the opportunity because if you feel
[32:45] Fitzy: good about where you're going, the rest of it's gonna
[32:48] Fitzy: fall into place. Investing becomes interesting and fun and engaging
[32:53] Fitzy: because you're worried about moving forward instead of worried about
[32:56] Fitzy: falling behind, and that means a very different shift in mindset.
[32:59] Fitzy: That's how you build real wealth.
[33:00] Suze: Well, there you go. So, from me to all of you,
[33:04] Suze: there's always only one thing that I want you to
[33:06] Suze: remember when it comes to your money,
[33:08] Suze: and it is this people first, then money, then things,
[33:12] Suze: and what that means is you have to like what
[33:15] Suze: you're doing. You people have to know what you are
[33:20] Suze: doing and don't do something that makes you feel insecure.
[33:25] Suze: So that wraps up our quarterly update.
[33:29] Suze: We'll have one more for you before the end of
[33:31] Suze: the year. Fitz, anything you wanna say before we sign off?
[33:34] Fitzy: No, thank you so much. Everybody have a lovely day.
[33:38] Suze: All right, everybody, bye bye.

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