Wealthion’s Andrew Brill welcomes Jared Dillian to explain why the Fed’s recent rate cuts are a big mistake that could reignite inflation, creating serious economic and market risks. The Founder of Jared Dillian Money and The Daily Dirt Nap also warns of bond market turmoil ahead, with long-term rates rising and the upcoming U.S. election adding even more volatility and a potential correction for stocks. Jared also predicts gold could hit $3,000 and reveals why commodities like oil are poised for a significant rally
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Jared Dillian 0:00
The Fed cut 50 basis points with unemployment at 4.1% now, if you think about this, you know, back in 2000 during the.com bubble, which was the hottest economy I’ve ever seen in my lifetime, unemployment got down to 3.9% so we’re point 2% above that, and they’re cutting rates 50 basis points. It’s insanity
Andrew Brill 0:25
the bond market continues to have people scratching their heads. I’m your host. Andrew brill, we’ll talk about the bond market and what we can expect moving forward, and if you need help with your finances moving forward, head over to wealthion.com/free for a free no obligation portfolio review. View,
Andrew Brill 0:45
I’d like to welcome Jared Dillon back to wealthion. Jared is an author whose most recent book is doing well. He’s the publisher of The Daily dirt NAT newsletter, a podcaster, and has a bunch of other products to help you better your financial well being. Jared, welcome back to wealthy. I’m glad to have you. Hey,
Jared Dillian 1:02
thanks for having me. Thanks.
Andrew Brill 1:03
So night moves, tell me about it. How’s it doing? And I know you were in New York just last week, and how’s the book? There it is. There it is.
Jared Dillian 1:11
Yeah, the book is doing great. So if you don’t know, knight moves is a short story collection. It’s literary fiction. It. I mean, it’s, it’s 16 short stories about a whole, whole different bunch of stuff. I mean, the reviews have been just incredible. The reviews have been off the charts. People love this book. Yeah. I mean, it’s kind of hard to generalize about it. Say what it’s about, because they’re all different short stories. But I am a big consumer of short stories. Always have been. I really, you know, like the art form, and this, this is, this is one of the best it’s actually ranked in Amazon above the Best American Short Story series, and it has been for a month. So it’s, it’s done really, really well. So highly recommend you check it out. And
Andrew Brill 2:08
you’re, you’re gonna give birth to another book I understand in the summer next year.
Jared Dillian 2:12
Yeah, I’m gonna have an essay collection called rule 62 which should come out next summer. Got to start working on that. But, yep, yep, lots of stuff.
Andrew Brill 2:23
Excellent, excellent. And I was reading your newsletter and being a long suffering Mets fan, I you know, tungsten o’ duel, who you had mentioned, and it was obviously an April Fool’s joke. I remember back when I was a kid in the SID Finch. Sports Illustrated guys all with Sid Finch.
Jared Dillian 2:45
That was the best April Fool’s joke of all time. Yeah, he threw like 149 miles an hour or something like that. It was incredible
Andrew Brill 2:56
when guys are tipping the scales at about 104 now 104 it was a it had us met fans on the edge of our seat, and it did fool us all. So it was a great article by Sports Illustrated, but let’s get into it a little bit. Jared, what’s your take on the economy right now? It’s, it’s, you know, with all the economic data, the Fed’s trying to get inflation under control, but it’s kind of stuck doing well,
Jared Dillian 3:20
yeah, I you know, the economy is not weak. You know, I think the Feds made a mistake that, I think they saw a little bit of labor market weakness and they confused that for overall economic weakness, which we don’t have any, you know, I’ve been flying all over the place the last couple of weeks, airports are just insane, just full of people. Can’t find a parking spot. You know, the TSA lines are out the door like it’s so we don’t, we don’t have a weak economy at all. And you know, just for perspective, the Fed cut 50 basis points with unemployment at 4.1% now, if you think about this, you know, back in 2000 during the.com bubble, which was the hottest economy I’ve ever seen in my lifetime, unemployment got down to 3.9% so we’re point 2% above that, and they’re cutting rates 50 basis points. It’s insanity. And all the economic data since then has been uniformly positive. It’s been uniformly positive. Now you could make the argument. You could say, okay, monetary policy was a little restrictive. Real rates were two and a half percent. We have to get real rates down to 1% and that’s fine, but I think that inflation hasn’t really gone away. People still have an inflationary psychology. If you’ve seen some of these labor negotiations with Boeing and the Longshoremen and stuff like that, they’re demanding just exorbitant pay increases to keep up with inflation so that inflation expectations are. Grounded in people’s minds. So, you know, I think by doing this, I think by cutting rates 100 or 150 basis points, especially going into the election, I think they risk sparking off another wave of inflation. That’s what I think.
Andrew Brill 5:13
So the next Fed meeting, as we know, is the day after Election Day. Any clue what you think is the Fed stuck? Have they backed themselves into a corner saying we need to continue the easing cycle? Or do you think they might look and see who, although I’m not sure that we’re going to know who won the presidency the day after election day. But do you think that they’re going to say, You know what, let’s cool our jets and leave things where they are?
Jared Dillian 5:40
I think they’ll cut 25 I mean, the thing is, about the Fed as an institution, is different from what it was 30 or 40 years ago, like the Volcker fed. I mean, if you go back and look at, you know, a chart of the Fed funds target rate when Volcker was chair, you know, the Fed would cut rates and hike rates, then cut rates and hike rates. You know, the some people call Volker the idiot in the shower, right? Because you’re in the shower and you’re like, too hot, too cold, too hot, too cold. And he was like, there. So the Fed is different now, like they get on a cycle, they got on a path, a predetermined path, and they cut or hike rates for a while. So they’re on a rate cutting cycle. I think they think this is going to continue for a long time, like six months or a year. So I think they’re going to cut rates after the election. I think they’re going to cut in December, and by then they will have cut 100 basis points, and we’ll see what happens in the new year. So isn’t
Andrew Brill 6:40
there a risk of reigniting inflation, especially with the spending that’s going on. You keep cutting rates, prices will go up, inflation will go up. The debt obviously is going to go up. I mean, it’s all inflationary. Well, the
Jared Dillian 6:57
one thing that really stumped people about this, you know, it’s funny, because I had a radio interview right around the time of the Fed meeting, and the interviewer was not really financially sophisticated, and she’s like, well, the Fed is going to cut rates, which means mortgage rates should go down, right? And I’m like, actually, probably not. I think mortgage rates are going to go up, you know, because I was betting on a yield curve steepening. I was betting that the back end would actually sell off, and that did not compute. She’s like, Well, why would mortgage rates go up if the Fed is cutting rates, and a lot of people, I mean, 99.9% of people, don’t understand the yield curve. They don’t understand transformations of the EO curve. So, you know, the the Fed cut was intended to be stimulative, but it’s actually been the opposite of stimulative. It’s actually been, you know, restrictive, because long rates are up about half a percent at this point off the lows. So, and that’s going to continue. And one thing, you know, one thing I’m thinking about for the election, I’ll just give you some insight as to my thoughts here. You know, we have a debt problem, which is enormous. We have this enormous debt problem. And I think that if, really, no matter who gets elected, whether it’s Trump or Kamala Harris. I think this could be like the Liz truss moment in the UK, where the bond market totally misbehaves. You have rates gap up 50 or 100 basis points. The bond market vigilantes come back. I mean, you remember what happened when Liz truss was elected in the in the United Kingdom? I mean, she was prime minister for like, a week, and the bond market forced her out. The gilt market forced her out. So I think something similar could happen this time. I think the bond market could get totally disorderly around the election. Yeah, it’s going to be interesting. So
Andrew Brill 8:55
the but the yield curve at this point hasn’t it was inverted. It’s kind of flattened out at this point, right? And so it’s not, it’s still not behaving and it’s very, very strange that they cut interest rates and mortgage rates go up, but the bond market hasn’t done what everyone thought that would do either,
Jared Dillian 9:19
no, no, it’s, it’s totally misbehaved. And I’m here for it, by the way, Stan Druckenmiller said that he shorted bonds the day of the Fed meeting. You know, either like, that’s, you know, that’s what he said. He shorted 30s the day of the Fed meeting. He says that short bonds is 20% of his portfolio, and getting bigger. So, yeah, I think, I think that you know, to me, the 30 year bond, when it was trading at 396, I think that was incredibly mispriced. Um, 30 year money at less than 4% going into an election where you have two candidates, where you’re going to have mounds of issuance like that didn’t make any sense to me. So,
Andrew Brill 10:00
so the twos and 10s are up higher than they should be also right now, right?
Jared Dillian 10:05
Yeah,
Andrew Brill 10:06
yeah, all right. So, so are bonds a decent investment right now? Is that something that you’re looking at the short term or the long term? Uh,
Jared Dillian 10:18
well, you know, they’re better than they were a couple of weeks ago. But no, I think, I think you’re gonna get 10s out to four and a half, four six. I think you’re gonna get bonds out to 5% so you know, if you’re looking at 30 year bonds, just you’re probably looking, in price terms, at another eight to 10% decline probably about 8% so, yeah, I mean, it’s better than it was before the Fed meeting. But I, you know, I wouldn’t, I wouldn’t buy bonds with your money.
Andrew Brill 10:53
So the 10, so the rate, the bond curve is the yield curve is going to continue to be inverted if the 10s are going to go about four, and that means mortgage rates are going to continue to go up. Yeah,
Jared Dillian 11:04
yeah, which is kind of interesting in the housing market. You know, in spite of that, continues to do well. You really haven’t had any pullbacks in price. You know, transaction volume is down. There’s not as many transactions. But yeah, the housing market continues to be strong. I think, I think it will continue to be strong, really, no matter what happens with rates. Unless rates get, unless you get tenure notes out to like 8% or something like that.
Andrew Brill 11:31
But yeah, so I want to talk to you about the debt a little bit. And yeah, it’s just growing. It grows daily, and it doesn’t seem like either candidate is really talking about it. It’s interesting Jared, because some people I talk to say, yeah, it’s not a problem until it’s a problem, we’re not going to worry about it, but it could potentially be a problem as the debt grows and becomes a bigger part of our GDP. No,
Jared Dillian 11:58
it could be a problem overnight, right? Like, like, he said, like, like, a lot of things in finance, like, nothing really matters until it matters, you know, like, it’s, you know, you have these mispricings or distortions that continue for years, and it doesn’t make any sense, but it, you know, the trade continues to work, and then one day it just unwinds. And that’s, that’s what I think, is what’s going to happen with the bond market around the election. Like, I really think you could have interest rates gap higher around the election. I’m actually going to be trading it election night. I’m going to be staying up all night trading. So
Andrew Brill 12:39
Wow. So you think it’s going to fluctuate that drastically in a very short period of
Unknown Speaker 12:44
time? Yeah, yeah.
Andrew Brill 12:46
And I want to mention that you mentioned in your in the daily dirt nap that you’re going to be up at about midnight talking and doing some live stuff about what is going on and what is going on in the markets, aren’t you?
Jared Dillian 12:59
Well, I mean, I’m not gonna be. I don’t plan on doing any live interviews or podcasts or anything, but I am going to send out a newsletter at midnight to talk, to talk about what I’m seeing on election night in the markets. So, so if you
Andrew Brill 13:15
want to subscribe to that newsletter, it’s the daily dirt nap.com, and hit subscribe.
Jared Dillian 13:21
Yeah, yeah, pretty much, yeah. All right,
Andrew Brill 13:23
great. So I found it interesting your evaluation process, you mentioned, you look at charts, and then you form a thesis. And can you explain to us how that works?
Jared Dillian 13:38
I don’t know if I can’t explain it. It’s you know, I’ve looked like, you know, I don’t really consider myself to be a technician, because I think a technician is somebody who looks strictly at charts and doesn’t really take in any other inputs. You know, I’m a technician, but I take in fundamental inputs and sentiment inputs and stuff like that. But really, when I’m when I’m thinking about a trade, the first place I go is a chart, and the chart tells a story. And usually you know when I actually know what’s going on. Right now is in the other room my assistant. I have an assistant. He’s pulling charts off of like, 50 to 100 different securities and with technical studies on them and putting them in a PowerPoint document. So about twice or three times a week, I go through 50 to 100 charts. And if you just sit there and go through charts like it begins to tell a story, it begins to tell like a macro story. So the story that it’s telling me right now is, you know, we’ve had a big backup in rates. We’ve had a big bounce in commodities. Then sort of a retracement. Commodities are correcting a little bit. Stocks are unstoppable. You know, one thing about stocks is that, you know, I think you could have, um. I think you could have a meaningful pullback in stocks on election night. You know, it just one of these classics, sell the news events, you know. I mean, people have said that the market is pricing in a Trump victory, which I think is true, because he’s ahead in the betting odds. And I think it’s possible that we rally into the election and then, you know, Trump becomes the winner at nine o’clock on election night, and the market is limit up. I think you sell the limit and I think you’ll have a five to 8% correction after that. So I think you’ll have some sort of sell the news event after the election. And if Kamala Harris wins. I think it’s bearish for the market anyway. So they
Andrew Brill 15:43
said that about Biden, and here we are, years later in the markets up, yeah.
Jared Dillian 15:49
I mean, it’s, it’s totally true, I think. I mean, I don’t want to get too much into politics. I think Kamala Harris is, is different from Biden. I think she’s further left. I think she is less friendly to markets. You know, Biden spent four years going around telling people he’s like, I’m a capitalist, but. And he always would say the but, but at least he said I am a capitalist like he said that, like Kamala Harris has never said that, like she has never worked in the private sector, and she brags about that. She’s like, I’ve never worked in the private sector, except recently, she said she worked at McDonald’s, but McDonald’s has no record of her working there, so I still don’t think she’s worked in the private sector. So,
Andrew Brill 16:41
so along with evaluating Jared today, you said something interesting about reputational profit. Explain to me what you mean by reputational profit, because I think I fall into that whereas, like no, no, I think I can get more, I can get more, but reputational profit, take reputational profit.
Jared Dillian 17:00
Um, so really, you know, if you are sort of a public figure in the markets, and you make calls on stuff, you’re you’re a trader, but you’re trading a different kind of capital. See, somebody who’s a portfolio manager is trading actual capital, and somebody who is a pundit is trading reputational capital, okay? And they’re two very different things. And I would say actually trading reputational capital is harder, because nobody likes to be wrong publicly. You know, if you’re a portfolio manager and you if you have a trade go sideways and you close it out, the only person who knows about it is you right. But if you make a call on something publicly and it goes wrong, then everybody knows, and you have all these people coming at you on Twitter and stuff like that. So it’s actually much harder. So I often talk about this in the newsletter, the idea that you’re trading actual capital or reputational capital. And you know, for example, I do want to talk about private equity a little bit. You know, I’ve been a big private equity bear. I shorted Blackstone when it was around 120 or 130 now it’s at 170 I’m the biggest private equity bear in the world, in the in all the stocks, just keep going up. You know, Blackstone and KKR and Carlisle and TPG, like all these stocks just keep going up, and I am losing reputational capital like I look like an idiot because I’m the private equity bear, and they just, it just keeps going up. So but your way, by the way, if you want to, if you want to check out more about the private equity trade, go to short private equity.com short private equity.com and if you go there, you’ll see we have a drudge style website of all different kinds of links taking you to bearish articles on private equity. And you can also get our free white paper. It’s like a 20 page document, basically the whole thesis behind short private equity.
Andrew Brill 19:00
So she always gonna say, you have white paper out about private equity and and what you feel is going to be its downfall, or at least a very, very large correction where people will get hurt financially.
Jared Dillian 19:13
Yeah. I mean, that might be next year. It might be five years from now. Who knows. But I think it’s, I think it’s a huge bubble. So Hi everyone.
Andrew Brill 19:23
I’m one of your hosts here at wealthion, Andrew brill, in these weird economic times where the market is up and it could go down, a lot of people calling for a correction. Some people think it’s just going to keep going up. But if you need help being financially resilient, head over to wealthion.com/free and we’ll give you a free, no obligation. We don’t expect anything from you. We’ll just help you evaluate your portfolio and let you know what we can do to help. Again, head over to wealthion.com/free, for a free, no obligation, portfolio review, and let us do the heavy. Lifting for you. So I want to You had mentioned commodities a little bit, and I know that gold come you talk about gold a lot, but you also say you hate gold. Talk to me about gold, and where you are sitting with gold. Well, the
Jared Dillian 20:14
reason why I say hate gold is I know I say gold sucks. You know, I’ve been, I’ve been, I’ve had a position in gold since, like, 2005 and it seems like, anytime I would get excited about it in the newsletter, it would go down, and anytime I would get miserable about it, it would go up. So now, like, I just say gold sucks. I hate gold. And it just keeps going up and it works. You know. So I’ve stopped cheerleading it so. So,
Andrew Brill 20:45
you know, you have mentioned in your newsletter you didn’t know where it was in January was at 1932 it’s up over 40% since then. So, wow, not, not a bad investment. But yes, gold sucks. If they if that reverse psychology works, gold sucks, and it’ll keep going. As you can say to about 3000 right?
Jared Dillian 21:09
I That’s, that’s, I think that’s the next, the next stop on the train is 3000 so
Andrew Brill 21:15
do you see resistance somewhere along the way?
Jared Dillian 21:18
I mean, the funny thing about trading a market when you’re always a new, new, all time highs, like, it’s very hard to project resistance. I mean, the obvious resistance is, like, big, round numbers. You know, I don’t think there really is any resistance between now and 3000 I mean, 3000 is about 8% from here, eight or 9% we could get there by the election for sure, you know, so
Andrew Brill 21:43
and gold is a hedge against, you know, I guess the market going up and down, so it’s sort of a safety net, right? Well, the way
Jared Dillian 21:52
I look at Gold is it’s an option on the possibility of future debt monetization, okay? So if rates go up a lot, and the US government can’t finance itself because rates went up so much, then the Fed will be asked to bring rates down by capping the yield curve with and that is going to cause gold to go just insanely parabolic. And we’re getting closer to that day that I mean, that may happen soon. So I think, I think that explains the 40% up year in gold. So care
Andrew Brill 22:27
what about other commodities? Are there any You had said that commodities were stagnant? What? What? What else you know? What are the commodities you’re looking at? Obviously, there’s oil and that that has puzzled me over the last few weeks, anyway. But what are the commodities Do you think? Or where do you think commodities are going?
Jared Dillian 22:47
Commodities are going up for sure, super bullish oil in particular, has been puzzling. Like you said. You know, I just saw a research piece on oil this morning, basically projecting that demand is at all time highs. The Saudis are projecting lower demand. I don’t, I don’t understand it. You have this constant geopolitical risk, which is always present around Israel and Iran. You know, basically, you know, oil is trading 7071 right now. And the reason we’re down here is because, I guess there was, there was a headline that Netanyahu said that they wouldn’t strike Iran’s oil facilities. That, to me, seems insane. I think, of course they’re going to strike the oil facilities. I think they’re trying to degran or in the whole world, you know, the whole idea of the Israeli military actions is that they’re a surprise. I don’t think they would tell you in advance what they’re going to do. So, yeah, I’m, you know, I’m bullish because geopolitics. I’m bullish because of demand. Yeah, we’ll see, you know, yeah,
Andrew Brill 23:59
eventually they’re gonna have to rebuild everything. Obviously, Gaza is going to have to rebuild. Ukraine is going to have to rebuild. And it’s interesting what’s going on in Ukraine right now, with, you know, possible peace talks. But every all these areas that have been decimated are going to have to rebuild, and they’re going to need commodities to do that. Yeah, especially,
Jared Dillian 24:20
especially copper. That’s a big one. That’s going to be, that’s going to be a big one. I don’t, I don’t really have a view on copper at the moment, but yeah,
Andrew Brill 24:32
so talk to me about earning season. Anything that surprised you so far? Obviously, banks are still doing okay, yeah.
Jared Dillian 24:41
I mean, I guess, I guess, if you think the yield curve is going to steep in which I do, then you want to be long banks. You know, I don’t want to say that I was surprised by the bank earnings, but I don’t have a position in banks. I just, I. Know, Like it’s, I haven’t bought a bank stock since, like, 2010 or 11. They just, I don’t know. Like, to me, the idea of making 10 or 15% on one of the big five money center banks, like, doesn’t appeal to me. Like, I just, I think there’s other opportunities out there. But, yeah. I mean, it’s been a great trade.
Andrew Brill 25:24
What are the sectors that you are looking at that you think are attractive at this point?
Jared Dillian 25:29
Well, I mean, if you’re bullish on commodities, then you like energy, materials, right? So I think that’s the obvious one. And I think, you know, you’ve had a big out performance in discretionary versus staples. I think that’s going to reverse. I’d rather be long staples. I think healthcare has a lot of downside risk around the election. I think if Kamala Harris gets elected, you could see a massive correction in healthcare. I have been, you know, I’ve been following the weight loss drugs in my newsletter for a few years now, we actually was really early on that, because I started taking ozempic, like very early, and so I’ve been following that for a while. And gosh, I mean, if you still own Lily or Eli Lilly or Novo Nordisk at this point, get the hell out like it is. It is fully priced, and there is a lot of political pressure to get the price of these weight loss drugs down, and those profit margins are going to go down. So, you know, and Eli Lilly is like, you know, it’s most of the index. So, yeah, I’m very, very cautious about healthcare stocks at this point. What
Andrew Brill 26:42
about tech? I know that you’re, you’re, as you put it, not too bullish on tech. Well,
Jared Dillian 26:49
I mean, if you look at big tech, if you look at like meta and Google and Apple, like they’re really they’re not super expensive stocks, you know, like, I just, I, you know, I have a tough time being super bearish on, like, the bit like the mega cap tech names, Nvidia trading 34 time sales. Like, sure. Like, that’s that seems excessive to me some of these other semiconductor stocks, like are definitely overpriced. I don’t, I kind of don’t have a feel for it. I really don’t want to get involved. I think if you, if you just bought energy and shorted tech, and you just put it away for a year, you’d probably be pretty happy. But yeah, I don’t, I don’t have a position in tech.
Andrew Brill 27:41
You had mentioned that you’re really staying away from equities, or you’re, you’re nervous about equities at this point. Is that because of the election? Is that because so everything’s so inflated?
Jared Dillian 27:54
Well, you know, I kind of, I’m kind of all it’s just me. I’m kind of always nervous about equities. I’m not a bear. I’m not a stock market bear. I’m gonna I’m not one of these people that goes around saying we’re gonna crash. I just, you know, it’s, it’s kind of hard to explain. There’s just a lot more interesting stuff to do out there. I don’t like, I don’t like trading stocks because of the risk profile, because it’s up on an escalator and down on an elevator, you know. So I’m just, you know, it’s funny, because, you know, when I was at Lehman, I was in equities, I traded stocks and ETFs, and I just don’t like it. I I’ve never, I’ve never liked it, and I liked trading fixed income and FX and commodities like it makes a lot more sense to me. So, so you’re
Andrew Brill 28:49
sitting with your wife and your cats, you have a few friends over, and they say to you, Jared, you know what? Where am I putting my money to be safe right? Now, the volatility, just it gets getting to me. You know,
Jared Dillian 29:05
it’s funny, because people ask me for stock picks all the time, and I’m like, I can’t help you, because I don’t even really trade stocks. But people think I’m, like, a stock market expert or something like that. Where would you go to be safe? I mean, look like, you know, I don’t see money flooding out of money market funds because the Fed cut rates. You know, I haven’t really seen outflows out of money market funds. You’re still getting four and three quarters 5% in a money market fund. That’s still a good place to be. Even if it goes to four and a half or four, that’s still a good place to be. I don’t really see much likelihood that rates are going to zero or one or 2% so if you just want to sit out the election, you can just go to cash. Bonds are not safe. Stocks are I mean, yeah, I mean, that’s really the alternative. You know.
Andrew Brill 29:59
Them is there still a lot of cash sitting on the sidelines? I mean, Warren Buffett is sitting on piles like he’s sold off a bunch of stuff, sitting on piles of cash. Any any inkling as to why that might be?
Jared Dillian 30:12
I mean, I think it’s because the markets overvalued, you know? I mean, he, he runs a giant money market fund out of Nebraska, right? Like it’s this big Nebraska money market fund, and, yeah, I mean, he, he, I mean, look like Warren Buffett is kind of a vulture investor, like, he waits for things to get in distress, and then he gets preferred stock with, like, an 8% coupon. And like, that’s what he does. I think, I think you’ll see Warren Buffett get involved if we have a 10 or 20% correction, you know. But, you know, he sold most of his position in Apple, you know. He says, Look, Apple is fully valued, and there’s not a lot of innovation going on. And what’s the upside? And it’s one of the greatest trades in the history of Berkshire. Hathaway, so for sure, take profit. So,
Andrew Brill 31:01
but he look, he held it for a long time before it got to that point. So obviously you can, you can make a lot of money that way as well. Just buy it, hold it and don’t, don’t look at it all that much. Yeah,
Jared Dillian 31:13
and you know, honestly, when he bought apple, like I was very skeptical, like apple at the time was almost a trillion market cap, I think. And I was like, you know, why is he buying the most expensive company in the world? Why is he buying a trillion market cap company? Well, it went to three plus trillion, you know, so good for him. And
Andrew Brill 31:35
I apologize, I forget the name of your book, but it was, it had something to do with not being nervous about your investments and no worries, there you go. So it’s Thank you very much. So do you live that way? Actually?
Jared Dillian 31:53
No, I actually do. I actually do. I would say the one exception is I built a really big house and I have a big mortgage, and doesn’t really stress me out. I mean, debt. You know what I said in the book was that the two sources of financial stress are debt and risk, right? And I don’t really like any debt. I like to be debt free. So I have a little bit of debt on the house, and I have a I have a mortgage payment. And I don’t want to say it stresses me out, but causes me some consternation, you know. And I’m in a big hurry to pay it off, you know, I want to pay it off in like, three to five years. So, wow.
Andrew Brill 32:34
So where can we find the rest of your where can we find Jared Dillon, I know that you it’s the daily dirt nap.com you can also find you at Jared dillian money.com your pod. Tell us about your podcast.
Jared Dillian 32:47
Well, the best place to go is Jared dillian money. I mean, that’s where you can, you know, you can get it, like all of my products in one place. So the daily dirt nap, street freak, uh, strategic portfolio. You can sign up for the free letter. Highly recommend signing up for the free letter. It is free, and the podcast is called Be Smart, which I do with my friend Cameron, who’s a great host, and we have a great conversation once a week. It’s it’s a really good podcast. I would say it’s a very underrated podcast. So all of that stuff is that Jared, dillian money,
Andrew Brill 33:25
it’s very informative. And Cameron is also a writer. So he’s, he’s working on, on some stuff.
Jared Dillian 33:31
We’re both, we’re both MFAs. You know, we’re both writing MFAs. So we have, we have, we kind of geek out on books and stuff like that. So,
Andrew Brill 33:40
so the rest of earnings season, what are we looking for? Anything in particular?
Jared Dillian 33:44
I mean, honestly, I don’t really pay attention to earnings. I don’t, you know, I’m, you know, I’m more of a macro trader. I trade charts. I don’t really pay attention to, like, equity fundamentals, you know. I leave that to the strategists, you know when they’re figuring out the S, P is trading at 26 times or whatever, like, I just it’s not really what I do,
Andrew Brill 34:08
but yeah, when’s the next book signing?
Jared Dillian 34:12
The next book signing is in Nashville on October 30, and it’s at a restaurant called called Villa castriati, and it is four to 6pm It’s being put on by Nesbitt trading. Actually, we’re giving away books for free. They bought a bunch of books. We’re going to give away books for free. So October 30 in Nashville, at Bill of castriati. So if you’re
Andrew Brill 34:36
in the Nashville area, or you’re traveling to Nashville, stop in and see Jared, he’s always and as you’ve said, always happy to sit and talk to people about just about anything, whether it be investing or sports or that sort of thing. So Jared, thanks so much for joining me, and I appreciate it. We look forward to seeing you again soon. All right. Thank you. Thank you so much for watching our discussion here on one. With Jared dillian, always a pleasure listening to his insights on the economy and markets. If you need help being financially resilient, please head over to wealthion.com/free for a free, no obligation, financial review. And of course, if you could like and subscribe to the channel, we’d greatly appreciate it. Don’t forget to turn on notifications so you know when we post new videos on the channel, and please do the social media thing with us all. The links are right below in the description. If you like this content and are looking for more ways to achieve long term wealth, watch this video next. Thanks again for watching until next time. Stay informed. Be empowered and may your investments flourish.
