| about for the quarter this is the fourth | 2.721 | Jump to 58.879 |  |  | 
              
                
                  | quarter it was about three and a half | 2.881 | Jump to 60.399 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about three and a half
                      
                     |  | 
              
                
                  | trillion that's a new record it was i | 4.08 | Jump to 61.6 |  |  | 
              
                
                  | think three trillion 2018 | 4.48 | Jump to 63.28 |  |  | 
              
                
                  | ten dollars an hour is now making 15 an | 3.121 | Jump to 160.959 |  |  | 
              
                
                  | hour it's gonna go back to ten dollars | 3.12 | Jump to 162.72 |  |  | 
              
                
                  | problem after the first half we don't | 3.841 | Jump to 190.959 |  |  | 
              
                
                  | will get better towards the second half | 6.56 | Jump to 248.72 |  |  | 
              
                
                  | cash this three and a half trillion | 3.2 | Jump to 271.6 |  |  | 
              
                
                  | mostly for the last 10 years is they've | 5.441 | Jump to 307.919 |  |  | 
              
                
                  | been buying back stock about 40 percent | 3.841 | Jump to 311.039 |  |  | 
              
                
                  | like dividends about 25 percent go to | 5.201 | Jump to 317.039 |  |  | 
              
                
                  | rest you know it out the 30 | 6.08 | Jump to 322.24 |  |  | 
              
                
                  | maybe 40 percent uh left goes uh capital | 5.28 | Jump to 324.8 |  |  | 
              
                
                  | investing in the company that's about 30 | 4.16 | Jump to 330.08 |  |  | 
              
                
                  | 10 so most of the money the big portion | 5.36 | Jump to 334.24 |  |  | 
              
                
                  | from one year to the next if everything | 3.84 | Jump to 365.68 |  |  | 
              
                
                  | else is the same your earnings are five | 3.28 | Jump to 367.6 |  |  | 
              
                
                  | five percent your earnings per share | 3.6 | Jump to 374.8 |  |  | 
              
                
                  | goes up by five percent this is what | 4.16 | Jump to 376.4 |  |  | 
              
                
                  | facebook do you know they bought back 20 | 4.64 | Jump to 425.36 |  |  | 
              
                
                  | billion dollars in stock in the fourth | 3.28 | Jump to 428.16 |  |  | 
              
                
                  | facebook right it dropped 30 percent on | 5.44 | Jump to 434.24 |  |  | 
              
                
                  | 20 billion dollars to buy back stock in | 4.799 | Jump to 439.68 |  |  | 
              
                
                  | the fourth quarter and | 4.801 | Jump to 441.919 |  |  | 
              
                
                  | and playing dividends those two things | 4.72 | Jump to 488.0 |  |  | 
              
                
                  | last five or six years i can see the | 4.08 | Jump to 533.92 | 
                      
                        
                      
                        DATE
                      
                      
                        last five or six years
                      
                     |  | 
              
                
                  | counts by more than 20 in the last five | 4.24 | Jump to 569.12 |  |  | 
              
                
                  | reduced their share count 35 that's | 4.159 | Jump to 573.36 |  |  | 
              
                
                  | their earnings look better by 35 even | 3.2 | Jump to 580.56 |  |  | 
              
                
                  | was created in 1913. why was there why | 5.84 | Jump to 672.88 |  |  | 
              
                
                  | the federal reserve was created in 1913 | 4.4 | Jump to 706.16 |  |  | 
              
                
                  | it was given two mandates which is part | 3.44 | Jump to 708.399 |  |  | 
              
                
                  | because there's two mandates so the | 3.44 | Jump to 711.839 |  |  | 
              
                
                  | first mandate is job growth improving | 4.0 | Jump to 713.04 |  |  | 
              
                
                  | the economy and the second is fighting | 5.041 | Jump to 715.279 |  |  | 
              
                
                  | is so if you have a hundred dollars in | 3.6 | Jump to 730.72 |  |  | 
              
                
                  | the bank and you have two percent | 3.68 | Jump to 732.48 |  |  | 
              
                
                  | inflation that hundred dollars | 3.92 | Jump to 734.32 |  |  | 
              
                
                  | effectively is only worth ninety eight | 4.239 | Jump to 736.16 |  |  | 
              
                
                  | strategy because even low inflation two | 5.679 | Jump to 744.16 |  |  | 
              
                
                  | it's been in the two percent range and | 4.399 | Jump to 758.0 |  |  | 
              
                
                  | sneakers in america but your 150 pair of | 5.12 | Jump to 802.399 |  |  | 
              
                
                  | nikes will be 300 | 5.12 | Jump to 805.04 |  |  | 
              
                
                  | they're gonna push back paying three | 4.16 | Jump to 813.2 |  |  | 
              
                
                  | hundred dollars for nikes for example | 3.12 | Jump to 815.12 |  |  | 
              
                
                  | from china's one way or another what | 3.681 | Jump to 845.199 |  |  | 
              
                
                  | japan building one here | 4.401 | Jump to 852.399 |  |  | 
              
                
                  | inflation's about seven percent the cpi | 4.479 | Jump to 880.48 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about seven percent
                      
                     |  | 
              
                
                  | consumer pricing the seven percent | 4.479 | Jump to 882.72 | 
                      
                        
                      
                        PERCENT
                      
                      
                        the seven percent
                      
                     |  | 
              
                
                  | essentially zero it's zero to a quarter | 3.44 | Jump to 889.92 |  |  | 
              
                
                  | inflation is seven and when you can | 2.56 | Jump to 893.36 |  |  | 
              
                
                  | zero to a quarter percent from a bank | 3.52 | Jump to 895.92 | 
                      
                        
                      
                        DATE
                      
                      
                        zero to a quarter percent
                      
                     |  | 
              
                
                  | close that gap if it's inflation at two | 3.041 | Jump to 901.279 |  |  | 
              
                
                  | mess around but with inflation at seven | 3.84 | Jump to 905.92 |  |  | 
              
                
                  | seven percent to pick a number three | 5.601 | Jump to 958.399 |  |  | 
              
                
                  | you got 50 different opinions but nobody | 4.399 | Jump to 966.8 |  |  | 
              
                
                  | you know six weeks later | 4.401 | Jump to 986.639 |  |  | 
              
                
                  | gee i think maybe we could do 50 basis | 2.88 | Jump to 1026.24 |  |  | 
              
                
                  | there's seven meetings left uh | 4.8 | Jump to 1078.32 |  |  | 
              
                
                  | instead of raising a half of 50 basis | 4.88 | Jump to 1083.12 |  |  | 
              
                
                  | think it's march 16th when the next fed | 3.439 | Jump to 1100.24 |  |  | 
              
                
                  | meeting is they'll turn around and do 50 | 2.721 | Jump to 1101.919 |  |  | 
              
                
                  | the first half of the year | 4.4 | Jump to 1146.0 | 
                      
                        
                      
                        DATE
                      
                      
                        the first half of the year
                      
                     |  | 
              
                
                  | and that we're not going to be here six | 5.039 | Jump to 1147.76 |  |  | 
              
                
                  | in the first half of the year a lot of | 3.12 | Jump to 1169.36 | 
                      
                        
                      
                        DATE
                      
                      
                        the first half of the year
                      
                     |  | 
              
                
                  | 40 | 2.88 | Jump to 1207.44 |  |  | 
              
                
                  | 40 points on the s p when bullard opened | 3.84 | Jump to 1208.24 |  |  | 
              
                
                  | this is not uh the number one issue on | 4.72 | Jump to 1238.88 |  |  | 
              
                
                  | beginning of world war one um one of the | 4.88 | Jump to 1254.159 |  |  | 
              
                
                  | these three stocks | 2.64 | Jump to 1323.76 |  |  | 
              
                
                  | 20 years | 3.2 | Jump to 1331.12 |  |  | 
              
                
                  | not one month | 3.841 | Jump to 1333.039 |  |  | 
              
                
                  | you want to look at somebody over 10 | 4.48 | Jump to 1354.24 |  |  | 
              
                
                  | broad market i mean the s p 500 for | 3.12 | Jump to 1366.24 |  |  | 
              
                
                  | over a 10 year period | 5.6 | Jump to 1378.559 |  |  | 
              
                
                  | 85 of all fund managers underperformed | 6.64 | Jump to 1380.48 |  |  | 
              
                
                  | their benchmarks 85 | 5.201 | Jump to 1384.159 |  |  | 
              
                
                  | that introduces two layers of complexity | 5.44 | Jump to 1428.32 |  |  | 
              
                
                  | essentially the first s p 500 | 4.48 | Jump to 1445.679 |  |  | 
              
                
                  | 1974. all of a sudden you could own the | 3.681 | Jump to 1448.159 |  |  | 
              
                
                  | s p 500 | 3.841 | Jump to 1450.159 |  |  | 
              
                
                  | p 500 i own a mid cap index | 6.321 | Jump to 1457.679 |  |  | 
              
                
                  | i own a small cap index the s p 500 is | 4.399 | Jump to 1460.88 |  |  | 
              
                
                  | about 80 | 3.2 | Jump to 1464.0 |  |  | 
              
                
                  | about 40 trillion dollars um so you can | 4.16 | Jump to 1467.2 | 
                      
                        
                      
                        MONEY
                      
                      
                        about 40 trillion dollars
                      
                     |  | 
              
                
                  | s p 500 but the rest you know mid cap | 4.16 | Jump to 1471.36 |  |  | 
              
                
                  | take 90 of your money | 4.561 | Jump to 1565.679 |  |  | 
              
                
                  | the s p 500 and don't do anything and | 5.2 | Jump to 1570.24 |  |  | 
              
                
                  | then take 10 of your money and say okay | 3.52 | Jump to 1573.039 |  |  | 
              
                
                  | that that s p 500 fund you own over | 4.721 | Jump to 1595.679 |  |  | 
              
                
                  | they make mistakes this is one reasons | 2.96 | Jump to 1641.36 |  |  | 
              
                
                  | first index fund but if you don't like | 2.32 | Jump to 1703.44 |  |  |