Sunday, September 24, 2017

September 24, 2017, Bob Brinker's Moneytalk: Stocks, Bonds, Economy and Investing

September 24, 2017.....Bob Brinker hosted Moneytalk live today....(comments welcome)

STOCK MARKET.....BB comments: In or near retirement, maintain a balanced asset allocation of 50% stocks and 50% fixed income.....no changes in Marketimer advice - fully invested. Possible S&P 500 target range projection now at "mid-2500's range."

TAX REFORM PROPOSALS AND  BB'S SPECULATION:  Brinker  talked about "the president's" proposed tax reforms,  health care bill, deficit .  ==> Thanks to dRahme, here is the short clip of what he said.  

BOND MARKET......BB commented that his Marketimer bond fund recommendations at this time have very low duration to keep the interest rate risk low, but he is willing to take credit risk because there is no recession forecast at this time.

Honey EC: Brinker mentioned one fund that he recommends in Marketimer has done very well because of the high yield (junk) bonds in it. He was talking about Osterweiss (OSTIX) and it IS a junk bond fund and it has lagged behind VWEHX in both total return and dividends paid.  Brinker sold all VWEHX several years ago. I held mine all the while and have done much better.   Compare the two funds:   VWEHX;  OSTIX.

TWO THINGS YOU NEED TO KNOW ABOUT ROTH IRAS....BB: 1. You do not have to report any contributions on your income taxes. 2. You should always keep good records because it is possible for the rules to change in the future.

THREE THINGS YOU NEED TO KNOW ABOUT BOND FUNDS....BB:  Firstly, the average duration (so you can gauge interest rate risk). Second,  the current yield (so you can gauge how much interest you will get),  And third, the credit quality.

ECONOMY.....BB said that there is no recession in the  current forecast.

FED/QUANTITATIVE TIGHTENING....BB:  FOMC 2-day meeting this week. No rate change....Next possibility of rate increase is in December....Balance sheet has swelled because of three Quantitative Easings...Now has close to $4 1/2 Trillion on it....now Fed wants to decrease balance sheet by using QT = Quantitative Tightening, which means they go back into the open market....Will start with  $10 Billion starting in October, November and December. That's $30 billion for the next quarter... But, they will be putting $50 billion a month back into the market....That equals $600 billion annual rate into the open market.....This will continue for years and could throw a couple of $trillion into the bond market.....So the question is, how much demand will there be?

==> Thanks to dRahme, here is the clip of BB explaining FOMC plans and Quantitative Tightening.   (At 10.3, caller Linda asked how QT would affect the stock market - but Brinker didn't seem to under stand what she was asking.)

Honey EC: I find it very interesting that since the change in presidency, Yellen and the Fed has done a 180 from massive  easing to massive tightening 

WHAT  WILL QUANTITATIVE TIGHTENING DO TO HOUSING PRICES.....Caller Kathy from So. Carolina wanted to know if in light of upcoming Fed action, is she should sell some of her real estate now or later.
Brinker replied: "That's a very tough question to answer because we still don't know how the market will receive the additional securities that are going to be placed into the market as a result of the Quantitative Tightening Program which starts in a small way in October. We don't know what will happen in terms of investors, buyers stepping up around the world in order to meet the additional supply that's going to be thrown upon the market. Although, in small amounts this 4th quarter - only $10 Billion a month. That's not much in the bond market.....What we do know a year from now, if the Fed keeps its word, they are going to be putting an annual rate of $600 billion onto the market, on top of the federal deficit, whatever that turns out to be a year from now.  One can only imagine what that's going to be a year from now with the talks we're hearing  in Washington about possible tax cuts, possible infrastructure. Will it be deficit neutral? We don't know any of that yet. We don't know any of that, but it is something to keep your eye on." 
WHERE DID THE FED GET THE $TRILLIONS IT NOW HAS TO GET RID OF......Brinker said:  "But the securities that they have on their balance sheet that are subject to be redeemed or sold in the future, as they reduce the balance sheet size, are primarily in two categories:  U.S. Treasury Securities, which are bills, bond and notes. And also agency securities, and that would include mortgage-backed securities......These are securities that were acquired through the three Quantitative Easing programs that were engineered in past years."

FEDERAL RESERVE IS HONEST, REPUTABLE AND HARD-WORKING.... Brinker said: "Let me very clear, I do not believe that the Federal Reserve has a shredder in the Federal Reserve Department and I don't believe that they behave dishonestly, or that they are a disreputable group in any way, shape or form. I do believe that they are doing the best they can in a very complicated operation of managing the money supply."

Honey EC: My tongue was firmly planted while writing the title in the paragraph above. 

MAY YOU LIVE IN INTERESTING TIMES.... BB:   Fed going into uncharted waters. Never in their history have they had so many Trillions to put back into the market.

==> Thanks to dRahme, audio clip: the week ahead in the Canyons of Wall Street.

LAND OF CRITICAL MASS...BB: Only the accumulation of assets will get you there. Income will never get you there.

FRANKJ'S MONEYTALK GUEST-AUTHOR SUMMARY

Bob’s third hour guest on Sunday September 24, 2017 was Professor Markus K. Brunnermeier, of Princeton University, co-author of the book  "The Euro and the Battle of Ideas" His co-author is Harold James.

The interview started with a review of the election in Germany. Angela Merkel won but she needs to form a coalition and include additional parties in her government.

A more interesting part of the interview was a discussion by the guest on how French and German economic policy differs.

1. With regard to policy, the French tend to want more discretion to act on problems, i.e., they grant more latitude to the government. In contrast, Germans tend to want established rules to guide government actions.

2. The French will exhibit a certain amount of solidarity, the example being their ready approval of help to Greece. The Germans are more concerned about how action will lead to liabilities – “if you’re in charge, you’re liable.”

3. The French are more prone to solve a problem by boosting liquidity. The Germans tend to look to reforms and restructuring as ways to solve an economic crisis.

4. The French have placed more emphasis on stimulus while the Germans value austerity.

Bob asked the guest about how the European Union was reacting to the UK exiting the Union. He said the European countries want the UK to stay in but they are wary of “cherry picking” of the benefits if they leave. The benefits of being in the EU include the easy movement of goods, services, capital and people. The UK would like to retain the benefits of all of the above but restrict the free movement of people.

Bob brought up the topic of the Fed’s plan for Quantitative Tightening (QT) – next fall they expect to be selling $50 billion per month ($600 billion per year) of securities they own. Bob expects this to raise interest rates, he spent a great deal of time on it in the earlier part of the show. The guest said the short end of the yield curve may not be affected much, but yields on the long end may come up.

Bob asked why would anyone invest in a 10 year Treasury yielding 2.25% when the Fed’s inflation target is 2.0%. Again, he spent time on this with a caller earlier in the show. The guest speculated that the 2.25% yield might be the result of investors thinking the Fed will miss its inflation target. If I interpret this correctly he’s saying inflation may not run at 2.0%, it will be lower, so someone will actually get a little bit of a return on the 10 year.

Wrap up: Super Mario Draghi has two more years to go on an 8 year term and he cannot be reappointed. The guest thought Janet Yellen has done a good job of communicating the Fed’s intention on QT and he would reappoint her.

Honey here: Thanks very much, Frankj. That was a difficult guest to understand and follow. We appreciate your sorting it out for us. 

Brinker also sang the praises of Janet Yellen and said that "the president" (no name from Brinker in ten months now) should be praised if he re-appoints her. He added that he did not approve of some of the names he has heard floating around to replace her.  Hmmmm...... guess I'll zip my political lip. LOL! 

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Sunday, September 17, 2017

September 17, 2017, Bob Brinker's Moneytalk: Stocks, Bonds, Economy and Investing Commentary

September 17, 2017..... Brinker was live on Moneytalk today....(comments welcome)

STOCK MARKET...BB comments: Dollar-cost-average new money now.....greatest run in market of all time, and it is now at all-time-highs. Those in retirement should keep a balanced asset allocation.

==> Thanks to dRahme, clip of Brinker's stock market and Fed comments.

WHAT IF THERE IS A MAJOR MARKET CORRECTION.... Caller Bill from New York - age 80 - asked if he should liquidate all of his stock and bond investments because he is afraid that there will be a major correction.
Brinker replied: "If you have the proper asset allocation and you have a constructive view on the market, then you're  where I'd like to be. If you do not have a proper asset allocation, then you should get it certainly in line with a proper allocation would be for you.  And someone in your age group, I would be 50%, or maybe even  less equities and more fixed income - maybe 40-60 - maybe even 30-70 at your age.  But as far as the market is concerned, if I have that view that the market is in trouble, I of course express that in Marketimer.....This is Moneytalk. 
BROKERAGE HOUSE SIPC INSURANCE..... SIPC insurance covers $500,000 in case of a brokerage house failure.
Brinker commented that if you stick with the big companies (like Schwab, Vanguard or Fidelity), there is no reason to be concerned about failure, but he is still pro-SIPC insurance. 
ECONOMY.... BB: Q3  growth rate figures are soft...August numbers declined -0.2%....minus automobiles and gasoline, it's  -0.1%. This may be partly attributable to Hurricane Harvey in Texas and Hurricane Irma in Florida.

==> Thanks to dRahme:  Clip of economy and hurricane's effect and what's ahead. 

FOMC/INTEREST RATES.... BB: Will not see an increase in Federal Funds rate at the meeting next week.....Expect rates to remain the same....Depending on what happens to economy, the next possible rate increase is the December meeting.

INFLATION...BB: Inflation is below 2%, which is below FOMC target.

BITCOIN = TULIPMANIA....Caller Burton pointed out that Jamie Dimon said that Bitcoin is "destined to fail" and is a "con game."  Brinker agreed, and said it was like "Tulipmania." 

BRINKER'S MARKETIMER INCOME PORTFOLIO....BB: Caller Mike in Glen Dora asked about yield. Brinker commented that the yield was now at 2.9% - as per page 7 of his investment letter.

Honey EC: Brinker touts using low-duration bond funds. The three funds (DLSNX;  MWCRX;  OSTIX) in Marketimer are about 1.5 year duration. But be aware that at least two of those funds contain very high yield (junk) bonds. 

BOND FUNDS IN MARKETIMER.....BB: If moving from stock to bonds and using the 3 funds in the Marketimer income portfolio, no need to dollar-cost-average - just make the move.

MULTI-MILLIONAIRE CALLER WITH HUGE PROBLEMS.... Caller John, with $2 million net worth needed Brinker's help choosing whether to take an $84,000 yearly pension or a lump sum of  $1.5 million.
Brinker said that since John has four kids and 6 grandkids, he might want to add the lump sump to his net worth so he'd have more to leave to them. 
==> Thanks to dRahme, clip of next week in the Canyons of Wall Street


FRANKJ'S MONEYTALK GUEST-AUTHOR SUMMARY

After a two week time out Bob was back on September 17, 2017 with John Pugliano author of The Robots Are Coming as his third hour guest. Bob sure likes these “futurists.”

Bob asked if someone has a job that a robot could take over, is that job worth aspiring to?

The guest answered, that no, the job is not worth having. But he quickly pointed out that it isn’t just the hamburger flipper jobs that are at risk: auto mechanics, doctors, attorneys and mid-level managers could be hit.

The knowledge gained through years of study, whether it is fixing cars or diagnosing illnesses can be loaded into databases and put in “the cloud.” He mentioned the computer diagnosis to sort out a check engine light signal. The implication was it won’t take a mechanic to do that. He also hypothesized that smart phones may someday have an app that allows you to lick the screen or something similar and an app will figure out whether you have a garden variety sore throat or a strep throat.

We shall see.

As far as college study goes, the guest recommended the classics. But he was not referring to art, literature and philosophy. He meant science and math.

The people most at risk are those in their late 40’s who are entering their high earning years. He says they better look into starting a business and be willing to move. The specific expert knowledge they’ll need to run a business will be available on the web. Bob pointed out that not everyone can start their own business and/or is willing to move.

As if on cue, Bob went to a caller, Tino from Connecticut, who said half the people out there have IQs below average. (Reminds me of Larry the Cable Guy pointing out that “half the people you meet are below average.”) The guest’s response was that “tech will help them.” Bob pointed out that what the guest just said was that native intelligence will be less important than it has been in the past.

Karen from Albuquerque wanted to know if robots will pay into Social Security. Somebody pointed out that Bill Gates wants to tax robots. This led the guest to say he wasn’t worried because “the FED will print enough money.” Bob jumped in quickly to correct him, saying that’s not in the current budget.

Rick from western Pennsylvania has two sons who are out of college working in the computer science and computer engineering fields. Not to worry said the guest their jobs are probably OK and cyber security is an area they might look at. (Yeah, Equifax might be hiring.)

Then Paul from Buffalo called, but my phone rang and I had to take the call so I missed his question and the answer.

At the end of the interview Bob went back to the topic of the guaranteed basic income and said the reality is, in a country with 29 million people not covered by healthcare the guaranteed basic income is not going to happen.

Ed. comment: I thought Obamacare fixed all that. (?) I think it would have made more sense to say:

1) In a country that is $20 trillion in debt, the guaranteed basic income is not going to happen.

2) In a country where Social Security and Medicare are two of the biggest entitlement programs and they’re both headed for insolvency … the guaranteed basic income is not going to happen.

3) In a country where the two major parties can barely agree on what day of the week it is … the guaranteed basic income is not going to happen.

Earth to Bob: Enough with the futurists already. How about a nice long break until the next one? Say one year.


Honey here: Thanks so much for that great summary of a rather boring guest. I think Brinker might want to have you as a guest - spice up that third  hour.  :) 

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Sunday, September 10, 2017

September 10, 2017, Bob Brinker's Moneytalk: Re-Runs Again and Old Calls

September 10, 2017....Bob Brinker is NOT hosting Moneytalk live today....(comments welcome)

Since there is nothing new on Moneytalk.   And having read the September issue of Marketimer, I can say there is nothing really  new there either,  But he does not see a recession or bear market this year.
September 4, 2017, Marketimer, Page Two; Paragraph Eight......Brinker wrote:  "Our Marketimer economic indicators suggest that a recession remains a low probability in the foreseeable future. In the absence of recession, a bear market decline in excess of 20% is unlikely based on historical evidence. This suggests that any pullback related to mid-term election year history could be contained within the context of a correction of less than 20%.  Over the past 14 mid-term election year declines, investors have escaped with corrections of  less than 20% on eight occasions. Seven of the last eight mid-term election year bottoms followed declines of less than 20% based on the S&P 500 Index closing prices."  
Now we are going to have some fun.  Here are some of the most entertaining and educational comments sent to the blog this week. 

We start with Mr. Waiting, the Moneytalk caller of all time - and then Ghost of Bob:


Blogger Jester said...
… and our next caller is Waiting, you’re on MoneyTalk.

Hi Bob, been an avid reader of MarkeTimer until our local library stopped receiving copies, probably over a dozen or so years ago. Had been listening to MoneyTalk to Go, until I realized you no longer worked Saturday afternoons, yet I didn’t notice a 50% reduction in what you charged, so I budget-cut that over-priced expense. I noticed that when you take a “well deserved day off” from your Sunday shows, I noticed you no longer have guest speakers like the folksy Bill Flanagan (R.I.P.) or those two women, Lynn Jimenoz being one of those. Now only previously broadcast spliced-together callers’ Q and A and old commentary.

… and your question Waiting?

My retired friends and myself, on behalf of our little town of Godot, want to ask you, should we continue to stick with the short duration, low-quality bond funds you recommended for us amidst the “taper tantrum” in the first half of ’13? We have been taking a drubbing on the total return of these 3 bond funds, not in small measure to their expense ratios of .70%, 1.04% and .88%. Considering that the Fed has only raised interest rates 1% since the beginning of ’09 and not likely to raise rates again until sometime in 2018, should we continue to market-time what the Fed will do and when they will do it?

Waiting... Is it like “a broken watch is right twice a day”?

Bob… Yes, a broken watch is right twice a day!

Bob… I think you answered your own question Waiting and can go to the head of the class today! Another fine question deftly fielded here today on MoneyTalk, this time from Waiting for Godot.
September 5, 2017 at 9:17 PM
And we follow with a hard dose of reality for one Mr. Bob Brinker - by his Ghost:
Anonymous Ghost of Bob said...
Smile said last week, "BTW I did buy some qqq's on Bob's advice back in 2000 but I waited and averaged in at better lower prices. I still own about 340 shares with a 2 bagger return approaching a triple...So I guess I'd be ticked off too if I lost money following Bob's advice... Fortunately I am not in that camp... Blaming Bob for free advice is just silly in my eyes...

On behalf of all readers, I want to congratulate Smile for being the only person who made money on the QQQ bulletin.

Also, let me point out some facts, so the readers don't get confused.

Bob sent out a special bulletin in Oct, 2000. His followers were 65% equities 35% cash at the time. Told us to put 30% to 50% of cash immediately into QQQ at $82 per share. (You didn't do that, you went against what he said and waited ) If you were very conservative he said to put in only 20-30%.

He said this was a short term opportunity trade of 2 to 4 months. (you didn't do this either, you held it for 17 years so far). Are you sure you follow his NOT FREE advice?

He said we could expect quick gains in excess of 20% in 2 to 4 months. We lost 70 % of our money in a little over 4 months. QQQ = $25.90 per share in March 2001. Thats not a typo, from ($82 down to $25.90) a 70 percent loss.

Again, congrats to SMILE for being the smartest person in the room. I would argue that you really didn't take any of his advice so he deserves NO credit from you.

Lastly Smile also said " I bought on 3/9/09 did you?

Im not sure why you included this as Bob never said anything on 3/9/09. He was very quiet that day. If I was a subscriber to his newsletter then, I had no money left to invest, because he already had told listeners to put their money into the stock market months prior to that opportunity. (like the QQQ event)_

Not sure why I ever listened to Bob, from now on I will listen to only you. You have magical insight, unicorn strength. Please start a newsletter and sign me up !

I am the Ghost of Bob
September 6, 2017 at 9:53 PM
Blogger Biker said...
Ghost of Bob:
I think you have a typo. Bob's followers were actually 35% equities, 65% cash in Oct 2000 (not 65/35). Just wanted to clarify this so readers don't get confused on how much cash was available for the QQQ trade. Those who followed Bob's QQQ advice exactly put a ton of money into those losing QQQ's.
September 7, 2017 at 10:06 AM
Blogger d quinn said...
I used to enjoy Bob back in the old days when he was on Sat and Sundays.
He's a jerk and dishonest. Tell the audience your not on live. Tell the audience about Jr.
Take calls that are interesting and provide answers that give the audience real information.
I'm a CPA and owned business's in three states and have rented apartments and commercial for 50 years. He used to give great real estate and business advice. No more. A dishonest jerk.
September 3, 2017 at 2:02 PM
 Delete
Blogger burt said...
klashelle said...
Bob deserves some time off like all of us do,

What about the 15+ Sundays that were repeats?
What about the days Monday through Saturday?
Add to that he used to do Saturday and dropped that.(but still charges the same for Money Talk On Demand).
September 3, 2017 at 2:06 PM
Anonymous Suzy Pie said...
Honey - You are right on! I am seeking the truth and I don't like it when people intentionally try to deceive me. It is sad that Mr Brinker does not have the courage to tell me that his show is not live.
September 3, 2017 at 3:52 PM
Blogger frankj said...
Gabe: Somehow I don't think BB would take you to task for having 9% of your portfolio in Apple stock. He may give you a mild warning were you to speak on the phone, on the show. This he would do to stay in keeping with his 4% rule for stock and his general aversion to owning individual stocks.

That said, I would be really surprised if BB himself, did not hold Apple stock. He likes technology and innovative stuff. This I know from the many 3rd hour guests he's had some focused on Apple and some on Steve Jobs.

klashell: When most other talk shows state that the show is a repeat or a "best of," the fact that Bob Brinker does not, makes his lack of transparency stand out. When callers tell him they subscribe to HIS fixed income newsletter and he fails to mention that his son is the editor, he takes credit by omitting to set things straight.
September 3, 2017 at 6:02 PM
Forrest and Jan Butterfield said...
BB once commented on politicians claiming to pay off the national debt as fantasy talk by modern day huff and puff politics (my paraphrase). While in his context true, but his premise of what politicians are stating is false. BB was just making a cheap shot.

The Kudlow show on economics, tax, health care, and stocks all pointing in the direction of vastly improved economy. Politics aside as there is no personal benefit within that discussion, but one must pay close attention to the power of politics as I believe this is the primary driver to the countries wealth. This CIC is making a difference. The best part is coming from a slow economy and dampening effect for over 8 years. Meaning, the economy has stored energy waiting to be released.

One economist greatly discounted fed reserve policy as basically rounding error to economy. The general economy is the 200# gorilla in the room. One big factor is the regulation industry comparing last administration to current. The act of attempting to control economy from DC. Currently, through Executive action some 800 regs done away with.

Our tax policy may be close to the worst within our competing international economies. Much good can come from improving tax structure. Much benefit, possible, for the average wage employee and retiree. Also, very popular opinion that we truly need to reform. BB chimed in on this once and claimed more fantasy of current snake oil politicians that fantasise going against lobbyist and DC deep state wishes. Yes, lobbyist will be loaded for bear to make fed income taxes complicated as there is big money to be made in financial and tax advice. Also, real estate will fight their tax privileges as bankers and agents can hype consuming public into over spending.

I don't think it is a good time to be 50% bonds.
September 4, 2017 at 6:49 AM
Anonymous MK said...
HB: Brinker is a very smart man
You lost me right there :-). Seriously, BB is a very clever marketing guy I'll grant that but he never struck me as very bright (nor even overly educated, financially). Otherwise he probably wouldn't make such whoppers on the air. He does know the basics & has been pretty dang lucky (due to his bull-market era and temperament). As Buffet says, brains aren't what deliver returns but emotional stability, consistent behavior, and honestly/credibility. Er, strike that last one!

BTW, here are the following market timing metrics from IQT. Within the hold zone for dividend investors, the selloff helped (Date; Dow Yld <2 .2="" ov="" uv="">2):

1-Sep-17; 2.30%, 17.2%, 56/40 = 1.40
15-Aug-17; 2.28%, 16.3%, 57/38 = 1.50
1-Aug-17; 2.28%, 15.0%, 57/35 = 1.63
15-Jul-17; 2.32%, 15.5%, 58/36 = 1.61
1-Jul-17; 2.32%, 15.0%, 57/35 = 1.62
September 4, 2017 at 2:38 PM
Blogger Bob Wemer said...
BB used to use substitute guest hosts when he wasn't live. Can he not find substitute hosts any more?
September 5, 2017 at 2:56 AM
Anonymous Jerrod Clarkson said...
gabe said...
AAPL.......a record close! Bob would have a fit if I telephoned and said that I owned 9% of my portfolio in AAPl!
September 2, 2017 at 12:59 PM

gabe said...
Personally, I see September as being the worst month for equities. Perhaps, a 5% correction. Having cash on the sideline is a good thing!
If the correction mentioned above occurs..I would like to pick up the pieces.
September 5, 2017 at 8:02 AM

-----------------

Looking at $SPX during the month of September, historically it tends to be a "so-so" month, i.e minor losses.

20 year history $SPX:
The month closes higher that it begins 50% of the time.
The month average G/L is -0.9%

5 year history $SPX:
The month closes higher that it begins 40% of the time.
The month average G/L is -0.2%

Looking at gabe's AAPL during the month of September, historically it also tends to be a "so-so" month, i.e minor losses (or) minor gains.

20 year history AAPL:
The month closes higher that it begins 50% of the time.
The month average G/L is -1.0%

5 year history AAPL:
The month closes higher that it begins 40% of the time.
The month average G/L is +0.1%

There are many, many current "negatives" to be considered when investing, but (prior to today) "the market" seemed to be ignoring most if not all of them. As a result, a buying frenzy has occurred and many sectors, industries and individual stocks are approaching "overbought status", in "overbought status" or in extreme "overbought status".

It would be foolish to predict how this month will perform. As THAT Bob often says, "we will know in the fullness of time."

JC
September 5, 2017 at 10:24 AM
Anonymous gabe said...
An up and down session so far. Market gyrations. Fed personnel change and proposed personnel changes anticipated. What an interesting market going forward. A bunch of legislative actions before end year? Who says we are not "living in interesting times"

Four horses going this weekend. The Stable holding its own!

Gabe
September 7, 2017 at 7:28 AM
Anonymous Chris in ATL said...
I think the Sept 10 show is featuring Rerun Robert...
September 10, 2017 at 1:10 PM

Honey here: There are many more very educational discussionS about investing in stocks and bonds, where those come from  - last week  - READ THEM RIGHT HERE 
                                                  READ AND POST COMMENTS

Sunday, September 3, 2017

September 3, 2017, Bob Brinker's Moneytalk, Rerun Monologues and Old Callers

September 3, 2017....Bob Brinker is NOT LIVE on Moneytalk today. As usual, no announcement...... (comments welcome)

When Brinker broadcasts repeat monologue and spliced together old calls, I do not post show summaries. Have a nice  Labor Day holiday!

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