Good morning to those online. I just thank you for joining us for morning prayer Where we come to the Lord's house of prayer and we minister to him and we intercede on behalf of Many things happening for his church for his bride for the nations and today We're gonna spend time interceding for the nation of Israel and what is happening in the Middle East But before we get there, I want to just read in Psalm 27 Psalm 27 verse 1 it says the Lord is my light and my salvation Whom shall I fear? The Lord is the defense of my life whom shall I dread? When evil doers came upon me to devour my flesh my adversaries and my enemies they stumbled and fell and Though a host and camp against me my heart will not fear and though war Arise against me in spite of this I shall be confident One thing I have asked from the Lord that I shall seek That I may dwell in the house of the Lord all the days of my life to behold the beauty of the Lord and to Meditate in his temple for in the day of trouble He will conceal me in his tabernacle and the secret place of his tent. He will hide me He will lift me up on a rock and now my head will be lifted up Above my enemies around me and I will offer in his tent Sacrifices with shouts of joy and I will sing. Yes, I will sing praises to the Lord Well, Lord, we come to your house this morning and we're just we're not oblivious to what's happening What's around us and the present darkness, but Lord we just say you are our light You are our salvation.   We love to come to your house Yes, Lord, we just love you. We love your house. We love your temple Lord, we just come to bless your name this morning to offer you praise in the middle of the storm Because who is like the Lord? Who is like the Lord? We just remember even right now your faithfulness Your covenant faithfulness and we just bring it into the present. We just say Lord you are good You are faithful. You are true You're the one true living God and we worship you this morning in Jesus name. Amen confess this morning on Christ the solid rock we stand in a world of distraction We're demonic forces are rearing their head.  And we are seated there next to you and all principalities.  Let's just begin to sing this chorus out with everything in us Let's just begin to magnify the name of Jesus. Let's encourage you. Let's just begin to sing the name of Jesus Jesus Jesus matchless one.  We're just here to say thank you. Oh We're a part of a new covenant by the blood of the lamb Jesus Jesus There's power in the name there is power in your name We come under the name of Jesus this morning We enter in by the name of Jesus We find our identity in the name of Jesus this morning For you alone our word we're worthy of all praise Great I think you are This is my desire These scriptures out of Hebrews chapter 8 before we dive into intercession Says this in verse 1 now the main point and what has been said is this we have such a high priest Who has taken his seat at the right hand of the throne of the majesty in the heavens and Minister in the sanctuary and in the true tabernacle which the Lord pitched not man For every high priest is appointed to offer both gifts and sacrifices. So it is necessary That is this high priest also have something to offer verse 6 it says but now he has obtained a more excellent ministry by as much as he is also the mediator of a better covenant which has been enacted on better promises We have been grafted into a better covenant by the blood of Jesus and we just say thank you Lord Jesus you are our great high priest who lives to make intercession and Lord as we worship you this morning We ask that you take us up into your heart God would you give us a piece of your heart this morning? Would you display to us what you're praying what the longing of your heart is and Lord as we lean in to Interceding for Israel God we ask that we wouldn't pray from from our logical minds or something We could conjure up but Lord would you pour your heart into our heart that we may pray with a burden that you have God we just ask right now Holy Spirit. Would you give us a heart? Would you give us a burden to intercede into pray for the people of Israel? We ask not a not a heart of a flesh or man's agenda But God give us a heart of your purposes give us a heavenly mindset Heavenly eyes to see and to hear what you're saying and what you're praying and what you're longing to do During this time, we're gonna just intercede Just for the church to pick up the mantle of prayer for intercession for Israel So in first Chronicles 17, it'll be on the screen here in verse 20. I want to read this This is David's response to God after God makes a covenant with David after bringing the ark back to Jerusalem And this is David's response verse 20. Oh Lord, there is none like you nor is there any God beside you according to all that we have heard with our ears in what one nation in the earth is like your people Israel Whom God went to redeem for himself as a people to make you and named by great and terrible things and driving out Nations from before your people whom you redeemed out of Egypt for your people Israel you made your own people forever and You oh Lord became their God if you just place your hand on your heart with me We're just gonna ask that the Lord would make this real in our hearts as we begin to pray and intercede For the nation of Israel God we ask Lord that we would be Ones that would dive into your heart. You said that Israel is your people who you made a covenant with forever Forever Lord we magnify you we say there is no one like you and Lord you came and you made covenant with your people Israel God and you are not you are not lolling in your promises, but you are faithful to keep your Promises so God right now we come before you Lord in our western context Lord in our In our context we are far from the Middle East. We are far from what's happening But God we just say break our hearts for what breaks yours God We just ask Lord would you just even come and minister to areas of offense? We may have we just pray that prayer of David search my heart.  I don't want to be arrogant I don't want to have false assumptions. God. We need your word. We need your truth We need your revelation and as your bride as your people as this small prayer room in Kalamazoo, Michigan God we ask that you would graft us into your purposes God we ask that you would pour out prayers that would affect what is happening happening in the Middle East right now and Lord Israel is the apple of your eye God We know that Jesus you died for the sins of the earth But Lord we know there's gonna be a grafting back in of the Jewish people and so God we say right now Would you ignite the heart of the Gentiles would you ignite the church of America to burn brightly for Jesus and to Intercede for the nation of Israel that they may turn to you that they may know you by our love and our beauty and our Adoration for King Jesus because Lord you are the Messiah You are the Jewish Messiah and what we say right now break our hearts for what breaks your turn say Lord Rearrange part of your church in Jesus name Just how to pray So we just ask that you would come and intervene on behalf of your people who you made covenant with Lord, we just remind you of your promises Lord We just say you are faithful and true to finish what you started and Lord even in this moment would you create a spirit of faith in your church Lord we come against the spirit of fear the spirit of confusion the spirit of intimidation Lord where where this is seeking to bring division and your bride God. I pray that you would bring unity in your bride Lord, I pray that we would unite around your people and Lord we would we would put our prayer canons Towards your holy city Jerusalem and your nation of Israel and we would just intercede and we would call forth Your word and we would pull down Intercession and we would release angelic activity and Lord we know you're moving and God we see Lord I pray just for the scales Lord of Complacency and apathy in this subject to fall off Lord, even if we've become hardened if we've to become dull Lord, even if we've become weary Lord We ask King of kings and Lord of lords would you come and ignite our heart with hope and with faith We just ask Prince of peace. Would you come walk?  Would you come walk through? Israel even now God the Prince of peace The true Messiah would you come walk through would you come show us your intercession? Would you show us your high priestly ministry? Yes, Lord, just even keep breaking up the fall ground in our heart In your house of prayer God. We ask that we would have your heart and prayer We would have your heart and intercession We just make it personal this morning that we need your heart. We need your heart Lord Lord, we sometimes we don't even know what we should pray But in Romans 8 it says the Holy Spirit is interceding with groanings too deep for words So Holy Spirit, we just give you permission this morning to release a groan to release a quake in our hearts to pray What you're praying we just ask for the burden of the Lord a burden of the Lord on this subject Lord, we don't need just information. We need revelation and we need your burden. We need your heart So we say Lord send your heart on this subject Lord send your heart for your purposes send your heart on what to pray And we just ask set of lays your purposes set of lays your church and intercession For your church shall be called the house of prayer for all nations So Lord we ask set of lays our hearts for your purposes teach us to pray Holy Spirit in Jesus name holy burden to pray Release a burden to pray Release your heart God, so we just ask burden your people to pray Lord What would you give us a burden? But we don't need it or do we don't need a Structure an agenda God. We just need your heart Above all else Lord. We need your heart. We just bless you in Jesus name Jesus name just gonna go into a time of worship again and just reset our hearts on the beauty of the cross So i'm just reminding me of this scripture in verse three. It says do nothing From selfishness or antiquancy but with humility as more important than yourselves Do not merely look out for your own personal interests, but also for the interests of others Have this attitude in yourself, which was also in christ jesus Who although he existed in the form of God Did not regard equality with God a thing to be grasped but he emptied himself Taking the form of a bondservant and being made in the likeness of men Being found in appearance as a man. He humbled himself by becoming obedient to the point of death even death on a cross For this reason also got highly exalted him Bestowed on him the name which is above every name So that at the name of jesus every name will bow Of those who are in heaven and on the earth and under the earth and that every tongue Will confess that jesus christ his lord To the glory of god lord. We just ask you in clothes.  We just ask that you would move powerfully Lord, you would bring salvation Lord, you would bring a stirring and the man in white would be revealed to all peoples Lord, we asked right now that you would begin to just walk Among your land among the holy land In prince of peace i pray right now that you would walk through Homes where hostages are And god you would begin to meet them You would begin to reveal yourself Lord even the the hamas guards lord. I asked that you would bring an counter God, you would bring forth a mighty wave of encounter God, I pray you would shake up the demonic activity in the demonic spirits Lord, I pray that you would halt the purposes of the enemy and lord. I pray that you would save souls Lord, we just remind ourselves that it wasn't our our actions that got us saved it was your humility And lord, we just plead your humility god We asked on behalf of your blood that was poured out that it not be wasted god The blood upon the tree for the sins of the world god. We asked right now Lord for for the hamas people lord. We just ask you pour out your spirit god Lord, we see behind the veil lord. We see the demonic activity that's happening and lord We asked that you would rip open the veil and you would begin to save souls god I pray that you would shake up the evil and lord your purposes would come forth And god, we just ask that we not be we not be arrogant or indignant But god, we become humble lord We stand in the gap and we ask that you would come forth You would shake up the evil lord and you would bring forth your purposes and we just say Salvation salvation or the gospel would go forth your hand would go forth Yes, lord, we just ask right now and stretch out your hand Stretch out your hand to save right now. We just call forth protection over hearts and souls god We just declare lord that you would usher in a people into heaven by your spirit that they would respond To your gospel and to your longing lord right now Would you just even wake us up to the reality that you're you're up to something lord Double fight with the enemy, but your bosses go forth. This is not a 50 50 purchase The victory by your blood and humility so what we say claim the victory lord Let your victory go forth Would you claim people that would shake up the hama by your spirit and though we just pray for People have been taken captive and though we pray for a whole apostle paul god. We pray right now Would you implant your identity would you come forth? We just wage war in the spirit visions that our battle is not flesh and blood But it's principalities as for the sword of the spirit the rama word of god right now games of the enemy And allow the holy spirit to come flood your purposes in israel in jesus name prayer meeting i'm just gonna invite us all To pray out loud. So we're all gonna just pray out loud together And so um at the count of three i just encourage you let's just begin to pray Not just one person on a mic But a hundred people in the room many of you online But let's out loud all of us at the same time just begin to intercede and to pray for israel Specifically pray rescue and save salvation to go forth the plans of the enemy to be disrupted So all of us let's just lift our voices in prayer ready one two three jesus yes, she was Lord calm calm calm calm god We just cry out. We just say calm lord jesus calm Lord wake up your people lord wake up your church to pray Lord with the church even provoke the jewish people that jesus is the messiah jesus is the one true living god and we just ask lord shake up the plans of the enemy Lord would you create confusion in the schemes of the enemy and we just say go forth Go forth prepare the way of the lord Lord you reign you rule you're seated above and we just release angelic ministry right now god Into different hostage camps lord into turmoil where Missiles are being fired and warfare is being waged.  Let your redemption go forth We just say god break our hearts begin to set your watchmen on the wall to pray for israel Day and night and night and day. We just say lord calm speaking to say that together come lord jesus calm Lord jesus calm come lord make your purposes known in israel and save your people As we close i just want to read the scripture from first chronicles 17 that we read earlier david's response to god making covenant with him After the ark came back to jerusalem verse 20 oh lord there is none like you Nor is there any god beside you according to all that we have heard with our ears And what one nation in the earth is like your people is real Whom god went to redeem for himself as a people to make you a name by Great and terrible things and driving out nations from before your people For your people is real you made your own people forever as we close we just ask that As we've been praying lord that it is shaking things up in the nation of israel right now god Lord we are just humbled that you would like to co-labor with us god we're so thankful to be a part of your story It's not our story lord That you're grafted into but it's your story that we are grafted into And so lord we just come under your blood and we just begin to intercede and pray And we just even ask lord that you would hasten the day Case in the day lord even that romans 11 reality where the gentiles will provoke the jewish people to salvation But we ask clean your bride ups make a spotless bride and lord we just ask for the salvation of the jewish people But we pray your protection But we pray your purposes and but we ask that salvation would come forth And lord we ask just take the scales off our eyes to give us the heart to pray what you're praying And lord help us to know that what we're praying here is making a difference god Lord it's weak and it's small, but you delight in it And so lord we love you we bless you let your heaven let your purposes come from heaven to earth And jesus name we pray amen and amen May the lord be with you today Even um that song we sang at the end Come come lord to israel save your people may that ring in our hearts throughout our day be blessed We'll be back at noon in 6 30 and we'll be continuing to press in and intercede for the nation of israel. Have a blessed day


Hi everyone, Joe Jaspy here, live from the National in Chicago. What looks like our last break of the national on a Sunday. Thanks everybody for getting into it. There's everybody right here.  So let's double you up and all the teams are right here. Aaron, we're gonna do that giveaway when we're back home in LA once we finish off the rest of those national breaks. So although the rest of those breaks will get back to us at the end of the week because we'll be on a on a truck back to California and once they arrive back there then we can start breaking them again and once we finish those off then we can run the entire promo. Alright let's roll it let's randomize it three and a four seven times for names and teams lucky seven one two three four five six and seventh and final time got Joshua down to Ed three and a four seven times for the teams one two three four five six and seventh and final time after seven we got the cowboys all the way down to the hawks of the sea. Alright so first of all I'm just gonna show you the list as is and then I'll alphabetize by your first name. That's right Kenny we are we're rolling right now we got Josh with the cowboys let's just grab that right there okay and then oh Mikey got thunder Rory Celtics Metz Eagles Pete and Mike Bills. Alright let's sort by column A by your first name so there's Aaron other Aaron Abdul Andrew Brittany Brittany Colts Browns Cav Saints Colts Browns Cav Saints is what you have Chris Daniel Ed Yancy Joshua other Joshua Kenny got Bulls Hornets Astros Thunder Kingsbills Sacramento Kingsbills are there other to do alright not hockey Kings Sacramento Kings Lakers Astros sorry Astros Thunder Sacramento Kingsbills and then Rory you have Celtics Metz Eagles Heath Celtics Metz Eagles Heath. So we'll leave the video running a little bit to see if there's any trades. Bangles Mavericks too.  Logan's offering timber rolls for mariners not sure if Matthew Hedges is in the chat but that's offers out there Mr. Hedges if you're listening remember at the end we're gonna take all the hit list names and we're gonna randomize all those hit list names and the break credit so the first four will split a block of break credit together equally and the next five will get $50 a break credit each. Remember trade at your own risk boys and girls. I think it might just be Rory and Logan who are here for trades. Mike doesn't care about the trade. He'll just take his hits. Alright let's roll with that. TWC? I don't know. Aaron's asking if you can scroll to the top so you can see the squads real quick. Sure. Aaron W you have Grizzlies Rams, Sixers Brave, Sons, Knicks, Rangers and Soccer spot. Soccer spot is a sneaky one. Soccer spot is a sneaky one. If you've been paying attention to all the cases then you'd be able to kind of figure it out. Timberwolves for heat? No. Rory says pass. Sorry Logan. Joshua scroll down you need to see your yeah let me know if you need us let me know if you need to see your teams now's the time. Josh you have Cowboys Broncos. Anyone else need to see their teams before I continue? Good luck Josh. Tick tick tick tick tick. Trade window going once. Trade window going twice. What up? Oh hey what's going on man? Good to see you. Chris Maxwell? Yeah yeah yeah yeah. Nice. I'm sorry you're gonna begin? In Mikey that's right. Right right right. Oh tell Chris I said hi. Oh definitely. Yeah. Alright nice nice good good good yeah absolutely. Alright thanks man. See you. Yeah Yancey you have Niners, Spurs, Cardinals, Diamondbacks, Packers, White Socks. Trade window going twice. Alright TWC trade window closed. So I'm gonna re-sort, re-alphatize by team names so it'll just be easier for me to find. And then yeah Astros bills. Sacramento Kings Thunder. So let's flip screens right here. We'll keep track of the hitless names. There's the case. Good luck everybody. Free paper and once again a ninth box in this eight box break a bonus. Again I think it was probably a typo. I think there's been nine all along. Alright let's chat window up. Good luck everybody. Thank you very much for filling up this break. The last break of the national on a Sunday. Appreciate it. First one out of the gate. I see Cole. Is Derrick Brooks. Oh that's a nice card. Goal. 2 out of 10. That card is goal. Buccaneers. That's gonna be Sean O'Leary. Next box is gonna be I see baseball. It's oh it's Adrian Beltray. Nice. 2 out of 3 Adrian Beltray. Out of 5's and under are a train whistle. Yeah it's for the Rangers. Rangers that's gonna be Aaron. Aaron W last spot mojo strikes again. Got great penmanship right here too. Aaron all aboard the Big Hit Express. Next box. We got another one here. Oh Damien Lillard. One of one. Freedom. Freedom. One of one. Right? Like William Wallace. That's a one of one. Portland trailblazers who got who has the blazers. That's for Abdul. There you go Abdul. One of one. And all aboard the Big Hit Express. Woohoo. Alright next box. Good luck. No graded cards yet. This is not a graded card. I think basketball. Oh there's one. Yeah there's one for the Celsius sheet. Nice. Carmelo Anthony. Three-color patch and autograph. 17 out of 25. That'll be four. That's for Aaron W again. Yeah give him out of that hit list promo. With the nicks. Yeah he's out of the hit list promo there for those for those two spots. Alright next. Adam what's going on? We have one of one. Rob Gronkowski. Three-color relic. Autograph and one of one. From encased football. I think that's for Logan. Tried to trade put-and-trade mojo. Logan. All aboard the Big Hit Express. Woohoo. Alright Logan out of the hit list promo. Yeah he did call the Gronk. Oh I already did this one. That was the Gronk. That was the Gronk. Next one. Four more to go. Another non graded card. Fabric of the game. Wow the babe. Babe Ruth.  Wow. Authentic game-worn pants it says. 10 out of 10. There's the figure of the pants. Although in England pants means something else. Underwear. This is not Babe Ruth's underwear. Yankees that's for Andrew. Andrew with the out of 10. They call pants trousers out there. So pants is underwear. Trousers are pants. They could be long boxers. That's true. There you go Andrew. Nice Babe Ruth. The babe. Three more to go. Gold frame. One out of five. Ichiro autograph. From a transcendent. Ems. That's Matthew Hedges with the Mariners. All aboard. All right yeah a lot of cell sheets here. Cell sheet hits. We got two more to go. Good luck. For the Eagles. 76 out of 99. Three color patch and autograph. Jalen Hertz. Fly Eagles fly. That's Rory. And the Eagles. Wow Rory's been hitting like nonstop in these big express cases. Complains about oh I never hit. I always get skunked. That goes right to Rory. Our friend over at Brewtown. Long time Jasper's customer. Fastest shipping ever. Last but not least is. For the Colts. Peyton Manning. Jersey and autograph. Two out of ten. For another person here at the show. Brittany. There you go. Are you paying a manning fan? Oh that's awesome. There you go. For the blue horseshoes. Right to Brittany. And there you go ladies and gentlemen. I'm Joe for jashkiescasebreaks.com. Let's do the hit list promo. All right. Yeah I think Jason wants that Jalen Hertz. He was eyeballing that Jason. Jalen Hertz. All right so hit list people. I'm sorry. Apologies. Going hit list is never fun. But I appreciate everybody getting in on the action. Let's clear out the blank spots here. Let's grab the remaining bits of break credit. So the 530 break credit is still available. All right so we're going to roll it. We're going to randomize it. 6 out of 2 8 times for the break credit and the hit list names. 6 out of 2 8 times. 1 2 5 6 7 and 8th and final time. 530 dollars of break credit. So when we randomize these names the top four are going to split that 530 dollars of break credit and the next five will get 50 dollars of break credit each. That's a national last day bonus. It's like a free spot. All right so once again eight times for the names. 1 2 3 4 5 6 7 and 8th and final time. After eight times again big thanks everybody for giving this a go. So from 5 through 9 those are your $50 winners. All right first of all thanks everyone for giving this a shot. Appreciate it. You're still involved in the national promo. The national week long promo. So you're still involved in that. So from 9 through 5 50 dollars of break credit going away. That's for Matt Hedges, Josh, Paul, Ed and Yancey. Top four you're going to split that break credit. Yancey, Kenny, Logan and Sean O'Leary. So there you go. Thanks everybody for getting in. Congrats to the winners of the break credits.  We appreciate you getting in. We appreciate everybody sticking with us all week long through the national. We'll see you back in Los Angeles. Bye bye.


Now I know from your feedback that your favorite part of these calls is a further flesh out of our new holdings, what we bought since I spoke to you last. Now last week, did a little controversial position. We initiated a stock, a financial technology company that should benefit from the powerful worldwide trend towards a cashless society, as MasterCard has, as the company vis-à-vis made so much money as, and the one I'm talking about is First Data Corporation. That's FDC, which trades right now at $18.06. If you're unfamiliar with the company, you may have already used First Data's most recognizable technology, but I haven't realized it. So their point of sale system called Clover, if you've found it in many small and large businesses across the country, with a growing international presence. First Data's been going through quite the transformation process over the last few years, having gone private via KKR, and then come public again not that long ago. There have been a lot of turnover at the top, but now at last there is steady and excellent management whom I spent some time with. Starts at the top with CEO Frank Bizagnio, and Frank is one of the most successful bankers I have ever met. First Data has a history of carrying an excessive amount of debt on their balance sheet, too much to our previous liking as part of that buyout that I described. But it is hard to find a better fit to navigate through a debt-heavy balance sheet situation than this man, Frank, who's got a fabulous record in banking. He could have gone anywhere. He didn't need to work here. His commitment to prudently delevering the company by paying down a strategic amount of debt has opened up free cash flows and improved the company's position. Company's been a huge beneficiary of lower rates. The cash free up has allowed first data to shift from a company focused only on paying down near-term debt, and there's virtually none now. To a company that is ready to go out and play some offense, do some buying of making some acquisitions. How has this been shown? The first data's acquisition of CardConnect back in May was an exciting move that the street didn't even recognize, and this product's integration with Clover will create a powerful combination, as described by Frank Bizignano, on their last earnings call. CardConnect is an advanced payment solution provider that securely processes and manages transactions for companies of all different sizes. Its CardPoint service specializes in providing reporting and transaction management for small to mid-sized businesses. And its CardSecure services protects and encrypts transaction data safely and securely for enterprise-level organizations. I wonder if the people at Equifax ever thought about this kind of thing. This deal marked the transition from a more forward-looking company hungry to increase market share from a company that's really playing defense. First data wants Clover to dominate the marketplace by being the biggest and best business management system. That is the solution for all its clients' needs, and the two products combined will provide additional tools and services. The first data's distribution partners go to the website. All this is explained. I don't want to get too much nitty gritty, but let's just say this company looks like a lot of other companies that have been soaring. Although Monday's announcement that the private equity firm KKAR was issuing a secondary offering, priced today this morning, 1775, 85,000, I'm sorry, 85 million shares, that's very important. I'm going to talk about that more in a second. Please remember, this deal has no implications on First Data's business or strategic intent. This move is simply part of KKAR's strategy to gradually scale out of position in the exact same fashion as any smart investor would do. They have to raise money, they have to show their partners and their investors that they're bringing the register to do more deals. It's no different from what we would do for the trust when we're looking to pocket some gains. KKAR executed this exact same strategy once before when they gradually unloaded their position in dollar general starting in April 2010, when the stock was at 27. And they continually sold shares every six months to one year at increasingly higher prices, selling in the 30s, the 40s, the 50s, finally closing out at about $60 per share in 2013. And this stock has only climbed higher since. Look, if KKAR felt any bit of pessimism in this stock, they wouldn't scale out, they would blow out. That's simply not the case. That's why we issued a bolding this very morning saying, don't wait for the conference call. Start buying FDC because it was down below 18. Now, the fact that we call supply be getting demand here, that's something my friend, Lee Cooperman, who introduced me to FDC talks about. And I think that that's what happened with FDC. It's why the stock market is looking at the price. It's above the offering price because it's brought out buyers who wanted to get in. That being said, we think the balance sheet improvement and the growing acquisition story should help the stock trade at higher multiples. Ones that are closer to its fintech peers. Remember we made all that money in PayPal? Or how about Square? That was one I wish we invested in. I liked it for mad money, but it seemed to, so it doesn't make money. So I was a little more hesitant. MasterCard and Visa have been terrific. These companies have all been very successful in their payment provider solutions businesses. And since First Data's products compliment those companies so well, they work with everybody. I see no reason why this stock FDC cannot rise closer to their ranks in valuation. Hey, let's take a look at some of the comps. You know what I'm talking about. First Data's revenues are about 10 times that of Square, which just hit its 52 high. Yet First Data only trades at a 1.6 higher valuation. First Data makes a lot of money. Square loses money. Also, First Data's revenues about the same on par with PayPal's. Yet instead of having the same valuation, PayPal trades at roughly 4.6 times higher than First Data, that's wrong. That's just wrong. My point, First Data is simply trading too cheaply right now in relation to those companies. Now imagine finally ready to push the company forward and take down their debt, as they generate a huge amount of cash. I think this one goes higher. First Data is right. This was a break that we got this equity offering. I gotta tell you, anytime you bought the Dollar General equity offerings, you made money. I'm thinking First Data could be the same.  A name that I believe is one of the biggest growth stories in this market, maybe of our time. We took it out of the bullpen, put it into the portfolio. But before I talk about the company's superior chips and processors that are essential in seemingly every major aspect of current and more importantly, future technology, let's briefly recap the action alerts history with the stock. While I've always liked the stock of NVIDIA, I prioritize other growth names for the trust that traded at much more reasonable valuations to current earnings. Because that is one of the most important financial considerations for a trust when we look at adding or initiating positions. So instead, we added Broadcom, which are the symbol of Vaggo, ABGO, she said 245, that's a buy. And Activision Blizzard to the trust and that's ATVI. Both are great companies and I have higher expectations for them and I've been extremely pleased with them right now. I mean, is it too late to buy Activision at 65? No, too late to buy Broadcom right here, 245? No, I would do that right here. However, as we watched NVIDIA move up, I knew I had to figure out a way to get this darn thing into the trust as their best in class chips and the company's explosive growth figures, what it just up justifies, what is indeed a lofty valuation? So we finally added NVIDIA into our bullpen following our July call, the stock began to climb. When August call came around, the stock was at 170. I thought maybe we should have dipped into position back in the mid-160s, but I knew we had to stay disciplined as I teach you. We had to wait. Finally after waiting and waiting, sticking to our convictions and our discipline, we got the exact pullback we were looking for which is why we initiated a pre-market alert to quickly catch the discount. Getting it just before the almost 8% serves the stock just so on that day alone. Long story short, we waited and waited and the patience has paid off. We ended up getting the stock at 160 bucks despite the pre-market bid-ass price being a few dollars below this, but still a nice discount from previous levels. Well, here it is at 171 up at buck 46. That thing goes through 174, it's all-time high. I think it goes right to 180. So what is this NVIDIA? And I'm not talking about my dog that I named after the amazing company.  The company produces the best GPU chips in the world, graphic processing in the world and that's important. And then combined with its TAGRA, SOC, NVIDIA's product sets the standard in graphics, in artificial intelligence, and in deep learning. We'll talk about the three trends that we have to be most involved in. The cutting-edge processors are the industry's leader because of its advanced software language and are used in gaming, autonomous driving, the cloud, very cheap, very cheap way to be able to replace a lot of stuff that's in data centers, and yes, cryptocurrency mining, just to name a few. Listing out some users of NVIDIA's technology might help us here. You got to start with the hottest game in the country, the one that is best by having a hard time stocking, the Nintendo Switch. It's entirely powered by NVIDIA's custom-made TAGRA processor, as well as other specifically designed units, which all support enhanced Switch's gameplay. In addition, Adobe's Creative Cloud contains NVIDIA's GPUs, which Adobe uses to create real-time websites. You might have seen me use that processor and may have money. It's all NVIDIA. Lastly, I'd be remiss not to mention that when Tesla and Mobile, I had that feud and discontinued their partnership, NVIDIA was able to step in in record time to provide autonomous driving chips to Tesla. Tesla, what can I say? It's what people regard as the benchmark they use in NVIDIA. These are just a few recent success stories that major companies have had using NVIDIA's chips. They're also behind the voice in Alexa, the voice in the new Google product. Voice is so important. And with such big games as clients, it's come to no surprise that NVIDIA's sales are growing in this downing pace. How fast? All right, last quarter, NVIDIA's total revenue has increased by 56% year of year, driven by 52% year of year growth in gaming, represents NVIDIA's largest business. Remember, the number of gamers is so gigantic, and others might butt-activate blizzard. Next highest in total revenue is Data Center, which grew 175% year of year. They are taking share from everybody. Those are pretty strong numbers, if you ask me. But not about the past. Those games have already been captured. I think the stock still has a lot of room to run. So I'm focused on growth in both deep learning and big data, which will drive revenue in NVIDIA's data chips. Their chips are smaller, faster, and cheaper. In addition, I expect further expansion in the gaming industry from catalysts like eSports. You've got our Activision Blizzard initiation and virtual reality. Again, you need that NVIDIA for gaming. Do you know the take two actually delayed Red Dead in order to be able to get the NVIDIA chips because it was much more lifelike? Also, while the stock has benefited from the increase in demand for cryptocurrencies, I want to point out that I do not see this as a pure cryptocurrency play, despite the fact that the stock was down this morning as people were saying, ooh, China ruled out Bitcoin. Benefits from crypto's estimated to account for only about 10% of the company's quarterly sales. 10%? Sure, it's a nice boost. But as I just mentioned, the growth in gaming and data center revenue is the real focus here. And remember, not everybody trades in China. Bitcoin cryptocurrency mining is a worldwide factor. Stop selling the stock on that. That's why the stock's only 171 and not 180. So while I finally got this name into the trust, we're not too late in this growth story. Take a look where Intel was in 93, 94. It think like that, okay? I think the stock can go higher based off the growth and expansion in the areas I just mentioned. Please refer to the Initiation Alert and Analysis post weekly roundup bulletins for more about details about the company. And of course, a lot of these are in response to your queries that we get as part of the club. And I wanna make this point again for Nvidia. Go back and look at the way that Intel ran from all through the 90s. This is an Intel-like story. It's got more applications though. Finally, before I get to your questions, let's go over some of the naughtier issues facing the portfolio. All right, first is the oils. Oil's at 50. We said that this is when we re-evaluate. These certainly have become our cross to bear. Oil, real crude oil, West Texas Intermediate has done a couple of dollars up since the last call, but all our oil and gas related stocks lately have gone higher. Our Goldman and Trimar stocks, if oil went through 50, it just has. I don't know if it'll stay there, but look how tough this is. Apache, which we'll talk about in a second, it's down 50 cents. What a tough one. Anyway, so we've done nothing except our one pickup of Magellan, which we were using on a yield basis. Remember, MMP, we regard as being a yield play. It's an income producer, not necessarily an oil company because it doesn't have that much risk to oil. When it yields nearly 5.5, and when it did that, it was just too high to ignore, so we bought some. Importantly, outside of that one small buy, we haven't sold, we haven't bought. Sometimes you're in a quandary, we're in a quandary. We never stopped researching, and I can tell you this. First, there's so much oil trapped in the Permian and oil prices are still so low that Magellan midstream is in the driver's seat. I think barring a gigantic decline in oil you know that MMP is bottom. Simrex, what can I say? Down 26 cents today, but as I told you last go-around, it had the single best quarter of any oil company. See, we did all this homework and it still didn't produce gains. That is gonna happen at times. But this company did produce the most oil for the least amount of money. It's leaf fogged over EOPG and Pioneer as the fair-haired boy in the patch. What am I gonna do, though? We own a lot. Slumberjay's going up because oil refuses to crater. It's too good a company to turn your back on. I think it, too, has bottom. It's only up 34 cents. Remember, I think oil's gonna have a lid here. Maybe it goes back down. It's not where I wanna sell it. It's just not. All right, let's talk about Apache, which I've done more work on and have spoken to management. And I think I've done, again, sometimes your work doesn't get the job done. It's the most painful stock in the portfolio. I believe it has bottom, too. Barring an unlikely plummet through 40 for oil. I am saying this. I'm saying I think it's bottom. If we did not own so much of Apache, I would buy some here. I really would, which is why on this call, I'm taking it from a three, which means don't buy two or two, okay? It's gotten down to low. I have enough faith and imagined to believe that there really is a huge fine in their Alpine high formation and it is not all natural gas liquids. I think it's really good. Apache at 42, if I own none, I'd buy some here. And then if it went below 40, I'd buy more. We own so much. We can't do a thing. All right, how about GE? All right, this is one of the toughest stocks I've ever had to deal with. And I don't like tough when it comes to stocks. The reason it's tough, because GE's no longer run by Jeff Immelt. It's run by John Flannery, whom I've met. I think he's gonna be doing a very good job. Previous management destroyed a lot of value here. My take is that it's too low to sell. But I can't count and it's buying it until John tells us more about what he intends to do with the company. I say that because John is no longer saying the dividend is in violent. He's changed the language. He's simply saying it's a firm priority. If GE cuts the dividend, I do not know how the stock stays in the 20s. So here's what I am going to do. I'm gonna hold on to it, but take it down to a two, pending more visibility as to what Flannery intends to do on the dividend. Remember, I tell you what I'm doing here. The mutual funds that own it, it's owned by mutual, they're never gonna tell you a thing. I tell you I made a mistake. Because it's a club. And if we don't tell you how I really feel, then I think, well, what's the point? All right, it's bad break. They're gonna be bad breaks in this business. But speaking of bad breaks, how about Newell? What can I say? We sold a lot much higher. We had a decent win, but we kept some. That was a mistake. But you would have had to see in Hurricane Harvey coming to know it would go all that bad. All that resin you see in Rubbermaid, the products, it's made right there. Factories went offline. Plus the sales channel's been having trouble itself. Something we've talked about before when we downgraded the stock to a three to urge you not to buy it. My take, if it goes below 42, and it's at 43.60 right now, I'm gonna pick. Because that'll only be valued at 14 times earnings. That's too cheap, even though the company post the Jardin acquisition has had a more difficult time. Remember, they saw a lot into the sporting goods channel which is bad. I now believe it's no longer as good as it was when the company before had bought Jardin. At least not yet. So Jardin, Newell, GE, Apache, very tough situations. Now finally, many of you have asked about Allergan. I totally get it. What a disappointment. Ever since the aborted Pfizer bid, we've owned this for a long time. And I have sat down with management every single quarter. The company made a move to shield some of its key patents worth about 10% of its revenues by tying in with an Indian tribe to make them beyond the reach of US law for patent trolls. Not for all, because there's still a court case involving. Hey, it's a clever move, but it does say that the attacks on restasis, that's the dry-eyed drug from generic companies may have more substance than we thought. I'm surprised the stock went up because some people think it was an act of desperation. Either way, the company stock trades well below its growth rate. We'd be buyers at anything through that goes through, if it goes below 220, it's at 225. Again, at 226 right now, it's painful, but it sells at such a low multiple and it's just not correct. But I gotta wait, I gotta wait until people understand that the restasis, even if there was generic competition, the stock doesn't blow this low, I'm gonna just stay on it. That's all I can do is stay on it, continually meeting with Brent Saunders, getting to know the cool scope, the new product, really staying close to their migraine product, which I think is revolutionary, staying close to their product that they have for central nervous system, but it really is for depression. It's a brand new product. It was in the cover of Time Magazine. I'm not giving up on Allergan. I wanna buy more if it breaks here.


Hi, this is Professor Gerald Friedman, Department of Economics, University of Massachusetts at Amherst. And we're here today to talk about the Great Depression. Now, the phrase Great Depression, most people refers to the 1930s. But at this point in the American experience, its arguable could refer to several different Great Depressions. There was a pretty big depression after 1837. There was another really big one in 1873 to 1777 or so. 1893 depression lasted for a couple of years. The 1930s was the longest of the Great Depressions. And maybe the deepest, the fall in economic output during the Great Depression of the 1930s, from the economic peak in 1929 to the nadir, the trough of the Depression in 33, was close to 30% in real terms. That's bigger somewhat than 1893 to 95, or 1873 to 75, or 37 to 40. And the Great Depression of the 1930s lasted for arguably over a decade. That is definitely longer than the early Great Depressions. It's interesting, by comparison, what we've had since 2007 is a very steep fall, very quick fall, the first six months or so, or the first year of the current Great Recession. That's what the people are calling it. For the first year or so, we tracked the Great Depression of 1929 very closely, the fall in industrial output paralleled that of the earlier Depression. Fall in employment was just as steep, but it leveled off. After President Obama came to office, and the federal stimulus kicked in, and also monetary policy has been very, very expansive. So between aggressive fiscal and aggressive monetary policy, we haven't had a Great Depression since 2007. But we've definitely had a Great Recession. Still, OK, we've got the Great Depression 1929 on. The reason I talk about how many others there are is I want you to put that in the back of your mind that economic downturns are not unusual. Here's my dog, Beowulf. Yes, Beowulf is here. He likes economics. He thinks economics is fun. Right, Beowulf? Good boy. OK, go back to lying down. OK, recessions and economic downturns are not unusual. They are the norm. That is not the way most economists approach this. The second thing to talk about with the Great Depression of the 1920s, 1929 to the 30s, is that it is a subject that most economists know nothing about and, more important, don't want to know about. If you take your standard macroeconomics textbooks, intro or intermediate, or even the graduate level, you would think that recessions and depressions, which occur with such regularity, would be a major subject of discussion. We have a business cycle that's been going on for 200 years or so of capitalist economic activity in the United States, a business cycle with downturns coming about every seven or eight years, with every third or so downturn being a major crisis. So just in my adult lifetime, we had major downturns in 1970, 1975, 1979, 1981, 1987, 1990. Then we had a little bit of a break for a while, then 2000, and then a little bit of an extended break in the 2007. This happens all the time. And the Great Depression of the 1929-30s was the biggest. So you think you'd want to study this a lot. You'd want to really learn about this, because this is the opportunity to see what drives economic downturns. And economic downturns are a major part of the economy. No, that's not the way economists look at it. Most economists assume economic stability. And they do this by upholding something called Sey's Law, which is named after Jean Baptiste Sey, a French economist, a contemporary, and friend of Adam Smith.  They'll say, oh, no, no, of course not, of course not. Don't believe them. They'll say they don't, but they do. And I mean, maybe they'll be honest and they'll say they do. Sey's Law kind of went into ill repute because John Maynard Keynes, during the Great Depression, marked it and showed how it was ridiculous.  We have all these recessions all the time. But most economists still operate in a world of Sey's Law. And this is what you get in the textbooks for macroeconomics. OK, Sey's Law says that production is always done with intent to consume. Therefore, there can never be more production than people want to consume. Supply is the same as demand. Take that one step at a time. Production is always with intent to consume. You never produce except with intent to consume. This kind of makes sense. Do you think that Robinson Crusoe on a desert island would be producing only with purpose of consuming? Why else would he bother reaching out and picking up the coconuts? Why would he do that if he didn't want to eat a coconut? Why would he make a boat if he didn't want to go out on the water? True for Robinson Crusoe, as we'll see in a few minutes. Not necessarily true for a capitalist economy. Second, because production is with intent to consume, either consume the thing you're producing or to exchange it for equivalents, supply can never exceed demand. Well, that follows logically. It makes sense. But even given that, there may be problems with supply and demand that Say's Law glosses over. Because Say's Law operates in the world of Robinson Crusoe, or maybe Robinson Crusoe exchanging coconuts with the fish that his man Friday caught. Or maybe Robinson Crusoe fishes and gives Friday fish in exchange for coconuts, whatever. What happens when you bring money into the picture? Robinson Crusoe doesn't exchange his coconuts anymore for fish. He sells his coconuts, accumulates money, and then uses that money to buy the fish. There are good reasons why people do this. Bought it is difficult to coordinate. It's simpler to just sell your fish when you've got them and then use the money some other time. The problem is once you start doing that, you're not producing just for consumption. You're producing for the money. And yeah, you plan to use the money, but it's not necessarily instantaneous. So you've got a potential disequilibrium.  You take the money and you put it in a bank. Because it's safer that way. You don't want to just stick the money in a hole in the ground. You'll forget where it is. Somebody else may dig it up. Your dog, Beowulf, may go and looking for a bone, may dig up your money and spread it all over the place. So no, you take your money and put it in the bank. What does the bank do with the money? The bank takes the money and lends it out to somebody else, figuring that you're not going to ask for it very soon. In the meantime, they'll give the money to Dan. Dan uses the money to buy a camera. Dan's happy. Dan has his camera. He's in his business. Then you go to the bank. You want your money because you want to buy fish.  The bank doesn't have the money. It had lent it out to Dan. So it goes to Dan says, we need the money.  The money's in my camera. They said, well, we don't care. We want the money. We needed to pay off this other guy. So Dan has to sell his camera at a loss. Dan said, worse than that, Dan's laying off the two people he hired because he doesn't have a camera anymore. So he doesn't need a camera carrier and he doesn't need a camera. You get the point. Once you bring money into the picture, you bring in the possibility of economic collapse because of problems with the banking system and with the financial system, with the monetary system. So that said, economists basically kind of take it for granted that say's law will hold. They like it that way. It fits with their prejudices. They like to think, OK, now we've got an explanation for the economy. It's rooted in the behavior of individuals. Everything's fine. Problem, though. In a capitalist economy, production is not for consumption. Production is for profit. Dan here isn't just working to consume the video or the products of his video. Dan's working because some people hired him to produce a video on which they hope to make a profit. They're going to keep making videos. They're going to keep making videos as long as they can, make profits from them. Capitalist economies are not driven by people's needs. They're not driven by the desire to fulfill use values. They're driven by the drive for surplus value. Therefore, capitalist economies are always expanding, expanding, expanding, expanding.