Stocks Just Made Their BIGGEST Move in 100 Years (Uncut) 03-22-2025

Stocks Just Made Their BIGGEST Move in 100 Years—Here’s What It Means for You

The economy is shifting in a way that most people cannot see. So today I’m sitting down with Jeff Snyder. Jeff is going to give you specific insight of what to watch going forward, so stay tuned.

What do you see? What is the reason that stocks are actually going down? Because the inflation numbers were actually positive last week. Yeah, this is, stock market’s a curious thing, right? I mean, everybody thinks of the stock market as it’s the economy. It’s a reflection of how things are going fundamentally, and it’s really not.

Basically, stock markets go up and up and up until stock market participants encounter what they think is a recession. You look at the charts, the long run charts of the stock market since the big bull market began in the early 1980s, and really the only times you see substantial dips that hang around for more than just a couple days or a couple of weeks are when there are economic recessions. So shareholders are like, we know this, stocks go up, you want to hone stocks in the long run, but you got to be careful about the recessions.

So stocks tend to stumble when the market starts to get a sense that their traditional recession, negative GDP, negative payrolls, those types of signals that we always get, that’s when everybody starts to head for the exits. By the way, if you start to see negative GDP, negative payrolls, it’s already too late. So if you see a correction, and by the way, this correction in the stock market, I think for the S&P 500 has been one of the fastest developing corrections in stock market over the last century or so.

So this has been a pretty profound shift in the marketplace. And as you said, Ken, it’s not about the Fed, it’s not about consumer prices or inflation, this one’s about macroeconomic risks. Like I said, people are concerned that given the fundamental situation of the macroeconomy, plus you throw a other things, a couple of curve balls on top, that the chances of that traditional recession have gone up.

And people rationally are not waiting around to find out if we’re going to get a negative GDP, if we’re going to get negative payrolls. Like I said, that’s too late. By the time you see them, it’s gone too far.

Yeah. I know it’s two consecutive quarters, I guess, of negative GDP is technically a recession. But I wanted to ask you this question, are we in one now or we just can’t see it? Now, that’s a loaded question, Ken, you know that.

Well, for me, I get crap all the time because I say we’ve been in a recession for quite some time and people hate that because GDP has been positive and the payroll numbers are positive. What I keep telling them is that we never really left the last one. We were supposed to have recovered from 2020 and 2021.

We’re supposed to be this red hot economy, that’s where inflation came from. And that’s not really the case. When you look at all the macroeconomic statistics, especially in real terms, we never really left the last one.

So there’s an argument to be made in a legitimate one that we’ve been in a recession this entire time. Of course, that is not at all what people are thinking about. That’s not what the stock market is pricing.

The stock market is pricing something like, say, the 2001 recession, the dotcom recession. In that recession, we didn’t even have two quarters in a row of GDP, negative GDP. It was actually down in the second quarter of 2001, then up and then down again.

And overall, what you had is an economy that kind of flatlined for a little while and contracted. But there was a rise in unemployment, a pretty substantial rise in unemployment. So if you look at the economy from the perspective of unemployment, as well as the fact that we’re way behind where we should be from the pandemic period, it’s a really bad situation that leaves any kind of additional marginal factors like tariffs and trade protectionism duties and things like that.

Another rise in sharp spike in consumer prices like we saw in January with auto insurance. That’s going to hurt as well. So whether or not we’ve been in a recession so far, I mean, it almost doesn’t matter at this point.

The macroeconomic fundamentals have been weak all along. I mean, that’s why we have Trump to begin with, right? I mean, everybody got tired of hearing how great the economy was from the last administration. So they were basically voting with their feet saying, look, we’ve had enough talking about how great the economy is.

It absolutely isn’t. So we had this economy that wasn’t great to begin with. And now you’ve got a bunch of negative economic stuff and artificial stuff that come up this year.

And it looks like we go from a recession that people aren’t sure if it’s a recession to one that looks more like what people associate with a recession. And suddenly you can understand why the stock market’s doing what it’s doing. A lot of people are wondering how Trump’s policies are going to affect their investments.

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It feels like there’s almost a tale of two cities because I guess if you own hard assets, let’s say gold or maybe even in the stock market, I guess that’s not technically a hard asset, but real estate, you have a lot of equity. You have a lot of, you know, call it paper wealth, right? You don’t really cash it in until you do. And then there’s people that don’t have hard assets and they’re the ones that are getting crushed, it seems like, with these big inflation numbers.

And like you said, the higher insurance, those kinds of things, those little things. And so those are a lot of my residents. You know, we have 10,000 tenants and we’re starting to see them pull back.

They’re pulling back on just basic necessity things, you know, like maybe they have multiple streaming services or maybe they have a gym membership or maybe they have whatever it is. And, you know, people are starting to really pull back. It feels like there’s this affluent piece of the economy that, you know, has lots of equity in their home, let’s say, because they bought three or four or five years ago, or, you know, gold’s over 300 or 3,000 now.

There’s all these things. And of course, crypto is way up if you look at it historically. So there’s like these people that are sitting there thinking, oh, I’m good, I’m good.

But then there’s the others that kind of have nots. And I don’t know it feels like there’s a big bifurcation here. Yeah, they’re always, I mean, that’s what a recession really is.

It’s those people like you’re saying, Ken, who don’t have the protection of financial assets. Their biggest asset is really their labor, right? That’s basically what they have. They don’t really own a whole lot beside of it.

And so when prices go up, their labor gets devalued compared to the relative price of goods, which means you get further and further behind. This, by the way, is the recession that I was talking about. The fact that we never recovered from 2021 and 2022 is essentially the fact that the vast majority of people were left behind.

They were basically impoverished by all these price changes. So if you were protected financially, you did okay and you’re thinking it’s not too bad. But the vast majority of the population doesn’t have that luxury, doesn’t have that ability.

And so their labor has been tremendously devalued. Their purchasing power has gone way down. And by the way, they know it.

That’s why they’re so pissed off. And it’s not just the U.S., by the way. That’s why people are pissed off all around the world.

We’re seeing governments fall all over the place because people want answers and they’re not really getting them. So if you have financial protection, you’re okay, but everybody else isn’t. And so when you look at 2025, the economy, like you’re saying, Ken, you see people pulling back.

That’s because they’ve been left behind so much to begin with. And now they’re seeing all these other signs, really worrisome signs in the labor market itself, where you have companies that have gone through the same thing. Businesses that haven’t been able to pass along costs that are rising for their own business to their customers, because the economy is increasingly difficult, means that businesses can’t pass those costs on their customers.

They’ve seen their margins squeeze. And what do you do if you’re a business owner and your margins get squeezed? Well, you cut back where you can. If the price of oil has gone up, that means you’ve got to cut back in something else.

And usually that means other workers. So what we’ve seen really over the last, going back to last summer and before, is the amount of hours worked among workers has really fallen off. The average work week, according to the latest data, is down around to the depths of the 2020 pandemic, as well as the 2008 recession.

That’s how much employers have been cutting back and restraining hours, simply because they don’t have the margins to pass along costs. And what does that do? It does exactly to what you just said. Those who, their only asset is their labor.

Now you don’t work as much. Your paycheck doesn’t go as far. And it just leads to the situation where consumers are like, they’re getting squeezed and getting hit from everywhere.

They get become increasingly concerned about everything you hear on TV, what they’re seeing in their job, the fact their paychecks don’t go far enough. And then they start pulling back spending too, because they got to protect themselves. And the only way they know how, which is to increase their near-term savings.

And it just leads to this self-reinforcing vicious cycle that becomes what everybody associates with as a recession. Yeah. And I’ll give you two stories.

These are recent. I had a very good friend that called, texted me like a month ago and he said, I sold my law practice. And so I got him on the phone, like a couple of days later, I said, what’s going on? He’s like, in five years, it’s all AI.

And, and, and I’m like, wow, this is a, this is a guy that’s been doing, you know, law for 30 to almost 40 years. Then there was another scenario where a really good friend of mine has a big PR marketing agency has 160 employees and he’s down to 110. And I said, why? He goes, I don’t need copy editors.

I don’t need copywriters. I don’t need any of this stuff. They’re these, you know, they’re, they’re figuring out ways to use tech.

Now, why would they do that? It’s because of the cost pressures that they already have. So, you know, their labor, you know, what they’re spending with their employees is going up and the, you know, the employee needs more money in order to live. And so they have to pay him, but, but, but he’s, you know, he’s having to pull back in his own way to try to figure out.

So, so oddly enough, tech and AI and all these other things are actually one way, you know, even in my own firm, you know, you know, we can outsource accounting, we can outsource marketing, we can outsource IT. There’s all these things that you can do now that you used to actually have a body. And it’s, it’s very, very interesting as, as these things are, these two worlds are kind of colliding at the same time.

And I will tell you this, cause I know both these guys well, I don’t think they would have ever done it if their costs, their actual costs that are hitting them, you know, in the form of rent and the form of utilities and form of labor costs and all the other things, you know, weren’t squeezing their margins. Right. Yeah.

And that’s the thing, you know, I think people have this idea about, you know, when consumer prices zoomed ahead a couple years ago and everybody’s been talking about disinflation since then, they have this impression that disinflation means that costs go back down to where they were. And what you said is exactly why they never can, because, you know, you have a business where you have, you know, energy prices go up and then your labor prices go up and your materials costs go up. It leaves, it means the price that you charge your customer has to go up to reflect all of that.

And so you can’t cut your prices because, you know, your input costs don’t go back down, your labor costs don’t go back down, your materials costs don’t go back down. So you’re kind of stuck at a higher level. And so businesses can’t cut prices.

Otherwise they’re undercutting their own production. They lose money on everything that they produce. So prices get, they shift ahead and then they stay there.

But if we don’t have a situation where incomes increase as much as prices do, eventually you have more people that are in the bad side of the economy than the good side. And it just leads to the situation where not only do you have businesses that have no margins, they also have no revenue growth, which is even worse. So now you have no way to really increase profitability except for cutting costs in more and more in creative ways.

Like, you know, using AI is a good example of that, right? There might be some upfront costs as an investment, but over time you’re just reducing the amount of labor that you need because labor is the most expensive, biggest expense that you have. But in a macroeconomic perspective, if everybody’s doing the same thing, trying to control their costs to the labor market, that means less income. And as we started out here, the vast majority of people, that’s all they have is their labor.

And if we’re continuing to reduce the volume of labor, eventually consumers have to cut back in spending. But whether they want to or not, it doesn’t matter. Yeah.

We’re starting to see a shift from white collar to blue collar, right? Like we’re talking about kind of the trades, let’s say, and, you know, as you know, we have a construction company and for years and years and years, the, you call it the college institutions have been picking people out of high school and, you know, running them through the education system and running up their student debt. We know that all happened. On the other side of that, those would have normally, a lot of those people would have made their way into the construction trades and the plumbing trades, electrical trades.

And so we have this huge gap and now we’re starting to actually see that kind of come back because those services, those actual in person things, you know, are still, believe it or not, in demand and the price per hour is going up. So we’re starting to see kind of that middle management, white collar, financial services sector is really getting squeezed. There’s a sector that can be shrunk down.

Yeah. No kidding. Yeah.

So it’s very interesting to watch this, but I think, you know, it’s interesting when people are on talking like we are or on CNBC or whatever, whatever it is you watch, they’re delusional, you know, because they’re, they’re looking at their own biases with their own situation, you know, all their friends, you know, we’ve got equity, we got this, we got that, you know, we’re good. Our assets are good. But really the working class is getting crushed right now in such a horrible way.

And, you know, I don’t think a lot of people really, really see it. We don’t tend to, I think the biggest problem is, and we go through this in every recession cycle, by the way, you have economists and the talking heads on TV that say the GDP report last quarter looked like this and the payroll report last month looked like this and it looks pretty good. And most of the people who are being squeezed at the bottom say, I don’t care what the data says, you’re reading it wrong because what I see, my friends see and everybody else sees is completely different.

You got to keep in mind some of these macroeconomic statistics are not perfect representations of the situation in the economy. What we’ve had over the last several years, if you look just strictly at GDP, it looks like the economy is doing really well. And so that’s why a lot of people keep saying, we can’t understand why people are so pissed off because the data looks pretty good.

Well, what the GDP is not telling you is that it’s the wrong kind of GDP, or it’s not enough GDP growth that puts enough people to work and creates enough incomes that the mainstream worker can actually use to maintain their lifestyle. So GDP by itself doesn’t give you the complete picture of where we are in the labor market numbers. So the payroll report last month was 150,000, which sounds, okay, that’s not great, but it’s not horrible.

But what you don’t realize is labor market numbers need to be 550,000 in order to get us back to where we need to be. So when you look at the 150,000, you think, well, it’s not bad. It actually is bad.

It’s actually very bad because it’s not 550,000. And so we need that type of demand growth among businesses that would generate incomes and jobs and hours and everything that goes into a healthy economy. So there is this disconnect between people who, if your sense of the economy is just GDP, payrolls, and the stock market, the last couple of years have looked like they’re booming.

Whereas people have basically said in no uncertain terms, we don’t see any boom. That’s why we voted the Biden administration out. That’s why we voted the bums out in the UK, in France, in Germany, in Australia, in New Zealand, and all over the world.

Because the GDP numbers might look okay. They don’t look like the traditional recession, but the actual conditions in the real economy are more like recession than not. And that’s before we even get to this year.

That’s the thing. Yeah. Well, let’s shift there because I know you look at things from a very macro standpoint globally, and you mentioned some big moves that have happened.

Where do you see all this heading? And now, of course, we have this tariff scenario, right? There’s going to be a lag there. And President Trump wants to bring all these jobs back, and there’s going to be a massive lag before we actually see the fruits of that, I would imagine. But where do you see all this headed? Yeah.

So as far as tariffs go, you’ll see an increase in prices of certain items as the cost structure adjusts. Well, that’s not inflation, nor will it be inflationary. In fact, it will just add more to the misery that we’re talking about already.

So you have a bad economy that’s not generating enough jobs or income already, and then you raise prices even more. It’s the same thing that we saw last year when oil prices spiked at the beginning of the year. That didn’t lead to inflation.

It led to more economic demand destruction because people couldn’t afford it. Anytime you have a non-economic imposition of prices, it leads to further problems in the economy because with energy or tariffs, I mean, you have to pay those costs. And the businesses will try their best to pass them along to customers, and the customers can’t absorb it.

If it’s a price of necessity, you got to pay it, but that just means you got to pull spending back away from something else. You got to cut back on your discretionary spending. So the tariff thing, you’ll see a short-run increase in prices.

Everybody will scream about inflation, and then prices will settle down and the economy gets even worse. I think the bigger thing is the macroeconomic fundamentals we’re already talking about. And you can see this in a number of ways, just the interest rate market, for example.

I think people would be surprised to learn how far interest rates have gone down, especially outside the United States. I mean, most people’s perceptions of rates are about Federal Reserve and central bank rates, when really the market rates are more important. But even central bank rates, certainly here in the U.S., there’s this bias toward the Federal Reserve.

And so you think, well, the Fed’s cut a little bit, but rates haven’t really come down that much. But if you look outside the Fed and outside the United States, you see that rates have gone down a lot. I just did a video yesterday on how the Swiss National Bank, this week, not some distant future date, this week, they’re going to be talking about a zero interest rate policy.

The Swiss National Bank is down to around half a percent already. And the economic data that’s coming in from Switzerland, which is really a reflection of global economic conditions, because Switzerland’s just a tiny economy. The macroeconomic data coming in from Switzerland is increasingly really dicey and almost deflationary.

So the Swiss National Bank here in March of 2025 is already having a discussion about zero interest rates. And they’re hardly alone. Look at the Bank of Canada.

Canada, Bank of Canada started out at five percent last year, and they said the same thing everybody else did. Inflation, inflation, inflation, higher for longer. If we do cut rates, it’ll only be one or two.

It’ll be stretched out over a couple of years. We’ll just normalize very gradually. Well, they went from five percent last year.

They’re already at 2.75 percent. So in about nine months time, they’ve cut by 225 basis points, and they’re already right about 2 percent. So the point I’m making is if you’re only watching the Fed or the U.S. economy, you don’t realize how weak things are outside the U.S. And that does matter because it’s a globally synchronized system.

And rates have already come down just in central bank policies by a whole lot already. So really the issue is, is the Fed going to be able to be the outlier here? Are they going to be the one that holds up at four and a half percent and says we’re going to stick here until the end of the year and maybe into next year? Chances are rising they’re not going to do that because history shows when other central banks start cutting, the Fed will have to follow along because they’re all reacting to the same things. And what they’re reacting to is just what we talked about, the weak economic fundamentals that are made even weaker by all the stuff that’s happening in 2025.

Yeah, I was talking to Brent Johnson about this exact issue, and it was very enlightening. He said, you know, as people reduce their rates around the world, because we’re the reserve currency, you know, there’s this equalization that goes on all the time with all the central banks, depending on what they’re all doing. And so I wanted to get your thought on, you know, what he was saying is, and I know we recently, the dollar on the DXY hit like a 13-year high not long ago.

Do you see a flight of foreign investment into the U.S. as a result of, you know, the dollar? I know it’s a big question because of the euro dollar and all the stuff outside of the U.S., but what do you see with global currency? Because we still are the world’s reserve currency. There’s been volatility in the dollar exchange rate, because what you hear today is, oh, the dollar is incredibly weak, because like you’re right, Ken, the DXY hit, you know, a big high not that long ago, and then it immediately fell in March. But you got to, DXY isn’t necessarily the best representation of the dollar exchange rate, because it’s so heavily weighted to the euro.

In fact, it’s more than more than half of the index is weighted to the euro. And in early March, the Germans over there in Berlin decided they’re going to implement or they’re going to head toward starting a really big fiscal spending plan. They’re going to spend on defense because of the Trump administration pressuring to do that.

But as a concession to the coalition partners in the new German government, they’re going to do an infrastructure spending package. It’s going to be maybe half a trillion euros. It’s going to be this massive thing which caused a short run disruption in European interest rates.

You had bond yields that backed up as a response, which is not unusual whenever you have a government make a major stimulus push like this, even though it doesn’t actually stimulate the real economy in the long run. But you had some interest rate differentials that moved in favor of the euro. So the euro went from really low to suddenly very high, which had the effect of lowering the XY.

The point I’m trying to make is that the U.S. dollar exchange value, since its peak in the middle of January, hasn’t actually come down that much except for the euro and a couple other currencies. If you look at it on a trade weighted index, it’s actually closer to a record high than it is to anything that looks like it’s weakening. The trade weighted index that the Federal Reserve puts out was at a record high just not that long ago.

Like I said, it’s come down a little bit. And what that reflects is, and Brent’s right, part of that is a flight to safety because you look around the rest of the world, the rest of the world’s economic fundamentals, as poor as they are here, they’re even worse outside the U.S. That’s the old, what is the old adage? The U.S. is the cleanest dirty shirt. That’s kind of the case here.

The U.S. isn’t that bad compared to other places around the rest of the world. So there’s some flight to safety, but there’s also dollar funding tightening that goes on in the higher exchange value, which makes sense because if we’re talking about weak economic fundamentals outside the U.S., we’re talking about the prospects of tariffs, which are going to impact foreign producers outside the U.S. much more than domestic producers, obviously. There’s a whole set of negatives there that would push the dollar higher because you got flight to safety out of foreign currencies into U.S. dollar currencies and U.S. dollar assets.

You’ve got dollar tightening because the risk, the economic and financial risks on the other side of tariffs and whatever’s happening in the economy are that much greater. So you’ve got this really big dollar positive trend, not necessarily short run fluctuation, but dollar positive trend that is likely to continue and get worse as we see more and more economic deterioration and more and more clear economic deterioration. That’s the point about the stock market.

The economic deterioration has gotten to be so clear that even the stock market is being forced to care about the macroeconomy when it really doesn’t want to. So as that continues, yeah, the dollar goes up and interest rates go down, which those two things are really two sides of the same coin. The dollar goes up and interest rates go down, both of those reflecting deterioration in the global economy and the U.S. economy, too.

And then, of course, what we’ll find is that that will create another asset bubble, right? I mean, because we need another one, right? I mean, I know we don’t need another one, but well, you know, from having been through a couple of these cycles, you know, when rates go down, people buy stuff, build stuff, you know, finance stuff, whatever it is, and it creates these bubbles all over the place and just creates inflation again. Distortion, right? And that’s, you know, I wonder, though, Ken, and maybe you know this better than I do, I wonder if we won’t have a bubble this time simply because we’re still kind of stuck in the last one, right? We haven’t really worked through all the imbalances from, you know, 2021 when everybody was doing, you know, apartment deals and financing everything else. We haven’t really cleaned up for the last one, so maybe there isn’t room this time for another one.

Maybe there’s just way too much of imbalance left over. I’ll tell you, we’re in the process of buying a building right now, and we got a quote last week from Fannie Mae of 60% loan to value, 5.5% fixed. That’s pretty good debt.

You know, and I think, you know, historically rates have been very, very good. You know, five and a half is a very good rate in my 30-year career. It’s just not good if you started 10 years ago, right? Or if you expect that the five and a half will be three and a half in another 12 months.

That’s the thing. Yeah, yeah. So, you know, if it cash flows and, you know, the tenants are going to pay it off at five and a half, just set it and forget it, right? And let everything work itself out.

I did want to ask you, it’s ironic that the stock market kind of went wonky and then gold went over $3,000. So, and then of course we have the strong dollar, which is the opposite of what, you know, typically when the dollar kind of gets a little weaker, we’ve seen gold go up. So can you walk me through what you see with regard to those? Yeah, again, they’re all basically this different sides or different facets of the same problem, which is really everybody, the stock market being sold off is, you know, risk off.

We don’t want to be in risk assets. So what is a risk off asset that you do want to be in? Well, there’s duration in the financial markets and bonds. You want to be long duration because you expect rates to go down, which they’re doing, as we just said, even central bank policy rates around the world are being cut.

The Fed is going to be forced to cut at some point, even more aggressively too. That’s what the markets are all saying. And that’s what the fundamentals are pointing to.

So one thing that you can do is add duration in terms of bonds, which means by longer and longer term, expecting that rates go down and stay there, which, by the way, is what the swap market has been pricing for years now. Even while everybody is saying higher for longer inflation, inflation, inflation, the swap market has been going in another direction. So now we’re starting to see confirmation of exactly what swap spreads and things we’re looking at over the previous years.

And then the other side of that is, OK, outside of duration and bonds, what are you going to look for for safety? And yeah, I know what you’re saying. The conventional wisdom or the investing myth about gold is it doesn’t do well when the dollar is strong and it only goes up when interest rates are low. That’s not necessarily the case.

And there’s not really that much of a correlation between the gold and the U.S. dollar anyway. So really, gold is just a hedge for when you’re worried about uncertainty. And I don’t mean just regular old uncertainty that stocks deal with on a daily basis.

I’m talking about really big stuff, uncertainty, trade wars on top of an economy that’s struggling in the 2020s, of political upset and political realignments all over the place and potential spillovers from that, fracturing of the global trade environment and trade flows and capital flows. Yeah, that’s when you want to own gold. So I think there’s a couple of things with gold.

It’s not about inflation. It’s not about consumer prices. It’s about the fact that, like I said before, the fundamentals of the global system are not good and they’re leading to more and more volatility, not just in the macro economy or financial markets, but even in the political realm.

So gold is like, hey, I just want something that’s going to get me through and cover all of these different scenarios that instead of reducing in probability that these things happen, they’re actually happening. We’ve seen bigger and bigger things happen. And so just more and more appetite for gold, regardless of whether the financial considerations are.

If you’re listening to this, what are some things that, you know, the common person can do, the investor, let’s say, or just somebody that maybe hasn’t just in the next, you know, what should they be watching in the next few months to be able to just kind of come out on top and not fall further and further back? Oddly enough, the stock market is something that you can watch. Like you said, when stocks are going up, they’re just going up because they go up, because it’s where everybody puts their savings. So there’s real no fundamental information content in stocks that are going up.

But if stocks are starting to react, thinking that there’s a traditional recession developing, that’s a signal that you might want to pay attention to. So you can see if we don’t have, you know, the stock market’s turning around a little bit here in the short run after the selloff to see where this goes. If we get a pretty strong buying impulse after this, a lot of dip buyers suddenly show up.

I might suggest that, OK, even stock market investors are less worried. But if stocks continue to go down, that might be a pretty strong signal, along with everything else in the context that the macroeconomic conditions really are deteriorating pretty rapidly and pretty severely. Thank you, by the way.

This has been great. Where can people reach you? What’s the best spot to reach out? You can go to Eurodollar University. You’ve got the YouTube channel, the website eurodollar.university. In fact, we’re actually having a webinar next Monday where we’re going to be talking about the global consequences of all these shifts, you know, central banks cutting rates.

What does that mean and what it’s going to do? Maybe some things that you can do about it. So like I said, there’s a webinar, there’s details on our website, eurodollar.university. Just eurodollar.university, wherever you see that. If you want to see an exclusive behind-the-scenes look at one of my properties, I just walked through this deal with my partner Ross.

We went over some tips for buying and managing real estate. You can watch this video now.