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๐๐ป๐๐ฟ๐ผ๐ฑ๐๐ฐ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ผ๐ต๐ ๐๐ถ๐ฏ๐ฟ๐ฎ๐ฟ๐ถ๐ฒ๐๐ดโซ๏ธ Our two new initiatives for club members which aim to reduce costs and waste in our community. ๐๐ถ๐ฑ๐ ๐๐ถ๐ธ๐ฒ ๐๐ถ๐ฏ๐ฟ๐ฎ๐ฟ๐๐ฒ Bikes are available for children aged 6-11 years to borrow for 6-12 months. Once outgrown, they are returned so another young person in the community... show more
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![For the last decade, the media, Democrats, and Never Trump Republicans have denounced Trump as a tool of the rich and of Wall Street. Trumpโs populism was fake, they said. He doesnโt really care about the working class. He just cares about himself and his Wall Street buddies. Trumpโs tariffs and Wall Streetโs reaction to them prove that all of that was a lie, says Batya Ungar-Sargon, the author of two important recent books, one about the media (Bad News) and the other about the working class (Second Class). โLiberation Day should go down in history as the day that finally put to bed the myth that Donald Trump only cares about the rich,โ she said in a new podcast with me today. โIt's the exact opposite. He is waging class warfare on Wall Street for the sake of the American working class. And to punish him, Wall Street is literally just shorting him. They're shorting his agenda. They are betting against America, they are betting against the president because they cannot stand the idea that there is a person with power in America was not on his knees in front of Wall Street asking them, โAnd what would you like next?โ the way both parties have been doing for 60 years.โ The media has been even worse. โOur economic policy for the last 60 years was put in place by people who are too lazy to get out from behind their laptops,โ she said. โThey imagine that nobody would want to work in a factory because they would rather die than work in a factory. They would rather die than watch their own children work in a factor or clean their own toilets. So they imagine that no one would want to do these things. And so they shipped manufacturing overseas and imported a slave caste.โ Over half of Americans have money in the stock market, and so we shouldnโt discount the pain many people are feeling right now or the possibility that Trumpโs tariffs could backfire, cause a recession, and lower living standards. But, as Treasury Secretary Scott Bessent has noted, โThe top 10% of Americans own 88% of the stock market. The next 40% owns 12% of the stock market. The bottom 50% has debt. They have credit card bills. They rent their homes. They have auto loans. And we've got to give them some relief.โ The problem isnโt just the inequality. Itโs the lack of solidarity. The wealthiest Americans donโt seem to care about the poorest. โLast year,โ noted Bessent, โthe summer of 2024, Americans took more European vacations than they had in history. [And] Summer of 2024, more Americans were using food banks than ever in history.โ Creating more purchasing power for the poorest Americans would be good for growth, not bad, argue tariff supporters, including Bessent, Oren Cass, and Ungar-Sargon. โThe top 10% now control over 60% of our GDP. They are not the ideal consumer for the central components of the American dream: housing, healthcare, education, and retirement. They are the only consumers who can afford those things. So the price for those items is tagged to their incomes.โ Bessent says something similar. โI don't think the bottom 50% of Americans are losers, I think the system hasn't worked for them. I think that they are winners. It's just a bad system. So we are going to fix the system. They want good jobs. They want their kids to do better than they do. They want to own a home. They want to pay down their debt. This isn't hard. We can do this in the next four years.โ And bringing a significant amount of manufacturing back to the United States is a national security imperative recognized by Republicans and Democrats. โWe literally rely on our greatest adversary for the tools that we would need to fight it should it come to that,โ said Batya-Sargon. โThey exported a deadly pandemic, and we relied on them to produce the vaccines, the pharmaceuticals, and the protective gear we needed to combat it. This is like a South Park episode only without the humor. It's so obviously absurd and yet nobody had the guts to do anything about this.โ Please subscribe now to support Public's award-winning reporting, read the rest of the article, and watch the full video!](https://image.24vids.com/tw-1909296829914923425/amplify_video_thumb/1909296394764230656/img/AOwubwVDLCF4g0YI.jpg)
![Investor Chris Hohn (2,924% returns since 2004) on 7 types of "moats" as Warren Buffett calls them: First Hohn clarifies that a "moat" means a business that is difficult to replace & compete with: "Those areโฆtwo risks: substitution risk & competition risk. They become very difficult to overcome long-term. And why is that so important? Competition kills profitsโฆSubstitution eliminates your business." Next, Hohn on the 7 moats: 1. Irreplaceable Physical Assets "One which most people don't look atโmost investors don't really look at, interestinglyโis irreplaceable physical assets. We're in a world where people just look at earnings. They don't look at asset value or physical assets. So we like quite a bit of infrastructure. Airports, for example, one of our investments has been the airport group in Spain that the government privatized, AENA. You can never build a second airport in Madrid or anywhere else. These are natural monopolies. That also applies to toll roads, railroads, and telecom towers." 2. Intellectual Property "A second [moat] is Intellectual Property that is so advanced it's very difficult to replicate. One space we like is aircraft engines. It's a very complicated product: the materials complexity, the temperatures these engines run at, the metals that would otherwise melt, the thousands of complex parts that all have to come together. That's a business where there are only two players in narrowbody engines and two in widebody, and there have been no new entrants for more than 50 years. The last new entrant was GE. It's a big industry, but it's so complex it's very hard to enter." 3. "Installed Base" "Another barrier to entry is Installed Base, which also applies to the aircraft engine business. Once those engines are there, you get the spare parts business that comes with them." 4. Scale "Scale is another barrier, though that's not a guarantee of a competitive moat." 5. Network Effects "Network Effects are another important barrier. You can see this in assets like Visa and Meta." 6. Brands "And Brands are another barrier to entry, though not every brand is powerful. A McDonald's has real value. Some brands are powerful and sustainable, but not all." 7. Customer Switching Costs "One more moat worth mentioning: Customer Switching costs. Take mission-critical software. Once it's installed, companies are very reluctant to mess with it and switch because of the complexity."](https://image.24vids.com/tw-2058925496092471403/amplify_video_thumb/2058925378056425472/img/Ng8fgDLrMZDysphe.jpg)