Life22

kpolcari: There you go.

Kevin Dougherty: There we go. Perfect. Hey, gang, Kevin here, Life22, and we are doing our… well, it's been a little past our 6-month markup with, with Kenny Polkari from, is it Case Capital?

kpolcari: Slates don't welt?

Kevin Dougherty: Slavestone Wealth.

kpolcari: Chief Market Strategist at Slate Stone Wealth. Case Capital does exist, it is my, it is my, an LLC that I have, but my current role, my, really, my, my formal role is Chief Market Strategist at Slate Stone Wealth.

Kevin Dougherty: Okay.

Kevin Dougherty: And, we told Kenny we were gonna do a 6-month follow-up. We've gone a little past that 6-month mark, but, you know, hey, the market's had a lot to change, and we wanted to catch everything before everyone's year ended, right?

kpolcari: Yeah, the markets… the markets had quite a ride this year.

Kevin Dougherty: Yeah, I was gonna say, AI is, like, leading the charge. I think it was leading the charge when we spoke last.

kpolcari: AI is leading the charge. AIL will continue to lead the charge. I think that story is going to continue to evolve. I think the… I think the… kind of the… the focus next year is going to be on

kpolcari: quantum computing and the role that that's gonna start to play in AI, and then how more dramatically the world is going to change. Look, from when they introduced ChatGPT a year ago in December to what it does today, to where it is today, along with Genesis and Perplexity and all the rest of them.

kpolcari: It's quite amazing, actually, that people out there use

kpolcari: any of these services, it's interesting that after a while.

kpolcari: I hate to say it, because it sounds almost… it sounds almost weird

kpolcari: But it gets to know who you are. It gets to understand the way you talk, the way you write. It gets to understand the intonation in your voice.

kpolcari: And I'll tell you why I do that, because I use ChatGP to help me kind of clarify things when I'm… when I'm not sure I said it right, whatever. And it… and it… ChatGPT now, when I log in in the morning, it says to me, good morning, KP, how are you? Like, it starts to talk to me, right?

kpolcari: So last week, I decided, I'm gonna try this, this, Gemini, because,

kpolcari: Mark Benioff, the chairman of Salesforce, came out about 2 weeks ago, and he said there was absolutely no question about it, Gemini blows everything else out of the water, blah blah blah, you got… I'm not using nothing but Gemini. I go, you know what, let me just try Gemini.

kpolcari: So I tried Gemini, I didn't like it at all. The answers were stilted, they were too… they weren't me, it didn't sound like me, it sounded very encyclopedic. And I thought to myself, okay, I…

kpolcari: I don't want it to sound that way, I don't want to use that. That's not kind of the response I want. And so I… I'm not using it. But what I realize is, I wonder if I did use it day in and day out, and I showed it my stuff, and I… and I had it.

kpolcari: you know, read some of my writings and all that stuff, that it might become, like ChatGPT, where it gets to know you, and it gets to know your tone, and your voice, and the way you talk. It's eerie the way that happens, quite honestly.

kpolcari: But I think that's going to be the focus next year. I think it's going to be on how quantum computing is going to change the agentic AI space.

kpolcari: And everyone should pay attention. I think that, I think cybersecurity is going to continue to be a hot topic next year, because as we get more… as we go farther and further down this road, security is going to become more and more and more important.

Kevin Dougherty: Right, and it…

Kevin Dougherty: The thing about the AI, it's almost like we're getting a rebirth of, like, the dot-com bubble.

kpolcari: Well, yes and no, and here's what I'll tell you, because people constantly ask me that, do I think we're in this bubble with AI or not? I don't think so, and here's the problem. I don't… I think valuations are stretched, and I've been saying that for a while in my note. If you've been reading my note, I've been saying it for a while, that I was expecting a pullback, valuations are stretched.

kpolcari: Yet, I don't think we're in a bubble, and here's why. Because when the bubble happened in 1999, 2000, over the dot-com thing.

kpolcari: The internet was brand new, and all these companies that went public, that put .com next to their name, that weren't producing real products, they had no revenues, they had no history, they had no nothing, but they were the ones getting bid up because there was this frenzy around the internet. Oh my god, it was gonna change the world. And while it has changed the world, a lot of those companies that no longer exist today.

kpolcari: Really had nothing to… they had no product, they had nothing, they had no history, they had no sales, they had no growth projections, they weren't making any money, and so that was a bubble. When I talk about… when I think about today, and I think about NVIDIA, or Palantir, or Cloudfair, or any of the other ones, AMD, any of the other ones that are out there, Core Weave.

Kevin Dougherty: So they're making… now, they're the ones behind the AI.

kpolcari: Correct. Those are all infrastructure names that… now, doesn't mean they're… I think some of their valuations are stretched, but I don't think it's a bubble at all.

kpolcari: Because they are real companies with real products, with real revenues, with real forecasts, with real sales growth, unlike what it was in 2000. So I'm in a camp that this is nothing like what it was in, 2000. So I'm not in the bubble camp.

Kevin Dougherty: And people have… people have kind of learned their lesson, because most of the guys that are in this game

Kevin Dougherty: Are, you know, have went through the dot-com bubble, so they know what to kind of look for, they know what solid names to put numbers to, to invest money in.

kpolcari: That's true, but there is a whole generation of people that never went, that didn't go through the dot-com bubble.

kpolcari: Right. Are in the markets today, you know, they graduated in, you know, 2007 or 8 or 10, 2010 or 11, so they were just born, they were very young during the dot-com bubble, so they weren't part of it. And so…

Kevin Dougherty: I was, like, I was just gonna throw this out there, Kenny. I was, like, 10, 11 years old using eBay.

kpolcari: Right, so I hear you, but you weren't… you weren't in the dot-com bubble, right? You were 10, you might have been using eBay, but you weren't trading, you weren't managing money, you weren't doing all that stuff. I was 22 years old when the dot-com bubble happened. I was working on Wall Street, I was working on the floor of the New York Stock Exchange. Now, what's interesting was.

kpolcari: Remember, all those dot-com names, none of them ever qualified to come listed and trade on the New York Stock Exchange, because they never met the requirements. There were very strict requirements to list on the New York Stock Exchange, so all those stocks ended up going to NASDAQ.

kpolcari: And so I didn't trade NASDAQ, so while I could see the frenzy during the day and listen to people and all that stuff, I wasn't on the floor of the exchange.

kpolcari: in the middle of it, right? I wasn't in the middle of it, we couldn't trade it. The only reason I was in the middle of it is because I would hear the people around me talking about, oh my god, they did this, they did that. You'd get into, like, a cab driver, and there'd be cab drivers talking about all the money they made trading.com, so I'd go, okay, this is the end.

kpolcari: Because when cab drivers start telling you, when you get… when they start becoming your financial advisor, when you get in the cab at 11 o'clock at night, that's a problem.

Kevin Dougherty: See, and I think we talked about this on the last show, is where we…

Kevin Dougherty: like, the crypto frenzy, right? And there's a ton of people that bought into crypto, and I haven't seen crypto plummet.

Kevin Dougherty: And I still haven't bought any crypto, and I think you said, what, don't invest more than, what, 5%? 10%?

kpolcari: Yeah, I think you have to look at yourself, but I would… 5% max. My portfolio, it's about a 2.5% weighting, in my portfolio, and it's both Bitcoin and Ether. I haven't bought Solana and all the other ones down the list.

Kevin Dougherty: Yeah, the Dogecoin.

kpolcari: Yeah, I bought none of them. I just… the money that I have in the crypto space is between Bitcoin and Ethereum. And it… together, it doesn't represent more than 2.5% of my total portfolio. And no, I'm not gonna let it get… look, I'm not… I'm not 30 years old, right? I'm 65 years old, so I have to be a little bit more kind of strategic and cautious on how much risk I really want to take.

kpolcari: If I were younger, maybe that number might be 5 or 8%, right? There are some people that have 100% of their money in Bitcoin, but they're also 20 years old. Not that I'm suggesting that that's right either, because I don't think that's right either, but, you know, you have to, once again, you have to kind of look at who you are and where you are in not only the life cycle, but kind of, you know, the lifespan, right? And,

kpolcari: So that's… so while I own it.

kpolcari: I measure it and keep it at a very, very close…

kpolcari: Small percentage of my total portfolio.

Kevin Dougherty: Sure, sure, sure. And I don't blame you, because it's still there, and new, and it's…

kpolcari: Correct. Listen, Bitcoin… Bitcoin is down 36% from just a month and a half ago. It was trading $125,000. It's now trading at $90,000. You know, that's a 30% down sleep, right? Now, I'm not… I don't… my average cost is below that anyway, so I'm still making money less than I was a month ago in that

kpolcari: particular asset, but I'm still up on the asset, right? But yet, I'm down 30% off the recent highs.

Kevin Dougherty: Right, and just like anything, right, what's the… everything… the scientific rationale to most things is everything tries to reach equilibrium, right? Like, air pressure, everything. So eventually, you get these things that are just brand new, and they start to spike up, and then they level out.

kpolcari: They will level out. I think the story for Bitcoin and Ethereum, I think that story is also, like AI, very much in its infancy, and so.

Kevin Dougherty: We're just at, like, a plateau, or we're plat…

kpolcari: So, no, so I think that's going to be a continuing, ongoing story.

Kevin Dougherty: Right, right, right, okay. So, and then, you know, so the one thing that I also always think about is that, Edward Norton line from,

Kevin Dougherty: From Fight Club.

Kevin Dougherty: Given a long enough time… given a long enough, time span, the life expectancy of everything drops to zero.

Kevin Dougherty: So, yeah, so everything's trying to reach equilibrium, and at the end of the day, though, there's still a beginning and an end.

kpolcari: Right, the Omega.

kpolcari: Yeah, yeah, the Alpha and the Omega. Yeah, isn't that… isn't that the damn truth?

kpolcari: But anyway, so I think all those themes, I think they remain very exciting. I think they're exciting going into the new year. I don't think, some of this recent volatility should cause you to

kpolcari: you know, change your mindset as a long-term investor, I think you need to take advantage of the volatility. You shouldn't use it to… to scare you. So, for instance, if you do your homework as a long-term investor, and you decide you're gonna do your due diligence, and you did all your homework, and you're buying Apple, or Amazon or Nvidia.

kpolcari: If you bought it for a reason, and it goes down in value.

kpolcari: you have to ask yourself, okay, A, was I…

kpolcari: Was my analysis incorrect? That'd be the first thing I'd ask. If it isn't incorrect, you have to say, did the fundamental reason I bought it change? If that hasn't changed, and the stock is down in value, then it's just part of the cycle. So, I would use that retreat in the price of the stock as an opportunity to add more, and bring your basis, your cost basis lower, right? If the story now changes after I bought it, now you say, oh my god, the stock's getting killed.

kpolcari: Here's what happened, you know.

kpolcari: what the sales we thought were gonna happen are not gonna happen, and he was like, that changes the fundamental story, so then you have to make another decision. Do you… do you stick with it? Is that story, you know, can they get out of that… that now negative story or not? And that's when you're gonna be… when you're gonna make a decision to… to… to sell it or… or not.

Kevin Dougherty: Right, I got one of those from the, what was it, the AMC bubble, right? Yeah. Like, they had that, they were doing that, the special stock pricing, and they were supposed to reissue stocks, and had to go to a court proceeding, and… and the court proceeding went how we wanted it to go, but it didn't…

Kevin Dougherty: hit the market like we expected it to. And then, so pretty much, you know, I had, like, 500 bucks in it. So, you know, $500 into the… into the AMC wasn't a ton, but did it turn into $1,600 or $2,500? No. It turned into, like, $150, and it was like, well…

Kevin Dougherty: Hey, so it's, to me, it's like, why sell it? I'll wait till I'm ready to take a loss, unless it turns around, because I also don't see AMC going anywhere.

kpolcari: Right. Yeah. I mean, I don't see… AMC's not a stock that I own, it's not a stock that I follow, so therefore.

kpolcari: I don't… I don't have an opinion on it, but, you know, you have to… you have to make your own opinion on it, right? You have to do your homework, you have to decide at what pain, you know, where's your pain threshold, and is it really worth it? And can you actually use, if it's a loss.

kpolcari: Can you actually take advantage of the loss and pair it off against the gain if you want to trim somewhere else? Then you have to look at that as well, you know, do that kind of tax loss harvesting at the end of the year, where you'll take advantage of that loss to offset another gain.

Kevin Dougherty: Right.

Kevin Dougherty: For sure, for sure. That's, you know, that's,

Kevin Dougherty: That's definitely, that's definitely a big part of it, too. That's, it's one of the reasons I, yeah, I've, but I also keep most of that stuff in what you call the mad money account.

kpolcari: The Mad Money account. That's right. And you can have a Mad Money account, you can have a long-term trading account. They're two very different accounts, and their objectives should be very different.

kpolcari: Right? Your mad money account, as Jeff said, it's mad money, it's money that you wanna, you know, that you wanna screw around with, and if you lose it, you have to… you have to understand that the money in the mad money account, if you lose it.

Kevin Dougherty: If you're okay with that, it's not gonna change the rest of your life. If that's not the case, then you should adjust the amount of money in your Mad Money account.

Kevin Dougherty: Right, right, yeah, don't… don't make decisions that you're not willing to live with the Right.

kpolcari: Correct, and if the consequences cause you to lose all your money in that account.

kpolcari: then that's the way it is. You have to kind of know that going in. In your long-term investment account, you should be much more strategic. You should make sure that it's much more well-balanced. Now listen, someone your age, and you're, you know, 20 years younger than me, you can lean a little bit more into risk and go a little bit further out on the scale than I would, because you have time on your side, and you're still in your best earning years. And so you have the ability to kind of take on that risk.

kpolcari: As you get… as you get further down… down the line, you… you realize suddenly that, you know, you can see the end, and you need to be much more cautious.

Kevin Dougherty: Right, right, for sure, for sure. Yeah, no, and I think that's what kind of… we went through the basics last time with our viewers, just to kind of go through and see what people, you know, just the differences between the Mad Money account and, you know, just,

Kevin Dougherty: just a lot of those different things, but I, you know, it's one of those, like, you know, the market's ever-changing, and so, you know, the base is, for a lot of these people that might be watching my show, aren't really, you know.

Kevin Dougherty: they appreciate the advice that you can give, but at the same time, they're probably not day trading and playing in the Mad Money account.

Kevin Dougherty: And people give them, you know, they're taking tips from their… their taxi driver, or their Uber driver now.

kpolcari: Correct, but I have to tell you something. During 1999-2000, people were taking tips from people they didn't even know, people they met at the bar, people who said, I made X amount of dollars on, you know, Pets.com today, oh my god, it was the greatest thing in the world. And people were taking tips like that, because it was that frenzied.

Kevin Dougherty: Bye.

kpolcari: It was that frenzied. I was… look, I was in New York City, I was right downtown on Wall Street, I was always around places where there were traders, and people, and young people, and older people, so it was… it was constantly, around me, but yet people were just taking… it's funny, people were just taking,

kpolcari: From anybody. Yeah, from anybody. It was crazy.

Kevin Dougherty: Well, that's just like trying to guess on a football pool, right? Like, it's… a lot of times it's, you know, the people that win those, what is it, the March Madness pools, are always, like, the housewife who, well, I really like that, that, that name, the Wizards, or… you know what I mean? They just, they pick names that they like.

kpolcari: Right, right.

Kevin Dougherty: And it's… a lot of times, those are the people that win, because there is no… you know.

kpolcari: They're not overthinking it. They're not overthinking it, right?

Kevin Dougherty: They're just… they're just guessing like the rest of us, you know, like, and and because we don't know either, like, you can follow the market and see trends, and you can pick things that are stable and gonna, you know, slow growth your bet account, but, you know.

Kevin Dougherty: if you want to take that Mad Money account and go stake it all on, you know, the Buffalo Bills to win the Super Bowl, which I think, you know.

kpolcari: You could do that, you could certainly do that. I'm not saying it's the smartest thing to do, but you could certainly do it.

Kevin Dougherty: Right, right, right. There's a lot of correlations you can draw between, you know, sports gambling and the stock market. It's just…

Kevin Dougherty: Yeah. One used to be… one used to not be legal.

kpolcari: Right, yeah, right. And now, not only is it sports betting, but now there's the poly markets. You can bet almost on anything you want in the poly markets, right? I mean, you can find the most obscure things and make a bet on it. It's crazy to me, bud.

Kevin Dougherty: I… I wanted to do that back during 20… the… I think it was the 20… the 2016? 2020 election.

Kevin Dougherty: During the 2020 election, I was like, man, you know what, these elections are coming up, you know, and I always make jokes with my kids, we'd go to jiu-jitsu tournaments, and I'm always the dad that's on the sideline coaching other… coaching, like, somebody else's kid, because I kind of know most of the kid terminology for, you know, double leg takedowns and stuff, and I'm looking at some of the other dads, and I'm like.

Kevin Dougherty: Is this your kid? This kid in the orange belt over here? Is this you? Yeah? This is yours? Alright. Little, you know, little Jim.

Kevin Dougherty: go talk to Richie, he's taking dollar bets over there. And because betting on little kids, it's like, it's a dollar, man, you know, and it's like…

kpolcari: I hear you, I hear you, but it is kind of nuts where we've come from, right? But look, it's all about the excitement around it, I get it, but when you come to investing, you come to kind of your long-term portfolio, you really shouldn't be guessing, you should be doing your homework either. You're doing it yourself, you're doing it with an advisor, you're doing it in an investing club, something where people are doing real due diligence, and they understand

kpolcari: understand the story on why.

Kevin Dougherty: Being more serious about it than a hobby.

kpolcari: 100%.

Kevin Dougherty: Yeah, because all of these are people's lives at stake, right? They are their retirement fund, their…

kpolcari: For sure! Absolutely. And then… and then, you know, now we're coming to the end of 25, certainly, and we've had a great year. The S&P's up, at the moment 22%. I mean, the S&P's up 16%, the NASDAQ's up 22, the Russell's up 13%, the Dow's up nearly 12%, the MAG7 is up 25%, but you look underneath the hood there, you see, you know, airspace and defense up 32%, you see sec… different sectors are…

kpolcari: you know, plus or minus, either outperforming the market or not. But, as we move into 2026,

kpolcari: Here's what you have to pay attention to, because it's a midterm election year. All election years tend to be more volatile than not, because there's a lot at stake. Presidential elections are more so than midterms, but in this case, this year, you know, the whole House is up for grabs, right? All 435 seats are up for grabs, so there's gonna be lots of commotion around the house, and who jumps in the race, and who's out of the race.

kpolcari: what those policies look like. Are they far left? Are they middle of the road? Are they far right? Kind of who's rising to the top? And we've already seen what's happened in places like New York City and Portland, in terms of… in terms of

kpolcari: you know, far left, left candidates being elected, and so I think next year has the opportunity to create some early volatility in the markets, as we start to see, you know, what names are coming to the surface, and how, who they represent, if they're not the people that we already know, if there's these new names. And so I think the first half of the year is going to tend to be a little more volatile, which doesn't mean, you know, again, in your long-term account, that you should

kpolcari: get nervous or blow it out. You should make sure that you're properly… you're properly weighted and diversified, right? I'm gonna tend to be a little bit more cautious in 2026. New money that I add is gonna go to value names, it's gonna go to healthcare, it's gonna go to, it's gonna go to financials, right? I'm not gonna chase tech. I own tech, I'm happy to… I participate. If it goes higher, I'm participating. But I'm not chasing it, because I do think that tech is gonna, tech is gonna see a drop.

kpolcari: And when it does, then I'll put more money. But until then, I'm looking at other sectors, and, like, consumer staples has underperformed the whole year. In fact, I think it's slightly negative on the year. Let me just look what it is right now.

kpolcari: Yeah, it's down less than 1%, so… but it's been negative the whole year. That is by far the worst performing sector, but yet I think in a volatile, kind of anxious, driven year that I think we're going to see in 26.

kpolcari: Consumer staple names are big, boring names, but they're good dividend payers, and they're things that you need, right? You need toilet paper, you need toothpaste, you need soap, you need stuff that you need are consumer staples, right? The discretionary stuff, I think, is the stuff that's going to underperform next year, because people are going to become more cautious.

Kevin Dougherty: Because the results…

kpolcari: Yeah, especially if the economy starts to really slow, which I'm still not sure I believe the economy is slowing as much as they want us to believe it is.

Kevin Dougherty: Right.

Kevin Dougherty: No, I don't… So there is… so, like you mentioned, there is a volatile… it is… it is…

Kevin Dougherty: Politics play a large role in this, right?

kpolcari: 100%.

Kevin Dougherty: And we just talked about

Kevin Dougherty: like, everything reaches equilibrium, right? But you do have that ebb and flow, right? That swing. The momentum that pushes it this way, it takes the same momentum to push it back, and you have that inverse, right? Just like a pendulum. So everything swung left during 2020,

Kevin Dougherty: People didn't like it, they swung hard right.

kpolcari: Right. And now, all of a sudden, they're getting hard right, but…

Kevin Dougherty: You know, it's one of those, like…

kpolcari: You gotta come back to the middle, for sure, right?

Kevin Dougherty: Back to the middle, are they gonna overcorrect?

kpolcari: Well, that's all right, the pendulum always swings too far left and too far right, so it tries to come back to the middle. So, you know, we could see it overcorrect a little bit, which is why I'm saying, I think if it overcorrects, that's when you might see a little bit more, a little bit more of the far left

kpolcari: candidates kind of taking the spotlight. Look, Jasmine Crockett just announced that she's running for Senate, for the Senate seat in Texas.

kpolcari: you know, in my opinion, she's way far left. She's like AOC, she's like Mondami, she's like the woman out in Portland. I think that's… and so, to me, that's the first signal of what we're gonna see next year, in the 2026 midterm election. And listen, don't forget that the party in control, the party in the White House.

kpolcari: typically loses in the midterm… in the midterm elections, right? So it's expected that the Democrats are gonna take back the House in November. The Republicans will maintain control of the Senate, the President will still be a Republican, so therefore, what are we gonna have? We're gonna have gridlock. You know what the market loves?

kpolcari: gridlock. You want to know why? Because nothing really gets done. You can't go too far left, and you can't go too far right. Most everything that gets done has to get done in the middle, and the market's okay with that.

Kevin Dougherty: just like the real estate market, you look at New York City, you have investors pulling out left and right because they anticipated Mondami winning, he won, and they're pulling.

kpolcari: And so, at some point, you know, prices are going to start to go down, because people are going to want to get out. That's gonna… it could create a long-term opportunity, but here's the thing that Mondami wants to do. Mondami is now… it's starting with people that want to sell buildings.

kpolcari: Not individual apartments. But landlords that want to sell buildings, he's proposing that they have to offer the sale of the building to the city first.

kpolcari: Before they put it out on the public market, because the city wants the right of first refusal to buy that piece of property. But what the argument is, is that the city's gonna drag their feet, right? Say you want to sell this apartment building, you say, fuck it, I want to sell it.

Kevin Dougherty: And so…

kpolcari: And so now you have to go to the city, say, okay, I'm selling this apartment building, it's, you know, whatever, $20 million. And the city says, okay, and they just take their time, and a week goes by, and a month goes by, and two months goes by, and you can't sell to the public market, because he's proposing that the city has to make the first decision.

kpolcari: And if the city drags their feet for months at a time, you're potentially gonna lose out.

Kevin Dougherty: and you're gonna be… you could be bankrupt. I mean.

kpolcari: Correct! Correct!

Kevin Dougherty: Smaller investors are not going to get into the market like that.

kpolcari: 100%. Just wait till it starts happening with individual apartment units, when the city says you have to offer it to the city first before you can put it on the public market. Just wait till that starts to happen in New York.

Kevin Dougherty: Now, you're saying… so I don't know 100% about the market in New York. Like, when somebody sells an… like, you don't sell an apartment, it's titled to the property owner.

Kevin Dougherty: Right? Or do they have… do they have deeds on apartments?

kpolcari: No, yeah, of course I do. Yeah, you can buy an individual apartment. My daughter owns an apartment in Manhattan.

Kevin Dougherty: Okay. When people say they own an apartment, that's their home, so I just assume they're just referring to renting a place.

kpolcari: No, no, they're not renting it, they own it, right? There are certain rentals in New York, but Mike, there are plenty of people that own apartments in New York.

Kevin Dougherty: Oh, okay. So they just structure the deed so that you own a portion of the building.

kpolcari: You won't

kpolcari: You own the apartment in the building. Yeah, you own the apartment in the building. That's it. You don't own the building, you don't own the common space, you own just the apartment and the building, right? And then there's usually, what, like an umbrella, like an HOA or something that manages the.

Kevin Dougherty: Yeah, you have a monthly maintenance fee that you pay into that supports the rest of the building. Right, the roof, the heating structure…

kpolcari: roof, the common areas, the, you know, all that stuff.

Kevin Dougherty: With building code, paying the property taxes.

kpolcari: No, no, the property taxes… well, the building will pay the taxes on its own building.

Kevin Dougherty: You pay your share.

kpolcari: You have to pay your own taxes on your apartment, right?

Kevin Dougherty: Oh, okay.

kpolcari: That's all built into the… well, in condos, it's actually a separate tax bill that you pay. In a co-op, it's built into the, the monthly maintenance fee.

Kevin Dougherty: Okay, see, something I… I, like, I… usually I'm, I play solo.

kpolcari: But in Manhattan? No, no, absolutely, you buy and own in Manhattan, you could also rent in Manhattan, but you buy and own, right? And now, I can't wait till he starts saying to individuals, no, no, no, you have to give us the right of first refusal, because what he's trying to do is he's trying to create housing for everybody.

kpolcari: Right? That's what he wants to do.

Kevin Dougherty: So why doesn't he apply this to the rental market? You want to go rent your apartment out while you're…

Kevin Dougherty: You know, why wouldn't you… oh, I'm sorry, you have to… you have to give us the option to place a tenant there for your price first.

kpolcari: Well, that hasn't come out yet, but I…

Kevin Dougherty: I know, but it's coming.

kpolcari: I wouldn't be surprised if that's gonna be the next thing that comes out, is that the city's gonna go in and say, we have the right of first refusal to rent the apartment.

Kevin Dougherty: And you're gonna get some grub in there that doesn't care, that doesn't…

kpolcari: If you… if you… you know, if I want to rent my apartment for $5,000 a month, and the city says we'll pay you $3, I could say no.

kpolcari: Right? I'm not gonna rent it for 3. If you want to pay 5, you can have it.

Kevin Dougherty: Right. But that's gonna be… that's why I think that's gonna be a little bit more… it's really the high… it's really the sale of the apartment building, I think, that's gonna show the first signs of stress, because.

kpolcari: If you have to offer it to the city first, and the city just drags their feet, you know, weeks go by, months go by, and you can't sell it anywhere else, and the market's getting hit, the value of your property's just going lower, you can't control it, because he's not gonna let you. Or at least that's what he's… at least that's what the conversation is. Now, do I think…

kpolcari: Do I think the City Council's gonna go along with that and say, yeah, that's a good idea? I don't know. The City Council might, but if they do, I suspect there's gonna be a massive backlash, from.

Kevin Dougherty: Between…

kpolcari: Between… you're talking about residents, investors…

Kevin Dougherty: Taking it right to the courts? I mean, are we…

kpolcari: Well, take it to the courts, take it to… take it to, Albany, up to the state, up to the state, right? Because remember, next year is Kathy Hochul's.

Kevin Dougherty: It is…

kpolcari: She's up for re-election, right? So Kathy Hochul's gonna try to maintain this fine line. How far left is she gonna go? How far is she gonna support Bundami? Is she gonna tell him, back off, go slow? You're going too much? I don't know. We're gonna see how that unfolds, but what I'm saying is, this is all… all this is gonna create the volatility that I think we're gonna see in the early part of the year, because it's gonna happen every state, right? I mean, that's not gonna happen in every state, but the…

kpolcari: The election is happening in every state.

Kevin Dougherty: Sure, sure, and in New York, I'm very… I'm very hopeful in New York, but that's how I am every year, and what ends up happening with something like this, it's like being a Buffalo Bills fan, right? You're very hopeful, you look like you're gonna pull it off right at the final moment, and then you just… you squeak by with a loss, and you're just like, man, you know, where's… where's our people?

kpolcari: But life where you are, life in New York where you live, is very different than life in New York in the city.

Kevin Dougherty: Oh, sure, sure, and that's… You know what I mean? But they usually control a lot of the voting base of New York.

kpolcari: That's right. That's right.

Kevin Dougherty: And so, like, you know, somebody like me who might lean more Lee Stefanic.

Kevin Dougherty: Rather than, you know, than Kathy, and Kathy's sitting there…

Kevin Dougherty: it's… Kathy Hochul is the… is New York's version of Kamala Harris, in terms of that she is… you… you fail up on the Democrat side. So a lot of times, she… somebody like her is gonna fail in the upward position, landing herself back into a New York seat the same way she landed herself into prominence.

kpolcari: And then… Thank you.

Kevin Dougherty: A friend of mine who has moved himself up in the legal system, once told me when he was my lawyer, pigs get fat and hogs get slaughtered, and that's what happened to Andrew Cuomo. Like, he went along, and he thought he was untouchable, and he was take, take, take, take, take, and he

Kevin Dougherty: Took too many of the wrong, you know, state trooper…

kpolcari: Yep.

Kevin Dougherty: butt grabs, and he… he failed his way right now.

kpolcari: Yeah, I hear you. I think… I think after what just happened, I think… I think his… his…

kpolcari: political days are over. I don't think there's anything left for him.

Kevin Dougherty: I never wanted… I mean, I never wanted him to win so bad.

kpolcari: Right. I hear you. I hear you. But I will say, you know, that, that Mondami, say it for what it is.

kpolcari: you know, he put on an outstanding social media campaign. You know, Instagram, TikTok, all that shit. He brought… he appealed to the young class, and he got them off their feet and out into the fucking voting booths.

kpolcari: The other part that I thought was amazing was that the weekend before, the Saturday night before the election on Tuesday, he put out an Instagram video or a Twitter video, I forget where it was.

kpolcari: It was about him traveling around the city at midnight, going to all these different nightclubs.

kpolcari: Really? And rallying these… the troops of all these young people. And the funniest one that I saw was he went to a gay nightclub in Brooklyn. Now, here is a Muslim man who's anti-gay, right? Because you know what they do to gay people in Muslim countries? They kill them.

Kevin Dougherty: Right.

kpolcari: Support them. They kill them. And here he is in this gay club in Brooklyn, and they were fawning over this guy. Fawning over him. Right. And they were cheering him on, and he kept saying, you know, come out and vote, come out and vote. And I'm saying to myself, I'm looking at the video, I'm going.

kpolcari: Do these kids even understand what would happen to them if they lived in the country that he left?

Kevin Dougherty: I mean, tell them to go spend a week in… go spend a… go spend a week in Dearborn. Like, you might not…

kpolcari: Easy to me.

Kevin Dougherty: You might not walk down safely through the streets in Dearborn, Michigan.

kpolcari: It is absolutely crazy to me, but he created this… this aura around himself .

Kevin Dougherty: Charisma has a hell of a…

kpolcari: I gotta tell you, it was nuts. And, you know, I'm watching it, and I'm saying, you know, you have to give them credit, whether it was him, whether it was his media team, whoever it was, they were very successful in creating a social media campaign that blew the roof off the place.

Kevin Dougherty: Because…

kpolcari: Because he won by a landslide, and it was on the younger set that voted for him.

Kevin Dougherty: And younger people don't under… like, there's… there is a… there's a disconnect there, because, like, guys like me, I'm following tons of this… tons of politics, I'm following… I'm trying… I don't follow the market like you do, but I follow politics every day, and so I've got a good thumb on the pulse.

kpolcari: And there's a lot of people that don't.

Kevin Dougherty: And so all you do is, you put out a marketing campaign where he goes out and says, see? He came out, and he danced with us, and we're gay, and blah blah blah, and the Republicans are wrong.

kpolcari: 100%. 100%. It was crazy to me when I saw that… when I saw that video. I thought to myself.

Kevin Dougherty: And it was a… it was a gay club, so they were mostly men, right, versus… Right.

kpolcari: Right? Mostly men. And they had the… they had the camera, and the guys were dancing, and they were cheering him, and they were running around. I'm sitting… and I'm sitting there looking at my… looking at this video, and I'm going, oh my god, like, these people have no idea what they're doing. None!

Kevin Dougherty: Right, right, and then it's… then it turns… the issue is, and I don't think they see this, and it might not happen with Mondami particularly, but at a certain point, the door shuts on the boardroom.

Kevin Dougherty: in the movie Goldfinger.

kpolcari: Yep.

Kevin Dougherty: And that's when Goldfinger steps out of the room and the gas starts. You know what I mean? There's a certain point that you turn on the people that put you there, that's how Stalin ended up in power, Hitler… Lenin got, you know, Lenin got poisoned, you know what I mean? Like…

kpolcari: Yeah, no, 100%, which is why, you know, I have to be honest, look, I spent 40 years in New York City, right? I worked there, I lived there, I hung out there, I had lots of friends. I gotta tell you, when I go back now for business and whatever.

kpolcari: I go in, I'm there for a couple days, I'm like, get me out, because I don't like what I see, I don't like how I feel, I don't like going down in the subways, I don't like walking on the streets. Here's the other thing, he's now gonna, unlike Adams, who swept up, you know, homeless tent cities on the streets, he's came out, he came out yesterday, he says he's not, he's not disrupting… if they want to build 10 cities on the streets of Manhattan, let them build it.

kpolcari: And he's got no interest in taking them off the streets, trying to get them into shelter. No, because there's dignity in living in your tent structure in the middle of Manhattan. If that's where you want to live, then that's where you want to live. And he came out, it was a big story in the New York Post yesterday, where he said he's not going to do it. He's not gonna… he's not going to disrupt the tent cities. Can you… it's gonna look like…

kpolcari: LA or San Francisco, if you can imagine.

Kevin Dougherty: What was that? It was… I think… I think it's gonna look more like that Marvel movie where, Jeff Goldblum runs, the Land of the Lost.

kpolcari: It's crazy to me, and if I have to fly to New York, and go there, and walk through that, and be there, guess what? Why do I have to go? I can do it via Zoom. I don't have to go to New York. I don't have to pay $600 a night to stay in a Holiday Inn Garden Inn, because that's what they cost.

Kevin Dougherty: Right. I…

kpolcari: If you want to go to a Holiday Inn, it's $600 a night by the time they add in all the taxes.

Kevin Dougherty: The bed tax. Oh yeah, the bed tax, it was just another one.

kpolcari: It's ridiculous! You know,

kpolcari: And to get there, and they got the congestion tax now in the city, you drive in from the… you're in a cab or whatever, they get hit with another tax. It's crazy. So, I'm gonna tell you, if they start building 10 cities around New York City, everywhere you walk, why would I go?

Kevin Dougherty: under District 9.

kpolcari: No interest in going.

Kevin Dougherty: Right, my sister, she had her bachelorette party, in, Breckenridge.

Kevin Dougherty: Colorado.

Kevin Dougherty: And we went up there, and I'd never been that far west, and we… me and the missus, we went out there, and we actually got engaged out there, just because it was beautiful. Yeah. And it had nothing to do with, like, we get into downtown Denver when we arrive, right? And then we head out to Breckenridge to meet my sister.

Kevin Dougherty: But it's just like, man, you go there, and like, that's what New York City's gonna look like, because downtown Denver is…

Kevin Dougherty: It is terrible!

kpolcari: I haven't been to Denver. I haven't been to Denver in a long time, so I don't know, but…

kpolcari: I know LA, I know San Fran, I know Santa Monica, and if New York City's gonna start to look like that, I got news for you. Like, why am I going?

Kevin Dougherty: I haven't been in New York City.

kpolcari: with money and stay… like, why? Doesn't make sense to me.

Kevin Dougherty: Right, yeah, you could just… you could go anywhere else.

kpolcari: You can go to a hundred other places, right?

Kevin Dougherty: Right. So, yeah.

kpolcari: And if I have business in New York, I can certainly do it on Zoom.

Kevin Dougherty: Right. If I have to be on… if I have to be on television in New York, I can certainly do it on… at a local studio here like I do.

kpolcari: Yeah, so, you know, it's gonna be very interesting to see how this plays out, but this is gonna add to some of the volatility, I think, that we're gonna see in the markets next year, at least in the first part of the year. I think it starts to, as we get closer into the summer, and then you start to see the candidates and who they are, and you get a better sense of how it's gonna play out, understanding that expected Democrats to retake the House.

kpolcari: And if that's the case, then we'll have… we'll have a gridlock.

kpolcari: Because the Republicans are not expected to give up the Senate, so, the market will be okay with that, right? Right.

Kevin Dougherty: Damn.

kpolcari: That's what I want out of my government. I… at the highest level, I want…

Kevin Dougherty: Right. No movement.

kpolcari: Right. I want…

Kevin Dougherty: It's… it's like looking into the solar system, like, there's not major changes in the galaxy.

kpolcari: Right. Right? Because if you had the changes that you have in your household.

Kevin Dougherty: in the galaxy, like, that's earth-shattering. That'll destroy the planet that you live on, you know? And so, like, the slower you can move the highest points.

kpolcari: Yup.

Kevin Dougherty: That's also how I want my power distributed, but, you know, that doesn't… that doesn't happen.

Kevin Dougherty: But anyway, okay, what else?

Kevin Dougherty: Well, if New York City's turning into a shithole, we'll, we'll be glad to, we'll be glad to host you here, Kenny. Anytime you want to come visit New York, and you don't want to go to the city, in the spring or summer, we will show you, or even, it's pretty in the fall, too, so…

kpolcari: Yeah, listen, they were talking about housing prices, once again, and Connecticut are going through the roof. Housing prices in Westchester County, New York, are going through the roof, because people are… people are saying, I don't want to stay here. I don't want… I don't want to… I don't want to do this.

Kevin Dougherty: That's… yeah, my mom lives in New Milford. That's, that's where the… that's where my mom and her wife live, and they… we just came from there.

kpolcari: And I think that… I think that, I think that, you know, housing prices down here in Florida are once again, gonna start to move higher again, because you can already see it, right? People, once again, are starting to look to Florida, Tennessee, Texas, as alternative places to live and work.

Kevin Dougherty: Yeah. Yeah. Oh, me and the missus, we've been looking, you know, the 10-year plan is still possibly move, we've been kind of thinking about Tampa. You know, it's one of those, like, hey, you know, it's, you know, if you're in the HVAC field.

kpolcari: I will tell you that, you know, the demographics in Florida… I'm on the East Coast, right? I'm in Jupiter. The demographics in Florida have changed dramatically, as I started with COVID, right, when people started to come down. So, you know, I laugh because I go back to New York, and people break my balls all the time about, you know, living in Florida, and it's all old people, and they're all dying. I go, you keep thinking that.

kpolcari: Because it's not the way it is at all. You come to Jupiter, you come to West Palm Beach, it's exploding. They are building like crazy in West Palm Beach, and there's all these young people that are coming down, they're getting out, they're coming other places. There's a whole life down there that's all very young.

kpolcari: And the same is happening up and down, you know, up and down the coastline, at least from here down, from Palm Beach, say, North Palm Beach all the way down to Miami, for sure.

kpolcari: So it's a very… it's a very dynamic place. Look, is it New York City? No, but it's… but it's got a life of its own, and it's got a personality of its own. And I gotta tell you something. Life isn't so bad down here.

Kevin Dougherty: Yeah, no, I… I, I'd like to give it a whirl. But it's one of those…

Kevin Dougherty: I still don't think I'm ever gonna remove my foothold from New York. Yeah. I mean…

kpolcari: Yeah, and listen, and I hear you, and my wife would love to go back to New York sometime, and quite honestly, depending on how it plays out, I wouldn't mind going back and having a place in New York City at some point, but I'm not doing it yet. I want to see how this whole thing plays out.

Kevin Dougherty: Right, yeah, there's a war going on.

kpolcari: It is an exciting place. We've got family up there, one of my daughters lives up there, all that stuff, but but, you know, we'll see. At the moment, though, I got no interest. Zero.

Kevin Dougherty: Right, and that's… and that's something that excites me about the real estate market, and that's why I just like it, because I'm in and out of it all day long, I'm fixing things, I'm, you know, I'm looking at how the market's changed, especially with how the internet works. You know, you can buy a place and Airbnb it.

Kevin Dougherty: You know, and then you can just book yourself the spot in the Airbnb, and then you can have your own little circuit.

kpolcari: Yeah, but you can't do that in New York City anymore, right? They outlawed Airbnbs in New York.

Kevin Dougherty: Oh, did they? Okay.

Kevin Dougherty: Of course it is.

kpolcari: Yeah, they outlawed them because, first of all, they were getting all kinds of pressure from the hotel industry, right? And they were getting pressure from, you know, the condominiums and the cooperatives, they were all… What'd love for that.

Kevin Dougherty: three markets.

kpolcari: Yeah, because, you know, there were… there were… there were… there were… especially in co-ops, where you have to go through, you have to be approved, and you have to go, you have to go and audition in front of the… in front of the board, and all that shit, and now, you know, you want to… you want to Airbnb your apartment, so now you got… you got strangers coming in and out of the building every other week, and they said, no, no, no, not happening. And so you can't do an Airbnb anymore. I mean.

kpolcari: There are people that do it very, very quietly, but if the city catches you, they're gonna hit you with a big fine.

Kevin Dougherty: Right, right. That makes it cost prohibitive, right?

Kevin Dougherty: So, it's…

kpolcari: It'll be interesting. But yes, in other parts of the country, you could certainly do that. Right.

Kevin Dougherty: Well, they do it in Florida, but the downside with Florida is there's a lot of HOAs down there.

Kevin Dougherty: And a lot of those HOAs… There are a lot of HOAs. Yeah, no, there are a lot of HOAs.

kpolcari: partly because, I guess, a lot of them are gated communities, right? And so, therefore, they're all very conf… confined and controlled, and they maintain everything, and the.

Kevin Dougherty: Right.

kpolcari: They want everything to look the same. They don't want it to be…

Kevin Dougherty: Sure, they don't want my volatility going into your stable account, right? You took an investment in something stable.

kpolcari: Right. My yard, and my lawn, and my grass is perfect, and then the house next door to me, you know, they're not watering the grass, the bushes are… the bushes are half-dead, the ceiling… the roof needs to be replaced, it looks like a dump. They don't want that, right? So they want uniformity, they want everybody… That's why they moved out of New York!

kpolcari: So, you know, that is… that is an issue, because some people don't like the fact that, you know, that they have HOAs, but I don't actually think it's… I don't actually think it's a problem. The only problem that becomes a problem is when you get somebody on the HOA board that becomes, impossible to deal with, because a lot of.

Kevin Dougherty: Right.

kpolcari: Suddenly, they feel powerful.

kpolcari: And then they become impossible to deal with, and that screws up the whole thing, but…

kpolcari: For the most part, you know, I don't… I don't mind it. I live in a condo association, we have an HOA board, but the place is maintained, I don't have to worry about it, the buildings are painted, the lawn is cut, the bushes are trimmed, the trash is picked up, the place is swept clean, you know what I mean? It's very… it's very lovely.

Kevin Dougherty: Right. One of the things I brought up to the missus is a thought for just even moving, right? Relocating.

Kevin Dougherty: Which is a huge topic nowadays, because nobody ever talks about relocating. They're just, you know, hey, my dad was born in this town, I've gotta, you know, stay in this town, and people don't seem to understand that they should move where the opportunity is, and move where they can survive and sustain themselves, you know?

kpolcari: Correct.

Kevin Dougherty: But one of my biggest issues was, hey, what do you do about…

Kevin Dougherty: I was telling her, I was like, you know, like, we talked… we discussed, everything, you know, reaches equilibrium, so you have Florida's getting flooded, it's a red state, it's getting flooded with people just leaving. You're not, you know, you can't regulate how many people that are blue and red, so you get a big… now, all of a sudden, Florida becomes a purple state.

kpolcari: Well, it's funny, because from Palm Beach down to Miami, it's turned blue, because there were a lot of New Yorkers that came down, and that segment of Florida has turned blue, but the rest of the state is red. Very red. Gotcha. And so it's not purple yet.

kpolcari: But that is also one of the things, too. Don't come here if you're gonna come here and bring your politics, like, you, you know, we're not gonna be a blue state.

Kevin Dougherty: Right, right, yeah, and I, you know, and it's also one of those things, though, you know, if I don't move because I'm afraid of something, what is… what's the old adage? Scared money don't make money.

kpolcari: Yeah.

Kevin Dougherty: You know, so if you're always scared of something, then, you know, you'll be scared of everything, and that's kind of the…

kpolcari: Yeah.

Kevin Dougherty: So, sometimes you gotta take risks, but, you know, obviously.

Kevin Dougherty: it depends on where you are in the life cycle, right? So, like, I should be taking more risks than you. You're gonna sign right up for the HOA.

kpolcari: 100%, 100%.

kpolcari: But,

kpolcari: you know, it makes it… it makes it all very interesting. I'll tell you, you know, I've been here for already… I've been here for 7 years already. It's like, it's hard to believe that 7 years has gone by that fast.

kpolcari: But it's funny, I, I…

kpolcari: I, you know, we've made lots of new friends, we've got a social life down here, we've got… they're not the same friends we had in New York. You know, they're different, they're new friends, they're new people, they're new experiences, they're people from other parts of the country. So, so…

kpolcari: you know, I have absolutely no issue with it all, and I, you know, I'm the chief market strategist at this wealth management firm, I gotta… I'm happy where I'm at, I represent the firm, I do a lot of television, I have a lot of public speaking, podcasts, I host a podcast on the Yahoo Finance channel, so I got a lot going on. So, I'm busy, I enjoy that, I enjoy the markets, I enjoy talking about them, I enjoy talking about

kpolcari: helping people, you know, design and build long-term portfolios, right? I'm not a day trader, I never was a day trader. No, go knock yourself out if you want to be a day trader, but if you want to talk about putting a plan together, I'm right there with you.

Kevin Dougherty: Right. Kenny Paul Carey?

kpolcari: Sleepstone Wealth.

Kevin Dougherty: So, yeah, no, I'm…

Kevin Dougherty: Man, I'm… I'm excited for the future. I… you know what I mean? I'm not sitting here, like, at the edge of my chair, just waiting to bolt from New York, but I, you know, I like to sit back and watch. Like you, I've learned my… I just… I learned my lesson. I don't… I'm not cut out to be a day trader. I invest in something, and…

Kevin Dougherty: I'll lose my shot.

kpolcari: That's right. And so, look, a lot… unless you're really committed, and you're sitting in front of your computer all day long, because you can get… you can… if you want to be a day trader, but you want to walk away from your computer and go do, you know, a million things, come back 5 hours later, you know, you're running a risk.

kpolcari: Because the.

Kevin Dougherty: Bigly.

kpolcari: on a dime, and the speed at which, the swiftness at which it can change because of the technology can really cut you bad, right? And then these people now trading, you know, they think they can trade levered ETFs, which aren't really meant to be, investments. Those are meant to be strategic… you use them strategically, very short-term in nature, if you're gonna buy, like, a triple-levered

kpolcari: shorter, triple of it long. It's not something you buy and hold, it's something you buy, you know, it's very… it's a very tight period of time. You have a view over the next

kpolcari: week, or, you know, now you have this view that the Fed's gonna come out tomorrow, and they're gonna… and they're gonna, you know, they're gonna cut rates, but they're gonna lean hawkish, and the market's gonna trade back a little bit, so you might want to go long the SPSX, which is getting short the market.

Kevin Dougherty: You're right.

kpolcari: market trades lower, that actually rises in value. But it's triple-levered. So if the market doesn't do what you think it's gonna do, and the market rises in value, you're gonna get your… you're gonna get your… you're gonna get kicked in the guts, because that will lose money faster, because it's triple-levered, right?

Kevin Dougherty: Right, right, right.

kpolcari: Same way it'll gain money faster, because it's triple leverage, it will lose money faster because it's triple leveraged.

Kevin Dougherty: highly volatile.

kpolcari: Right, and so people need to… they need to… they need to make sure they understand what they're trading and how to use them, because there are very specific reasons on why you would use something like this.

Kevin Dougherty: There's a lot of people out there, too, that are not… don't have… they don't have yours or my best interest at heart, either. What's the,

Kevin Dougherty: There's those guys out there that are just willing to sell ketchup popsicles to a lady in white gloves.

Kevin Dougherty: And they're just…

Kevin Dougherty: you know, they don't care the consequences, their goal is to sell you that popsicle, and there's, what was that, Blue Streak?

kpolcari: Blue streak, I think, yeah. Yeah. Anyway, all right, listen, pal, it's 5… it's 6 o'clock.

Kevin Dougherty: Alright, buddy. What is it that… what else did you want to talk about that we didn't talk about?

Kevin Dougherty: You're… you got any, your…

Kevin Dougherty: Well, I just want to make a mention out there to all my viewers that, you know, if you're looking for great

Kevin Dougherty: dishes for the.

kpolcari: Feast of the…

Kevin Dougherty: 7 fishes, you gotta check out Kenny Polkary on Substack.

Kevin Dougherty: He does a delicious meal at the end of every… or a dish at the end of every one of his posts. It's not every morning, as much as you'd like it to be.

kpolcari: I… well, there's… it is in every note that I write, but I don't necessarily write the note every morning. If I'm traveling, I won't write the note, right? Because it's a free note, so it's not like anyone's paying me for it, but I do write this daily market commentary note, right? And I bring my 40 years of institutional experience that I spent on the floor of the exchange, and I bring it to, you know, to the masses, and I talk about what's happening, I talk about what's important, not important.

kpolcari: and then at the end of the day, I feed you. Now, it's Christmas time, right? It's December, so in my household, in an Italian household, Christmas Eve is the greatest night of the year, right? We do the Feast of the Seven Fishes, and so we make seven different fish dishes

kpolcari: for dinner on Christmas Eve. And so, today I gave you recipe number 6, and tomorrow's recipe number 7.

kpolcari: So…

Kevin Dougherty: life.

kpolcari: We'll go back.

Kevin Dougherty: If you want those recipes, you gotta follow Kenny Polkary on Substack, and

Kevin Dougherty: And we just gotta get your more friends down in Florida.

Kevin Dougherty: Kenny, because I think you mentioned that you don't make the full 7 meals on.

kpolcari: Well.

kpolcari: Well, because when I lived in New York, you know, it was all… the whole family was around, so on Christmas Eve, there would be 50 or 60 people at my house, and so you would make it. Now, I'm down here, so there's not… you know, my kids come down, but there's only, you know, there's only 8 or 10 of us, depending on the… depending on the night, so I won't make all seven, I'll end up making 3 or 4 of the 7, because… who's gonna eat all that fish? There's only eight of us, right?

Kevin Dougherty: Yeah, right, that's, you know…

kpolcari: You know, everyone ate it.

Kevin Dougherty: I got a family of six, you know, in just the… just in the household.

kpolcari: I'm down, if you like to…

Kevin Dougherty: Oh, I love fish. Yeah, I think the missus, she holds away from it, but the rest of the kids love it, so it's one of those…

kpolcari: It's still… it's lobsters, it's stuffed alamatis, it's shrimp, it's scallops, it's filet of sole, it's, it's salmon, right?

Kevin Dougherty: Yeah, so we'll, we just gotta get more… we just gotta get you to get more friends to come visit you on Christmas.

Kevin Dougherty: So you can get the full… the full ante again.

kpolcari: experience.

Kevin Dougherty: That's right.

Kevin Dougherty: Alright, Kenny, well, let's try to reconvene.

Kevin Dougherty: You wanna shoot for April again? Last, last year, this past year, we did it on my birthday, so maybe we'll…

kpolcari: Put it down on your calendar, and then just hit me up a couple of weeks ahead of time, and we'll put another one on the calendar.

Kevin Dougherty: Sounds good, Kenny. I appreciate it, buddy. I'm sure we'll be in touch.

kpolcari: I will talk to you, have a great Christmas, a Happy New Year, be well, be safe, stay warm.

Kevin Dougherty: Oh, we'll try.

kpolcari: Right.

kpolcari: And take good care.

Kevin Dougherty: Alright, buddy.

kpolcari: Bye-bye. Yep, bye.