Live from Chicago with Jim Bianco and Jeff Kilburg (FvF Ep. 191)

**Ryan Detrick** (0:02)
Welcome to the Facts vs Feelings Podcast. I'm your host, Ryan Detrick, and I'm joined by my co-host, Sonu Varghese. Cutting through the noise each week, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, Chief Macro Strategist, taking out the boring and helping investors focus on what really matters.
Hey, everyone, you're in for a special treat. This week's Facts vs Feelings was incredible. We already recorded it last week from Chicago. Sonu, myself, the entire Carson team were in Chicago, the Windy City, for our second quarter summit with our incredible Carson advisors. Sonu and I were kicking around the idea of doing like a live Facts vs Feelings while we're in Chicago. And by the way, Chicago is Sonu's hometown, so we had some inside information on where we should go, what we should do. So we found the Swift Tavern right across the street from Wrigley Field. We did a live version of Facts vs Feelings. Opened it up to anyone, one of the come, some of our Carson advisors made it, industry friends made it, just a lot of industry people from Chicago came on over. And when we thought about it, we said, we want to make it feel like Chicago. We're right across the street from Wrigley, where we went to the Cubs game as soon as we were done. And Swift Tavern was awesome, they did a great job. And our friends over at Wisdom Tree, by the way, sponsored the whole thing, so shout out to Wisdom Tree. We were thinking, who do we want to have join us? And thinking about Chicago, you know, and well, I guess Mike Ditko was not available, so we had to go Jeff Kilburg over at KKM Financial, also a CNBC contributor, founder at KKM Financial and CIO. A big fan of Jeff, watched him for a long time. And then we also had Jim Bianco. Jim Bianco is a legend in our industry. He's the founder over Bianco Research. Both of them, along with Sonu and myself, we had a lot of fun. We talked about all the stuff that's happening out there. So many different angles and things we talked about. It was fun.
We had some laughs. I think the crowd enjoyed it. And this week we want to share it with all of you. So without further ado, here is episode 191 We are inching closer to 200 of Carson's Facts vs Feelings live from Swift Tavern in Chicago.
And we are live episode 191 of Carson's Facts vs Feelings.

**Barry Gilbert** (2:27)
Here at Chicago.

**Ryan Detrick** (2:32)
So we've never done one like this. Sonu, where are we again? What's the name of this place?

**Sonu Varghese** (2:35)
Swift Tavern, right opposite Wrigley Field. So thank you all. We have quite a crowd here, by the way. Yeah.

**Ryan Detrick** (2:42)
Well, I've had a couple beers. Sonu, why don't you start?

**Sonu Varghese** (2:45)
Yeah, it's just water for me. But so we have Jeff Kilburg here with us and Jim Bianco. Thank you guys.

**Jeff Kilburg** (2:51)
Pleasure to be here, guys. Go Cubbies. Yeah. Looking forward to it.

**Sonu Varghese** (2:55)
Jeff almost didn't make it.

**Jeff Kilburg** (2:57)
It was close. It was touching go. I think Kelsey had what? It was a 42 percent and ticked up a little bit.

**Ryan Detrick** (3:01)
Yeah.

**Jeff Kilburg** (3:01)
We got here. We got here, Sonu.

**Ryan Detrick** (3:03)
Sent us a message. I don't know. Tim this morning said, your plane had a little issue, but you made it. Jim, your ride was smoother. You're right up the road, right? I walked.

**Jim Bianco** (3:13)
I could have walked. I live this close to Wrigley Field.

**Jeff Kilburg** (3:16)
You're just rubbing it in my face now, Jim.

**Ryan Detrick** (3:18)
Everybody out here, can you hear us okay?

**Sonu Varghese** (3:20)
Good enough?

**Ryan Detrick** (3:22)
What do we want to talk about? Sonu, what do we want to start with? What are we going to do today?

**Sonu Varghese** (3:25)
I thought we would start with politics and religion. That's what Jim wanted to start with.

**Jim Bianco** (3:29)
I thought we'd start with our paychecks, politics and religion, and then we'll get into the sticky issues after that.

**Ryan Detrick** (3:34)
Spencer Pratt, no Spencer Pratt. We can go that route.

**Jeff Kilburg** (3:37)
Thumbsocks? Yeah.

**Sonu Varghese** (3:38)
Actually, let's start with this.
Are we in a bubble? Jim, are we in a bubble?

**Barry Gilbert** (3:44)
Is there a definition for one?

**Sonu Varghese** (3:46)
I was waiting for you. You can define it.

**Jim Bianco** (3:49)
Yes, and bubbles are the best things to invest in because they go straight up and you make a lot of money.