Lots More With Stinson Dean on Crashing Lumber Prices

SPEAKER_1 (0:03)

Bloomberg Audio Studios, podcasts, radio, news.

Joe Weisenthal (0:10)

Are you guys doing anything interesting for 4th of July?

SPEAKER_1 (0:12)

Nope.

Joe Weisenthal (0:15)

Well, it was nice talking to you Joe.

Tracy Alloway (0:17)

You know, out in East Hampton, they don't do fireworks on the 4th of July.

Joe Weisenthal (0:20)

It's a good thing we're not having a conversational podcast or anything.

Tom says, you've got to watch the puck when you're on the bench, Tom Heen. And I'm not, is that an insult? What does that mean? I don't understand hockey. When you're not playing, you have to watch the game.

Tracy Alloway (0:34)

Is this about your face? I don't know why he's on the bench, but.

Joe Weisenthal (0:39)

Yeah, why am I on the bench?

Tracy Alloway (0:41)

Yeah, well, maybe if you're on the ice, you would have been paying closer attention.

SPEAKER_4 (0:45)

Yeah, you can't.

In hockey, when you're on the bench, you're exposed. So if you're not paying attention, you could get hit in the face with a puck.

Joe Weisenthal (0:52)

Why don't they just build like a little protection thing, like in baseball, like a dugout?

SPEAKER_4 (0:58)

They get on and off the ice by jumping over the wall.

Joe Weisenthal (1:00)

Man, I hate sports.

Tracy Alloway (1:08)

I did a deadlift. One, two, three.

I went too.

Joe Weisenthal (1:12)

Gemini. Barges.

Tracy Alloway (1:15)

This is an after-school special, except.

Joe Weisenthal (1:17)

I've decided I'm gonna base my entire personality going forward on campaigning for a strategic pork reserve in the US.

Tracy Alloway (1:23)

Where's the best squid in pasta?

Joe Weisenthal (1:25)

These are the important questions. Are there robots taking over the world?

Tracy Alloway (1:28)

No, I think that like in a couple of years, the AI will do a really good job of making the Odd Lots podcast.

And people will think, I don't really need to listen to Joe and Tracy anymore. We do have.

Joe Weisenthal (1:39)

Cha-ching.

Tracy Alloway (1:43)

Welcome to Lots More, where we catch up with friends about what's going on right now.

Joe Weisenthal (1:47)

Because even when Odd Lots is over, there's always lots more.

Tracy Alloway (1:51)

And we really do have the perfect guest.

So for those who don't follow Tracy on Twitter, which you should all be, she posted this freaky photo, that at two in the morning, that everyone thought was like Halloween or like costume makeup, because you have this big gash on your face. What's the story there?

Joe Weisenthal (2:11)

Someone said the Dow was a better index than the S&P 500 And so I had to fight them. Yeah, that's right.

You should see the other guy. Everyone look at Joe. No, someone threw a large platinum coin at my head and then ran off and I heard them say something about a trillion dollars. I'm not sure what that was about.

Tracy Alloway (2:28)

Cause that's interesting. Cause I thought it sort of looked like you got hit by a two by four.

I thought you got hit by like someone like slammed a big piece of lumber in your face.

Joe Weisenthal (2:37)

Actually, you know, I think that what that's what it was.

So unfortunately, I wish I had a dramatic story to tell about how I ended up with this like four inch gash on my forehead. But basically I was trying to hang a frame while standing on my bed and I fell off the bed and I'm pretty sure my face hit the frame. So like kind of a two by four. Yeah, sure.

Tracy Alloway (2:59)

It's a cool photo. I think you should make it your Twitter profile.

Joe Weisenthal (3:02)

Yeah, I might actually.

Tracy Alloway (3:03)

It's actually pretty bad.

Joe Weisenthal (3:04)

Thank you.

The stitches themselves aren't quite as glamorous, but I'm willing to live with them. But anyway, I'm glad you mentioned two by fours because there are some interesting things going on in the lumber market at the moment. And we really do have the perfect person to talk to Stinson Dean, president and owner of Deacon Lumber Company. We've spoken to him many times before about what happens in lumber.

Stinson Dean (3:29)

Yeah, the one piece of advice I've gotten in lumber trading is don't try to catch a falling two by four.

Tracy Alloway (3:36)

Classic, classic.

Stinson Dean (3:37)

Yes, yeah, we're in that now and Tracy's living proof of that.

Joe Weisenthal (3:42)

No, you know how I know lumber prices are falling?

It's because I just bought like all the lumber that we need for that giant shed. It's because I finished my acquisition and so inevitably prices start coming down.