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Noted geopolitical analysts and tequila enthusiasts, Adam and Jeff, turn their collective attention to the recent slaughter of more than 1,500 Israelis by Hamas terrorists crossing into Israel from the Gaza Strip on October 7th.    Jeff points out that that mainstream media beacons of journalistic integrity in the United States such as the New York Times and the Washington Post seem to be content to rely primarily on Hamas press releases so that they can write their articles quickly and efficiently--without having to bother with annoying tasks like checking facts and possibly even talking to the Israelis themselves.  Jeff and Adam find it sad that there are still many journalists urging that Israel not respond or simply declare a cease fire or somehow work with the Palestinians themselves to isolate Hamas--an approach that has been tried without any success for decades.  

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In yet another thought-provoking discussion about the do's and don't of investing in commercial real estate,  Adam and Jeff talk about how a buyer who has put a property under contract may not wish to trust the seller's assurances that the property is "fabulous!" but instead bring in some professionals to evaluate the property.  There are a number of companies that will help prospective buyers figure out whether the property is "fabulous!" or has one or more problems such as an unmarketable title or a stew of hazardous wastes on it that render it worthless even though it glows with many colors at night.  Jeff points out that a buyer will want to have an inspection company look at the property and the building to see if there are any subtle concerns such as a missing roof or a floor that has disappeared into a sinkhole.  A surveyor will determine if anything is encroaching on the boundaries of the property or, indeed, if the property has actual boundaries. Hazardous waste inspections will looks for signs that the seller may have dumped some volatile chemicals in the back to save on his waste disposal fees.  Finally, the title company will comb the public records and determine if the property has been adversely impacted by prior owners in such a way that it cannot be used for the purposes intended by the buyer.  Assuming that everything goes well with the inspections, then the purchaser can approach the bank and beg for enough money to help close the deal.  Adam points out that banks are always happy to lend a helping hand except when you actually need a helping hand.

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In a move that has shocked both the political world and the corporate board of the Omaha Bugle, Adam announced the start of his 2028 campaign to become benevolent dictator of the United States.  Because the word "dictator" can have unpleasant connotations due to misunderstood historical figures such as Hitler, Stalin and Mao-- who were collectively responsible for the deaths of tens of millions of people--Adam outlines some of the policies that he will immediately adopt once he is swept into office on a wave of public adoration and idolatry.  With an eye toward making America number one in all things that matter, he proposes to fire the Congress, dismantle the federal bureaucracy, merge the different military branches into a single force with non-duplicative weapons systems, eliminate the IRS and replace it with a 10% national sales tax, and get rid of all preferences in hiring throughout society.  In the interim, he will also beef up his personal security detail to thwart any efforts to derail his march to absolute (but friendly) power.

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The Omaha Bugle‘s senior correspondents,  Adam and Jeff, examine the wisdom of the government’s latest efforts to convince people to give up their comparatively efficient gas appliances in favor of electrical appliances in order to save the world from a global climate catastrophe.  Or at least make them feel more socially virtuous for a while.  The use of efficiency mandates promulgated by untouchable government bureaucrats is a basic strategy of the new green theology.  Adam and Jeff wonder if any of these green theocrats have ever thought about the consequences of their actions in terms of costs and benefits, or if it is all simply a good, old-fashioned power grab. Unfortunately, the powers-that-be do not seem to understand that their attempts to make everything electric merely overloads an already-creaky grid that is still powered largely by fossil fuels.

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Adam and Jeff demonstrate their intellectual versatility by venturing into the Orwellian world of digital currencies. More specifically, they wonder what good can possibly come from the government, discontinuing actual, tangible dollars in favor of a digital currency that is controlled by the Federal Reserve. They argue that digital currencies may be a solution in  search for a problem because most people are fearful that the government could shut down the cash economy and then be able to control every transaction engaged in by every citizen.  Jeff declares that he is not a fan of this sort of financial voyeurism and worries that it is merely a pretext to seize control of every citizen’s bank account and thereby strongly encourage or discourage particular political activities.

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In continuing their Award-winning series on commercial real estate as recently recognized by the Azerbaijan Academy of Arts and Sciences, Adam and Jeff discuss the sad fact that there are not very many sellers who seriously underprice their properties.  Unfortunately, there is also an acute shortage of stupid rich buyers who will happily overpay for any nondescript piece of real estate.  Because both sides tend to arm themselves with financial and legal advisors and other buzz-killers, the parties to any commercial real estate transaction have to be willing to be realistic about the value of the property they are trying to exchange.  Jeff points out that real estate--unlike stocks or bonds--is a tangible asset that will not typically lose half its value in a single day.  But real estate is also illiquid and cannot be easily hidden from the view of nosey revenue agents.  Adam and Jeff also point out that they type of real estate you want to own depends on your own risk tolerance and your need for higher income.  The lower the risk, the lower the return.

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Always eager to show off their knowledge of all things related to real estate, Adam and Jeff continue discussing basic considerations for investors anxious to buy income-generating property.  They point out that it is dangerous to make sweeping statements about real estate investing because there are numerous markets throughout the country and various product types (multi-family apartments, office buildings, industrial properties, shopping malls, etc.) that can be a good investment in one market and a financial weapon of mass destruction (for the owner) in another market.  Banks like multifamily apartments because of the many tenants and the incentives they have to pay their rent so that they do not get tossed out by their heartless landlords.  Industrial properties are also a flavor of the day because they are simple to operate and do not typically require a lot of tenant improvement expenditures.   Jeff cautions that if you are planning to invest in a real estate project with others, that you should take any projections about the project with a grain of salt because no projection has ever been correct in recorded history.  Adam talks about his dislike for hotels as an investment because they, like restaurants, are very time-intensive and can become an all-consuming enterprise that still may not make much money.

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Adam and Jeff, who pride themselves on knowing almost everything about everything, turn to the wonderful world of commercial real estate and take their listeners on a gripping, scintillating trip through the due diligence process buyers use to investigate prospective acquisitions.  Adam points out that sometimes sellers exaggerate or even outright lie about the features and characteristics of their property but Jeff points out that mere puffery ("This is the best property on the block") is not a quantitative statement of fact.  Buyers of commercial real estate conduct physical inspections of the property to make sure that it has a floor, walls and a roof as well as plumbing and electricity.  Environmental companies are usually hired to see if there are any signs of contamination on the property itself or any nearby properties.  Adam and Jeff point out that you should never love a building so much that you skip the inspections because such a drastic move will almost invariably bite you in the rear end.  Jeff also points out that kind-hearted bankers willing to finance your purchase will make you promise to indemnify them forever for any environmental contamination on the property--and forever is a long time.

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Adam and Jeff,  who are both known for their fondness for Chinese cuisine, wander into the debate over whether China is fudging its economic statistics to puff up its presence on the global scene.  They discuss how the media and the government have sounded the alarm about a series of ten-foot-tall adversaries beginning with the Soviet Union in the 1950s, Japan in the 1980s and China in the 2000s to prove that the United States is going down the tubes.  The fact that China reports steady growth year after year, decade after decade is questioned and compared to the above-market financial returns that were claimed by Bernie Madoff for nearly a generation.  They cite studies by economists showing that China's real growth is probably at least 2% per year less than that claimed by the CCP, thus indicating China's economy may be much smaller than it has previously claimed.  Adam and Jeff also talk about China's dropping its youth unemployment statistics because they exceeded 20% and point out that it is nothing new for governments to bend the truth with the selective use of statistics.

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Noted social activists and corporate apologists Adam and Jeff talk about the prevalence of identity politics and the way in which it has caused certain groups to overreach and thus alienate much of the general population.  They discuss the Bud Lite fiasco where the company's marketing geniuses essentially ignored their core audience by hiring a trans spokesperson to try to reach a younger, wine-sipping audience that has no real interest in beer.  The assault on women's athletics by biological male competitors is also considered with Jeff attributing the blame to the sanctioning authorities who allow male athletes to compete in women's events.  Although the American public is generally sympathetic and fair-minded, Adam and Jeff point out that there is only so much in the way of preferential treatment that they will tolerate.  Adam declares that his benevolent dictatorship will not give any preferences to any cronies but will hire only those persons who are the best and the brightest--thus disappointing Jeff who was hoping to be named the Viceroy of Montana.