Sean Murray: Okay, we're back is Sean Murray again on deBanked TV
live. We had some internet difficulties, but we're back
online. I'm here today again with Allison Berger.
Allyson Berger: Happy to be here. You know, it's a Monday.
Not everyone's had enough coffee yet. So even though it's noon, a
little afternoon, some of us take a little more time to get
going in the morning
Sean Murray: Yeah, I would like to do a few takes anyway, even
if it's live.
Allyson Berger: Well,
Sean Murray: Keeps it interesting,
Allyson Berger: Yeah, you know, making sure you're really paying
attention. So funny. Well, Sean, you were just about to ask
about how my weekend was?
Sean Murray: Oh, right. Was I? Okay, well, how was your
weekend?
Allyson Berger: My weekend was great. I went to my old
neighborhood in Manhattan, and I walked around for a little bit.
And, you know, there's this weird in between feeling where
it's really sad and heartwarming, at the same time
in a really weird way, because it's walking around, and it's
like, oh, my favorite restaurant isn't here anymore. The nail
salon I would go to, isn't here, the coffee shop, all these
little small businesses that I would love to go to on a regular
basis, aren't there anymore. And it's just so heartbreaking to
see because, you know, you have memories at these places. And,
you know, people want to say in New York City isn't dead. And
you know, there are people out and about and doing things
because what we've been cooped up for so long that we want to
be out. But I think it is sad to say a little dead in the sense
of businesses being gone.
Sean Murray: Yeah, you know, Manhattan has kind of had that
issue for a while with retail anyway, they already had the
reputation of having a lot of a lot of apartments that were
filled. But a lot of empty storefronts. And I think it had
to do with landlords, this is from what I heard that
landlords, they didn't want to reduce the rent, because that
would decrease the kind of the benchmark for the neighborhood.
So they'd rather the retail space go unrented even for a
long period of time, and wait for a tenant that will sign a
long term lease at the price they want it. Now it seems kind
of counterproductive from an economic standpoint. I'd rather
have somebody fill the space, you know, versus keeping a
dormant but it's already that was already an issue. But it's
now doubling, tripling.
Allyson Berger: Bigger issue
Sean Murray: Yeah bigger issue, than before. But, you know, you,
you were just saying that, you know, it seems kind of dead. But
in terms of like, you know, the foot traffic and all that stuff,
I think has certainly gone up. I don't know if it's just people
who live around the area, or whatever.
Allyson Berger: I think in the more residential neighborhoods
Sean Murray: Yeah, that's true. Yeah, I was just walking around
of Manhattan, you see more people because people are still
working from home. So you're gonna see more people out and
about in those areas, because they're no longer commuting. So
on a regular Monday, when you know, the grocery store or your
local bodega restaurant, what have you, is usually empty and
you have space to get around it. There's no lines, that's going
to be a little different now in a very residential neighborhood,
in a residential neighborhood in Manhattan, just last week, and
because people are home, they can take breaks when they want.
They don't have to worry about just doing their errands at the
end of the day. They're there.
it was already significantly more crowded than it was a month
ago. Yeah. Where if you had not told me that this, there was a
pandemic going on, I probably would not have noticed. I mean,
aside from the empty retail storefronts that were that were
noticeable in terms of just the activity and the energy. And
sure people were wearing masks, but the pure volume of people,
it felt somewhat the same to me.
Allyson Berger: Well, it also helps that the weather is
getting nicer. People want to be out, they don't want to be stuck
in their small apartment. And, you know, people are doing
things, but I think this is a good, you know, seeing these
things and seeing people out and about, you know, correlates to
what we're seeing lately with in the financial industry and
businesses with these bullish signs that are going on. Don't
you think so?
Sean Murray: I totally agree. Yeah. And what we just talked
about was very anecdotal. But I think anecdotal evidence is
still a good way to evaluate how you should proceed forward.
Because if the data is telling you one thing, and you walk
outside and see something totally different, then you
know, maybe you should question just using the data alone. And
so it's good that people like you, and I have seen it for
ourselves, right. I have heard also anecdotally, from those who
work in the business finance industry, that they have noticed
an increase in sales activity at businesses around the country
that started about a month ago. Now, I don't know if that is
because of you know, vaccinations are starting to
kick in or because it's springtime and people feeling
more comfortable. You know, going outside kind of like last
year, he couldn't keep people in. Right? And so I have heard
that sales activity and economic activity is definitely picking
up and then you take that information and you compound it
with some of the recent headlines we've been seeing out
there. For one example, is a a business lending and MCA
provider called Fora Financial, they had they just recently
raised a very large credit facility like 100 million plots,
right? So this isn't some small little credit line, a little
deal. This is a financial institution that is showing a
lot of optimism.
Allyson Berger: Most definitely,
Sean Murray: I mean, you don't just put out, you know, you
don't just give away $100 million credit facility and not
feel totally confident. Right?
Allyson Berger: Right, they must see the growth and the need for
businesses wanting to start up again and wanting to take over
these empty spaces and get back to work. Yeah. And they're not
the only one that has done something like this.
Sean Murray: No, they're yeah, they're not the only one. Right?
So that's just one company. And you're like, Well, you know,
does that really say a lot about the whole, so they're just one.
And I think Fora actually had the ability to expand that
credit facility up to like 150 million. So there was even a
little, you know, caveat there that they could even expand it
to something larger. We have also heard that a ccompany
called, IOU financial, they're headquartered or they're
publicly traded in Canada. But they're headquartered in the US,
and they for what I can tell were suffering pretty greatly
during the pandemic, because they're public we're able to see
all of your quarterly financial statements. And they recently
announced that they had their largest mob since the pandemic
began.
Allyson Berger: Wow.
Sean Murray: So I think that's a very bullish signal. You know,
Allyson Berger: Yeah, it's a good sign.We need the hope and
if nothing else, they funded about $12.1 million, I think was
the number to small business in that month. And so I think when
you start putting all these different factors together, what
we're seeing out on the street, and then the fact that these
companies are both raising money, and funding small
business, it creates a picture. You and I were just talking
about. Eyal Levy at Bana a Exchange. He's bullish, too
right. So there's somebody who funds, the companies that do the
funding, and everyone in the pai seems to be on the same pag
.
the positivity and the optimism. And, you know, it seems like
it's all happening. There's one other company in the mix that's
following that same trend line defied.
Sean Murray: Right, right, right, Lendify. So Lendify is
also based in Canada. But what's unique about them is that they
essentially reached the at least the brink of failure last year,
or they had some pretty tough times. I think some of the
senior executives, even some of the co-founders stepped away
from a company. They were no longer funding at all. And we're
now seeing their name popped back up in the news, or it looks
like there's some restructuring going on. And they may be on the
path back to operating again. So
Allyson Berger: Which is great.
Sean Murray: Yeah, I mean, post pandemic, we talked about how
some companies would disappear. And we did see some disappear.
But I don't think that a lot of us really were expecting the
ones that disappeared to kind of reemerge. I think we assumed
they were just going to be gone forever. But they're coming
back.
Allyson Berger: Surprise! They're here. Yeah, it's a great
thing to see
Sean Murray: For sure, for sure.
Allyson Berger: We want to see, you know, companies back to life
and especially small to middle sized businesses. And you know,
your heart breaks when you see them struggling. So it's
definitely a good sign to see this going on.
Sean Murray: For sure.
Allyson Berger: Well, since we're talking so much about
Canada, let's just stay on that track of Canada. Even though
we're we are heartfelt for them as well, because they're in
another lockdown, which is I can't even imagine, I have
friends in Canada. And what's funny is, he was telling me that
the lockdown started again last week, and there's traffic on the
road. How is there all this traffic? If we're in a lockdown?
They're all I don't know, if they're getting their supplies
last time he was as confused as I was.
Sean Murray: Yeah, I heard that can really only go to the
grocery store and like that's it?
Allyson Berger: Yeah. I mean, I think the weather has calmed
down a little bit in the Toronto area, so they can't go outside.
It's spring there too.
Sean Murray: Yeah.
Allyson Berger: And so it's just bizarre. You would think there's
no traffic. I mean, traffic has definitely picked up in the
tri-state area because more people are doing things people
are getting vaccinated. But if Canada's in another lockdown,
where is everyone going?
Sean Murray: I would like to know.
Allyson Berger: Yeah. Well, our reporter -our reporter- your
reporter, Kevin Travers ration recently spoke with Patrick
Labreche, because he's French Canadian, Canadian financial and
spoke to him about his door to door selling, which I could
relate to so much, because when I was first out of college, you
know, I was doing cold calls. I was walking into businesses
trying to, you know, get my name out there, meet people. And I
think people miss that human interaction. And there's so much
you learn about yourself and the product you're selling when you
do that door to door selling, like Patrick was saying, and I
think as much as these online presentations interactions have
increased over the pandemic, I think nothing compares to that
human interaction. And people want that, again, you'd want to
put a face to a name and to a product. And I think it has
hopes in coming back.
Sean Murray: Yeah, well, it's interesting that they were still
doing it during the pandemic, because what I was talking to
them, I talked to them briefly before Kevin, you know, did the
story. And, you know, I got to do a little due diligence, you
know, yeah, editors work every now and then. And I was shocked
to hear that they were doing it also during the pandemic was, I
think, kind of the one of the birthing points for the story
itself. In the end, they have had to wear the mask and
everything. And like you said, people were just excited to see
somebody, but I think they raise another interesting idea, in
that when the world is has gotten so caught up in
technology and automation, and all that stuff, that doing
something that it's, you know, old fashioned all this, if
you're the only one doing it, you can create a real
competitive edge in doing it.
Allyson Berger: Definitely,
Sean Murray: It's kind of like in the age of like digital news.
If you do something in print, and you're the only one who's in
print, you can carve out a little, you know, a little niche
for yourself. And for those out there, who don't think that you
can sell business loans door to door that that's like a weird
thing to do. This is actually how it used to work. At least
when I got into the business. There were telemarketing
companies that would go and pitch these products. But when I
was an underwriter back in, literally 15 years ago,
Allyson Berger: Well, don't date yourself
Sean Murray: A year ago
Allyson Berger: That time is in the past
Sean Murray: You know, back when I was 15. There were sales
partners who relied entirely on door-to-door sales and made
quite a bit of money doing it and they would they use the the
yellow pages, and they would use the yellow pages
Allyson Berger: That's where you found phone numbers the Yellow
Pages.
Sean Murray: Showing my age, lets talk about what the yellow
pages are for us first.
Allyson Berger: So funny, yeah. People don't know about that
Sean Murray: They were this things called Yellow Pages, and
anymore
they were actually yellow! And they had numbers and names on
Allyson Berger: Yeah.
them, but they would call up local businesses in the
neighborhood, and schedule an appointment and say, Hey, I'm
going to come see you at two o'clock. We're going to talk
about your finances or whatever, and people would say, okay, you
know, I'll hear what you have to say. And it's not like they j
st walked up randomly. They w re scheduling appointments, rig
Sean Murray: And they're like, and they're like, oh, by the
t? And then they would go and t ey would actually get a lot of
he paperwork in. And a lot of ti es the documents that we w
re getting, they weren't sent by email or portals. They w
re bringing the paperwork to ur office and handing it to
e.
way, this guy really needs his papers back like tomorrow. So if
you could photocopy them real quick, I'm like, these are the
original bank statements. This is only bank statement? And it
worked. And then I think, I don't know why that has not been
used anymore. I think everyone got so hyped up on, it's all
about scale. And you need to create a scalable business, and
you need to do something that's going to 10 extra self and 100
extra self to make a billion dollars. And we got all caught
up in that. And we just forgot about it. But as this company in
Canada is proving Canadian Financial, although it's Canada,
I think there's a lot of similarities in the culture. And
I think that they're probably onto something. And for anyone
out there thinking about how to differentiate themselves, this
could be something that should be on your radar, at the very
least.
Allyson Berger: I mean, they're being a trendsetter. I think
people are keeping up with the trends. And you know, they want
to keep up with technology. So they're acclimating their
business technique to what's available out there. But I don't
think anything can measure up to that human interaction of a
sales meeting and talking to someone face to face. I mean,
even if you think about it, people are have been doing zooms
because they want to see your face, they want to see how
you're reacting to what I'm saying. And that body language,
and I think it's interesting, I think, depending on who you have
a zoom meeting with generation wise, you know, maybe they don't
want to do the video call aspect. And then maybe more of
the old school people involved, they want to see your face
because they want to see how you're reacting to what I'm
saying. So I know how to sell my product next. It's all very
interesting, and they're definitely doing the right thing
by getting out there. And it's great that they've been able to
keep doing it throughout this year.
Sean Murray: For sure. For sure.
Allyson Berger: And Patrick, I think in him, him and his his
colleagues and employees are tuning in today. So Bonjour mes
amis.
Sean Murray: I Hello.
Allyson Berger: Yeah. That just means hello, my friends in
French. You know, we have to keep it open to our French
Canadian viewers, of course, but it was just it was a great
article and yeah, it's great to see that coming back. I mean,
do you think it's here to stay like we'll come back door to
door selling?
Sean Murray: Well, I think that they're kind of they're putting
it back into the mix, I think I think it was forgotten about. I
don't think anyone was doing it anymore. And I think that was
part of why the story was so unique is that not only are they
doing it, but it's kind of a secret to success. And I think
in in this day and age, this period, how do you compete
against, we've talked about the funding buttons, or the
automation, or you can just press a button. And here's this
company proving that if you just come in and talk to somebody,
you're you're creating something that the tech companies are just
never going to have. So I think it's almost like a new thing,
that could come back rather than like whether or not it's gonna
like, you know, fade away, or,
Allyson Berger: Yeah, it's like vintage. Yeah, it is the the
trends and the ways of doing things in the past were good
enough, then they'll always come back.
Sean Murray: Yeah, no. I think sometimes we delude ourselves
into thinking that things are in the past. And we just assume
that that generation who did things a certain way that
they're all gone, but they're not, they just gotten a little
bit older. Right? And they still appreciate doing things the
older way. So you can totally carve out a little, you know, a
niche business for yourself by just catering to the folks who
remembered and appreciate doing business that way, because
they're not gone. You know, they didn't just all disappear just
because a new younger generation is kind of, you know, been
introduced to the whole thing. And I just think it's important
that we remember that there's an opportunity.
Allyson Berger: Yeah, I think it's even a good trait for the
younger generation to learn about because the kids today,
who might have had kids today, but the younger generation below
me, they don't know how to properly communicate, they're
behind their devices, they would hear door-to-door selling, what
do you mean, I would walk into an office and have to talk to
people and maybe have a meeting? Maybe not? They're probably
frightened by that thought. And so I think there's something
about going to someone's office and meeting with them and
talking to them and learning about them and creating that
relationship. That is just, you can't compare that to anything.
Sean Murray: Yeah. And you just mentioned like the whole, you
know, there can be an aversion to face to face sales. I think
the whole idea of meetings over technology has kind of really
been bolstered the trend of ghosting, where you can almost
just opt out of a scheduled engagement with no consequence.
Because you don't have to see the other person's reaction. You
just don't show up and it was all online anyway, that person
was virtual. It didn't you know, it didn't exist, and you can
just
Allyson Berger: That it's so rude
Sean Murray: I have heard complaints about that, where,
you know, these meetings are set up and then nobody shows and
then you can never reach them, which is even weirder, like
where do they where do they even go? I don't know.
Allyson Berger: I mean, we can get into a whole conversation
about the lack of etiquette and professionalism with something
like that, but I-I hope that didn't happen to you. I mean, I
would I would hate
Sean Murray: Story for another time.
Allyson Berger: Okay,deal. I that's very unfortunate. People
should have a little more respect for each other's time
and you know what they're trying to do, but it's fine. It's
Monday, we're going through the day. So I want to talk about one
other thing with you. I know we love to chat, but I'm just one
more thing for today. So CoinMe which is the largest fully
licensed cryptocurrency cash exchange is continuing its
partnership with Coinstar a lot of coins going on. And they're
bringing 300 Bitcoin enabled Coinstar kiosks to Florida, and
they're already in 44 states already, which I think is really
interesting to know that it's already in so many places, and
where they're putting these kiosks is in local grocery
stores. So they're really making it accessible to the local
consumer who maybe isn't as aware of Bitcoin and
cryptocurrency and a little scared of it. But putting these
kiosks in grocery stores is giving them that opportunity.
And maybe they feel a little more comfortable, you know,
pressing a few buttons on a screen and making it a simpler
exchange. Yeah. What do you think about this?
Sean Murray: Well, I like to think about how I viewed
Bitcoin, like five or six years ago, when I used to think about,
if they were to try to make it mainstream, what would they do?
I never guessed, Coinstar machines in the grocery store,
and I've used Coinstar before,
Allyson Berger: Okay,
Sean Murray: Not in like a really long time, but I would
take all my change, you know, dump it in there, turn it into
cash or whatever, because, you know, it would be a huge jar of
pennies, and I didn't want to, I didn't want to roll them in. I'd
rather just give the machine the fee and whatever. But the idea
that you can now turn that into bitcoin. It's interesting. It's,
I think that the approach that everyone seems to be taking,
because no one is spending Bitcoin. Everyone seems to be
all caught up in investing in it. Holding, hoping it goes up,
but no one's using it to spend any money. And so, I think, you
know, this is a way to maybe constantly bombard people sort
of like mentally about Bitcoin, you know, maybe bring awareness
to it.
Allyson Berger: Right? Well, I was curious if these grocery
stores that are having them having the CoinMe access in the
Coinstar kiosk, if they would accept coin me for their grocery
store purchases?
Sean Murray: Yeah, well, that's where everything will change and
a Bitcoin. If Bitcoin is to become mainstream for real, it's
going to take actual people using it to pay for things. And
if the if the supermarket's turn around and accept the Bitcoin,
that's going to be revolutionary, because there
will be some people who choose to I don't know why, but there
will be some who choose to do it.
Allyson Berger: It's another form of currency.
Sean Murray: Yeah, I mean, I think if you were at the
Coinstar machine, and you turn your coins into bitcoin, and
then next week, you want to do grocery shopping, and you're
like, Well, I was gonna invest, but I kind of need that $20
right now to buy some groceries and you accept this? like, Yeah,
all of a sudden, it's become normalized. And that's what
Bitcoin is really waiting for. It's this moment where all this
speculating and hoping goes up. I think it's a huge distraction.
I've always been a proponent in Bitcoin as as a payment
methodology. It's not controlled by the government. You would I
mean, you can, you're free to move money as you please. And I
think this is a step towards that direction. But we'll never
be there until as you kind of just pondered, if the grocery
store accepts it, then I think we'll start seeing Bitcoin
really becoming mainstream.
Allyson Berger: Right. I think this is in the step of, you
know, bringing more awareness to Bitcoin, cryptocurrency these
kiosks being more available. And I think, and tell me what you
think if now banks and more finance, financial institutions
and the industry in general, it's Monday are going to want to
invest in it more and really make it mainstream,
Sean Murray: For sure. And yeah, everyone seems to be jumping on
board. I like to think about what their endgame is, sometimes
I think it's because Oh, they see an easy way to make money.
And sometimes I'm like, maybe they don't know what they're
doing. And then then I'm like, wait, no, these are they're
smarter than I am. Right?
Allyson Berger: Well, Sean. I'm kidding! We hope they know what
they're doing.
Sean Murray: And I think we can assume that a lot of them. Yeah,
do you know what they're doing. And they may just kind of be
getting ahead of the curve. And one of my big fears in all of
this, is that they may think, or know that inflation is coming to
the point where the dollar, all of a sudden, that's a material
risk to the value of the dollar, that they might still think it's
kind of like, unlikely, but even if the risk of the dollar being
extremely devalued with say, you know, 5%, they're like, well,
that's a 5% shot that the billions we have in the bank are
not going to be worth as much anymore. So does this throw 100
million into bitcoin as a hedge? Could it make sense? And I think
that's something that we should all be considering in the
strategy to strategies, these financial institutions are, you
know, putting together is, are they doing it because they, they
see something, they see something and they want to get
ahead of it, they know that the all the money that we put out
during the pandemic, you know, is kind of unsustainable, that
we're gonna have massive inflation, and that Bitcoin is
their hedge.
Allyson Berger: Hmm. Interesting. Well, they know
something we don't know,
Sean Murray: Conspiracy Theory for Monday.
Allyson Berger: Very interesting. Well, let's hope
things stay calm. And you know, it's all aboveboard and they
don't know things that we don't.
Sean Murray: Yeah. But buy Bitcoin, your life depends on
it.
Allyson Berger: No, no sneaky, sneaky activity is going on.
There's enough of that with other things in the world.
Sean Murray: For sure.
Allyson Berger: Well, I think we made it through just a few
hiccups, but that's what keeps things interesting. That's what
being live is all about..
Sean Murray: Yeah. I wouldn't have it any other way.
Allyson Berger: I'm glad we had it. We went through it together,
Sean. Strengthen numbers.
Sean Murray: Yeah. And now I'm ready for the whole week.
Allyson Berger: Okay. I hope so. I hope you are too.
Sean Murray: We got all the troubles out of the way.
Allyson Berger: Yeah, exactly. But I am going to be back again
on Wednesday. That's true. You're not getting rid of me
yet.
Sean Murray: Okay.
Allyson Berger: Like he had a joy there.
Sean Murray: Watch out there
Allyson Berger: Oh, thank you for having me today. And I guess
we'll see everyone again on Wednesday.
Sean Murray: All right, sounds great. Signing off from deBanked
live.
Allyson Berger: Bye.