Investor's Edge with Gary Kaltbaum - The Crappy Year In Review.

Episode Date: December 30, 2022

Follow Gary on GaryK.com or http://garykaltbaum.com

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Terms apply. Lounge access is subject to change. See Capital One.com for detail. Investors Edge with Gary Coltbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Cultbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host.

A thanks have been with us today. Glad you here, ladies and gentlemen, happy that you are listening. It be December 30th, 2022. End of the market year. Not a pretty one. We're going to cover it. we'll cover today's nonsense the little jam into the close

even though markets were still down on the day because we always get asked how that happens and whatever else comes to mind hope you are having a good day first off a couple of things happy new year I don't think we have to say it but we say it every year do not drink and drive

seriously and if you see anybody else that's been drinking to excess and get into a car. Knock them out. Seriously. But stay safe. Enjoy the three-day weekend. We're going to get right to the point.

Lessons. So those who have been following us, those that have been listening to this show, and it's more and more. It's the many. we feel it. We get the emails, we get the phone calls. We didn't call the bear market. We saw the bear market. We interpreted the bear market. We stayed out of the bear market except for some counter-trend rallies, which we made a little money and lost a little money on it, but we nailed it.

But I don't want to get into the minutia and go through the real technical analysis that we do on our webcasts. All we're trying to do is get the big picture right, as best as possible. We want to make sure you learn lessons of Wall Street in real time. Before this bare market happened, before it occurred, we were warning you. In the midst of the bull market, we were warning you. In the midst of the COVID crash, we were warning you. We're always warning you about the downside of my business. And we're going to do it again today. Because everything we told you would happen.

Everything we told you that would happen. Happened again. And we're not Nostradamus. We're not Karnak the Magnificent. We've studied the history of bull and bear markets. And you know what we've studied even more? Wall Street's reaction to bear markets. And...

That's my doggy. What they have done, my doggy, is repetition. They do it every time. And we want you to learn those lessons, first and foremost. And this should be on your wall if you're an investor. In bare markets, you will get no help from Wall Street. And when I use the words Wall Street, I mean Wall Street. It encompasses a lot.

It encompasses the big firms and their analysts. The talking heads. The fully invested vehicles. So let me start with the fully invested vehicles. What you need to understand. Most all of Wall Street. are fully invested vehicles. This is not an indictment of them.

They tell you who they are. It's incumbent upon you to act upon bare markets because you need to know again. They're not going to do anything. They're not going to sell anything. They're not going to put you into cash. And the reason why is, very simple. they've never studied bear markets and bull markets and when bear markets come they don't even know they're in them until they're already down a lot.

And I mean that. So if you have one of those accounts with 50 stocks, 20 mutual funds, or any vehicle that has you fully invested, you're going to lose a bunch of money. And as I say, NASDAQ 100 dropped and NASDAQ 80% in 2000. everything dropped in the 50s in 08. I remember getting in some transferred accounts in 08 with some commodity stocks down 90%. And what you get is, oh, this is how we do things. What you get is, well, we've been through bare markets before

and we always come back. They're right. I have no argument with that statement. What I do have an argument with, if they actually worked at it, if they actually worked at it, they wouldn't have to sit there. Maybe they'd go to 20, 30 percent cash. Do something. They don't. And then there's Wall Street analysts.

What I call the human conflict of interest. What do I mean by that? Well, just recently, I saw some downgrades on stocks that. were down 70% from the highs. Tesla got downgraded yesterday, I believe. The big investment banks with their 5,500 S&P target this year. What do we tell you about targets? What do we tell you about the articles that come out,

the 10 stocks for 2023? It's all bull crap. Not an indictment of them. It's their job. I want to predict. But there's no way in knowing what's going to happen by the end of 2020. In 2022, did anybody predict Russia, Ukraine? The Rams beaten the Bengals.

And they really didn't. The Bengals actually beat the Rams. It was a scam call at the end of the game. So what you need to know, Wall Street is a bull market vehicle. It's a fully invested vehicle. It's simple as that. it's your job to do something about it. The first time I met William O'Neill was in the Boca Raton Marriott.

It was free. He was there with David Ryan, and some of the things he said rung out for me. First one was, if you're one of the one hundredth of percent of people that know how to recognize bare markets and stay out of their way, you're ahead of 99.99.99% of the people out there. So I went on a mission. Study bare markets, how they top out, what they look like, how they drop, how they bounce, how Wall Street reacts to them, and study them like crazy. Because I wanted to be one of those people, one of the few, that was able to sidestep bear markets. We want this to be a lesson for you. Why? What's one of our rules of bear markets?

We told you. Nobody else did. In bare markets, 70% drops for past leaders. Nobody wants to believe that. Guess what? It's exactly what you got. In bare markets, a 50% drop will drop another 50%. In bare markets, pundits will be paraded in front of you,

telling you not to worry and calling the bottom 100 times, well, make that 101. I have to tell you. I turn all that off until bare markets. And then I watch and remain stunned of people paraded that have been telling you to buy all the way down. And they continue to tell you to buy all the way down. And then when you get a bounce, they tell you how right they've been.

We call those charlatans. Many, many, many weeks ago, I was on TV with a technology guy. He was saying buy Apple at 172. I was saying, I believe it's parked money there. You want to be out. That same person has been telling you to buy it all the way down. I saw him again in the last day telling you to buy again, not mentioning it would have to go up 50 points for him to be evening. Up next.

What else? Lessons. I'm Gary. This is the one only investor's edge. Hi, I'm Gary Kalbaum. hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors money for a living,

specializing in fee-based discretionary money management. No big commissions, just a fee on the assets that's managed. We also provide a full range of personalized services, including retirement planning, fixed income, and educational needs, all to assist you in achieving your financial goals. Understanding not all individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy.

If your current approach to investing is not getting you to where you would like to be, call us to make an appointment for a complementary portfolio review. The number to call is 888-4-22-5559. That's 8-8-5-5-9. That's 888-4-22-55-9. Investment Advisory Services offered through call-bomb capital management. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect.

Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. This episode is brought to you by Spreaker, the platform responsible for a rapidly spreading condition known as podcast brain.

Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show today at spreeker.com.

Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. It's time to switch on the integrator units and get the brain cells working. You're listening to. Hey, this promises to be fun. Edge. The last bastion of quality programming with Gary Coltbaum. It doesn't get better than this. And what once again to Investors Edge. Let me segue one second. It looks like, of course, it's innocent before guilty, but it looks like they nailed this guy who murdered those four girls in Idaho. And all I'm thinking to myself is, if I was the father of one of those girls, I would beg for the justice to be. lock me in a room with him.

It's give me 15 minutes. Lock me in a room with this person. I couldn't even describe to you what I would do to him. As a father of a daughter, I don't care how big he is, how tall he is, how fat he is, how strong he is. Lock me in a room. Anyway, it looks like they got the guy dead to rights,

and it looks like he's some sort of criminologist that actually kind of did some thesises on this about how people are once they commit crimes. Looks like he was predicting or forecasting or telegraphing. Anyway, so lessons. What other lessons can we learn? In bare markets, we find out, I wish I was on satellite right now.

I'd really like to throw some four-letter words out about these people. Let's call them the pieces of crap. You know, the ones that have been touting you on the crypto all the way down? You know, the SPAC guy? You know that SPAC guy? His name is Chamith something, rather? It's a piece of crap. I'd say it to his face.

Did these SPACs, money grabs, crappy companies, sold a crap load, made himself a billion or two, got the hell out of the way, and now the business is shot. Just the creep. NFTs. There's yachts with FTX. The crooks with the SPAC saying they have electric vehicle contracts. It goes on and on. Lessons.

You dudes out there and do debts. You better know what the hell you're getting into. Because bear markets pull down the curtains on all the crap. You got that? Bare markets pull down all the curtains. We told you. They will all crash. We told you the short-squeezed meme stocks,

all of them will go back to where they came from. We told you Rivian would be a $20 stock. We told you Robin Hood and Coinbase would be destroyed because they were invented, they were created to trade bubbles. You just have to think. Now, what you also need to know, it's going to happen again. Cycles are about fear and greed. We'll go through the bear cycle whenever it ends.

We'll have another bull cycle, and towards the end of that bull cycle, guess what we're going to get again? Craze! Crazies! That's what we're going to get again. How do we know this? We've studied every bull and bear market. It's all about fear and greed, and at the extremes, and to be able to read those extremes. Back in 2008 at the lows,

I went to the bank and took out a ton of cash I was so worried about the financial system. That guy on TV said, stay out of the market for five years after calling bottoms for two years during the bare market. And then when the bottom hit, he said he called it right. You got to watch out for all that crap. Everybody's trying to be the hero.

Be your own hero. Watch the market. Be smart about it. Go study the book How to Make Money in Stocks by William O'Neill, The Secrets of Profiting and Bull and Bear Markets by Stan Weinstein. My book again is in print. It'll come out in the next couple of months.

Study the characteristics. Everything we warned you about is come to fruition. We even warned you that at the end of the road, the crooks would be found. out and look what's happened, this moron at FTX. And have you noticed, the media is not ripping up to shreds every day. That's because their politician friends were involved in a big way, and they want to be careful and save themselves.

See, journalists want to curry favor with the politicians for access. There's your bias. They suck, too. A lot of sucking going around. That's why you've got to take over. and make sure you don't never get caught in these bare markets again. We've used the word stunning to describe, and it still is. Now, something else just happened today we warned you about.

Just recently, we have been telling you that the Chinese stocks have been acting better, but we're not buying them. We even told you a couple of names went into new high ground. though a couple of them that are a new yearly high ground is still down 90% from two years ago. We mentioned to you the symbol F-U-T-U as one of those names. Strong stock. But we told you we're not buying it. We had a theme behind that.

We warned you about that theme. How do you trust the Chinese government that crushed their own companies for so long, that repress and depress people, and put them in jail if they say a cross word about the government, I won't do it. F-U-T-U today was down $18 and changed to $40 because the government is pissed off at them. Go read the story. F-U-T-U today crushed.

30.83%. It's called FUTU Holdings. Go read. It's only down today. because of the Chinese government. That warning is coming to fruition again. There was another one in the same business symbol TIGR. That was down 28% today.

These are brokerages. The Chinese government accused them of doing crossed border trading, whatever the hell that means, even though they never complained about it before. Communists are about domination and control, ladies and gentlemen. remember that they're out to crush look what's happened to Venezuela and there'll be others up next more lessons today's action much more i'm gary this is the one only investors edge this message is brought to you by the capital one venture x card venture x offers the premium benefits you expect like a three hundred

dollar annual capital one travel credit for less than you expect elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Terms apply, lounge access is subject to change. See Capital One.com for details. This episode is brought to you by Spreaker.

The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Apple Podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones.

Start your show today. at spreeker.com. Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One VentureX card. VentureX offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination.

Plus, enjoy access to over 1,000 airport lounges worldwide. venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. We're listening to America is talking. Investors Edge. He's got to be pleased with that. The crowd is just on his feet here. He's a Cinderella boy. With Gary Coltbaum. It comes highly recommended. You're going to feel better if you talk to him. So we mean business when we're telling you about these lessons to be learned. We say that. that because there's been utter destruction in the markets. Don't know if you can go backwards

and remember, but we certainly can because we do this every day. What was one of the hottest stocks throughout the pandemic? Carvanna. It's down 98% from the highs. Now, we warned you about Carvanna just on the fact that we didn't understand that their business and we missed the upside. We missed the 98% downside. We warned you in bare markets, anything that loses money, does not matter what they do. We'll get crushed.

Anything that loses money. Remember how popular Roku was? 490 down to 40. And the list is lengthy. And the list is long.

And they've been telling you to buy Apple and Amazon and Netflix and Tesla and Microsoft and Facebook and Nvidia and Salesforce.com all the way down. They told you these are category killer companies. You know what their favorite line is? They're not going to go away. Well, they're right about that. But they forgot to tell you that Netflix would drop 60, 70%, Facebook 60%, 70%.

They forgot to tell you all that. Lessons. And the biggest lesson of them all. never lose big never get married it's okay to take a loss it's not okay to take a big loss and from what i'm saying there is a hell of a lot of big losses being had next lessons don't listen to a freaking word anybody tells you about two thousand and twenty three if you have a chance just go look at all the big investment bank brokerages and their S&P targets for

2022. And they were just all bull market targets. Not one. Not one had the possibility of going into a bear market. Not one. We didn't need to predict.

We saw it. We've always told you here all we need to do is get all the information from today's market and interpret it. Because we scan 1,500 to 2,000 stocks a night, 200 sectors, sub sectors, every country, every commodity.

We take a measure of the masses and how they feel and whether they go to extremes or not. You think any of them do that? Hell no. That's too much work. Let's just come up with a number and go to the golf course. We won't do that. And very simply, looking at a photo album for familiar faces, we saw the climactic runs of the bubbles into February of 21, and we called that for you.

we started to see growth stocks top out during the middle of 2021 little by little piece by piece inch by inch and we named them and then as we end to the summer even more and then in November all of them and then in December January we started telling you about the bottoming in interest rates and we warned you on inflation nobody else did remember the geniuses told you it was transitory We were screaming. And you know, it was screaming, more importantly, the bond market. Interest rates started skyrocketing. They said, don't worry, everything is okay. Whether they lied or whether they're stupid, both of those outcomes are bad.

And not until it was apparent that they started to act. And they started to play catch up. But they were too late. The market already knew it. So we went into bare markets. And as we always say, where she stops, don't know. But this one, the NASDAQ has led down. The Dow has held up best.

And as we went through the bare markets stunningly as we got into October of this year, we rallied up, the Dow rally up, and the NASDAQ went up for a day and stopped. And in the last week, the NASDAQ has been probing the bare market lows while the Dow is farther up. And as you explained to you, one of our rules, when the Dow leads, markets, in bad shape. You want to see broad markets move. You want to see risk appetite areas move. The risk appetite areas, the risk on areas are the NASDAQ. NASDAQ 100, Russell 2000. Technology. Guess what's been lagging. These are the rules. These are the photo albums. And it's not by happenstance. It's thousands of hours of study of every bull and bare market.

and they all repeat, not perfectly, but they repeat how Wall Street reacts, what they say, what they do, the patterns, as we've told you physically, nothing good can happen if prices below the 50-day moving average. Doesn't mean bad has to happen, but nothing good can happen. Above the 50-day average, nothing bad can happen. Doesn't mean something's good can happen, but nothing bad can happen. And then we give the road,

test how many stocks are in uptrends versus downtrends with sectors what's doing what what's leading what's lagging that's our gauges and that's how we've been able to stay ahead for you and if you just listen to our thoughts this year on the bubbles and the overall bare market and the growth stocks and the rule of 70% boy did you save a ton of money We have no clue how it ends up. We just know as we walk into 2023. It's a mixed bag of slop with the NASDAQ laboring badly

with a nice little close at the end of the day even though the markets were still down today. As we head into 23, there's hardly any new yearly highs but a ton of stuff probing the lows. As we head into 2023, we have a Marxist at the White House. You have a Republican party that just signed off on an abominant nation of a spending deal. And in my opinion, the Republicans are now Democrats and the Democrats are now Marxists.

And that's how you get the $31 trillion of debt. My hope is us. I've never been more optimistic on people this country, the students in this country. I know what you hear about the woke students, but I got news for you. Most students work their tail off and they want to be something. to get into some Florida colleges, you need a 4.0. That's my hope. But I'd never been more pessimistic on them.

Washington, D.C., our central bankers, the supposed to oversee is the oversight. And you don't need any other evidence that they've spent $31 trillion more than they were supposed to over the years. And they're giving us the middle finger, the big gigantic middle finger on a daily basis. They tell you how much they care. They don't give a crap. They care about their power. They care about getting reelected.

That's all. How so many politicians are worth millions and millions on $180,000 salary? That's all you need to know. And now you've got one yachts in New York that lied about his whole life. And the Republican Party's been quiet. There's been a few yelping about him. The guy should be stepped down right now. What's his name, George Santos.

What a schmuck. Pinocchio would have been. proud. Before we get today's market, lastly, I have to tell you, I think I've only mentioned this once. As I've told you, when I really want to learn about something, I really get neck deep.

You guys have been reading about fentanyl? Our president hasn't said a freaking word about it. Go read up about fentanyl. How many people have died and how much has been coming in? And where it's coming in from? Go read up about it.

I just had to mention that because it's stunning. Up next, today's market. And happy new year. This is the one only investors edge. This message is brought to you by the Capital One VentureX card. VentureX offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport Lounge is worldwide. The Capital One Venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital1.com for details. This episode is brought to you by Sprecker.

The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is, Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Apple Podcasts, Spotify, and about a dozen apps your cousins, swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones.

Start your show today at spreeker.com. Sprinker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet?

Terms apply. Lounge access is subject to change. See Capital One.com for details. You're listening to What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!

And let me repeat, 2003, I have absolutely no clue, and we don't need to know. We'll let the geniuses that told you we'd be 5,500 S&P right now. Today's market wrap brought you by Investment-Dashmodels.com. That's Jim Mooreback, one of the great market timers. No gray areas with the man you're either in or out of the market, but is proprietary in the cave just go check it out. Investment-dashmodels.com.

Well, at 3 p.m., the Dow was at 321876. It rallied up 270 points in the last hour. No, really. Finished down 73. It was down 3.40 at 3 p.m. Is that meaningful? I don't know. NASDAQ, it was 10351 at 3pm.

Close at 10466. It was down 126 at 3 p.m. finished only down 11. Is that meaningful? Don't know. Remember, we're main trend, big picture guys. I was actually surprised we were down so much early. Actually, I'd take that back.

We were down so much at 3 p.m. There are many that believe they're already saying, oh, that's only the end of, at the end, somebody pushed buttons, try to just rally up. To me, everything counts. So down 74 today, S&P, down 10, NASDAQ, 11, NASDAQ 111, transports down 104,

advanced decline 1625 on New York, 21, 22 on the NASDAQ, new yearly highs, I don't think there are any. New yearly lows contracted because you had that good day yesterday, but a lot of stocks probing the new yearly lows. When all was said and done today,

mixed bag of slop. But definitely better than where things were at 3 p.m. weakness in China names because of what the Chinese government did. Again, F-U-T-U, which by the way has probably been the most over-owned stock in the market in the last month or two, by what we call the momentum crowd, the relative strength crowd, down 30-some-odd percent today, on China government. And we didn't predict the Chinese government would interfere.

again? What do we tell you? Photo album and familiar faces. You know, you deal with evidence. We tell you evidence in hand. They're communist dictators there now. They're taken over. And why do I want to bet my money on something when I can wake up in the morning and look out? And I can tell you, I can promise you, based on what I do, I can have very easily, owned FUTU coming into today. Actually, I take that back. It was starting to break a little bit recently. I would have probably sold it by now.

But there could have been a chance I still owned it. On a relative basis, very, very strong. Not anymore. 13, what was it, how many times average volume today? Let's call 12. 12.5 times average volume selling. And guess what happens to other Chinese stocks too now? The worry is, what's the communist

clowns are going to do next. Southwest Airlines back up and running pretty well. Let's hope they learn their lesson. And if they don't learn their lesson from this, I'll let you guys fill in the blank. Bernie Marcus is out yelling and screaming about socialism and how he doesn't think he can out and get Home Depot to where it is today because of the setup of socialism. Remember my rules of socialism. It's very simple. Socialists are not really They're only socialists with our money in our life. They're capitalists with their money in their life. Socialism is just about control freaks,

conning people into believing their lot in life is where it is because people are screwing them and the only way things are going to get better if you depend on them. And they set it up where you have to depend on them. Here's a check. No, here's a check. No, here's a check. Socialists hate success.

They hate upward mobility. That's why you never hear those words out of their mouths. Why? Because upwardly mobile people and hard workers and successful people don't need them. Remember, they're dictators. They want to dictate to you. They want to control you. They want to step on you.

They want to stomp on you. And they want to blame everybody for your lot in life and tell you they'll do better for you. And socialists and socialists. and socialism cannot even turn on the lights without the smarts and the money of capitalism. Socialists have no money. They get it all from capitalism. Go read what Bernie Marcus of Home Depot said it's all over the internet.

He did an interview with somebody, and he's so damn right, it's not even funny. That's why we loathe people like Bernie Sanders who once called for 100% tax rate above $100,000 who kissed the ass of the car, Castro and the Cuban economy and the Venezuelan economy. We can't stand these people. And it nauseates us how many votes they get.

It's such a great con. And the reason they keep doing it, it sells to a certain group of people. Excuse me. And it stuns us that it carries any weight, anywhere. And we're going to do our best to stamp it. out. Hard work. Sweat. Toil. Upward mobility.

That's my sink. That's what makes this economy great. That's what makes capitalism great. And on that note, happy New Year old. Stay safe, drive carefully.

If you see anybody drunk, don't let him drive. And we'll be back on Tuesday. Happy New Year all. And when you see your kids, make sure you hug them. Take care, everybody. Bye-bye. This has been Investors' Edge with Gary Cult Bomb on BizTalk.

To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com. This message is brought to you by the Capital One VentureX card. Venture X offers the premium benefits you expect, like a $300. annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide.

The Capital One Venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details.