AI Trading Trap

SPEAKER_02 0:05

We're coming to a really great financial future. Tom and Don are talking real money.

Introduction to Financial Futures

SPEAKER_00 0:12

Hi, everybody. I'm Don. That's Tom. This is the Talking Real Money Podcast. And uh, as always, we're going to share a little information about something in the financial world that we found interesting or stupid or helpful or inane or, you know, whatever. It's just something that we thought you should know about and usually avoid. Because most things that we talk about are things that people want you to do not for your benefit, but for theirs. And here's another fine example of a really ridiculous idea that will gain some traction for a while because it's got the buzz phrase in it, but uh is probably not a good idea for you. And that is using artificial intelligence as a means by which to play the stock market. Do we like it or do we not?

SPEAKER_01 1:11

Yeah, uh this one really rubs me the wrong way because it's such a blatant attempt to uh to to face off against, you know, Robin Hood, right? Uh which has you know been the leader in dumb ideas. So sorry, Robin.

SPEAKER_00 1:27

Dumb trading, yeah.

AI in Stock Market Trading

SPEAKER_01 1:27

Dumb trading and and getting all excited about when do they show fireworks when they show a loss, too? Um this is a company called Public.

SPEAKER_00 1:35

So they they show a hand coming up out of a grave or taking you down into the earth.

SPEAKER_01 1:41

Or reaching into your wallet, taking money out. Public is rolling out a feature that allows customers to use.

SPEAKER_00 1:47

Who's the the general public?

SPEAKER_01 1:49

The general public. Uh there's a company, privately held brokerage firm, of course, that's going to allow you to use AI to automate your investing tactics and execute trades. Boy, does that sound good. AI agents, they say, can you get the bigger thing?

SPEAKER_00 2:03

I don't have to do the work anymore. No.

SPEAKER_01 2:05

They will buy protective puts should you should oil spike, hedging against potential stock losses, automatically sweep customers' cash into higher-yielding assets like bonds. Um, they could put a 20% stop loss order. They could all kinds of wonderful things. And here's the really great part of all this. You come up with the ideas. That's right.

SPEAKER_00 2:27

They came up with the ideas.

SPEAKER_01 2:29

No, they just execute your amazing ideas. The the guy who runs the place says you're building all this code, essentially, that's running your account under the hood. Um, this is a way that they can go after, as I see aforementioned Robin Hood, and I guess even Betterment does this stuff. They're calling it create uh customized indexes because there's so many parts of the market that are not utilized as indexes. Um so what happens here is you type in the strategy or the investment thesis, then you refine it with parameters with a series of follow-up questions that they provide. They're gonna ask you, what about this, what about that, including which accounts the agent will trade from, which assets to buy or sell, whether the trade will be one time or recurring. You getting this so far? Okay. Yeah.

SPEAKER_00 3:14

So you come up. Okay. Well, it's my idea.

SPEAKER_01 3:20

Yeah, your idea. So but give me an idea. What would be an idea for a tr a trade that you I mean, uh a market that you think you could trade and take advantage of the inefficient?

SPEAKER_00 3:30

But I think most younger people would be thinking, well, right now they'd be thinking, give me a way to trade AI.

SPEAKER_01 3:36

Yeah.

SPEAKER_00 3:37

Give me an idea that's uh gonna uh uh for example, a family member who will remain nameless, who occasionally buys stocks in his Playmoney account, uh just bought stocks in four different companies that build data centers.

SPEAKER_01 3:53

So they're they're they're not looking for the gold, they're selling people the methods to go to go mine.

SPEAKER_00 3:59

They're the ones in in uh Sutter's at Sutter's Creek. They're the settlers at Sutter's Creek. They're the ones who are selling the pans to the guys who are mining the gold and shovels. Yeah. So they're likely That's a great trade. Actually, maybe that's a great trade.

SPEAKER_01 4:16

It's a great trade. Because those are the people, by the way, in all of these speculative enterprises that generally end up making money. The rest of them generally not. Yeah. If you want to buy gold, buy the gold mining stock. Trevor Burrus, Jr. Exactly. Yeah.

SPEAKER_00 4:27

Which you and I own, right? We don't speculate on those, but 10,000 other things. Yeah. A lot of ideas.

SPEAKER_01 4:33

But so you come up with this great idea. By the way, maybe we should test that great idea out, the AI infrastructure trade.

SPEAKER_00 4:41

Oh no, this is a family member's checking that out for us.

SPEAKER_01 4:45

Well, we'll find out how it does. And then you hire these people and they ask you more questions, and you build this master investing thesis because you know, people are really good at that.

SPEAKER_00 4:58

So now that you've done the thesis, you have a master's in investing. Apparently so. Then you give them your money. Oh, well, that's the most important part of the whole equation. Exactly. You give them your money. Hand it over. All right.

SPEAKER_01 5:14

So they don't have to reach in your wall and take it. Um so you give them the money, and then they go to work trading all this. They they they they look at this, I imagine, moment by moment. So they could because all kidding aside, they can do that more efficiently than you can. Um course they can.

SPEAKER_00 5:32

No, literally they can because they don't need to take a nap or have lunch.

SPEAKER_01 5:39

Or or feel a change, or feel oh, that doesn't feel good. I'm gonna do this instead. Feeling the process of trading. I love this quote from the CEO of Public says, it can only do what you tell it to do. Quote, there are no hallucinations. Now, there may be after you look at what the effect of the trade is, you may be It's AI.

SPEAKER_00 6:03

It's yeah, it's I mean, okay. If it does what you tell it to do, you could be hallucinating.

SPEAKER_01 6:10

That's what I'm saying. You may be later when you review all this. So, uh okay, so the you you put the idea in there, it figures out how to trade away on this idea. Okay, um, that's wonderful. By the way, they say they've tested the AI agent on eight Series 7 practice exams from the Securities Training Corporation, a qualification test for entry-level brokers, and it passed them all.

SPEAKER_00 6:34

Uh the tool is already available. Wait a minute. The Series 7 is just rote memory. I remember taking the Series 2000. And what Dean Whitter did at the time was they spent six weeks cramming knowledge into our brains so that we could pass the stupid test, and then we immediately forgot it all. I don't remember 90% of the series seven.

The Role of AI in Wealth Management

SPEAKER_01 6:56

Exactly. Um, exactly. So uh then so that they they've tested this though. So this is this is back testing, Don. This is this is this is making sure that you're not doing anything that's too risky. Um they've they're done, they're joining Robinhood, which I forgot this. They rolled out a feature, among other idiotic things that they did, that can build and execute trades based on text prompts and breakdowns portfolio performance. They'll do all that for you. I don't know how much they charge you for all that, and I don't suggest it, but they will do all that for you. Um this is this is part of the part and parcel of the whole idea that you have these great ideas, but you just don't know how to execute them. You just don't know how to take advantage of that great idea that no one else has. Oh, save for all the hedge funds that trade with the money and et cetera, et cetera, or actively managed, traditionally actively managed mutual funds or whatever. Um this is I I just love this quote again from the CEO who will remain nameless. He says, This is the very beginning of how you will see behavior shift. I don't know what that means. I don't I was just gonna say, I have no idea what that means. I don't think he knows, but it sure sounds good. He says it's gonna essentially remake the world of wealth management and investment advice. Because you have these great ideas, these theses, and you're going to hand them to the AI, the brain, and the AI is going to trade your way to Nirvana.

SPEAKER_00 8:24

Yeah, and here's what's really interesting about the way public is set up. They're basically saying, Well, we're not making the trades, we're not giving advice, we're not doing anything. We're just acting as a trading agent. You give us the parameters, we'll make the trades, therefore, we're not responsible. That's what all that means. We bear no responsibility for your trading stupidity. That's on you. So they're not really doing anything for you except maybe automating the button pushing.

SPEAKER_01 8:57

Well, and do the any can you tell by what they're going to charge you? Are they going to charge per trade? They're going to charge per uh chat bot that you.

SPEAKER_00 9:05

I mean, what are they charging? Well, it's probably going to be they're going to, with whoever is doing the brokerage platform, I'm sure they're hiring that out, although they claim they are. Uh they're gonna it's just gonna be spreads. Because if you can get people to trade, move stocks on a rapid fire basis, those spreads, which can, you know, are just for rapidly traded, although they're probably dealing with lightly traded stocks, so the spreads are bigger. They're they're they're cents on the dollar, but when you trade you know 20 or 30 times, those cents add up to a dollar.

SPEAKER_01 9:41

Well, remember, we looked at this once when we did a piece long ago on Robinhood, and the order flow, the amount of money they were making on this was in the hundreds of millions, it was a big number, right? People think I'm not paying them anything. Oh, yes, you are paying them something. By the way, you know someone else you're paying when you do a lot of trading is the U.S. government. There's going to be taxes on all this. So beyond the cost, there's taxation, of course.

SPEAKER_00 10:06

Well, and there's that, and then there's the the the general problem with this and things like Robin Hood. They're designed, they're not designed to give you an edge or to help you make more money. They're designed like a video game or a television show to engage you, to draw you in. Because the the the the thinking, and this is based on fact, you you engage somebody enough, they'll use your platform, they'll make you money, lots and lots of money, if you keep them engaged. And that's what public's all about. It's about keep keeping people engaged. It's not going to provide you with any kind of an edge, and they don't even claim to. They don't even claim to. It's it's not it's really nothing more than a button-pushing machine.

The Reality of Active Management

SPEAKER_01 11:00

That's all. Yeah, and and but let's make sure that we go back and talk about this in a more general notion. Um because there are people that do this for a living. They do it every day. Um they run things like hedge funds that I mentioned.

SPEAKER_00 11:15

Um, by the way, I want to add to these people, these professionals, Tom. This is something we don't talk about very often. Professionals often get their edge by gaming the margins. Uh and uh in in layman's terms, we could call that cheating a little. Yeah. And that's known, that's a fact. I mean, come on. Stephen Cohen, poster boy for cheating. He then pled guilty to doing it.

SPEAKER_01 11:46

Yeah. So couldn't trade anybody else's money for like what, eight years, and now he has a family office, he's managing the money. So, okay, so those people have done that, and what's the track record of that? Well, the only real known track record we know is when Warren Buffett made the bet, the S P 500, versus an aggregate of hedge funds. And guess what? The S P 500 did better. We also know many studies, not just one, the majority of day traders lose money. And this is what this is. This is your ideas, this is your hunches, this is your oh, this has gotta work because they lose money.

SPEAKER_00 12:23

I just talked about this in a um uh Friday QA podcast. The uh the day traders. There were studies done in uh, I believe it was Brazil and Taiwan. Really, really robust studies of day trading, and they found that uh about one percent of day traders made money. One percent. About one percent. That's a good thing. In one study, they found that most of that one percent in Brazil, I think it was Brazil, made l they made money, but it was less than minimum wage for the amount of time they spent doing it. Wow.

SPEAKER_01 13:07

Uh okay, but let's go on with that. So what about the traditionally actively managed mutual funds?

SPEAKER_00 13:14

That's the SPIVA territory.

SPEAKER_01 13:16

Yeah, how do they do when they when you just compare just owning the market? How do the really smart people with all the advantages, all the money, all the research, all the knowledge about companies, all the people they can call that are gonna usher you in for a tour of their building? Speaking of publicly traded companies, how do the traditionally actively manage mutual funds perform versus a buy and hold approach to just owning the market? Trevor Burrus, Jr.

SPEAKER_00 13:44

Funny, just about a month ago, the latest SPIVA study, the Standard Imports Index versus Active Scorecard, came out, and it found that in 2025, the number of large cap U.S. equity funds that underperformed just buying the S P 500 for just for one year, when you think they might actually stand a chance of outperforming in a single year, 79% underperformed. Sounds like eight out of ten. The worse, the larger the number of uh funds that underperform the indexes. So this is across the board in every category.

SPEAKER_01 14:40

So now, do you believe your ideas, your hunches will even with the help of AI trading those hunches will do better? Now, AI can do, I think, really great things, uh air travel, you know, uh workout routines, whatever it is. There's all kinds of great stuff um that AI does, but I would not recommend you hire them as your stock broker. In I don't recommend you hire any stockbroker, but in this case, I'd stay a long way away from the other.

SPEAKER_00 15:09

Oh yeah, this is really interesting. I'm just looking at those large cap funds because that's a that's a fair comparison to the S P 500. Sure. And I as I said, it was 79% over one year, right? Over 10 years, it's over 85%. Over 20 years, it's 93%.

SPEAKER_01 15:31

So we're over nine out of ten. Yeah. So and remember, you've got to pick those ten before the twenty years. Right. Not after. Right. After anybody can pick them. So yeah, these are great ideas, as we like to say. Wall Street have uh 20 other ones every week that will be glad to be able to do that.

Roth Conversions and Tax Strategies

SPEAKER_00 15:52

They want you to buy into whatever it is they're doing. And we're just not going to fall for it. And we're gonna get accused of being Luddites and old-fashioned and slow to change. We keep hearing it. You guys admit that you're slow to change. Yeah, we're slow to change because you better prove it. It's as if we we are both from Missouri. I'm sorry, Missouri. Missouri. Show me. Yeah, exactly. Show me the money. Show me Tom's questions. Yes, a lot of questions. Pieces of paper. Keep sending them in. Not papyrus, actual trees.

SPEAKER_01 16:31

Talking real money.com. Uh Steven writes us from Auburn, Washington. Don and Tom, Roth conversions two to three times a year up to the top of our current tax bracket as part of our current financial plan, which we built with a financial advisor a few years ago. I have had the practice of making these conversions only twice a year. Would it make sense to do these three or four times a year to dollar cost average, especially with so much volatility in the markets? I appreciate your insight and all you do for us. So Roth conversions three or four times a year. A lot of work for one thing.

SPEAKER_00 17:05

No, no, and here's the thing. I I need I want to remove the idea, this dollar cost averaging idea from everyone's site.

SPEAKER_01 17:14

Well, I think you should go back and talk about what a Roth conversion is first. Then you can remove the idea.

SPEAKER_00 17:18

All right. Okay. Roth conversion is where you take your regular IRA. Trevor Burrus, Jr. Traditional. Traditional. And you the one that you got a tax deduction for. Correct. And tax deferral. And you convert that into a Roth IRA, which will never ever have any taxes on it going forward, but you pay the taxes on all the money you take out of the IRA that you convert to the Roth. Trevor Burrus, Jr.

SPEAKER_01 17:40

And want to make sure two things. Number one, you don't want to bounce yourself into a higher bracket when you do that, because remember this is income. Oh, he didn't say that, but we're saying that. Number two, um, you want to make sure you have the cash to pay that. You do not want to pay it out of the retirement account of which you're converting. So that would be a couple things to pay attention to. So the question on the table is not that. The question is should I be doing this one time a year, two to three times a year, three to four times a year, because there's a lot of volatility in the market.

SPEAKER_00 18:07

Okay. I'm going to go back to the my big brain theory that we have this big brain and it sits around sometimes and gets bored and tries to think of new ways to do stuff. It gets bored and it watches documentaries on Netflix. World War II documentaries on Netflix. Lots of things. I think we've both run out of World War II documentaries. I know, I have. And you don't know how this comes out, so what are you doing? Trevor Burrus, Jr. And the the the reason I think there are so many World War II documentaries is because there was a lot of film back then. You don't see as many Revolutionary War documentaries. You're lacking the action. You know, you don't have video.

SPEAKER_01 18:52

The explosions weren't as big in the Revolutionary War you didn't think.

SPEAKER_00 18:54

No, they weren't as big either. Now look at them. Anyway, back to my point. Yes. The overthinking thing. Please banish this idea of dollar cost averaging from your psyche in every case except one. There's no such thing as dollar cost averaging out. There's no such there's no sense in having money in a pool somewhere and then slowly dollar cost averaging it in. That's the same thing. You're doing that today.

SPEAKER_01 19:23

You're doing that. You're dollar cost averaging in.

SPEAKER_00 19:25

No, no, no. That's from earning. I'm getting to that. Oh, okay. Pardon me. I said there's only one case. Jumping ahead. Yeah. Jumping. Oh, you jump ahead? That's shocking. There's only one case. You dollar cost average because that's the way you earn money. You earn money on a regular basis. And so dollar cost averaging is a very effective way of forcing you to invest all the time. You just do it when you get it, and you take advantage of the ups and downs of the market. And if you're in the accumulation phase and the market goes down, you should be cheering. Hooray!

SPEAKER_01 19:58

More share prices at a lower price. Yeah. More shares at a lower price.

The Dollar-Cost Averaging Myth

SPEAKER_00 20:02

But otherwise, you're you're kind of trying to time the market. You're saying, well, I've got it in cash. I'm going to put a little in now and a little in later because I think it's one of those concepts should just be gone. Yeah, it should be gone, and it makes no sense for Roth conversions. Convert when you convert. Because you're playing, you're you're swimming against the current. Yeah. Generally speaking, markets go up more than they go down. So if you delay, if you if you do if you do it on January 1, odds are you're going to pay less in taxes, odds are, than if you do it on December 31. In most years. Not in all years, that's the problem. But you're swimming against that current. In about three out of four years, yes. Three out of four years, you will have a, generally speaking, you'll have a higher tax liability at the end of the year than if you did it at the beginning. So what you're doing is you're giving up a whole year of that tax-free growth. So no, it doesn't make sense. Yeah.

SPEAKER_01 21:04

Plus, as I said, that's a lot of work, three or four times a year.

SPEAKER_00 21:07

Yeah. So harder work, less money. Oh, wait, no, that's just a no-on both count.

SPEAKER_01 21:13

If you're interested in that, we have employment here at Appello Wealth. We'll talk to you about it. Sorry. Tim writes us from Cranford, New Jersey. Thank goodness. Do they listen? We know. Yeah, there's a few people that every once in a while say, Hey, did you really say that? And I say, no, I didn't say that.

SPEAKER_00 21:31

And it's usually Tom, right? They go, I blame you generally, as you know. Did he really talk about a show about orgasms last podcast?

SPEAKER_01 21:40

Trying to boost our ratings a little bit. Uh hello, Don and Tom. Thanks for my question. Please opine on X D I V. X is an X-ray, D is in Don, I is in Indiana, V as in Vermont. I love that he used the word opine. Yes. You don't hear that enough. They call it. A no dividend S P 500 fund. My understanding is the fund buys S P 500 funds like VU and sells them the day before the X dividend date and then buys it back or a similar fund to avoid getting the dividend. Theoretically results in tax efficiency. Could make sense for someone who's trying to keep their annual income low, especially for Irma purposes. Please don't confuse this with X DIV that trades on the Toronto Stock Exchange, which has been around longer and shows up often on internet searches.

SPEAKER_00 22:30

X DIV and ETF that is uh The round pillow S P 500, no dividend, target ETF. There you go. It's only been around for a few months. Oh, okay. So this is new. Okay, so it's brand spanking new. Now, how is it done so far? Well, it's in the S P 500. It's lost money. Does that tell us anything? Heck no. No. But but you're trading one tax for another. Although, wait a minute, because it's an ETF, if they're taking capital gains, they're probably they may not be distributing those capital gains because they can keep them inside the portfolio. Oh. I hadn't thought about that. Huh. It's not expensive. It's really not. It's a fund of funds. Yeah. So what they're doing is they're buying the the State Street Spider, the S P 500 fund, which has an expense ratio of two basis points. And they're adding six basis points for them. And then they've just created a computer program that basically sells pre-ex dividend date and then buys back post-x dividend. I've I then you don't get the dividends to pay tax on. You don't get the dividends, but the dividends get here's the thing about dividends that people don't understand. Dividends gradually get built into the price of the stock over the quarter.

SPEAKER_01 24:10

Most people forget that.

SPEAKER_00 24:11

Yeah, the stock price rises by the amount of that dividend, and then on the date they go X dividend, they pay out that dividend, the stock price is reduced by the amount of that dividend. All the market movement is separate from that, but that's generally how this works. So in theory, you're not losing the dividend. It feels like a gimmick to me. It feels massively gimmicky. Yeah. They're not expensive. Oh gosh.

SPEAKER_01 24:41

I you know what? This would be the thing. I would have to look at this case by case to see if it really was going to help you when it came to paying the uh Medicare surcharge, Irma, for example. That would have to be a one-off to look to see if it's really going to matter or not. And if it was, then maybe.

SPEAKER_00 25:02

Yeah. I'm all over the place on this one. I really am all over the place on this one. Um, because you're relying on that price appreciation, which isn't absolute. It's kind of supposed to be there, but we don't know that it's there. And and what it also does is it it creates potentially some tracking error.

SPEAKER_01 25:27

Because it's gonna have tracking error, no question.

SPEAKER_00 25:29

Yeah, it's not gonna track the S P five hundred perfectly. And uh there are costs to trading, too, that could exceed I don't know that they will, I'm saying could exceed the meager tax benefits that you're gonna get in unless you're just in a killer tax bracket.

SPEAKER_01 25:48

Remember when you referred earlier to something like we're gonna do that.

SPEAKER_00 25:57

Maybe we should wait like five.

SPEAKER_01 25:58

Okay, five years. Call us in five years.

SPEAKER_00 26:00

Gimmicks. I don't generally I'm opposed to gimmicks because they tend to be good for the person who created the gimmick. More and again, here's the other thing. Over and above the S we forgot about that. Your your expense ratio is four times higher, even though it's very low, four times higher than the S P 500. So you're losing in trading costs, you're losing in the tracking error potentially, and you're losing in the uh the the the higher expense ratio.

SPEAKER_01 26:34

This is something that, again, I uh and I already mentioned this, I would have to look at it case by case to see if it was really going to save you on Irma.

SPEAKER_00 26:43

If not, no way, because again, when tracking error is we won't see what the tracking error looks like for a couple of years.

SPEAKER_01 26:50

Yeah, you'd have to look at it for a while. So I wouldn't run out and get this. Like I wouldn't run out and get a lot of things, um, but maybe we could look at it down the road.

SPEAKER_00 26:59

And I want to know where people are getting these ideas. Where you should tell us. I read on such and such just a lot of people. This was on CNBC, guaranteed. This was on CNBC? Probably. Yeah. Okay. Here's the best way to avoid the thing. I just said that. Oh, you don't know. Then I wish people would tell us. But here's the best way to avoid these new ideas? Stop watching CNBC or Fox Business.

SPEAKER_01 27:20

Exactly.

SPEAKER_00 27:21

Solve so many problems right there because most of the nobody reads nobody reads financial mags anymore. They're all dead. Except you. You read the business. I still read them all businesses in paper, probably.

SPEAKER_01 27:32

Do you get the paper version? Uh no, I don't get the paper. Well, Bloomberg doesn't do it anymore. Oh, they don't do the paper version anymore? Which I hate because I loved it. Oh, you love paper. I still read the Wall Street Journal every day, paper. In paper to cover. Do they still make that? They still make that. The trees are loving me for that. I want to mention something, though, before we end this wonderful podcast, and that is the following. In the first quarter, if you owned U.S. stocks, you lost somewhere around 7%.

SPEAKER_00 28:01

Now we don't know how you've done so far in the second quarter.

SPEAKER_01 28:04

No. But I will mention this. If you were bought a diversified portfolio, U.S., international, emerging, small, blah, blah, blah, you broke even.

SPEAKER_00 28:14

If you lost That's a big difference, by the way. That's a big difference. Here's the thing.

SPEAKER_01 28:18

Not that we're any smarter than anybody else, but you need to know how your portfolio is allayed. In other words, is it properly diversified? And you know what? We do that free. We actually look at your portfolio. We'll do kind of an x-ray on it, tell you how diversified you are, how much you're paying others, how much risk you're gonna do.

SPEAKER_00 28:36

And Tom looks so good in that lead apron when he does that x-ray.

SPEAKER_01 28:40

God, let's not go there. Uh with the gloves. Why do you do it? It reminds me a lot of Dexter. It's very similar, actually. So um, but you can do that, and here's how you do it. You just go to talkingrealmoney.com, click on meet an advisor, and it's not like we're not gonna call you and say, What do you need to do to move all your money today to here? No. We actually do the review, you actually get an hour with an advisor, and we're gonna tell you here's the good, here's the bad, here's the ugly, and things you should pay attention to.

SPEAKER_00 29:15

Yeah.

SPEAKER_01 29:15

So anyway, take advantage of that.

Closing Thoughts and Listener Engagement

SPEAKER_00 29:17

And also a lot of people call and question wow, it really helped. And and darn it, you didn't try and sell me anything. No, that's not what we do. We don't need to. We're doing fine. It actually works. It's so funny how well karmic marketing, as I like to call it, yes succeeds. Continues to work. You just do you you do the right thing for people and the right thing gets done for you. We've I mean, we at Vestry and now at Appella are very successful, and we're successful by doing the right thing. Now, could we be able to do that? Try that American business. Could we be far richer if we sold indexed annuities? I guess. Yeah. Yeah, we could be. Would I sleep as well? Nah. Even though my Apple Watch doesn't it says I sleep terribly, but I I feel like I sleep fine. So what does it know? Anyway, uh, you got questions for us? We love answering them on our podcast. You can do it in a in a number of different ways. You can go to talkingrollmoney.com and type your question at the ask a question button. You can record it with your microphone like this. You can use your phone and dial 855-935-8255 and ask a question. Any of those ways, we're gonna get you on the podcast and we're gonna try and help you do that thing that you really need to do, uh, that it's hard to do, and that's manage your money better. Because here's what we do: we spend all of these shows talking real money.

SPEAKER_02 30:52

The opinions and views expressed on this podcast were current on the date recorded. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. Although information and opinions given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Information presented on the podcast is not personalized investment advice from a fellow wealth. The views and strategies described may not be suitable for everyone. This podcast does not identify all the risks, direct or indirect, or other considerations which might be material to you when entering any financial transaction. We hope you realize that the information provided on Toxin Real Money is for informational, educational, and hopefully enjoyable purposes only. The podcast is not trying to get you to buy or sell any financial products or securities. Instead, the program is provided as a public service by Apello Wealth, a C only registered investment advisor. About Capital, L O C D B A Appello Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in the states where it is properly registered, or excluded or exempt from registration. Registration with the SEC or any state securities authority does not apply a certain level of skill or training. A fellow does not provide tax or legal advice, and nothing either stated or implied here should be inferred as providing such advice. Thanks for listening, and please visit talkingrealmoney.com for more information and important disclosure related to performance of any specific index or fund quoted in this podcast. And the lawyers get richer.