Ep. 1984: Before the Bear Arrives

SPEAKER_01 0:46

Eventually, it will happen.

Bear Markets Ahead

SPEAKER_01 0:50

Yes, ladies and gentlemen, markets rise, markets fall. No one knows the turn at all. Oh my gosh, it's another verse from one of the songs I did. Here's the thing about the songs, they stick in my head. I'm sorry, they stick in my head. Yeah, you know, there's something that uh you don't like to think about that you really should be thinking about, and that is the inevitable bear market. One will happen. Winter will come. Although our uh George R. R. Martin's book about it probably never will. Um Real Winter will come, market winters will come. And then what happens after that? That's the topic on today's Talking Real Money. The market will fall. And what will you do when it does, Tom?

SPEAKER_04 1:39

Yeah, I I I think it's isn't it oceans rise, countries fall? I don't know. Maybe you could throw that in there somewhere. I think that was a from a pretty well-known musical or something. Uh yes, the the next downturn is coming. It it's it's always is, but it's a matter of when. Please tell me when. I want to know exactly when. That's what everybody wants to know. But here's the thing that makes me nervous before we get into after the market goes down, what's next? Because I get to look at a lot of this. Uh I see portfolios that are way taking way too much risk because the market's gone up a lot the last few years. Never goes down, can only put in more in stocks. And mark and portfolios that are way too concentrated in a few securities or in a certain type of security. And I don't even need to tell you what kind of security that is. But here's a little bit of a revolves around technology.

SPEAKER_01 2:28

Yeah, we probably know. And and and that's the thing is that when you focus too much, you think a bear market just generally is bad? Wait till you see what happens to focused investments when they go down.

SPEAKER_04 2:41

Yeah, and we've seen it. I mean, the the 2000s, the OTS. What got creamed? Well, technology got wiped out. Uh big U.S. companies got cr stomped

What A Bear Market Means

SPEAKER_04 2:53

on, right? So it's uh this is not not easy. But let's talk about a bear market, which is I I think I have this right, a 20% uh reduction in the price of an index from its peak to where it is today, right? 20%.

SPEAKER_01 3:07

20% or greater. Once it hits a 20%. That's the definition of a bear market.

SPEAKER_04 3:12

So the question at hand is when that happens, what should you do? Uh this interesting piece, I think it's from Apple News, right? Uh if I remember right, that you sent me. Um somewhere in Apple News.

SPEAKER_01 3:26

There's so much good stuff there.

SPEAKER_04 3:27

Because we know, we know some of you will give up, right? It it happens. I've I've seen it. Uh some of you will hang on, and some of you will buy more. Yay. If you're a young person, by the way, of a bear market's great news because you get more shares at a lower price.

SPEAKER_01 3:44

Yeah, you know, that's a that's a really great point because right now we got a lot of young investors who keep pouring money into the market, going, it just keeps going up. I'm gonna keep pouring money in. But do you realize every year, as it's going up, you're buying you're spending more money to get less stuff?

SPEAKER_04 4:00

Yeah. And wouldn't you rather have it the other way? Isn't it better to buy things on sale than it is, you know? I don't know. I'm just saying it's but it's good news. Um and Don and I are still buyers, by the way. We haven't completely stopped our purchases. We're still buying stocks and bonds, et cetera.

SPEAKER_01 4:18

I mean, I'm still working. I'm that's right, me too. Yeah. I'm still accumulating.

SPEAKER_04 4:21

But here's the thing about doing something other than that, uh, which you want to do. Because when the market goes down in 2022 or 2020 or 2008, nine, et cetera, uh, you just you're gonna want to sell out because you just think if it's down 20, 30%'s not far behind. And maybe it's gonna be a 2008, 2009 where 56% top to bottom is not so. I want to get out, sit on the sidelines, and wait it out. That's what many, that's just feels my dad used to be among them. He hated the fact that we tell him, No, you're you're in the right portfolio, you gotta learn to let go. And um he couldn't.

SPEAKER_01 5:01

No, because what happens is it reaches the point. This is why we are worried about how you will react. We know from past experience that you you reach a breaking point. The market starts falling, you're okay with it for a while because you're thinking, oh, this is just like every little downturn we've had in the market. It'll bounce right back up and head for new highs. It's when it persists and when it uh gets well when it gets really bad. And let's talk about how bad it it can get real

Worst Bear Market History

SPEAKER_01 5:34

quickly. I I just was looking back at the worst bear markets, Tom. Yeah. And um Thanks for doing that, by the way. Trevor Burrus, Jr. There have been like the the the 1987 crash. That was like in no time at all. Trevor Burrus, Jr.

SPEAKER_04 5:49

That was it is that that's not the one-day 24% percent.

SPEAKER_01 5:52

Well, it was it was a yeah, one day 24 percent, and the bear market itself lasted for about three or four months. Yeah. And it totaled a 33 percent decline. Trevor Burrus, Jr. Yeah. So that was pretty scary. Then we had one in 1968 to 70 during the recession, which a lot of you don't remember. That was a 35 percent. Then we had the oil crisis in 73-74. That was a that was bad. And that lasted a long time. That lasted for a year and a half, and that was a 48 percent decline. Yep. Then the dot-com collapse, 2000 to 2002, that was fifty percent almost. Trevor Burrus, Jr.

SPEAKER_04 6:27

And that was tech oriented, which was almost all tech. Yep. You might say, hey, that sounds similar.

SPEAKER_01 6:33

And then from 1937 to 1938, a full year uh before World War II, the Fed tightened rates fifty-four plus percent, almost fifty-five. Yeah. Then there's number two. Number two, okay. 2007 to 2009. 50, as you said, fifty-five. 57 percent. Okay, fifty-six. Number one with no competition, but could this happen again? No, no, it can't. We don't I'm not gonna say it can't. Yeah, and 1929 to 1932, 80.

SPEAKER_04 7:12

How much Vanguard says they've examined uh uh carefully market cycles between 1980 and 2023. Bear markets produced an average loss of 30 percent and lasted 282 days, which sounds like that's like nine months, I think, or something, right? But it was But it's painful. Painful, but if you're feeling bad, bull markets uh generated an average gain of 96 percent and lasted a thousand days. So if you get in the middle of it and think, oh, it's never gonna end, I'm just gonna lose all my money. Well, it hasn't turned out to be that way.

SPEAKER_01 7:48

You know. So uh And that that that right there should hearten you. And for younger investors particularly, that's a sign that when the market is is in the process of falling, or it just has fallen, that's a good time if you can find extra money to invest some

Rebalance And Stay Ready

SPEAKER_01 8:07

more.

SPEAKER_04 8:07

Yeah, and let's talk up, let's talk about the after 20 percent. Number one thing you should be doing is rebalancing your portfolio. Because not everything will have gone down 20 percent. So bonds may have gone up. Uh certainly can remember in the spring of 2020 when we were buying stocks and selling bonds, because the bonds had gone up in stock. We weren't any smarter than anybody else, but we had a discipline. Number two is uh I know this is hard, and I know we say it many times. This is when you find out if you have a plan. Because if you have a plan, it the plan accommodates the amount of loss you're willing to take for the gain that you're trying to achieve. Most people don't. And this is when they find out um how bad it can be and why they need a plan. Um the other one that I think people forget too, Don, is if you have money in a brokerage, taxable type of account, you can tax loss harvest during a bear market. You can set aside some of those losses, use them against future gains. That makes sense as well. I will say this that my worry now, again, is people are way overconfident because the market has gone up a lot. People are way taking way too much risk. They don't realize how much risk. They don't know. So that's why we offer things like the risk quiz, right? That sounds like a pitch, but it's free, and you get a score, and you can say, well, okay, I kind of know myself about money.

SPEAKER_01 9:25

And it's based on some really, really robust uh academic research into the right questions to get to the answer. Not just how much can you afford to lose, but really questions that don't seem to apply necessarily, but get to your ability to take risk. And I really want to reiterate the need for two things - two things when it comes to risk. You need to really come up with your risk profile. And that's a combination of two things. That's your ability to withstand risk, what that worst-case number is. You've got to figure out what your worst case number is. How much can you stand to lose before you're going to panic? And that is a hard thing. You've got to know yourself really, really well. But the other part of the scenario, the other part of the formula, is don't take more risk than you need to take. You shouldn't have a portfolio of 100% stocks if you're in a position where you can live the rest of your life comfortably on your portfolio. Why take the extra risk? You're not going to win any contest.

SPEAKER_04 10:30

Yeah, I think this is the part that most people forget about. They they get in the middle of things and they say, making a lot of money, not not even considering what could be on the other side. I by the way, I'm going to take the risk quiz again. We'll talk about it in a future program what my score was, because I haven't taken it in several years. I think I had an 84 or something last year.

SPEAKER_01 10:48

You had a very high risk quiz score. So, you know, and the reason you and I have high risk quiz scores is because we've been doing this for decades, and we get that the market does what the market does. And as a matter of fact, I honestly don't think I have a worst downside number. I really don't. I don't think I have a number. I don't think it's 70 or even 80 where I would panic.

SPEAKER_04 11:15

Yeah, you and I are the people that started an investment company in 2009. Yeah. I remember people saying, are you guys nuts or something? I mean, what are you doing?

SPEAKER_01 11:24

So Well, it worked out. Since 2009, we only had one bear market, and it wasn't one. By the way, it was not one of the top thirteen.

SPEAKER_04 11:32

Trevor Burrus, Jr. 2020 and 2022, both on the 13th.

SPEAKER_01 11:35

Yeah, neither one were in the top thirteen. Trevor Burrus, Jr.

SPEAKER_04 11:37

Well, both of them are very sharp.

SPEAKER_01 11:39

Oh no, no, I take that back. The 22 was uh number 12. Number 12.

SPEAKER_04 11:44

But they're trying harder, you know. So good for them. So here's here's again, end of end of story for me. It's like being in the Boy Scouts. You got to be prepared. This is your money. You need to be knowing what's going on with that money, and as I said, how much risk you're taking. Don, you explained that very well, how concentrated your portfolio is, and what you're trying to achieve with it. What you said is absolutely right. You're not gonna be richer than I guess is it is it Elon Musk again who's the richer.

SPEAKER_01 12:11

Elon Musk is, I think, number one.

SPEAKER_04 12:13

Um sorry, you're not it's not gonna happen. It's not me. Give it up and just try to get for that return that will sustain you and your family for a long period of time. Let everything else go. Check your own.

SPEAKER_01 12:25

And I just I just scrolled down the list because I only gave you guys the top uh the top five of the of the markets. The COVID-19 crash in 2020 was number seven. I missed I I rolled right past that. So two of the thirteen worst have happened in the last ten years. Trevor Burrus, Jr.

SPEAKER_04 12:44

It just doesn't feel like it. I think because it was they were so quick, they were it was in and over, and then boom, we went right back up. So which could happen again, but we don't.

SPEAKER_01 12:52

And there may be a reason. I I I don't know this for a fact, but I think that it makes perfect sense that they happen more quickly because the markets are able to move more quickly today because of technology. It's not, you know, you're not going down to your broker and and placing a manual order anymore. So uh Oh, the noise stopped, Tom. I hope you can't.

SPEAKER_03 13:12

Yeah, I don't hear the roar.

SPEAKER_01 13:13

I don't hear the Yeah, there was a roar in the background. I even changed mics to try to get rid of it. You did. Uh, because we're having and and Tom, you'll be you'll be thrilled. I you know, I wish I oh my gosh, I should have gone out and taken pictures. I could have taken 3D video for you of the tree trimming. Oh, the best part is the macerating of the branches. I mean, they these big old limbs like 10 inches across. Chipper shredder doing it. They just that sh that that shredder is just eating them up, man. You would you would love this. It should you know, this should be a spectator sport for tree haters like you.

SPEAKER_04 13:52

Can we put this up on the website somewhere? I'd really like

Tree Talk And Questions

SPEAKER_04 13:55

to see it.

SPEAKER_01 13:55

So this comes we are now uh we have now come to the tree hating portion of the program.

SPEAKER_03 14:02

Yeah.

SPEAKER_01 14:03

Tom's paper question portion. But here's the sad, sad news. What's your count of paper questions right now?

SPEAKER_03 14:11

It's low. It's very low, man. It's it's it's like sunshine in Seattle in December.

SPEAKER_01 14:16

He got so excited. We were we were just doing a lot of them when his stack was like, you know, he literally he had to hold it with like two full hands.

SPEAKER_04 14:23

Yeah, not anymore.

SPEAKER_01 14:24

Yeah. So we have questions. They came in at talkingrealmoney.com. We invite more of those. You just go to talkingrealmoney.com and then click on ask a question, and Tom will do this. He'll print it on a piece of tree pulp and read it to you

Home Sale Tax Rules

SPEAKER_01 14:38

on the on the podcast.

SPEAKER_04 14:39

This comes from Tacoma, Washington, where Susan writes, Hi, Don and Tom. I miss you on the radio, but I'm thankful for you continuing your great podcasts. Thank you for that. I have a question concerning the requirements on a sale of a home for a couple who decided and need to live in a retirement facility. You call the facility I didn't. Uh, most require some sort of buy-in deposit plus a monthly rental amount. My husband and I are not at that point, but we're wondering if we have if we ever do convert to that type of lifestyle, what is the required tax-wise when an older couple couple sells their home and then goes to a rental living situation? Do you have to pay capital gains on the sale of the house if you're not buying another home to replace it? Thanks again for everything you do and for giving such great advice. Trevor Burrus, Jr.

SPEAKER_01 15:29

It used to be that it required you to buy a new house at a higher value, even, uh, way back when. But the laws change now. It's you get uh an exemption on a home sale of a half a million dollars for a couple. Quarter million per person. So that's it's very simple now. You sell a house, the first half a million, if you're a married couple and you are the first half a million, or you know, uh uh filing jointly. The first half a million of gain is tax-free. So let's say you have a house you pay $250,000 for and you're selling it for $750, and uh we're not going to get into all the add-ons and things that are.

SPEAKER_04 16:15

Well, you can you can there's things you can add to your basis, right? There's right, you can add things to your basis, but I'm just making it simple.

SPEAKER_01 16:21

You pay $250, you sell it for $750, you have no tax liability. None. That's right.

SPEAKER_04 16:26

So um now if you've owned it a long time, have seen people that have had significant tax consequence from the sale of a home. What she's really asking is, is there anything special about going from owning a home to renting? No. You're just selling it, you're and you're booking the gain. That's it.

SPEAKER_01 16:42

Trevor Burrus, Jr. I think that hidden in there is you know, do I have to buy another property? But no, no, no.

SPEAKER_04 16:46

No, and and and uh also maybe an exchange of some kind, but that would require you to be exchanging that for a like property.

SPEAKER_01 16:53

You can't do that with that, not with your home. Not with your home.

SPEAKER_04 16:56

So that doesn't work. So anyway. Get on it if you're gonna do it. Sure, why not? Uh from Fremont, California. Michael writes, hi Don and Tom. I am a longtime listener of Talking Real Money, aka Talking Real Music. I love I love the new music compositions by Don. The icing on the cake was the Bollywood music theme. I've called in a few times as well and also had a session with Tom and Roxy. I'm writing to appreciate all you guys are doing. By the way, I had commented about Don being a sore loser in a recent quiz where he was the respondent or quizzer instead of the quiz master. I'm quite sure Don might not have told you about it. Anyway, keep up the good work.

SPEAKER_01 17:39

I had a Tom knows because he listens to the Friday

Making Podcast Music

SPEAKER_01 17:42

podcast.

SPEAKER_04 17:43

I had a non-financial related question. Is it possible to let me know what or how Don makes those fantastic intro music for the podcast?

SPEAKER_01 17:54

So Maestro, take us through the music angry. I'm sorry, but the guy asked. I use a uh uh an AI program called SUNO, which I've been playing with this and other AI programs for years. In fact, I've been playing with music for years. You should look around my studio. I have keyboards and pads and things, and I I bought music because I try to make music beds for my short stories and stuff. And so I've tried making my own, and they've been eh, you know, I use uh uh the music libraries like Okay, but let's go back.

SPEAKER_04 18:34

So let's just say for a moment that you want to write a new song and you want to do it in 70s rock style.

SPEAKER_01 18:42

Aaron Ross Powell Okay. Well what I what I do is the first thing I do is I tell a story. Um I I try to come up with what the story's going to be, what the the aspects of it are gonna be. I see. And then I go back and I listen to that style of music to get a feel for the tempo, uh the the the the uh the pacing, the the the the whole feel of the music. And then I try to write some lyrics that are resembling poetry, but not anywhere near any of the writing the lyrics.

SPEAKER_04 19:17

You're not letting AI- No, I'm writing.

SPEAKER_01 19:19

I'm writing the lyrics.

SPEAKER_04 19:20

Okay.

SPEAKER_01 19:21

I am writing the lyrics, and uh then I I use now I do go back to chat sometimes to help me with rhymes if I'm doing rhyming. If I'm not doing free verse and I'm trying to do some rhyming stuff, I sometimes I call I I go, that that is a stupid word. So I do ask for help.

SPEAKER_04 19:36

Trevor Burrus You just call Paul Simon, he fixes you right up.

SPEAKER_01 19:39

No, uh Ryman Simon. I I mean I'm not a poet, but I do write up the lyrics that kind of and some of them if you listen c closely, they they follow a theme. It's making money make sense, it's long-term investing, it's that kind of thing.

SPEAKER_04 19:54

Trevor Burrus, Jr.

SPEAKER_01 19:55

Every once in a while I come up with something new and different, like I read an article somewhere about somebody buying gold and crypto for the end of the world. Trevor Burrus, Jr.: So I I wrote a song about a guy who buys gold and crypto. Actually, it says keeps his money in the air because that rhymed and it worked out. Um it's called 50 for 50 at . No, not 50 for 50 at 5. It's called Um You Can't Eat It. That was it. You can't eat it. About the fact that you can't eat gold, and if the computers go down, crypto's in trouble, and how the woman down the street who has a bunch of uh grain and flour and a gun, she's not gonna take your gold and she's not gonna give you her food.

SPEAKER_03 20:38

Um handing her your computer's not gonna help. Trevor Burrus, Jr.

SPEAKER_01 20:41

And handing her, yeah, it doesn't work anymore. So as a matter of fact, I'll if you haven't heard that song, I'll play it after the show. So you don't have to listen if you don't want to. I'll play it after the show. Trevor Burrus, Jr.: Okay, so then that all gets plugged in and then I go to Suno and I say, I want a song in this style, this key, this time signature, these instruments. Uh and then there's also an exclusion section, and I can say, for example, no Americana, no uh if I'm looking for something acoustic, I go, no drums. Yeah. You know, when I've done a Gregorian chant, you have to say no drums, no instruments, only instrument or only vocals, uh four-part army.

SPEAKER_04 21:19

So you figured out how to talk to it and it can spit it out.

SPEAKER_01 21:22

Yeah. And then the final step is I spit out two songs at a time, I listen to them carefully, I go, that sucked, that that was great, and I rewrite the prompt and I rewrite the lyrics to make it sound better. And after about 10 to 20 tries, I get something that I'm happy with, and then that becomes the jingle or the song on the album uh by the financial physicists called Let the Boring Money In.

SPEAKER_04 21:52

And how soon until the real masterpiece, like a stairway to heaven or something, is coming up?

SPEAKER_01 21:57

That would be never.

SPEAKER_04 21:58

Okay. Just checking in on that.

SPEAKER_01 22:00

Real masterpiece? Never.

SPEAKER_04 22:01

Well, and speaking of A. Adequate,

AI Trading Hype

SPEAKER_04 22:03

sure. Speaking of AI, I I love, before we go, I can't help but mention that uh the Wall Street Journal recently ran a piece talking about the individuals now who always wanted to invest like the smart money and are now using AI. They think they're they're they've set up their own mini hedge funds that are that using AI now to uh to trade is uh allowing them to outperform the markets. Uh here's a guy who's a hairstylist and it with his regular job to stay-at-home dad, too. Um, but he's he's uh letting AI come up with the trades, he's following all that, and he calls this for individual investors a real breakthrough. Um here's the paragraph that's I think important. For individual investors, such sophisticated strategies were accessible only to the tech savvy few. Now, AI assistants can build an automated strategy from simple written prompts. Now, here's the problem. Writing the prompts.

SPEAKER_01 23:06

Well, that's part of it. Writing the prompts is hard, but here's the it's it's getting easier because the AI is so smart. It can help you write smarter prompts. You can teach AI to teach you to write better prompts. But there's an underlying problem to all of this. Why did some hedge funds do very well? It came from exploiting the occasional inefficiencies in the market, the things that nobody saw, and they were little tiny issues that caused them to be able to profit from something somebody else missed. Here's the problem. If everybody is writing code for their AI agent to help them pick the best stocks, they're all asking basically for the same thing. Uh a an AI that acts like little mini money managers and says, okay, these are the underperforming stocks. If a lot of people are doing that, at the same time, the markets become massively efficient and you lose any minor efficiencies, and therefore you can't win.

SPEAKER_04 24:19

So, in other words, just like buying an index fund is probably still going to be better than this. Oh, on the in the long run?

SPEAKER_01 24:26

Yeah, given the costs associated with it.

SPEAKER_04 24:29

The costs and the taxes. The ideas for hedge funds, how are those doing against uh index funds?

SPEAKER_01 24:34

That's the reality. The hedge funds aren't they're not reducing, they're not. They're doing badly.

SPEAKER_04 24:41

Right. So go ahead and hire whoever. Go ahead, get whatever AI assistant you want, but it's all based on something, and that something hasn't outproduced buying and holding a diversified portfolio.

SPEAKER_01 24:52

And the fact is that the everything in this article is anecdotes. There's not a there's not a lick of evidence this works. You know, the guy said, I took my 3,000 and turned it into 8,000 in a few months. We don't know how that was invested by the good for you. I I have uh met people who made uh tens of thousands of dollars on a ten-dollar bet on in Las Vegas. Yeah.

SPEAKER_04 25:17

I love I love the last quote. This could change the way people make money, he said. I read that and thought this could change the way people lose money.

SPEAKER_01 25:27

Yeah. That's much, much more likely. That's much more likely. This is just it's the same old, same old we keep seeing all the time. Somebody thinks they found a new way to beat the market, and overall the market must be unbeatable. The only way that you can beat the market Well, there's no way to beat it, but the only way you can come close to being it is to own it. You can't beat it. You can be it. Ooh. New lyric for a song. You can't beat it. You can be it. Oh, and that's the other thing that is really important to me in a song. Really important to me is a hook. I try to make sure every song has a hook. Like the one coming up. You can't eat it. It's you can't eat it. You know, so there's a there's a there's an earworm. You gotta have an earworm so that it gets in people's heads.

SPEAKER_04 26:18

Of course. They walk around all day.

SPEAKER_01 26:20

I want you to walk around all day humming, you can't eat it.

SPEAKER_04 26:25

And before you do that, I want you to get a free steak.

SPEAKER_01 26:27

I want you to Well, that stake's not free, sir. That's another song on the album. That stake's not free.

Send In Your Questions

SPEAKER_01 26:33

Uh we want you to send in your questions at talkingrealmoney.com using the contact form or record them using the microphone button in the corner. Or if you want some time with a real life fiduciary advisor and you don't want to pay for it because you're a cheap SOB, then go to talkingrealmoney.com and click on Meet an Advisor. We're actually talking about Stiff Tom.

SPEAKER_03 26:54

We actually talk to people who are not SOBs, by the way. I said a cheap SOB, not an SOB.

SPEAKER_04 27:03

We talked to regular joke, okay, it was humor. All right.

SPEAKER_01 27:07

Like your bad puns. It was just an attempt. Not well done, apparently.

SPEAKER_04 27:12

No, not well done.

SPEAKER_01 27:14

The tree guys must be at lunch.

SPEAKER_04 27:16

Yeah, they they're coming back, I'm sure of that. So stand by for chipper.

SPEAKER_01 27:19

We have five. We have five giant trees on our lot. Oh, five trees. It's in a suburb. I mean, come on. And one of the trees. One of my trees. I I if I put my arms around it and Debbie put her arms around from the other side, our fingers would just touch.

SPEAKER_04 27:37

Yeah, we're we have well, we have furs you can't do that with.

SPEAKER_01 27:39

Yeah.

SPEAKER_04 27:40

Big honkin trees.

SPEAKER_01 27:41

Yeah, but remember, our trees started 26 years ago.

SPEAKER_04 27:45

Yeah. No, these are 100 years old.

SPEAKER_01 27:49

Everything grows in Florida really fast. Yeah.

SPEAKER_04 27:51

Turns out a little water and a little warmth helps.

SPEAKER_01 27:54

Thanks for listening. And remember, if you don't like the music, don't listen. It's coming up after we tell you that we are here almost every day.

SPEAKER_05 28:02

Talking real money.

SPEAKER_11 28:50

So he bought the coins and he hid them well down under the basement stairs. And he wrote twelve words on a folded page for a fortune he kept in the air.

SPEAKER_08 29:09

It didn't arrive the way they said. No sirens and no flame.

SPEAKER_11 29:19

The trucks just stopped and then the lights.

SPEAKER_10 29:24

And nobody ever came. You can eat it, you can't burn it. It will not keep out the cold. And the one with the grain has no use for a coin. She already has all she can know.

SPEAKER_06 29:51

By the second winter, the servers were cold, the towers had nothing to say.

SPEAKER_12 29:58

And the forge he folded and kept in the air had quietly blown away. He said, I can pay it.

SPEAKER_06 30:16

She said I understand.

SPEAKER_12 30:19

Then she said I have no use for gold. I have a flower and a wall and a gun.

SPEAKER_06 30:27

What I need is a bag and a pair of hands.

SPEAKER_11 30:30

And I already have a sun.

SPEAKER_07 30:45

She already has all she can hold.

SPEAKER_10 30:52

The ones who came through were the ones who were old Who could set up on stone? Who had somebody's name on the back of their door?

SPEAKER_09 31:03

And somewhere they could go.

SPEAKER_06 31:16

And the road knew them. And that was all they had.

SPEAKER_10 31:32

And the one with the grain has no use for the crane.

SPEAKER_07 31:36

She already has all she can hold So built for the fall that comes every time.

SPEAKER_10 31:59

The ones that end, the ones that meant There is no hedge for the end of the world. There is nothing left to spend You can keep the cold And the one with the grain has no use for the coin. She already has all she can hold All she can ho she can hold All she can hold She kept the coins, she kept them all He kept them to the end And they were bright as the day bought them Bright as the day bought them The opinions and views expressed on this podcast were current on the date recorded.

SPEAKER_00 33:10

Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and our subjects 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 Oppello 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. Past performance does not guarantee feature results, and profitable results cannot be guaranteed. We hope you realize that the information provided on Talking 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 security. Instead, the program is provided as a public service by Appello Wealth, a fee-only registered investment advisor. Please see Appello Wealth's ADV Part 2A on our website for information regarding Appello's fees and services. Apello Capital, LLC DBA 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 requirements. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. Appello 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.