Bubble Trouble?

SPEAKER_00 0:05

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

Aging and Time Compression

SPEAKER_03 0:11

You know, I think the biggest surprise that I have had with aging is the weird time compression that I don't think I had ever expected. And by that I mean when you look back at events that were very that are very clear in our older memories, they don't seem like they were that long ago. And yet the event we're going to talk about here happened prior to anybody age 30 or younger even knowing it happened.

SPEAKER_02 0:47

Take a guess. Today I brought it up in our all-staff meeting, and there were about 25 people there. Guess how many people remembered what we're going to talk about? How many hands went up? I I I'm trying to think of you have a couple of old people.

SPEAKER_03 1:00

You have a couple of old people, so probably three.

SPEAKER_02 1:02

Three hands.

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Three hands. Three.

SPEAKER_02 1:04

Yeah. Nobody else in the room.

SPEAKER_03 1:05

That's raised their hands. Yeah. It's like, wait a minute. It's the 30 somethings and younger who don't know this. As a matter of fact, the 20 somethings don't even remember 2008. No. They don't. It was it was something those old farts talk about. Well, welcome to Old Fart Radio. I'm old fart Don. That's older Fart. No, I'm older Fart Don. That's younger Fart Don. It's close enough so much. And it's close enough. And welcome to the Talking Real Money. Wow, is this exciting podcast? Doesn't get any better than this. What are we talking about today? Well, lately, what has been the hottest segment of

AI Bubble Concerns

SPEAKER_03 1:48

the U.S. economy, certainly, and really the global economy. When you look at stocks in Taiwan and uh and South Korea and Europe too, a lot of what's been happening in the market is driven not just by technology, but by the potential of artificial intelligence, which I have to tell you is legitimate potential for improving productivity. I'm with Elon Musk on this one. I'm not with him on much, but AI could be the global savior of productivity. So, with that said, there's a lot of concern, Tom, about what's going on.

SPEAKER_02 2:24

Well, because when things go up the way they have, trading on the AI trade, and if you consider the Mag 7, for example, to be, you know, reflective of that, because they're spending billions of dollars there, there's worry that we're in, I hate to say it because you never know until afterwards. The bubble. Yeah, exactly. Uh so a lot of people thank you. That's much better. There's a lot of people writing about this, and you know, our friends at Fidelity that uh that that write a lot. They do a lot.

SPEAKER_03 2:55

We'll talk about one of their people just sitting around who write for a living, or it could be AI.

SPEAKER_02 3:01

It could be. So um it could be AI. That's good. So there's a paper they just wrote about the five signs of an AI bubble to watch for. I didn't know about this until our friend Paul Merriman published it in his uh newsletter. So I read it a couple of times because I'm interested. And as you'll hear at the end of it all, it doesn't change what I believe about investing, but I think it's an interesting thing to consider. And the comparison is are we in a bubble today with AI? And I think Eugene Fama put this correctly. You never know when you're in a bubble until you're out of the bubble. Then you knew you were in a bubble.

SPEAKER_03 3:35

You don't know you've been in a bubble until the bubble.

SPEAKER_02 3:38

Yeah.

SPEAKER_03 3:39

Thank you. Much better.

SPEAKER_02 3:40

Uh and the comparison is to the you know, dot-com craze, right? The thing Don just mentioned. So many people don't remember which. Yeah, I can remember which. My daughter was five. Yeah. Okay. I have one not alive yet. Anyway, um AI that could lead to productivity gains and making labor capital more efficient, higher profits. And Fidelity says they still believe that to be true. They still think AI at the end of the day, that's that's what will happen. But they got into some of the specifics about should you the the factors you should look at today if you're really worried about this, the things they think you should consider, right? Um and and there they have some sub-headlines that say why the end of the AI trend does not appear to be imminent. They go into very specific items on stocks that you and I do not spend time on because we buy markets, we we sometimes sell them when we're rebalancing, but that's it. We don't get in and out based on trends or get based on feelings or based on any of those things. That's what we're talking about.

SPEAKER_03 4:47

We're not watching individual stocks and going, oh, that uh this is a buy at this price. Real opportunity.

SPEAKER_02 4:52

So um okay,

Earnings and Valuations

SPEAKER_02 4:54

but they go into a few things. And and just to just for purposes of discussion, but also purposes of education, we can talk about them. Earnings growth. They the SP 500, they say, S P five hundred index appears on track for a tenth consecutive quarter of earnings growth. Let's see.

SPEAKER_03 5:09

So when earnings grow, the companies are making more money, and therefore, generally speaking, they become more valuable. Generally. Yes.

SPEAKER_02 5:20

Not always, but generally. And by the way, they also point out um in the article that the Mag 7, which okay, I'm gonna belabor this. We're gonna Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Broadcom, right? Is that that's right? So is Broadcom in there? That's what they mentioned. One, two, three, four, five, six, seven. That's who they mentioned. Anyway. Broadcom. I didn't know Broadcom was in there. I when I read it, I was surprised too. But they point out that uh in June, those Meg 7 stocks lost nine percent, and uh this is being recorded basically in the middle of July. So far, in the middle of July or late July, I should say. Ah they're up about four percent. They're down nine. I asked AI, by the way. Yeah.

SPEAKER_03 6:04

Not half of that. No, AI says Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla.

SPEAKER_02 6:13

Yeah. So I guess Tesla and Broadcom are battling it out for place number seven. So so again, but back to the the then they talk about not just earnings, but the quality of those earnings, which again, I hate to boil things down, you know, cash flow versus earnings, aggregate margin, things that I don't think you need to worry about as an investor. But here's one that is worth considering, not making a change in your portfolio, but valuations versus history. This comes up a lot. You hear this a lot in the media, you hear a lot of discussions about the fact that stocks are kind of expensive. At the end of 2025, the SP 500 traded at 22.3 times forward earnings. Remember, what people are expected to make.

SPEAKER_03 6:54

They think they're gonna be.

SPEAKER_02 6:55

They think they're gonna be. This uh gets me a little shaky. Uh which is above its tenure average of 18.7. That's quite a bit above. I mean, that's four percent above the average. So that's you know, what's that? 20 percent. Yeah, it's not insignificant. Um, and they say that the the the it the only time you can look back and see this is uh one of them is uh the July 1999 peak of 24.4 times. So if that scares you. Um maybe the next one will scare you more, and that is around capital spending. This is the thing that remember we read the piece in the Wall Street Journal about how more is being spent on AI than was on like the railroad to get all the way out here to the west, the highway system. I mean, this is a major, major, major expense. So there's a lot of money being thrown at this by companies. They call it CapEx, right? Capital spending. And can they afford it? Because remember, they're borrowing money to do that as well. And how that will all end up, that's something worth watching. Again, these aren't things I would change trade my portfolio on, but I think it deserves a watch. And then the one that I really think is

Bubble Warning Signs

SPEAKER_02 8:08

a concern. The rate cycle. The connection between Fed hiking cycles and market bubbles has often followed, this according to Fidelity, a predictable pattern. Bubbles have burst. Oh, I hate that word. Wait, can we go back? Bubbles of burst. Predictable pattern. That's there is no predictable pattern.

SPEAKER_03 8:26

There's no such thing as a predictable pattern. No.

SPEAKER_02 8:29

Um but they say bubbles of burst following extended periods of excess liquidity, most often after an area of an era of low rates. In other words, excess liquidity leaves a hangover, markets decline later. It's part of the what they used to call the economic cycle, right? And like things go up, things go down. I think we did a chapter on this from your book.

SPEAKER_03 8:49

Now they're all e-bikes.

SPEAKER_02 8:50

So they're all e-bikes.

SPEAKER_03 8:52

Oh, wrong kind of cycle, sorry.

SPEAKER_02 8:53

Exactly. That's the only type I ride. So, okay. Um, but at the end of the day, Fidelity says, we don't think we're in an imminent bubble. AI remains in an early, they call it, economic development stage, and they believe balanced exposure to fixed

Diversify and Stay Disciplined

SPEAKER_02 9:11

income is important. They throw that in at the end because I think they're doing a little CYA action there in case things do blow up. And they say, well, but we told you to own bonds. But what's my takeaway from this? Well, my takeaway is number one, you may have heard this previously, uh, stay diversified. Uh because if you're just in these seven stocks, you could be in for, or if you're just decided to bolt in, because you were picking on me uh recently about telling people to own emerging markets. You should own them all the time. But people are running into them now because they're up 16% year to date. Right. Yeah, because it's the high thing. No, that's not the way to why. Stay diversified. So you still own those. Maintain is a hard one. Realistic expectations. Look, stocks have made a lot of money the last three or four years. A lot of money. And that gets people overconfident that they're going to continue to make that year after year. They won't, and you should not expect that. And then the other one that you and I spend a lot of time on because it's very difficult investor behavior, and that is keeping discipline. You don't change your discipline because something's happened. You don't make a move because you think something's going to happen. You have a plan, you have an asset allocation, and that's where you're at. So this is an interesting paper. I think it's available. I think anybody can go read this online if you really want to dive into uh what the future could look like. You got the gist of it here. You got the you get the good gist.

SPEAKER_03 10:29

Uh here's the thing about us we're weird. Well, we're weird. We're predictable. Um the market, as you said, has done very well lately. The returns, particularly on those magnificent seven stocks, and by the way, Broadcom was is kind of being inserted once in a while because it has a higher market cap than Tesla right now. And so anyway. Why don't we just make it easier? Here's the problem is that people look at their portfolios and they go, Whoa, I'm way up lately. I want to just keep all that profit. And I don't want to lose any of that profit. So I want to get out and then I'll get back in after it goes down. Uh because you're greedy. That's that actually is a sign of greed. That's truly what it is. Because okay, great. Uh the market returned lately, let's just say twenty percent. Market's average is ten. That means that you're gonna get at some point a reversion to the mean to get you back to that average annual ten. You don't want to give up that decline. Can't blame you, but it's uh very French revolutionary, and uh you know you can't have that cake forever in your wallet and get to eat it. Hard to swallow without your head, it turns out.

SPEAKER_02 11:48

So it's just tricky.

SPEAKER_03 11:50

You can't, I guess the best song you can't always get what you want.

SPEAKER_02 11:55

Ooh, getting bringing the stones in there. I like that. That's good. So sometimes you get what you want to do. Get no satisfaction, would have been my pick.

SPEAKER_03 12:02

You generally don't.

SPEAKER_02 12:03

So exactly. So I mean this is interesting topic to be continued, but again, if you have the right asset allocation, as some of you do and most of you don't. Um of you do. Because I look at this every day. I just looked at a portfolio where it's this isn't somebody's retirement account. It's the S P 500 for 30 percent of it, and then about eight individual stocks that are all in the S P five hundred for the rest of it. That's how we're waiting those. That's not an asset. Well, I guess it is an asset allocation, but it's not a very good one. Dangerous. Put it that way. Yeah. No bonds. Person's in their seventies, no bonds.

SPEAKER_03 12:38

Now, let me tell you, something happened recently, not too long ago. Tom got back from another vacation. And when Tom gets back from vacation, Tom actually goes through some of the questions and he gets on the phone with you, and then he records those questions, so it kind of sounds almost like a live talk show, even though this is a recorded podcast. And um look, he did one just recently.

Safe Withdrawal Questions

SPEAKER_02 13:08

Let's go to Connecticut air where we talk with Josh here on Talking Real Money. Hey Josh, how are you? Good, yourself? Doing great, glad to have you on the program. So, what's up?

SPEAKER_01 13:20

How can we help? So, uh, you guys talk about the flexible 5% uh safe withdrawal uh methodology regularly. And so just my understanding, if you've got uh enough you know, pensions and annuities or whatever that you could live on zero, you're absolutely flexible. So five percent will definitely be good and it'll last forever. If you have, you know, if you need four point nine percent of whatever your starting uh uh amount is, then you have very, very little flexibility, and the flexible five percent is probably not appropriate for you. Sound about right?

SPEAKER_02 14:07

Yeah, that's this is this is just this is always the number one question, always the number one issue when we meet with people. Do I have enough? Is it gonna last? You know, and it's a fascinating topic because most people who are like you who have thought about this have a tendency to underspend. It there was a piece in the Wall Street Journal, I think about a year ago, talking about the people that are savers and investors generally don't run out of money because they've been, they've they're they're they're conscious of these things rather than somebody just sort of says, I have all this money, I'm gonna go spend it. Number two is while we talk of and what what Josh is talking about here is the withdrawal rate, a percentage of your portfolio you can pull out and still not have it run out. Um and and I think uh Christine Benz, who's kind of a friend of ours, writes at Morningstar, she once said uh the only correct withdrawal rate you'll know is after you're gone, which is kind of unfortunate. Um, so what what Josh again is is wondering if 5% works in every case, and the reality is no, it doesn't.

SPEAKER_01 15:07

So my my question is we know that if you could survive on zero, you're obviously flexible enough, and it's pretty obvious that if you need exactly five percent, you aren't flexible at all. So a flexible five percent withdrawal rate is not appropriate for you. What I was wondering is do you are you aware of any studies that determine where the line is, what amount of flexibility is required for a flexible 5% withdrawal strategy to be appropriate for you?

SPEAKER_02 15:42

Yeah, so I how much less you can take and still have it work.

SPEAKER_01 15:46

Exactly. Yeah, I had ran some simulations and like it was looking around, you know, two and a half to three percent of your initial if you could if you couldn't be, if you would be happy with that, then the flexible five percent has basically a hundred percent chance of being fine. Yeah, but above that you start to start to drop. I was hoping that you know there were some studies I can compare my rhythm to.

SPEAKER_02 16:09

Yeah, you know, I mean, the short answer is probably not. I've never seen that. There was a piece, I'm trying to remember who did it. I mean, for people that are do-it-yourself, we send them to Bolden or you know, projection lab or nerdwallet, one of those online calculators, which are which are pretty good. Uh they're not as good, I don't think, as the stuff that we do because we're just spending more time on it. We do it every day and we can do it a little bit better. But um, but for somebody just wants to kind of run it, see how am I looking. And again, the problem is for me to get on the program and say this will work for everybody, is that every every person's situation is idiosyncratic. Josh's is different than Tom's, is different than Don's. Um, so there really isn't one number per se. And again, when we run these things, we run, I think it's a thousand trials or something, you know, with the Monte Carlo. So it it and then we could run it again and say, okay, we have horrible markets for the next 10 years, and then they're okay after that. How does it all work? Because as you know, much of this is dependent on, you know, good returns, okay returns, great returns, whatever it is for a long period of time. If you retired in, you know, the summer of 2008 and started pulling money out for the next couple years while the market was down, you may have to reduce your your your withdrawal rate substantially in the next couple of years because you've lost so much money those first couple. So, yeah, I I love what you're saying. I like what you're doing. Again, for us, when we do actual planning for people, we put in all the you mentioned the variables, you know, the pensions and social security and uh savings and all the rest of it. And and we'll run that number over and over and over and over again and put in other topics that may come along with long-term care issues or whatever comes along, and then look at it. And even then, I don't know that I trust it because there's just so many variables outside of our control. Um, we can tell you what the range looks like and uh the the percentage of success, but I don't know of any actual study that says here's if you're gonna try to do a variable withdrawal, here's the minimum that you, you know, the the the that we know it will work into the future, because I can't make I can't even make that guaranteed to the work that we do individually for people. There just is no real guarantee in life on this stuff, unfortunately.

SPEAKER_01 18:18

Oh yes, okay, never a guarantee. I was just wondering if there was a study about where it starts to. Yeah, I'm not aware of it.

SPEAKER_02 18:25

I'm not I'm just not I'm not aware of that. It's uh it may be out there. Um again, uh the work that that that I know the great advisors do is they they plug all this in, they run it, they rerun it, they'll run it again in six months. Obviously, when they meet with somebody, they run it again when they meet with them the next year. But but there isn't a study I've seen per se that will give you that number.

SPEAKER_01 18:46

That was my question.

SPEAKER_02 18:47

Yeah, it's a great question. You know, I mean, again, I I I I love the fact you're thinking about it and it suggests that your retirement is going to be just fine. So say the numbers that I've run. Good for you. Well, and the fact that you're designing your own work and really thinking about it all is awesome. So, hey, thank you for listening and thank you for being part of the program.

SPEAKER_03 19:06

All right. Thank you very much. Thanks, Josh. And while those are great fun, we also have a good time when Tom reads his favorite little paper questions. And we still have a couple of those before we run out of podcasts, don't we?

SPEAKER_02 19:18

Well, I'm more worried about running out of trees now because things have been dry here for a bit, and uh, I don't know, they're not looking too good.

SPEAKER_03 19:25

So you can certainly have one of mine. They're way too big. I gotta cut them. I gotta cut limbs off of them really soon. For five thousand dollars.

SPEAKER_02 19:34

Yeah, if anybody wants to make a bid on Don's tree trimming, uh, please contact Mr.

SPEAKER_03 19:39

$5,000 to trim one, two, three, four, five trees. They are well, it's Florida. Yeah. Everything grew. My 30-year-old trees look like hundred-year-old trees up north.

SPEAKER_02 19:53

Crazy. Yeah. Or more. Anyway, a couple questions. We've got a

Social Security Timing

SPEAKER_02 19:58

couple of them here. Uh, Richard from Edmonds, Washington writes, Hello, gentlemen. I'm 63 and receive my annual Social Security statement showing the latter of how my benefits will increase the longer I wait up until age 70. But reading the fine print, it says, as long as I keep earning my most recent salary of $82,000 a year. Well, this is my 2024 salary, and I retired in early 2025 and have not had a salary since. We're currently living off my wife's salary and a little of current savings to keep the life we want. She will work until I'm 65 for Medicare, then retire herself. You've always said to wait until 70 to receive the 8% a year increase. But would this hold true if I'm not going to be working in those years? Am I leaving money on the table by not taking it earlier? If I'm not going to be adding additional yearly earnings to the pot, should your advice be to hold off as long as possible as long as you keep working? Love listening to your podcast while walking the dog. All right. I hope Rover enjoys it too. Here's the thing. There is it is a good thing.

SPEAKER_03 21:01

So you're here's what happens. Your earnings, it Social Security, they say that because that's their CYA thing. Because it can change if, if, and here's the big if. And you can look back at this, by the way. It's on it's on so uh social security.gov. SSA. SSA.gov. Uh you can look back. It's based on the your highest 35 years of earnings. Yep. So if you have gr 35 great years, a few years in retirement, uh will just do nothing. Now if you have fewer than 35 years when you miss years, then that lowers the calculation. Or if you have a zero in there. I have a zero in one of my years. Yeah, so that well that gets rid of, you know, that that gets rid of one of the years. But if you it's based on the thirty five highest year learning earning years. So if you had thirty five good years, then you're good.

SPEAKER_02 21:58

Yeah. It it does It does make the assumption that you will continue to work. So it will be a little less than you would thought at 70, but not much. Not much. I've seen this because we've gone through this with people before.

SPEAKER_03 22:11

Yeah, it's it's stick your guns. Yeah. I mean, l let me hold on. I let me pull up oh this is from SSA. Hold on. Yep. Uh if you were born in nineteen sixty and you had a full retirement age of sixty-seven and you stopped working at sixty-four, lived on your savings for six years, and claimed at 70, your your your earnings-based calculation could be a little lower depending on those 35 years, but it's still going to be 24% higher than your age 67 amount.

SPEAKER_02 22:44

Exactly. You still get the 8% a year. It just but so in his case, I'd hold out for the 70. Remember, by the way, the reason we tell people that is not just because you're going to get a bigger bigger benefit. If the other person in your households is less, no matter whom survives, you or your spouse, that person will get the bigger benefit for the rest of their lives. It's very important to be able to do that.

SPEAKER_03 23:05

Yeah, and and so for men particularly delaying makes more sense. Yep. We tend to die sooner. Yep. So if you have equal age spouses, the wife is likely the odds, the actuarial tables say your wife is gonna if she unless she earned more than you, if she earned less than you and had smaller benefits, she's gonna really appreciate you waiting later on in life.

SPEAKER_02 23:31

You know how excited she gets when you say that? She just loves that.

SPEAKER_03 23:34

Your wife? Yeah, when she hears that I'm gonna die soon, she just thinks that's great. She just gets all worked up. She's counting the money, she's got the abacus out. She's so damn rich.

Convertible Bond Trap

SPEAKER_02 23:43

All right. Uh Bren from Chicago. I'm kidding. Bren writes us from Chicago. In a retirement-oriented portfolio. I'm assuming that means like an IRA or something. Probably. Yeah. We now have some inherited FC V S X. S C Frank, Charlie, Victor, Sam, X-ray. Uh new to us. Wondering where what about more about convertibles, not the driving type. Thoughts, insight on it, or an ETF like ICVT, the iShares Convertible Bond ETF. Okay. Well why do you want convertible bonds? But explain what that is first. These are this is debt issued by companies that can become stock, correct?

SPEAKER_03 24:28

Yeah, it can. Right. It can, it may not. I know. And generally, companies issue this because they they have a need for flexibility and don't want to pay higher rates because they're not in the best shape. Okay, let's first let's go back. Let's go way back into the fund. Yeah, we're going to go back to the back of the back. Let's go back to the fund itself. Fidelity Advisor Value Fund. Class C. Now, if you listen to the show for any time at all, we haven't discussed this in a while because these things are getting sold less and less and less every day. A Class C share is a type of mutual fund that uh I call a liar load fund. A liar load. Or uh the former way back chairman of the SEC, I think it was Chris Cox.

SPEAKER_02 25:21

It was Chris Cox.

SPEAKER_03 25:22

Called a sales load in drag fund. You love that one. It's a sneaky way of charging you the full five plus percent commission by the seller, but you not seeing the immediate decline in value that you would see from a five percent commission, like ten thousand dollars suddenly becoming ninety, five hundred dollars. You don't see that big decline because instead of charging that commission up front, they charge it every year, in some cases forever. And the expense ratio of this fidelity fund reflects that at one point.

SPEAKER_02 25:57

It becomes part of the expense ratio.

SPEAKER_03 25:58

It becomes part of the expense ratio. This is so ludicrous to pay. How much? 1.84% per year.

SPEAKER_02 26:04

Which is out that's out 2%. I mean, that is outrageous. It's outrageous in any world, but especially today's world, where you can buy the Vanguard Total World Fund for six basis points. That makes no sense.

SPEAKER_03 26:16

Okay. So you don't have to do that. Okay, but what about another convertible bond fund, even if it's a good one? What's the symbol of that other one? I didn't get that one. I C C Yep. Victory Thomas, VT. Victory. You love saying Victory Thomas, don't you?

SPEAKER_02 26:36

Victory.

SPEAKER_03 26:36

So I mean again high shares, convertible bond, ETF, expense ratio. See, here, two tenths of a percent. Yeah, less much better than the other, that's for sure.

SPEAKER_02 26:45

But I don't know why you still own convertibles.

SPEAKER_03 26:48

Here's the thing convertibles tend to be high lower quality paper because that's one of the reasons they issue convertibles. Uh two, they uh they're complicated. They're they're safer than common stock, but not much. So there's really no safety. They're illiquid as all get out. Um when they convert, they dilute the existing shareholders, which really drags down the price. There's no benefit to for individuals owning convertible. There might be some benefits for major institutions owning them, maybe as part of their weird, wacky portfolios. But for you as an individual, no, no, no, no. Just a well-diversified stock and bond portfolio. No, no.

SPEAKER_02 27:34

So clean that up. It's in an inherited IRA, it sounds like. Easy to sell that, build the right portfolio and get on with your life.

SPEAKER_03 27:41

And if it's just inherited and not in an IRA, remember, if it was just inherited, recently inherited, you get a cost basis step up. So sell it. Get out of it, get rid of it. Oh, why would anybody pay Fidelity 1.84% per year? That is just Fidelity should be ashamed of themselves for the first time. Fidelity, actually. Fidelity wanted to be all things to all people. That was I the one thing I didn't like about Fidelity is that they they were whoever wants to sell our stuff. Yeah, yeah, yeah, yeah, yeah. Brokers, yeah, no load, yeah, index, yeah, manage, yeah. We'll be whatever you want us to be. We're fidelity. That's pretty good. Yeah. We'll be whatever you want us to be. We're fidelity. Um, anyway. Thank you. That's it. That's all. You could have done another question.

SPEAKER_02 28:31

No, I couldn't. Okay, we have to.

SPEAKER_03 28:33

Because I'm tired and I need a nap after all this, so even I don't need a nap that quickly. This is worrying me. I think we're losing Tom. He's slowly drifting away. Bye-bye.

Final Thoughts and Resources

SPEAKER_03 28:46

Well, thank you all for listening to the podcast. Hope you do it again sometime, like maybe tomorrow. And oh, oh, would we appreciate it if you tell people about us? That is really cool when you do. We we just love that. Uh shareing the love or spreading the weed. And by the way, if you need a little bit of help, you want to talk to a fiduciary advisor and you don't want to get sold stuff, you don't even want to pay? Okay. We'll do that. It's called pro bono work. We do some of that because we know that sometimes you just have a question or you you have a portfolio, you're going, I don't know if this is right or not. I wish somebody would give me another opinion without trying to sell me on their services. Ah, ah. I know a company that'll do that. It's it's called Appella. We have a number of very fine financial advice people who will do that for you, fiduciary financial advice people for free with no obligation. And I promise you, no high-pressure sales pitch. And one of those is Tom himself. So go to talkingrealmoney.com, click on the button that says meet an advisor. If you have questions, go to ask a question. And if you want them answered, you want to speak them in, you don't want to type them because that's a lot of work for people like me who don't like to type. Speak them at talkingrealmoney.com using the little mic button in the corner, and those will go on the Friday QA podcast. So there you have everything. Thanks for being there. Thanks for listening. Thanks for sharing, thanks for caring. I'm Don. That guy's Tom, Talking Real Money.

SPEAKER_00 30:15

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