Cash Can Be Trash

SPEAKER_00 0:05

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

Cash Sitting Idle

SPEAKER_02 0:12

Boy, we're letting a lot of money just sit around doing nothing. We're really not making what we could be making, and we're not talking a little money, we're talking a lot. We're talking real money. We really are talking real money on talking real money, and that's why we call it talking real money, because what do we do? We talk real money. I'm Don McDonald in the lovely, heat, wet, disgusting summer Florida. Tom is in cool, collected northeast northwest Seattle is area. Santa Wild Waves. Sorry about that. Sad day.

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Sad day.

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You lost your one outdoor water park that no one goes to because of the biggest.

SPEAKER_03 0:54

No, my one line, my one decent joke. That one really that oh that was one that always worked.

SPEAKER_02 1:01

Before we get in the topic, wait. Yeah. You have a decent joke? You you've heard it. You've heard it. I've heard it. I haven't laughed. Well, okay. The audience titters.

SPEAKER_04 1:10

Yeah, the the audience cut I still like the one.

SPEAKER_03 1:14

The all-time favorite is when at last the most recent retirement. I told one there was a lengthy pause, and you turned your mic back on and went. That was a joke, folks.

SPEAKER_02 1:25

He did laugh, though. He's totally entertained by himself.

SPEAKER_03 1:30

I know.

SPEAKER_02 1:30

Uh but okay, what's the joke? The wild waves joke.

SPEAKER_03 1:34

The wild wave okay, it goes like I think it's in Federal Way, Washington, south of Seattle. It's closing. It's over.

SPEAKER_04 1:40

And you made a very good point like a park in a place where it's wintery all right. Where the water comes from the sky. You don't really need other water.

SPEAKER_02 1:47

Oh, and we have a lovely Antarctic water park opening.

SPEAKER_03 1:51

You want to be cold? Really cold?

Retirement Withdrawal Joke

SPEAKER_03 1:53

Uh but the joke goes like this it's about retirement and the withdrawals. If you have a flexible withdrawal strategy, right? You take out a percentage of the portfolio. So in a good year, you take the whole gang up, right? Like 2025, shuffle them off to Hawaii, right? Because it's a pretty nice year.

SPEAKER_02 2:12

What Tom's family does.

SPEAKER_03 2:13

Yeah. And then in a bad year, I guess you have to tell them, sorry, we had to take out less money. We're all going to wild waves. Trevor Burrus, Jr.

SPEAKER_02 2:20

Well, now it's even more depressing. And oh, by the way, let me turn my mic on. He thought that was a joke.

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I can't do it anymore. I got to find a new punchline for that joke.

SPEAKER_02 2:28

I told you it's Great Wolf Lodge. You used that one last year. I did. I know I did. And it did fall a little flatter because I guess it's less miserable than in the Greater Seattle area.

SPEAKER_01 2:41

Trevor Burrus, Jr. Not in the nation. Trevor Burrus, Jr.

SPEAKER_03 2:43

Not no nationwide. No, Great Wolf is one of those places I absolutely 100% refuse to step foot in, but I'm not going to get close. And I don't care how much my grandson said, we're going to go to Great Wolf Lodge. No, I'm not going there.

SPEAKER_02 2:55

And that's exactly who it's for. It's geared toward your

Trillions in Cash

SPEAKER_02 2:58

grandson. Yeah.

SPEAKER_03 2:59

They would live there, actually, if they had the option.

SPEAKER_02 3:01

Aaron Powell And one of the reasons you have a lot of money in cash, I guess, is because you want to take your little ones on a trip to uh Great Wolf Lodge or Hawaii, because you know there's a lot of money sitting in savings. A lot. Give us the number. Well, it depends on what kind of savings we're talking about. There's the total savings, which is checking accounts, savings accounts, CDs, money markets, all of those. The Federal Reserve estimates that in these cash style investments, there's about twenty and a half trillion dollars. Trevor Burrus, Jr.

SPEAKER_03 3:36

We just talked to a guy yesterday that double-digit millions in cash for the last couple of years. Why?

SPEAKER_02 3:42

He's worried about the market. Trevor Burrus, Jr.

SPEAKER_03 3:44

Yeah. He's not taking his kids to Great Wolf Lodge or his grandkids. No, he's been worried. He's been waiting for the markets to turn down. Trevor Burrus, Jr. Although.

SPEAKER_02 3:50

Trevor Burrus Now that I think about it, that $20 trillion isn't as impressive when you think of it as 20 Elon Musk's.

SPEAKER_03 3:59

I wonder what his cash holding is. If I was his advisor, it'd be substantial, because I still think anyway. Trevor Burrus, Jr.

SPEAKER_02 4:05

Supposedly, though, the the amount in low-yielding savings accounts, the kind we make fun of at Bank of America.

SPEAKER_03 4:12

Which are still paying. Is it three-tenths of one percent? No, it was one-tenth. Remember we last time we looked. Thank you, Bank of America.

SPEAKER_02 4:19

One tenth of one percent. The amount of money in those is a couple of trillion.

SPEAKER_01 4:26

That was like five, but okay. Trevor Burrus, Jr. Is that right? Let me look.

SPEAKER_03 4:29

And that's just I hate to be mean to you people, but that's just laziness. Did you just call them you people? I hate to be mean to our listeners, who I deeply love and respect, but that's just lazy.

SPEAKER_02 4:42

Where is it?

SPEAKER_03 4:43

I lost the number. 5.6 trillion. Yeah. 5.6 trillion. Trevor Burrus, Jr. That's just you're just being inefficient. That's the word I'm looking for. You're just not paying enough attention to that. You got money sitting around that is just making nothing. In fact, it's worse than that. It's losing to the rising price of fill in the blank.

SPEAKER_02 5:00

And you're right. I don't think the bulk of it is there because of uh Great Wolf Lodge or Hawaii or wild waves in the past. I think the bulk of it is there because people are afraid to invest it for fill-in-the-blank reason.

Timing Beats Cash

SPEAKER_03 5:16

Yeah. And so let me give you a couple of numbers. These are his numbers. These are his numbers. They're not my numbers, they're his numbers. But according to him, $5,000 a year into U.S. stocks between 1980 and 2023. So I think that's like 43 years. Mm-hmm. Yeah. And what he did because 44 years. Yeah. What he did because you people think. You people, there it is again. That's just pejorative. I'm pointing as I say this. Believe somehow that you know enough about the future that you know when to invest in stocks and when not to invest in stocks. All right? So had you taken that $5,000 and put it in with perfect timing each one of those years, that $5,000 a year would have grown to $5.6 million in the S P $500.

SPEAKER_02 6:02

That's buying at the right time every year. That's right. Waiting until the absolute low moment, the lowest price of that year every year for 44 years.

SPEAKER_03 6:14

Had you had the worst possible timing.

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You bought at the highest point every year. So you you bought when the market was up. Wait up.

SPEAKER_03 6:25

Like, sound familiar? Uh would your your money would have grown to 4.3 million. So there's a $1.3 million difference. That's you know, not pocket change, I grant you that. But listen to this number. Had you just left it in cash, $5,000, $5,000, $5,000, that money would have turned into $350,000. Remember, that's versus $5.6 or $4.3 million. So had you invested it, anytime. Not try to time the market, not try to see the future, not try to have any idea about what's next, because we know you don't know, you people, what's next. Sorry, I'm just having fun now. Uh I'm gonna get in trouble for that probably.

SPEAKER_02 7:15

No, I'm just not gonna comment anymore. Because I fa I decided if you feed you if I feed you any any attention, it reinforces the bad behavior.

SPEAKER_03 7:25

That's a good point. Um

Investor Behavior Gap

SPEAKER_03 7:27

So why? Why are you doing this? Why are you uh and by the way, there's more numbers if you really Morningstar does their mind the gap study.

SPEAKER_02 7:36

That's kind of like the Dalbar study, remember that looked at the Yeah, like the Dalbar study that measures investors' behavior versus just buying the market. Yeah.

SPEAKER_03 7:45

Yeah. Not not how much the market did, or not how much that fund did, but how much the real investing public did. Yes. You people, how you did. Sorry. According to Morningstar, uh, mutual fund investors earned 1.2 percent less than mutual funds over on average over the last decade. And before that, by the way, the Dalbar study used to have a greater differential. Trevor Burrus, Jr.

SPEAKER_02 8:11

Oh, it was a much bigger differential. But actually the funny thing is that over time, the differential gradually grew smaller. It did. Because our behavior has been changing over the past several decades. I've seen it in my own experience in this industry. Uh I mean, I've been in the financial services industry now since 1983, and I've seen dramatic changes in the way investors behave. You are becoming more disciplined in your approach, and that's why that gap has narrowed. But what it still shows is that we are our own worst enemies when it comes to investing, still, because we think we know things that can't be known. We keep proving it over and over and over again, and yet many, many of you continue to cling to the mistaken belief that your senses are so highly attuned to the goings-on in the world that you know when I should be. It's obvious I know when to be out and I know when to be in. And you're just deluding yourself.

SPEAKER_03 9:16

Or you think you know someone who does. I just saw a very good friend over the weekend I had not seen in some time, and he even said, What are your tea leaves show? Which I had to explain.

SPEAKER_02 9:26

Everybody asks that when I get around people saying, So what do you think the market's gonna do? Uh it's gonna go up and it's gonna go down.

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That's about it.

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So let me give you those numbers. It'll go up more than it goes down.

SPEAKER_03 9:40

Just for those of you who are still thinking, you know, I'm gonna wait for X or I'm gonna wait for Y again. 5,000 a year into U.S. stocks, 1980 to 2023, perfect timing 5.6 million using the SP. Worse timing, 4.3 million, leaving it in cash, $350,000. Now you can decide which one of those is the better option.

SPEAKER_02 10:05

I think the math in this case is pretty clear. And always believe the math. Math is one of those things that is pretty rigid. Usually right. Don't like math because it's not one, it was not my favorite subject in school. I hated math. I like geometry. But algebra, I went, why do we have letters? What good are those letters doing? I can't add up a darn letter. Well, apparently I can, but I just couldn't figure it out because it was like, this is baffling. Now I understand it. But I'm almost dead.

Cash Is Trash

SPEAKER_02 10:41

Uh anyway, that that that there's a there's a message in here. And again, the message is keep your emotions out of this thing.

SPEAKER_03 10:50

Well, timing doesn't matter. Don't believe anybody. Timing has never worked. No, it's never worked. But it make you feel better in some cases, right? Because you're very smart.

SPEAKER_02 10:59

I shouldn't have said timing has never worked. It has worked occasionally. But the only reason we can find logical, scientifically studied reason for market timing working is luck.

SPEAKER_03 11:15

Yeah. And uh that can happen, and we get it, there can be people that get lucky more than once. Number two is cash is trash. Unless it's for a short-term need or an emergency. That's really about the only time. I mean and because the rest of it suggests you even see mutual funds manage this way. We're holding on to that money now, waiting for blank. There is no blank that that means anything.

SPEAKER_02 11:43

It's by the way, if you have money in a savings account at your bank right now, and many of you do, to the tune of apparently trillions of dollars, uh, you might want to check with your bank and ask them what the interest rate is. And then you might want to ask them, do you have a secret account that pays more?

SPEAKER_03 12:04

You found that out that one time, remember?

SPEAKER_02 12:07

Yes.

SPEAKER_03 12:07

They do a secret one. Oh, you want to be in the account that makes money.

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We're not gonna tell people that exists.

SPEAKER_04 12:14

That's crazy.

SPEAKER_02 12:15

But if you ask and you say, Well, here's the thing. You know that $100,000 I have in savings, or that $50,000? I'm thinking about moving it. Can you pay me more? Magically, they're gonna find a way to pay you a little bit

Better Cash Options

SPEAKER_02 12:32

more. Now, if they don't get it to four percent on savings, then you still should probably leave.

SPEAKER_03 12:37

But if they get you to three and a half, and somebody today just told me they got a one-year CD at four.

SPEAKER_02 12:43

Yeah, no, I've got I've got a CD ladder where they all average four, right around four.

SPEAKER_03 12:48

Yeah.

SPEAKER_02 12:48

So, okay, but so see, four, four, though, is four is actually keeping you at or ahead of inflation. Four is a is a stability portion of the portfolio number. That's where you can have cash in your portfolio that's not just for emergencies or immediate needs. That it's part of your fixed income portfolio. Yeah.

SPEAKER_03 13:12

Yeah. Because that basically between taxes and inflation, four is about covering the covering bill. Covering the bill. Yeah. But if you're going to insist on having cash, as you just said, it should be in either high yield savings or CDs somewhere where you're making something on it. Don't be inefficient and let that money sit around and not to pick on Bank of America, but I like picking on Bank of America. Well, we can't. And we both bank with them. I know. I hate myself every day when I look at the stuff that's a good thing. Well, but the con it's the convention. I know. It's easy. Yeah. It's fast food.

SPEAKER_02 13:48

It's their website is so easy to deal with. I've dealt with other banks' websites and payment systems, and they're just a nightmare. My wife banks with uh oh used to be Sun Trust. What's it called now? Truist. Truest. Oh, truest, yeah. Their website is a mess.

Ask More Questions

SPEAKER_02 14:06

It's just a mess. So that's why I bank with them. But anyway, uh we love taking your questions. We also realize that we're coming into the summer months, and that tends to be kind of a doldrum period for questions. Uh we could use more of them for the programs that we do, the five of them, because our favorite part of every program is the question and answer period. And some of those written questions that you type in, Tom will actually get in touch with you and set up a phone call, and uh we'll do those on the show, though we don't have any right now. Um, and then here's the other thing. I was getting a huge influx of spoken questions. Yes. To the point where I was able to do five a show every week on Fridays. They're dwindling. Good thing we have a couple of Friday holidays. Good some Friday holidays coming up. They're dwindling. Come blowing in. So when you go to talkingrealmoney.com, you'll see a button that says ask a question. You can use that for both. Or if you want to speak your question, just click the microphone button in the corner. Record you, and then send you a little bit more.

SPEAKER_03 15:14

And we will answer them. I don't think we'll vote. There's a couple that there's a crypto thing that we didn't do once because we had 14 crypto questions, but basically.

SPEAKER_02 15:23

Well, and it really wasn't a question, it was more of a criticism.

SPEAKER_03 15:26

Yeah.

SPEAKER_02 15:27

And we know hey guys, hey, crypto guys. Hey, yeah, you, you know you're there. You people. Um we know what we get your point. We just disagree with it. Okay?

SPEAKER_03 15:40

Yeah.

SPEAKER_02 15:41

Can we just agree to disagree? We don't buy the story. We don't.

SPEAKER_03 15:47

We're not gonna air criticisms unless they're of Don.

SPEAKER_02 15:52

Oh, we hear those all the time.

Immediate Annuities Answer

SPEAKER_03 15:54

Go for that's saying, anyway.

SPEAKER_02 15:55

Uh we do have a couple of type questions, though, that Tom has collected and uh and printed and then reads. Like now.

SPEAKER_03 16:03

Like this from Arlington, Texas, Kirk. Hi guys. My wife and I have $3.8 million in liquid investment assets. We also own five immediate annuities. Cash? In liquid immediate investment. No, it didn't say cash. Liquid cash investment. What other liquid investment is there? You could say stocks or bonds if they're in funds or liquid.

SPEAKER_02 16:28

Go ahead.

SPEAKER_03 16:29

Also own five immediate annuities of 100K each with five highly rated insurance companies. The monthly income from them, it seems to me, has bond-like qualities.

SPEAKER_02 16:40

No, while balancing and rebalancing, I know what he's gonna add.

SPEAKER_03 16:44

I use bond equity ratios and ignore the IA income, 33k plus 2% colas in the computation. Should I include the IA income on the bond side for balancing purposes while ignoring them since they have no recoverable value in my net worth assessments?

SPEAKER_02 17:01

You ignore them in both, in my opinion, because they have no net worth value. And we don't want we don't suggest you have fixed income in your portfolio for the income. It's for the stability of the principal, and there is no principle that can go back into your portfolio if needed. It's gone. The principle is gone. It is it has been converted into an income stream. That that would be like saying, okay, your social security is a bond. It's not. Yeah. It's an income stream.

SPEAKER_03 17:30

Thank you. Those are two very different stuff.

SPEAKER_02 17:32

You can't cash it out, so it's not confused.

SPEAKER_03 17:35

Uh he also asks, we have 350K in I bonds. These are 30-year bonds that have seemingly no long-term bond interest rate fluctuation exposure. All of them have assorted fixed rate components as well as biannual inflation rate adjustments. They represent 26% of our bond holdings. I'd like to know that if that inflation fighting influence is a desirable portion of our assets, and is there any reason to add tips? Are these two reviews?

SPEAKER_02 18:04

You've got enough now. Gee whiz. Apparently you're a bit of an inflation uh uh fearer? I was trying to think of what the word was. Fearer. It's not fearer. You're a bit of an inflation. Be careful the way you say it. It's not an inflation hawk. It's not an inflation dove, it's an inflation concerned person. Yeah. Why can't I? I hate senior moments. Uh wait till tomorrow you'll have the word just like that, too. I know I will too.

Too Much Cash?

SPEAKER_02 18:34

Um but no, you've got plenty. Stop.

SPEAKER_03 18:37

Yeah. He went on. He says we have 20% of our investment assets in cash. I think we just talked about that. 39% in equities, 36% in fixed income, and 4% in precious metals. By most standards, the cash holdings are too high, but they earn 4% these days, and we like the comfort associated with hedging on the conservative side since our drawdown is quite low. We aren't greedy. Um, by the way, he says he's 69. So this is a 69.

SPEAKER_02 19:05

This basically is a 40-60 portfolio.

SPEAKER_03 19:06

Yep. My wife uh is uh 69, he's 73. What do you think? Thank you so much for what you guys do. My dog walks me about four miles a day. You occupy a large portion of that time. I'm grateful. I you know, I cannot tell you the number of people I talk to that that listen to this podcast while walking Rover. I think it's touching in many ways. So we're helping dogs. No, Buddy, Tucker, uh whatever you want to call them. So uh but the question at hand really is and you answered the crux of the matter. Income is a different thing than assets. Should be viewed that way, too. Trevor Burrus, Jr.

SPEAKER_02 19:43

Yeah, you've got a you've got a very conservative portfolio.

SPEAKER_03 19:46

Yes, which is fine.

SPEAKER_02 19:48

Which is fine. Um I do think there's one concern that I would have, and that's the fact that so much of your fixed income is in very short-term money. And that exposes it to the potential of interest rate declines. That's right. Because the the rate of return can fall very quickly, and then the problem is the rate tends to fall across the board, so you can't really move it into something longer term. You want to have it better spread out. You want more of a laddering effect, I think, than just having five large cash jump chunk.

SPEAKER_03 20:22

Five year on your ladder? Five.

SPEAKER_02 20:24

I do a five-year ladder on my C D ladder.

SPEAKER_03 20:26

Okay.

SPEAKER_02 20:27

I got my CD ladder and BND. So I have both in my fixed income portfolio.

SPEAKER_03 20:32

Well diversified, I should say. Yeah. We got time for one more. Squeeze in another one?

SPEAKER_02 20:37

Well, it depends on how long the dog walk is. The dog says This is gonna be a longer, the dog is gonna love this walk.

SPEAKER_03 20:43

This dog

Whole Life Warning

SPEAKER_03 20:44

says, keep going. Hi guys, I have a question regarding mitigating the risk of sequence returns early in retirement. My advisor is recommended a whole life insurance policy via non-direct recognition contract. Oh, yeah. He thinks is a good strategy to mitigate sequence of return risk in the first few years of retirement. Essentially, you can borrow money from this policy, then pay yourself back without disrupting the compounding of interest in the policy. Of course, I understand your stance on the whole life policy, uh whole life insurance in general, but this is something, but he says, is this something worth considering? If not, what are some of the best ways to try to deal with sequence of returned risk?

SPEAKER_02 21:27

This is one of those gadgeting gizmos, it's bank on yourself, it's infinite banking. It is it is so close, so close, to being a little scammy. I mean, I really dislike it. And it's sold by people who are making big commissions on on whole life sales. Big. It's not this is not a solution to the problem. You're borrowing back your own money if the policy. Ever lapses, then all the loans become taxable. Uh it could be, it's just there there's so much, there's there's so many problems in this really complex strategy. I would fire this advisor, by the way.

SPEAKER_04 22:12

Yeah, I would too.

SPEAKER_02 22:13

This advisor, this advisor has proven that they are not working for you. They have absolutely proven that by selling you something with as high a commission as this product has. This is a bad, bad, bad advisor. I don't care if it's your brother, this is a bad advisor. You he it it's your money. You should never work with this

Handling Sequence Risk

SPEAKER_02 22:31

person again. As far as sequence of return risk goes, the key is having the best allocation for your risk, need, and tolerance. That solves the equation. If you have enough fixed income and the stock market plunges for a while, you can still live on the fixed income and the income provided from that fixed income. Let me cut in there real quick.

SPEAKER_03 22:57

Let's just say, for example, that you have a million-dollar portfolio and half of it is in fixed income. Right? And you're taking out five percent because you're being aggressive. You have ten years of withdrawals there, right? 50,000 times before the market needs to recover. We've never had a market stay underwater for 10 years, so you should still be okay under that circumstance.

SPEAKER_02 23:18

And even if it did, then we are in a situation where the economy of the world, by the way, the world, if it's not just the U.S., the economy, the world is in horrible shape if we have a market that stays down for ten years. That means that along the way, you are likely going to be cutting your spending. Because the economic conditions are terrible. You're you're you're not what you're gonna look around and and see that the economy is collapsing before your very eyes if the market stays down for ten years. That's worse than the Great Depression. And during the Great Depression, I'm pretty confident you saw the economy collapsing. And by the way, the other thing that tends to happen in depressions is deflation. Which means, oh, all of a sudden you don't need to spend as much. So we we worry way too much about bad markets. If you have the right portfolio to begin with, you really don't have to worry. Except in the most extreme cases, and then the whole thing you may not even exist anymore.

SPEAKER_03 24:30

Let's not go there. But I will say this about sequence of return risk. Yes, it's an issue because if you retired in the fall of 2008 and you started taking money out for the next six, eight months before the market recovered, that could have an impact on your overall portfolio that may take years to recover. No doubt. Not if you were in bonds. But no, what I'm saying is that it could have an impact. It could make things look worse. And it does. That's the thing. But things retirement's a 20, hopefully 20 to 25 year time period. So things look bad then, but they look better later on. So yes, I do think it's overworrying, and people when they start retirement, I get it, the stress level is higher because instead of getting this regular check, now you're living off the money that you saved. Your pile, as somebody so eloquently wants to do that.

SPEAKER_02 25:17

But that's what the pile is there for.

SPEAKER_03 25:18

Exactly.

SPEAKER_02 25:19

So that's what the mattress is there for, to draw from in in downturns, in downtimes. You of course you don't want to touch it, you want to see it grow. We all do. That's the greed part of us. But it's there for worst-case scenarios, and we have never suggested ever, and we never will, that anybody going into retirement have a hundred percent of their money in the stock market, and that's when sequence of return risk really slaps you upside the head. Is if you ha exp experience a 2008 and 100% of your money's in in stocks.

SPEAKER_03 25:57

You paid a big price then. No question.

SPEAKER_01 26:00

Yeah. And you're drawing on it?

SPEAKER_03 26:02

Bad. Bad, bad, bad.

SPEAKER_01 26:03

We really have to go. Long episode. Okay. I'm well, I don't know. It's gonna be quiet now then. Go ahead. We're

Send Your Questions

SPEAKER_01 26:09

gonna stop.

SPEAKER_02 26:09

If you have any questions, send them in at talkingrealmoney.com. Just click on the button that says ask a question or speak them by clicking on the microphone in the corner. If by some strange chance you've got a portfolio, you've done pretty well, you've saved some money, but you're looking at it and you're going, I don't think Tom or Don would like this necessarily. Maybe I should get another opinion. Well, that opinion is available. And that opinion comes with no cost and no obligation. And I swear to you, cross my heart, hope did I stick a needle in my eye? Oh, don't do that. That sounds gross. Uh that we will not that there whoever you talk to is not gonna pressure you to become a no buy, sell, or mutilate?

SPEAKER_03 26:48

Anything above?

SPEAKER_02 26:48

None of that stuff. Okay. Nope. As a matter of fact, you could even put on the forum the ask uh it says meet an advisor. Click click on that and say, and put a note in that says, Can I meet with Tom?

SPEAKER_03 26:58

Yeah if you want to. You can meet me on Paros very soon.

SPEAKER_02 27:00

So are you gonna actually be calling people from Greece? Probably. You know me, I'll get a page. You know, he goes on vacation, he goes, I'm bored.

SPEAKER_04 27:09

I'll call somebody. Sure.

SPEAKER_02 27:10

How long can I sit in the sun? Your wife says, all day. Yeah. Tom goes, no, like 30 minutes. Uh unless I've got a great book.

SPEAKER_03 27:18

No, it depends how much oozo I had the night before. That will determine the point of the church. Drink oozo? No. I was just telling everybody at dinner last time I'm gonna have my one drink of it so I can say I had one, and that's it. That's stuck in the world. It's like drinking black awful burning black licorice. I don't like it, but I'm gonna do one because you know I'm in Greece and that's what you do. So that's it.

SPEAKER_02 27:39

So you're greasing the skids. As it were, it'll be skidding all right. All right, everybody, thanks for being there. Please tell a friend or two or ten. And uh remember, if money's important to you and you really want a better future, you need to go wherever somebody is talking real money.

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