Gravity Loses, Eventually

SPEAKER_01 0:39

All right, that was uh hi everybody. Welcome to the show. I'm Don. And this is the Talking Real Money Financial Physics Money Monday edition

AI Theme and Money Physics

SPEAKER_01 0:52

of the show. And uh, of course, uh, we're accompanied now by artificial intelligence music. And for all of you musicians who hate it, hey, get over it. We would have never hired a musician to do this.

SPEAKER_04 1:04

Wait, there's that's a I assumed that you had the Talking Real Money singers in the back of the Don the car. Talking real money singers there. Oh, okay.

SPEAKER_01 1:12

Well, you know, th think about it for a minute. I mean, the old the theme song, our regular theme song, the theme music. Yes, that was from a um uh uh royalty-free library of music. You know, I thought it was captain. It's not like it's not like I've been paying anybody much money for these things ever, because if we if if we had to pay for these, the uh the music you'd get would be me humming.

SPEAKER_05 1:37

Hmm-mm-mm-mm-mm-mm-mm-mm-m.

SPEAKER_01 1:40

There you go. That's just bypass that of possibly. Because we're a low budget show. Uh low budget show, but but big money topics, big, big money topics. And today we we dive back into the book of financial physics written by Don DeCon. The good book. Yes. And uh, as promised, we're gonna do one rule of financial physics a week until we run out of book. Which I don't how many chapters are there in the good book? I don't know. I'd have to check. You've got it in front of me, right?

SPEAKER_04 2:10

I know. I'm gonna find out right now. Twenty There's a bunch of questions, too, which I refuse to take.

SPEAKER_01 2:16

Yeah, no, I we don't want to do the quiz.

SPEAKER_04 2:17

Last word, does that count as a chapter? No, that's not a chapter. Rule 18.

SPEAKER_01 2:21

So we have uh 18. So we've four, we've got 14 more.

SPEAKER_03 2:25

Yeah.

SPEAKER_01 2:25

Well, that'll carry us like through the end of 2026, pretty much. September, October, the end of my career. There it goes. That'll pretty much seal your business, your career forever.

Everything Rises Over Time

SPEAKER_01 2:35

All right, so, ladies and gentlemen, without further ado, before we get to the QA part of the program, we begin with chapter four from the Book of Financial Physics. Tom. Everything eventually rises. Okay, now that sounds like I know it it's a little miscarriage. Enron's not because everything is. Everything doesn't.

unknown 2:58

No.

SPEAKER_01 2:59

What that means is in aggregate, that's the the royal everything. That's the including the whole planet. Basically, the value of human economies has, at least until now, this could be the end, but I don't think so, has become more valuable over time.

SPEAKER_04 3:18

Yeah, but okay, but when I read it, and I read it a couple of times, because you know I'm a history guy, um, and the numbers are absolutely fascinating. But I thought, how is this relevant to me as an investor? And you as the author could easily tell us that.

SPEAKER_02 3:34

I could. Why does it matter? Why does it matter? Because oh, well, that's a great question, Tom. Thanks for asking.

SPEAKER_03 3:41

Thank you. That's always bad when they say you know you're screwed in an interview.

SPEAKER_01 3:46

That is a great question. Yeah, you know there's trouble when they do that. Yeah. Yeah, they always use those in the promos too. I noticed on NPR they have an interview show. And you know, so that is a great question. Boy, hmm, never heard that question. Yeah, right. It don't pay. Uh-huh. Anyway, the reason is

Buying the Global Economy

SPEAKER_01 4:05

expectations. You can, if you invest broadly, have a reasonable expectation of eventually making money because when you invest in equities, that's the only thing we're talking about right now, equity securities. When you invest in stocks, you're investing in an ownership portion of a business. You're and stop you right there. Okay, I'm not sure.

SPEAKER_04 4:29

Stop you right there because I think that's an very important thing. I'm gonna back away from the mic over and over again, because I think people generally view the stock market as a gambling place. Yeah, it's a casino. It's a casino. Uh and this is how they should be looking at it. That's what I was hoping you'd answer it this way. Because you're investing in thousands of companies. Thousands of companies. Well, I wasn't there yet.

SPEAKER_01 4:52

When you buy the market, you are buying the global economy. If you do it right, you're not just buying a few businesses, you're buying the total output, productive output, economic output of the entire race, species, not race, species of peoples out there.

SPEAKER_04 5:13

And you entitled this the macroeconomic gravity.

SPEAKER_01 5:17

Yeah, what it goes up. And if you look back, by the way, there have been actual studies done where academics have tried to go back thousands of years and using the records that they can find, which of course are limited, piece together the value of the global economy, basically starting about 2,000 years ago.

SPEAKER_04 5:42

Yeah, well, in this case, I think you in the United States you go back to 1790 in terms of output, goods and services per capita per person. Uh in 1790, which is a year that only I think on this show you only you can remember, uh, was 48 bucks a year.

SPEAKER_01 6:02

48 bucks a year per person, yeah. In 2018. Yeah, you gotta that's the thing. That's in 2010 when I wrote this book. $2010. So that's adjusted for inflation. Yep. Do you know anybody in the United States whose earnings are $48 a year?

SPEAKER_04 6:22

I hope not. Yeah. Um, but go to 1990. Wow, this is shock. These numbers are shocking if you really let it settle. Uh, that $48 has grown to $23,000, not through inflation, through creativity, through increases in productivity, through companies just doing things better.

SPEAKER_01 6:41

And that was 40 years ago.

SPEAKER_04 6:46

Basically, yeah.

SPEAKER_01 6:47

Yeah.

SPEAKER_04 6:48

And then you get to 2021. That $23,000 is now $69,231. Again, companies basically human output is just more efficient than it was, way more than it was uh in that case 30 years earlier, or going back a couple hundred years. Just incredible growth. And again, investing your money in those companies, and that does, by the way, that 2021 number does not include AI, because imagine what that's going to make things look like in four or five years, you'd think, right? That's the output per person is going to be even greater. But that's why you're exposing your money to these companies. You're not, it's not a casino, it's exposure to the growth of, as you said, the world economy.

SPEAKER_01 7:39

2025, annual GDP per capita. Ready? What did you say it was in 2021?

SPEAKER_04 7:48

$69,231.

SPEAKER_01 7:50

This is how rapidly our productivity is and our economy is growing. The average US GDP per person at the end of 2025 for the entire calendar year, $90,000.

SPEAKER_04 8:06

Which is weird because I checked yours, it's $23,000.

SPEAKER_01 8:09

I know, I know, I know I'm an aberration.

SPEAKER_03 8:12

You did that, but that's according to the Federal Reserve.

SPEAKER_01 8:15

What was it again? How much? $90,000.

SPEAKER_04 8:18

That's a $20,000 in five years. That really is. Um, and then what's the message though? What's the message behind all this? But I just said you want to make sure your money that and you don't have to do anything. Right. All you gotta do is expose it to all those companies. They're gonna be the ones that do the heavy lifting, they're gonna increase productivity. They're coming up with ways to make things more efficient, and you're just get letting them expose their stock, you're you're exposing their money to their the growth of those firms. Um, you also mentioned globally steady growth over 2,000 years, but 1970 the global output was about 20 trillion. Today, I I I in the book at least you said 110. So 20 trillion is 110 trillion. Right. So, you know, and growth is, it's not the only element in increasing stock prices, but it's a major one, right? Of course it is, because people are gonna pay more for the greater output of those firms.

SPEAKER_01 9:17

Yeah, and and here's the thing, uh you mentioned it, the AI is going to add to that dramatically. What did I say it was back in 2000 and probably 21? Global GDP.

SPEAKER_04 9:32

Oh, the global was uh 110. Trillion.

SPEAKER_01 9:37

Okay, so well it's still about that. It's a hundred and like a hundred and twenty trillion uh according to the World Bank.

SPEAKER_04 9:44

Yeah, I guess we're talking real money.

SPEAKER_01 9:45

I've read an interesting thing in my many papers that I read, and I think this was a proposal, and and don't don't make funny noises, by Mark Cuban to save Social Security. Speaking of AI. Yeah, it was on my Apple News feed. It's fifty cents per like 25 million tokens of AI could basically put billions of dollars into Social Security, just having a little tiny AI token tax, which may be necessary. I hadn't even thought of this because human output is likely to go down while AI output is likely to go up. The number of humans working uh and paying into the system may go down. So I don't know. Interesting questions.

SPEAKER_04 10:30

I think it was in the same article there was somebody, or maybe a similar one, that was talking about means testing for Social Security, which I think would be a hard sell because people are gonna say, wait, I put all that money in, and the fact that I did well otherwise shouldn't mean that I get less than a lot of people.

SPEAKER_01 10:41

Then basically that says it was a tax. See, that says it was a tax.

SPEAKER_04 10:45

Exactly. Yeah.

SPEAKER_01 10:45

It's a tax is a hard sell. Social Security was not a hard sell. But anyway, what we were talking about investing. Buying the global economy is the way to participate.

SPEAKER_04 10:55

Go ahead. Exactly. Well, and we don't, I mean, the other part of all that is while the United States has had tremendous increases in productivity, um, especially over this last hundred years, we don't know which country will be the at the fore of that for the next hundred. It might be here, it might not. And that's why you're exposing that money to all other parts. And we've seen in the last year, Emerging Markets has been the place that's grown most quickly in terms of stock prices because everybody wants to buy chips and not the type that have made me look the way I do. Uh, but I mean the fact of the matter is that's why you're exposed to all these things all the time, right? This is something we talk about, and I'm gonna talk about it to our clients here in a couple weeks, too, because I've been cogitating on that. Um, that you just have to.

SPEAKER_01 11:39

Although, you know, you gave me an idea. Maybe we should start the Idaho Tater ETF.

SPEAKER_03 11:46

I bet it exists. You can invest in chips. I'll bet you can invest in potato chips. I bet you can. Oh, come on.

SPEAKER_04 11:52

Remember, wasn't that that what's his name had the potato chip index? He said that when the sales of potato chips go down, you know the economy's gonna Who was that guy? He's uh out of the Bay Area, he's written a hundred books. He's wrong.

SPEAKER_01 12:03

I don't think anybody's done a potato ETF. Okay.

SPEAKER_04 12:07

There was a potato chip index, however, or something similar.

SPEAKER_01 12:10

But I mean, there's there's there are there are commodities, but uh Okay.

SPEAKER_04 12:16

Not not potatoes directly. So okay.

SPEAKER_01 12:19

Maybe maybe Mr.

SPEAKER_03 12:20

Potato needs to come along and start that one.

SPEAKER_01 12:23

That's oh yeah. Yeah, you know, that would actually my sim my I would probably use for my ticker symbol tots for my potato ETF. Yeah, tots. Really good. T O T S.

SPEAKER_04 12:36

Great great rule. And next time we're moving on to rule five, which is Oh, you're gonna tease the next rule. Is go ahead. It must have been looking at my career. Worst case scenario.

SPEAKER_01 12:48

Ah, how bad can it get? How low can you go?

SPEAKER_02 12:53

Pretty low. Trust me.

SPEAKER_01 12:55

All right. Well, now we go to the portion of the program that uh we that you you you sit through this other garbage to get to. This is the part you were.

SPEAKER_04 13:03

So we don't have a jingle for the opening of the question part? Kind of sad. You haven't been doing your leg work here.

SPEAKER_01 13:09

Wait, wait, wait. Did you are is that your wish? Rub the lamp. That's a challenge to you.

SPEAKER_03 13:17

And now, ladies and gentlemen, the talking real money singers are back.

SPEAKER_05 13:25

Straight off the page.

SPEAKER_01 13:33

You got your jingle.

Emergency Funds Need Stability

SPEAKER_01 13:35

You happy? Are you happy now?

SPEAKER_04 13:37

Are you happy? Okay, let's go to them. I'm always happy now. I'm overjoyed. Uh, from Appomattox, Virginia, Kenneth writes Don and Tom, by listening to you and other people that you respect, I've learned that portfolios can be aggressive or conservative based on their own. That's one of the ways, but that's the ratio.

SPEAKER_01 13:57

Yeah, that's the primary way. Yeah.

SPEAKER_04 13:58

That is really good.

unknown 13:59

Sure.

SPEAKER_04 14:00

That's really good, yeah. Yep. You also speak about being aggressive or conservative based on large cap to small cap ratios. Uh I think both of those statements are right on. Yeah. Uh I am looking to set up a conservative portfolio in a taxable account with that would be the an ultimate in your cash account.

SPEAKER_01 14:19

In your taxable account. Got it. Okay.

SPEAKER_04 14:22

Yep. Yep. Well, he said conservative, too, right? He said conservative money. All right. Yeah. We'll wait till you hear the numbers. You'll you'll you'll you'll be surprised. Uh, he says, I know emergency fund money should be in stable assets that can be easily, easily obtained. My wife and I currently have three and a half months of emergency funds that could sustain us if we both lose our jobs. Money is in high yield savings and no penalty CDs. These funds, he says, would not be effective. The money to start this new taxable fund would come from our general savings and would equal 124th of the existing emergency fund. How he arrives at 124th, I do not know.

SPEAKER_01 15:06

Because I can't turn my brain off. I'm overthinking everything.

SPEAKER_04 15:10

Why is he considering this option? Because you got you got too much time. You could come over and do my lawn or something. Um, number one, inflation is on the rise.

SPEAKER_01 15:20

Okay, hold on. We'll get two problem statements there. Interest rates are.

SPEAKER_04 15:33

Thank you.

SPEAKER_01 15:34

Yes, yeah.

SPEAKER_04 15:36

Has past tense. By the way, there was a piece in the Wall Street Journal yesterday, you know how much food prices have gone up since 2019?

SPEAKER_01 15:44

Okay.

SPEAKER_04 15:44

I I good 33%. Good thing I'm eating less. In the six years prior to that, they went up since the city.

SPEAKER_01 15:50

And the other problem is banks don't sit around and wait to raise the rates on savings. They're they're reacting to do they need money to lend to somebody? And how much do you need to pay? What's the least amount you can pay somebody to get money from them to lend to somebody else? It is a system of supply and demand. Ooh, like financial physics last week. It's supply and demand for money. That's all it is. It's not, there's no cabal.

SPEAKER_04 16:21

Now, when you raise this, when you raise this, you're going to make me ask you, Don, what Bank of America is currently paying on their savings accounts. Is it still 0.01? Anyway, you you test that while I go through the rest of the question. Interest earned from various taxable accounts along with our wage increases will increase my tax situation within a year or two. I don't understand that statement. Increase my tax situation. What am I thinking? He says 40% VT, that's the Vanguard Total World Fund. 35% AVGE, that's the Avantis Global Equity Fund. And 25% AVGV. Those are all stocks, by the way. So I mean, and frankly, uh, this is a bit overkill to have VT, AVGV, and AVG.

SPEAKER_01 17:11

Emergency money. Okay? You put it in stock funds, that portion of the money that is in equities could go down a lot. And here's the thing generally when the market goes down a lot, it's when there's some sort of an economic downturn that affects millions and millions of people, including those who go, Oh, I really need I lost my job. I really need my emergency money right now. And right now is when everybody Pardon me. I've got a little floor for a little frog going there. Right now is when everybody else is trying to take out their money. At the same time. Which causes the values to fall for. Which causes you to have less money for your emergency. This is a this is not a good idea. This is not where emergency money could be. And by the way, Bank of America's rate is still holding, it's hanging in at 0.01% APY. So with a hundred thousand, no, let's go for a million. Put a million dollars in your account. You get a hundred dollars every year.

SPEAKER_04 18:26

How much?

unknown 18:29

Yeah.

SPEAKER_04 18:29

And there's probably twelve trillion dollars in those accounts, something like that, that's making it. There's always there's always trillions of dollars that are so inefficiently. Anyway, okay. So no, we don't but thanks for sharing. We don't ascribe to your idea, Kenneth.

SPEAKER_01 18:43

But um, and it goes back to twenty-five. We have these big brains, and sometimes we're apparently they're they they're afraid of atrophying, and so they just sit around and go, Well, let's do this silly thing. I it happens to me all the time. Uh all the time. It's like Don, oh, I have a new idea. Oh, no, no, bad idea.

SPEAKER_04 19:04

Well, you've got a very large brain. If you're really looking for things to do, yes, the lawn I can handle, but the garage I could need help on. All right, Peter from O.

SPEAKER_01 19:14

Oh, Bank of America does uh I'll tell you about how much they hold in total deposits. This doesn't tell you interest bearing, but they have about two trillion in deposits. Some of that is zero interest bearing.

SPEAKER_04 19:26

Okay. I was speaking Oh, I just thought you were talking B of A. Yeah, no, I was speaking globally. All the banks were roughly about a $12 trillion of nothing.

SPEAKER_01 19:37

Trillion is in what they call time savings accounts, so um we don't know though.

unknown 19:43

Does that mean you can't get your money until 10 o'clock in the morning?

SPEAKER_01 19:45

I don't know. Yeah.

SPEAKER_04 19:46

Does that mean you can't get your money until 10 o'clock in the morning or something? I don't know what that means. So all right. Um as I said, Peter from Olympia Rights, you may want to share this creative idea with your listeners.

QCDs and Inherited IRAs

SPEAKER_04 19:56

A friend has uh has expressed concerns regarding the tax implications of his own.

SPEAKER_01 20:03

It sounds like the tax tale's about to wag that poor dog again.

SPEAKER_04 20:08

Okay. I don't know. This is uh this i his mother has shared her interest in a small charitable organization. When she passed away, this is an inherited IRA, she left him a million dollars.

unknown 20:23

Yeah.

SPEAKER_04 20:23

He qualifies for qualified charitable distribution. So he's reducing reducing the IRA by donating a hundred thousand dollars a year to that charity if you're gonna do it.

SPEAKER_01 20:37

Yeah. I'm just curious though, if mom wanted to give it to the charity, why didn't she just give it to the charity? I make you do it.

SPEAKER_04 20:47

I it's a really good idea. Because maybe she wanted to see if her kid is gonna hang in there. Um, because Grover from Nashville, Tennessee, where we will be in a couple months, I will be. Um says uh my wife has inherited an IRA, has been taking RMDs as required. She's been taking about $10,000 a year to zero it out within the 10-year window, right? You got to take out the money out in an inherited IRA in 10 years. Once she's reached 70 and a half, she began making QCDs to the church. This is being done through a checking account set up in the Q every January. She moves $3,000 to the RMD. Each month she writes $250 a check to the church. This seems quite simple. Thoughts. Yeah, sure, why not? You can do that from a regular IRA. You can do that. I think they're talking about changing the rules to allow you to do it from your 401k.

SPEAKER_02 21:35

If you're feeling charitable, great. I think it makes sense. Okay.

SPEAKER_04 21:39

Yeah.

Bond Yield Tradeoffs

SPEAKER_04 21:40

There you go. Give it away. That's fine. Uh, from Leyton, Utah, Todd writes You've mentioned several times on your podcast you don't invest in bonds for the return, but for the stability. If that's the case, why do you recommend B and D over less volatile and more stable ET? U.S. Treasury ETFs like VTIP, which I imagine is the Vanguard Tips Fund, or an ultra shirt ultra shirt, uh, ultra short bond fund like JPST, which I'm not familiar with. Both have beat the return of B over B and D over almost look like 10 years.

SPEAKER_02 22:19

Oh short-term thinking.

SPEAKER_01 22:22

That's short-term 10 years.

SPEAKER_04 22:29

Morningstar gives B and D a risk score of 15, while VTIP has a risk score of 9. And JP S T, which please look that up.

SPEAKER_01 22:39

JP Morgan ultra short term. That's JPST. Um.

SPEAKER_04 22:47

Which probably holds what?

SPEAKER_01 22:49

I mean, what kind of paper does it have?

SPEAKER_04 22:55

While you're doing that, I can tell you right now, just so we know, BND is a cross-section of debt in America, basically. Right? It's got some corporate debt in it, it's got a bunch of government debt in it, it has uh, you know, a variation of maturities in it, short and intermediate primarily. So, yes, it would be in in the parlance of people riskier than just short-term paper. And the difference there between that and the VTIP, which is the Vanguard, I believe, total or Vanguard total, Vanguard Tips Fund, which are government securities issued and then uh remarked, if you will, every six months more unexpectedly.

SPEAKER_01 23:39

This is what we're down to that for some reason gets mixed, uh missed. We by the way, we're not saying don't buy bond funds for yield. No, you want the yield too. Uh and what we would like is for the yield, in addition to the price to be, it's a trade-off. We want the price to be relatively stable, and we want the yield to be relatively stable. That's the problem. BND's yield over a long period of time is going to remain a little bit more stable than JPST's because JPST has an effective duration of less than a year, whereas BND's is like six. Yeah. So here's the deal. Let's just make it real simple. Let's say right now, what is let's see, what does the JP Morgan yield?

unknown 24:29

I don't know.

SPEAKER_04 24:30

I'm getting I'll bet it's in the I'll bet it's still in the threes because short-term paper is still paying pretty well.

SPEAKER_01 24:38

I don't know why it's not on this page here where it's supposed to be. Um for some reason it's not there anymore. Okay, uh, let's see. 30-day SEC, 4%, right where uh right where media intermediate term bonds are. Right? Everything is at four right now. Okay. So let's say give it given the current interest rate.

SPEAKER_04 25:02

That's kind of weird, but that's where it is.

SPEAKER_01 25:04

The the short-term bond fund looks like a much better deal. It really does. Oh, great. I can get four percent and a lot less volatility. Sounds great on paper, doesn't it? Let's just make a crazy assumption, because you know this will never happen, that rates drop to near zero. What you mean what wait, rates dropped to near zero in the past? Well, why didn't somebody tell me? Oh, okay. So so back when rates were near zero, guess what an ultra-shond fund yielded? Near zero. Because they had no longer-term bonds to maintain the yield at a slightly higher level. What did they not do? When rates went up, they did not plummet in price. That's why the performance difference. So if you don't mind your yield potentially going to zero, then yeah, let's go with the ultra-short. I mind that. That's why I have a mix of short-term high yield savings or the JP Morgan ultra-short, essentially the same kind of thing. A ladder of CDs, five-year ladder, and BND. Why do I have all of those? To try to cover all of those various bases. I've got more stability with the high yield savings, I've got stability with the CDs, I've got more volatility with BND, but I've got the staying power of a potentially higher rate. Everything is a trade-off.

SPEAKER_04 26:36

But we're not buying any of those specifically for the yield. The yield is a product of owning those securities, but what we're looking for there is stability, ballast for when things get bad.

SPEAKER_01 26:48

Same old story when you have a radio show or a podcast or any mass media, you gotta paint broadly. Sure. Yeah.

SPEAKER_04 27:00

All right. We got time for one more.

Total Return in Retirement

SPEAKER_04 27:02

We'll throw it in here. Salt Lake City, Utah. Doug, I'm getting ready to retire. That's awesome. I've tried to create income streams from bond interest, dividends, and treasury notes from my investments, but I think now I see the wisdom of just planning on taking money from my investments and living on that. That would be a total return strategy, Doug, which was what we favor. I ran the numbers, seems like if I go with a 60-40, 60% in stocks, 40% in bonds, and take from the stock fund if it does well, and take from the bond fund if stocks don't do well in a given year, and rebalance to the 60-40 at the end of the year. I'd move the money to my checking account, living on that for the year. It seems like I can get an additional 2% if I invested in preferred stock instead of a bond ETF. What you do is not doing it.

SPEAKER_01 27:49

You could probably get an additional 2% or 3% potential return if you invested 100% in stocks, too. It's a different beast. It's a different beast entirely. Preferred stock historically are not bond safe. They are nowhere near bond safe. They're more like stock risky, but not as risky as common stock. So they're in between. So yes, you could get a higher yield. Do you understand why you could get a higher yield? There you go. This is just so simple. It's all a series of trade-offs. Oh, yeah. I could make more money buying I I would have made a whole lot more money, or if I like to speak in present tense like everybody does, I'd be making more money right now if all my money was in chip companies and Apple and NVIDIA. And yeah, I would be, I yes, I oh my gosh, I could have a much, much better retirement when I get there, assuming they all stay high. But what if they don't? That's what you have to plan for is the what if they don't? No.

SPEAKER_04 28:55

So please, yeah. Going back to the previous question, because this answers it. Bonds, keeping money, stocks, making money. Preferred stocks are stocks.

SPEAKER_01 29:08

Stocks is stocks.

SPEAKER_04 29:09

Don't intermingle them with your bonds. Stocks is stocks. Do you have a jingle that says that?

SPEAKER_01 29:16

Thank God you don't know how to do this. Thank God you do not know how to do this.

SPEAKER_04 29:19

Get the singers back and then you're going to be able to do that.

SPEAKER_01 29:20

You'd be like a mad scientist. Like, oh, let's see what else I can have them sing. Although that's kind of what I'm doing right now. I'm trying to decide. Maybe you can help me out. You know, the you know the old song, this one. Yeah, that's that one. You know, where it's just a it's a it's we've been playing that same song now for 15 years.

SPEAKER_02 29:42

You are such a creature of habit. Which I like. Long time.

SPEAKER_01 29:45

I, on the other hand, am having really a really good time with jingles, and I think they're kind of fun and different. Do we care about the theme? I don't know. I don't know. We'll we'll we'll see what listeners think. We'll see. I don't know. I gotta think that through.

SPEAKER_04 30:01

I would love a 70s. Oh, dude, you haven't listened to the latest episodes yet, apparently. You know, kind of one of those things.

SPEAKER_01 30:08

You haven't listened to the latest episodes, apparently. Oh, okay. I apparently not. You haven't listened. Uh-huh.

unknown 30:14

I got it.

SPEAKER_01 30:14

What do you think I've been doing all week?

SPEAKER_03 30:16

Oh, that's gonna get the mail's gonna come flying in on that one.

SPEAKER_01 30:19

I mean, Friday's QA was sort of a queen thing.

SPEAKER_04 30:24

I'll tune in.

unknown 30:25

No.

SPEAKER_04 30:27

Gosh, I don't know that I I may have missed Fridays because I was always messing around Friday afternoon. Didn't have didn't have the grandkids.

SPEAKER_01 30:34

So anyway, if you have questions, send them in. Send your questions in to talkingrealmoney.com. And uh if you type them, Tom will read them. If you speak them, they go on the Friday QA podcast. And if you need more help, no cost, no obligation, I should turn this into a musical bit too. Go to Talking Realming. I can hear another jingle. Meet an advisor. You can meet with one of our appel advisors for free for nothing with no cost, no obligation. And let me make a promise that we've been keeping. Oh, sure.

SPEAKER_04 31:07

Can I add one thing here? Can we put all the jingles on one button on the on the on the website and people just listen to the jingles? I could do that. Jingle package. No. I could.

SPEAKER_01 31:20

We could have a talking real money jingle compilation. They don't care about mud music. Do we know how the lawyers feel about all that? There are no financial claims in the music portion of the program. They don't care.

SPEAKER_04 31:32

Okay. He did it again.

SPEAKER_01 31:33

Guaranteed 100% talking real money.

SPEAKER_03 31:36

Oh, sorry.

SPEAKER_01 31:38

That's how the words don't have to be. A message for the compliance people or the compliance AI, whichever. That's what I think. That was not me. Does this once in a while? It's it's humor, okay? It's his version of humor. So we we humor him along the way. So please don't call him on it like you did when he once said Gary. Thank you. He didn't really mean it. Thanks for listening. Before he says anything else, we've got to go, because we're talking real money.

Disclosures and Sign-Off

SPEAKER_06 32:13

The opinions and views expressed on this podcast were current on the date recorded. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and our subjects change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions.

SPEAKER_00 32:27

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.

SPEAKER_06 32:36

Information presented on the podcast is not personalized investment advice from Ophello 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 future 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 securities. Instead, the program is provided as a public service by Apello Wealth, a fee-only registered investment advisor.

SPEAKER_00 33:09

See Apellow Wealth, ADP, to any other website for information regarding Appellate's fees and services.

SPEAKER_06 33:14

Apellet Capital, LLC, DBA Apello 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 exempted from registration. Registration with the SDC or any State Securities Authority does not imply a certain level of skill or training. Apello 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. I think I need a nap.