Hot IPOs, Cold Returns?

SPEAKER_00 0:05

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

SPEAKER_02 0:12

Well, it looks like it's gonna be the summer of the IPO. We're gonna be IPOing all over the place this summer. Be careful. Make sure you throw the O in there carefully. Yeah. Okay. We're gonna be IPOing all over

IPO Mania Begins

SPEAKER_02 0:28

the place. Sure. You know, it seems to me that summer's a bad time to bring on an IPO.

SPEAKER_03 0:33

It's so funny that when I started working on all this, I was like, don't they normally do this in like either middle of the year? Like, no, not I'm not the middle of the year, like middle of January or something. People just get they have money.

SPEAKER_02 0:45

Fall. Right. People are back to work. Yeah. The summer. And it looks like we're gonna have some big ins, some big IPOs.

SPEAKER_03 0:54

Some big ins? No, these this is this is the big of the big of the this is the biggest by far, bye-bye ever, ever, ever, ever, ever. Let's be honest. I mean Let's be honest. Well, hold on. Before we be honest, we have to tell people what they're listening to. Holding on.

SPEAKER_02 1:06

Welcome to Talking Real Money.

SPEAKER_03 1:09

Sorry about that.

SPEAKER_02 1:10

Very eager today. The horses are running.

SPEAKER_03 1:13

Well, because if you're ever gonna get excited about investing in stocks, wow, this is the time, right? Uh no, actually it's not. But we're so we're gonna have a little fun with this. But uh you're gonna read a lot of or you

SpaceX and AI IPOs

SPEAKER_03 1:25

already are reading. Now, the the top biller, uh, of course, is SpaceX, right? Oh, of course. Operated by uh your good guy, Elon Musk, who by the way, despite they're gonna they're gonna raise about $75 billion, which you know goes into the pockets of the current shareholders, right? People forget that often. Um he's still gonna maintain like 85% of the voting rights for the country. So he's still gonna run the company like it's Tom Tom and Don's, you know, thrift store. It's it's still gonna be his candy, it's still gonna be whatever he wants. Um, but they're gonna come out with an evaluation. And by the way, we're recording this a few weeks earlier. It should be tomorrow.

SPEAKER_02 2:07

It's as early as tomorrow, uh is what we heard when we recorded this a couple of weeks ago.

SPEAKER_03 2:11

But the company's gonna be valued somewhere around one and a half trillion to one point seven five trillion dollars. Now, that would make it, I believe, and you can please, and I know you will, correct me if I'm wrong, but I think that makes it like the eighth largest company in the world. It's something pretty big when you come to market cap at one and a half trillion dollars.

SPEAKER_02 2:32

They're bigger but NVIDIA's market cap is five and a quarter trillion. I knew they were at five, yeah. Um Apple's at uh four and a half trillion. Uh what's Microsoft?

SPEAKER_03 2:48

Microsoft, I think, is it three, I want to say.

SPEAKER_02 2:50

Three trillion.

SPEAKER_03 2:51

Boy, you're good. Look at you. Kind of pay attention to the thing.

SPEAKER_02 2:54

They're up there. They're up there in rarefied air. Yeah. And what's interesting is that they're in that rarefied air with massive losses. Yeah. They are losing money. The only the only income generating, decent income generator in SpaceX is Starlink.

SPEAKER_03 3:12

Yeah. I'm although I am paying half a million dollars to have you sent into orbit too, so they're gonna make some money on that deal. If I was younger, I'm I might have you know signed up for that's why you're still alive, too, by the way. I'm not waiting for the ashes. I'm sending you. Uh that's one, right? Okay, you think that would be enough for the summer blockbuster events, but uh no, wait, there's more. Anthropic uh coming out at a valuation of about one trillion dollars as well. I mean, I I think we could safely say we're talking real money here. I mean, that's real, real dough. Um, I don't know. I couldn't find the raise on that, how much they're gonna end up, you know, sort of selling actually in shares. But um trillion dollars is a pretty hefty valuation. We tried to point out that it still puts you in the top 15 companies or something.

SPEAKER_02 4:00

Well, I'm a I'm a power user of anthropic. Now, both anthropic and open AI, though, they're talking about dates in the fall. A more normal time to bring out offerings. There'll be a lot of hype about them over the summer. This is all happening in the next one. SpaceX is supposed to happen right now.

SPEAKER_03 4:15

But OpenAI, uh a valuation of somewhere between one and two trillion, they're gonna raise sixty billion dollars for the people that own that don't currently own the the shares. Um so when you add those three together, right? And I know it's not gonna be one company or anything, but if you add those three together, you're really talking about valuations in the top five companies in the entire planet.

SPEAKER_02 4:39

If you put them together, if you put them together. Yeah.

SPEAKER_03 4:41

Which is that's never happened before. No way. Not in one fell swoop. No, I can't.

SPEAKER_02 4:46

I'm trying to think of a time when we had that that kind of value, that kind of uh market cap in in uh successive IPOs. No, these are all coming.

SPEAKER_03 4:56

And the only time you really had, you know, IPOs kind of in a single sector that way, of course, was you may not remember this pleasantly, but the late 1990s with technology member, the dot bomb.

SPEAKER_02 5:09

Oh, everybody, all the dot-coms were going public

Why IPO Hype Misleads

SPEAKER_02 5:12

and easy money. And there, finally, we got to the message. We went from the story, but we we have to have a message. We have to have something that is, well, that that's advisory. We want to tell you what you should be doing. And should you be rushing out to buy these hot offerings? And they will be hot. As a matter of fact, SpaceX is supposed to be available to the general public at the same price the major institutional clients are gonna get it. Supposedly. That's really rare.

SPEAKER_03 5:44

Yeah, that that just doesn't happen.

SPEAKER_02 5:45

So should you buy it since you can get it at a great price? Absolutely.

SPEAKER_03 5:48

Because think of the things you can high growth potential, right? Um, access to emerging technologies, industries, right? I mean, SpaceX, it doesn't get it's out of this world, right? I mean, it's going to the moon, right? Uh sorry. Um and then of course, the most exciting the reason I think people buy IPOs is the first day pop, right? The idea that it's gonna it's gonna go up 25% one day, then I'll turn around and sell it, right? Um that and and by the way, uh for those of you who know me, I have my tongue very tightly planted.

SPEAKER_02 6:21

Because it is visual.

SPEAKER_03 6:22

And so uh it's not working for the show.

SPEAKER_02 6:26

His his sarcasm is very visual, and you can't see that

IPO Risks and Returns

SPEAKER_02 6:30

on a broadcast.

SPEAKER_03 6:31

So, no, you should not be doing this. This is a bad idea. And let's talk about what IPOs have done. IPOs, according to dimensional funds, this is them, tend to underperform their industry benchmarks within the first year. That's one issue. The other issue that I really frankly hadn't even thought about until I started reading about this again is liquidity. Because of the lockup period, six to twelve months following the IPO, IPOs tend to be sort of, there's not a lot of shares that are outstanding oftentimes that are moving around a whole lot, which is not ideal either. Um, and they tend to mirror, this is again from dimensional funds, a source I think you should trust. They're not selling you anything here. They're just trying to help educate you in this case. They tend to mirror the behavior of other uh security characteristics with lower expected returns, things like small cap growth stocks, right? Low profitability stocks, things we've talked about before, that have not provided a greater than sort of market-like return. So, no, this is this is there, you're gonna you're gonna hear so much about this over the coming months, so much hype, so much excitement. That's what worries me. When we when it comes to your money, you're investing, we don't want you to be excited. We want you to uh make it like grass growing. We've said this before.

SPEAKER_02 7:41

You know, back in 2019, Uber went public. It was a hot offering, it was all the rage. Uh fell 7% first day. So there wasn't that day one pop. No. Facebook came out flat right after its opening. SoftBank, the big Japanese IPO, its shares dropped 15% immediately on the IPO. Groupon lost 85% of its value the first year.

SPEAKER_03 8:08

Wow. Well, we had the other example recently, too, where the company just think they finally got they were worth something, something in the billions, and then they just sold recently for like 20 million or something. It happens.

SPEAKER_02 8:18

So these things are high, high risk. Yes, there's the potential for high reward, but do you think the underwriters and Elon Musk, you know, these people who they're worth a lot of money? Yeah. Do you think they're gonna make these things available at a bargain basement price that's leave money on the table, as they say? Yeah, because they're gonna try and get as much money out of that offering as they can. So they're gonna price it as highly as they think they can get away with it. And uh odds are you're not gonna get much afterwards. You might, but you might not. It's called still

Trillion-Dollar Valuations

SPEAKER_02 8:52

gambling. Yes, still it's called gambling.

SPEAKER_03 8:54

At the end of the day, the other thing that's gonna be interesting is I uh I believe Musk is gonna be the first trillion dollar man, right? I mean he's gonna be it's close.

SPEAKER_02 9:02

I can't believe I I live to see a trillionaire. I can't.

SPEAKER_03 9:06

That's a weird number.

SPEAKER_02 9:07

So no, I this is and by the way, so I mean that's that's that's more money than most countries are worth.

SPEAKER_03 9:14

Well, I'd have to look that up. But um, I will say this that um the smart firms, and I think you can count dimensional funds, and I know people think we rely on them a lot. We do because their research is very good and they have rules and they've stuck to them. Um, Avantis, and what they're going to tell you is they don't even add these for a year to their portfolios. They don't just rush out and you're gonna see it. We've talked about this too, where other indexes are gonna be required to add them very quickly. They're gonna have to buy the shares of that firm once they get added to the index. There, these other firms are not under that. And and I think that's a reasonable thing for you as an investor to follow. If they're not gonna do it for a year, why are you?

SPEAKER_02 9:54

And by the way, a trillion dollars is greater than the gross domestic product of New Zealand.

SPEAKER_03 10:03

There you go.

SPEAKER_02 10:03

The whole country.

SPEAKER_03 10:05

But he's not he's from Australia, I think, so.

SPEAKER_02 10:07

No, he's from South Africa.

SPEAKER_03 10:09

Pardon me? You're right. I don't know why I said that. Okay.

SPEAKER_02 10:13

Vietnam. Cutter. Cutter. I think it's Qatar now, but okay. What it's not Qatar again. Yes, it is. It's Qatar. But it was Qatar again, and they told us it wasn't Qatar. Okay, I could okay.

SPEAKER_03 10:25

I I Alright, hold on. Okay, Google, please pronounce Qatar or Cutter. Or I consider myself a relative native having been there. Oh yeah, yeah. You went there for the World Cup. I went there for the World Cup, so it was a good time, but uh for the three beers that were available in the entire country.

SPEAKER_02 10:48

Okay, some call it Qatar, some call it cutter. Qatar is probably your best bet. Okay. So Qatar. Let's go with Qatar. I'm just gonna go. You play the guitar. All right here.

SPEAKER_03 11:01

You play the guitar,

Listener Questions Begin

SPEAKER_03 11:02

I'll play the Qatar. So it's good.

SPEAKER_02 11:03

We we talk about all this silly stuff. Uh well no, it's not silly, it's money stuff. It's good advice, but we want to give you advice that's specific to you too. And that's where the whole QA concept of talking real money comes into play. And you can play along by just going to our cute little website, talkingrealmoney.com, and uh clicking on the microphone in the corner if you want the if you want to speak a question and and you know you don't like typing, and then I'll answer those on Fridays. Or if you want to uh have your question read, you can type it. He's gonna take that electronic thing you typed. You did you didn't write it out long hand. You didn't type it on a typewriter. No. You typed it on a keyboard and sent it out electronically, but Tom insists on turning it into paper. So he'll grab his little piece of paper, show them your paper, Tom. That's it. See, I I you thought I was kidding. Yeah. I read them on an iPad. He, paper. He's gonna read it to me. I don't think I've heard this question, have I?

SPEAKER_03 12:05

No, I did mention this was a topic and one that you should think about, but you're always ready for anything in this one specifically. It's a good question, by the way, from Mike in uh Monument, Colorado.

SPEAKER_02 12:16

Just up I-25 from Colorado Springs, Monument Hill.

SPEAKER_03 12:21

Do you miss Colorado at all? I do, I do. You need a John Denver song about a rock music or something.

SPEAKER_02 12:27

I don't like John Denver's music. So that's kind of your that's your stuff.

SPEAKER_03 12:30

That's the only song about Colorado.

SPEAKER_02 12:34

No, there's one from uh The Unsinkable Molly Brown. Oh, well, gee, I guess why I didn't know that, because it came out a hundred years ago. Fresnell sang, I think. Colorado my home.

SPEAKER_03 12:44

Yeah, okay. Well, we're not very familiar with that one. John Denver, yeah, because that's the one.

SPEAKER_02 12:48

You never watched the unsinkable Molly Brown?

SPEAKER_03 12:50

I think I did once on stage somewhere.

SPEAKER_02 12:52

Yeah, it's a stage show.

SPEAKER_03 12:54

For those of you who don't know, this refers to a woman who survived the Titanic among other tragedies in her life.

SPEAKER_02 12:59

So she was a uh silver mining magnet in Leadville, Colorado. Yeah.

SPEAKER_03 13:06

I'm not sure if she was or her husband that disappeared was, but it wasn't. Well it was, yeah, he was.

SPEAKER_02 13:10

He was the miner and she got the money. Trevor Burrus, Jr.

SPEAKER_03 13:12

And he disappeared down the mining shaft. Sure. He got the shaft, as it were. So sorry. Uh I'm sorry. I got the money, honey. You got the shaft.

Is AUM Worth It?

SPEAKER_03 13:20

Yeah, it's good. Hello, Don and Tom. Love the show and I've learned a lot. Well, thank you for that, Mike. Help me understand why you think assets under management AUM fee is a good idea or good deal, pardon me. I heard you guys repeatedly say that 1% is a fair charge. However, when I do the math and look at my $5 million portfolio, I'd have to set aside a million dollars for investment fees to cover the next 20 years. He calculates that by taking 1% of the $5 million, $50 a year times $20, you get the million. Okay, that makes sense. Um one important thing many people miss AUM fees compound against you over the decades. Even a 1% fee can reduce long-term wealth substantially. Incidentally, I am a do-it-yourself investor following Paul Merriman's best in class ETS. I doggone Paul Merriman again. Uh, let's see, using the best in class, ultimate buy and hold, which we do like. I've educated myself immensely and am very confident in managing my portfolio. That being said, I'm contemplating the future, whereby my mental facilities, faculties, pardon me, declined. Maybe mine already did.

SPEAKER_02 14:22

They're either one, faculties or facilities.

SPEAKER_03 14:24

And I passed before my wife. I know you guys are affiliated with Appella Wealth, but wouldn't you agree the AUM fee structure is not the fairest or best pricing strategy? My research has found quite a few fiduciaries that charge a flat rate or hourly rate as well. So there are some.

SPEAKER_02 14:41

Yeah, there really aren't very many, but there are some. Uh we've looked at all the models and and what works to keep us in business. That was really that was our our decision, is what what would keep us in business? And the the the number of hours that you'd pay for in most people's cases are going to come out to pretty close, we found, to the the asset-based fee. Remember, the asset-based fee is getting you some services m over and above what you're thinking. You're thinking I manage my own portfolio. I don't need that. You probably don't. You probably don't. Portfolio management is only a sliver of what a real life fiduciary planner, advisor does for you. It's about the plan, it's about the handholding, it's about the constant attention to the portfolio, it's about tax management, it's about income management, it's about uh quality management, it's about uh rebalancing management, it's about all these other things. And and let me tell you, there are mutual funds out there. Mutual funds, broadly diversified, managed, actively managed mutual funds that charge over one percent per year. Some of them have a front-end commission, even. So what where are you getting the better bargain when you pay one percent per year for someone who is your personal advisor, who you can call anytime and who's gonna be paying attention to you, not just this portfolio that's shared by, you know, hundreds of thousands or tens of thousands of people, where are you getting the better bargain? The other thing is, and we believe this very strongly, particularly when you get to the point you're talking about, when you get to that point in life when you need somebody to really look this thing over, a fiduciary fee-only advisor, whether it's an hourly fee or an Assets Undermanaged, an AUM fee, is likely to make you more money than you pay them. That's by the way, been the study from Vanguard. That's not our study. Over and over. This is a Vanguard study that has been done and redone and redone again, and they find that on average, those who hire a professional fiduciary advisor make about three percent more a year.

SPEAKER_03 17:01

Yeah. But let's go back to the beginning here to make sure we're clear on one thing. First of all, if anybody is charging you one percent on the full five million dollars, that's an overcharge. That's too much. Um, and so that would be one. We do not, we charge one percent on the first one million, it goes down from there. Number two, a good advisor, um, it becomes really part of your overall family planning, all those things. It's not just somebody who's building a portfolio. They become part of your family. They do, because you get to know them well, you get to know all the moving parts, the the kids, the grand, all that stuff. And somebody's looking at the whole field and saying, hey, did you think about this? Did you consider that? It is should be, by the way, not always, but it should be way more than portfolio design. I can tell you one place that most times we make up that fee very easily, and that is around taxation. People do not understand where to pull the money from, the right moves to make to stay within, and things like Irma that come up, all these other things that people sort of think, I got it figured. And again, if you do and you're happy, God bless, and you take care, and I'm happy that you're we're fans of doing it yourself. Absolutely. Absolutely. Um, but I will say this I have an advisor because I don't want to deal with it every day either. That's the other part I think people forget about is the people that hire somebody like us, and we're not the only ones, by the way.

SPEAKER_02 18:18

There's a lot of good fee-only fiduciaries out here. No, now you know when you say a lot, that implies the majority.

SPEAKER_03 18:24

No, not the whole field of financial advice. I said fee-only fiduciary.

SPEAKER_02 18:29

There are a lot of good fee-only fiduciaries if you if you trim it down to just that segment of the market.

SPEAKER_03 18:35

Which is a small part of the overall financial advisory community. Yeah, like which is 1%. Yeah, absolutely. But again, if you have the right one, the number one compliment, the number one thing our clients tell us, and I'm sure the other good advisors are the same thing, they don't think about money anymore. It's not, it's you don't get up every morning and say, Oh, I gotta, what do I gotta do? It doesn't be it's it that part of your life is taken care of, you get your money every month or whatever it is, and you move on. So you're right, it could be a lot of money, but it's proven to be worth it.

SPEAKER_02 19:06

Math is also a perfect example of lies, damn lies and statistics.

Fees Versus Performance

SPEAKER_02 19:11

Uh you can you can you can manipulate statistics, but here's the thing what if you pay one percent and instead of making eight percent per year, you make nine and a half percent or ten percent per year. Okay, so you paid a million dollars in fees over that period, but you made multiples of millions of dollars over that period. Did you get more than you paid? If you get more than you paid, it's worth paying, right?

SPEAKER_03 19:39

Yeah, and I can tell you, for example, we're seeing a good example of that this year. Uh, because things like that most people are not invested in. Now, if you're just gonna talk about the portfolio side, emerging markets, emerging markets value, which have had a huge run this year, dramatic run. And most people don't have a portfolio that is exposed to those things. True diversification, more than owning the Vanguard total world, which is all fine. It's and again, Paul's and all that stuff is wonderful, but other some of these other asset classes that really can on just on the portfolio side make a difference. We sound defensive in a way, and I guess we are, but no, no, no. You can find other people that do this, and you can find people that do a flat rate hourly. It's a different type of relationship. That's the other thing I was trying to get to. It's not as tight, which is still fine, maybe as well.

SPEAKER_02 20:24

And and here's the the real rub. Uh you're gonna get a fine portfolio doing it on your own. But as Tom said, you're likely to get a little better portfolio. And here's the here's the real world example. A couple of years ago, we're sitting here on the show talking to you, and you're telling us, this is several years ago, why do I want to own value when value's not doing well? Why do I want to own overseas stocks when overseas stocks aren't doing well? Why do I want to own these small companies when the big companies are killing them? Why do I want to own those because I'm making more money in this other thing? Well, yeah, until you don't. And a good advisor is gonna say, be in these assets. And you're gonna say, I don't want to be in those assets. And a good advisor is gonna say, you're in those assets, or I'm no longer advising you.

SPEAKER_03 21:16

Can't do it otherwise. And that's a very good point, by the way. But good advisor not just build the portfolio but makes you stick with the parts that are not always the outproductive ones, which is what one problem people have. That's worked well, I'm gonna go do that.

SPEAKER_02 21:29

Then they migrate back to the et cetera, et cetera, I'm telling you, our clients who were put into, despite their wishes to the contrary, sure, who were put into internationals and smalls and values and emergings, are so glad they were.

Wild ETF Launches

SPEAKER_03 21:45

Beginners are likely to be glad over the long run, too. Yeah, I could tell you something they're glad they're not in. And these weirdo ETFs that have been out there. So it's five hundred new exchange traded funds already. This year. This is being recorded prior to the end of May, which I believe we still have a full month after that for the half year mark. It's insanity. And some of the ideas, the wacky, weird, wonderful things that are being put out there and sold for ridiculous fees that apparently you're buying. I mean, people are putting money into strange things.

SPEAKER_02 22:21

I can't believe you're actually putting money into. Get this. Seriously. The Tuttle Capital, those folks at Tuttle are just crazy. They're a little wacky, those Tuttle people. Those Tuttle Turtles. No, they're no turtles. They're rushing headlong into wacky things. Get this the Tuttle Capital UFO disclosure ETF. What are they disclosing exactly? Well, they're going to make money on the disclosure by the government. The government's going to give us all this information on these extraterrestrial technologies that they've been keeping from us. And they're going to make a lot of money once those are released to the companies they're buying, which is like Palantir and other defense contractors. Two and a third million dollars. This fund only opened in February. Yeah. Two and a third million dollars is in this fund at an expense ratio. Now we like ETFs because ETFs have expense ratios like right around, you know, ten or twenty basis points. Generally. Not all of them, as you'll hear. This one. Well, they're under one. Yeah.99 percent. Yeah.

SPEAKER_03 23:43

I think you can buy that a similar index of defense contractors and have most exposure to those firms anyway, right? I mean, I guess, but that's nuts. Just nuts.

SPEAKER_02 23:54

Yeah, yeah, there's the Global X Tech ETF. Let's see. Oh, the Defense Tech ETF. That's only half of the price.

SPEAKER_03 23:59

Yeah.

SPEAKER_02 24:00

It's got $7 billion in it, though. Tuttle is just a Tuttle's a strange little company. Tuttle has they have the space industry income blast. Space industry blast, you get it, sure. Yeah. The Tuttle Capital Mean Stock Income Blast. Why not? Yeah.

SPEAKER_03 24:18

The Tuttle Capital Daily 2X Inverse Regional Banks. 2X. Oh, that came because of the one in California, no doubt. They're borrowing money. Money to. Yeah.

SPEAKER_02 24:32

And they're all none of these are big, but they're they're they're going for quantity, not quality. Like the Tuttle Capital Meme Stock Income Blast ETF, and again, 99 basis points for an expense ratio. I don't even know why they bother. There's $900,000 in the portfolio.

SPEAKER_03 24:50

Well, 1%, that you know, it adds up, right? That's a lot of money.

SPEAKER_02 24:54

$9,000.

SPEAKER_03 24:55

I know. Well, buys lunch a couple of days or something. I don't know. I don't even know.

SPEAKER_02 24:58

Hey, run the fund on $9,000.

SPEAKER_03 25:00

Not well. But they keep throwing out ideas and people keep buying

Avoid Expensive Funds

SPEAKER_03 25:04

them. Um there's a per it's still 80% of the new funds that are coming out that are considered traditionally active. In other words, they are stock pickers, they're into sectors, they're doing all this stuff, and they're way overcharging you. So this is a product or products, pardon me, you really want to stay away from.

SPEAKER_02 25:20

Just because it's an ETF doesn't mean it's good. You still need to check it out. And a good place to check it out is to ask us. Just go to talkingrealmoney.com and uh click on the ask a question button or the mic in the corner of the screen and ask your questions. And if you want to sit down with an advisor for free, no one percent fee for the at least that one meeting.

SPEAKER_03 25:43

Well, not just the meeting, but the portfolio review. Just got off the phone with somebody this morning. We're gonna we took their whole two and a half million dollar rip portfolio. We're analyzing, and I can tell you right now, when they come out of it, they're gonna say, Oh, I didn't know I didn't own that.

SPEAKER_02 25:55

Mm-hmm.

SPEAKER_03 25:56

Ask particular asset class. You've got to be asset without paying anything. Exactly.

SPEAKER_02 26:01

So it's a good thing. You know, it's like they're we're gonna say, you need to own this asset class. And you can do with that as you wish. We're not gonna pressure you into becoming a client. We don't do that, we've never done it, we never will do it. Well, I shouldn't say never will. I well, I'm here we won't.

SPEAKER_03 26:18

If you don't get assigned to Andersonville, we'll be okay.

SPEAKER_02 26:21

So Yeah. Anyway.

Closing Thoughts

SPEAKER_02 26:25

Thanks for listening. Thanks for being a part of Talking Real Money. Tell a friend or two. And remember, if you really want to know what's going on with money, you need to be talking real money.

SPEAKER_04 26:38

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

SPEAKER_01 26:52

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_04 27:01

Information presented on the podcast is not personalized investment advice from Oppello Wealth. The views and strategies described may not be suitable for everyone. This podcast does not identify all the risks, direct or indirect or other considerations which might be material to you when entering any financial transaction. Past performance does not guarantee 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 Appello Wealth, a fee-only registered investment advisor.

SPEAKER_01 27:34

See AppelloWealth ADB Party 2A on our website for information regarding Appellate's fees and services.

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Appello Capital, LLC, DBA Appello Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in the states where it is properly registered, or excluded or exempt from registration requirements. Registration with the SEC or any State Securities Authority does not imply a certain level of skill or training. 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.