Nobody Knows Nothing

SPEAKER_03 0:39

Okay, now that will be stuck in my head all week. Talking real money, the laws of financial

Financial Physics Begins

SPEAKER_03 0:47

It's gonna be stuck in my head. It just gets stuck in my head. Hi, welcome to Talking Real Money. Monday, The Laws of Financial Physics. I'm Don along with Tom, and today we're going to continue our readings from the good book, The Book of Financial Physics, written by Don McDonald several years ago and available to purchase at Amazon Dirt Cheap.

SPEAKER_02 1:11

The basic laws of money and investing. According to me. That every person needs to know. Exactly.

SPEAKER_03 1:17

You've got to know these. You're supposed to know these. Yeah. So we've gone through so far, we've gone through four in the last four weeks, right? I think it's five, actually. So my God, five.

SPEAKER_02 1:27

You're right.

SPEAKER_03 1:27

Now we're on six today.

SPEAKER_02 1:28

Yes, we are on six today. That's what I'm on.

SPEAKER_03 1:31

Here's a funny thing about time when you get old. It flies. It does. Boy, music goes so fast. So welcome to the show. We're so glad you're there, and we hope that uh you'll send us some questions now and again, too, at talkingrealmoney.com. We'll have those questions for you in a little bit. But first, today's Law of Financial Physics reading by Thomas Charles Cock II.

Nobody Knows Nothing

SPEAKER_02 1:54

Yeah, three end theory. Nobody knows nothing. This is one of the hardest ones.

SPEAKER_03 1:59

Okay, it's not really three ends. It just has three end sounds. It sounds good to say too knows nothing.

SPEAKER_02 2:06

I think it's one of the hardest laws, if you will, to accept. Because as human beings, we all we want to find somebody that says this is the direction.

SPEAKER_03 2:16

Oh no, wrong, wrong.

SPEAKER_02 2:17

Stay with stay with me. Follow this, and you're gonna be okay. And there's an entire industry, it's shocking to me, that is built on the belief that, yeah, they know what the future's, they know which stock to buy, they know when to be in the market, they know all these things, and they're they're very good at selling you on this.

SPEAKER_03 2:36

Really are my $5,000 suit. I know more than you do. And I live in New York. I live in New York. I have a very expensive suit. I live in a penthouse, and I have a driver. So I know more than you know.

SPEAKER_02 2:51

Way more. There's a woman on I don't and I don't know how she ends up on my feed all the time on LinkedIn. I know you laugh about my social media thing.

SPEAKER_03 2:58

You know how women end up on your when you flirt with them, they end up on your feed.

SPEAKER_02 3:01

No, in this case, at the time But she's on there basically every day. And every day the message is like today they reported this, this, and this, and I can't wait for this, and I always want to write like, and what will it matter? I I I the jobs report says this. The inflation report tells you this. Like, yeah. I mean it all of that stuff is worthless. Absolutely. Absolutely 100% worthless.

SPEAKER_03 3:24

Because the minute she knows it, I know it and you know it. I know it we all know it at the same time, essentially. We don't know stuff in advance, and if we know stuff in advance, that's illegal. You can't trade on knowledge that isn't public. So if it's public, it's worthless, and if it's not public, it's illegal. Not that that stops people. No, it doesn't.

SPEAKER_02 3:50

In the book, the author writes that also won't stop many from claiming that their guesses represent strong predictive skills. And yeah, there, as I said, there's an entire industry that's built on this, not only to uh to say that they know best, but to invest uh uh based on their predictions, right? It's called the active, the traditionally active uh mutual fund or exchange traded fund industry. These are people that are stock pickers, they are sector investors,

Predictions Fail Investors

SPEAKER_02 4:24

they are market timers, they are predictors of what is coming next, and they will literally, due to their high fees, suck the money right out of your account. Not to mention, by the way, I made a note when I was reading this, it's it's worse than the 80-20 rule, which you mentioned in here 80% are wrong and 20% are right, and you don't know which 80% or which 20 to pick. It's the opportunity cost that is missed when you do this, when you follow somebody, when you buy an actively managed fund, all that is extremely expensive because I also looked up with Larry Swedro, who is somebody I really respect, what he said about all this. And it's missing the unpredictable things that come along. For example, and I'm gonna mention this at our client event, um, what's happened the last year in emerging markets that nobody saw coming? No one thought Taiwan would be the third largest market cap a year uh a year ago that it is today, or South Korea number six. None of those things. No one ever predicted those. And if you weren't properly invested in those places, you've missed one. It's like uh each of them is up like a hundred percent in the last year. Well, I seem to be.

SPEAKER_03 5:39

A year or so ago, well, the people who thought they were smart money, uh mainly a lot of our listeners and callers, uh, were saying that well, why am I in small cap and value in emerging markets when it's the big blue chips that are doing well? Why am I not just in them?

SPEAKER_02 5:56

Yeah. And I'd love the quote, the pull-out quote in the uh the book the author has economists are pessimists. They predicted eight of the last three depressions. That tells you everything you need to know, right? Like they over and over. And there's people, you know, the people, I'm not gonna mention their names, that are predicting the end of the world, and here's how to invest based on that. I'm not again, I'm not gonna be able to do that. There's a lot. There's a lot of them. They're they're out there.

SPEAKER_03 6:22

Because if without them, CNBC would be out of business.

SPEAKER_02 6:26

Yeah. There'd be no. They would have nothing to talk about. Exactly. They don't want to put the ten index funds or now today the one index each year.

SPEAKER_03 6:34

Speaking of that number, I did a little research. Now, uh twenty years ago, the majority of the mutual fund business, not just the majority, the vast majority of the mutual fund business was run by people who claimed they knew the future. And then it turned out when people actually started digging into it, that they didn't beat the market. They were there was no value to prediction. And we've we've given you those numbers over and over again. Here's the good news. In 2006, about ninety percent of long-term mutual funds were actively managed by someone who could pr claim to be able to predict what funds. In 2006. 2006, that's 20 years ago. Yep. In 2026, according to uh the Investment Company Institute, the num the percentage of mutual funds and ETFs that are actively managed. Traditionally active. Traditionally actively managed, not dimensional active or or abontice active, traditionally active. Less than 50%.

SPEAKER_02 7:43

So it's going down. A lot. Yeah. Remember you're paying higher fees. Remember that you're making bets on things, rather than, and here's the I think that the it always gets back to the toughest part of this. Everyone believes themselves to be above average, whether it comes to driving, whether it comes to education or smarts or I guess sex. Uh, you know, I'm above average. I'm above average lover, right? So I mean the fact is when you It's not what I've heard, but I you know it's secondhand. I it's TikTok. You got to go find that. So I the thing is not LinkedIn, TikTok. The problem is when you decide to use indexes or index like, you have to accept market returns. It's very hard for some people. I think, well, no, uh if you're an investor. You don't want to be just average. Exactly. I I don't want to just get those. But you the reality is with all of this, this the prognosticators, the commentary, the talking heads, it should only be viewed as entertainment. It should not be viewed as anything worthwhile.

SPEAKER_03 8:48

Okay, then, but hold on. Lacking the potential for profits, what's entertaining about watching some guy in a $5,000 suit ramble on about what the future is going to be? Well, I didn't say you should do it.

SPEAKER_02 9:01

I just entertained as that. It's not even entertaining. Jim Kramer's entertaining, he throws televisions and he gets all the time.

SPEAKER_03 9:07

The throwing stuff is fine. But you know, he he he doesn't he doesn't even do as much of that as he used to do. Oh, okay. So maybe he's now he's got his audience all built in.

SPEAKER_02 9:17

And there's people that believe in what he says, and again, the track record's not very good. We're not going to get into the specifics. But the three N theory could if we wanted to. Nobody knows nothing. And I think that comes from Jack Bogle, I believe, at Vanguard, who said that, right? That the Nobody knows. Nobody knows nothing.

SPEAKER_03 9:33

Yes, I did borrow that from Jack Bogle.

SPEAKER_02 9:36

From this moment on, and you've said that. I remember you said that once at retirement when somebody said, Hey, what about this? And you said, We don't know what's going to happen to the world like two seconds from now. Everything could be different. We don't know that. So, with that in mind, you're simply going to buy the market, you're going to accept it, and you're not going to move based on what these prognosticators, the talking heads, are telling you. And they will tell you. They will tell you, if you're doing this, that's wrong. You need to be doing something else, or here's what's coming next. So that's and as Swedro said, then you're going to miss market returns that uh that you should enjoy by following this information.

SPEAKER_03 10:14

Yeah, you're you're going to resist. Your mind is going to resist. And you have to you have to overcome that because you've got a bias toward believing that the future is somehow predictable. Oh, by the way, I have uh Kramer's uh record that I can only the only one I can find from his Action Alerts Plus portfolio. Yeah. And this was a several years ago. Um, the cumulative return from 2001 through 2016, August 2001 through March of 2016, was 65% annually. Or 65% cumulatively over that period. Total return of 65% from fifth for 15 years almost, 14 and a half. Yeah, okay. Okay? Yeah. Over that exact same period, the S P 500. How much? 126%.

SPEAKER_02 11:09

And it was not a good period for the SP because the first 10%.

SPEAKER_03 11:13

No, that's 2008 is in there. 2001 wasn't good, 2008 wasn't good. Uh-uh. Uh, and yet Kramer underperformed by pretty much half. Yeah.

SPEAKER_02 11:24

So as I said, it's acknowledged as entertainment, and you don't have to watch it, because there's all kinds of other things on TV that are probably more entertaining.

SPEAKER_03 11:34

But um and by the way, viewers who bought immediately after he mentioned them on the TV show, actually they found did even worse. This was a great company to do it. This was for this was from his newsletter kind of thing. And the you got it later on on CNBC, so you did even worse. Because you were late. We love questions. Now, Tom is getting too many. I am getting too few. Literally, I only have I have enough questions for one Friday QA. One. If you if I don't get more, then Friday QA is gonna is gonna become Friday AI QA. Someone else is gonna read them. It's gonna sound like the AI is gonna read them. And that won't be nearly as much fun as you doing it. So go to talkingrealmoney.com and click on the microphone to record questions to go on the Friday QA. For the other episodes, you just click on ask a question. They come to Tom. Tom puts them on paper because for some reason he doesn't realize we have computers in 2026.

SPEAKER_02 12:47

And he will know that in 2027 either, right?

SPEAKER_03 12:50

He won't know. No. He's going to read them from Tree Pulp. Go. Thank you, Mr. Tree. Oh, wait, no, hold on. Hold on, I forgot. Oh. I gotta give you your little musical intro.

SPEAKER_04 13:03

Ink and pressure dead tree pulp. No feed, no scroll, no glowing screen. You typed a question, he printed the thing. He licks his thumb, um, he turns it over line by line. Um inhuman voice, voice, voice, voice, paper, paper. Tom reads your questions off paper. Paper,

Insurance And Annuities

SPEAKER_04 13:26

paper. Straight up off the page.

SPEAKER_02 13:28

Read it. Okay, now go. All right, from uh Cortez, Florida, Gerald writes us. Recently, a certified financial planner giving a presentation to a group reviewed different types of approaches to planning for retirement. In addition to the Roth and SEP IRAS, reference was made to permanent life insurance, PLI, that pays dividends, and deferred income annuities with a guaranteed income. Would you please review your thoughts on uh the permanent life insurance and deferred income annuities given that uh go uh rather going beyond the given that these are issued by an insurance company? I guess he's knowing where we're going to be able to do that. Wait, how okay, read the first recently certified financial planner gave me a few years.

SPEAKER_03 14:16

Wait, okay, that's what I thought you said. I know. I thought you said CFP. Wow. Yeah. This is not a this this is not a CFP who is acting as the the planning board says they must act. I know. These people, if you're a CFP, you are supposed to only act in your client's best interest. And if you're blank if you're selling life insurance products as a financial planning tool, except in very special cases, and he's not apparently he's selling it at broadly to everyone. You should have this in your portfolio, which means this is someone who is seeking out the very attractive and not required to be disclosed commissions that the insurance industry provides their agents. He's an agent who is also a CFP, and technically, technically, according to the CFP rules, he should be kicked out, but they really like getting their checks. Yeah. So they don't kick people out.

SPEAKER_02 15:16

They don't. They don't kick people out. Okay, but let's go to the pro so point made and accepted. But let's go to the permanent life insurance, which is basically whole life, right? I mean, there's other things.

SPEAKER_03 15:27

That's all it is. It's just a fancy name for whole life. Yeah. It means cash value life insurance. Life insurance that uh at some point you hope there's no guarantee, by the way, that it will there'll be enough accumulated to pay your premium uh that generally keeps rising as you get older. Yeah.

SPEAKER_02 15:44

And and so what you're doing here is you're combining insurance and investments, which we would prefer to see kept separate because you can buy term life policy. I think if you want to own term, great. I still have some because I've still got one I'm responsible for.

SPEAKER_03 15:59

The only place I have ever seen any value in a permanent policy is as an estate planning tool in certain circumstances. There is a there is a place for it in certain very large portfolios, very wealthy people, to use it as an estate planning tax avoidance tool. That's that's it. There really isn't an uh there isn't a case to be made in the case.

SPEAKER_02 16:23

In general sense, it doesn't make sense.

SPEAKER_03 16:25

They're not a good investment. They don't make you much. They make, by the way, they make the guy selling it probably whole life, probably six to eight percent. Wow.

SPEAKER_02 16:36

That's commissioned. Talking real money. And what about deferred income annuities? Deferred income annuities. Again, it's an annuity.

SPEAKER_03 16:46

Yeah. You know, so deferred income just means it's an immediate annuity where you're putting money in now so that it builds up a little more so that then you can annuitize later on and take an income. Again, for very specific needs for someone who absolutely must have some sort of a predictable income in retirement, and there are downsides, generally speaking, unless you have a writer, there's no inflation adjustment. You got to make sure it's joint life. If you have a partner or a spouse, I it it it is not a tool for everybody. And this CFP is doing every single person he or she is speaking with a huge disservice, and I really don't I I can tell you right now, I don't like this person as a professional. They may be a wonderful person, but as a professional, they they fall way short, in my opinion.

SPEAKER_02 17:32

From Canton, Georgian, Georgian, Georgia, Canton, Georgia, Jonathan writes. Hi, Don and Tom. I recently received an email from Vanguard encouraging me to set up trusted contacts on my accounts. I'm concerned about reducing the possibility of fraudulent activity in my investment accounts. Can you discuss the best practices for securing investment

Lock Down Your Accounts

SPEAKER_02 17:56

accounts?

SPEAKER_03 17:57

Well, I really, really think it's essential now, and I think pretty much everybody's doing it, and thank heaven they are, is two-factor. Two-factor is probably the thing that means. Yeah. Well, for example, when I log into Schwab to look at my account, I can't just put in my name, my username, and my password. Yep. Sorry, can't do that. That means somebody can't have hacked into something or stolen my password and get into my Schwab account. No, two-factor identification requires that Schwab send me a text message or an email, and I have to see that. And now that doesn't work if someone is hacked into your computer and and can get into your email. 100% protection doesn't exist. I'll tell you what a hundred percent protection, well, 99% looks like. But two-factor is going to eliminate a lot of the uh the the immediate hacking because it has to be the person responding. Uh in other, in other words, in my case, me. The other thing to avoid a lot of ripoffs in accounts come from phishing, where they get you to enter your account information one way or another. And the way to avoid that is treat every phone call that you didn't initiate, treat every email that you didn't initiate as a hundred percent suspicious until proven otherwise. You give no information to anybody anywhere, anytime from an unsolicited contact. Period. Ever, never.

SPEAKER_02 19:31

Just had a great article about this in the journal about somebody who got scammed for $25,000 because they missed jury duty.

SPEAKER_03 19:38

Yeah, and they didn't miss jury duty. You have to become not just skeptical, you have to get almost cynical in your ability to reject these people, and then always Bank of America calls, hang up. Grab your credit card, on the back of it is a phone number, call that number.

SPEAKER_02 19:58

Do not like what you said about hanging up, too, because sometimes I tell these guys off, and that's stupid too. I shouldn't do that.

SPEAKER_03 20:04

Yeah. Oh, and that's the other thing they tell you. This is so important. If you get a call like this, if you get an email like this, if you get an email like this, immediately market as spam. Just mark a spam. Train your your uh email client to get rid of them. And and ignore it. Ignore it. No bad thing is gonna happen from ignoring an email. Nothing. No bad thing. You're not going to jail, you're not gonna lose a bunch of money. Ignoring emails is a great American pastime these days. It's the best.

SPEAKER_02 20:42

That's what that's what and basically that was the take of the article about the woman who lost the 25k into the alleged jury duty myths. Yeah.

SPEAKER_03 20:49

Now let's go back to a trusted contact. Okay? Yeah. This is uh actually a really, really, really good idea. Okay that's just coming into vogue. If a and this generally applies to older people, but it can apply to anybody. That woman was 39 who got scammed by the fake U.S. marshals. Yeah. You give your bank or your investment firm a trusted contact, and if they suspect that this call is not on the up and up, that this contact is not on the up and up, that you may be being scammed. A lot of banks think this. They see somebody come in and they're asking for a lot of money and they're going, uh, they will call your trusted contact and say, so-and-so is here trying to get money out of their account. Should I let them take it? Should I call the police?

SPEAKER_02 21:41

So in your life, who would that be?

SPEAKER_03 21:43

Well, it wouldn't be it would probably be Tory.

SPEAKER_02 21:46

Okay. Yeah. I was trying to think in my life who would be. I guess it'd be my son, yeah.

SPEAKER_03 21:51

He'd probably be good at that, yeah. Okay. Yeah, because I I wouldn't give it to Debbie because she's more susceptible to these than I am, probably. I think she is, yeah. Because she's very trusting.

SPEAKER_02 21:59

She my wife. Same way. So anyway. Good. Good stuff there. Monument, Colorado, Mike writes.

SPEAKER_03 22:06

Monument Hill, the slippery, slidey place in the winter if you're going between Colorado Springs and Denver. You just slide right back down that hill.

Fees And Planning Value

SPEAKER_02 22:14

Hi guys, love the show. I have a question on the AUM assets under management fee. Hypothetically, let's say the AM AUM fee is 1%. Client has $10 million in investment. So assuming the client puts all of his money with Appell Off, for example, the annual fee is $100,000. Now we're going to stop you right there. That would not be the case.

SPEAKER_03 22:35

I was going to say if you're being charged 1% on $10 million at any firm, you're being overcharged. 1% only generally applies below a million dollars at most firms.

SPEAKER_02 22:47

Yeah, that's right. And for us it would be a million, then it goes down to I think 0.8, 0.5, et cetera. So $10, $10 million, you'd be paying closer to that. Yeah, about 60 basis points, something like that. But here's the question. Let's say the client considers this fee, feels it's exorbitant. What would prevent the client from simply allowing Appella to manage a million, paying $10,000 in fee? Then he would take the remaining $9 million to mirror what Appella does with the $1 million, copy investment strategies on his own, et cetera. He goes through quite a bit of more.

SPEAKER_03 23:18

Yeah, okay, that's fine. Yeah, do that. I mean who cares? Nobody cares. Because but the problem, you're going to care. Because uh I don't know what the number is. You do this on a daily basis. What percentage of an advisor's time uh with the client over the course of like ten years is spent building the portfolio and rebalancing?

SPEAKER_02 23:40

Ten percent. Maybe maybe twenty. Maybe twenty. Trevor Burrus, Jr.

SPEAKER_03 23:43

What's the rest of it?

SPEAKER_02 23:44

The rest of it is uh all the tax considerations, the income generation.

SPEAKER_03 23:48

There's a ton of other stuff, not including, by the way, the planning process and the ongoing modifications of the Trevor Burrus.

SPEAKER_02 23:54

Yeah. So the the portfolio design and management is a small part of the overall uh work that any good advisor, not just us, any good advisor should be doing. In fact, we just met with somebody last week where we went through all the stuff and here's all they're like, wow, I hadn't thought about that. We were trying to figure out how we're gonna do it.

SPEAKER_03 24:12

Well, and here's the thing we practically give you the right portfolio on the show.

SPEAKER_02 24:17

You could do it on your own.

SPEAKER_03 24:19

You could do it on your own and rebalance. We're it's not rocket science. I mean we're not gonna give you all the details and tell you when to move. You know, if you have a bigger portfolio like like those 20 fund portfolios.

SPEAKER_02 24:30

Yes. And I know on the show, I think we said anybody who did 20 funds, I I don't remember saying this, but I I know it came up. If it's 20 funds or more, they're using too many. In some cases, we're using 20 funds depending on the number of funds you have, the size of the account. There's other things that go into all that.

SPEAKER_03 24:46

But we're not gonna and that's the thing, you know we're not gonna do that, but you could pay us on a million and and follow that, sure, absolutely. And nobody's gonna stop you, and nobody's even gonna care. Nobody's going to care. What you're missing, and this is why we think financial planning and financial advisors, foot fiduciary ones, are so important in your later years. It starts getting bloody complicated when you start getting close to retirement or are in retirement. That's when it drives people crazy, and that's when we go, huh. Maybe I should just hire somebody.

SPEAKER_02 25:22

Yeah, my guy just uh rebalanced, and it wasn't just rebalancing. We looked at the whole strategy and said, This really should change. He was looking out for that rather than waiting for the market to do something. It was really good advice, so which I took. Uh Parker, Colorado. Colorado, it's the the theme is Colorado. Parker is just north of Monument. Yeah, and Peter from Parker. Peter Parker? Uh Peter Parker. Picked up. Sorry. Pickles.

529 Plans Simplified

SPEAKER_02 25:48

All right. Hi, Don and Dom. I have a uh Don. I have a granddaughter age three with a 529 plan with Vanguard Census worth 5K or so. Allocation is 42% in the aggressive growth portfolio, 48% in the moderate age-based portfolio. And he goes through the percentage in each one. He can choose up to five options, aggressive growth, blah, blah, blah. Um I earmark $100 a month to the 529, which is great. Is my allocation okay or should I make some adjustments? I think on these 529s, I'll answer this one. Yeah. Just do the age-based one. That's what I've always done. It's pretty simple.

SPEAKER_03 26:24

Yeah, I mean, it's not like you don't have the 20 or 30 years or 40 years to grow an aggressive growth portfolio. It starts to get a little too risky to have a big portion in aggressive growth because at some point in the not distant future at all, you could be within that period where it could really hurt you if we had a protracted downturn in the market. Yeah. So that's why the age-based is just simple, sane. You're not trying to win here. You're just trying to build up some wealth for the child to go to school.

SPEAKER_02 27:00

And perhaps to start their retirement. Remember, you can take the 35K and put that in a Roth. Not ever somebody already wrote me about the comment I made not long ago. So it's not just 35K into the Roth. You have to put it in each year depending on the income, with a maximum of $7,000 a year.

SPEAKER_03 27:16

So Yeah, do you know how long these episodes would run if we had to qualify every dang thing we said? By the way, we cover all of that in the 45-minute disclaimer at the end of each episode.

SPEAKER_02 27:32

Are you gonna have a jingle for that soon?

SPEAKER_03 27:34

No, I promised Tory I would not replace her.

SPEAKER_02 27:37

And she is good on that.

SPEAKER_03 27:39

Even though, even though, let me tell you this is a true story. I hope I know my daughter doesn't listen, so it doesn't matter. I hired her to do this. Okay? And she never invoices. It was nepotism. I hired her to do this. Yeah. And sh uh Pella authorized paying her $250 for the voice work. Which she never collected on. And she never billed us.

SPEAKER_02 28:00

Yeah, that's silly. So that's it's like And I know where the $250 ends up coming from, by the way.

SPEAKER_03 28:07

Oh, it's more so I just figured it's coming out of my you know where it's just part of me. Exactly. I'm just counting it as mine. Yeah, because somebody is kind of helping her financially.

SPEAKER_02 28:19

How about when you go on a vacation? She lives in New York. How about when you go on a vacation and end up paying for two places for a week instead of one?

SPEAKER_03 28:26

Oh my god. Oh my gosh. Oh,

Smoke, Disney, And Vacation

SPEAKER_03 28:29

yeah. Oh, Tom did his Yeah, there's a story. Tom Tom went on his annual pilgrimage. And you'd think he'd learn after the past five summers or so uh he on his annual pilgrimage to Lake Shallan, Washington, or actually near Manson, Washington, where uh it's not not named for Charles, I heard right now. Apparently not. Um and again, another year he was choked out by smoke. But this year this year it went to a whole new level.

SPEAKER_02 28:58

500 AQI. That's a highest. That's deadly. Yeah. No, they said it said if you're outside 20 minutes or longer, it'd be like smoking eight cigarettes.

SPEAKER_03 29:08

So spit.

SPEAKER_02 29:09

Which is hard to do in 20 minutes, I think.

SPEAKER_03 29:11

Wow, can you imagine? I mean, there are road crews out there that are two pack a day smokers now.

SPEAKER_02 29:16

No, it's it it was weird too because the place there was nobody left. There was one boat on the lake. The rest you went to a restaurant, nobody there. It was very a post-apocalyptic kind of strange.

SPEAKER_03 29:27

So, what does Tom do? You gotta get the vacation in. You can't just go home and work. No surreal Bob. He rounds up the whole families and takes them all to Disneyland.

SPEAKER_02 29:39

I know. And you know what? I'm beloved for this now. So they they did two days at Disneyland. I didn't go because I wasn't gonna pay $250 a day for something I didn't care about. Uh but then we didn't get the biggest. I think it was $250 when you threw in. They they do all the other stuff.

SPEAKER_03 29:55

Oh, the the fast passes and yeah, the genie pass and that stuff.

SPEAKER_02 29:59

So um So I did that and um and then we spent a day at the beach and it was it was fun. Good trip. I don't want to know. I don't want to know any of it.

SPEAKER_03 30:10

I just how much five dollars to park.

SPEAKER_02 30:13

It's not surprising. So yeah. They all had a good time. So it was good uh I had a good time because I love being with my family, you know that. So it was very strange, very weird weekend.

SPEAKER_03 30:22

He hung out in the pool and read a book. Which is a big surprise to everyone listening.

SPEAKER_02 30:28

I know.

SPEAKER_03 30:28

I know.

SPEAKER_02 30:29

I love my books. Yeah.

SPEAKER_03 30:31

Thank you so much for being a part of the program. Listen tomorrow for the uh not only great financial information, but the latest jingle. We've got except for m Mondays, we have pretty much a different jingle every day of the week. And you will love some of the jingles we have coming up. Wait till you hear the uh the 1960s uh beach music, surfing music. That's it's coming up soon because it's summer. That's coming up soon. Thanks for listening. We appreciate you being there. Send in your questions at talkingrealmoney.com. Speak them, speak them, speak them. And if you need you really, you want some help from a real life fiduciary advisor who doesn't sell life insurance, uh no, no cost, no obligation, no high pressure sales pitch. Seriously, go to talkingrealmone.com, click on the button that says meet an advisor. You can even say, I want to meet with Tom. And uh remember, every day we're right here. Not on your radio dial.

SPEAKER_04 31:31

Talking Real Money.

SPEAKER_01 31:37

The

Disclosure And Farewell

SPEAKER_01 31:38

opinions of 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 subject to change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. Although information and opinions given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Information presented on the podcast is not personalized investment advice from Oppello Wealth. The views and strategies described may not be suitable for everyone. This podcast does not identify all the risks, direct or indirect, or other considerations which might be material to you when entering any financial transaction. 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. See Appello Wealth's ADB Part 2A on our website for information regarding Appello's fees and services. Apello 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 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. And the lawyers get richer.