Robot Advisor, Human Judgment

SPEAKER_02 0:05

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

AI and Advisor Jobs

SPEAKER_03 0:12

Well, Tom, I'm sure you're aware of this, but uh your days are numbered. My days are numbered. All of our days are actually numbered, but for those of us in the financial services industry, I'm pretty confident that uh it won't be long until you actually have to play the part of a Luddite and go out there and start smashing AI servers as opposed to power looms uh in the name of human human jobs, because I get the sneakin' notion that as AI is getting smarter, that we're gonna be moving at least at the lower levels of financial advice and financial planning into a computer managed system. And this started several years ago with robo advisors, right?

SPEAKER_04 1:01

Yeah, it it the numbers kind of I was shocked actually to read this number that uh about thirty percent of Americans prefer a robo advisor investment strategy. Now, I'm not quite sure I could tell you exactly. Does that mean the machines are picking stocks, timing markets?

SPEAKER_03 1:17

No, no. Generally speaking, almost all the robos I've looked at are just doing asset allocation.

SPEAKER_04 1:22

Okay, so 10% in emerging markets.

SPEAKER_03 1:25

They're not fast enough to do trading, really. And I don't know that that AI is ever gonna, but that's another thing.

SPEAKER_04 1:32

Yeah. So robo advising is something and by the way, robo advising is something that's not new. That's been around for a long time. And if you can remember, what, five, six years ago, it was gonna take over everything. We weren't gonna be in this. You and I were gonna be pushed to the sidelines.

SPEAKER_03 1:50

We were already obsolete. Exactly. We would have been way obsolete by now if everybody was right. Thank God we're not yet.

SPEAKER_04 1:57

Soon. We can still entertain people while they walk their dogs or work out or whatever it is. So thank you for that. Um, but AI is a different matter, right? I mean we'll I guess the question that on the table today for most people is should I just hand all my money over to artificial intelligence?

SPEAKER_03 2:17

Well, good news so far is that there aren't true artificial intelligence registered investment advice providers. Is there one?

SPEAKER_04 2:25

There's one there's one I read about where the guy said we are gonna there's no people gonna work here.

SPEAKER_03 2:29

Yeah, well I was thinking, well, you're a person, but I can kind of see that that's a direction we might be heading because um I use ChatGPT and Claude every day in my work. They they're just helpful tools. And I've discovered over time, particularly chat, who who who who I call Kath because she's got a female voice, is becoming increasingly human-esque. And uh as a matter of fact, hold on, let me just punch her up. Hey, hey Kath, Don here, how are you? You there?

SPEAKER_02 3:06

That was a quick. Hi, Don. How can I help?

SPEAKER_03 3:09

Well, uh, we're Tom and I are just chatting on the show, and you didn't know we were gonna do this. I'm I'm treating you like a human. I gotta stop doing that. Uh we were chatting on the show about AI investment advice providers. What uh what's your take on them?

SPEAKER_02 3:21

I'd say be cautious. AI is great for explaining concepts, running comparisons, and poking holes in assumptions, but it's not a fiduciary and it doesn't know your full picture. Think of it as a super smart research assistant, not a replacement. If someone uses AI to sharpen their work, that's a plus. If they use it instead of thinking, that's a red flag.

SPEAKER_03 3:42

But what about as your abilities grow? Will you be more uh capable in the future?

SPEAKER_02 3:50

Yeah, I do think so. Look, I think AI is going to get much more capable and more connected to real planning tools. But advice isn't just math. It's also judgment calls under uncertainty. So maybe think of it as a strong co-pilot that you still fact-check. Not the person signing off on your retirement. Accountability and transparency matter as much as raw IQ.

SPEAKER_03 4:12

Oh, thank goodness. I feel so much better. I feel so much better about my future.

What AI Can Actually Do

SPEAKER_04 4:17

Get her out of here. Um, you know, I I'll watch Terminator tonight to feel better about it all. But uh there's okay, there's a couple of parts of this that probably AI do make sense, right? I mean, in terms of the a portfolio design and management, sure, that that I think that could be better done. But then they get the article discusses things like um picking stocks and making trading decisions. Now, that's gonna come down to who writes the code, right? I mean, because that's gotta be a decision that was based on somebody else's biases.

SPEAKER_03 4:48

Actually, see, here's the thing is that AI is starting to write its own code now.

SPEAKER_04 4:52

I think I've seen that film. It doesn't turn out well.

SPEAKER_03 4:55

Um but so here's the thing is when it comes to stock picking, and this is something that the Market Watch article we're referring to uh mentioned, because MarketWatch leans toward a stock picking mentality anyway, they're saying that that AI will pick stocks, and I think that's very likely. But will it successfully pick stocks?

SPEAKER_04 5:16

Well, yeah, right.

SPEAKER_03 5:17

That's the question. And and the answer with humans has been no. So why should it be any different with AI?

SPEAKER_04 5:25

I think that's exactly true. So, but things like that, uh you know, tax loss harvesting, you know, things that are functional that are that require not a lot of nuance, um, they could AI could be very good. Uh she very gently mentioned the part that I think is still the biggest because this came up when everything was going to be a robo, the personal relationships, right? The getting to know your clients, the helping them make better behavioral decisions. And we know, because I know all of you are listening going, oh, that's not me. Well, it's somebody because there's a couple of factors here that we talk about regularly. First of all, as a group, investors underperform the market generally because of behavioral. Number two, uh Vanguard's done their own work and continues to do their own research about a relationship that people have with advisors. They claim advisors end up making more for their clients because they keep people from making bad behavioral decisions.

SPEAKER_03 6:24

Because we have a huge advantage that we don't talk about enough over artificial intelligence and certainly over robo advisors who are just really simple code, and that is empathy. We actually have the ability to feel what other people are feeling, and AI can fake it, but it can't do it.

SPEAKER_04 6:49

I think that's well put. You know, uh Jill Schlesinger, somebody's work that we we respect her work, she says uh AI can help educate you. It shouldn't be a substitute for judgment, a financial plan, or a human advisor who actually knows your life. Now, some people sometimes criticize us and say, well, you just want everybody to be your client. Jill is not in that business, so she can make a judgment, I think, outside of the industry. She's been a CFP, she had or is a CFP, she had her own business, but she can clearly look at these things. So, and by the way, AI itself, kind of what like you just had the discussion there, if you type it in on the interweb, it says AI won't replace financial advisors entirely.

SPEAKER_03 7:30

Yeah, well, but that's the thing, is it won't, it's going to replace some jobs dramatically. And those are going to be particularly entry-level rote jobs. Research, for example. AI is incredibly good at research as long as you make sure you require citations. I think that's exactly right. It's really, really good at research. It's not great at uh it it can fake emotions, but it doesn't have emotions.

SPEAKER_04 8:02

It can fake emotions. I was gonna make a crack about my first marriage there, but I'm not gonna do it. So, okay, so uh I wasn't sure about me or about her. Uh okay, so AI. No fiduciary duty either, by the way. I mean it it it it doesn't that it doesn't have anything to do with it.

SPEAKER_03 8:19

Although I would imagine if AI is being used by a registered investment advisor, that it that the investment advisor would be taking on that fiduciary responsibility for the AI. You have to.

SPEAKER_04 8:32

No behavioral coaching, which is something I just mentioned a minute ago, which we know. Again, you can argue with this, but the facts are the facts. We all humans make human-like decisions, and uh we have to be coached through things, especially in the hard times or especially in the exciting times. I I can't tell you the number of people that I told Again, the emotional sex.

SPEAKER_03 8:53

It's always the highly emotional times when we need emotional humans in the process. And and to your point about us, the the the cynical response is you just want more clients. Sure, we want more clients. We're in business, but we're one of the few places where you can get information and advice that says we're not the only ones. There are other good advisors. Pity, it's a pity there aren't more of them, but there are others, and we can give you the names of some. You know, we know several in the Seattle area that are very good fiduciary advisors. In fact, I think I don't know if we still have them on the website. We used to. I don't know, because I redid the website. There's so much.

SPEAKER_04 9:33

You let AI do it. Who knows what they put up there?

Human Edge in Advice

SPEAKER_04 9:35

Um no empathy, which you we just mentioned again, but again, I think in a the big picture for financial advisors, the trading, portfolio design, tax loss, harvesting, those things, it makes sense. Here's the for you as an investor. Um I don't think there's anything to change in your life right now. However, if I was working with a firm, I might ask them, hey, how are you integrating AI into your practice? That's something I might want to ask. I'd want to know because they should be looking at this and they should be trying to figure out ways they could be more efficient. We are. Yeah, we are. And so it doesn't, again, we're not the only ones. Well, it's but but you know, I I think these are things you should at least ask about. But I would not be running out looking for an advisor today that says, Well, look, we're not gonna have people. Um, because I think that's I at least today, I don't think that's the way to at least for the next few weeks.

SPEAKER_03 10:28

We're an important part of the equation. Not entirely for the next maybe, yeah. I'm hoping four years or so. I'm that's that's my goal. If we can make it four weeks, four years, four four years without AI taking over the show.

SPEAKER_04 10:41

Your voice is out there, my friend, and we will use it after it's gone. Sorry.

SPEAKER_03 10:44

It don't you know, no kidding. I uh I should I say this? Yeah, I'm gonna say this. I just auditioned for a gig for one company to use my voice my as an uh the to take it and AI it for very specific contractual purposes. It was and they're paying I'm not gonna get the job, but they're paying almost a hundred thousand dollars to buy the rights to a voice for their company. Trevor Burrus, Jr. And what's the product, if you can say it was it's a secret. There's no way it was a it was uh an audition, and they don't often tell you. But then they can use it for whatever they like. Well, for whatever within the contractual bounds of their contract. Um but the re but the thing is is that my my wife said, but they're gonna get to use your voice, and I went, honey, I'm not gonna make a hundred thousand dollars on my voice in the next four years.

SPEAKER_04 11:39

I'm just not taking the money and take the money and run. Yeah, exactly. So hey, listen, one thing that you've been really nice about here the last few weeks is Me? Nice? What are you talking about? You know I'm not talking about you. I'm talking about you. You're looking

Too-Long Questions

SPEAKER_04 11:53

at me the people with the dogs, the people working out, the people, all the other things you do when you're listening to the program. Um, writing in questions. It's been exhilarating the number of questions we've been getting.

SPEAKER_03 12:04

So although every once in a while, yeah, they come in a little on the long side. Like really long. And so Tom sent me one that was a little long. A little long a little long. So what I did is is I had ChatGPT distill it down to its essence. Took out all the extraneous stuff, and what here's what we got. Uh Tom hasn't seen this yet, but it's a really good distillation. Hi, Tom and Don. My wife and I have about $2.3 million under management with our advisor, plus $400,000 that I manage myself. We've been clients for four years and pay a negotiated fee of 70 basis points. Overall, I'm and this is the with another firm. I'm sorry. Oh, see, chat, you messed up. It's with a different firm. Not over us. Not us. Overall, I'm happy with the investment performance. Neta fees, we've generally been within about 2% of the Dow Jones moderately aggressive portfolio index, although I had to choose that benchmark myself because the firm doesn't provide one. The advisor is responsive. We meet at least twice a year, more often when needed, and they provide retirement projections. However, we don't have a formal written plan, and beyond portfolio management and handling withdrawals, there aren't many additional planning services. I also developed our retirement income strategy myself and reviewed it with them. Given that level of service is 70 basis points or seven tenths of a percent a reasonable fee, or should I expect more for what I'm paying, Tom?

SPEAKER_04 13:36

Yeah, I mean the the days of hiring just an asset allocator and paying 70 basis points probably behind us. I I mean you really probably should get a at least a plan. And uh you should have an investment policy statement that says here's what we're trying to achieve, here's the risk we're willing to take. Those would be two things. Certainly you're getting plenty of meetings. Two times a year is a lot. Most of our people probably meet with people once a year. We offer it more, but but they they only take advantage of one time a year. So I would and and by the way, are you getting tax advice? Because that would be another I mean, those would be the areas that I'd want planning, I'd want an IPS, and I'd want tax advice as well.

SPEAKER_03 14:16

So I guess the bottom line question is is 70 basis points a reasonable fee? The answer to that is yes, but it feels like there are a few holes in it.

SPEAKER_04 14:27

Yeah, I think that's fair. You know, 70 base points is a is a good price, if you will. Good fee. But I think I would say, look, I I gotta have a plan. Um and and that should be a formal plan. I mean, every one of our clients has it, it it's detailed. It goes in and and any any good advisor, that's the starting place. So again, not just using the process.

SPEAKER_03 14:47

Yeah, because again, today portfolio asset management that's uh the technology is so uh speaking of AI, the technology is so robust there that you can pretty much feed this stuff into AI or a computer system or a program that you can buy relatively inexpensively, and they create it. Um the the big cost to the advisory firm is the time the the advisor meets with the client, but it there are some holes in this. 70 is a fair fee, but you need a little bit more juice, yeah.

SPEAKER_04 15:22

I'd ask for more. But that that's fair. Thank you for distilling that too, by the way, because that was a I and I need to say this again because I said it and then literally got a question the next 10 minutes that was another thousand-word.

SPEAKER_03 15:34

Well, remember the shows don't air for a week.

SPEAKER_04 15:36

Yeah, okay. But the thing is, yeah, good point. I always I I I'm going back to my radio days where I said, Yeah, you think you're live, and they're they didn't listen to me.

SPEAKER_03 15:43

No, it's not been on yet.

SPEAKER_04 15:45

It's really hard, and because we just got another one, as I said, yesterday. It's very hard to answer a question. That question, thank you, Don, for cleaning it up. There was more to it. Um, but for those of you who send me a note and say, I'm fifty-seven, I've got this much, I've got that, and uh and you write a thousand words about your retirement plan.

SPEAKER_03 16:05

I have an idea. Yeah. I have an idea. Please. Write the question succinctly. And then if you think there's additional information that we ought to know to help us answer the question, uh put that as an addendum, not part of the question. That's fair. Just a list. Like, here's my portfolio. And then we have to read that part.

SPEAKER_04 16:26

I know. I tell I tell people I can't do that on the show, it's too long. But we have people here that will, and I'm among them. I'll sit down and talk to you about it, but not on the program. It's too lengthy.

SPEAKER_03 16:37

So that's where our meet and advisor button comes into Andy. And it's free.

SPEAKER_04 16:41

And I just talked to somebody the other day. You'll review our whole portfolio for nothing. Yeah. We'll tell you how much you have in various assets. We'll tell you how much you're paying, how much risk you're it's it's a great report, and we do it free.

SPEAKER_03 16:52

And kind of what's wrong

Active Fund Reality Check

SPEAKER_03 16:54

or what's right.

SPEAKER_04 16:55

Talk about somebody else who's made a lot of money and is uh kind of laughing at us for being index advisors from Suffolk, Virginia, Rich writes. Hello, gents. I know you preach the gospel of passive funds and claim that active management always loses to the indexes.

SPEAKER_03 17:12

No, no, no. In aggregate it loses to the indexes. No, no, there are always winners. Always winners. It's just they're in the minority.

SPEAKER_04 17:19

You got to pick them in advance. You got to know how long to hold them. Um, but every time you do, I just look at my SLMCX statement and smile. While the SP 500 put up a respectable 866 and a half total return over 20 years, SLMCX delivered a jaw-dropping 2,543.39% over that same period. That sounds like three times. Yes, it can have some wild roller coaster drops when tech struggles. But since I bought it, I'm personally up a healthy 1700%. Interestingly, I do have most of my money in low-cost diversified funds and appreciate the information on Avantis and Demential. He goes into more. But the bottom line is SLMCX has walloped those little lame index funds like the SP 500.

SPEAKER_03 18:10

Of course it is. Of course it has. Its top ten holdings uh make up 54% of the fund. And they're in things like Nvidia and Alphabet and Apple and Microsoft and Western Digital and Marvel, Marvell, and you know uh just come on. Of course. They've been in the right places at the right time. But what as you said, what happens when it's the wrong time? And are you gonna time it and try to get out before they go down when eventually they'll go down? For s for some reason, we don't know why, but the the probably will. And the volatility of this fund is extraordinary. It's standard deviation. What's the standard deviation of the SP 500 about it? Yeah, 14. This is 25. Wow. This is huge. And the fees almost 1.2% per year. So you've got that drag. Yeah, it's returned a lot because it's been in the right places at the right time. But sometimes it's gonna be the wrong time. For a tiny portion of your portfolio, this is fine, but this isn't something we're gonna suggest to people. Never. As a matter of fact, you could you can probably get a technology fund for a lot less than this one.

SPEAKER_04 19:25

Well, yeah, you're making a bet on technology. It has been good, as you point out, really for 20 years. Um, but the fact that you have so few equities in there which risk you that's just and and you're paying a lot for it, again, would not be a fund that we would recommend. We're very happy. People always act like we're gonna be I'm making a lot of money. I'm pleased for you. That's not displeased. Uh let me just continue though.

SPEAKER_03 19:48

Before you go to another question, I just I just wanted to look. Um uh Vanguard has a technology fund, and I don't I've never looked at the return. I'm doing this on the fly right now. Uh it's VGT. I think we have been asked about VGT in the past. Have we? I don't remember looking it up, but I want to just look it up and see how it compares. Uh that is a technology index. Uh it's nine basis points as opposed to 120 or 116. Yeah. Nine. Nine. Uh and uh it's its standard deviation is about 15 percent it's twenty-one.

SPEAKER_04 20:37

So it's it's on the high side too.

SPEAKER_03 20:39

Yeah, but it has performed as a matter of fact, in 2022 when the other one, the the Columbia Fund took a 30 plus percent beating. This one only went down twenty-nine. Its performance has matched, and you know, if you're gonna have technology in your portfolio, I'd rather see you have this one because it's cheaper and it's better diversified. Your portfolio, I think the other one was 74 stocks.

SPEAKER_04 21:05

I thought you said 54, but okay.

SPEAKER_03 21:07

Oh, 54, that's right. And this one is 321.

SPEAKER_04 21:10

So you're getting way more exposure.

Bitcoin in a Roth

SPEAKER_04 21:12

Uh, thank you for your question. Appreciate comment. From Prescott Arizona, Pete writes, Hi, Tom and Dan.

SPEAKER_03 21:18

Yeah, well, I'll just if it's got a if it's got a sound in the middle of it, I'm good. Don't you think?

SPEAKER_04 21:24

I have a question about an investment in a Roth IRA. Back in 2012, I had $10,000 in cash inning inside my Roth IRA. That's not a good idea, Pete. I decided to put some money into Bitcoin. That's not a good idea, Pete. Now I know you guys really don't have anything good to say about Bitcoin, but I kept my 1,500 coins in my Roth IRA, and they basically sat there for the last 15 years. Have now decided that since I have so much money in Bitcoin, I'm thinking of selling of some of it or all of it. My question is if I sell it, can the money be withdrawn out of my Roth without any tax implication since it was originally bought in? The Roth IRA. Did he how many Bitcoin did he say he has? What's the problem? 1,500 Bitcoin? He's got the corner in the market there or something.

SPEAKER_03 22:14

Hold on. Trading at 60 What is it? 60. Come on. 64,000 plus. Well, you got 64,000. $64,000 is uh uh $96 million. No, it's eight figures. Eight figures.

SPEAKER_04 22:38

I question whether he really has 1,500 Bitcoin then, because that is a whole lot of money. Um that's a hundred million dollars. I hope we're friends.

SPEAKER_01 22:46

Tax free. Yeah.

SPEAKER_04 22:47

So the thing is, like any other asset you hold in a Roth Iber, as long as you meet the what is it, five-year look back, you're fine. He does, he meets that. And you gotta be let's I always forget the rules with Roth. You can take it out before fifty-nine and a half or anyway. As long as you meet the regular rules, the fact that you held whatever, whatever, soybeans or Bitcoin or Beanie Babies, it doesn't matter. The fact is you can take you can't hold beanie babies.

SPEAKER_03 23:14

Wait, you know, could you probably can. I'm gonna be able to do it. When did he say wait a minute? There's some holes here. Hold on. Hold on. When did he buy this?

SPEAKER_04 23:23

He says 2012.

SPEAKER_03 23:25

Oh my gosh. In 2012, Bitcoin was like 10 bucks or less. Woo! And you know how hard it was to get an IRA back then? Those were early specialty IRA accounts. It wasn't until ETFs you could actually buy them in regular ones.

SPEAKER_04 23:41

Wonder when when could you start buying it?

SPEAKER_03 23:43

Later?

SPEAKER_04 23:44

2020 or something?

SPEAKER_03 23:46

Wow. Let's see. Wait a minute.

SPEAKER_04 23:48

God, you know we're gonna get the haters on this one because they're gonna say you're picking on Bitcoin and picking on Pete.

SPEAKER_03 23:54

Uh when could you buy Bitcoin? I'm just trying to find it. In an IRA.

SPEAKER_04 23:59

I'm just I don't think it was in 20 I thought it was 2020, but I could be wrong about that.

SPEAKER_03 24:05

Oh no, the first dedicated crypto IRA appeared in 2016 and then some in 17. But generally they weren't um they really weren't readily available. You had to go through special crypto IRAs. It wasn't until 24, I think. Wow. That Bitcoin was available in conventional brokerage IRAs, and that was because of ETFs. So he must have had a specialized Bitcoin. I don't know. There are holes all over the place here.

SPEAKER_04 24:34

We don't know about that part, but we do know that if you have money in a Roth and you meet the five-year look back, and and you're gonna look up the 59 and a half hours because I always forget the darn rules on it. That would be a regular IRA. Um you can go ahead and pull it out, pay no tax on it, enjoy your hundred million dollars. And hope we're still friends. I forgot to do that. Um and yes, we would be advocating that. You don't have to sell it all, I guess.

SPEAKER_03 24:59

Yeah, it's oh you have to be at least 59 and a half and the five years. Yeah, five years.

SPEAKER_04 25:03

But other than that, go ahead to say.

SPEAKER_03 25:04

So he meets the five years if he's over fifty-nine and a half. Oh, there are exceptions for disability and home time home buying and up to you know, we're little things, but yeah. Generally it's fifty-nine and a half. And wow, I'm just call color me a little skeptical. Pete,

Inherited IRA Strategy

SPEAKER_03 25:21

call me.

SPEAKER_04 25:21

Uh, okay, Bonnie writes from Amherst, Ohio.

SPEAKER_03 25:24

You need an investment advisor now because you have a hundred million dollars.

SPEAKER_04 25:28

We're talking real money. Don and Tom, I received $70,000 from an inherited rollover Ivor from an estate as a non-designated beneficiary. I need to empty it in five years versus ten. The money's at Vanguard. I'd like to keep it there. Don't need the money. Um, don't need it this time. We'll be I don't understand. Okay, anyway, the bottom line is got to take it out in five years, and it's a little bit more.

SPEAKER_03 25:51

Well, but the five wait, five years must have passed because the five year rule was like six years ago. I don't know.

SPEAKER_04 25:57

But the question at hand is what sort of portfolio should I have if I have to pull something out in five years? Because she's got VBTLX, I think that's the total market, V F I A X, et cetera, et cetera, mostly stocks, some in the money market. If you have to pull all the money out in five years, what sort of portfolio should it be in?

SPEAKER_03 26:16

The same portfolio if you had to pull it out in ten years or one year or six months.

SPEAKER_04 26:20

Well, but it needs some stability because you got to pull it out. You wouldn't want to have it all in stocks and have to pull it out in five years.

unknown 26:27

Why not?

SPEAKER_04 26:28

Because the market goes down fifty percent in the next five years. So what?

SPEAKER_03 26:33

But one, one, the five-year rules are gone. No, no, I'm not sure. Because it's an IRA, and when you take it out, what are you gonna do with it? If you're just gonna reinvest it back the way it was in the city.

SPEAKER_04 26:42

Oh, that didn't know that I was assuming.

SPEAKER_03 26:44

If you're taking it out as cash and spending it, okay, yeah, but that's not what she's saying. She's not taking it as well.

SPEAKER_04 26:51

She doesn't she doesn't make it clear. She says, Don't need the money at this time. We'll use as liquidity for future use.

SPEAKER_03 26:57

It should the portfolio should be the portfolio should be the portfolio that is right for you, your needs, your risk profile, all of those things. Needs and risk profile. Yeah. You need to build the right portfolio.

SPEAKER_04 27:10

Now she said she had a risk quiz score of 75.

SPEAKER_03 27:12

So that was aggressive. So she's a 70-30, probably.

SPEAKER_04 27:17

Okay.

SPEAKER_03 27:17

Uh so 70% stocks, 30% bonds, roughly, and understand you're if you're if you're if you have that higher risk quiz score, it means you suppose you supposedly understand that you can lose money. So she should be good there.

SPEAKER_04 27:31

Yeah, she's got a lot of funds. I mean, you could simplify this by just owning VT in 70 percent and 30 percent in B N D.

SPEAKER_03 27:38

And the other thing is, is I don't know why you it's gonna come back into something, uh a brokerage account or something. So it should just be the portfolio, the right portfolio. But I'm I'm a little weird on this five-year thing because the five-year rule went away with the Secure Act, which I think was in 2021. 2020, 2021. Yeah, somewhere in there. Yeah. So I don't know. Anyway, look at me and doubting the questions now. You're really that old? Maybe the questions are just that old as well.

SPEAKER_04 28:12

But this is from the backs that all of a sudden showed up one day like, oh, oh yeah, this one came in in 1999. Who knew? Yeah, so apologize for that.

SPEAKER_03 28:19

We we are we're hoping that we yeah, we something there was a glitch. Uh so we have a little bit extra. Um but send those questions into it as a talkingreal money.com and click the ask a question button or ask your question by clicking the microphone on the screen there.

SPEAKER_04 28:35

Ask for some help. Because you know, I'm running into a lot of people now that are saying, should I sell everything now because the market's gone up so much and we haven't had a bear market in X? And the answer is no, but the answer is No if you have the right portfolio. Exactly. And so give us a call. You know, and I still have a couple of days till my next vacation, so I'm looking for something to do.

SPEAKER_03 28:57

Uh not long.

unknown 28:59

It's not long.

SPEAKER_03 29:01

And I haven't heard what's following that one. I actually you're gonna be sorry. Are you gonna take a couple months off books right now? You're gonna take a couple of months off from vacations.

SPEAKER_04 29:10

My dog is very excited to hang out a bit. So um, all kidding aside, good time to get the review, good time to get a look, so you can do that by going to the website pretty easy.

SPEAKER_03 29:19

So the website is talkingrealmoney.com, by the way.

SPEAKER_04 29:24

Yeah, I this is the summer. You're supposed to get out and do stuff, right?

SPEAKER_03 29:28

Yeah, I don't. I don't get out at all. That's why I'm still pasty looking.

SPEAKER_04 29:32

You're sitting around talking real money all the time.

SPEAKER_03 29:36

Right, which I'm gonna say in just a minute. I'm sitting around talking real money.

SPEAKER_00 29:41

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