War vs. Markets

SPEAKER_01 0:05

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

Market Reactions to Wars and Events

Historical Impact of Wars on Stocks

SPEAKER_02 0:12

The only problem with not doing these live, well, one, there are lots of problems actually with not doing our podcast live. One is uh that scares me a little, but two uh is that this will air in a couple of weeks. And based on today's topic, uh we could either it could either be totally in the rear view mirror, or um we may not have any reason to post this podcast at all. Hi, I'm Don McDonald. Along with Mr. Thomas Charles Cock, we are here to guide you through the massively manipulative and much maligned markets that uh uh allow you to put some money away for a while. And we're gonna talk about the markets today and how markets react to things like wars, coincidentally. I wonder why we're talking about that. Huh? Could it be we're in one? We again, two weeks from now, we don't know. Could be over. I don't know. I heard I heard a rumor there was a ceasefire, and then I heard we were gonna blow the whole thing up. I don't know which is which or who is what or where is what for, and I'm so confused I can't stand it. So, Tom, please enlighten us.

Understanding Economic Factors in Investing

SPEAKER_03 1:28

Well, it it just I could make it more confusing because as we speak, of course, we're coming off the worst quarter for stocks in four years. That's a long time. I mean, four whole years the worst quarters I'm kidding. That's a silly. Oh, that was a joke. That's very silly. It was not nearly as good as your dad jokes, which are pending. But I mean you we could be in the situation where U.S. troops end up on the ground, right, and end up in some sort of quagmire. Oil could go to$200 a barrel, right? Uh tech can still have problems as uh as of this, they've been laying people off. Oracle just laid off a ton of people here in the Seattle area again, um, and the hopes for AI could not be as good. All these factors that are that are weighing in. But the question at hand, I think, is because this is the biggest the the biggest headline today, is what about military expedition wars and revolutions? Do they have a long-lasting impact on the price of stocks? That's the question.

SPEAKER_02 2:32

But the funny thing about we we've seen this with the two Gulf Wars, the Afghanistan War. I mean, you could even go back to the Vietnam War, the Korean War, what kind of imp World War II, World War I, what kind of impact have wars had on the stock market? You ask most people, and they would think that because they're so traumatic and they're so uh deadly and dangerous and frightening, that the impact on the stock markets would have been horrific. But the reality is stock markets have held up reasonably well during and in the wake of wars, and it's other stuff that tends to take them down.

SPEAKER_03 3:14

Aaron Ross Powell We'll talk about the other stuff in just a moment, but according to this piece, there have been thirty major geopolitical events since 1939. I could name more than 30, but that they came up with 30. Since when? Since 1939. So um and they say, according to their numbers, according to Deutsche Bank, the the drop is four percent. Nothing substantial. And the rebound was very quick. Now, there are other places where things were worse, right? Russian stocks, and I hope you weren't fully invested there, went to zero after its revolution in nineteen seventeen. Gee, I wonder why.

SPEAKER_02 3:49

Oh, wait, there were no companies left. No private companies.

SPEAKER_03 3:52

And Japanese stocks, this is a little shocking, actually. They lost ninety-six percent of their value in World War II. Trevor Burrus, Jr. And that shocks you why? It just that's a steep drop. That's all I wouldn't have wanted to do. Did they look at how German stocks did? They didn't. That's it. That would be something to consider because as you may know, German industry did not do really well after well, say, spring of 45.

SPEAKER_02 4:17

So But what's shocking is how many of those German industrial firms survived and thrived. They're still around today.

SPEAKER_03 4:25

Yeah. Yeah. The Volkswagen, the people's.

SPEAKER_02 4:29

Oh gosh, I could list them. You got Daimler, uh, and there's some drug companies, I think, that have hung in there too. Audio companies like uh Neumann and Sennheiser and the one all the ones that are behind you there.

Investment Strategies Amidst Market Volatility

SPEAKER_03 4:42

Um what mostly matters for markets, and and we've tried to make clear about this because it doesn't get the headlines, right? It but it's there every day. Most of the time, it's the economy, which is yes, we we do get reporting on that. But truly it is about the companies, right? It's about companies that are productive, companies that are growing, and companies that are paying their investors uh some of those uh profits, right? And and are growing profits. Forecasts, by the way, for company earnings on the SP 500 over the next 12 months have gone up since the first attacks on Iran. And I'm not saying that's going to mean stock prices are gonna go up because it's been rather topsy-turvy of late before we recorded this on should we say the date or not that we recorded this? Because it may have an impact on what we're doing. Sure, you can say the date. Because this is being recorded on April 1st. So this is not a joke. That uh no no no uh kidding around. Um People are pouring money into, again, technology, right? Because the AI boom. People are pouring money into guess what else? Energy right now, because energy's gone up a lot because we live in this global world of oil prices, even though we're producing our own oil. We don't have to buy it from somebody else, but the price is determined by these global impacts. Um, so the question at hand becomes for anyone who's a stock investor, uh oh, did you look into the German situation post-World War II?

The Importance of Diversification

SPEAKER_02 6:15

Basically, they were they were in the same state the Japanese economy was immediately after World War II until about 1948, when there were currency reforms and uh market reforms, and then if you had invested from 1948 to 1955, you did very well. In same with West Germany, West Germany. In West Germany, same with Japan. You would have done reasonably well. Uh and here's the the reason I want to mention these things is because of the this is this is a perfect example of why we believe in the importance of a globally diversified portfolio. Because even though uh several of the largest, two at least of the largest economies in the world at the time in the 1930s, were effectively eliminated from the globe. And yet the global market over that hundred-year period from 1926 to 2026 posted impressive returns the whole time because other markets bailed it out.

Long-Term vs. Short-Term Investing Mindset

The Fallacy of Predicting Market Trends

SPEAKER_03 7:22

Other places stepped in and have done well during those down times. Um but just to finish the record here, uh since February 28th, oil prices are up by, wow, 50 percent. Uh gold has gone down, bond yields have climbed sharply, meaning bond prices have gone down, because which is something you in many cases would not expect, because some oftentimes when stocks go down, bonds go up, but the both of them have gone down at least and not dramatically. I just read a piece, please, on LinkedIn that said BND was down two percent year to day. I looked it up and it was down half a percent year to day. It just depends on when you're looking. Yeah, it's but it was never down two percent year to day. I at least that I find, and I I do look at that price every week. So yeah, I hate the war, I hate the conflict, I hate the all the reasons associated with that, but it's not a reason to trade your portfolio. Wars, recessions, depressions, political upheavals. What markets really care about is long-term viability and growth of companies. That's what they're looking at. That's what you're investing in. Your plan, by the way, if you're a stock investor, should uh include volatility. This is why we offer the risk quiz and other things to help you understand what you can how you deal with money issues like this. And remember, you're an investor, not a trader. The traders get up every morning and decide to look at whatever factors there are. Happens to be right now that it's you know the price of uh Brent crude. That's the the the trade of the day. But next week it'll be something else. It'll be the political situation, or it'll be XYZ. You're not a trader, you're an investor, so that doesn't really matter to you.

SPEAKER_02 9:03

And if you are a trader, you're fooling yourself. Because to be a trader, you have to you have to believe that you know something that can't be known, and that is the future. Uh Tom already read, and I am still in the process of reading, because I keep sl switching back and forth between reading the the book 1929 by uh Andrew Rossorkin, which was a terrific book. And there was a line in the book that pertains to this whole trading psyche that I just loved. This was a a note from a from a stockbroker in New York to his clients in September of 1929. Right before the market went down. A lot. He said, quote, no sane man expects widespread advances to continue indefinitely. Now that's very wise, right? We don't expect them to continue indefinitely, not forever and all the time. Right. However, this is where this is where his uh thinking falls flat on its flippin' face. And maybe he did too. Probably. He goes on to say, quote, the market itself will furnish the best clue as to its future course and will give warning of its culmination in plenty of time for the average trader to protect himself. Wrong. I mean the market lost about 80% of its value in the U.S. after the crash of 29.

SPEAKER_03 10:34

One of the things that drives me absolutely nuts still about our industry today is the the discussion among, and I'm gonna use air quotes here, experts that tell you here's what's coming next, here's what's going to happen. I can see the future. They do not know the future. Gosh, even Don McDonald doesn't know the future. We don't know what's going to happen next.

SPEAKER_02 10:57

I've been when it comes to the future, I've been uh wrong more than I've been right. Other than to uh predict that it'll probably there'll probably be one. Probably. I'm hoping.

SPEAKER_03 11:06

Yeah. I'm hoping for tomorrow.

SPEAKER_02 11:08

You know, again, there's that war thing, could change. I wouldn't have to post this podcast then.

SPEAKER_03 11:12

That's true. I'm more hoping for the future for my grandchildren than myself, because my future's limited. Yours is much longer. Uh but the point is, again, you don't care uh because you have a plan, you deal with volatility, and you're not moving money in and out of the market every day. You can ignore all those people. They can be entertaining. If that's what's entertainment to you, I'd rather read the book.

Entertainment vs. Financial News

Transition to Listener Questions

SPEAKER_02 11:35

But I was gonna say, is that wouldn't be to me, but go ahead. I've tried. You know, Debbie once in a while will have CNBC on, and I'll go. And what are you getting out of this? Yeah, I think that's a good point. Um You're getting the fact that the numbers bounce up and down. I can see that on the ticker. Uh you're getting somebody tell you something that they can't possibly know. Okay, I heard that. But are you getting anything of value? I can't find anything. And entertainment? I mean, Fox News is more entertaining.

SPEAKER_03 12:06

Oh, you could go to Netflix and find a documentary that's I'm watching one. I did, I'm watching the Murdoch one. I love that one. I'm I'm watching Orgasm Inc. right now. Finding fascinating.

SPEAKER_02 12:17

Thank God we're a podcast now. You can't say orgasm on the radio. No, I guess.

SPEAKER_03 12:20

You can say orgasm on the radio. Can you? The woman who ran the whole thing just got sentenced to nine years in prison. That's why I started watching it because I saw that.

SPEAKER_02 12:28

I was like, I started watching it because the title had orgasm in it.

SPEAKER_03 12:33

Anyway, it has nothing to do with that. It's just a fascinating nine years. Now, when was the last somebody got nine years for anything? I mean, financial fraud? Nobody gets nine years. Nine months, maybe, nine days, but nine years. Nine years for wow. For you know what? Getting off. She got off. He meant to say, getting off track? She got off scot-free, I guess. Uh or not so scot-free. Oh, code. Sorry. Anyway.

SPEAKER_02 12:59

Now let's just move on to questions, shall we? Do you have some of those?

SPEAKER_03 13:02

You're the point is there's better entertainment on Netflix than there is on CNBC. Point well taken. Much better. Yeah.

SPEAKER_02 13:08

And I really do like the Murdoch documents. I enjoyed it for the C. It's kind of like watching a real life version of succession.

SPEAKER_03 13:14

I c absolutely when I was I was going, wow, the show was very close to reality here. I'm surprised they didn't sue them, but or something. But anyway, fascinating.

SPEAKER_02 13:24

Okay, so questions, comments, et cetera.com on the contact form or the ask a question form, and they come in the form of uh you typing them, Tom printing them.

SPEAKER_03 13:36

Yeah. Speaking of that, speaking of my war on trees, it's going to get more vicious now because, you know, my wife's car got hit by a very large I know, we heard this.

SPEAKER_02 13:47

A large branch.

SPEAKER_03 13:50

Do you know that they're getting in the process of fixing it? I forgot how hard.

SPEAKER_02 13:53

Fixing the branch?

SPEAKER_03 13:55

The poor branch hit the metal car. Uh, do you know what my deductible is? My automobile insurance?

SPEAKER_02 14:01

Do you have a thousand comprehensive or five hundred?

SPEAKER_03 14:05

So now my anger, my hatred, my wanting to cut down more of those trees just went up.

SPEAKER_02 14:11

Okay, okay. If you want to feel better, if you want to feel better about the$1,000 deductible, please just go to your insurance company and say, what would it cost with a$250 deductible? And look at what your premium rises to. Yeah. All right. And you look at that over a couple of years and you go, Oh, I already saved more than$1,000.

SPEAKER_03 14:32

Okay. That's fine. I'm going to take that piece of advice, but I'm just putting it out there. If you're a large fir tree, I'm coming for you. All right. Large fir tree. On my list. It's coming. No, I'm not coming for you. I'm not. By the way, we tested the circumference of the tree where the branch fell from. Gosh, she's coming for a tree. Take a guess. Take a guess. Take a guess. Does tree size matter really? Take a guess of the circumference. Just take a take a wild guess. I don't know.

Managing 529 Accounts for Education

SPEAKER_02 15:01

You've seen those trees. Circumference. That's wrapping it around. Yeah. 80 inches. 18 feet. 18 feet around?

SPEAKER_03 15:12

18 feet around. Look it up. It's a big tree. That's a big tree. What is that? Redwood? So what I was getting to is I won't be cutting you down because I would die if I cut you down. 18 feet.

SPEAKER_02 15:24

That's a big tree. All right, Norman.

SPEAKER_03 15:27

Patiently waited.

SPEAKER_02 15:28

I don't know how to do the math.

Comments on Risk-Balanced Asset Allocation

SPEAKER_03 15:29

From Bremerton. Thank you, Norman. He says, Hi, Don and Tom. Longtime listener. Thank you so much for your great radio classroom. I guess he ignored the previous five minutes. And money talk wisdom. Saturdays and talking real money have been appointment listing for me for years. I remember listening to the Don McDonald show out of Denver back in the mid-80s. I think it was actually Colorado Springs, right? Out of Colorado Springs. Yeah. Where I learned the lifelong lessons of risk-balanced asset allocation and consistent long-term diversification. Back then, the two great voices on the radio were Jim Bohannon and Don McDonald. Thank you, Don and Tom, for your lifelong commitment to educating all of us in Radio Land. See you on the podcast. This is a guy who listened on Saturdays. Sorry to see us go on Saturdays, but we'll continue to listen to the podcast. The reason I brought this up was risk-balanced asset allocation. I think it's an underused term.

SPEAKER_02 16:24

Okay, so there's not a question here.

SPEAKER_03 16:25

There's not a question. There's a comment. But I was going to make a comment on a comment. Okay. Yeah, because I don't I still see many of you who have portfolios of ideas. Right? Something comes along. We see this all the time.

SPEAKER_02 16:38

AI is the latest idea.

SPEAKER_03 16:40

I gotta be invested in AI.

SPEAKER_02 16:42

Right.

The Role of Diversification in Portfolios

SPEAKER_03 16:42

Or as you mentioned earlier, oil. Oil. Or hey, Don and Tom just talk about this new exchange traded fund. I better own that. Yeah. Even though ABGV. Exactly. You kind of already own it. So I love that. And the second part, consistent long-term diversification. Remember, diversification is not the S P 500. It's not even the U.S. stock market. It is a globally diversified portfolio of big companies, small companies, growth value, all of that should be somewhere around 10,000 stocks. Somewhere in that area.

SPEAKER_02 17:16

Yeah, that's about right. How tall is your daughter, just roughly? My daughter? Yeah, about five foot six or something. Five's So if we drilled a hole through that 18-foot circumference tree. That doesn't sound good. If we drilled a hole in it, about you know, like about two feet in diameter. Or shove her in there, yeah. Shove her in there, you you could completely you could you could cap either side and you wouldn't be able to see her. She would fit inside that tree. That's how big the diameter is.

SPEAKER_03 17:45

Yeah, I meant to look up how tall, how tall was it generally as an 18-foot. Type it in the interweb. The AI will tell you that.

SPEAKER_02 17:54

So it will?

SPEAKER_03 17:55

Yeah. Oh yeah. You do that while I ask this question. I can almost guarantee 18-foot circumference fir tree B. Don writes is from Columbus, Georgia. I have a two-year-old and a newborn grandchild. Congratulations, Don. That's exciting. The two-year-old has$35,000 in their 529 account. That's amazing. Their father served in the Army and recently was told he has a 100% disability. This gives his children a VA paid education for 35 to 45 months. Now that sounds like almost four years, right? Because four years would be 48 months. Yeah. Two questions. Should the two-year-old use the VA benefit? I plan to move the 35K to a Roth for her. What do I do with the balance for the newborn? Do I open a 529, or where do you recommend I put an equal amount of money for their future?

SPEAKER_02 18:46

I still think the 529 makes a lot of sense. And I'd keep the 529. Again, you mentioned that bonus of the$35,000 that can come out and fund a Roth IRA when the child has earned income. But here's the thing: that VA benefit is still not going to cover all of the expenses of a kid in college. There are going to be food expenses possibly. There are some living expenses that come up. There's cell phones, there's there's entertainment. There are other expenses, you know, on campus kind of expenses that are legal, like, you know, getting into the Trevor Burrus, Wait what are the illegal expenses on campus?

SPEAKER_03 19:26

Trevor Burrus, Jr.

SPEAKER_02 19:26

Well, no, I mean I don't think you can, you know, like go out to dinner at a restaurant, but you can buy a meal on campus.

SPEAKER_03 19:31

I thought there was something more illicit. So okay, that's good. Trevor Burrus, Jr. No.

SPEAKER_02 19:34

You haven't really, really in your old age, it is drifting into scary, dirty old man territory. Trevor Burrus, Jr.

SPEAKER_03 19:42

Oh, come on.

unknown 19:44

Okay.

SPEAKER_03 19:45

Fair enough. Not scary, but maybe a little scary. No. I'm feeling a little bit scary. You're glad you're 3,500 miles away, is that what you're saying?

SPEAKER_02 19:53

Always. Okay. Pretty much perpetually. Trevor Burrus, Jr. No, I think it's really a good idea to, even for the newborn, to continue to do some some money in a 529 because of the 35,000 and because there will be other expenses. Now there and what are what does VA cover, though?

SPEAKER_03 20:11

You know that's you're going to look that up. And while you're doing that, I'm going to suggest also around putting money away for a young person or putting money away for the future. Because I just read a lengthy piece of from a financial advisor saying he does not use 529s because it's too limiting. I read the same thing. But 529 should only be if you have a commitment to education, unless you're just going to say hand out the 35K for the Roth IRA at some point.

SPEAKER_02 20:41

But kind of education, though, Tom, that's the thing. It can be a trade school. Could be. You know, it's not.

SPEAKER_03 20:50

But maybe you can finance that through out of your out of your pocket. I don't know. Everybody's situation is different. But uh it's a legitimate discussion. In this case, I would keep the 529, and I love the idea of taking that and turning it into a uh ROM.

SPEAKER_02 21:04

Yeah, this is what I thought. I wasn't really familiar with it, but I'd read something about it somewhere. It it uh it gives you it doesn't give you a scholarship, it doesn't give you a full ride. Okay. It gives the beneficiaries, it's called the uh survivors independence educational assistance plan. Uh and right now, I believe, let me just check the plan here. Yeah. Uh in 2025, if you're um if you're a full-time student, full time, you get a benefit of only about fourteen to fifteen hundred dollars a month.

SPEAKER_03 21:40

Okay, that's that and just just for the record, that's not gonna cover things in my house, but maybe it will in yours.

SPEAKER_02 21:45

Yeah, and if you're halftime, it's about eight hundred dollars. Okay. Yeah. It goes to you, by the way, not to the school. Oh okay. Um so here's the thing, here's the thing. This is how I would do it. I would use the five twenty. To pay the tuition because the other payment comes directly to the student. They can do anything they want with that money.

SPEAKER_03 22:10

Illicit or not.

Discussion on Retirement Security Regulations

SPEAKER_02 22:11

The$529 has to go directly to qualified educational expenses, but this is just a stipend as long as you're enrolled full-time. Really interesting setup for somebody who is a uh who is the survivor of a veteran's death.

SPEAKER_03 22:31

Could benefit and well deserved. Uh final questionslash comment from Ray in Royalton, Virginia. Vermont, pardon me. I don't know why I said Virginia.

SPEAKER_02 22:40

There is no T in Virginia.

SPEAKER_03 22:42

Thank you. Uh U.S. Department of Labor's 2024 retirement security rule, which required financial advisors to operate under a fiduciary standard when making one-time recommendations like 401k rollovers or annuity purchases, struck down by a Texas court. Really sad we can't get any traction. More of a comment. We discussed this, it's over, it's done. You can bury it.

SPEAKER_02 23:04

It's over, it's done. I don't see them bringing it back. It's very unlikely. Because it's just going to get challenged in court again.

SPEAKER_03 23:12

Yeah.

SPEAKER_02 23:12

And the securities and insurance industries, both of those, have uh an almost endless pool of money to go fight these things and appeal these things and find the right venues.

SPEAKER_03 23:27

Remember when this all the most recent case of this all started? Do you remember when? This goes back to 2009, out of the crisis of 2008.

SPEAKER_02 23:37

Oh, that's right. Yeah. Dodd Frank was Exactly. Dodd-Frank basically said the SEC, or sorry, the the both well, they said the SEC and the Department of Labor could regulate these things, but uh but that's turned out to be very, very difficult to do. The SEC sort of fumbled uh and fell on the ball. Trevor Burrus, Jr.

SPEAKER_03 23:58

Among other fumbles. I mean, this is just shows you.

SPEAKER_02 24:01

Because they let the brokerage industry get away with the stupid reg VI.

SPEAKER_03 24:05

And people have all forgotten it because that was a crisis that was uh almost 20 years ago now. Trevor Burrus, Jr.

SPEAKER_02 24:11

Right.

SPEAKER_03 24:11

And it'll be never happen again.

SPEAKER_02 24:13

Well it'll happen again, but it'll be a different crisis. Trevor Burrus, Jr.

SPEAKER_03 24:15

No, I'm being facetious.

SPEAKER_02 24:16

I'm it will be a different crisis, though.

SPEAKER_03 24:18

Oh yeah. But and then they'll say, oh, we really need to do something, but they won't. I hate to be cynical about that, but this in this case, we can be pretty cynical. Um before we ask for more questions, what is the height of an 18-conscious?

SPEAKER_02 24:31

Oh, I did get that number. And it's a rough, it's a rough number because it really depends on the tree itself and its growing environment and its root. There's all I looked it up. There's all kinds of qualifiers, but generally speaking, a Douglas fir. Yes. Douglas fir. Maybe a Frasier, but generally a Douglas. I don't know Frasier that well. He's from Seattle. Frasier. Yeah, he is. Love to show. I wonder how tall he is. How tall is a Frasier? Well, a Frasier fur can run between twelve stories and pushing at about twenty stories. Wow. Yeah. So what's big enough to take out your house.

SPEAKER_03 25:15

Oh, yeah. There's several. You know that. You've been in my place. There's several.

SPEAKER_02 25:18

A couple hundred feet at the max.

SPEAKER_03 25:20

Yeah, I'm thinking that one in the front there's a hundred and fifty, but that's just kind of a big thing.

SPEAKER_02 25:23

That's a very typical fur size. It's big. Big. Yeah.

SPEAKER_03 25:28

And my daughter's scared now that you mentioned that we could bury her inside the tree. She's not going outside anymore. That took care of that.

SPEAKER_02 25:34

You'd have to drill a really big hole in it. A really bigger thing.

SPEAKER_03 25:37

Anyway, uh you want some help?

SPEAKER_02 25:39

Short story there. It's kind of a Poe thing.

SPEAKER_03 25:41

That's kind of scary.

SPEAKER_02 25:42

Yeah. For everyone. Like the uh the the cask of uh w what uh oh God, what was the cask of the case? Wrapping it might be.

SPEAKER_03 25:57

You want some help?

unknown 25:58

Yeah.

SPEAKER_02 25:59

I need a lot of help.

SPEAKER_03 26:00

Despite today's program. Uh you just go to talkingrealmoney.com, click on ask a question. Numerous ways you could do it. Which kind of help?

SPEAKER_02 26:08

No, I didn't see I thought you were going for the advisory help. Oh, the advisory one. Well, that's meet an advisor. And then if you want to ask us a question, you click on ask a question and then you record it so that Don can answer it on the Friday podcast.

SPEAKER_03 26:21

Or type it.

SPEAKER_02 26:22

No, Dan, so do it, just speak it. So Don can answer it on the Friday podcast.

SPEAKER_03 26:25

Or and has anyone tried this yet? Has anyone called the 855-935 talk number? I'm checking. See if anybody because you can do that too. If you'd rather just pick up the telephone and say, hey guys, I could have told you all about Doug Fur'cause because I'm very familiar with the forestry thing. I'm a Doug Fur guy. Yeah, Doug Fur. Wrap your arms around. I hugged a tree. I hadn't just thought about that with the circumference.

Closing Thoughts on Financial Education

SPEAKER_02 26:46

No, I don't I don't have anybody who called 855-935-8255. There you go. 835-855-935-TALK. T-A-L-K. Nothing. Got nothing. I got no messages. Well, hopefully more will come in next week or the week after. Hey, uh, thank you so much. I gotta edit this show. Uh no, I you know, I r by the way, I rarely, rarely, rarely brutally edit these shows unless we totally mess up. You get what we say most of the time. Most of the time.

SPEAKER_03 27:29

I know you are required by you to have at least half of the words in the show, so you do sometimes go back and trim the things I said just to make sure that you have more than a few years.

SPEAKER_02 27:39

You know what's funny. I funny that you mentioned that. Yeah. I just looked at our last episode that I did, which was I think the show from Saturday. And I I can look at the waveforms and measure the amount of time. And on Saturday, you beat me. Oh. I'm just looking at it right here. You beat me. Big day for me. You have bigger waveforms.

SPEAKER_03 28:04

You have I don't like hearing that though, particularly, actually. So okay.

SPEAKER_02 28:10

Not even no. Stop it, Don. Okay. I'm better now. Thank you all for listening. We gotta go. Please remember that we're here as a podcast uh five days a week. Or anytime you want to listen, talking real money.

SPEAKER_01 28:27

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_00 28:41

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_01 28:50

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SPEAKER_00 29:23

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SPEAKER_01 29:28

Apellet Capital, LLC DBA Apello Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in the states where it is properly registered, or excluded or exempt from registration requirements. Registration with the SDC or any State Securities Authority does not imply a certain level of skill or training. Apello does not provide tax or legal advice, and nothing either stated or implied here should be inferred as providing such advice. Thanks for listening, and please visit talkingrealmoney.com for more information and important disclosure related to performance of any specific index or fund quoted in this podcast.