Yesterday’s News, Today’s Price

SPEAKER_04 0:40

Talking real money. The law of physics. That one just sticks in my head. Maybe it's because

Financial Physics and Market Myths

SPEAKER_04 0:47

we use it every Monday. Talking Real Money. Hi everybody, welcome to Talking Real Money. And it's Monday, so it's The Laws of Financial Physics. I'm Don. That's Tom. We're going to share with you another reading from the good book of financial physics, written by yours truly many, many moons ago. It's probably the shortest book on investing ever written. Because I went, why would I pad this out? It's just you know have you ever noticed a lot of books, particularly money books, they have a lot of filler. Oh, totally. Just like extra words thrown in. Because investing isn't complicated enough to require a big epic tome. And yet there are many large epic tomes written about it. It's just not that complicated. And the problem is most of the epic tomes out there, most of the books about investing, are trying to teach you something that can't be taught. And that is predicting the future. And that's kind of the topic today. Yeah, go ahead.

SPEAKER_03 1:53

I bel I believe yeah, chapter rule seven is no new news theory, which we'll touch on in a minute. But I think this generally comes in. It's another three N. I think what this generally comes from is the belief that to be a successful investor, you have to have or know some predictive. There has to be an element of, I know this and I'm going to profit from it. That's the general thing. People ask me, like, what's the market gonna do? I guarantee you. We know. I know. Like, and I'm gonna say, I don't know. But and by the way, very few people ask me that anymore because they know I'm gonna say, I don't know anything more about the future than you do. But generally, that's what most of us believe that we need to have to do that to be successful. Therefore, Rule 7 is so applicable to today's world uh because it's all about the information. And today the information comes so fast, so furious from so many places, right?

SPEAKER_04 2:49

Whether it's TV or the internet or radio, everything's 24-7 information. It really is. And there isn't that much information. It used to be. Back in the day, it was the financial page and the way back portion of your paper, uh uh or the Wall Street Journal. You know, they they had some money magazine, things like that. But there wasn't this constant barrage of news. And that's why there's no chance. There's just no chance that unless you're privy to inside information on which you can't trade legally, there's no chance you are going to know something that the rest of us and the market don't

Public vs. Insider Information

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know.

SPEAKER_03 3:27

Aaron Ross Powell Yeah, let's get to the types of information. The author points out that there are really two types of the author. I'm reading from financial physics. Yes. The author says there are two types of information about publicly traded companies. We're talking not about private stuff here. We're talking about, you know, like publicly traded markets. Yeah. Yeah. Uh one is that public information. Right. Where the analysts release something or company conference calls or news, whatever it is. Hey, we're not going to meet we're not going to meet our expected earnings. Hey, there's a problem. Hey, we're going to take a charge off. Whatever it is, that information that comes out. And there are many people that think you can trade on that.

SPEAKER_04 4:04

Right. But here's the here's the rub in that one. Those conference calls that they have, they they tend to have those first with people at the big brokerage firms. They don't tell you first, they tell Wall Street first. And then they tell you. So who do you think has the jump on any edge that might exist from that knowledge?

SPEAKER_03 4:26

Yeah. Easy to figure out. We'll talk about trading in just a moment, where that is today, too. The other type of information, according to the author, is non-public. There are facts. This is the this is a direct quote. There are facts known only to a select view with insider knowledge of the company's workings.

SPEAKER_04 4:44

That would be like the CFO, the CEO, the COO, the wife of the COOs that the author points out.

SPEAKER_03 4:53

Some of the some of the golf friends. Yeah.

SPEAKER_04 5:00

The Martha Stewart's of the Oh, wait.

SPEAKER_03 5:02

You're getting to that part. Yeah. I mean, it it in case you're thinking that sounds pretty good, I'm going to call my friend who's the CFO of XYZ Corporation. Well, it is illegal to buy or sell stocks based on insider information. In case you forgot. Because you don't hear much about it anymore, right? Every once in a while, but it doesn't get the attention it got, certainly in the 80s and 90s, when you had some huge cases.

SPEAKER_04 5:26

Call me cynical. Call me suspicious. You ever wonder why there's there are fewer prosecutions of like insider trading, of sort of cheating in the money markets? I I mean I'm not saying I'm not saying anything specific. I'm not saying anything specific. I may be hinting, but you ever wonder why the government isn't going after insider information. We're still doing it.

SPEAKER_03 5:53

There's people doing it every day, of course they're not. Yes. Yeah, because they don't care, because they've been directed to spend their time and attention on other important matters. Yeah, I mean it's but it's still happening. Is it dumb?

SPEAKER_04 6:06

We're winking about kleptocracy. We're winking about kleptocracy. Yeah, I'm sorry.

SPEAKER_03 6:11

So okay, so let's just leave let's just assume that you're smart enough to say I'm never gonna do that, which I think you should. I sometimes I hear these cases where people make a million dollars on it and think it was really smart, and they're like, you're gonna go to jail for like five years for a million dollars. That's not worth the payoff there, people. Yeah, but uh dumb.

SPEAKER_04 6:27

But let's assume Well, particularly, wait, there's hold on. There's another angle to that too, usually. If you get caught, not only do you do the time, you guess what?

SPEAKER_03 6:36

But you pay the money back. You don't get to keep the dough.

SPEAKER_04 6:39

You don't get to you know, you're thinking, okay, if I just do five years and I get 10 million, two million a year, good compensation, maybe for sitting in prison. No, you don't get to keep it. The money.

SPEAKER_03 6:49

The money is returned. Okay, so let's just and and so go with me here on this one. You're not gonna be trading on insider information. I hope. I mean, you're smart, you're listening to this podcast, you you you've been around. You you get that that's a bad idea. So that means that if you're gonna be a trader, which we'll talk about in just a moment, why I think that is really tragic in today's world, that you're going to have to rely on information that's publicly available. Uh, you're gonna have to read something and interpret it. You're going to have to hear from somebody else that says there's something to pay attention to, all those other blathering talking heads that are out there. And there's so many of them now. It's sad that the cottage industry is frankly larger than it's ever been. Uh it's so big. There's so many, and there's so much information that is passed off as actual independent information, which is not. It's oftentimes it's a sales pitch for something. But um let's just assume that you say, no, it's look, look what happened. Tesla is not performing the way I expect, not Tesla, SpaceX, or Tesla, or whatever is not performing the way it should. So I'm going to short or I'm going to whatever I'm going to do to to try to make profit from that. Here's the challenge. Even if you're right, even if the information, even if this great knowledge that you've found and figured out that's what the future is going to look like because of the information provided, you have to trade so

Why Trading Has No Edge

SPEAKER_03 8:16

quickly. So for if you've forgotten, here's the reality about trading stocks today. If you put in an order for a buyer or sell, the computers that the major houses now use can see that coming and trade ahead of you. It's astounding.

SPEAKER_04 8:34

They're literally and I'm really good with tech, but I'm going, how does it know before it sneaks ahead of you somehow?

SPEAKER_03 8:44

And they'll guess what? They'll put a trade in before you're hit. It's just shocking. So it's at the end of the day, we're going to tell you all that's futile. Well, okay.

SPEAKER_04 8:56

At the end of the day, we're going to tell you not only is all that futile, there is no edge available to you.

SPEAKER_03 9:03

Yeah.

SPEAKER_04 9:04

No edge whatsoever.

SPEAKER_03 9:06

Yeah.

SPEAKER_04 9:07

So you have very few choices if you want to make money from your money. And those choices come down to the again, the dull, boring stuff we talk about. Sorry, there is nothing else. We wish we could impart secrets. Our audience would be much bigger than it is if we claim to have the secret sauce that would make you more money than the market. And there are plenty of people who will lie to you and tell you that. We're not going to

Efficient Markets Explained

SPEAKER_04 9:36

do that. Yeah.

SPEAKER_03 9:37

So instead, we invite you, the author mentions this here, the efficient markets hypothesis. Trevor Burrus, Jr.

SPEAKER_04 9:44

Yeah. All the knowledge that can be known is known. Trevor Burrus, Jr. Yeah.

SPEAKER_03 9:49

He writes securities markets are reasonably efficient since most of the information about a security is readily available to almost every investor. Therefore, securities prices reflect all of the known data. Are there some inefficiencies? Sure. Are there some ways you could trade on something that people didn't see? Absolutely. But in the long haul, in the aggregate, in the all of us together, very few people can do that. Almost none in today's world. And we'll talk more about that in a future podcast about how poorly actively managed funds continue to do where people are trying to buy and sell stocks in time markets, all the rest of it.

SPEAKER_04 10:27

Yeah, it's coming up later this week. But the thing is the exciting show.

SPEAKER_03 10:31

Yeah, thank you for that. But there's just no one there's there's no knowledge that I have that says you can do this successfully. In fact, quite the opposite. In fact, if you think back a few years, what was the name of that outfit that was running around telling you how easy it was to trade and they had all the classes and you heard their advanced things?

SPEAKER_04 10:49

Oh, yeah, the trading online trading academy. Yeah, everywhere. Oh my gosh. They were yeah, they advert they must have spent millions on accounting.

SPEAKER_03 10:56

I had a friend who was, you know, radio guy that used to voice their ads, and I said, dude, that's a scam. No, it's not. I'm in the program making millions. Whatever happened to all that? I mean, these things come along, everybody gets you know they're gonna be able to do that.

SPEAKER_04 11:10

Now you raise another one of those questions.

SPEAKER_03 11:13

It's gonna make me a lot of money, and then the next thing you know, it's like, whatever happened to that person, whatever happened to that system that was gonna make it so easy to make money. There isn't one. It's

Accept the Market Return

SPEAKER_03 11:26

sad. Here's the thing accept market returns. Pardon me. Accept market returns, and your life will be better. I this is the challenge, right? I just take what the markets provide over the long haul. Sorry. It's I wish the news was better than that, but it's frankly.

SPEAKER_04 11:42

Oh, um Yeah, I did I see I didn't even know this. Um this is from the Federal Trade Commission uh five years ago. Yeah, and it's about five years ago or so they they they sort of faded away.

SPEAKER_03 11:53

Oh, okay.

SPEAKER_04 11:54

Um Online Trading Academy was uh prosecuted by the Federal Trade Commission. They were sued by the Federal Trade Commission for deceiving customers for years with claims that their training people who had their training were likely to generate significant income. Um and they announced that they had to return millions of dollars to consumers.

SPEAKER_03 12:19

Which no doubt they did, right? I'm sure they're gonna be able to do that. Oh, sure. I'm sure they did.

SPEAKER_04 12:24

Of course they did.

SPEAKER_03 12:26

Because they're making so much money with their fancy trading system. That's the other thing. These people that sell these trading systems, if it's so smart, it's so good, why are they sharing it with you? Why don't they just do it and make a gazillion dollars and you know buy an island in the Pacific somewhere? Doesn't make sense to me at all when I hear that.

SPEAKER_04 12:41

Oh, yeah, they they made the founders turn over money. Oh, yeah. Oh yeah, wow.

unknown 12:45

Yeah.

SPEAKER_04 12:46

So yeah, that can hurt when the government takes all your ill ill bootingati, your ill-gotten booty.

SPEAKER_03 12:53

So Rule Seven is so spot on, it's so important in today's world that uh I think it's worth rereading every morning to make sure you're not doing any of these things that could be thinking about doing some things that may not be good, you think they're good, you heard they're good, you're gonna try 'em.

SPEAKER_04 13:12

Before you do any of those things, well, here's one of the things you ought to do, and that is go to our website, talkingreal money.com. Same name as the show. Pfft, what a coincidence. There you'll find the means by which you can ask questions of us. There are two ways. The one Don prefers, I'm looking right at it. There's a little green button with a microphone on it in the lower right corner. You push, you punch, you push, you punch that button, and then you speak your question to me, like it'll be on the Friday podcast. Kind of like the good old days of talking on the telephone. Apparently, we we don't like that as much because the other option is going up there to ask a question and typing a question, which goes to Tom, who has a stack of them so thick, it's actually he uses them for exercise. He has a little little paper pressing uh to bulk up that upper body. It wasn't bulked up enough already.

SPEAKER_03 14:12

Bad enough.

SPEAKER_04 14:13

So, anyway, without further ado, here comes Question. Question.

SPEAKER_01 14:20

Input received, input received. You type it out, you sent it, and now the answer unit will be Tom Red your questions.

SPEAKER_04 14:31

Oh, and speaking of music, before we get to the questions, yes. There was a little theme song. You know that I've been putting new theme songs on the at the beginning of every episode, right?

SPEAKER_03 14:41

Dude, you produce more music than Taylor Swift does. So come on.

SPEAKER_04 14:45

I cheat a little. It's like AI. AI helps a lot. I mean, I couldn't make this kind of music. And if I hired people, it'd be, you know, 3,000.

SPEAKER_03 14:53

Don McDonald singers have been very.

SPEAKER_04 14:55

But I had a request from a listener. Please put the music online. So and I didn't ever think about that. I didn't think people would actually want to listen to just sit there and listen to all of your fancy jingles. All the ones we've used so far with a bonus episode. Um it's it's it's at talkingrealmoney.com and it's over in the right-hand column where it says, What would you like to do? And down at the bottom it says listen to show music. And you click on that, and there's this playlist from SoundCloud, which I used. And so you get the things we've used on the show so far, plus this little bonus that I'm going to play right from the site. See if it'll play.

SPEAKER_03 16:04

This is Casey Casey and Hollywood. Don McDonald's. I'm tuning in next week to see if it's in there, dude. So I'm gonna.

SPEAKER_04 16:14

Hold on. I have this crazy idea. Tell me if this is crazy or not. Okay? I mean, I've got Everybody Gets It Wrong, which is about how you make mistakes with your money when you're young. Yeah. And then I got another one that's gonna go up a little later on this that I just just wrote up the lyrics to. Um, but here's my crazy idea. There is, I don't think there's anything that precludes me from creating a best of talking real money hits and putting it up on Apple Podcasts and spot or Apple Music and Spotify. I don't think there's anything that keeps me from doing that. Because I own the rights.

SPEAKER_03 16:52

Yeah, and I think if it goes big, then we may just put this whole financial thing aside just to write the songs. Money music going platinum. My daughter keeps saying, those aren't jingles, Dad, those are songs. I'm like, I okay, fine, fair enough.

SPEAKER_04 17:04

Anyway, so go listen. Now let's get to the exciting. This is the part of the show that I look forward to every day. Tom reading your printed words from a paper page like the good old days.

SPEAKER_03 17:17

And from Rhode Island, Richard writes, Hi, Don and Tom. First, I really enjoy listening to your show and Tom's jokes. Oh no, not another one. Question right away. Um There are a lot of people with bad taste

CLO Funds and Bond Risks

SPEAKER_03 17:31

in our audience, apparently. JAA seems to have less volatility over the past five years with similar dividends. Now, okay, just a mild correction here. It wouldn't be dividends that that fund would be paying out, would it? Wouldn't it be interest? It could be.

SPEAKER_04 17:56

Well, you know, that's an interesting what the symbol is what again? J-A-A?

SPEAKER_03 18:02

Triple A.

unknown 18:03

J.

SPEAKER_04 18:03

A. Okay. The Janice Henderson triple A. Okay. You get it. Here's the thing. It has triple A in the title. And but then the next three letters are C L O. Now, do you know what a C L O is?

SPEAKER_03 18:16

If you're back to 2008, you're going to remember it pretty well. No, it was CMOs. CMO, that's right. Collateralized medical obligations.

SPEAKER_04 18:25

It was CMOs, then CDOs, and collateralized debt obligations. And and by the way, a lot of those AAA CDOs and CMOs ended up not being triple A.

SPEAKER_03 18:37

But it's a collateralized loan obligations.

SPEAKER_04 18:40

Obligations. Which means they're private notes, but they've got collateral behind them, supposedly. But here's the problem with collateral. Collateral is worth what it's worth today, but it can be worth less than today, tomorrow. Trevor Burrus, Jr.

SPEAKER_03 18:54

Yeah. I just was reading about downtown Seattle where the the value of buildings, office buildings, is about half of what it was in 2019. Trevor Burrus, Jr.

SPEAKER_04 19:04

And there, ladies and gentlemen, lies some of the collateral. As a matter of fact, I'm looking at some of the paper that is in this portfolio, and a lot of it is real estate investment trust paper. Um and yeah, sure it's paying almost five percent. Sure, it has been less volatile. Worked until it didn't? Has been. Remember though, CDOs and CMOs were brilliant investments right up until they weren't.

SPEAKER_03 19:34

Yeah. I if you want to see this, I'd say see me soon. I I it wouldn't be an alternative for me for BND. No.

SPEAKER_04 19:41

No, no, I I believe it's because of the low volatility, they get a low risk score. But nobody is taking into account, because you can't, the potential downside should we enter into a recession that destroys the valuation of a lot of these assets that, as we know with private equity, a lot of the managers of these private equity portfolios exaggerate the values. Like there's incentive for that.

SPEAKER_03 20:12

Yeah. Until the day arrives when you need to, you know.

SPEAKER_04 20:16

Would I use this in my portfolio? Not a snowball's chance in hell. No. No, no, no.

SPEAKER_03 20:21

Nope. Uh Sarah writes us from soon to be chocolate, Florida.

SPEAKER_04 20:27

Oh, Cocoa.

SPEAKER_03 20:28

Oh, Cocoa, sorry.

SPEAKER_04 20:30

Yeah, there is no chocolate in Cocoa. Cocoa. Cocoa is actually the inland part, and then there's Cocoa Beach, which is more Oh, okay.

SPEAKER_03 20:37

I'm glad you clarified that. So uh hi Don and Tom. I'm a 24-year-old student currently working on my bachelor's degree.

FAFSA, 529s, and Emergency Cash

SPEAKER_03 20:44

Wow. For all my college years, I have received little or more often, no financial aid. I didn't understand why, but now I've come to the conclusion it's because I've always been an exceptional saver. To resolve this, I'm considering moving the majority of my savings into the $529 my grandmother has for me. How much should I leave out for emergency savings, or could my Roth IRA be a substitute for emergency savings since this is the only asset that doesn't count against me? Hmm. I don't know if I know what that means.

SPEAKER_04 21:15

Oh, it counts against her for aid.

SPEAKER_03 21:17

Okay. Okay. Fair I have four to five years left in school, including law school after graduation. Well, congratulations on that. I support myself fully with no parental assistance. Would you like to talk to my kids? Um and live off of about $2,000 a month. Wow, which is a little I'm trying to understand this. Okay.

SPEAKER_04 21:34

Okay. Yeah, I get where she's going. She's a good one. She doesn't want assets that show up on the FAFSA.

SPEAKER_03 21:42

Exactly. That's she should have spelled that out there.

SPEAKER_04 21:44

And at her age, she doesn't need a lot of emergency money.

SPEAKER_03 21:48

No, I wouldn't think only $2K a month is what she's spending. So that's pretty low.

SPEAKER_04 21:52

Maybe maybe $10,000 in emergency money. Not going to have a big impact on your FAFSA. Not gonna. No, your Roth should never be. Uses emergency money. That is, I mean, really last resort.

SPEAKER_03 22:03

That is like long term.

SPEAKER_04 22:05

Your life is threatened and you're gonna die without it. That's when you use it. Um that is long term. As a good saver, no, don't put money into the 529. You you got a job. If you haven't fully funded a Roth, fully fund your Roth.

SPEAKER_03 22:18

Yeah.

SPEAKER_04 22:20

Um Yeah, I see why you'd want to put it in the 529, but I I don't see a blue.

SPEAKER_03 22:25

No, no, I wouldn't put it back in there. No.

No Yield Chasing in Bonds

unknown 22:28

No.

SPEAKER_03 22:29

Uh from Parsons, Kansas, John writes, hello, I've got BND and BNDX. Mm-hmm. That's the total bond and the total international bond. I'm thinking about adding an emerging markets or high yield corporate bond fund ETF for a little extra yield. What do you think? No. Thank you for the common sense advice, easy uh understanding way of speaking. Apparently they're listening to me, not you. Emerging markets debt or high yield corporate debt?

SPEAKER_04 22:57

No. And again, because you're looking at it from the wrong direction. You're looking at bonds as a yield generator. We don't give a flipping flop about yields. That's not why we own bonds in a portfolio. There they exist. Fixed income in a portfolio exists for one reason. That is reduction of volatility. When you get into emerging markets and junk bonds, you start getting into volatility that rivals the volatility or has in the past rivaled the volatility of stocks. You don't want to add another stock market volatile style asset to your portfolio. Because guess which one has historically made more money? The stock-like volatile portfolios or the stock portfolios? Ah, be the stock portfolios. So if you're going to accept volatility, get the one that has provided in the past the best return on your dollar for uh the degrees of volatility. No, that just complicating it unnecessarily. Trevor Burrus, Jr.

SPEAKER_03 24:01

And what is the expression more money's been lost uh reaching for yield than at the end of a gun? I always like that one. That's exactly what you're trying to do here. I want to make a little bit more, and you're doing another.

SPEAKER_04 24:13

If you want to make a little bit more, allocate less to bonds and more to stocks, but understand that you're accepting more risk just as you would be accepting if you added emerging markets bonds or junk bonds. Thank you. And I hate calling them, by the way, we have to stop calling them high yield bonds. That is the industry's moniker to make them sound more palatable. Oh, high yield. No, junk. They're junk bond funds. It's like life insurance. We shouldn't call it life insurance. It's not insuring that you live, it's ensuring that somebody wins the lottery when you die. So it's death insurance.

SPEAKER_03 24:49

You just ruined an entire industry in one moment, there, sir. Well done. Uh New Lennox, Illinois, Mark writes, Hello, legends. Ooh. I guess that means we're that close to you know where. Exactly.

SPEAKER_04 25:02

When you're legendary, aren't

Roth 401k Rollover Basics

SPEAKER_04 25:04

you usually dead already?

SPEAKER_03 25:05

Close to it. Two-part question here. Number one, can you explain the mechanics of rolling over a workplace for Roth 401k to a new custodian? I believe that I first have to open a rollover IRA account, a rollover IRA as well as a roll Roth IRA at a new custodian. If you're moving a Roth 401k, then you just need a Roth IRA to move it to.

SPEAKER_04 25:29

No. And the the simplicity is is on the charts these days. Oh, yeah. You go to a Schwab, you go to a Vanguard, you go to a Fidelity, you open the new account, you give them all of the account information on the 401k, you fill out the transfer forms online typically, and boop, they bring it up.

SPEAKER_03 25:48

I mean it's very fast today. Um then do I simply move my contributions over to the Roth account and the entire employer contribution amount into the rollover account? Trevor Burrus, Jr.

SPEAKER_04 25:59

Whoa, whoa, whoa, whoa, whoa.

SPEAKER_03 26:00

Because remember now, what he's saying is if if the money is in if it's pre-tax contributions from the employer, then he's right. That does have to go into an IRA. That's not a Roth 401k. That's a con a Oh, okay.

SPEAKER_04 26:15

So he's not talking because wait a minute. It sounded like he's talking about new money. But no, he's talking about old money.

SPEAKER_03 26:20

Old money. Yeah, he's saying the contributions. So yes, if those are pre-taxed traditional, then yes, you will need to open a rollover. That money will go to the IRA, not the Roth. So I hope I hope I'm not making this too confusing. The but the post-tax Roth 401K directly goes into the Roth IRA.

SPEAKER_04 26:39

They'll figure all that out for you. They'll figure all this out for you. They'll put them in the right pots. And this is one of those times. This is one of those times, particularly in this instance, where it's it pays to wait on hold for a little while and actually talk to a human being at Schwab or Vanguard or Fidelity or wherever. But there is no. You notice I didn't mention Robin Hood. I didn't mention Robin Hood.

SPEAKER_03 27:04

When are we doing that segment? I have all the stuff ready. We I even gave you audio from the people, the idiots that run that company to help you, but apparently it's not going to make sense.

SPEAKER_04 27:14

We'll do it. I know you're really upset about Robin Hood.

SPEAKER_03 27:17

Only because never mind. I don't want to let the cat out of the bag. So anyway, back to your question. Yes, there are people that will help you with this. They'd like to do that. Actually, wait a minute.

SPEAKER_04 27:26

Don't they have the Robin Hood thing backwards? Don't they rob from the poor and give to the rich? Exactly. They are thieves, as Robin Hood was, correct? Oh no, well, that's your opinion. That's Tom's opinion.

SPEAKER_03 27:38

Well, no, Robin Hood was a thief, was he not?

SPEAKER_04 27:41

Oh, but you okay. You're talking about the the legendary Robin Hood.

SPEAKER_03 27:45

Yeah, that's where the name comes from, right?

SPEAKER_04 27:47

The Merry Men.

SPEAKER_03 27:48

Steel. Oh, we're not gonna impugn our friend Paul Merriman just because he was associated somehow with Robin Hood. Robin Hood and Merry Man. Let's not do that. Uh anyway, so great questions.

Fall, Questions, and Goodbye

SPEAKER_03 27:59

Keep them coming. By the way, um we're moving into the fall months now, as you may have noticed by the declining amount of sunshine and cooler temperatures, at least here in the Northwest.

SPEAKER_04 28:10

I was gonna say, wait, it's still 98 in Florida.

SPEAKER_03 28:12

That means I will be indoors more in the coming weeks and months. Uh plus the dark. So I will be looking for more calls from all of you, more requests for help, because I like talking to you. I gotta have more time to talk. So let's get to it, get to the website and help. Ask for help. How about that?

SPEAKER_04 28:31

And he does like actually having conversations with you. So there's a couple ways to do it. You can do the ask a question and we'll answer them on the show. Or you can speak to them, use the mic. Or uh Tom will, if you put in your question, you might like to have a phone call. He'll record the call and put it on the show. Or you can make it all private and you can meet with one of uh Pella's real life fiduciary advisors who doesn't sell you anything. Um and Tom's one of them, so just go to talkingrealmoney.com, click on meet an advisor, ask a question, or click the mic. There's so many ways to get your questions answered. And remember. Remember this. This is so important. You must remember this. We are here, Monday through Friday, unless there's a holiday.

SPEAKER_00 29:16

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