1 00:00:17,940 --> 00:00:18,996 Look an animal 2 00:00:27,820 --> 00:00:28,320 been 3 00:00:28,699 --> 00:00:29,599 beyond all 4 00:01:30,274 --> 00:01:30,774 saw 5 00:01:31,230 --> 00:01:32,448 standing in the norway. 6 00:01:33,542 --> 00:01:34,042 Illuminated 7 00:01:34,419 --> 00:01:35,795 from behind my. 8 00:01:38,894 --> 00:01:39,712 I imagine 9 00:01:47,644 --> 00:01:49,402 standing on the quest today. 10 00:01:50,921 --> 00:01:52,679 I thought I saw you. Alone. 11 00:01:55,716 --> 00:01:56,995 Walking by the river. 12 00:01:59,644 --> 00:02:00,463 My shadow 13 00:02:01,001 --> 00:02:01,501 strong 14 00:02:06,124 --> 00:02:08,122 welcome to the Tom Du show for our 15 00:02:08,122 --> 00:02:08,601 financial hour. 16 00:02:09,640 --> 00:02:11,558 Joining us. Chad s. 17 00:02:13,156 --> 00:02:13,955 Mike Johnson. 18 00:02:14,688 --> 00:02:16,121 You have a hard time getting that second 19 00:02:16,121 --> 00:02:18,509 name out. Tom Du. That was the third 20 00:02:18,509 --> 00:02:19,305 1 that got me. 21 00:02:20,260 --> 00:02:22,170 Brought to you by Du pre Financial group. 22 00:02:22,744 --> 00:02:24,342 Where we make your money work for you? 23 00:02:26,500 --> 00:02:26,739 Okay. 24 00:02:28,178 --> 00:02:28,497 This... 25 00:02:29,536 --> 00:02:30,255 Who's this child? 26 00:02:33,549 --> 00:02:34,689 It's not Lucinda. 27 00:02:36,830 --> 00:02:38,349 I don't know. God do no. 28 00:02:39,164 --> 00:02:40,440 You just aren't getting it. 29 00:02:42,035 --> 00:02:44,427 I'm definitely not getting it. That's for Ricky 30 00:02:44,427 --> 00:02:44,985 lead jones. 31 00:02:46,820 --> 00:02:48,175 I wouldn't guess that. Okay. 32 00:02:48,828 --> 00:02:49,887 Alright. This was 33 00:02:50,663 --> 00:02:52,497 several albums into her career, 34 00:02:53,135 --> 00:02:53,635 and 35 00:02:54,970 --> 00:02:57,283 1 of the reasons why, yeah. I didn't 36 00:02:57,283 --> 00:02:59,453 realize she wrapped on it as well as 37 00:02:59,453 --> 00:02:59,773 singing. 38 00:03:02,330 --> 00:03:02,990 She was 39 00:03:03,849 --> 00:03:06,965 really noted artist. She had 1 big album 40 00:03:06,965 --> 00:03:09,617 my know of she had several others. But 41 00:03:09,617 --> 00:03:12,254 the thing that's interesting about this album is 42 00:03:12,254 --> 00:03:12,754 that 43 00:03:13,533 --> 00:03:17,533 fellow she from Chicago and but fellow Chicago 44 00:03:17,533 --> 00:03:18,033 and 45 00:03:19,675 --> 00:03:20,626 Walter Becker, 46 00:03:21,658 --> 00:03:22,768 plate base on this. 47 00:03:23,659 --> 00:03:24,778 Album supposedly. 48 00:03:25,497 --> 00:03:27,895 Walter Becker is steel dam. And 49 00:03:29,653 --> 00:03:30,612 she's quite an artist. 50 00:03:31,411 --> 00:03:32,610 I'm sure she's still around. 51 00:03:33,664 --> 00:03:36,401 Don't know if she's still touring or anything 52 00:03:36,461 --> 00:03:37,020 like that. 53 00:03:38,459 --> 00:03:38,778 But 54 00:03:39,338 --> 00:03:41,415 she's got kind of an unmistakable voice and... 55 00:03:42,469 --> 00:03:43,524 You know, I think 56 00:03:43,897 --> 00:03:45,588 she and luc lucinda to Williams have 57 00:03:46,199 --> 00:03:47,549 somewhat similar voices, 58 00:03:48,501 --> 00:03:49,001 sound 59 00:03:50,089 --> 00:03:50,644 and a sense. 60 00:03:52,488 --> 00:03:53,545 And that's my 61 00:03:54,000 --> 00:03:54,818 contribution to 62 00:03:56,069 --> 00:03:57,126 culture that 63 00:03:57,581 --> 00:03:58,376 I hope you're happy. 64 00:03:59,189 --> 00:04:01,426 Chuck and love is the... Yeah. That's hershey's 65 00:04:01,426 --> 00:04:04,782 he's known for. So cookies or love. It's 66 00:04:04,782 --> 00:04:06,700 kind of got a jazz grind to it. 67 00:04:07,033 --> 00:04:08,545 Mike, I bet you've never heard that song. 68 00:04:08,784 --> 00:04:09,978 No. I have not. I didn't think so. 69 00:04:10,138 --> 00:04:12,526 I could get song though. Yeah. You've never 70 00:04:12,526 --> 00:04:14,595 heard that song. No. I like, 71 00:04:15,489 --> 00:04:16,930 good songs. I, I like the little hook 72 00:04:16,930 --> 00:04:17,490 in there too. 73 00:04:18,610 --> 00:04:20,610 So Tom, you need a microphone next to 74 00:04:20,610 --> 00:04:21,169 your mouth. 75 00:04:21,889 --> 00:04:24,623 Yeah. Hold on. Thanks. Let's just give you 76 00:04:24,623 --> 00:04:27,816 her hit because right. I think it's worth 77 00:04:27,816 --> 00:04:28,215 doing, 78 00:04:30,371 --> 00:04:31,009 you know, loose, 79 00:04:31,807 --> 00:04:33,839 I can't I want to call her, you 80 00:04:33,899 --> 00:04:35,097 loosened lucinda Williams. 81 00:04:38,533 --> 00:04:40,211 Ricky Lee Jones was, 82 00:04:41,901 --> 00:04:43,649 she came out. I'm gonna say, 83 00:04:44,363 --> 00:04:44,681 what? 84 00:04:45,396 --> 00:04:47,859 Early seventies, maybe late mid seventies. 85 00:04:50,259 --> 00:04:50,759 And 86 00:04:51,297 --> 00:04:52,254 kinda took things. 87 00:04:52,973 --> 00:04:53,792 That song 88 00:04:54,170 --> 00:04:55,607 was a big hit for her. 89 00:04:56,246 --> 00:04:58,502 And she had this kinda su voice 90 00:04:59,770 --> 00:05:00,166 and 91 00:05:01,593 --> 00:05:03,732 that's a good description. I... I'm I just 92 00:05:03,732 --> 00:05:05,104 sent you to play that 93 00:05:05,872 --> 00:05:06,189 song. 94 00:05:06,839 --> 00:05:08,743 The 1 the bottom 1 there. Because this 95 00:05:08,743 --> 00:05:10,488 was her hit. You've... I'm not I know 96 00:05:10,488 --> 00:05:12,789 you've heard it. It was it was pretty 97 00:05:12,789 --> 00:05:13,503 big hit for her, 98 00:05:14,376 --> 00:05:14,876 and 99 00:05:15,582 --> 00:05:17,494 then, you know, she... Like, a lot of 100 00:05:17,494 --> 00:05:19,007 people they had that 1 hit, and they 101 00:05:19,007 --> 00:05:19,485 keep going, 102 00:05:20,201 --> 00:05:22,112 and you never hear from. Again, even though 103 00:05:22,112 --> 00:05:23,625 they are producing music. Mh. 104 00:05:27,795 --> 00:05:28,515 Turn up time. 105 00:05:29,554 --> 00:05:31,552 We're supposed to get there. Supposed to be 106 00:05:31,552 --> 00:05:32,750 able to hear it. I'm getting there. 107 00:05:42,396 --> 00:05:43,034 This was her hit. 108 00:05:58,008 --> 00:05:58,508 Come 109 00:05:58,963 --> 00:06:00,713 say 19 79. 110 00:06:03,417 --> 00:06:04,133 First album. 111 00:06:05,742 --> 00:06:08,395 You didn't even do the refrain. Oh, goodness 112 00:06:08,773 --> 00:06:11,245 Sorry. We're not doing contact there. Okay. 113 00:06:11,963 --> 00:06:12,442 Music. 114 00:06:13,080 --> 00:06:14,595 This is the music album. 115 00:06:16,764 --> 00:06:17,801 Just get to the refrain. 116 00:06:20,274 --> 00:06:21,551 We could condense all this. 117 00:06:22,443 --> 00:06:23,718 It's like 5 minutes. 118 00:06:26,507 --> 00:06:26,985 Hold on. 119 00:06:39,471 --> 00:06:41,858 You just wanted to do that. Alright. There. 120 00:06:42,495 --> 00:06:45,137 You got it. You got wanted. We're not 121 00:06:45,137 --> 00:06:47,367 doing. To the financial Alley. 122 00:06:48,403 --> 00:06:50,974 Who wants to hear another song. I do 123 00:06:51,191 --> 00:06:52,883 agree. Me. Alright, guys. 124 00:06:54,241 --> 00:06:56,579 Do not. Get moment. This stuff's or. 125 00:06:57,037 --> 00:06:59,035 Right? Oh, it's so important though he goes 126 00:06:59,607 --> 00:07:01,670 goes really stuff talk about here. 127 00:07:02,464 --> 00:07:04,447 So the first thing you put up here 128 00:07:04,447 --> 00:07:06,352 is... And and this is a big deal. 129 00:07:06,590 --> 00:07:08,678 And It's a big, big, big, big deal. 130 00:07:09,157 --> 00:07:10,991 It's what we've been talking about, How many 131 00:07:10,991 --> 00:07:13,145 y'all heard those ads I ran. 132 00:07:13,783 --> 00:07:15,538 What I start running 2 years ago. 133 00:07:17,628 --> 00:07:19,706 Year and a half anyway, interest rates are 134 00:07:19,706 --> 00:07:21,944 gonna come down. Sure. They are. It it. 135 00:07:23,382 --> 00:07:23,702 No, 136 00:07:24,900 --> 00:07:25,400 and 137 00:07:25,793 --> 00:07:28,261 and and an inflation in the Fed just 138 00:07:28,261 --> 00:07:31,285 damn, well, we're kinda concerned about the, you 139 00:07:31,285 --> 00:07:31,444 know, 140 00:07:32,160 --> 00:07:32,479 powell. 141 00:07:33,529 --> 00:07:35,225 And... Oh, wait. Your 142 00:07:35,603 --> 00:07:37,916 kept wait. They've kept pratt... Oh, yeah. 143 00:07:38,474 --> 00:07:40,388 Yeah. Wait till you got a president that 144 00:07:40,388 --> 00:07:43,020 needs to be reelected which good trap. How, 145 00:07:43,594 --> 00:07:45,507 But the the the thing of it is, 146 00:07:46,385 --> 00:07:46,885 it's 147 00:07:48,458 --> 00:07:51,169 it's been coming. And now you get this 148 00:07:51,169 --> 00:07:54,048 print. I don't even trust it. But it's 149 00:07:54,048 --> 00:07:54,763 all we got. 150 00:07:55,557 --> 00:07:56,295 It says 151 00:07:56,907 --> 00:07:57,725 inflation fell 152 00:07:58,178 --> 00:08:00,957 1 tenth of 1 percent in June. Oh, 153 00:08:02,163 --> 00:08:05,187 Guess what? Biden just crushed inflation. You're gonna 154 00:08:05,187 --> 00:08:06,460 get that in... 155 00:08:07,177 --> 00:08:09,405 You're you're you're gonna get that in... If 156 00:08:09,405 --> 00:08:12,049 they even run any ads, which Oh, it's 157 00:08:12,049 --> 00:08:14,525 all it's on Facebook. There's there's a, a, 158 00:08:15,324 --> 00:08:15,724 democratic, 159 00:08:16,283 --> 00:08:18,361 whatever that has put a graphic out there 160 00:08:18,361 --> 00:08:18,920 that says... 161 00:08:19,652 --> 00:08:22,115 Yep. You're not today, than you were 4 162 00:08:22,115 --> 00:08:24,045 years... Argue for 163 00:08:25,532 --> 00:08:26,565 retaining the same, 164 00:08:28,407 --> 00:08:30,635 and then there are actually now the Wall 165 00:08:30,794 --> 00:08:31,510 Street Journal, 166 00:08:32,305 --> 00:08:33,578 they're being good little, 167 00:08:35,344 --> 00:08:36,482 good little trotsky 168 00:08:36,861 --> 00:08:37,579 that they are. 169 00:08:38,218 --> 00:08:39,175 They now say, 170 00:08:39,974 --> 00:08:42,608 the Wall Street Journal says inflation would be 171 00:08:42,608 --> 00:08:45,569 worse under Trump than Biden. Yeah. That's... They 172 00:08:45,569 --> 00:08:48,031 will do anything to get rid of... And 173 00:08:48,031 --> 00:08:50,889 say anything. People will not fact check. So 174 00:08:50,889 --> 00:08:53,057 we're now we've got Rich Santo. 175 00:08:53,684 --> 00:08:55,125 And Ally I trust Rich, 176 00:08:57,125 --> 00:08:59,225 the Cpi broad member car 177 00:08:59,605 --> 00:09:00,485 services declined, 178 00:09:01,856 --> 00:09:03,840 tenth of 1 percent from May, putting the 179 00:09:03,840 --> 00:09:05,849 12 month rate at 3 percent 180 00:09:06,380 --> 00:09:08,285 around its lower level in more than 3 181 00:09:08,285 --> 00:09:10,135 years. Now I'm gonna tell you 182 00:09:10,924 --> 00:09:13,401 If you get 11 more prints like that, 183 00:09:14,120 --> 00:09:16,437 inflation is now at a negative. That's right. 184 00:09:16,597 --> 00:09:18,275 You now have deflation. Yep. 185 00:09:19,008 --> 00:09:21,563 And you certainly have dis inflation. You're gonna 186 00:09:21,563 --> 00:09:23,000 have to get a lot of stuff going 187 00:09:23,000 --> 00:09:24,995 in reverse to get us back to the 188 00:09:24,995 --> 00:09:26,592 prices where we were 2 years ago. 189 00:09:27,884 --> 00:09:30,441 Now this is something we have been saying, 190 00:09:31,479 --> 00:09:33,476 we felt was gonna be at some point 191 00:09:33,476 --> 00:09:33,876 imminent. 192 00:09:35,089 --> 00:09:37,667 This is a thing we should talk about 193 00:09:37,966 --> 00:09:38,845 because as a firm, 194 00:09:39,884 --> 00:09:43,080 we've been out there talking about lower interest 195 00:09:43,080 --> 00:09:43,480 rates. 196 00:09:45,564 --> 00:09:48,345 And and we talked about owning bonds as 197 00:09:48,345 --> 00:09:49,163 as being 198 00:09:49,775 --> 00:09:52,080 a potential thing you could own. And things 199 00:09:52,080 --> 00:09:52,477 that would... 200 00:09:53,128 --> 00:09:54,561 Other kinds of securities, 201 00:09:55,596 --> 00:09:56,732 stocks perhaps 202 00:09:57,108 --> 00:09:58,722 that would drift that 203 00:09:59,177 --> 00:10:00,075 are similar 204 00:10:00,864 --> 00:10:01,364 kinda 205 00:10:01,743 --> 00:10:03,122 directional type vehicles 206 00:10:03,980 --> 00:10:05,359 that would respond 207 00:10:05,818 --> 00:10:07,916 to a drop in interest rates 208 00:10:08,948 --> 00:10:11,505 the way that bonds would even maybe more 209 00:10:11,505 --> 00:10:12,623 markedly than bonds. 210 00:10:15,514 --> 00:10:16,949 And so now we're seeing this, You know, 211 00:10:17,109 --> 00:10:18,327 you have a month 212 00:10:18,704 --> 00:10:21,916 Cpi been going up 0.2 0.3 213 00:10:22,134 --> 00:10:25,186 every month, keeping the inflation rate in the 214 00:10:25,658 --> 00:10:26,696 2 and a half to 3 and a 215 00:10:26,696 --> 00:10:27,254 half range. 216 00:10:28,132 --> 00:10:29,967 And now you get this print. It may 217 00:10:29,967 --> 00:10:31,084 be an outlier, 218 00:10:32,201 --> 00:10:33,593 but it's basically 219 00:10:34,368 --> 00:10:35,346 dead in the water 220 00:10:36,041 --> 00:10:38,772 in June. Now if you get 3 months 221 00:10:39,069 --> 00:10:39,547 of this, 222 00:10:40,597 --> 00:10:41,950 son. That's a freaking. 223 00:10:43,461 --> 00:10:45,688 That isn't... That's that's an absolute, 224 00:10:47,532 --> 00:10:50,305 trend. Yeah. And so what does that mean? 225 00:10:50,543 --> 00:10:52,761 Well, I'm not gonna tell you everything. What 226 00:10:52,761 --> 00:10:53,395 do you want me to do? 227 00:10:54,838 --> 00:10:56,673 But, that's why you gotta come in and 228 00:10:56,673 --> 00:10:56,992 see. 229 00:10:57,550 --> 00:10:59,624 But I'm going to tell you that we 230 00:10:59,624 --> 00:11:01,538 have some ideas for how to deal with 231 00:11:01,538 --> 00:11:03,931 this. Now, when this is all over with, 232 00:11:04,822 --> 00:11:05,697 What do we do then? 233 00:11:06,571 --> 00:11:07,048 I don't know. 234 00:11:08,638 --> 00:11:10,466 We're making our list at speed. 235 00:11:11,102 --> 00:11:11,897 Okay. I mean, 236 00:11:14,138 --> 00:11:15,328 I'm just doing it for this. 237 00:11:17,073 --> 00:11:18,898 So so... But anyway, 238 00:11:19,930 --> 00:11:21,358 over time, we have... 239 00:11:22,565 --> 00:11:25,125 You know, we're... We're not always gonna make 240 00:11:25,125 --> 00:11:28,644 a tailored portfolio just for 1 kind of 241 00:11:28,644 --> 00:11:31,299 event. That's really not how we invest. We 242 00:11:31,299 --> 00:11:33,856 like to invest in good companies. But knowing 243 00:11:33,856 --> 00:11:36,253 what we've kinda known about interest rates here, 244 00:11:38,010 --> 00:11:40,893 we have... Tilted it a little more to 245 00:11:40,893 --> 00:11:42,029 the directional 246 00:11:42,405 --> 00:11:43,598 kind of approach. Well, 247 00:11:45,110 --> 00:11:46,702 on on that same thought. 248 00:11:48,389 --> 00:11:49,928 So the way the portfolio 249 00:11:50,547 --> 00:11:51,526 has has 250 00:11:53,344 --> 00:11:55,821 evolved to where it is today from, let's 251 00:11:55,821 --> 00:11:57,180 say, 3 years ago. 252 00:11:57,914 --> 00:11:59,293 So you look at 253 00:12:00,231 --> 00:12:02,229 valuations. So we we always talk about research. 254 00:12:02,708 --> 00:12:05,526 We're... We weren't positioning the portfolio 255 00:12:06,399 --> 00:12:08,713 on an event. So we we weren't... We 256 00:12:08,713 --> 00:12:09,213 we 257 00:12:09,910 --> 00:12:12,144 we knew So we could We could talk. 258 00:12:12,783 --> 00:12:15,433 We could see that the likelihood of interest 259 00:12:15,433 --> 00:12:17,831 rates going down was real. That's right. But 260 00:12:17,831 --> 00:12:18,810 when we're buying 261 00:12:19,429 --> 00:12:22,626 the the these companies investing our clients money. 262 00:12:22,785 --> 00:12:25,278 We're not saying that interest rates are gonna 263 00:12:25,278 --> 00:12:28,235 go down at this time. So therefore, we 264 00:12:28,235 --> 00:12:30,473 need to buy this. What's interesting is how 265 00:12:30,473 --> 00:12:32,551 the portfolios come about when... Because we're looking 266 00:12:32,551 --> 00:12:35,833 at valuations So in 20 22, 267 00:12:36,151 --> 00:12:38,220 for example, or in 20 23, 268 00:12:39,572 --> 00:12:40,209 money was... 269 00:12:41,179 --> 00:12:43,600 Just flooding in 20 23 270 00:12:44,139 --> 00:12:46,959 into these tech stocks because of the Ai 271 00:12:47,019 --> 00:12:48,159 bubble, all this 272 00:12:48,539 --> 00:12:51,190 evaluations were nuts, that money just kept flowing, 273 00:12:51,428 --> 00:12:54,527 so stock prices in those select few kept 274 00:12:54,527 --> 00:12:55,639 going higher and higher. 275 00:12:56,434 --> 00:12:57,411 When you look at 276 00:12:57,785 --> 00:13:00,580 valuations and the actual business the company. 277 00:13:01,374 --> 00:13:03,279 That's what we're were seeing value in these 278 00:13:03,279 --> 00:13:05,900 things that were more duration oriented and meaning, 279 00:13:06,059 --> 00:13:06,876 you know, primarily 280 00:13:07,741 --> 00:13:09,408 income, you know, dividend paying stocks. 281 00:13:10,201 --> 00:13:11,178 So the 282 00:13:11,551 --> 00:13:14,408 valuations and the research led us to that, 283 00:13:15,058 --> 00:13:17,921 and because it was contrary to what the 284 00:13:17,921 --> 00:13:19,057 market was thinking 285 00:13:19,511 --> 00:13:21,817 in terms of money movement at the time. 286 00:13:22,453 --> 00:13:22,953 And 287 00:13:23,822 --> 00:13:25,019 it it's... You... 288 00:13:25,737 --> 00:13:28,152 So yes or Thursday was 289 00:13:28,768 --> 00:13:29,747 it was a major... 290 00:13:30,378 --> 00:13:33,394 Deal in the market. You look at what 291 00:13:33,394 --> 00:13:35,774 the Nasdaq did, what the S and p 292 00:13:35,774 --> 00:13:37,600 500 did, which is kind of like a 293 00:13:37,679 --> 00:13:38,814 Nasdaq light 294 00:13:39,202 --> 00:13:41,131 index, which is is tech 295 00:13:41,981 --> 00:13:42,481 versus 296 00:13:42,855 --> 00:13:46,451 what the Russell 2000 did. So interesting 297 00:13:46,825 --> 00:13:47,222 statistic, 298 00:13:47,698 --> 00:13:48,198 so 299 00:13:48,668 --> 00:13:51,620 Thursday was this... Only the second day since 300 00:13:51,620 --> 00:13:53,077 19 79 301 00:13:53,375 --> 00:13:56,496 that the Russell 2000 rose, by more than 302 00:13:56,496 --> 00:13:58,956 3 percent while the Nasdaq was down. 303 00:13:59,829 --> 00:14:01,361 First time in history 304 00:14:02,290 --> 00:14:02,790 that 305 00:14:03,338 --> 00:14:06,684 the Nasdaq under performed the Russell 2000 by 306 00:14:06,684 --> 00:14:09,314 more than 5 percentage points. K? First time 307 00:14:09,314 --> 00:14:12,262 hit... That that is a major shift in 308 00:14:12,262 --> 00:14:14,903 thinking in the market. 1 of the reasons. 309 00:14:15,221 --> 00:14:17,687 Well, 1 of the reasons is that in 310 00:14:17,687 --> 00:14:19,062 the Russell 2000 311 00:14:19,517 --> 00:14:21,131 are lots of small banks 312 00:14:21,919 --> 00:14:22,879 the own bonds, 313 00:14:23,919 --> 00:14:24,819 duration oriented, 314 00:14:26,639 --> 00:14:27,699 you're gonna have 315 00:14:28,079 --> 00:14:29,459 other kinds of 316 00:14:30,253 --> 00:14:34,740 mundane, probably small reits. Yeah. Companies that are 317 00:14:35,357 --> 00:14:38,468 not just pure fluffy pet companies like the 318 00:14:38,627 --> 00:14:39,127 Nasdaq. 319 00:14:40,000 --> 00:14:41,539 They're gonna be more 320 00:14:43,519 --> 00:14:45,139 normal kinds of companies 321 00:14:45,519 --> 00:14:47,519 that are simply small to mid caps. 322 00:14:49,050 --> 00:14:50,958 But it's not as tech heavy. 323 00:14:51,434 --> 00:14:52,332 It's more 324 00:14:53,104 --> 00:14:53,604 old 325 00:14:54,375 --> 00:14:55,352 kind of technology. 326 00:14:56,378 --> 00:14:59,111 Tons of banks. Mh. Probably every 327 00:14:59,568 --> 00:15:00,866 small to medium sized 328 00:15:01,482 --> 00:15:03,795 bank in the country. So in the Russell 329 00:15:03,795 --> 00:15:04,592 2000, 330 00:15:05,884 --> 00:15:07,718 I bet 10 percent of them to 12, 331 00:15:07,957 --> 00:15:11,089 maybe 15 percent of banks. Yeah. Yep. And 332 00:15:11,148 --> 00:15:14,178 and and so those companies all went up, 333 00:15:14,498 --> 00:15:14,998 the 334 00:15:15,708 --> 00:15:17,561 So what we're seeing 335 00:15:18,254 --> 00:15:20,402 and this is the big picture part of 336 00:15:20,402 --> 00:15:21,754 it, and this is why... 337 00:15:23,044 --> 00:15:25,942 This is important for retirement investors. 338 00:15:26,800 --> 00:15:28,558 So listen to what I'm saying. 339 00:15:30,237 --> 00:15:32,015 You have been brain washed 340 00:15:32,887 --> 00:15:35,932 into believing that the s and P 500 341 00:15:36,546 --> 00:15:38,376 is the thing you need to be in. 342 00:15:39,584 --> 00:15:41,443 And it starts with Warren Buffett 343 00:15:42,301 --> 00:15:42,801 who, 344 00:15:43,580 --> 00:15:46,297 you know, has made a lot of statements 345 00:15:46,297 --> 00:15:47,336 in recent years, 346 00:15:48,388 --> 00:15:49,662 that I disagree with. 347 00:15:51,651 --> 00:15:52,390 He said 348 00:15:52,924 --> 00:15:54,754 everybody ought just buy the S and P 349 00:15:54,754 --> 00:15:55,573 500 350 00:15:55,964 --> 00:15:56,762 no. They shouldn't. 351 00:15:57,560 --> 00:15:58,539 They should've have bought 352 00:15:58,916 --> 00:16:00,033 Berkshire Sharp b shares, 353 00:16:00,752 --> 00:16:01,151 you know, 354 00:16:02,587 --> 00:16:03,087 or 355 00:16:03,957 --> 00:16:04,457 something 356 00:16:05,547 --> 00:16:06,047 because 357 00:16:07,295 --> 00:16:09,680 with rates getting higher, you're gonna have to... 358 00:16:09,918 --> 00:16:10,792 In some ways, 359 00:16:11,523 --> 00:16:12,261 I'm calling 360 00:16:12,635 --> 00:16:13,669 inflation a 1 off, 361 00:16:14,781 --> 00:16:15,258 Covid, 362 00:16:15,735 --> 00:16:17,348 a whole lot of things happened 363 00:16:17,722 --> 00:16:18,278 at once. 364 00:16:19,089 --> 00:16:21,322 A lot of money got printed pushed into 365 00:16:21,322 --> 00:16:21,881 the system. 366 00:16:22,678 --> 00:16:25,310 Now, even if they're not really backing it 367 00:16:25,310 --> 00:16:25,948 out, they're... 368 00:16:26,666 --> 00:16:28,761 It's it's going into 369 00:16:29,314 --> 00:16:30,033 neutral, if you will. 370 00:16:31,232 --> 00:16:32,750 Inflation getting back to where it is And 371 00:16:32,750 --> 00:16:33,649 1 of the reason 372 00:16:34,028 --> 00:16:34,768 because technology 373 00:16:35,147 --> 00:16:37,165 is constantly doing things 374 00:16:37,558 --> 00:16:39,067 to lower production costs. 375 00:16:40,575 --> 00:16:43,696 And and technology is the friend of dis 376 00:16:43,831 --> 00:16:43,990 disinfection, 377 00:16:45,672 --> 00:16:46,172 technological 378 00:16:47,895 --> 00:16:48,768 movement forward. 379 00:16:49,720 --> 00:16:50,220 So 380 00:16:51,704 --> 00:16:53,625 you have been told you need to be 381 00:16:53,625 --> 00:16:55,213 in the S and P 500. The S 382 00:16:55,213 --> 00:16:58,231 and P 500 is almost 30 percent tac. 383 00:16:59,264 --> 00:17:01,828 Yeah. And it's big tac and it's expensive 384 00:17:01,884 --> 00:17:02,575 tech that 385 00:17:03,961 --> 00:17:05,333 If you wanna invest 386 00:17:06,736 --> 00:17:09,430 in a way that's more the regular economy. 387 00:17:10,478 --> 00:17:12,790 There are other ways to do it than 388 00:17:12,790 --> 00:17:15,102 being exposed to the S and P 500. 389 00:17:16,218 --> 00:17:18,530 But you gotta look real hard sometimes come 390 00:17:18,530 --> 00:17:20,315 up with that because the investment 391 00:17:20,766 --> 00:17:21,742 industry is lazy. 392 00:17:23,144 --> 00:17:25,125 They want to either get you to buy 393 00:17:25,125 --> 00:17:25,863 an annuity 394 00:17:26,235 --> 00:17:27,677 that So you don't have to think about 395 00:17:27,677 --> 00:17:29,897 it or buy the S and P 500, 396 00:17:30,372 --> 00:17:31,007 go to bed. 397 00:17:32,434 --> 00:17:33,147 So if... 398 00:17:34,353 --> 00:17:37,384 If if Apple, if Google, if Meta, which 399 00:17:37,384 --> 00:17:40,814 is Facebook, if Amazon. If all those things 400 00:17:40,814 --> 00:17:43,526 come down from, say, 40 p's, 401 00:17:44,419 --> 00:17:45,958 to 25 pe, 402 00:17:47,615 --> 00:17:49,852 your investment gonna drop by 10 percent, 403 00:17:50,731 --> 00:17:51,930 maybe 12. Mh. 404 00:17:53,380 --> 00:17:54,517 Think about that 405 00:17:55,292 --> 00:17:56,509 because you can buy 406 00:17:57,125 --> 00:17:58,798 an index that we buy. I'm not gonna 407 00:17:58,798 --> 00:18:01,121 give it to you. That is all S 408 00:18:01,121 --> 00:18:02,336 and P 500 409 00:18:02,552 --> 00:18:03,108 equal weight. 410 00:18:04,300 --> 00:18:06,446 That's been going up more than the S 411 00:18:06,446 --> 00:18:08,354 and P 5 went out today, it probably 412 00:18:08,354 --> 00:18:09,958 hasn't. It's about it. The same I would 413 00:18:09,958 --> 00:18:11,705 think. Because today you're getting a little bounce 414 00:18:11,705 --> 00:18:13,055 back. I think it was a little more 415 00:18:13,055 --> 00:18:15,518 today. Last I look Well, the bottom line 416 00:18:15,518 --> 00:18:18,321 is, there are other ways to invest 417 00:18:19,741 --> 00:18:22,043 and not be over overexposed to tech. Mh. 418 00:18:22,281 --> 00:18:24,027 Tech is not the only place to make 419 00:18:24,027 --> 00:18:24,344 money, 420 00:18:25,455 --> 00:18:25,955 and 421 00:18:26,343 --> 00:18:28,484 you're not gonna get dividends there, and you 422 00:18:28,484 --> 00:18:29,594 can with other things. 423 00:18:30,624 --> 00:18:31,124 So 424 00:18:32,131 --> 00:18:33,241 what do we have to do? 425 00:18:33,875 --> 00:18:36,276 You're I mean, you know, I am not 426 00:18:36,276 --> 00:18:38,447 going to get up and dance on this 427 00:18:38,583 --> 00:18:39,219 table here. 428 00:18:40,174 --> 00:18:42,101 Maybe I will. Come on. Let's do it. 429 00:18:42,340 --> 00:18:44,255 Yeah. But another song on. You and meeting 430 00:18:44,255 --> 00:18:45,929 together. I ain't going there no table left. 431 00:18:46,567 --> 00:18:47,923 Alright. Bottom line is, 432 00:18:48,801 --> 00:18:49,200 you know, 433 00:18:50,157 --> 00:18:50,896 we're not 434 00:18:51,209 --> 00:18:53,305 we're not just doing this for our health 435 00:18:53,763 --> 00:18:55,997 because we like to hear ourselves talk. We're 436 00:18:55,997 --> 00:18:57,216 doing it because 437 00:18:57,594 --> 00:19:00,003 we believe we're telling you something you're not 438 00:19:00,003 --> 00:19:01,200 hearing out there. Mh. 439 00:19:01,758 --> 00:19:03,274 We're offering you less risk, 440 00:19:03,753 --> 00:19:06,307 more dividend. And right now, you're getting the 441 00:19:06,307 --> 00:19:07,240 same amount of 442 00:19:07,994 --> 00:19:09,583 appreciation with some of the other stuff? Does 443 00:19:09,583 --> 00:19:12,603 it last forever, of course, not? Nothing ever 444 00:19:12,603 --> 00:19:15,169 does. But if we're on a downtrend, 445 00:19:16,755 --> 00:19:17,255 from 446 00:19:18,115 --> 00:19:20,694 3 ish percent inflation to 1 447 00:19:22,194 --> 00:19:23,575 or 1 and a half 448 00:19:24,609 --> 00:19:26,769 There's more play in this thing. Mh. You 449 00:19:26,769 --> 00:19:28,069 know, you could see the 450 00:19:28,450 --> 00:19:29,829 the 10 year treasury 451 00:19:30,130 --> 00:19:31,650 go a lot lower. I don't know where 452 00:19:31,650 --> 00:19:32,369 it is today. 453 00:19:32,942 --> 00:19:35,089 It's 4 about 04:20 last check. Yeah. I 454 00:19:35,089 --> 00:19:36,862 mean, and some things have rallied 455 00:19:37,953 --> 00:19:38,589 without even 456 00:19:39,720 --> 00:19:42,599 the 10 year rallying anymore. You're seeing tightening 457 00:19:42,599 --> 00:19:46,039 in the mortgage side. Yeah. Well, in lower 458 00:19:46,039 --> 00:19:47,500 rates, it translates 459 00:19:47,879 --> 00:19:48,255 to 460 00:19:48,693 --> 00:19:50,709 excess spending capability 461 00:19:51,326 --> 00:19:53,959 by people out there, and you look at 462 00:19:53,959 --> 00:19:55,395 some of these things that have gotten beaten 463 00:19:55,395 --> 00:19:57,884 up the last couple years. But you you 464 00:19:57,884 --> 00:19:58,942 you talked about 465 00:19:59,879 --> 00:20:00,379 how 466 00:20:01,235 --> 00:20:03,605 nobody out there is is in 467 00:20:04,363 --> 00:20:06,278 everybody saying buy the S and p 500. 468 00:20:06,518 --> 00:20:08,273 You know, that... That's kind of the the 469 00:20:08,273 --> 00:20:11,146 normal go to. Here's here's the Wall Street 470 00:20:11,146 --> 00:20:13,629 dirty little secret. You never wanna stand out. 471 00:20:14,582 --> 00:20:17,205 That's it. Because that's how... That's when you 472 00:20:17,205 --> 00:20:18,023 get fired 473 00:20:18,397 --> 00:20:20,781 by clients is when you stand out. 474 00:20:21,513 --> 00:20:22,013 And 475 00:20:22,549 --> 00:20:23,049 so 476 00:20:23,426 --> 00:20:24,303 before you get hard. 477 00:20:24,940 --> 00:20:25,100 Yeah. 478 00:20:25,897 --> 00:20:26,636 And so 479 00:20:27,491 --> 00:20:30,455 what we're trying to do... Is because our 480 00:20:30,455 --> 00:20:33,267 clients have hired us to produce 481 00:20:33,643 --> 00:20:35,020 an income stream 482 00:20:35,556 --> 00:20:36,056 for 483 00:20:36,433 --> 00:20:40,130 retirement. And and to manage a retirement based 484 00:20:40,186 --> 00:20:43,128 portfolio. Right. Very specific things that we're trying 485 00:20:43,128 --> 00:20:45,138 to do for our clients. And 486 00:20:45,449 --> 00:20:49,680 that a specific mandate doesn't require... Or doesn't 487 00:20:49,680 --> 00:20:52,234 call for a generic investment approach. You know, 488 00:20:52,474 --> 00:20:53,591 it you have to... 489 00:20:54,643 --> 00:20:56,972 Do your research, know what you own 490 00:20:57,426 --> 00:20:57,926 and 491 00:20:58,699 --> 00:21:01,641 have it so that it satisfies the needs 492 00:21:01,641 --> 00:21:04,199 of the clients because that's what should get 493 00:21:04,199 --> 00:21:06,184 you fired is if you're not satisfying the 494 00:21:06,184 --> 00:21:09,282 needs of the client. It shouldn't be standing 495 00:21:09,282 --> 00:21:11,108 out 1 way or the other? Are you 496 00:21:11,108 --> 00:21:11,982 accomplishing the goals? 497 00:21:12,554 --> 00:21:12,793 Right. 498 00:21:14,308 --> 00:21:14,786 Are we? 499 00:21:15,504 --> 00:21:15,743 Yes. 500 00:21:16,779 --> 00:21:16,859 Well, 501 00:21:17,816 --> 00:21:19,113 we're accomplishing the 502 00:21:19,490 --> 00:21:20,766 We in the next segment. 503 00:21:21,259 --> 00:21:23,574 You've been listening to the tom Show with 504 00:21:23,654 --> 00:21:25,489 Mike Johnson Chad S learn our host Tom 505 00:21:26,048 --> 00:21:27,884 Brought to you by a pre group where 506 00:21:27,884 --> 00:21:29,241 we make your money work for you. 507 00:21:30,054 --> 00:21:31,749 If you'd like to come see us 508 00:21:32,285 --> 00:21:33,639 and hear the rest of the story. 509 00:21:34,675 --> 00:21:36,906 85923304 510 00:21:36,906 --> 00:21:38,908 hundred you can also go to our website 511 00:21:38,908 --> 00:21:41,370 at pre financial dot com and book an 512 00:21:41,370 --> 00:21:42,959 appointment directly on our homepage. 513 00:21:43,753 --> 00:21:45,500 We'll be back in just a few minutes 514 00:21:45,500 --> 00:21:47,421 with more of the financial hour. You Stay 515 00:21:47,421 --> 00:21:47,659 tuned. 516 00:22:05,545 --> 00:22:06,765 This is Tom D. 517 00:22:07,384 --> 00:22:11,384 At pre Group. We believe proper management of 518 00:22:11,384 --> 00:22:12,365 retirement assets. 519 00:22:12,998 --> 00:22:14,689 Is a long term process. 520 00:22:15,459 --> 00:22:17,919 If you've been listening, we've been advertising for 521 00:22:17,919 --> 00:22:19,030 over 20 years. 522 00:22:19,665 --> 00:22:22,461 We know that choosing an advisor can take 523 00:22:22,461 --> 00:22:24,294 a long time to decide, 524 00:22:24,851 --> 00:22:27,401 and it's a long term engagement when you 525 00:22:27,401 --> 00:22:28,118 do decide. 526 00:22:28,675 --> 00:22:29,574 Our accountability 527 00:22:30,030 --> 00:22:32,036 must also be up to the nature of 528 00:22:32,036 --> 00:22:34,979 the job and with 46 years in the 529 00:22:34,979 --> 00:22:38,375 investment business we're used to being accountable. The 530 00:22:38,733 --> 00:22:42,159 For more information on how we manage retirement 531 00:22:42,159 --> 00:22:47,497 assets, call us at 85923304 532 00:22:47,497 --> 00:22:50,479 hundred. Or go to our website at pre 533 00:22:50,933 --> 00:22:52,366 dot com. Also, 534 00:22:52,763 --> 00:22:54,275 be sure to listen to the Tom 535 00:22:54,912 --> 00:22:57,729 Show at news radio 06:30 w 536 00:22:58,816 --> 00:23:00,825 or on your favorite podcast 537 00:23:01,198 --> 00:23:01,698 platform. 538 00:23:30,342 --> 00:23:31,319 And I 539 00:23:31,694 --> 00:23:32,671 when I 540 00:23:37,596 --> 00:23:38,096 Love 541 00:23:42,375 --> 00:23:42,875 always. 542 00:24:35,424 --> 00:24:37,263 And welcome back to the Tom D show 543 00:24:37,263 --> 00:24:39,900 for our financial hour. Joining us. Mike Johnson, 544 00:24:40,140 --> 00:24:42,857 Chad S, our host Tom Decree, or out 545 00:24:42,857 --> 00:24:44,455 to you by pre Financial Group. 546 00:24:45,586 --> 00:24:47,018 Where we make money work for you. 547 00:24:48,529 --> 00:24:50,677 Okay. This is a guy named Brute. No 548 00:24:50,677 --> 00:24:51,313 it isn't. 549 00:24:52,602 --> 00:24:54,775 In the world. Was gonna say Bruce Prince. 550 00:24:56,745 --> 00:24:57,622 If you heard of him. 551 00:24:58,419 --> 00:24:59,853 No. I bet you haven't heard of this 552 00:24:59,853 --> 00:25:01,548 guy Nil n ios 553 00:25:02,098 --> 00:25:05,201 Lo, L0FGREN. 554 00:25:05,837 --> 00:25:07,849 Obviously, of Swedish or 555 00:25:08,383 --> 00:25:08,883 scandinavian 556 00:25:09,815 --> 00:25:10,315 heritage 557 00:25:10,944 --> 00:25:11,844 He's been a 558 00:25:12,382 --> 00:25:13,361 he's been a 559 00:25:14,220 --> 00:25:16,956 basically a rock slash popular 560 00:25:17,335 --> 00:25:17,495 musician. 561 00:25:18,386 --> 00:25:21,430 For 50 plus years, and he's been in 562 00:25:21,486 --> 00:25:23,712 a number of bands, and this was when 563 00:25:23,712 --> 00:25:25,404 he had a band called G 564 00:25:25,873 --> 00:25:27,622 And I wanna say it was like 19 565 00:25:27,622 --> 00:25:28,338 71, 566 00:25:28,894 --> 00:25:30,110 and I du 567 00:25:30,802 --> 00:25:33,266 bought the album because back then, 568 00:25:34,633 --> 00:25:36,883 So my income was from Mowing Lawns 569 00:25:37,496 --> 00:25:38,950 for 3 bucks a pop 570 00:25:39,563 --> 00:25:41,710 with my dad's lawn mower and then going 571 00:25:41,710 --> 00:25:43,244 out and beautifully buying 572 00:25:43,872 --> 00:25:46,755 the album Du jo, and and this guy 573 00:25:47,049 --> 00:25:50,250 kinda started his own band after being 574 00:25:50,703 --> 00:25:52,769 with the guy that we're gonna play the 575 00:25:52,769 --> 00:25:53,269 song 576 00:25:53,738 --> 00:25:55,594 Next. It's right there on your 577 00:25:55,971 --> 00:25:56,370 phone. 578 00:25:56,849 --> 00:25:58,923 So do I have permission to god go 579 00:25:58,923 --> 00:26:00,278 to the next? Go to the next 1. 580 00:26:00,518 --> 00:26:02,294 Alright. So he he basically 581 00:26:03,723 --> 00:26:05,956 He had... He didn't make a name for 582 00:26:05,956 --> 00:26:06,456 himself 583 00:26:06,913 --> 00:26:07,950 playing with this guy, 584 00:26:08,668 --> 00:26:10,662 but he showed that he could do it, 585 00:26:10,901 --> 00:26:13,109 and then he kinda came out from under 586 00:26:13,547 --> 00:26:14,444 this guy 587 00:26:14,897 --> 00:26:15,874 who is 588 00:26:16,804 --> 00:26:19,188 kind of a difficult person to work with. 589 00:26:21,031 --> 00:26:22,857 Who ended up going to another band. 590 00:26:25,001 --> 00:26:27,010 That's Neil Loft right the air 591 00:26:27,463 --> 00:26:29,710 on a very well known song 592 00:26:38,624 --> 00:26:39,124 be 593 00:26:39,498 --> 00:26:40,873 rest of life 594 00:26:54,694 --> 00:26:55,194 my 595 00:26:58,930 --> 00:27:00,229 Okay. So 596 00:27:00,927 --> 00:27:03,005 Neil Young, his band called... 597 00:27:03,739 --> 00:27:05,412 Crazy horse. You've heard of Neil young, 598 00:27:06,367 --> 00:27:08,837 and he of course went with Crosby still 599 00:27:08,837 --> 00:27:10,908 in Nash for, like, 1 album, 600 00:27:11,625 --> 00:27:13,472 and they couldn't get along with him. And 601 00:27:13,551 --> 00:27:15,860 I'm sure Neil Lo couldn't either. So he 602 00:27:15,860 --> 00:27:18,249 kinda goes out on his own, but he's 603 00:27:18,249 --> 00:27:20,557 still around. He's now playing, 604 00:27:21,606 --> 00:27:24,490 something to do with Bruce Springs or the 605 00:27:24,864 --> 00:27:27,089 woman that he left his wife for Patti 606 00:27:27,248 --> 00:27:27,748 Gal. 607 00:27:28,440 --> 00:27:29,393 And, you know, 608 00:27:30,202 --> 00:27:30,702 he's 609 00:27:31,550 --> 00:27:34,088 continued to make music and to be in 610 00:27:34,088 --> 00:27:37,181 this business, and he's like 74 611 00:27:37,181 --> 00:27:39,185 years old. And I mean, I just gotta 612 00:27:39,185 --> 00:27:40,780 give a shout out to people like that. 613 00:27:41,498 --> 00:27:43,252 On that previous album, what was he doing? 614 00:27:43,491 --> 00:27:45,006 I mean, on that previous song we just 615 00:27:45,006 --> 00:27:46,920 played? Guitar. Real Young. He was doing the 616 00:27:46,920 --> 00:27:49,092 guitar. Yes. With Comp wikipedia says he was 617 00:27:49,092 --> 00:27:50,929 19 when he joined crazy horse. 618 00:27:51,648 --> 00:27:51,888 Wow. 619 00:27:52,607 --> 00:27:54,045 Yeah. Well, you know, 620 00:27:54,778 --> 00:27:55,516 And and 621 00:27:57,084 --> 00:27:59,891 I bet Neil Young wouldn't, but 21 622 00:28:00,107 --> 00:28:00,505 maybe. 623 00:28:01,062 --> 00:28:03,879 Yeah. And you Neil Young is a very 624 00:28:04,014 --> 00:28:05,943 talented guy, and 625 00:28:06,633 --> 00:28:07,665 I don't know if you saw. 626 00:28:09,509 --> 00:28:11,747 Pete Townsend made a comment, maybe a year 627 00:28:11,747 --> 00:28:13,265 or so ago. He he said, you know, 628 00:28:13,505 --> 00:28:14,144 Neil young. 629 00:28:15,343 --> 00:28:17,580 If he would just let his music be 630 00:28:17,580 --> 00:28:18,060 used, 631 00:28:18,872 --> 00:28:21,576 Yeah. In movie, He won't let anybody touches 632 00:28:21,576 --> 00:28:23,564 his music. Mh. He doesn't want it on 633 00:28:23,723 --> 00:28:24,223 Spotify. 634 00:28:25,233 --> 00:28:27,937 He he won't license it for, you know, 635 00:28:28,588 --> 00:28:31,450 a movie or something. It's just hands off. 636 00:28:32,085 --> 00:28:34,788 And and Pete Townsend was basically saying it 637 00:28:34,788 --> 00:28:36,457 wasn't so much about how much money he 638 00:28:36,457 --> 00:28:38,624 could make. It was, like, more people would 639 00:28:38,624 --> 00:28:39,822 know about him. Yeah. 640 00:28:40,461 --> 00:28:42,460 That's that's what would happen. 641 00:28:43,099 --> 00:28:44,617 And he thought it was kind of a 642 00:28:44,617 --> 00:28:46,855 waste, Peter Townsend, of course of the who. 643 00:28:49,177 --> 00:28:51,719 Neil Young just just so weird about it 644 00:28:51,719 --> 00:28:53,547 anybody using his music. I mean, we could 645 00:28:53,547 --> 00:28:55,613 get in trouble for doing that. Mh. 646 00:28:56,342 --> 00:28:58,906 But too bad, if you're part of asking 647 00:28:59,200 --> 00:29:02,137 Well radio... Welcome to the financial app. If 648 00:29:02,137 --> 00:29:04,597 it's a radio show, you can't bust me. 649 00:29:05,089 --> 00:29:06,678 You have to bus the station. 650 00:29:07,712 --> 00:29:07,950 Sorry. 651 00:29:08,665 --> 00:29:10,573 I think the coolest thing about Neil Young 652 00:29:10,573 --> 00:29:12,799 was that he was roommates at 1 point 653 00:29:12,799 --> 00:29:13,752 with Rick James. 654 00:29:14,723 --> 00:29:17,754 Super free, Rick James. No really. No roommates 655 00:29:17,754 --> 00:29:19,291 square. In California. 656 00:29:20,067 --> 00:29:21,742 They were... Yeah. They were young and both 657 00:29:21,742 --> 00:29:23,656 of them not discovered and they were roommates. 658 00:29:24,470 --> 00:29:24,970 So 659 00:29:26,230 --> 00:29:27,829 remind me not to get in the music 660 00:29:27,829 --> 00:29:29,589 business. I mean, no. I mean, I'm sure 661 00:29:29,589 --> 00:29:32,970 it's great. Anyway. Go ahead. So back 662 00:29:33,285 --> 00:29:35,924 we're talking about, you know, where you've... You're 663 00:29:35,924 --> 00:29:36,825 seeing this 664 00:29:37,125 --> 00:29:38,805 rotation in the market. We're 665 00:29:41,379 --> 00:29:42,731 way back. Could you send him a sense. 666 00:29:43,685 --> 00:29:45,752 While I wanna. I'll talk about music all 667 00:29:45,752 --> 00:29:46,945 day last. Fine. Go ahead 668 00:29:48,773 --> 00:29:51,055 throughout the stock the rotation out of way 669 00:29:51,254 --> 00:29:52,153 big tech 670 00:29:52,531 --> 00:29:54,766 into... Basically, let's call it the S and 671 00:29:54,925 --> 00:29:56,362 P 4 93. 672 00:29:56,601 --> 00:29:56,760 Yeah. 673 00:29:57,559 --> 00:30:00,125 That's essentially what it is. Yep. And that's 674 00:30:00,125 --> 00:30:01,876 what was happening in a big way on 675 00:30:02,114 --> 00:30:02,614 Thursday, 676 00:30:03,069 --> 00:30:05,616 massive. And so some of that stuff isn't 677 00:30:05,616 --> 00:30:08,655 real cheap also. Right. Some of the some 678 00:30:08,655 --> 00:30:10,325 of the other things in Ps and p 679 00:30:10,325 --> 00:30:12,711 500 that are not the big 7. 680 00:30:13,427 --> 00:30:15,593 They're not what you'd call throw weight prices. 681 00:30:16,231 --> 00:30:17,607 Some of them are as expensive 682 00:30:18,143 --> 00:30:20,317 as the big 7, they're just in different 683 00:30:20,454 --> 00:30:20,614 industries. 684 00:30:21,411 --> 00:30:23,579 What 1 thing we've been talking about for 685 00:30:23,579 --> 00:30:25,971 the, I mean, the last year, rev version 686 00:30:25,971 --> 00:30:27,964 to the mean. What that means is is 687 00:30:27,964 --> 00:30:29,877 if something gets way out of whack in 688 00:30:29,877 --> 00:30:32,847 either direction. It tends to move back to 689 00:30:32,847 --> 00:30:35,085 kind of its average level over time. Yeah. 690 00:30:35,325 --> 00:30:36,283 You never know when, 691 00:30:37,083 --> 00:30:39,320 but it typically reverts back there. 692 00:30:39,973 --> 00:30:41,109 And you look 693 00:30:41,721 --> 00:30:43,627 over the last year and a half. 694 00:30:45,137 --> 00:30:47,599 Underneath the surface, it's been chaos in the 695 00:30:47,599 --> 00:30:47,917 market. 696 00:30:48,728 --> 00:30:50,799 The the s and P 4 93, 697 00:30:51,516 --> 00:30:53,189 it's been all... I mean, there's all kinds 698 00:30:53,189 --> 00:30:54,782 of stuff that's been going on under the 699 00:30:54,782 --> 00:30:57,287 surface. But think would you say 700 00:30:57,662 --> 00:31:00,150 liquidity issues in terms of 701 00:31:00,764 --> 00:31:01,264 trading. 702 00:31:03,008 --> 00:31:05,800 Or hedge funds in and out. I I'm 703 00:31:05,800 --> 00:31:07,076 sure that has some to do with it. 704 00:31:07,156 --> 00:31:08,614 A lot of it has the algorithm 705 00:31:09,071 --> 00:31:10,303 driven algorithm 706 00:31:10,835 --> 00:31:12,580 indexing in general and index, 707 00:31:13,374 --> 00:31:15,517 the the way it index works, it feeds 708 00:31:15,517 --> 00:31:17,659 on itself when there's a lot of inflow 709 00:31:17,659 --> 00:31:18,056 coming in. 710 00:31:19,028 --> 00:31:21,582 Market cap weighted. And you bring players like 711 00:31:21,741 --> 00:31:23,119 Black rock, Vanguard. 712 00:31:23,816 --> 00:31:26,131 Yeah. They tend to be doing rebound, 713 00:31:26,942 --> 00:31:29,346 buying and selling, and then you got options 714 00:31:29,798 --> 00:31:32,813 expiration. Yeah. So for somebody that's just let's 715 00:31:32,813 --> 00:31:34,718 just call them a fundamental investor. 716 00:31:35,209 --> 00:31:36,806 Who just wants to buy the company because 717 00:31:36,806 --> 00:31:37,604 it's a good company. 718 00:31:38,163 --> 00:31:40,159 You really gotta pick your spots of when 719 00:31:40,159 --> 00:31:42,713 to do it because the market can be 720 00:31:42,713 --> 00:31:43,113 getting, 721 00:31:45,042 --> 00:31:45,542 weird 722 00:31:46,236 --> 00:31:48,702 for different reasons. Mh. And sometimes it'll get 723 00:31:48,702 --> 00:31:49,417 weird down, 724 00:31:50,133 --> 00:31:51,645 and that's a good time to buy some. 725 00:31:51,979 --> 00:31:55,412 Right. But what the average person out there 726 00:31:55,412 --> 00:31:58,865 that has seen has just been pretty calm 727 00:31:58,924 --> 00:32:00,760 sailing over the last year and a half. 728 00:32:01,174 --> 00:32:02,292 Because if you own an S and p 729 00:32:02,292 --> 00:32:06,123 500 index fund, though that magnificent 7, that's, 730 00:32:06,203 --> 00:32:08,199 you know, that... That's what's been carrying in 731 00:32:08,199 --> 00:32:09,476 it for the last year and a half. 732 00:32:10,369 --> 00:32:11,348 You looked yesterday 733 00:32:12,604 --> 00:32:14,839 because of that rev revision to the mean, 734 00:32:15,398 --> 00:32:17,394 what was going on under the surface was 735 00:32:17,394 --> 00:32:18,751 actually really really good. 736 00:32:19,404 --> 00:32:21,151 But what was going on with those biggest 737 00:32:21,151 --> 00:32:22,263 weighted companies. 738 00:32:23,137 --> 00:32:25,519 That's what drove it down. So you're now 739 00:32:25,519 --> 00:32:27,346 seeing the flip side of what's been going 740 00:32:27,346 --> 00:32:29,038 on the last year and a half where 741 00:32:29,038 --> 00:32:32,554 it's been helping the index. Now it's it's 742 00:32:32,554 --> 00:32:34,952 starting to hurt the index. Now 2 days, 743 00:32:35,032 --> 00:32:37,130 a trend does not make. Oh, the dow 744 00:32:37,190 --> 00:32:39,352 in killing it today. You know, And so... 745 00:32:39,591 --> 00:32:41,022 And the S and P's is up nicely 746 00:32:41,022 --> 00:32:43,170 too. Yeah. I mean, like I said, 2 747 00:32:43,170 --> 00:32:45,658 days, a trend does not make, but 748 00:32:46,049 --> 00:32:47,028 you're seeing 749 00:32:47,964 --> 00:32:50,779 that that rotation out of 750 00:32:51,237 --> 00:32:53,870 the expensive mega cap tech. 751 00:32:54,603 --> 00:32:57,156 Into these other areas that have... That are 752 00:32:57,156 --> 00:32:58,055 good companies 753 00:32:58,751 --> 00:32:59,490 at reasonable 754 00:33:00,346 --> 00:33:03,377 valuations, and you're starting to see people look 755 00:33:03,377 --> 00:33:05,883 for that, you know, duration in terms of 756 00:33:05,939 --> 00:33:08,325 income. And so the demand is going up. 757 00:33:08,643 --> 00:33:10,154 We're we... We were talking... 758 00:33:10,711 --> 00:33:12,244 I mean, over the last 759 00:33:13,189 --> 00:33:14,007 8 months 760 00:33:14,934 --> 00:33:16,861 not to try to time 761 00:33:17,233 --> 00:33:18,130 and wait 762 00:33:18,661 --> 00:33:20,271 to look to get yield 763 00:33:20,739 --> 00:33:20,899 Yeah. 764 00:33:21,618 --> 00:33:24,015 Because by the time, you you say, okay. 765 00:33:24,174 --> 00:33:26,172 The all clear, the the the bells ring 766 00:33:26,172 --> 00:33:27,131 and it's all clear. 767 00:33:28,024 --> 00:33:30,579 It's already gonna be moving. Yep. By the 768 00:33:30,579 --> 00:33:32,335 time that happens. And that's what we saw 769 00:33:32,335 --> 00:33:34,251 yesterday. I mean, there was no no indication 770 00:33:34,331 --> 00:33:36,566 It took... It obviously took the market by 771 00:33:36,566 --> 00:33:36,965 surprise. 772 00:33:37,619 --> 00:33:39,691 When that inflation number count because that's why 773 00:33:39,691 --> 00:33:42,242 it had such a big reaction. And so 774 00:33:42,242 --> 00:33:44,314 you have to have that long term plan 775 00:33:44,314 --> 00:33:45,133 in place 776 00:33:46,002 --> 00:33:48,151 before these events happen so that you can 777 00:33:48,151 --> 00:33:50,141 benefit from them. Right? And that's... 778 00:33:51,096 --> 00:33:53,108 I like... I I love this this 779 00:33:53,643 --> 00:33:54,439 saying it was 780 00:33:56,998 --> 00:33:59,780 Daniel Can, which he he passed away, I 781 00:33:59,780 --> 00:34:01,688 think it was a few months ago. But 782 00:34:01,688 --> 00:34:03,198 he's a behavioral psychologist. 783 00:34:03,993 --> 00:34:04,493 But 784 00:34:04,884 --> 00:34:05,363 he says, 785 00:34:06,321 --> 00:34:08,556 the long term is not where we live. 786 00:34:09,275 --> 00:34:11,271 You're right. And people say all the time. 787 00:34:11,431 --> 00:34:13,347 Well, you invest for the long term, invest 788 00:34:13,347 --> 00:34:15,998 for the long term. And that's absolutely true, 789 00:34:16,717 --> 00:34:19,353 but you have to be able to look 790 00:34:19,353 --> 00:34:21,192 at where things are in the short term 791 00:34:21,192 --> 00:34:23,360 because the long term, is made up of 792 00:34:23,360 --> 00:34:25,427 a bunch of short terms. Exactly. And so 793 00:34:25,427 --> 00:34:27,018 you have to get through the short terms 794 00:34:27,018 --> 00:34:28,927 to get to the long. Completely true. 795 00:34:29,642 --> 00:34:30,597 That is very true. 796 00:34:31,169 --> 00:34:32,845 Fact, you know, you hear people that are 797 00:34:32,845 --> 00:34:33,345 in 798 00:34:33,963 --> 00:34:36,596 recovery programs or whatever say, 1 day at 799 00:34:36,596 --> 00:34:38,751 a time. Yeah. Yeah. So what is the 800 00:34:38,751 --> 00:34:40,518 long term? It's a series of 1 days. 801 00:34:40,836 --> 00:34:43,780 Mh. You know. And it's like we were 802 00:34:43,780 --> 00:34:46,007 talking yesterday in our our 803 00:34:46,564 --> 00:34:47,280 investment meeting. 804 00:34:48,155 --> 00:34:50,632 It's It's like, you know, the baseball season. 805 00:34:51,188 --> 00:34:53,650 The a major league baseball season is a 806 00:34:53,650 --> 00:34:56,532 hundred and 62 games long. How does somebody 807 00:34:56,668 --> 00:34:56,985 get? 808 00:34:58,192 --> 00:34:58,692 To 809 00:34:59,147 --> 00:35:00,203 the world series 810 00:35:00,578 --> 00:35:02,725 by winning a series of 1 games. 811 00:35:03,441 --> 00:35:05,270 Yep. You know, you you you win this 812 00:35:05,270 --> 00:35:06,957 game. You win that game. You went a 813 00:35:06,957 --> 00:35:09,270 hundred and 62 of a... Or you don't 814 00:35:09,270 --> 00:35:11,105 gonna win that many, but you win say, 815 00:35:11,264 --> 00:35:12,381 let's say you went a hundred. 816 00:35:13,099 --> 00:35:14,853 And you're 162 817 00:35:14,853 --> 00:35:16,050 that doesn't happen very often. 818 00:35:17,263 --> 00:35:20,140 Let's say you're 90 and 72. 819 00:35:20,459 --> 00:35:21,338 That's a good record. 820 00:35:23,016 --> 00:35:25,263 You're gonna get to the... Wildcard card. You 821 00:35:25,263 --> 00:35:27,568 gotta win that, and then you gotta win 822 00:35:27,568 --> 00:35:29,737 the divisional. Then you gotta win the 823 00:35:30,112 --> 00:35:31,327 in l or the A. 824 00:35:31,781 --> 00:35:33,053 And then you gotta get to the world 825 00:35:33,053 --> 00:35:35,056 series. There's all kinds of games. 826 00:35:35,850 --> 00:35:38,553 That's how this is. Yeah. Yes. It's it's... 827 00:35:39,189 --> 00:35:41,255 Now, when I walked in and and was 828 00:35:41,255 --> 00:35:42,606 talking to Mike this morning, 829 00:35:43,338 --> 00:35:44,555 at 4AM 830 00:35:44,692 --> 00:35:46,604 because we're both here very early, 831 00:35:47,242 --> 00:35:49,153 and it was it was at 4AM and 832 00:35:49,153 --> 00:35:50,906 my coffee was already getting cold. 833 00:35:51,623 --> 00:35:52,442 And I 834 00:35:52,753 --> 00:35:53,627 I said to Mike... 835 00:35:54,818 --> 00:35:56,644 Well, I... If the market wouldn't open then. 836 00:35:56,804 --> 00:35:59,266 So I just gave myself away. What I 837 00:35:59,266 --> 00:36:00,536 said to Mike is, 838 00:36:03,175 --> 00:36:03,892 People say, 839 00:36:04,928 --> 00:36:06,761 know, I'm gonna wait and see before I 840 00:36:06,761 --> 00:36:07,261 get 841 00:36:07,717 --> 00:36:08,934 invested. I 842 00:36:09,962 --> 00:36:12,450 I... I'm I'm a I'm gonna... We're gonna 843 00:36:12,506 --> 00:36:14,892 let... And let's see what happens here. Now, 844 00:36:15,608 --> 00:36:17,437 I wanna feel better about it. Yeah. Yeah. 845 00:36:17,675 --> 00:36:19,107 Sometimes that works. 846 00:36:19,759 --> 00:36:21,757 If you're on a trend and you miss 847 00:36:21,757 --> 00:36:22,496 the first 848 00:36:23,115 --> 00:36:25,752 30 percent of a move, that's gonna go 849 00:36:25,752 --> 00:36:27,430 another 50 percent. 850 00:36:28,405 --> 00:36:28,644 Okay? 851 00:36:29,364 --> 00:36:29,684 Great. 852 00:36:30,325 --> 00:36:32,485 You're gonna be getting in with everybody else. 853 00:36:34,565 --> 00:36:36,325 What we've said to people. 854 00:36:37,298 --> 00:36:37,798 Is 855 00:36:39,452 --> 00:36:42,084 if you see things that look like they're 856 00:36:42,084 --> 00:36:42,403 nice, 857 00:36:43,201 --> 00:36:45,036 and they're gonna pay you a nice dividend, 858 00:36:45,275 --> 00:36:45,833 nice yield. 859 00:36:47,760 --> 00:36:49,591 Go ahead and invest even if you don't 860 00:36:49,591 --> 00:36:50,467 invest all of what... 861 00:36:51,263 --> 00:36:54,049 People are scared sometimes to take x amount 862 00:36:54,049 --> 00:36:56,618 of dollars and and go 10 percent, 10 863 00:36:56,618 --> 00:36:58,456 percent of it, 10 percent and leg in. 864 00:36:58,695 --> 00:37:00,613 They won't even do that. They're... There's like 865 00:37:00,613 --> 00:37:03,431 they're waiting. Then others will do it and 866 00:37:04,382 --> 00:37:05,441 it's better 867 00:37:05,898 --> 00:37:08,689 usually to be invested than to be in 868 00:37:08,689 --> 00:37:09,008 cash. 869 00:37:09,806 --> 00:37:11,560 That's just kinda how it works. 870 00:37:12,357 --> 00:37:12,857 And 871 00:37:13,409 --> 00:37:14,207 over time, 872 00:37:14,765 --> 00:37:15,983 we didn't see this 873 00:37:16,441 --> 00:37:18,994 last 2 days of move coming. Right. You 874 00:37:18,994 --> 00:37:21,242 know, some of our stuff that Well, we 875 00:37:21,242 --> 00:37:23,574 suck, We only signal no. It was coming 876 00:37:23,791 --> 00:37:25,305 days ago. We didn't know it was coming 877 00:37:25,305 --> 00:37:27,774 2 days ago. We we... You could've have 878 00:37:27,774 --> 00:37:29,527 said, well, maybe we've got time here. 879 00:37:30,258 --> 00:37:31,690 Maybe we didn't have time. 880 00:37:32,405 --> 00:37:33,359 We got stuff 881 00:37:35,188 --> 00:37:36,619 positions that we have that are up 6 882 00:37:36,619 --> 00:37:38,289 7 percent in the last 2 days that 883 00:37:38,289 --> 00:37:39,481 are core positions. 884 00:37:40,691 --> 00:37:41,590 But the 885 00:37:42,126 --> 00:37:44,699 the the thing is is is, 886 00:37:45,634 --> 00:37:47,888 especially if you're buying something that's paying dividends. 887 00:37:49,397 --> 00:37:51,393 You're gonna get paid to wait, and you're 888 00:37:51,393 --> 00:37:54,266 saying well, gosh, you know, money market's paying 889 00:37:54,266 --> 00:37:56,602 5 percent. Have you been reading 890 00:37:57,633 --> 00:37:58,110 the news, 891 00:37:59,146 --> 00:38:00,739 have you listened to the fact that 892 00:38:02,890 --> 00:38:05,280 that Powell is now saying we're gonna start 893 00:38:05,280 --> 00:38:06,099 cutting rates 894 00:38:06,809 --> 00:38:09,369 the very first thing that will respond to 895 00:38:09,369 --> 00:38:11,210 that are money market funds. Yep. 896 00:38:12,090 --> 00:38:14,730 Because they are by their nature short duration, 897 00:38:15,303 --> 00:38:17,217 And as their stuff rolls over and rates 898 00:38:17,217 --> 00:38:19,449 get lower, they'll reinvest at a lower rate. 899 00:38:19,768 --> 00:38:21,840 The money that you think you're doing so 900 00:38:21,840 --> 00:38:22,877 great on and these... 901 00:38:23,769 --> 00:38:24,969 9 month Cds? 902 00:38:25,289 --> 00:38:28,650 Oh, woman in 9 month Cd paying 5.4. 903 00:38:29,369 --> 00:38:31,690 Are you kidding me? Are you just a 904 00:38:31,690 --> 00:38:32,090 camper? 905 00:38:32,504 --> 00:38:34,661 On your money or do you really invest 906 00:38:34,661 --> 00:38:37,138 your money? The chatter today was that that 907 00:38:37,138 --> 00:38:39,695 this is going to lead to a, super. 908 00:38:40,029 --> 00:38:41,784 Rate cut instead of just a quarter point 909 00:38:41,784 --> 00:38:43,299 in September it'll be a half a point. 910 00:38:44,097 --> 00:38:45,931 Just because the Fed might be... I think 911 00:38:45,931 --> 00:38:48,643 there's some concerns most they never cut or 912 00:38:48,643 --> 00:38:49,680 erased in 1 meeting. 913 00:38:51,133 --> 00:38:52,811 That's a good question. I'd say it's at 914 00:38:52,811 --> 00:38:54,888 least a percent, but it's been... 915 00:38:56,327 --> 00:38:57,925 I mean, they've... For a long time, they... 916 00:38:58,180 --> 00:38:58,500 Would deal 917 00:38:59,539 --> 00:39:01,539 You say that based on. 918 00:39:02,340 --> 00:39:05,474 Based on based on the great recession when 919 00:39:05,474 --> 00:39:07,468 they were cutting rapidly. They cut... And I 920 00:39:07,468 --> 00:39:09,222 think it may have been just couple of 921 00:39:09,222 --> 00:39:10,818 back to back cuts, like, within a few 922 00:39:10,818 --> 00:39:11,057 days. 923 00:39:11,775 --> 00:39:13,290 But I... It's something I'd have to look 924 00:39:13,290 --> 00:39:15,179 up, but I'd I'd definitely have seen 925 00:39:15,618 --> 00:39:17,849 50 and 75 basis point cuts. I just 926 00:39:17,849 --> 00:39:19,443 don't in in a single meeting. I just... 927 00:39:19,922 --> 00:39:21,994 I don't know without having to go go 928 00:39:21,994 --> 00:39:23,684 back and look at things, but Yeah, the 929 00:39:23,684 --> 00:39:25,681 point is that the market is, I mean, 930 00:39:25,841 --> 00:39:27,119 on the short term rate, the them... I 931 00:39:27,119 --> 00:39:30,016 mean, these companies that have these high, 932 00:39:30,969 --> 00:39:33,130 money market fund rates, the... If the Fed 933 00:39:33,130 --> 00:39:34,890 makes their announcement, they usually do it on, 934 00:39:35,289 --> 00:39:37,050 the day 2 at 02:00 on day 2 935 00:39:37,050 --> 00:39:38,090 of their 2 day meeting. 936 00:39:38,730 --> 00:39:39,230 And 937 00:39:39,784 --> 00:39:43,056 they'll cut rates by 02:01, probably. These these 938 00:39:43,056 --> 00:39:44,972 money market funds that offer the great rates. 939 00:39:45,132 --> 00:39:46,807 So back in 2022, 940 00:39:47,047 --> 00:39:47,946 they were raising. 941 00:39:48,498 --> 00:39:50,248 75 bp per meeting, 942 00:39:51,918 --> 00:39:53,532 for a wow. They raised 943 00:39:53,907 --> 00:39:54,884 75 944 00:39:54,940 --> 00:39:55,815 basis points, 945 00:39:57,981 --> 00:39:58,481 from 946 00:39:59,177 --> 00:39:59,677 June, 947 00:40:00,532 --> 00:40:03,244 and and in May, they raised 50. So 948 00:40:03,244 --> 00:40:05,179 they went from 0.75 949 00:40:06,688 --> 00:40:07,188 to 950 00:40:09,400 --> 00:40:09,900 to 951 00:40:11,234 --> 00:40:12,989 1 and a half to 2 and a 952 00:40:12,989 --> 00:40:15,961 quarter to 3 to 3.75 953 00:40:16,512 --> 00:40:18,025 to 4.25. 954 00:40:18,581 --> 00:40:20,333 So from June to December, 955 00:40:22,084 --> 00:40:23,994 they went from 1 and a half percent 956 00:40:23,994 --> 00:40:25,188 on the Fed funds rate, 957 00:40:26,158 --> 00:40:28,782 to 4 and a quarter in 6 months. 958 00:40:28,941 --> 00:40:30,690 Mh. Now those were hikes. 959 00:40:32,281 --> 00:40:34,110 12/16/2008, 960 00:40:34,269 --> 00:40:36,672 they cut rates by 100 hundred basis points. 961 00:40:36,912 --> 00:40:38,189 That was 1 to drop from, 962 00:40:39,545 --> 00:40:41,061 a target rate of 1 to 1 and 963 00:40:41,061 --> 00:40:43,456 a quarter down to 0 to a quarter. 964 00:40:43,934 --> 00:40:45,465 Hundred and it stayed there a long time. 965 00:40:46,182 --> 00:40:47,777 Mh. But, yeah, that was. We've got a 966 00:40:47,777 --> 00:40:49,692 lot of stuff in the system. Now, 967 00:40:50,329 --> 00:40:51,606 let me tell you what this is gonna 968 00:40:51,606 --> 00:40:52,483 do for the banks, 969 00:40:53,693 --> 00:40:55,067 you're gonna get a lot of banks 970 00:40:55,520 --> 00:40:57,664 slowly getting out from being underwater on their 971 00:40:57,664 --> 00:40:58,538 bond portfolio. 972 00:40:59,809 --> 00:41:01,238 If this holds, 973 00:41:02,289 --> 00:41:02,688 Mh. 974 00:41:03,168 --> 00:41:04,686 And and I'm a tell you if it 975 00:41:04,686 --> 00:41:06,145 holds is is 976 00:41:06,844 --> 00:41:09,001 a month from now, if we see the 977 00:41:09,161 --> 00:41:09,661 Cpi. 978 00:41:11,414 --> 00:41:11,914 Staying 979 00:41:12,215 --> 00:41:12,934 around 0. 980 00:41:14,215 --> 00:41:17,015 They won't wait for 3 months. People will 981 00:41:17,015 --> 00:41:18,775 begin to say, hey, this is starting to 982 00:41:18,775 --> 00:41:19,575 happen. Yeah. 983 00:41:20,628 --> 00:41:21,662 So listen, 984 00:41:22,697 --> 00:41:24,289 I don't know who you are out there, 985 00:41:24,527 --> 00:41:25,244 who's listening, 986 00:41:25,801 --> 00:41:27,472 come see us. If you... It's... 987 00:41:28,838 --> 00:41:32,411 It's important. We know something about this type 988 00:41:32,411 --> 00:41:33,284 of investing. 989 00:41:34,078 --> 00:41:36,637 Do we know that much about which tech 990 00:41:36,637 --> 00:41:37,994 stock to own? No. 991 00:41:39,192 --> 00:41:41,847 It's usually just a kind of a dart 992 00:41:41,985 --> 00:41:42,485 thing 993 00:41:42,863 --> 00:41:43,900 because there's not a lot of... 994 00:41:44,869 --> 00:41:47,330 Real super analysis that goes into some of 995 00:41:47,330 --> 00:41:48,918 that stuff, but we have done a lot 996 00:41:48,918 --> 00:41:49,632 of analysis, 997 00:41:50,427 --> 00:41:51,458 surrounding interest rates, 998 00:41:52,510 --> 00:41:53,010 surrounding 999 00:41:53,789 --> 00:41:53,949 duration, 1000 00:41:55,309 --> 00:41:58,190 and and and these areas are something that 1001 00:41:58,190 --> 00:41:59,789 we know something about. And if you have 1002 00:41:59,789 --> 00:42:00,510 a retirement, 1003 00:42:02,525 --> 00:42:05,644 portfolio that needs not only to produce growth, 1004 00:42:05,804 --> 00:42:06,625 but also, 1005 00:42:09,085 --> 00:42:10,284 income and dividends, 1006 00:42:11,099 --> 00:42:11,599 then 1007 00:42:12,058 --> 00:42:13,017 you should talk to us. 1008 00:42:13,976 --> 00:42:15,115 And and this is 1009 00:42:15,574 --> 00:42:18,710 this is an environment where it's friendly for 1010 00:42:19,260 --> 00:42:21,163 income investing. You know, it has been for 1011 00:42:21,163 --> 00:42:23,383 the last year and a half. You're seeing 1012 00:42:23,383 --> 00:42:25,072 things that were yielding 1013 00:42:25,444 --> 00:42:28,713 3 percent go to 5 percent, meaning the 1014 00:42:28,713 --> 00:42:31,175 price of the stock had gone down. If 1015 00:42:31,175 --> 00:42:32,231 you can extrapolate, 1016 00:42:35,244 --> 00:42:36,864 If you can extrapolate 1017 00:42:39,324 --> 00:42:39,824 0 1018 00:42:40,525 --> 00:42:41,405 on inflation, 1019 00:42:42,776 --> 00:42:44,231 versus 04:19 1020 00:42:46,037 --> 00:42:47,572 on a 10 year treasury 1021 00:42:49,554 --> 00:42:50,592 something's gonna change. 1022 00:42:52,430 --> 00:42:53,708 It ain't the inflation rate. 1023 00:42:55,066 --> 00:42:56,205 I mean, because 1024 00:42:56,598 --> 00:42:58,909 typically, risk free rate of return where they 1025 00:42:58,909 --> 00:43:01,298 like to see 3 percent over inflation, something 1026 00:43:01,298 --> 00:43:01,697 like that. 1027 00:43:02,494 --> 00:43:04,326 I mean, yeah, 2 2 to 3 somewhere 1028 00:43:04,326 --> 00:43:04,804 that. 1029 00:43:05,282 --> 00:43:05,782 So 1030 00:43:06,172 --> 00:43:07,623 let's say we get a rally 1031 00:43:08,628 --> 00:43:10,633 where the 10 year gets the green light 1032 00:43:11,322 --> 00:43:12,431 to rally some more. 1033 00:43:14,119 --> 00:43:16,296 And we think, oh, we're gonna stay 1034 00:43:17,314 --> 00:43:19,152 inflation is really the bottoms dropping out of 1035 00:43:19,152 --> 00:43:19,311 it. 1036 00:43:21,400 --> 00:43:23,546 It's gonna be... You're changing that 4 to 1037 00:43:23,546 --> 00:43:24,898 a 3. Mh. 1038 00:43:25,534 --> 00:43:27,044 And ain't gonna be a 04:18 it's gonna 1039 00:43:27,044 --> 00:43:27,839 be 03:18. 1040 00:43:28,157 --> 00:43:30,581 Yep. So the the point is folks 1041 00:43:31,673 --> 00:43:34,243 get ready. This could come quicker and harder 1042 00:43:34,937 --> 00:43:35,812 than you imagine. 1043 00:43:36,847 --> 00:43:38,041 Call us. Listen. 1044 00:43:40,289 --> 00:43:44,197 Just call us. 8 5 help 3304 1045 00:43:44,197 --> 00:43:46,590 hundred. You can also schedule an appointment directly 1046 00:43:46,590 --> 00:43:48,599 on the homepage page of our website. At 1047 00:43:48,599 --> 00:43:50,036 to pre financial dot com. 1048 00:43:51,313 --> 00:43:53,628 Come see us. If I do not have 1049 00:43:53,628 --> 00:43:55,942 a plan for inflation and what how to 1050 00:43:55,942 --> 00:43:56,501 deal with this? 1051 00:43:57,474 --> 00:43:59,308 We do. So we can tell you, we 1052 00:43:59,308 --> 00:44:00,903 can tell you what we think will happen. 1053 00:44:01,063 --> 00:44:03,557 And if how to position your portfolio 1054 00:44:04,014 --> 00:44:05,769 in the event that that comes to pass, 1055 00:44:05,928 --> 00:44:07,459 like we think it's going to happen and 1056 00:44:07,459 --> 00:44:07,698 so, 1057 00:44:08,416 --> 00:44:10,172 we have some good information for you even 1058 00:44:10,172 --> 00:44:12,407 if you want, just to have your second 1059 00:44:12,407 --> 00:44:14,961 opinion on of what you currently have, we're 1060 00:44:14,961 --> 00:44:16,967 glad to do that. Never hurts to have 1061 00:44:16,967 --> 00:44:18,795 another set of eyes on your portfolio. 1062 00:44:19,271 --> 00:44:20,384 Or a set of eyes. 1063 00:44:21,099 --> 00:44:23,642 Either way, 3 sets of us. Sharp eyes. 1064 00:44:23,880 --> 00:44:24,119 Yeah. 1065 00:44:25,009 --> 00:44:26,628 Or us also 1066 00:44:27,886 --> 00:44:29,884 that are fluid and change with the times. 1067 00:44:30,603 --> 00:44:33,240 Call us 85923304 1068 00:44:33,240 --> 00:44:35,172 hundred go to our webpage page do pre 1069 00:44:35,172 --> 00:44:37,251 financial dot com schedule an appointment directly on 1070 00:44:37,251 --> 00:44:37,970 our homepage. 1071 00:44:38,849 --> 00:44:40,767 You've been listening to the Tom D show 1072 00:44:40,767 --> 00:44:42,525 with Mike Johnson, Chad Stu. 1073 00:44:43,099 --> 00:44:44,456 And our host Tom Du. 1074 00:44:45,891 --> 00:44:48,046 We appreciate you listening to the financial hour.