The cards I'm playing.
Can't pretend there's any
in and the things I'm saying,
but I'm in June.
I riding
I'm
in june
and I'm on a
Got it here in my
Welcome to the Tom D show for our
financial hour.
We're brought to you by the pre financial
group where we make your money work for
you. Joining us, Mike Johnson, Chad S, and
here is our host, Tom.
So what it turn it up a little
bit. So what I
said in the first
How are we were talking about food and
Heat townsend.
That this is from the album called who's
next?
Came out about 19 71,
I would say right. And
I think this is the best rock and
roll album.
I know what
just in terms of every song.
And
the more you listen to the who
you really
realize
it's all about Keith Moon.
Without Keith Moon playing the drums.
It's nowhere near to the same group. I
mean, he counts as a good rider.
Don't get me wrong.
We played 1 of his
songs earlier,
but
It's not near the same
thing.
When he's doing a solo
piece,
and a song that the who's doing
with Keith Boone playing the drums. Yeah. You
know? He died
young.
Really young. I think it's was 28. So...
Okay.
Alright. That's just
the way it is with them. I mean,
And
as we
played earlier, that is...
If if you want,
something that guys are interested in.
That their music is written to guys. It
it just is.
In my opinion.
Like,
Z, they stopped. They they they dis
after John Bottom died. Because that's... That was
kind their take. You know, you you couldn't
can't replace it it was the same thing.
Yeah. He couldn't keep doing it. Just because
it this just wouldn't be the same thing.
Have you ever heard...
Joe Walsh talking about trying to keep up
with Keith Moon.
I've
I've heard
or I've read little bits and pieces of
it. Couldn't do it. Yeah. It basically
it's what app. Yeah. And he's alive now
and and Keith Moon is.
So
that that might have been good.
You know, that he couldn't. So
But
anyway,
Alright. You guys have something you wanna discuss
and quite frankly, I'm all in the dark.
Oh, wait a minute here we go.
It's
that's the 1 about the guy that I
sent you this morning. Yeah. So there's a
95 year old man up, and
up in
Minnesota.
He's still a car salesman.
He's been a car salesman for something like
70 years.
And he still does it. And he's 95.
95 and still selling cars.
Now,
does that mean
we want all our
retirement clients.
To still be doing what they do.
The answer is yes, if you still like
it. Yeah. You should have
the
permission
To keep doing what you wanna do, there
is nothing that says, oh,
age 72 or whatever age. You gotta be
out of your job.
I don't agree with that, and I don't
intend to pay attention to it myself.
So,
I think that it's a great thing for
people. Yeah. And if and and the guys
were saying,
at the car lot, they said, we love
having him here. You know?
There was a guy. Gonna tell you this
story and then you can talk about it.
When I lived in Houston,
and I was in the investment business, and
a lot of the firms were still downtown
back then.
And 1 of the firms was called Ef
f Hut.
And Ef Hut was a pretty well known.
Wall Street
firm, You know, they were they were considered
1 of the top 10
anyway. Wouldn't you
say that, Chad. I mean, Hut would have
absolutely. Yeah. So anyway, there was an older
guy
named Charlie Pierce.
Charlie Pierce was a broker
with ef hut.
Charlie Pierce came in every day.
Charlie Pierce died at his desk
at age 96.
Wow.
Got a coat and tie what put on
is, you know, dressed up,
came in.
Everybody dressed up back then. You know, they...
People wore nice suits, coats and ties,
come into the office.
Talk to clients. It was... I remember where...
I remember where their office was,
in the Houston Club building.
And
you know, he
he came into work every day at age
96.
Mh. Downtown, Houston.
So this thing this kind of stuff goes
on. Yeah. Absolutely. Not a lot, but it
does. Mh.
But there's...
Couple things that he says, you know, pretty
insightful here.
So they're asking me a, why why are
you still doing this? He says, I can't
sit at home and watch Tv every day.
I can't do that.
But III like this quote. He says,
it's just fun getting used to it. And
a lot of technology in these new units
he's talking about cars are is unbelievable.
And a lot of guys. And he's getting
to see that. Yeah. In his lifetime. And
he says, a lot of lot of the
people don't understand it at all. I don't
understand at all. But I have a couple
of young guys that helped me with some
of these details. So what he's talking about
there is 2 things, learning and come writer.
Yes. Oh, yeah. Yeah. Those 2 things right.
And so he's he's at 95
still learning. A new technology Yeah. It's like
that in in any industry. I mean, you
think think of our industry. Well, I mean,
the the stock market, there's certain the laws
that govern,
but
things change
constantly Sometimes times you gotta go back,
like, the trading desk
bond. What's a bond? Yeah. Yeah
Some of these people they lose.
They don't know what some of the old
things are, and they have to go relearn
them. Yeah.
Well, and, you mean, you think
you think about what he's seen. You know,
he's been in the business,
you know,
under the hood,
so to speak. And he
he has seen the evolution of car. So
you think about him as a salesman
Right, in that industry. Right? So a salesman
has to
describe
to the buyer, what it is they're buying.
Yeah. And he has to be very
knowledgeable.
About the product. And if he doesn't fully
understand
the new technology, then he's gotta find somebody
to help him describe it. Yeah? And
because, you know, he's he's learning this new
technology built on the old knowledge,
he can actually give more context to it
in these young guys. Absolutely. Because the young
guys coming up. They're like, hey, it does
this. You put... You know, you you... It
it has, you know, the touch screen and
whatever the new technology is on the car,
but he can come in and say, yeah.
It has this, and this is where it
came from. This is why they're doing it.
And so he he had... He sees the
big picture. You know, the context of it.
He can say I remember when we first
got cars. Yeah. Yeah
we used used to have to, you know,
feed them, You know, it was pulling a
buggy, You know, kind of thing. But he
he can he rank him. Yeah. He can
put it in context
and he's building on that knowledge base. And
and so, I mean, it's... What he's doing,
he's doing it because he wants to. Because
he says this later on. He says, I'll
keep going as long as I can. And
like I say, I've been been here and
when he says here at this 1 particular
dealer.
For 36 years. And if I didn't like
it, I wouldn't have to be here that
long. Right. So he has the freedom
to stop if he wants to. And so
that's that's what we've we're always talking about
on the show is having
the freedom
to do what you wanna do when you
get to the age,
age of, quote unquote, retirement,
It's just flexibility.
You know why they had to crank the
old model t's.
They didn't have batteries.
It's a magnet thing. And it would build
up a charge,
which could then throw a spark across the
in, you know, spark plug...
They probably only add 2 or 3 cylinders
if that. Yeah. Maybe 1. I don't know.
But it was
you didn't have batteries back then. Nobody made
those kind of batteries. No.
Well, I think just expo on the...
Enjoyment, He gets from it. He said he
stayed in the business
for the people and the connections he makes.
I mean, he he just enjoys like he
people seeing people and he said,
he has a good following. He said he
he dislikes it. It's kinda fun. So
he wouldn't keep doing it if he didn't
like it. So I mean, that's the thing.
I mean, if you... If it's enjoy... If
it's enjoyable to you, then it's not work.
I mean, it's something she does because he
enjoys it, and he just happens to make
some money doing it. So Yeah. That's the
important thing is having the... If ability to
do something you enjoy. And ideally,
what you enjoy also pays some bills. And
Right. Well, and and gives you some happiness
gives you some fulfillment. There were guys,
I worked around different brokerage offices
in my career.
And
you know, there were guys in there that
probably should've have retired a long time ago.
But they liked coming in because they liked
being a part of the office.
They liked
the cam router, you probably saw some of
those gas chad when you were in the,
brokerage industry, better around it and seen it.
And you know what I'm talking about.
We had an older guy work here for
a while, and he would sometimes fall asleep.
And
but it was kinda...
You know, it was it was good having
a person that was older
and
that
the thing that we do
in this business
at the pre Group. Yes,
we're involved
in retirement investing,
and that's how we get paid. But some
of the things we do around it
involve sort of quality of life kind of
things. And a little bit of counseling along
those lines
purely based upon our experience
of what we've seen with other people. So
therefore,
we speak of knowledge that we've gained by
doing this business,
and
it doesn't help you
if you've got
a lot of money in your retirement account,
but you don't have good quality of life.
You know, you're... You've got this
isn't good or that.
And whatever things you're able to do
to
sort of increase and protect
your quality of life is a good thing.
Yeah.
Actually, I had a another article that... I
mean, it was amazing how this 1 went
with it.
It it's talk... It's it's a it's called
the happiness paradox
And what it what it follows... It was
a Harvard study,
they're studying happiness in people. It was over
an 80 80 plus year period.
And there were
2 individuals.
1 of them,
his name was John.
And he grew up in a wealthy family,
went to Harvard educated, became a successful lawyer.
There was another 1.
And
his last name was
Dam marco, Leo D marco.
And he also went to Harvard wanted to
be a rider, but he changed and it
became
teacher.
And they studied, it was an annual survey
that they did of happiness.
And over that period,
the attorney,
John,
Mars,
he was the most successful of all of
them in the group.
And,
financially,
but he was the least
happy of all of them. And then the
1 that became the teacher, the study, he
was the happiest,
and they were, you know, dissect, you know,
why that was, and really what it boiled
down to was
relationships. Yeah. And it was, you know, business
relationships,
family
relationships.
And that was 1 of the defining characteristics
of happiness.
And it it it wasn't
necessarily
the value of the account because
I like 1 of the 1 of the
researchers,
and 1 of his...
When he went to visit the teacher, he
came out, and he wrote it down. He
said, I came away from our visit with
the impression that the subject was well, somewhat
ordinary. Yeah.
But he was... It was a fulfilling life.
It was happy. And that's what we've seen
with our clients,
you... I mean, it it run runs the
gamut in terms of size of portfolio. Yep.
But
that the happiest?
Not
at all a determinant of happiness. Right. Size
of the pool. Size of the portfolio? It's
it's
what... It's really it gets down to. Are
you able to accomplish
what your goals are. Right. And what of
our... Our our clients have tasked us
specifically with
help me accomplish my goals. Yep. That's what
they want. When it comes down to it,
that's what they want.
We don't have people coming in, say, get
me the highest rate of return possible. That's...
I can't think of that happening.
What they're wanting, they want,
based on
their goals, based on where they are in
life, based on their fears and these different
things,
create something for us that's sustainable,
create an income stream
and
something that they can understand to whatever degree
they want to understand right. And that... That's
how... That's the quality of life we're talking
about.
And so it's
it's not determined by the value of the
account. It's determined by what you're wanting to
accomplish. And when we're... You know, we can't
decide that for our clients that's something you
have to decide.
But when you're communicating to a safe. Okay.
These are some things that, you know, I'd
like to do it It might be, you
know, to have a high income. It might
be to grow a portfolio and leave it
to airs. It might be this or that.
And then
because it's not an off the shelf
approach. Yep. We can
adjust it and tailor it for what they're
looking for. Here's another thing,
we were just talk I was just talking
to somebody about this, and we talk about
it frequently.
The way we invest a portfolio.
You're not in proprietary products. You're in publicly
traded,
stocks and bonds that
trade every day.
Your money's is not stored away and some
hard to get to
annuity
where you gotta talk to 5 people and
submit a surrender form and all that. It's
in an account with a large well known
custodian,
brokerage account.
Could be transferred
if you
didn't like us anymore
And and I this is a naked sales
pitch right here. So just realize that that's
what I'm doing.
But it... What you said made me think
of it.
Some people, I think are re to call
us because they think you know, my money's
is with
Merrill Lynch or Bank of America or
Chase or, you know, you P c.
They're big outfits.
They're a tiny outfit. If they went under,
I couldn't get my money. No. That's not
true.
We keep the money of our clients with
a very large custodian,
and that's always your money, not ours. It's
just something I wanted to
kinda make a note of because
when we're trying to market,
we're having to explain a lot of
kinda intangible things to our clients
about their experience with us, and we gotta
be real specific about it because That might
be sticking in somebody's mind as to why
they're
concerned about investing with a smaller firm, but
they don't even know how to put it
in words. Yeah.
Well, and, I mean, to that same point,
when you talk about accountability a bit or
a relationship. You know, this... It's a bad
relationship, having that trust,
But it's not only a relationship is the
ability to execute on a large scale and
to keep up with the big boys in
terms of... A technology and the things that
you can provide people. Right. You know, we
we provide a brokerage statement that's just technological
lee up to date as anybody else's plus
Webex and Right. What's and that's not d
pre,
financial groups con. That's
that is done by our large custodian. Right?
And and it's accountability.
To accountability at at the large firms because
there's no... You don't have that personal relationship.
There is no accountability and if something... We
give you the technology of the large firm
with the accountability a small firm. Right. Right.
And just, you know, that's...
Important. Not important for everybody, but it's important
for people that wanna come and talk to
us. So
we like that element of what we do.
Mh.
We also like the person that runs our
board,
and does...
Turns the music on when you're ready to
go right? We... That that is something we
like.
Thank you very much.
So thankful to be included in that conversation.
You've been listening to the Tom Show with
Mike Johnson, Chad S our host Tom Free
brought to you by the pre financial group
where we make your money work for you.
If you would like to come see us,
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Schedule an appointment. It's du pre financial dot
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Welcome back to the Tom Show for the
financial hour brought to you by Pre financial
group where we make your money work for
you. Joining us. Mike Johnson.
Chad Stu,
and here is our host, Tom Decree.
So this is a guy named Nikki Hopkins.
Who just was playing the piano
on the song we just played by the
who.
Nikki Hopkins was the quintessential
session man.
This song is called waiting for the band.
So he's sitting in the studio,
waiting for the band to show up that
he's getting ready to play with, and it
could have been
any of
a number of these bands that I'm just
gonna recite to you
with whom he play.
Rolling stones,
the kinks,
the who,
the beatles,
the Steve Miller band,
Jefferson airplane,
Rod Stewart, George Harrison John Lennon, Paul Mccartney
Ringo star,
the Holly,
Katz Stevens Carly Simon, Harry Nelson Joe Walsh,
Peter F, Jerry
Garcia,
Jeff Beck, Joe Cock, Art ga.
Bad finger,
Graham Parker,
Gary,
moore,
quick silver messenger service
and Donovan.
Wow Who remembers Donovan.
I think probably
how many what percentage of those have you
featured on the Tom Show a lot. Quite
a few. Yeah. So that's Nikki Hopkins?
He died at age 50,
after having been on a lot of people's,
albums.
And
I always thought, you know, who's this Nikki
Hopkins guy?
He's kind of a
in in in my mind, he's
Who's a guy we played
last week. Neil Lo. He's a he's a
little bit of a a Neil Lo type
guy. Who played on a lot of people's
albums, but was rarely the headline guy. Yeah.
You know. And
but he really played on some. Yeah. That's
a big list of sure did. That's a
big list of people. Yeah. So,
you know, and and the the session man,
the the session... See typically,
he would,
probably just get paid by the hour.
Mh.
And he's not gonna get any royalties on
the album if it does well.
He just a session guy unless he cut
some kind of deal.
He may have on some of these things.
But
the session guys would gut it out, play
the music. Sound just as good as the
band members, and and I'd get paid that
much. But a lot of times they're were
actually better musicians.
To oh, they are. Yeah.
Steele dan did
all their saw... Their
albums with session musicians. Brought them in. Yeah.
You know? And and maybe that was
because Donald Fa and Walter Becker were kinda
smart. It's like, you know, we're we're the
only 2 people that are gonna split this
pod. Here, we're just gonna pay the session
musicians on a sure. Per
you know,
per song basis. Yeah. It says Nikki Hopkins
played with the stones from 71 to 73,
and he... That would have been on sticky
fingers. Yep. And he so
said he was suffered from Ill Health and
wasn't able to keep up with the stones
exploits northern demanding towards scheduling touring schedule.
So they replaced him with Billy Preston, and
then finally chuck Poor Billy Preston died too.
Yep. Yep. But All, all good. They've all...
And he played with the Almond brothers,
check level data. I mean... They all... These
small
He's got a big
quail plantation down in Georgia.
You can actually go Quail hunting I mean,
it's got, like, 10000 at, 5000 acres when
somewhere down in Georgia. The guy lives... He's
he's kind of a country musician or country
gentleman,
and
he is very...
I'm sure he doesn't play every
date that the stones play.
He he probably plays when he wants to.
They're not playing them many dates these days
way in their in their age. They just
were... Yeah. I think they were in Las
Vegas or somewhere for
you know, for 2 or 3... 1 of
those residences
that they do. Mh. Somebody does.
Alright. What do you got? So,
what we were talking about last time. So
our job is to help our clients
fulfill their goals.
And
our investment approach is... I mean, it is
focused
extremely focused on producing that income stream. For
our clients, because that's what the majority of
our clients have tasked us with. Now we
have some clients that aren't taken the income,
so the income just reinvest back in for
growth
but they want that level level of
comfort, the level of understanding,
and they they like the investment approach. But
when we're talking about income, this this was
interesting. This was
research
done by First trust. And
it's looking at the the current dividend
yield,
kinda of profile of the market,
taken out by sectors.
So this was as of July eleventh,
the S and P 500, the index yield
was right about 1.3
percent.
And
out of the 503
companies in the S and P 500,
actually, 403
of them,
pay dividends.
K? Why are there 503.
I forget why to tier classes for a
couple of stocks that are grandfather in like
alphabet at
Google alphabet that. Yeah.
So it used to be higher than that,
but they had some
dual share classes get either booted or they
got rid of the dual share... Class.
So so the majority of companies out there
pay dividends,
and, you know, dividends,
this was... It's an updated number. So 37
percent of the total return of the S
and p 500,
from
19 27 through 20 23
came from dividends. K. So just 37... 37
percent over that
year.
And you've you read different, you know, time
periods and your 70 percent. Some time periods.
It's 60 percent. It just depends, but this
is looking at a, you know, very long
time frame.
But so... Okay. So 403
of the company's pay dividends.
So why not just own all 503 of
them, or if you could just buy the
403.
Why Not do that?
And
this cuts down cuts into
why that be gross.
That'd be too easy. Right? Now, the
because we know what it would be. The
average dividend would be without the dividend
non payers in there.
It's gonna boot it up. It booted at
around 1. Can get that on the S
and P website. On a monthly basis. It's
it's generally not that much higher.
That real standard Yeah. It's it's
I mean, I'm... It's not even 2 percent.
I mean, I think it's last I looked,
it was, like, in the 1 seventies and
1 eighties. Yeah. Yeah. So
when you're looking at it, still doing the
dow of the dog dogs of the dow.
I mean, is that... As far as I
know,
I mean, the first trust
that were the big p conveyor of it
years ago. I assume they still offer it.
Yeah.
That's it's not something I've used in a
while, though.
So when you're looking at, you know, the
dividend paying stocks.
It it's the same same... If you're just
looking for a good long term investment total
return. Yeah.
There's
there's some stocks in there that are paying
dividends that you don't wanna own. It could
be for a couple reasons
could be, hey, maybe the dividend isn't sustainable.
Yeah. It could be
you're paying... You know, you've you have a
a stock that's paying 1 percent. On the
dividend might be because the price is too
high. And so it's... You know,
and so you have to be selective on
what you own
because you know, a, you've got a certain
goal, and it might be to generate, you
know, 4 percent, you know, income, have a
withdrawal rate of 4 percent.
And,
you need something that's producing consistent income. And
when you're putting a portfolio together, our our
our portfolio has you know, somewhere around 30
different positions.
Some of those are high yielding
positions. We have a few that don't pay
dividends, and we have some that have grown
their dividend
consistently over a long period of time. And
you have to adjust that depending on what's
going on in the market, what's going on
with the client with there's particular need.
And so
anytime you do
is call it call it an index approach.
You know, like, the the real estate sector,
the real estate index is yielding 3.67
percent. This again, this was as of, you
know, July eleventh.
Utilities 3.3,
consumer staples, about 2.6.
So
what that what that's showing is that there's
embedded in that index. There's things that are
way too expensive,
and there's some things in there that are
gonna have
an outs sized dividend yield, which indicates that
they might have problems actually covering it. So
you you look at the dividend
payout ratio. All of these saying... This is
all stuff that we're doing,
when we're researching these companies,
because we don't wanna over pay, we wanna
have, you know, buy a good company at
a reasonable price, that's paying
paying a a reasonable
income. A reasonable it has a dividend yield
that's reasonable... What you need to do when
you're looking at a dividend,
a stock that pays a dividend.
Okay?
You... 1 of the things that you're going
to have to assume is it's in a
mature business.
What is a mature business? A business that
is probably
going to generate more cash
going forward?
Then it can deploy back into growing
its business.
It doesn't need to take all of its
earnings
and plow them back
into building the business and making the business
bigger. It's now generating
excess cash,
and even excess cash after tax
and getting it double tax when you pay
it out,
to the
shareholder.
An article
the other day.
The guy was complaining about how the oil
company he's reported 85000000000
dollars in private. Well, this is why we're,
you know, paying so much at the pump.
And I commented on it because it was
on Facebook. Because I said, well number 1,
the current
administration
has prohibited oil companies from... Building new refineries
and doing much in the way of
exploring for
oil and gas. Those are
ex things. So the oil companies, which really
ought still be growth companies
are now being forced to be treated like
mature companies. So they're paying things out in
dividends,
share buy backs.
Sometimes a highly regulated company,
gets regulated so highly that they can't invest
in growth your things,
throw money into there, and they just sit
there and pay dividends.
You gotta be careful
about buying a dividend paying company that's too
mature. Yeah. Because now,
you know, the likelihood
that,
you know, you're not gonna be able
to grow that dividend
because the
what grows a dividend?
A business is still growing.
Yeah. You know, and it's not going to
be able to do it if it's to
mature. And when it gets way too mature,
it's in runoff. Mh.
And that's how the tobacco companies are being
looked at right now.
Yep.
That's why we own them.
1 of them.
Oh, I just gave it away. But
We own that company because we think it's
gone way too far in terms of
being
undervalued. And the runoff is going to last
for very long time.
It's gonna last till the
last person quit smoked.
So
that's
that's sort of how you you you look
at a Google or let's just say some
company matt, I don't wanna use the word
Google, but some company that's are really up
and coming.
Growth company. It's almost a hundred percent guaranteed
that they're not going to pay a dividend.
Yeah.
What, I mean, talking about growth in, you
know, kinda old mature businesses.
There was an oracle a,
natural gas pipeline company.
That has had, you know, a big move
in the last
last week or so,
in in their in their earnings, this is
what was interesting.
The Ceo said,
The evidence over the last few months has
been clearly jaw dropping, and he's talking about
growing electricity demand.
He pointed to an increased
Consumption estimates in states such as Texas,
where the power grid operators forecasting peak demand
rise 78
percent by 20 30 from last year.
It's natural gas usage is likely to expand.
Utilities are on track to add a hundred
and 33 new natural gas plants.
A lot of this has to or a
big part of this has to do with
the the the demand for data centers, You
know, that's driving a lot of this, but
it's also
liquefied natural gas and exports.
All of this is driving it. And so
this is a what you would
consider typically a mature business
because it's it's a pipeline company. They just
move...
And natural gas.
And, you know, like, well, how how much
is that gonna grow?
If you have the infrastructure that's not built
out in the demand picks up, and it
exceeds what the infrastructure allows.
You're gonna have growth, and
talk about a moat around the business, you're
not gonna have another company come in
and
start putting this stuff down. It's gonna be
an established company. So what they all ready
have in the ground is valuable.
Right. And and rebuilt... Couldn't couldn't get it
back today. They've got as big a moat
around their businesses. Any business I know. And
a moat around new business, the expanding of
this business because who else who else can
do it. So it it's it's an old
boring business.
It's a very it's a repeatable type of
business, very consistent.
The dividend has been very consistent.
And and so when you're looking at something
we own. Yes.
And we we own a couple.
And so
when you're when you're trying... You're matching up
with a with a portfolio
to a client,
you're matching up
assets and liabilities is what you're trying to
do. That the the liability,
cash flow liabilities in this sense,
are
monthly withdrawals or regular
withdrawals, cash flow needs, and you're trying to
match that with
in this case, a company that has a
consistent business pays a consistent dividend. You're you're
matching those 2 things.
And so thing is
That business is very simple.
Yeah. It has almost no moving parts. Literally,
yeah. The business itself is static. Sits there
and conducts
gas from 1 part of the country. The
only thing that moves
is not the business. It's what the business
is transporting.
Yeah. Which is gas,
and in and in some cases oil. And
that is a recipe for a really good
business.
If it's a business that
literally has
few moving parts. Yeah.
And
it gets down to portfolio construction too because
It's not like the portfolio is all in
this business
1 thing. You you have to have consistent
parts of, you know,
consistent businesses is being part of it, consistent
dividends.
You have to have other areas that are
more growth oriented because you have inflate... You
know, And so all of that it comes
down to the portfolio construction.
Our job is to actually get that in
place and to...
Communicate that with the client so that they
understand what's going on with their money. The
thing is
this
portfolio that we have took a long time
to build.
And we made little foray raise into this
into that. We tried things. Lots of stuff.
It's our cue.
We we did things
over the the years
that
you know,
some of it
really didn't work that well. Yeah. But it
was
on the way
to learning how to do
the portfolio the way we knew it was
gonna be right.
Investment business is no different than many other
businesses is there may be 15
ways to do something.
And you try 14 of them and they
don't work as well. You're left with the
final 1 by the process
of elimination. It can take a while.
Things do.
But
when you... And things change.
The quality does not change. No. The the
the approach and our approach,
which has been
driven
by our experiences.
It results in our approach,
which
is
gonna be consistent from 1 year to the
next,
Fairly consistent. Yep. The things that change are
obviously, share prices
companies can change
stuff like that. I wouldn't shutting you down
completely.
I'm used to it. Yeah.
Well, along the way, we've had things that
have gone right too though. I mean, that
counters the ones that haven't gotten well, we've
had some stuff it's performed way better than
we ever had. We've got 1 company we're
looking at right now. Maybe getting back into,
if We owned it before, and I think
about 7 years ago, we sold it in
the eighties
share price eighties.
And now it's in the low thirties. Yeah.
And it's been there a while. Yeah.
Warren Buffett was involved then it it was
a merger that 1 of the few warren
Buffett deals it.
Really didn't work well.
And, you know, we might get back into
it again. It's a food company. But the
point is
we don't say no to any kind of
thing,
and and even to revisiting something, if it's
a company we've owned in the past,
We sold it at a higher price, come
back into it,
because what what we're talking about is not
a...
Product, if you will, A process.
You know, it... It's it's an approach. It's
a process approach. Yeah. And process in the
process. Yeah.
The the the approach that we take
is that we'll buy anything
if we think
that it's the right thing to buy.
So...
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