1 00:00:18,136 --> 00:00:19,884 The cards I'm playing. 2 00:00:22,283 --> 00:00:24,057 Can't pretend there's any 3 00:00:24,671 --> 00:00:27,138 in and the things I'm saying, 4 00:00:28,253 --> 00:00:29,685 but I'm in June. 5 00:00:31,755 --> 00:00:32,746 I riding 6 00:00:35,337 --> 00:00:35,837 I'm 7 00:00:36,289 --> 00:00:37,185 in june 8 00:00:38,826 --> 00:00:40,294 and I'm on a 9 00:01:37,881 --> 00:01:39,808 Got it here in my 10 00:02:01,117 --> 00:02:03,133 Welcome to the Tom D show for our 11 00:02:03,192 --> 00:02:03,751 financial hour. 12 00:02:04,309 --> 00:02:05,905 We're brought to you by the pre financial 13 00:02:05,905 --> 00:02:07,661 group where we make your money work for 14 00:02:07,661 --> 00:02:11,185 you. Joining us, Mike Johnson, Chad S, and 15 00:02:11,185 --> 00:02:12,461 here is our host, Tom. 16 00:02:13,419 --> 00:02:14,854 So what it turn it up a little 17 00:02:14,854 --> 00:02:16,152 bit. So what I 18 00:02:16,768 --> 00:02:17,827 said in the first 19 00:02:18,378 --> 00:02:20,791 How are we were talking about food and 20 00:02:21,566 --> 00:02:22,283 Heat townsend. 21 00:02:23,001 --> 00:02:25,312 That this is from the album called who's 22 00:02:25,312 --> 00:02:25,551 next? 23 00:02:26,282 --> 00:02:28,349 Came out about 19 71, 24 00:02:28,508 --> 00:02:30,415 I would say right. And 25 00:02:31,687 --> 00:02:33,436 I think this is the best rock and 26 00:02:33,436 --> 00:02:34,469 roll album. 27 00:02:35,996 --> 00:02:36,894 I know what 28 00:02:37,588 --> 00:02:39,420 just in terms of every song. 29 00:02:40,455 --> 00:02:40,955 And 30 00:02:41,490 --> 00:02:43,185 the more you listen to the who 31 00:02:44,294 --> 00:02:45,034 you really 32 00:02:46,451 --> 00:02:46,951 realize 33 00:02:48,688 --> 00:02:50,205 it's all about Keith Moon. 34 00:02:52,211 --> 00:02:54,199 Without Keith Moon playing the drums. 35 00:02:55,232 --> 00:02:57,299 It's nowhere near to the same group. I 36 00:02:57,299 --> 00:02:59,604 mean, he counts as a good rider. 37 00:03:00,494 --> 00:03:01,369 Don't get me wrong. 38 00:03:02,323 --> 00:03:03,619 We played 1 of his 39 00:03:05,267 --> 00:03:06,301 songs earlier, 40 00:03:07,096 --> 00:03:07,389 but 41 00:03:08,789 --> 00:03:11,289 It's not near the same 42 00:03:12,550 --> 00:03:12,949 thing. 43 00:03:14,469 --> 00:03:16,009 When he's doing a solo 44 00:03:16,310 --> 00:03:16,550 piece, 45 00:03:17,523 --> 00:03:19,538 and a song that the who's doing 46 00:03:20,235 --> 00:03:23,185 with Keith Boone playing the drums. Yeah. You 47 00:03:23,185 --> 00:03:24,562 know? He died 48 00:03:25,737 --> 00:03:26,056 young. 49 00:03:26,628 --> 00:03:28,536 Really young. I think it's was 28. So... 50 00:03:29,411 --> 00:03:29,649 Okay. 51 00:03:30,603 --> 00:03:32,534 Alright. That's just 52 00:03:32,908 --> 00:03:34,737 the way it is with them. I mean, 53 00:03:36,182 --> 00:03:36,682 And 54 00:03:37,055 --> 00:03:37,793 as we 55 00:03:38,563 --> 00:03:39,833 played earlier, that is... 56 00:03:41,182 --> 00:03:42,373 If if you want, 57 00:03:43,819 --> 00:03:46,139 something that guys are interested in. 58 00:03:47,260 --> 00:03:49,659 That their music is written to guys. It 59 00:03:49,659 --> 00:03:50,620 it just is. 60 00:03:52,785 --> 00:03:53,581 In my opinion. 61 00:03:54,932 --> 00:03:55,091 Like, 62 00:03:56,284 --> 00:03:58,931 Z, they stopped. They they they dis 63 00:04:00,114 --> 00:04:02,575 after John Bottom died. Because that's... That was 64 00:04:02,575 --> 00:04:04,742 kind their take. You know, you you couldn't 65 00:04:05,195 --> 00:04:06,703 can't replace it it was the same thing. 66 00:04:07,434 --> 00:04:10,012 Yeah. He couldn't keep doing it. Just because 67 00:04:10,471 --> 00:04:11,829 it this just wouldn't be the same thing. 68 00:04:13,027 --> 00:04:13,986 Have you ever heard... 69 00:04:15,916 --> 00:04:19,007 Joe Walsh talking about trying to keep up 70 00:04:19,007 --> 00:04:20,434 with Keith Moon. 71 00:04:21,306 --> 00:04:21,806 I've 72 00:04:22,337 --> 00:04:22,996 I've heard 73 00:04:23,305 --> 00:04:25,544 or I've read little bits and pieces of 74 00:04:25,544 --> 00:04:27,884 it. Couldn't do it. Yeah. It basically 75 00:04:28,425 --> 00:04:31,785 it's what app. Yeah. And he's alive now 76 00:04:31,785 --> 00:04:33,312 and and Keith Moon is. 77 00:04:33,869 --> 00:04:34,369 So 78 00:04:34,823 --> 00:04:36,017 that that might have been good. 79 00:04:36,892 --> 00:04:38,505 You know, that he couldn't. So 80 00:04:39,292 --> 00:04:39,792 But 81 00:04:40,324 --> 00:04:40,562 anyway, 82 00:04:41,434 --> 00:04:44,053 Alright. You guys have something you wanna discuss 83 00:04:44,053 --> 00:04:46,115 and quite frankly, I'm all in the dark. 84 00:04:46,274 --> 00:04:47,385 Oh, wait a minute here we go. 85 00:04:48,357 --> 00:04:48,757 It's 86 00:04:49,954 --> 00:04:51,790 that's the 1 about the guy that I 87 00:04:51,790 --> 00:04:53,706 sent you this morning. Yeah. So there's a 88 00:04:53,706 --> 00:04:55,781 95 year old man up, and 89 00:04:57,228 --> 00:04:57,783 up in 90 00:05:00,080 --> 00:05:00,476 Minnesota. 91 00:05:01,427 --> 00:05:03,591 He's still a car salesman. 92 00:05:04,138 --> 00:05:06,611 He's been a car salesman for something like 93 00:05:06,611 --> 00:05:07,329 70 years. 94 00:05:08,445 --> 00:05:11,397 And he still does it. And he's 95. 95 00:05:11,716 --> 00:05:13,550 95 and still selling cars. 96 00:05:14,280 --> 00:05:14,596 Now, 97 00:05:15,943 --> 00:05:16,919 does that mean 98 00:05:17,686 --> 00:05:18,900 we want all our 99 00:05:19,430 --> 00:05:20,301 retirement clients. 100 00:05:21,189 --> 00:05:23,183 To still be doing what they do. 101 00:05:23,901 --> 00:05:26,294 The answer is yes, if you still like 102 00:05:26,294 --> 00:05:28,309 it. Yeah. You should have 103 00:05:28,686 --> 00:05:29,186 the 104 00:05:30,521 --> 00:05:30,975 permission 105 00:05:32,691 --> 00:05:34,766 To keep doing what you wanna do, there 106 00:05:34,766 --> 00:05:37,001 is nothing that says, oh, 107 00:05:37,959 --> 00:05:40,930 age 72 or whatever age. You gotta be 108 00:05:40,930 --> 00:05:41,730 out of your job. 109 00:05:43,490 --> 00:05:45,649 I don't agree with that, and I don't 110 00:05:45,649 --> 00:05:47,490 intend to pay attention to it myself. 111 00:05:48,464 --> 00:05:48,785 So, 112 00:05:49,745 --> 00:05:52,064 I think that it's a great thing for 113 00:05:52,064 --> 00:05:55,345 people. Yeah. And if and and the guys 114 00:05:55,345 --> 00:05:55,904 were saying, 115 00:05:57,276 --> 00:05:58,947 at the car lot, they said, we love 116 00:05:58,947 --> 00:05:59,981 having him here. You know? 117 00:06:00,936 --> 00:06:02,926 There was a guy. Gonna tell you this 118 00:06:02,926 --> 00:06:04,279 story and then you can talk about it. 119 00:06:06,444 --> 00:06:07,640 When I lived in Houston, 120 00:06:08,598 --> 00:06:10,513 and I was in the investment business, and 121 00:06:10,513 --> 00:06:12,608 a lot of the firms were still downtown 122 00:06:12,747 --> 00:06:13,305 back then. 123 00:06:14,434 --> 00:06:16,502 And 1 of the firms was called Ef 124 00:06:16,502 --> 00:06:17,059 f Hut. 125 00:06:17,855 --> 00:06:20,162 And Ef Hut was a pretty well known. 126 00:06:21,131 --> 00:06:21,950 Wall Street 127 00:06:22,564 --> 00:06:24,951 firm, You know, they were they were considered 128 00:06:24,951 --> 00:06:26,485 1 of the top 10 129 00:06:26,861 --> 00:06:27,918 anyway. Wouldn't you 130 00:06:28,228 --> 00:06:30,956 say that, Chad. I mean, Hut would have 131 00:06:31,013 --> 00:06:33,798 absolutely. Yeah. So anyway, there was an older 132 00:06:33,798 --> 00:06:34,298 guy 133 00:06:35,310 --> 00:06:36,822 named Charlie Pierce. 134 00:06:38,350 --> 00:06:39,886 Charlie Pierce was a broker 135 00:06:40,422 --> 00:06:41,378 with ef hut. 136 00:06:42,254 --> 00:06:44,246 Charlie Pierce came in every day. 137 00:06:45,531 --> 00:06:47,933 Charlie Pierce died at his desk 138 00:06:48,305 --> 00:06:49,651 at age 96. 139 00:06:50,048 --> 00:06:50,365 Wow. 140 00:06:52,361 --> 00:06:54,267 Got a coat and tie what put on 141 00:06:54,267 --> 00:06:56,015 is, you know, dressed up, 142 00:06:56,888 --> 00:06:57,365 came in. 143 00:06:58,715 --> 00:07:01,353 Everybody dressed up back then. You know, they... 144 00:07:01,989 --> 00:07:04,057 People wore nice suits, coats and ties, 145 00:07:05,092 --> 00:07:06,126 come into the office. 146 00:07:07,651 --> 00:07:10,191 Talk to clients. It was... I remember where... 147 00:07:10,588 --> 00:07:12,651 I remember where their office was, 148 00:07:13,207 --> 00:07:14,556 in the Houston Club building. 149 00:07:15,447 --> 00:07:15,926 And 150 00:07:16,484 --> 00:07:17,382 you know, he 151 00:07:18,238 --> 00:07:20,789 he came into work every day at age 152 00:07:20,789 --> 00:07:21,427 96. 153 00:07:21,667 --> 00:07:23,022 Mh. Downtown, Houston. 154 00:07:24,235 --> 00:07:26,715 So this thing this kind of stuff goes 155 00:07:26,715 --> 00:07:29,194 on. Yeah. Absolutely. Not a lot, but it 156 00:07:29,194 --> 00:07:29,915 does. Mh. 157 00:07:30,634 --> 00:07:31,275 But there's... 158 00:07:31,928 --> 00:07:34,156 Couple things that he says, you know, pretty 159 00:07:34,156 --> 00:07:34,713 insightful here. 160 00:07:35,907 --> 00:07:37,737 So they're asking me a, why why are 161 00:07:37,737 --> 00:07:39,745 you still doing this? He says, I can't 162 00:07:39,745 --> 00:07:41,504 sit at home and watch Tv every day. 163 00:07:41,745 --> 00:07:42,625 I can't do that. 164 00:07:43,824 --> 00:07:45,824 But III like this quote. He says, 165 00:07:46,479 --> 00:07:48,556 it's just fun getting used to it. And 166 00:07:48,556 --> 00:07:50,714 a lot of technology in these new units 167 00:07:50,714 --> 00:07:53,430 he's talking about cars are is unbelievable. 168 00:07:53,924 --> 00:07:55,443 And a lot of guys. And he's getting 169 00:07:55,443 --> 00:07:57,680 to see that. Yeah. In his lifetime. And 170 00:07:57,680 --> 00:07:59,278 he says, a lot of lot of the 171 00:07:59,278 --> 00:08:01,596 people don't understand it at all. I don't 172 00:08:01,596 --> 00:08:03,370 understand at all. But I have a couple 173 00:08:03,370 --> 00:08:05,449 of young guys that helped me with some 174 00:08:05,449 --> 00:08:07,529 of these details. So what he's talking about 175 00:08:07,529 --> 00:08:10,329 there is 2 things, learning and come writer. 176 00:08:10,584 --> 00:08:13,533 Yes. Oh, yeah. Yeah. Those 2 things right. 177 00:08:13,772 --> 00:08:17,061 And so he's he's at 95 178 00:08:17,677 --> 00:08:20,239 still learning. A new technology Yeah. It's like 179 00:08:20,239 --> 00:08:22,068 that in in any industry. I mean, you 180 00:08:22,068 --> 00:08:24,374 think think of our industry. Well, I mean, 181 00:08:24,454 --> 00:08:27,574 the the stock market, there's certain the laws 182 00:08:27,574 --> 00:08:28,214 that govern, 183 00:08:28,694 --> 00:08:29,194 but 184 00:08:29,574 --> 00:08:30,795 things change 185 00:08:31,574 --> 00:08:33,414 constantly Sometimes times you gotta go back, 186 00:08:34,294 --> 00:08:35,754 like, the trading desk 187 00:08:36,069 --> 00:08:38,640 bond. What's a bond? Yeah. Yeah 188 00:08:39,096 --> 00:08:40,690 Some of these people they lose. 189 00:08:41,327 --> 00:08:43,319 They don't know what some of the old 190 00:08:43,319 --> 00:08:45,391 things are, and they have to go relearn 191 00:08:45,391 --> 00:08:46,122 them. Yeah. 192 00:08:46,995 --> 00:08:48,606 Well, and, you mean, you think 193 00:08:48,979 --> 00:08:51,280 you think about what he's seen. You know, 194 00:08:51,439 --> 00:08:53,208 he's been in the business, 195 00:08:53,661 --> 00:08:53,978 you know, 196 00:08:54,709 --> 00:08:55,347 under the hood, 197 00:08:56,146 --> 00:08:58,242 so to speak. And he 198 00:08:58,700 --> 00:09:01,116 he has seen the evolution of car. So 199 00:09:01,335 --> 00:09:03,511 you think about him as a salesman 200 00:09:03,984 --> 00:09:06,558 Right, in that industry. Right? So a salesman 201 00:09:06,616 --> 00:09:07,515 has to 202 00:09:07,972 --> 00:09:08,472 describe 203 00:09:09,328 --> 00:09:11,561 to the buyer, what it is they're buying. 204 00:09:11,800 --> 00:09:13,656 Yeah. And he has to be very 205 00:09:14,446 --> 00:09:14,946 knowledgeable. 206 00:09:15,559 --> 00:09:17,968 About the product. And if he doesn't fully 207 00:09:18,104 --> 00:09:18,604 understand 208 00:09:18,979 --> 00:09:21,683 the new technology, then he's gotta find somebody 209 00:09:21,683 --> 00:09:24,425 to help him describe it. Yeah? And 210 00:09:25,436 --> 00:09:27,503 because, you know, he's he's learning this new 211 00:09:27,503 --> 00:09:30,047 technology built on the old knowledge, 212 00:09:30,699 --> 00:09:32,773 he can actually give more context to it 213 00:09:32,773 --> 00:09:34,767 in these young guys. Absolutely. Because the young 214 00:09:34,767 --> 00:09:36,761 guys coming up. They're like, hey, it does 215 00:09:36,761 --> 00:09:38,595 this. You put... You know, you you... It 216 00:09:38,595 --> 00:09:40,485 it has, you know, the touch screen and 217 00:09:41,003 --> 00:09:43,555 whatever the new technology is on the car, 218 00:09:44,113 --> 00:09:45,787 but he can come in and say, yeah. 219 00:09:45,947 --> 00:09:47,861 It has this, and this is where it 220 00:09:47,861 --> 00:09:49,535 came from. This is why they're doing it. 221 00:09:50,108 --> 00:09:51,699 And so he he had... He sees the 222 00:09:51,699 --> 00:09:53,609 big picture. You know, the context of it. 223 00:09:53,768 --> 00:09:55,519 He can say I remember when we first 224 00:09:55,519 --> 00:09:57,245 got cars. Yeah. Yeah 225 00:09:58,000 --> 00:09:59,272 we used used to have to, you know, 226 00:09:59,511 --> 00:10:00,863 feed them, You know, it was pulling a 227 00:10:00,863 --> 00:10:03,089 buggy, You know, kind of thing. But he 228 00:10:03,089 --> 00:10:05,395 he can he rank him. Yeah. He can 229 00:10:05,395 --> 00:10:06,452 put it in context 230 00:10:07,319 --> 00:10:10,027 and he's building on that knowledge base. And 231 00:10:10,027 --> 00:10:12,575 and so, I mean, it's... What he's doing, 232 00:10:13,928 --> 00:10:16,412 he's doing it because he wants to. Because 233 00:10:16,412 --> 00:10:18,882 he says this later on. He says, I'll 234 00:10:18,882 --> 00:10:20,635 keep going as long as I can. And 235 00:10:20,635 --> 00:10:22,946 like I say, I've been been here and 236 00:10:22,946 --> 00:10:24,721 when he says here at this 1 particular 237 00:10:25,097 --> 00:10:25,416 dealer. 238 00:10:25,909 --> 00:10:28,373 For 36 years. And if I didn't like 239 00:10:28,373 --> 00:10:30,042 it, I wouldn't have to be here that 240 00:10:30,042 --> 00:10:32,767 long. Right. So he has the freedom 241 00:10:33,715 --> 00:10:36,754 to stop if he wants to. And so 242 00:10:36,754 --> 00:10:39,894 that's that's what we've we're always talking about 243 00:10:39,955 --> 00:10:41,975 on the show is having 244 00:10:42,769 --> 00:10:43,669 the freedom 245 00:10:44,128 --> 00:10:46,525 to do what you wanna do when you 246 00:10:46,525 --> 00:10:47,883 get to the age, 247 00:10:48,602 --> 00:10:50,280 age of, quote unquote, retirement, 248 00:10:50,934 --> 00:10:51,914 It's just flexibility. 249 00:10:52,454 --> 00:10:53,975 You know why they had to crank the 250 00:10:53,975 --> 00:10:54,695 old model t's. 251 00:10:55,975 --> 00:10:57,095 They didn't have batteries. 252 00:10:57,735 --> 00:11:00,227 It's a magnet thing. And it would build 253 00:11:00,227 --> 00:11:01,025 up a charge, 254 00:11:01,743 --> 00:11:03,898 which could then throw a spark across the 255 00:11:05,733 --> 00:11:07,090 in, you know, spark plug... 256 00:11:07,743 --> 00:11:09,818 They probably only add 2 or 3 cylinders 257 00:11:09,818 --> 00:11:12,531 if that. Yeah. Maybe 1. I don't know. 258 00:11:13,090 --> 00:11:14,366 But it was 259 00:11:15,419 --> 00:11:17,573 you didn't have batteries back then. Nobody made 260 00:11:17,573 --> 00:11:18,770 those kind of batteries. No. 261 00:11:19,568 --> 00:11:22,201 Well, I think just expo on the... 262 00:11:23,493 --> 00:11:25,088 Enjoyment, He gets from it. He said he 263 00:11:25,088 --> 00:11:26,066 stayed in the business 264 00:11:26,683 --> 00:11:28,517 for the people and the connections he makes. 265 00:11:28,757 --> 00:11:31,309 I mean, he he just enjoys like he 266 00:11:31,309 --> 00:11:32,665 people seeing people and he said, 267 00:11:33,318 --> 00:11:34,915 he has a good following. He said he 268 00:11:34,915 --> 00:11:37,011 he dislikes it. It's kinda fun. So 269 00:11:37,390 --> 00:11:38,906 he wouldn't keep doing it if he didn't 270 00:11:38,906 --> 00:11:40,264 like it. So I mean, that's the thing. 271 00:11:40,423 --> 00:11:42,154 I mean, if you... If it's enjoy... If 272 00:11:42,274 --> 00:11:43,713 it's enjoyable to you, then it's not work. 273 00:11:43,873 --> 00:11:45,630 I mean, it's something she does because he 274 00:11:45,630 --> 00:11:47,468 enjoys it, and he just happens to make 275 00:11:47,468 --> 00:11:49,386 some money doing it. So Yeah. That's the 276 00:11:49,386 --> 00:11:51,476 important thing is having the... If ability to 277 00:11:51,476 --> 00:11:53,308 do something you enjoy. And ideally, 278 00:11:54,025 --> 00:11:56,814 what you enjoy also pays some bills. And 279 00:11:56,894 --> 00:11:58,806 Right. Well, and and gives you some happiness 280 00:11:58,806 --> 00:12:01,293 gives you some fulfillment. There were guys, 281 00:12:02,492 --> 00:12:05,310 I worked around different brokerage offices 282 00:12:06,808 --> 00:12:07,767 in my career. 283 00:12:08,566 --> 00:12:09,066 And 284 00:12:10,097 --> 00:12:12,268 you know, there were guys in there that 285 00:12:14,234 --> 00:12:16,541 probably should've have retired a long time ago. 286 00:12:17,752 --> 00:12:20,566 But they liked coming in because they liked 287 00:12:20,864 --> 00:12:23,019 being a part of the office. 288 00:12:23,737 --> 00:12:24,556 They liked 289 00:12:24,868 --> 00:12:26,856 the cam router, you probably saw some of 290 00:12:26,856 --> 00:12:28,526 those gas chad when you were in the, 291 00:12:29,401 --> 00:12:32,264 brokerage industry, better around it and seen it. 292 00:12:32,900 --> 00:12:34,252 And you know what I'm talking about. 293 00:12:35,143 --> 00:12:37,056 We had an older guy work here for 294 00:12:37,056 --> 00:12:39,527 a while, and he would sometimes fall asleep. 295 00:12:40,404 --> 00:12:40,723 And 296 00:12:41,839 --> 00:12:42,875 but it was kinda... 297 00:12:43,368 --> 00:12:45,697 You know, it was it was good having 298 00:12:46,310 --> 00:12:48,161 a person that was older 299 00:12:49,012 --> 00:12:49,512 and 300 00:12:50,284 --> 00:12:50,784 that 301 00:12:51,494 --> 00:12:53,113 the thing that we do 302 00:12:54,131 --> 00:12:55,271 in this business 303 00:12:56,449 --> 00:12:58,527 at the pre Group. Yes, 304 00:12:59,246 --> 00:13:00,146 we're involved 305 00:13:01,259 --> 00:13:02,777 in retirement investing, 306 00:13:03,257 --> 00:13:05,654 and that's how we get paid. But some 307 00:13:05,654 --> 00:13:08,071 of the things we do around it 308 00:13:09,980 --> 00:13:12,606 involve sort of quality of life kind of 309 00:13:12,606 --> 00:13:15,311 things. And a little bit of counseling along 310 00:13:15,311 --> 00:13:16,129 those lines 311 00:13:16,759 --> 00:13:18,779 purely based upon our experience 312 00:13:19,240 --> 00:13:21,559 of what we've seen with other people. So 313 00:13:21,559 --> 00:13:22,039 therefore, 314 00:13:22,679 --> 00:13:25,812 we speak of knowledge that we've gained by 315 00:13:25,812 --> 00:13:26,611 doing this business, 316 00:13:27,490 --> 00:13:27,990 and 317 00:13:28,529 --> 00:13:29,988 it doesn't help you 318 00:13:31,006 --> 00:13:31,985 if you've got 319 00:13:32,858 --> 00:13:35,572 a lot of money in your retirement account, 320 00:13:36,290 --> 00:13:38,126 but you don't have good quality of life. 321 00:13:39,084 --> 00:13:41,021 You know, you're... You've got this 322 00:13:41,414 --> 00:13:42,609 isn't good or that. 323 00:13:43,724 --> 00:13:45,897 And whatever things you're able to do 324 00:13:46,671 --> 00:13:47,171 to 325 00:13:48,757 --> 00:13:51,326 sort of increase and protect 326 00:13:51,940 --> 00:13:53,850 your quality of life is a good thing. 327 00:13:54,009 --> 00:13:54,168 Yeah. 328 00:13:55,441 --> 00:13:58,245 Actually, I had a another article that... I 329 00:13:58,245 --> 00:14:00,325 mean, it was amazing how this 1 went 330 00:14:00,325 --> 00:14:00,725 with it. 331 00:14:01,445 --> 00:14:04,165 It it's talk... It's it's a it's called 332 00:14:04,165 --> 00:14:05,465 the happiness paradox 333 00:14:06,178 --> 00:14:08,242 And what it what it follows... It was 334 00:14:08,242 --> 00:14:09,354 a Harvard study, 335 00:14:10,386 --> 00:14:12,767 they're studying happiness in people. It was over 336 00:14:12,767 --> 00:14:14,990 an 80 80 plus year period. 337 00:14:15,720 --> 00:14:16,616 And there were 338 00:14:17,386 --> 00:14:18,259 2 individuals. 339 00:14:18,894 --> 00:14:19,449 1 of them, 340 00:14:20,798 --> 00:14:21,988 his name was John. 341 00:14:22,638 --> 00:14:24,865 And he grew up in a wealthy family, 342 00:14:25,103 --> 00:14:28,124 went to Harvard educated, became a successful lawyer. 343 00:14:28,522 --> 00:14:29,476 There was another 1. 344 00:14:30,764 --> 00:14:31,082 And 345 00:14:31,798 --> 00:14:33,253 his last name was 346 00:14:33,947 --> 00:14:35,778 Dam marco, Leo D marco. 347 00:14:36,415 --> 00:14:38,166 And he also went to Harvard wanted to 348 00:14:38,166 --> 00:14:40,076 be a rider, but he changed and it 349 00:14:40,076 --> 00:14:40,370 became 350 00:14:40,889 --> 00:14:41,049 teacher. 351 00:14:41,769 --> 00:14:44,490 And they studied, it was an annual survey 352 00:14:44,490 --> 00:14:45,710 that they did of happiness. 353 00:14:46,409 --> 00:14:48,330 And over that period, 354 00:14:49,704 --> 00:14:50,583 the attorney, 355 00:14:51,462 --> 00:14:51,622 John, 356 00:14:52,661 --> 00:14:53,061 Mars, 357 00:14:54,020 --> 00:14:55,778 he was the most successful of all of 358 00:14:55,778 --> 00:14:56,737 them in the group. 359 00:14:57,456 --> 00:14:57,696 And, 360 00:14:58,415 --> 00:14:58,655 financially, 361 00:14:59,309 --> 00:15:01,008 but he was the least 362 00:15:01,547 --> 00:15:03,864 happy of all of them. And then the 363 00:15:03,864 --> 00:15:06,661 1 that became the teacher, the study, he 364 00:15:06,661 --> 00:15:07,780 was the happiest, 365 00:15:08,274 --> 00:15:09,788 and they were, you know, dissect, you know, 366 00:15:09,948 --> 00:15:12,260 why that was, and really what it boiled 367 00:15:12,260 --> 00:15:13,557 down to was 368 00:15:14,014 --> 00:15:17,398 relationships. Yeah. And it was, you know, business 369 00:15:17,852 --> 00:15:18,011 relationships, 370 00:15:18,727 --> 00:15:19,227 family 371 00:15:19,761 --> 00:15:20,000 relationships. 372 00:15:21,193 --> 00:15:24,238 And that was 1 of the defining characteristics 373 00:15:24,772 --> 00:15:26,003 of happiness. 374 00:15:26,539 --> 00:15:27,996 And it it it wasn't 375 00:15:28,372 --> 00:15:28,872 necessarily 376 00:15:29,727 --> 00:15:31,980 the value of the account because 377 00:15:32,516 --> 00:15:34,703 I like 1 of the 1 of the 378 00:15:34,999 --> 00:15:35,397 researchers, 379 00:15:36,192 --> 00:15:37,147 and 1 of his... 380 00:15:37,942 --> 00:15:40,744 When he went to visit the teacher, he 381 00:15:40,744 --> 00:15:42,822 came out, and he wrote it down. He 382 00:15:42,822 --> 00:15:44,979 said, I came away from our visit with 383 00:15:44,979 --> 00:15:47,536 the impression that the subject was well, somewhat 384 00:15:47,536 --> 00:15:48,575 ordinary. Yeah. 385 00:15:49,229 --> 00:15:52,095 But he was... It was a fulfilling life. 386 00:15:52,493 --> 00:15:55,063 It was happy. And that's what we've seen 387 00:15:55,597 --> 00:15:56,632 with our clients, 388 00:15:57,443 --> 00:15:59,910 you... I mean, it it run runs the 389 00:15:59,910 --> 00:16:03,649 gamut in terms of size of portfolio. Yep. 390 00:16:04,047 --> 00:16:04,500 But 391 00:16:05,017 --> 00:16:06,312 that the happiest? 392 00:16:07,085 --> 00:16:07,585 Not 393 00:16:07,960 --> 00:16:12,274 at all a determinant of happiness. Right. Size 394 00:16:12,274 --> 00:16:14,431 of the pool. Size of the portfolio? It's 395 00:16:14,431 --> 00:16:14,931 it's 396 00:16:15,870 --> 00:16:18,187 what... It's really it gets down to. Are 397 00:16:18,187 --> 00:16:19,806 you able to accomplish 398 00:16:20,440 --> 00:16:23,000 what your goals are. Right. And what of 399 00:16:23,000 --> 00:16:25,740 our... Our our clients have tasked us 400 00:16:26,440 --> 00:16:27,580 specifically with 401 00:16:28,134 --> 00:16:30,531 help me accomplish my goals. Yep. That's what 402 00:16:30,531 --> 00:16:31,809 they want. When it comes down to it, 403 00:16:32,049 --> 00:16:32,928 that's what they want. 404 00:16:33,567 --> 00:16:36,058 We don't have people coming in, say, get 405 00:16:36,058 --> 00:16:38,527 me the highest rate of return possible. That's... 406 00:16:39,562 --> 00:16:40,916 I can't think of that happening. 407 00:16:42,509 --> 00:16:44,101 What they're wanting, they want, 408 00:16:44,753 --> 00:16:45,649 based on 409 00:16:46,340 --> 00:16:48,561 their goals, based on where they are in 410 00:16:48,561 --> 00:16:52,131 life, based on their fears and these different 411 00:16:52,131 --> 00:16:52,369 things, 412 00:16:53,496 --> 00:16:55,826 create something for us that's sustainable, 413 00:16:56,917 --> 00:16:58,610 create an income stream 414 00:16:59,144 --> 00:16:59,644 and 415 00:17:00,273 --> 00:17:03,456 something that they can understand to whatever degree 416 00:17:03,456 --> 00:17:06,640 they want to understand right. And that... That's 417 00:17:06,640 --> 00:17:09,027 how... That's the quality of life we're talking 418 00:17:09,027 --> 00:17:09,186 about. 419 00:17:10,317 --> 00:17:11,296 And so it's 420 00:17:11,833 --> 00:17:15,023 it's not determined by the value of the 421 00:17:15,023 --> 00:17:18,213 account. It's determined by what you're wanting to 422 00:17:18,213 --> 00:17:21,664 accomplish. And when we're... You know, we can't 423 00:17:21,664 --> 00:17:24,384 decide that for our clients that's something you 424 00:17:24,384 --> 00:17:25,345 have to decide. 425 00:17:26,144 --> 00:17:28,545 But when you're communicating to a safe. Okay. 426 00:17:29,039 --> 00:17:30,554 These are some things that, you know, I'd 427 00:17:30,554 --> 00:17:31,990 like to do it It might be, you 428 00:17:31,990 --> 00:17:33,825 know, to have a high income. It might 429 00:17:33,825 --> 00:17:36,616 be to grow a portfolio and leave it 430 00:17:36,616 --> 00:17:38,291 to airs. It might be this or that. 431 00:17:39,024 --> 00:17:39,684 And then 432 00:17:40,224 --> 00:17:42,085 because it's not an off the shelf 433 00:17:42,384 --> 00:17:44,325 approach. Yep. We can 434 00:17:44,865 --> 00:17:46,464 adjust it and tailor it for what they're 435 00:17:46,464 --> 00:17:48,551 looking for. Here's another thing, 436 00:17:50,142 --> 00:17:51,733 we were just talk I was just talking 437 00:17:51,733 --> 00:17:53,880 to somebody about this, and we talk about 438 00:17:53,880 --> 00:17:54,517 it frequently. 439 00:17:56,280 --> 00:17:58,366 The way we invest a portfolio. 440 00:17:59,611 --> 00:18:02,886 You're not in proprietary products. You're in publicly 441 00:18:03,020 --> 00:18:03,417 traded, 442 00:18:05,504 --> 00:18:06,961 stocks and bonds that 443 00:18:07,737 --> 00:18:08,615 trade every day. 444 00:18:10,449 --> 00:18:12,523 Your money's is not stored away and some 445 00:18:12,523 --> 00:18:13,581 hard to get to 446 00:18:13,974 --> 00:18:14,474 annuity 447 00:18:14,932 --> 00:18:17,087 where you gotta talk to 5 people and 448 00:18:17,087 --> 00:18:19,403 submit a surrender form and all that. It's 449 00:18:19,403 --> 00:18:22,537 in an account with a large well known 450 00:18:22,676 --> 00:18:23,075 custodian, 451 00:18:23,730 --> 00:18:24,529 brokerage account. 452 00:18:25,570 --> 00:18:26,470 Could be transferred 453 00:18:27,330 --> 00:18:27,990 if you 454 00:18:28,609 --> 00:18:30,070 didn't like us anymore 455 00:18:30,624 --> 00:18:32,695 And and I this is a naked sales 456 00:18:32,695 --> 00:18:35,244 pitch right here. So just realize that that's 457 00:18:35,244 --> 00:18:35,882 what I'm doing. 458 00:18:38,443 --> 00:18:40,588 But it... What you said made me think 459 00:18:40,588 --> 00:18:40,826 of it. 460 00:18:43,209 --> 00:18:45,989 Some people, I think are re to call 461 00:18:45,989 --> 00:18:48,230 us because they think you know, my money's 462 00:18:48,230 --> 00:18:48,969 is with 463 00:18:49,821 --> 00:18:52,947 Merrill Lynch or Bank of America or 464 00:18:54,356 --> 00:18:57,313 Chase or, you know, you P c. 465 00:18:57,949 --> 00:18:59,004 They're big outfits. 466 00:18:59,616 --> 00:19:01,839 They're a tiny outfit. If they went under, 467 00:19:02,078 --> 00:19:04,063 I couldn't get my money. No. That's not 468 00:19:04,063 --> 00:19:04,301 true. 469 00:19:04,873 --> 00:19:07,186 We keep the money of our clients with 470 00:19:07,186 --> 00:19:08,622 a very large custodian, 471 00:19:09,260 --> 00:19:12,530 and that's always your money, not ours. It's 472 00:19:12,530 --> 00:19:14,227 just something I wanted to 473 00:19:15,178 --> 00:19:17,194 kinda make a note of because 474 00:19:18,610 --> 00:19:19,967 when we're trying to market, 475 00:19:20,765 --> 00:19:23,021 we're having to explain a lot of 476 00:19:23,413 --> 00:19:25,823 kinda intangible things to our clients 477 00:19:26,517 --> 00:19:28,665 about their experience with us, and we gotta 478 00:19:28,665 --> 00:19:31,228 be real specific about it because That might 479 00:19:31,228 --> 00:19:33,783 be sticking in somebody's mind as to why 480 00:19:33,783 --> 00:19:34,283 they're 481 00:19:34,661 --> 00:19:37,295 concerned about investing with a smaller firm, but 482 00:19:37,295 --> 00:19:38,492 they don't even know how to put it 483 00:19:38,492 --> 00:19:39,450 in words. Yeah. 484 00:19:40,103 --> 00:19:41,696 Well, and, I mean, to that same point, 485 00:19:42,253 --> 00:19:43,687 when you talk about accountability a bit or 486 00:19:43,687 --> 00:19:47,055 a relationship. You know, this... It's a bad 487 00:19:47,351 --> 00:19:48,387 relationship, having that trust, 488 00:19:49,039 --> 00:19:51,277 But it's not only a relationship is the 489 00:19:51,277 --> 00:19:54,313 ability to execute on a large scale and 490 00:19:54,313 --> 00:19:56,710 to keep up with the big boys in 491 00:19:56,710 --> 00:19:58,880 terms of... A technology and the things that 492 00:19:58,880 --> 00:20:01,114 you can provide people. Right. You know, we 493 00:20:01,114 --> 00:20:04,407 we provide a brokerage statement that's just technological 494 00:20:04,958 --> 00:20:07,573 lee up to date as anybody else's plus 495 00:20:07,652 --> 00:20:10,108 Webex and Right. What's and that's not d 496 00:20:10,108 --> 00:20:10,425 pre, 497 00:20:12,663 --> 00:20:14,919 financial groups con. That's 498 00:20:15,296 --> 00:20:18,009 that is done by our large custodian. Right? 499 00:20:18,249 --> 00:20:19,627 And and it's accountability. 500 00:20:20,099 --> 00:20:23,469 To accountability at at the large firms because 501 00:20:23,767 --> 00:20:26,398 there's no... You don't have that personal relationship. 502 00:20:26,637 --> 00:20:29,122 There is no accountability and if something... We 503 00:20:29,122 --> 00:20:31,425 give you the technology of the large firm 504 00:20:31,425 --> 00:20:33,966 with the accountability a small firm. Right. Right. 505 00:20:34,601 --> 00:20:36,268 And just, you know, that's... 506 00:20:37,239 --> 00:20:40,355 Important. Not important for everybody, but it's important 507 00:20:40,355 --> 00:20:41,952 for people that wanna come and talk to 508 00:20:41,952 --> 00:20:42,932 us. So 509 00:20:43,470 --> 00:20:46,042 we like that element of what we do. 510 00:20:46,362 --> 00:20:46,681 Mh. 511 00:20:47,320 --> 00:20:50,516 We also like the person that runs our 512 00:20:50,516 --> 00:20:50,916 board, 513 00:20:52,129 --> 00:20:52,768 and does... 514 00:20:53,647 --> 00:20:55,085 Turns the music on when you're ready to 515 00:20:55,085 --> 00:20:57,562 go right? We... That that is something we 516 00:20:57,562 --> 00:20:57,802 like. 517 00:20:58,441 --> 00:20:59,480 Thank you very much. 518 00:21:00,134 --> 00:21:02,615 So thankful to be included in that conversation. 519 00:21:03,414 --> 00:21:05,414 You've been listening to the Tom Show with 520 00:21:05,575 --> 00:21:08,306 Mike Johnson, Chad S our host Tom Free 521 00:21:08,306 --> 00:21:10,393 brought to you by the pre financial group 522 00:21:10,686 --> 00:21:12,669 where we make your money work for you. 523 00:21:13,304 --> 00:21:15,128 If you would like to come see us, 524 00:21:16,080 --> 00:21:16,134 pre 525 00:21:17,126 --> 00:21:19,348 85923304 526 00:21:19,348 --> 00:21:19,745 hundred. 527 00:21:20,301 --> 00:21:22,285 You can also go to our web, site, 528 00:21:22,602 --> 00:21:23,713 and on our homepage. 529 00:21:25,077 --> 00:21:27,537 Schedule an appointment. It's du pre financial dot 530 00:21:27,537 --> 00:21:27,855 com. 531 00:21:29,363 --> 00:21:30,791 We would love to take a look at 532 00:21:30,791 --> 00:21:32,878 your portfolio and give you a complimentary 533 00:21:34,220 --> 00:21:35,516 review and 534 00:21:36,289 --> 00:21:37,562 help you chart your future. 535 00:21:38,755 --> 00:21:40,426 We'll be back in just a few minutes. 536 00:21:40,918 --> 00:21:43,137 With more of the financial hour. Stay tuned. 537 00:22:03,869 --> 00:22:06,256 My name is Tom D pre rarely in 538 00:22:06,256 --> 00:22:08,881 my time in the investment business, have I 539 00:22:08,881 --> 00:22:11,746 seen the kind of opportunity I see today? 540 00:22:12,479 --> 00:22:15,515 I'm talking about interest rates, which I believe 541 00:22:15,515 --> 00:22:18,412 will be going significantly lower in the next 542 00:22:18,631 --> 00:22:19,270 18 months. 543 00:22:20,244 --> 00:22:22,881 I believe it's time to lock in longer 544 00:22:22,881 --> 00:22:24,000 term rates now. 545 00:22:24,799 --> 00:22:27,596 Short term rates on money market funds, bank 546 00:22:27,596 --> 00:22:28,715 accounts and Cds, 547 00:22:29,287 --> 00:22:32,466 can drop dramatically when rates begin to decline. 548 00:22:33,022 --> 00:22:35,804 Don't be lull into complacency. It's time to 549 00:22:35,804 --> 00:22:37,632 invest to establish your yields. 550 00:22:38,124 --> 00:22:40,598 For the long haul. At the pre financial 551 00:22:40,598 --> 00:22:42,992 group, we specialize in retirement investing, 552 00:22:43,471 --> 00:22:47,629 let us help you by calling 85923304 553 00:22:47,629 --> 00:22:50,413 hundred and setting up a complimentary meeting with 554 00:22:50,413 --> 00:22:52,720 us to examine your investment portfolio. 555 00:22:53,291 --> 00:22:55,275 Listen to the Tom to pre show Saturday 556 00:22:55,275 --> 00:22:58,394 mornings at News radio 06:30 WAP 557 00:22:58,449 --> 00:22:59,719 and WAP 558 00:22:59,719 --> 00:23:00,274 dot com. 559 00:24:12,497 --> 00:24:14,721 Welcome back to the Tom Show for the 560 00:24:14,721 --> 00:24:17,182 financial hour brought to you by Pre financial 561 00:24:17,182 --> 00:24:19,009 group where we make your money work for 562 00:24:19,009 --> 00:24:21,311 you. Joining us. Mike Johnson. 563 00:24:21,804 --> 00:24:22,522 Chad Stu, 564 00:24:23,081 --> 00:24:25,235 and here is our host, Tom Decree. 565 00:24:25,874 --> 00:24:28,747 So this is a guy named Nikki Hopkins. 566 00:24:29,877 --> 00:24:31,649 Who just was playing the piano 567 00:24:32,977 --> 00:24:34,646 on the song we just played by the 568 00:24:34,646 --> 00:24:34,885 who. 569 00:24:36,077 --> 00:24:38,564 Nikki Hopkins was the quintessential 570 00:24:39,592 --> 00:24:40,150 session man. 571 00:24:41,187 --> 00:24:43,341 This song is called waiting for the band. 572 00:24:44,059 --> 00:24:45,654 So he's sitting in the studio, 573 00:24:46,212 --> 00:24:47,807 waiting for the band to show up that 574 00:24:47,807 --> 00:24:50,212 he's getting ready to play with, and it 575 00:24:50,212 --> 00:24:51,030 could have been 576 00:24:51,565 --> 00:24:52,543 any of 577 00:24:53,157 --> 00:24:55,226 a number of these bands that I'm just 578 00:24:55,226 --> 00:24:56,682 gonna recite to you 579 00:24:57,137 --> 00:24:58,092 with whom he play. 580 00:24:59,061 --> 00:24:59,935 Rolling stones, 581 00:25:00,571 --> 00:25:01,128 the kinks, 582 00:25:02,002 --> 00:25:02,399 the who, 583 00:25:03,035 --> 00:25:03,671 the beatles, 584 00:25:04,466 --> 00:25:05,579 the Steve Miller band, 585 00:25:06,374 --> 00:25:07,486 Jefferson airplane, 586 00:25:08,299 --> 00:25:11,980 Rod Stewart, George Harrison John Lennon, Paul Mccartney 587 00:25:12,140 --> 00:25:13,180 Ringo star, 588 00:25:13,660 --> 00:25:14,460 the Holly, 589 00:25:15,432 --> 00:25:19,257 Katz Stevens Carly Simon, Harry Nelson Joe Walsh, 590 00:25:19,815 --> 00:25:21,329 Peter F, Jerry 591 00:25:21,887 --> 00:25:22,206 Garcia, 592 00:25:22,700 --> 00:25:25,119 Jeff Beck, Joe Cock, Art ga. 593 00:25:25,660 --> 00:25:26,380 Bad finger, 594 00:25:27,579 --> 00:25:28,539 Graham Parker, 595 00:25:29,099 --> 00:25:29,500 Gary, 596 00:25:29,900 --> 00:25:30,299 moore, 597 00:25:31,033 --> 00:25:33,045 quick silver messenger service 598 00:25:33,978 --> 00:25:35,194 and Donovan. 599 00:25:36,126 --> 00:25:37,558 Wow Who remembers Donovan. 600 00:25:38,529 --> 00:25:39,509 I think probably 601 00:25:40,048 --> 00:25:42,386 how many what percentage of those have you 602 00:25:42,605 --> 00:25:44,682 featured on the Tom Show a lot. Quite 603 00:25:44,682 --> 00:25:47,080 a few. Yeah. So that's Nikki Hopkins? 604 00:25:48,449 --> 00:25:50,118 He died at age 50, 605 00:25:51,470 --> 00:25:53,696 after having been on a lot of people's, 606 00:25:54,333 --> 00:25:54,809 albums. 607 00:25:55,843 --> 00:25:56,320 And 608 00:25:57,845 --> 00:25:59,672 I always thought, you know, who's this Nikki 609 00:25:59,831 --> 00:26:00,466 Hopkins guy? 610 00:26:01,975 --> 00:26:03,031 He's kind of a 611 00:26:03,881 --> 00:26:06,208 in in in my mind, he's 612 00:26:06,994 --> 00:26:08,273 Who's a guy we played 613 00:26:08,912 --> 00:26:11,229 last week. Neil Lo. He's a he's a 614 00:26:11,229 --> 00:26:13,785 little bit of a a Neil Lo type 615 00:26:13,785 --> 00:26:15,633 guy. Who played on a lot of people's 616 00:26:15,633 --> 00:26:19,059 albums, but was rarely the headline guy. Yeah. 617 00:26:19,298 --> 00:26:20,572 You know. And 618 00:26:21,624 --> 00:26:24,261 but he really played on some. Yeah. That's 619 00:26:24,261 --> 00:26:25,939 a big list of sure did. That's a 620 00:26:25,939 --> 00:26:27,776 big list of people. Yeah. So, 621 00:26:29,150 --> 00:26:31,710 you know, and and the the session man, 622 00:26:32,349 --> 00:26:34,690 the the session... See typically, 623 00:26:36,029 --> 00:26:36,849 he would, 624 00:26:37,643 --> 00:26:39,875 probably just get paid by the hour. 625 00:26:40,353 --> 00:26:40,751 Mh. 626 00:26:41,469 --> 00:26:43,701 And he's not gonna get any royalties on 627 00:26:43,701 --> 00:26:45,135 the album if it does well. 628 00:26:46,028 --> 00:26:48,742 He just a session guy unless he cut 629 00:26:48,742 --> 00:26:49,620 some kind of deal. 630 00:26:50,498 --> 00:26:52,174 He may have on some of these things. 631 00:26:52,413 --> 00:26:52,733 But 632 00:26:54,263 --> 00:26:57,291 the session guys would gut it out, play 633 00:26:57,291 --> 00:26:59,840 the music. Sound just as good as the 634 00:26:59,840 --> 00:27:02,323 band members, and and I'd get paid that 635 00:27:02,323 --> 00:27:03,754 much. But a lot of times they're were 636 00:27:03,754 --> 00:27:04,788 actually better musicians. 637 00:27:05,822 --> 00:27:07,015 To oh, they are. Yeah. 638 00:27:08,287 --> 00:27:09,503 Steele dan did 639 00:27:10,050 --> 00:27:11,580 all their saw... Their 640 00:27:12,270 --> 00:27:15,124 albums with session musicians. Brought them in. Yeah. 641 00:27:15,361 --> 00:27:17,209 You know? And and maybe that was 642 00:27:17,517 --> 00:27:19,974 because Donald Fa and Walter Becker were kinda 643 00:27:19,974 --> 00:27:22,272 smart. It's like, you know, we're we're the 644 00:27:22,272 --> 00:27:24,253 only 2 people that are gonna split this 645 00:27:24,253 --> 00:27:27,085 pod. Here, we're just gonna pay the session 646 00:27:27,144 --> 00:27:29,384 musicians on a sure. Per 647 00:27:30,585 --> 00:27:30,904 you know, 648 00:27:31,784 --> 00:27:34,589 per song basis. Yeah. It says Nikki Hopkins 649 00:27:34,589 --> 00:27:36,970 played with the stones from 71 to 73, 650 00:27:38,239 --> 00:27:40,858 and he... That would have been on sticky 651 00:27:40,858 --> 00:27:43,200 fingers. Yep. And he so 652 00:27:43,894 --> 00:27:46,201 said he was suffered from Ill Health and 653 00:27:46,201 --> 00:27:47,974 wasn't able to keep up with the stones 654 00:27:48,031 --> 00:27:50,418 exploits northern demanding towards scheduling touring schedule. 655 00:27:51,228 --> 00:27:53,137 So they replaced him with Billy Preston, and 656 00:27:53,137 --> 00:27:56,478 then finally chuck Poor Billy Preston died too. 657 00:27:56,797 --> 00:27:59,281 Yep. Yep. But All, all good. They've all... 658 00:27:59,440 --> 00:28:01,275 And he played with the Almond brothers, 659 00:28:02,152 --> 00:28:04,646 check level data. I mean... They all... These 660 00:28:05,183 --> 00:28:05,683 small 661 00:28:06,220 --> 00:28:07,278 He's got a big 662 00:28:08,547 --> 00:28:10,378 quail plantation down in Georgia. 663 00:28:10,935 --> 00:28:12,766 You can actually go Quail hunting I mean, 664 00:28:12,845 --> 00:28:15,972 it's got, like, 10000 at, 5000 acres when 665 00:28:16,125 --> 00:28:18,845 somewhere down in Georgia. The guy lives... He's 666 00:28:18,845 --> 00:28:21,565 he's kind of a country musician or country 667 00:28:21,565 --> 00:28:21,884 gentleman, 668 00:28:22,444 --> 00:28:22,845 and 669 00:28:23,579 --> 00:28:24,779 he is very... 670 00:28:25,420 --> 00:28:27,599 I'm sure he doesn't play every 671 00:28:28,220 --> 00:28:29,579 date that the stones play. 672 00:28:30,460 --> 00:28:32,787 He he probably plays when he wants to. 673 00:28:33,106 --> 00:28:34,960 They're not playing them many dates these days 674 00:28:35,018 --> 00:28:36,372 way in their in their age. They just 675 00:28:36,372 --> 00:28:38,284 were... Yeah. I think they were in Las 676 00:28:38,523 --> 00:28:40,218 Vegas or somewhere for 677 00:28:40,769 --> 00:28:42,528 you know, for 2 or 3... 1 of 678 00:28:42,528 --> 00:28:43,667 those residences 679 00:28:44,206 --> 00:28:46,284 that they do. Mh. Somebody does. 680 00:28:47,003 --> 00:28:48,702 Alright. What do you got? So, 681 00:28:50,533 --> 00:28:52,361 what we were talking about last time. So 682 00:28:52,361 --> 00:28:54,688 our job is to help our clients 683 00:28:55,856 --> 00:28:56,572 fulfill their goals. 684 00:28:57,843 --> 00:28:58,343 And 685 00:28:59,289 --> 00:29:02,263 our investment approach is... I mean, it is 686 00:29:03,040 --> 00:29:03,540 focused 687 00:29:04,797 --> 00:29:08,084 extremely focused on producing that income stream. For 688 00:29:08,084 --> 00:29:10,158 our clients, because that's what the majority of 689 00:29:10,158 --> 00:29:12,232 our clients have tasked us with. Now we 690 00:29:12,232 --> 00:29:14,385 have some clients that aren't taken the income, 691 00:29:14,545 --> 00:29:17,496 so the income just reinvest back in for 692 00:29:17,496 --> 00:29:17,950 growth 693 00:29:19,587 --> 00:29:22,404 but they want that level level of 694 00:29:22,943 --> 00:29:25,020 comfort, the level of understanding, 695 00:29:25,433 --> 00:29:28,930 and they they like the investment approach. But 696 00:29:28,930 --> 00:29:31,315 when we're talking about income, this this was 697 00:29:31,315 --> 00:29:32,189 interesting. This was 698 00:29:34,276 --> 00:29:34,776 research 699 00:29:35,393 --> 00:29:37,968 done by First trust. And 700 00:29:38,346 --> 00:29:40,601 it's looking at the the current dividend 701 00:29:41,551 --> 00:29:41,869 yield, 702 00:29:42,427 --> 00:29:43,780 kinda of profile of the market, 703 00:29:44,656 --> 00:29:46,169 taken out by sectors. 704 00:29:46,726 --> 00:29:48,797 So this was as of July eleventh, 705 00:29:49,848 --> 00:29:52,402 the S and P 500, the index yield 706 00:29:52,402 --> 00:29:54,578 was right about 1.3 707 00:29:54,716 --> 00:29:54,955 percent. 708 00:29:56,472 --> 00:29:56,972 And 709 00:29:58,080 --> 00:30:00,146 out of the 503 710 00:30:00,146 --> 00:30:02,053 companies in the S and P 500, 711 00:30:02,689 --> 00:30:04,119 actually, 403 712 00:30:04,119 --> 00:30:04,437 of them, 713 00:30:05,168 --> 00:30:05,806 pay dividends. 714 00:30:06,443 --> 00:30:08,435 K? Why are there 503. 715 00:30:08,913 --> 00:30:11,622 I forget why to tier classes for a 716 00:30:11,622 --> 00:30:13,614 couple of stocks that are grandfather in like 717 00:30:13,614 --> 00:30:14,331 alphabet at 718 00:30:14,904 --> 00:30:16,023 Google alphabet that. Yeah. 719 00:30:16,982 --> 00:30:18,421 So it used to be higher than that, 720 00:30:18,580 --> 00:30:19,619 but they had some 721 00:30:20,978 --> 00:30:23,535 dual share classes get either booted or they 722 00:30:23,535 --> 00:30:24,747 got rid of the dual share... Class. 723 00:30:25,384 --> 00:30:28,804 So so the majority of companies out there 724 00:30:28,804 --> 00:30:29,520 pay dividends, 725 00:30:30,634 --> 00:30:32,104 and, you know, dividends, 726 00:30:33,036 --> 00:30:36,537 this was... It's an updated number. So 37 727 00:30:36,537 --> 00:30:38,049 percent of the total return of the S 728 00:30:38,049 --> 00:30:39,004 and p 500, 729 00:30:39,959 --> 00:30:40,459 from 730 00:30:40,929 --> 00:30:43,507 19 27 through 20 23 731 00:30:43,646 --> 00:30:46,842 came from dividends. K. So just 37... 37 732 00:30:46,842 --> 00:30:47,741 percent over that 733 00:30:48,280 --> 00:30:48,360 year. 734 00:30:49,414 --> 00:30:51,890 And you've you read different, you know, time 735 00:30:51,890 --> 00:30:54,686 periods and your 70 percent. Some time periods. 736 00:30:54,846 --> 00:30:57,654 It's 60 percent. It just depends, but this 737 00:30:57,654 --> 00:30:59,329 is looking at a, you know, very long 738 00:30:59,329 --> 00:30:59,808 time frame. 739 00:31:00,765 --> 00:31:03,657 But so... Okay. So 403 740 00:31:03,715 --> 00:31:05,230 of the company's pay dividends. 741 00:31:05,724 --> 00:31:08,281 So why not just own all 503 of 742 00:31:08,281 --> 00:31:09,559 them, or if you could just buy the 743 00:31:09,559 --> 00:31:10,278 403. 744 00:31:10,518 --> 00:31:11,236 Why Not do that? 745 00:31:12,035 --> 00:31:12,535 And 746 00:31:12,848 --> 00:31:15,097 this cuts down cuts into 747 00:31:15,790 --> 00:31:17,221 why that be gross. 748 00:31:17,858 --> 00:31:20,823 That'd be too easy. Right? Now, the 749 00:31:21,615 --> 00:31:23,934 because we know what it would be. The 750 00:31:23,934 --> 00:31:26,515 average dividend would be without the dividend 751 00:31:26,815 --> 00:31:28,015 non payers in there. 752 00:31:28,746 --> 00:31:30,410 It's gonna boot it up. It booted at 753 00:31:30,410 --> 00:31:31,836 around 1. Can get that on the S 754 00:31:31,836 --> 00:31:33,976 and P website. On a monthly basis. It's 755 00:31:33,976 --> 00:31:35,403 it's generally not that much higher. 756 00:31:36,210 --> 00:31:38,508 That real standard Yeah. It's it's 757 00:31:40,251 --> 00:31:41,836 I mean, I'm... It's not even 2 percent. 758 00:31:42,073 --> 00:31:43,596 I mean, I think it's last I looked, 759 00:31:43,675 --> 00:31:45,107 it was, like, in the 1 seventies and 760 00:31:45,107 --> 00:31:47,277 1 eighties. Yeah. Yeah. So 761 00:31:47,731 --> 00:31:49,242 when you're looking at it, still doing the 762 00:31:49,242 --> 00:31:51,230 dow of the dog dogs of the dow. 763 00:31:51,389 --> 00:31:52,343 I mean, is that... As far as I 764 00:31:52,343 --> 00:31:52,502 know, 765 00:31:53,153 --> 00:31:54,345 I mean, the first trust 766 00:31:54,822 --> 00:31:56,331 that were the big p conveyor of it 767 00:31:56,331 --> 00:31:58,000 years ago. I assume they still offer it. 768 00:31:58,159 --> 00:31:58,397 Yeah. 769 00:31:59,112 --> 00:32:00,383 That's it's not something I've used in a 770 00:32:00,383 --> 00:32:00,781 while, though. 771 00:32:01,990 --> 00:32:03,829 So when you're looking at, you know, the 772 00:32:03,829 --> 00:32:05,029 dividend paying stocks. 773 00:32:05,829 --> 00:32:07,589 It it's the same same... If you're just 774 00:32:07,589 --> 00:32:11,005 looking for a good long term investment total 775 00:32:11,203 --> 00:32:11,758 return. Yeah. 776 00:32:12,869 --> 00:32:13,369 There's 777 00:32:13,822 --> 00:32:15,568 there's some stocks in there that are paying 778 00:32:15,568 --> 00:32:17,948 dividends that you don't wanna own. It could 779 00:32:17,948 --> 00:32:19,401 be for a couple reasons 780 00:32:19,869 --> 00:32:22,500 could be, hey, maybe the dividend isn't sustainable. 781 00:32:22,739 --> 00:32:24,036 Yeah. It could be 782 00:32:24,413 --> 00:32:26,087 you're paying... You know, you've you have a 783 00:32:26,087 --> 00:32:28,734 a stock that's paying 1 percent. On the 784 00:32:28,734 --> 00:32:30,974 dividend might be because the price is too 785 00:32:30,974 --> 00:32:32,494 high. And so it's... You know, 786 00:32:33,375 --> 00:32:35,694 and so you have to be selective on 787 00:32:35,694 --> 00:32:36,595 what you own 788 00:32:37,054 --> 00:32:39,139 because you know, a, you've got a certain 789 00:32:39,139 --> 00:32:41,205 goal, and it might be to generate, you 790 00:32:41,205 --> 00:32:43,986 know, 4 percent, you know, income, have a 791 00:32:43,986 --> 00:32:45,178 withdrawal rate of 4 percent. 792 00:32:45,814 --> 00:32:46,314 And, 793 00:32:46,782 --> 00:32:50,458 you need something that's producing consistent income. And 794 00:32:50,831 --> 00:32:52,975 when you're putting a portfolio together, our our 795 00:32:52,975 --> 00:32:55,616 our portfolio has you know, somewhere around 30 796 00:32:55,616 --> 00:32:56,493 different positions. 797 00:32:57,290 --> 00:32:59,386 Some of those are high yielding 798 00:32:59,843 --> 00:33:01,917 positions. We have a few that don't pay 799 00:33:01,917 --> 00:33:04,884 dividends, and we have some that have grown 800 00:33:04,884 --> 00:33:05,544 their dividend 801 00:33:05,923 --> 00:33:08,741 consistently over a long period of time. And 802 00:33:08,800 --> 00:33:11,597 you have to adjust that depending on what's 803 00:33:11,597 --> 00:33:13,835 going on in the market, what's going on 804 00:33:13,835 --> 00:33:16,250 with the client with there's particular need. 805 00:33:17,289 --> 00:33:17,950 And so 806 00:33:18,649 --> 00:33:19,710 anytime you do 807 00:33:20,009 --> 00:33:22,009 is call it call it an index approach. 808 00:33:22,169 --> 00:33:24,980 You know, like, the the real estate sector, 809 00:33:25,220 --> 00:33:28,912 the real estate index is yielding 3.67 810 00:33:28,970 --> 00:33:30,885 percent. This again, this was as of, you 811 00:33:30,885 --> 00:33:32,258 know, July eleventh. 812 00:33:32,818 --> 00:33:34,496 Utilities 3.3, 813 00:33:35,934 --> 00:33:38,251 consumer staples, about 2.6. 814 00:33:39,130 --> 00:33:39,630 So 815 00:33:39,943 --> 00:33:42,197 what that what that's showing is that there's 816 00:33:42,653 --> 00:33:45,863 embedded in that index. There's things that are 817 00:33:45,921 --> 00:33:47,036 way too expensive, 818 00:33:47,609 --> 00:33:49,846 and there's some things in there that are 819 00:33:49,846 --> 00:33:50,586 gonna have 820 00:33:51,045 --> 00:33:54,775 an outs sized dividend yield, which indicates that 821 00:33:54,974 --> 00:33:57,055 they might have problems actually covering it. So 822 00:33:57,055 --> 00:33:58,434 you you look at the dividend 823 00:33:58,815 --> 00:34:01,214 payout ratio. All of these saying... This is 824 00:34:01,214 --> 00:34:02,575 all stuff that we're doing, 825 00:34:03,069 --> 00:34:04,664 when we're researching these companies, 826 00:34:05,302 --> 00:34:08,413 because we don't wanna over pay, we wanna 827 00:34:08,413 --> 00:34:10,407 have, you know, buy a good company at 828 00:34:10,407 --> 00:34:12,741 a reasonable price, that's paying 829 00:34:13,054 --> 00:34:14,355 paying a a reasonable 830 00:34:15,054 --> 00:34:17,695 income. A reasonable it has a dividend yield 831 00:34:17,695 --> 00:34:19,454 that's reasonable... What you need to do when 832 00:34:19,454 --> 00:34:20,894 you're looking at a dividend, 833 00:34:21,628 --> 00:34:23,220 a stock that pays a dividend. 834 00:34:23,777 --> 00:34:23,936 Okay? 835 00:34:24,891 --> 00:34:26,801 You... 1 of the things that you're going 836 00:34:26,801 --> 00:34:29,268 to have to assume is it's in a 837 00:34:29,268 --> 00:34:29,905 mature business. 838 00:34:31,193 --> 00:34:33,581 What is a mature business? A business that 839 00:34:33,581 --> 00:34:34,400 is probably 840 00:34:35,333 --> 00:34:37,266 going to generate more cash 841 00:34:37,960 --> 00:34:38,755 going forward? 842 00:34:39,567 --> 00:34:42,539 Then it can deploy back into growing 843 00:34:43,076 --> 00:34:43,793 its business. 844 00:34:44,830 --> 00:34:47,302 It doesn't need to take all of its 845 00:34:47,302 --> 00:34:47,802 earnings 846 00:34:48,432 --> 00:34:49,807 and plow them back 847 00:34:50,500 --> 00:34:52,568 into building the business and making the business 848 00:34:52,568 --> 00:34:54,341 bigger. It's now generating 849 00:34:55,609 --> 00:34:56,328 excess cash, 850 00:34:57,766 --> 00:35:00,824 and even excess cash after tax 851 00:35:01,282 --> 00:35:03,201 and getting it double tax when you pay 852 00:35:03,201 --> 00:35:03,520 it out, 853 00:35:04,173 --> 00:35:04,729 to the 854 00:35:05,444 --> 00:35:05,944 shareholder. 855 00:35:06,398 --> 00:35:07,136 An article 856 00:35:07,748 --> 00:35:08,463 the other day. 857 00:35:10,369 --> 00:35:12,356 The guy was complaining about how the oil 858 00:35:12,356 --> 00:35:14,284 company he's reported 85000000000 859 00:35:14,284 --> 00:35:16,838 dollars in private. Well, this is why we're, 860 00:35:16,917 --> 00:35:18,592 you know, paying so much at the pump. 861 00:35:19,804 --> 00:35:21,563 And I commented on it because it was 862 00:35:21,563 --> 00:35:23,161 on Facebook. Because I said, well number 1, 863 00:35:23,320 --> 00:35:24,380 the current 864 00:35:24,838 --> 00:35:25,338 administration 865 00:35:26,277 --> 00:35:29,824 has prohibited oil companies from... Building new refineries 866 00:35:31,151 --> 00:35:32,923 and doing much in the way of 867 00:35:33,377 --> 00:35:34,274 exploring for 868 00:35:34,728 --> 00:35:36,054 oil and gas. Those are 869 00:35:36,574 --> 00:35:40,094 ex things. So the oil companies, which really 870 00:35:40,094 --> 00:35:42,034 ought still be growth companies 871 00:35:42,734 --> 00:35:45,110 are now being forced to be treated like 872 00:35:45,548 --> 00:35:48,179 mature companies. So they're paying things out in 873 00:35:48,179 --> 00:35:48,657 dividends, 874 00:35:49,215 --> 00:35:50,092 share buy backs. 875 00:35:50,809 --> 00:35:53,041 Sometimes a highly regulated company, 876 00:35:53,613 --> 00:35:56,792 gets regulated so highly that they can't invest 877 00:35:56,792 --> 00:35:58,222 in growth your things, 878 00:35:58,858 --> 00:36:00,924 throw money into there, and they just sit 879 00:36:00,924 --> 00:36:01,958 there and pay dividends. 880 00:36:02,530 --> 00:36:03,589 You gotta be careful 881 00:36:04,609 --> 00:36:07,730 about buying a dividend paying company that's too 882 00:36:07,730 --> 00:36:10,049 mature. Yeah. Because now, 883 00:36:10,704 --> 00:36:12,324 you know, the likelihood 884 00:36:13,505 --> 00:36:14,005 that, 885 00:36:14,944 --> 00:36:16,724 you know, you're not gonna be able 886 00:36:17,025 --> 00:36:18,404 to grow that dividend 887 00:36:18,944 --> 00:36:19,559 because the 888 00:36:20,158 --> 00:36:21,276 what grows a dividend? 889 00:36:21,755 --> 00:36:23,192 A business is still growing. 890 00:36:23,671 --> 00:36:27,343 Yeah. You know, and it's not going to 891 00:36:27,343 --> 00:36:29,589 be able to do it if it's to 892 00:36:29,589 --> 00:36:31,971 mature. And when it gets way too mature, 893 00:36:32,129 --> 00:36:33,637 it's in runoff. Mh. 894 00:36:34,352 --> 00:36:36,416 And that's how the tobacco companies are being 895 00:36:36,416 --> 00:36:37,368 looked at right now. 896 00:36:38,099 --> 00:36:38,259 Yep. 897 00:36:39,217 --> 00:36:40,097 That's why we own them. 898 00:36:41,055 --> 00:36:41,534 1 of them. 899 00:36:42,333 --> 00:36:44,431 Oh, I just gave it away. But 900 00:36:45,620 --> 00:36:48,802 We own that company because we think it's 901 00:36:48,802 --> 00:36:51,529 gone way too far in terms of 902 00:36:52,238 --> 00:36:52,738 being 903 00:36:53,115 --> 00:36:55,824 undervalued. And the runoff is going to last 904 00:36:55,824 --> 00:36:56,780 for very long time. 905 00:36:57,577 --> 00:36:59,512 It's gonna last till the 906 00:37:00,304 --> 00:37:01,662 last person quit smoked. 907 00:37:02,621 --> 00:37:03,121 So 908 00:37:04,539 --> 00:37:05,039 that's 909 00:37:05,577 --> 00:37:08,386 that's sort of how you you you look 910 00:37:08,386 --> 00:37:10,932 at a Google or let's just say some 911 00:37:10,932 --> 00:37:12,524 company matt, I don't wanna use the word 912 00:37:12,683 --> 00:37:15,945 Google, but some company that's are really up 913 00:37:15,945 --> 00:37:16,502 and coming. 914 00:37:17,233 --> 00:37:20,597 Growth company. It's almost a hundred percent guaranteed 915 00:37:21,210 --> 00:37:23,835 that they're not going to pay a dividend. 916 00:37:25,128 --> 00:37:25,368 Yeah. 917 00:37:26,007 --> 00:37:28,884 What, I mean, talking about growth in, you 918 00:37:28,884 --> 00:37:31,541 know, kinda old mature businesses. 919 00:37:32,651 --> 00:37:34,482 There was an oracle a, 920 00:37:35,278 --> 00:37:36,790 natural gas pipeline company. 921 00:37:38,223 --> 00:37:40,793 That has had, you know, a big move 922 00:37:40,929 --> 00:37:41,748 in the last 923 00:37:42,059 --> 00:37:43,657 last week or so, 924 00:37:44,616 --> 00:37:46,774 in in their in their earnings, this is 925 00:37:46,774 --> 00:37:47,652 what was interesting. 926 00:37:48,212 --> 00:37:49,411 The Ceo said, 927 00:37:50,224 --> 00:37:52,210 The evidence over the last few months has 928 00:37:52,210 --> 00:37:55,071 been clearly jaw dropping, and he's talking about 929 00:37:55,071 --> 00:37:56,581 growing electricity demand. 930 00:37:57,614 --> 00:37:59,045 He pointed to an increased 931 00:37:59,537 --> 00:38:01,766 Consumption estimates in states such as Texas, 932 00:38:02,323 --> 00:38:05,348 where the power grid operators forecasting peak demand 933 00:38:05,348 --> 00:38:06,643 rise 78 934 00:38:06,701 --> 00:38:08,691 percent by 20 30 from last year. 935 00:38:09,739 --> 00:38:12,598 It's natural gas usage is likely to expand. 936 00:38:13,393 --> 00:38:15,140 Utilities are on track to add a hundred 937 00:38:15,140 --> 00:38:17,444 and 33 new natural gas plants. 938 00:38:19,128 --> 00:38:21,275 A lot of this has to or a 939 00:38:21,275 --> 00:38:24,082 big part of this has to do with 940 00:38:25,253 --> 00:38:27,978 the the the demand for data centers, You 941 00:38:27,978 --> 00:38:30,052 know, that's driving a lot of this, but 942 00:38:30,052 --> 00:38:30,711 it's also 943 00:38:31,407 --> 00:38:33,402 liquefied natural gas and exports. 944 00:38:34,279 --> 00:38:36,548 All of this is driving it. And so 945 00:38:36,685 --> 00:38:38,538 this is a what you would 946 00:38:38,913 --> 00:38:41,005 consider typically a mature business 947 00:38:41,778 --> 00:38:44,268 because it's it's a pipeline company. They just 948 00:38:44,404 --> 00:38:44,904 move... 949 00:38:45,280 --> 00:38:46,410 And natural gas. 950 00:38:48,003 --> 00:38:49,675 And, you know, like, well, how how much 951 00:38:49,675 --> 00:38:50,472 is that gonna grow? 952 00:38:51,586 --> 00:38:53,817 If you have the infrastructure that's not built 953 00:38:53,817 --> 00:38:56,371 out in the demand picks up, and it 954 00:38:56,371 --> 00:38:58,275 exceeds what the infrastructure allows. 955 00:38:58,910 --> 00:39:00,838 You're gonna have growth, and 956 00:39:01,544 --> 00:39:03,702 talk about a moat around the business, you're 957 00:39:03,702 --> 00:39:05,880 not gonna have another company come in 958 00:39:06,339 --> 00:39:06,839 and 959 00:39:07,378 --> 00:39:09,057 start putting this stuff down. It's gonna be 960 00:39:09,057 --> 00:39:11,707 an established company. So what they all ready 961 00:39:11,707 --> 00:39:13,377 have in the ground is valuable. 962 00:39:13,775 --> 00:39:16,637 Right. And and rebuilt... Couldn't couldn't get it 963 00:39:16,637 --> 00:39:18,546 back today. They've got as big a moat 964 00:39:18,546 --> 00:39:21,109 around their businesses. Any business I know. And 965 00:39:21,109 --> 00:39:23,739 a moat around new business, the expanding of 966 00:39:23,739 --> 00:39:26,130 this business because who else who else can 967 00:39:26,130 --> 00:39:29,090 do it. So it it's it's an old 968 00:39:29,090 --> 00:39:30,068 boring business. 969 00:39:30,682 --> 00:39:32,909 It's a very it's a repeatable type of 970 00:39:32,909 --> 00:39:34,342 business, very consistent. 971 00:39:34,834 --> 00:39:36,910 The dividend has been very consistent. 972 00:39:37,469 --> 00:39:39,863 And and so when you're looking at something 973 00:39:39,863 --> 00:39:40,742 we own. Yes. 974 00:39:41,619 --> 00:39:42,737 And we we own a couple. 975 00:39:44,108 --> 00:39:44,847 And so 976 00:39:45,620 --> 00:39:48,269 when you're when you're trying... You're matching up 977 00:39:48,565 --> 00:39:50,099 with a with a portfolio 978 00:39:50,554 --> 00:39:51,271 to a client, 979 00:39:52,067 --> 00:39:53,362 you're matching up 980 00:39:53,673 --> 00:39:55,904 assets and liabilities is what you're trying to 981 00:39:55,904 --> 00:39:57,838 do. That the the liability, 982 00:39:58,534 --> 00:40:00,366 cash flow liabilities in this sense, 983 00:40:00,940 --> 00:40:01,440 are 984 00:40:01,739 --> 00:40:03,440 monthly withdrawals or regular 985 00:40:03,739 --> 00:40:06,380 withdrawals, cash flow needs, and you're trying to 986 00:40:06,380 --> 00:40:07,840 match that with 987 00:40:08,314 --> 00:40:11,026 in this case, a company that has a 988 00:40:11,026 --> 00:40:13,977 consistent business pays a consistent dividend. You're you're 989 00:40:13,977 --> 00:40:15,173 matching those 2 things. 990 00:40:16,130 --> 00:40:17,428 And so thing is 991 00:40:18,299 --> 00:40:20,454 That business is very simple. 992 00:40:21,093 --> 00:40:24,525 Yeah. It has almost no moving parts. Literally, 993 00:40:24,685 --> 00:40:28,311 yeah. The business itself is static. Sits there 994 00:40:28,766 --> 00:40:29,824 and conducts 995 00:40:30,199 --> 00:40:32,189 gas from 1 part of the country. The 996 00:40:32,189 --> 00:40:33,565 only thing that moves 997 00:40:34,259 --> 00:40:36,089 is not the business. It's what the business 998 00:40:36,089 --> 00:40:36,908 is transporting. 999 00:40:37,219 --> 00:40:38,335 Yeah. Which is gas, 1000 00:40:38,974 --> 00:40:41,606 and in and in some cases oil. And 1001 00:40:41,606 --> 00:40:43,998 that is a recipe for a really good 1002 00:40:43,998 --> 00:40:44,397 business. 1003 00:40:45,036 --> 00:40:46,811 If it's a business that 1004 00:40:47,842 --> 00:40:48,980 literally has 1005 00:40:49,437 --> 00:40:51,032 few moving parts. Yeah. 1006 00:40:51,910 --> 00:40:52,410 And 1007 00:40:53,585 --> 00:40:56,876 it gets down to portfolio construction too because 1008 00:40:57,109 --> 00:40:59,900 It's not like the portfolio is all in 1009 00:40:59,900 --> 00:41:00,958 this business 1010 00:41:01,414 --> 00:41:04,386 1 thing. You you have to have consistent 1011 00:41:04,524 --> 00:41:05,481 parts of, you know, 1012 00:41:06,451 --> 00:41:09,236 consistent businesses is being part of it, consistent 1013 00:41:09,236 --> 00:41:09,713 dividends. 1014 00:41:10,191 --> 00:41:11,942 You have to have other areas that are 1015 00:41:11,942 --> 00:41:14,647 more growth oriented because you have inflate... You 1016 00:41:14,647 --> 00:41:17,046 know, And so all of that it comes 1017 00:41:17,046 --> 00:41:18,477 down to the portfolio construction. 1018 00:41:19,112 --> 00:41:20,781 Our job is to actually get that in 1019 00:41:20,781 --> 00:41:22,052 place and to... 1020 00:41:23,260 --> 00:41:25,190 Communicate that with the client so that they 1021 00:41:25,247 --> 00:41:27,155 understand what's going on with their money. The 1022 00:41:27,155 --> 00:41:27,893 thing is 1023 00:41:29,699 --> 00:41:30,199 this 1024 00:41:30,906 --> 00:41:33,368 portfolio that we have took a long time 1025 00:41:33,368 --> 00:41:33,845 to build. 1026 00:41:34,878 --> 00:41:37,340 And we made little foray raise into this 1027 00:41:37,340 --> 00:41:39,723 into that. We tried things. Lots of stuff. 1028 00:41:41,012 --> 00:41:41,730 It's our cue. 1029 00:41:43,086 --> 00:41:45,181 We we did things 1030 00:41:45,718 --> 00:41:47,255 over the the years 1031 00:41:47,712 --> 00:41:48,212 that 1032 00:41:49,148 --> 00:41:49,546 you know, 1033 00:41:51,072 --> 00:41:51,945 some of it 1034 00:41:52,579 --> 00:41:55,118 really didn't work that well. Yeah. But it 1035 00:41:55,118 --> 00:41:55,618 was 1036 00:41:57,514 --> 00:41:58,412 on the way 1037 00:41:58,948 --> 00:42:00,564 to learning how to do 1038 00:42:01,021 --> 00:42:04,049 the portfolio the way we knew it was 1039 00:42:04,049 --> 00:42:04,687 gonna be right. 1040 00:42:05,739 --> 00:42:08,372 Investment business is no different than many other 1041 00:42:08,372 --> 00:42:11,106 businesses is there may be 15 1042 00:42:11,564 --> 00:42:12,841 ways to do something. 1043 00:42:13,733 --> 00:42:15,402 And you try 14 of them and they 1044 00:42:15,402 --> 00:42:17,071 don't work as well. You're left with the 1045 00:42:17,071 --> 00:42:19,319 final 1 by the process 1046 00:42:19,773 --> 00:42:21,680 of elimination. It can take a while. 1047 00:42:22,808 --> 00:42:23,605 Things do. 1048 00:42:24,800 --> 00:42:25,300 But 1049 00:42:25,676 --> 00:42:27,269 when you... And things change. 1050 00:42:29,181 --> 00:42:33,018 The quality does not change. No. The the 1051 00:42:33,018 --> 00:42:35,642 the approach and our approach, 1052 00:42:36,675 --> 00:42:37,652 which has been 1053 00:42:39,140 --> 00:42:39,640 driven 1054 00:42:40,667 --> 00:42:41,884 by our experiences. 1055 00:42:42,659 --> 00:42:44,412 It results in our approach, 1056 00:42:45,050 --> 00:42:45,550 which 1057 00:42:46,405 --> 00:42:46,905 is 1058 00:42:47,933 --> 00:42:49,923 gonna be consistent from 1 year to the 1059 00:42:49,923 --> 00:42:50,162 next, 1060 00:42:50,958 --> 00:42:54,222 Fairly consistent. Yep. The things that change are 1061 00:42:54,222 --> 00:42:55,439 obviously, share prices 1062 00:42:56,229 --> 00:42:57,369 companies can change 1063 00:42:58,147 --> 00:43:00,384 stuff like that. I wouldn't shutting you down 1064 00:43:00,384 --> 00:43:00,784 completely. 1065 00:43:02,302 --> 00:43:03,580 I'm used to it. Yeah. 1066 00:43:04,949 --> 00:43:06,300 Well, along the way, we've had things that 1067 00:43:06,300 --> 00:43:08,528 have gone right too though. I mean, that 1068 00:43:08,528 --> 00:43:10,358 counters the ones that haven't gotten well, we've 1069 00:43:10,358 --> 00:43:12,367 had some stuff it's performed way better than 1070 00:43:12,367 --> 00:43:14,524 we ever had. We've got 1 company we're 1071 00:43:14,524 --> 00:43:17,001 looking at right now. Maybe getting back into, 1072 00:43:17,880 --> 00:43:20,215 if We owned it before, and I think 1073 00:43:20,215 --> 00:43:22,215 about 7 years ago, we sold it in 1074 00:43:22,215 --> 00:43:22,954 the eighties 1075 00:43:24,454 --> 00:43:25,494 share price eighties. 1076 00:43:26,547 --> 00:43:28,692 And now it's in the low thirties. Yeah. 1077 00:43:28,851 --> 00:43:30,360 And it's been there a while. Yeah. 1078 00:43:31,314 --> 00:43:33,141 Warren Buffett was involved then it it was 1079 00:43:33,141 --> 00:43:35,047 a merger that 1 of the few warren 1080 00:43:35,127 --> 00:43:35,921 Buffett deals it. 1081 00:43:36,573 --> 00:43:37,689 Really didn't work well. 1082 00:43:39,922 --> 00:43:41,596 And, you know, we might get back into 1083 00:43:41,596 --> 00:43:43,669 it again. It's a food company. But the 1084 00:43:43,669 --> 00:43:44,487 point is 1085 00:43:45,119 --> 00:43:47,117 we don't say no to any kind of 1086 00:43:47,117 --> 00:43:47,517 thing, 1087 00:43:49,914 --> 00:43:52,312 and and even to revisiting something, if it's 1088 00:43:52,312 --> 00:43:53,830 a company we've owned in the past, 1089 00:43:54,884 --> 00:43:57,041 We sold it at a higher price, come 1090 00:43:57,041 --> 00:43:57,760 back into it, 1091 00:43:58,799 --> 00:44:01,275 because what what we're talking about is not 1092 00:44:01,275 --> 00:44:01,515 a... 1093 00:44:02,169 --> 00:44:03,847 Product, if you will, A process. 1094 00:44:04,246 --> 00:44:06,324 You know, it... It's it's an approach. It's 1095 00:44:06,324 --> 00:44:08,961 a process approach. Yeah. And process in the 1096 00:44:08,961 --> 00:44:09,840 process. Yeah. 1097 00:44:10,573 --> 00:44:13,304 The the the approach that we take 1098 00:44:14,398 --> 00:44:15,934 is that we'll buy anything 1099 00:44:16,549 --> 00:44:17,686 if we think 1100 00:44:17,998 --> 00:44:19,271 that it's the right thing to buy. 1101 00:44:20,306 --> 00:44:20,465 So... 1102 00:44:21,579 --> 00:44:23,830 You've been listening to the Tom Show 1103 00:44:24,444 --> 00:44:26,354 brought to you by pre financial group where 1104 00:44:26,354 --> 00:44:27,880 we make your money work for you. 1105 00:44:29,231 --> 00:44:31,137 Joining us for this hour, We've had Mike 1106 00:44:31,296 --> 00:44:33,521 Johnson Chad Str and of course, are a 1107 00:44:33,521 --> 00:44:34,632 post Tom Du debris. 1108 00:44:35,998 --> 00:44:39,578 You'd like to come see us 85923304 1109 00:44:39,578 --> 00:44:42,362 hundred. We have over 20 years. 1110 00:44:43,094 --> 00:44:43,812 In business, 1111 00:44:45,407 --> 00:44:47,344 and our methods and approach 1112 00:44:47,801 --> 00:44:49,556 have been refined as you just heard. 1113 00:44:50,369 --> 00:44:52,677 You could also schedule an appointment on our 1114 00:44:52,677 --> 00:44:54,905 website at pre financial dot com, 1115 00:44:55,700 --> 00:44:58,008 directly on our homepage. We appreciate you listening 1116 00:44:58,008 --> 00:44:59,122 to the financial hours.