SP500 hits 5000 level for First Time Ever! How Long Will This Rally Continue?

WEBVTT 1 00:00:00.200 --> 00:00:04.719 Well, it's that time again people. It's Sunday morning, it's eight o'clock 2 00:00:05.200 --> 00:00:09.199 and this is the Money Matter Show with Dean Greenberg. We do appreciate you 3 00:00:09.240 --> 00:00:14.759 guys just listening, chiming in, listening again, going to the podcast, 4 00:00:14.880 --> 00:00:19.920 listening to more and understanding what we are talking about and how we're getting through 5 00:00:19.960 --> 00:00:25.679 this entire entire markets, the economy, the political situation, you name it. 6 00:00:25.719 --> 00:00:28.760 We're going to talk about it and we're going to try to go ahead 7 00:00:28.760 --> 00:00:31.760 and make some sense of it. But the good news is, guys, 8 00:00:31.800 --> 00:00:36.479 the markets have rallied to brand new highs. I mean, we eclipsed five 9 00:00:36.520 --> 00:00:41.119 thousand. Oh man. I remember when the NASDAC hit five thousand. We 10 00:00:41.159 --> 00:00:44.759 never thought we'd get back to that, and now it's at like fifteen thousand, 11 00:00:45.359 --> 00:00:51.679 okay. And the SMP it hit two thousand, came all the way 12 00:00:51.719 --> 00:00:55.520 back in two, in two thousand and one, in two thousand and eight, 13 00:00:56.200 --> 00:01:02.280 and now look where it is five thousand. Now a lot of us 14 00:01:02.320 --> 00:01:07.879 scratch your heads about why and how the markets could be there. We've heard 15 00:01:07.920 --> 00:01:12.760 a lot of well, this is consolidated. It's the magnificent seven, and 16 00:01:12.799 --> 00:01:15.079 that's why the S and P is moving so much, and you're right, 17 00:01:15.159 --> 00:01:22.200 it's exactly what's going on. But now it's starting to spread out a little 18 00:01:22.239 --> 00:01:26.079 bit more, not not total more, but a little bit more. The 19 00:01:26.159 --> 00:01:33.760 S and P five hundred equal weighted is obviously is lapse is two percent behind 20 00:01:33.760 --> 00:01:38.000 the S and P five hundred, and it's five percent almost four and a 21 00:01:38.040 --> 00:01:42.359 half percent less for the year. So that just tells you it's very, 22 00:01:42.480 --> 00:01:46.439 very concentrated. But they keep going up and making highs, and that's why 23 00:01:46.519 --> 00:01:49.079 part of your portfolio has to be in the in the indexes, and that's 24 00:01:49.079 --> 00:01:53.719 why we have that Greenberg Financial Group Model GfG model we call it because it's 25 00:01:53.760 --> 00:02:00.599 in the indexes, and that part of our portfolio is doing what the markets 26 00:02:00.799 --> 00:02:04.519 the indexes are telling you, but its portfolio manageress. You just can't put. 27 00:02:04.560 --> 00:02:06.840 You put it all in the S and P and leave it there because 28 00:02:07.000 --> 00:02:09.560 obviously it goes up and down, and that's what people fret. Obviously, 29 00:02:09.599 --> 00:02:15.919 there's allocations and if your growth oriented, you're you're probably doing better than the 30 00:02:15.000 --> 00:02:20.479 S and P five hundred because you're in some of these magnificent seven or six. 31 00:02:22.199 --> 00:02:23.960 Because I don't like Netflix, they cut they always put Netflix. I 32 00:02:24.000 --> 00:02:30.199 know Netflix does well, but I just really flex there's other stocks out there. 33 00:02:30.599 --> 00:02:36.520 But I'm gonna say something and I want you to listen. It's like 34 00:02:36.879 --> 00:02:39.680 I'm trying to figure out if this is here to stay or not. And 35 00:02:39.719 --> 00:02:45.039 I'm gonna tell you my feelings right after I give you a a disclaimer. 36 00:02:46.080 --> 00:02:47.439 The show was brought to you, which is Money Mount. It is brought 37 00:02:47.439 --> 00:02:53.479 to you by Greenberg Financial Group. Greenberg Financial Group is both a registered and 38 00:02:53.479 --> 00:02:58.800 investment advisory and they broke a dealer. They're registered with the SEC, members 39 00:02:58.840 --> 00:03:01.479 of Fenuine, members of SIP. We talk about this every week. You 40 00:03:01.560 --> 00:03:05.800 have to know your risk tolerance. You have to know your how much risk 41 00:03:05.840 --> 00:03:07.879 you're willing to take. You have to know what all the risks are and 42 00:03:07.960 --> 00:03:14.120 anything you invest in. One way of getting around its allocations. We always 43 00:03:14.159 --> 00:03:16.560 talk about it, don't have to be over allocated in one one stock, 44 00:03:16.680 --> 00:03:23.599 one area, one anything, one industry, one sector. Understand how much 45 00:03:23.759 --> 00:03:29.280 you can handle on volatility, which then determines what kind of stocks you and 46 00:03:29.319 --> 00:03:34.599 not everybody can handle these tech stocks that are moving to the moon, because 47 00:03:34.599 --> 00:03:38.960 they also come down. Sometimes when they come down, sometimes that's what creates 48 00:03:38.960 --> 00:03:42.479 the stress and everything else for people. But there's a lot of stocks out 49 00:03:42.520 --> 00:03:45.879 there that have not moved yet, and I believe they will. And we 50 00:03:45.919 --> 00:03:50.199 talk about opportunities all the time. But before I get into that, I 51 00:03:50.240 --> 00:03:53.199 want to talk about where I think we're at, what's going on. I 52 00:03:53.199 --> 00:03:55.879 mean, you know, you try to say, Okay, this market shouldn't 53 00:03:55.919 --> 00:03:59.240 be here. There's this problem, there's that problem. We know it. 54 00:03:59.520 --> 00:04:01.879 We've got to wader prices. We have a credit crisis, we have too 55 00:04:01.919 --> 00:04:06.159 much debt. We have wars going on in both Europe and the Middle East, 56 00:04:06.159 --> 00:04:10.400 and we have a lot of problems going on in Asia, in Taiwan. 57 00:04:10.560 --> 00:04:15.439 And although we're China ruffling up things, we get that. But ether 58 00:04:15.479 --> 00:04:19.279 stop and think, maybe that's what the governments around the world want. Maybe 59 00:04:19.279 --> 00:04:23.720 that's the way they keep the economies going and everyone making money, is that 60 00:04:23.800 --> 00:04:27.399 they just have this and they control it and they don't give it. Damn 61 00:04:27.439 --> 00:04:30.079 about people dying, which is the worst part, because we as people would 62 00:04:30.120 --> 00:04:34.000 never want a war. I don't want people dying. We don't want to 63 00:04:34.040 --> 00:04:40.639 loved ones dying. It's not like we're back, you know, in the 64 00:04:40.759 --> 00:04:45.240 in the Middle Ages, when you know everyone's trying to get territory, and 65 00:04:45.240 --> 00:04:47.759 and and and and fighting and you know, you got your horses, you 66 00:04:47.839 --> 00:04:51.800 got your muskets, whatever you're doing, uh, you know, and hand 67 00:04:51.839 --> 00:04:57.120 fighting swords, who knows, you know, the vikings invading other areas. 68 00:04:57.120 --> 00:05:00.240 This is not what we got now. So it always stretch, which is 69 00:05:00.240 --> 00:05:03.079 my head of why we even have a war, Because if you ever put 70 00:05:03.079 --> 00:05:05.279 it on the ballot, do you want to have a war? Ninety percent 71 00:05:05.279 --> 00:05:09.839 of the people say absolutely not, And not just in America. It would 72 00:05:09.879 --> 00:05:13.839 be common folk people in the Middle East, in Asia, in China, 73 00:05:14.040 --> 00:05:16.399 in Russia and Ukraine, you name it. They don't want to have a 74 00:05:16.439 --> 00:05:20.680 war. But for some reason, the people that govern us all think that 75 00:05:20.720 --> 00:05:25.720 we should have a war. We have two wars now, and all we're 76 00:05:25.759 --> 00:05:28.759 doing is funding it, and we don't fund the people that need to be 77 00:05:28.879 --> 00:05:34.000 funded in America because we have to fund these other countries. Our education system 78 00:05:34.160 --> 00:05:40.399 is horrible in most places, horrible. Right here in Arizona. We'll rank 79 00:05:40.480 --> 00:05:43.839 what forty seven, forty eight for how many years in a row, and 80 00:05:43.920 --> 00:05:50.720 yet we do nothing about it. Education is the key to success. That's 81 00:05:50.759 --> 00:05:55.920 how you move forward, that's how you keep number one in economy. When 82 00:05:55.959 --> 00:06:01.759 you have technology better than everybody else. Because the technology and the weaponry makes 83 00:06:01.800 --> 00:06:04.959 it great, we have a great military power. Can you imagine if the 84 00:06:05.040 --> 00:06:11.839 leaders when they get together and try to discuss the new Green Deal or how 85 00:06:11.879 --> 00:06:15.720 we gonna bring down carbon, actually talked about how are we going to stop 86 00:06:15.759 --> 00:06:20.720 wards? Why don't we all just decide we don't want to have a war. 87 00:06:20.800 --> 00:06:24.759 How do we all decide we don't want nuclear anymore? How about of 88 00:06:24.879 --> 00:06:29.000 any country like I ran against nuclear, we just question them, don't let 89 00:06:29.079 --> 00:06:33.680 them have it? How about that? Then you can tell me that the 90 00:06:33.759 --> 00:06:43.439 governments aren't involved in all this back door crookedness of trying to keep everything going 91 00:06:44.839 --> 00:06:49.959 their powers, because I don't believe it. In the meantime, what it 92 00:06:50.000 --> 00:06:54.519 does is we keep giving this money away. We got to keep our economy 93 00:06:54.519 --> 00:06:58.000 going. How old are we going to pay a debt with the inter state? 94 00:06:58.079 --> 00:07:01.120 Sire? We need go forward? Now? Are the numbers true or 95 00:07:01.160 --> 00:07:03.680 not? I don't know. I'm gonna go with them. They just revise 96 00:07:03.720 --> 00:07:10.759 thea CPA, the consumer price index lower on a revision. So which numbody 97 00:07:10.800 --> 00:07:14.040 you believe the first one that said we're going so much or the second one 98 00:07:14.279 --> 00:07:20.519 that's lower either way, doesn't matter. Either way. We look at the 99 00:07:20.600 --> 00:07:26.680 markets right now masking what's really going on. Most people can't afford to eat. 100 00:07:27.879 --> 00:07:30.279 Most people can't afford to pay the bills. Credit cards are going through 101 00:07:30.319 --> 00:07:36.839 the roof. Delinquencies are going through the roof because the average paycheck doesn't pay 102 00:07:36.920 --> 00:07:45.000 all the bills for the middle class and lower Americans. And that's what we 103 00:07:45.120 --> 00:07:46.720 got to worry about. That's what we need to do. That's how we 104 00:07:46.800 --> 00:07:55.079 need to fix it. And all we have is politics, this border thing. 105 00:07:55.639 --> 00:07:58.839 They say, oh, Trump's doing it with politics, or the other 106 00:07:58.920 --> 00:08:01.600 site says, Biden's do it for politics. Let me let you in on 107 00:08:01.639 --> 00:08:07.319 a little secret, people, It is politics. It's all politics, and 108 00:08:07.399 --> 00:08:11.439 it's not for you or me. It's all about power and who is gonna 109 00:08:11.480 --> 00:08:16.439 control. Of course, it makes sense all the sense of the world for 110 00:08:16.600 --> 00:08:20.000 Trump to say no, nobody vote for it, because why are we gonna 111 00:08:20.000 --> 00:08:24.720 give him a win? Basically, six seven months before or before they before 112 00:08:24.720 --> 00:08:28.079 the election and the other side said, oh, they don't care about the 113 00:08:28.120 --> 00:08:31.600 border. They just want to go ahead and stop the stop it, which 114 00:08:31.639 --> 00:08:35.279 is all a bunch of ball because you know, don well, if they 115 00:08:35.320 --> 00:08:39.200 cared about the border. They would have done something a year ago, two 116 00:08:39.279 --> 00:08:43.159 years ago, if they cared about the border. If Biden cared about the 117 00:08:43.200 --> 00:08:48.000 border, he would have done something when he got into office and kept his 118 00:08:48.120 --> 00:08:54.039 pen in his pocket. You changed the rules, you changed the laws, 119 00:08:54.559 --> 00:08:58.039 and then you don't uphold the laws. You're gonna have this Biden, this 120 00:08:58.480 --> 00:09:03.320 border crisis, and for someone to say we have a border crisis now and 121 00:09:03.159 --> 00:09:09.120 it's becoming a out of control after we've been talking about this for two years 122 00:09:09.960 --> 00:09:13.960 and they do nothing about it until now because it's political to tie it in 123 00:09:15.080 --> 00:09:20.360 with giving aid to Ukraine in Israel. It's all political both sides. It's 124 00:09:20.360 --> 00:09:24.720 all political. And if you doubt it or you take one side as well, 125 00:09:24.840 --> 00:09:28.120 it's not political on the Republican side, Oh, it's not political on 126 00:09:28.159 --> 00:09:31.919 the Democrat side. Then you are the problem too, because too we the 127 00:09:31.960 --> 00:09:39.360 people call them out and say what it is really is. It's all about 128 00:09:39.399 --> 00:09:43.440 them and nothing about us. Because even when they make a bill, it's 129 00:09:43.480 --> 00:09:46.799 not even a good enough bill to take care of what we need to take 130 00:09:46.799 --> 00:09:52.360 care of. And where's all the money go. That's the other thing. 131 00:09:54.360 --> 00:09:58.320 Why isn't the media asking what happened? To all the billions of dollars that 132 00:09:58.360 --> 00:10:03.080 we have given to Ukraine, does it go to where we need it to 133 00:10:03.120 --> 00:10:05.679 go or is it lining in the pockets of some of the richer people there? 134 00:10:07.519 --> 00:10:11.279 Where is the money going that goes to Israel? Where is it? 135 00:10:11.759 --> 00:10:18.799 Where's the accountability? Stop asking the American people to continue to pay If we 136 00:10:18.799 --> 00:10:22.399 don't have accountability where every dollar goes. They say, well, we give 137 00:10:22.440 --> 00:10:26.799 it to them, and then they're gonna buy the defense and the missiles and 138 00:10:26.840 --> 00:10:31.240 everything from US. Okay, great, that's gonna help our companies, our 139 00:10:31.279 --> 00:10:37.679 workers, our economy and America. Okay, great. Is anybody accounting for 140 00:10:37.720 --> 00:10:41.759 that? Is anybody seeing or watching the dollar cash flow, where it's going, 141 00:10:41.799 --> 00:10:43.919 where it's coming back, how much it's going. And I'm not talking 142 00:10:43.960 --> 00:10:48.519 about going to the pennies. I'm talking about how about just tracking to the 143 00:10:48.519 --> 00:10:52.159 one hundred millions worth. Okay, let's be off by a hundred million. 144 00:10:52.360 --> 00:10:54.879 That doesn't seem to be module on five hundred million. I mean, look 145 00:10:54.879 --> 00:10:56.840 at the U of A being down two hundred and some one million. All 146 00:10:56.919 --> 00:11:03.559 right, track it, account for it, see where it is. But 147 00:11:03.600 --> 00:11:07.799 you know, if Biden really cared about the border, why did he stop 148 00:11:07.879 --> 00:11:11.919 us putting those box cars up to stop people coming in on the Arizona border? 149 00:11:13.360 --> 00:11:16.480 Why is he so against Texas doing their own thing with the bob wire 150 00:11:16.799 --> 00:11:20.679 trying to keep people out and it is working, isn't it amazing? When 151 00:11:20.720 --> 00:11:24.840 you put up a blockade, you can't go under, you can't go over. 152 00:11:24.960 --> 00:11:31.320 It stops people from coming in. How about stopping the water coming through 153 00:11:31.320 --> 00:11:35.000 the dyke now and then coming up with a comprehensive plan that will work for 154 00:11:35.080 --> 00:11:39.759 both parties. And it's got to be a compromise, because people, if 155 00:11:39.759 --> 00:11:43.440 we do not compromise on a party, we'll never get anything done. Let 156 00:11:43.559 --> 00:11:50.159 immigrants, real immigrants, not trouble making immigrants come to our country, ones 157 00:11:50.200 --> 00:11:58.279 that really need asylum. Bring them in and then put up immigrant camps, 158 00:11:58.039 --> 00:12:07.759 funded and public, and become an education institution where these people become assimilated into 159 00:12:07.799 --> 00:12:11.720 the American way. Teach them English. They have to learn English, they 160 00:12:11.799 --> 00:12:16.080 got to pass test. And if they're in house, if they're in hospitality, 161 00:12:16.639 --> 00:12:20.240 bring in all the all the big hospitality places and let them teach them. 162 00:12:20.279 --> 00:12:22.600 And let this be a job market for them. If it's technology, 163 00:12:24.120 --> 00:12:28.080 teach them bring into tech companies fund it at least then you know what, 164 00:12:28.120 --> 00:12:35.120 they're getting education and they're getting meals, and they're getting bored and they're andy's 165 00:12:35.240 --> 00:12:39.440 keep them warm and they're learning. Those that want to do it. Great, 166 00:12:39.519 --> 00:12:45.399 If you don't, you go home. Okay. Stop just letting them 167 00:12:45.440 --> 00:12:48.519 flood into the country unaccounted for, not knowing where it is. And now 168 00:12:50.360 --> 00:12:54.480 they're so unabashed, the beating up people. They're killing people, you know, 169 00:12:54.679 --> 00:12:58.320 in our city here, right here in Tucson, the crime wave has 170 00:12:58.440 --> 00:13:07.360 risen Ooral Valley, Dove, mountain Stone Canyon, Pimaccounting, Pema Canyon, 171 00:13:09.039 --> 00:13:13.799 Foothills. There's robberies going on. What are we waiting for the one that 172 00:13:13.879 --> 00:13:18.120 goes bad? Oh, it's okay, Insurance to take care of it. 173 00:13:18.279 --> 00:13:24.279 People aren't home, No one's getting hurt. It's frightening. It's frightening. 174 00:13:24.399 --> 00:13:28.360 And you know what, what do you think happens to people that have no 175 00:13:28.519 --> 00:13:35.879 money, no job, no food, no shelter. They do not care 176 00:13:35.080 --> 00:13:39.639 about laws and regulations, especially because they know they're probably not even going to 177 00:13:39.720 --> 00:13:48.639 get put in jail or deported. You do things that go against your moralistic 178 00:13:48.399 --> 00:13:56.240 values when it's life or death, and then the bad ones don't even care 179 00:13:56.279 --> 00:14:00.200 about that. The gang members, you see them beaten up police heat, 180 00:14:01.519 --> 00:14:07.360 beating up people, old ladies, And that's just what we see. That's 181 00:14:07.399 --> 00:14:11.200 just what we hear about. Imagine how much more is really going on. 182 00:14:13.799 --> 00:14:20.840 Shut the damn board it down now, Biden, shut it down. Okay, 183 00:14:20.679 --> 00:14:24.759 then work on a plan and then ask some money. But let's go. 184 00:14:24.919 --> 00:14:30.240 Let's be accountable for all the money we have given everybody. I get 185 00:14:30.279 --> 00:14:33.759 it. We have to give money to Israel, that's our hold. We 186 00:14:33.879 --> 00:14:35.240 have to be there. But do we have to give it to Hamas? 187 00:14:35.240 --> 00:14:39.000 Also? Do we have to give it to Iran? Also? What good 188 00:14:39.080 --> 00:14:43.559 is that? Oh, we'll give you money, I Ran, you just 189 00:14:43.600 --> 00:14:50.440 stop doing this right because they are so trustworthy. Same to Amas, don't 190 00:14:50.440 --> 00:14:54.120 worry a moss. They you know, I know you got billions of dollars 191 00:14:54.120 --> 00:14:58.679 and you killed thousands of Israelis. But it's okay, Well we'll help you 192 00:14:58.720 --> 00:15:09.519 out. Are you kidding? Israel Is our friends, that's who we support. 193 00:15:09.279 --> 00:15:15.679 Get your butt out of Iran. I don't know why every Democrat needs 194 00:15:15.720 --> 00:15:22.000 to be friendly with Iran. Why all they do is take us to the 195 00:15:22.080 --> 00:15:26.600 cleaners and create problems. Unless that's what we're looking for, unless that's what 196 00:15:26.639 --> 00:15:33.559 we hope for. Obama did it, and now Biden's doing it. We 197 00:15:33.639 --> 00:15:35.759 had sanctions on them, take off the sanctions and give them billions of dollars. 198 00:15:37.879 --> 00:15:43.799 Obama dropped billions of dollars in cash. Biden gave him billions of dollars. 199 00:15:43.480 --> 00:15:48.240 Next thing, you know, we have an Israeli Amas war. And 200 00:15:48.320 --> 00:15:52.120 don't tell me the Israelis can't take them out. You guys all remember the 201 00:15:52.159 --> 00:15:56.639 sixth Day War. Boom, you come in, You're done, You're finished, 202 00:15:56.720 --> 00:16:00.480 it's over. Why is this taking months probably going to years. Has 203 00:16:00.519 --> 00:16:07.240 anybody asked that question? Because Israel can take them out very quickly. They 204 00:16:07.279 --> 00:16:10.919 stop it quickly, get done with it all. Why is it linger? 205 00:16:11.279 --> 00:16:18.559 Why does it linger? It doesn't need to. These all affect our economy 206 00:16:18.559 --> 00:16:22.159 and everything's going on. So bringing back to our economy. Our economy is 207 00:16:22.200 --> 00:16:27.039 doing great, which is why I told you that the Federal Reserve was not 208 00:16:27.039 --> 00:16:30.879 going to lower registrates, especially in the first or second quarter. And they're 209 00:16:30.879 --> 00:16:36.320 not going to do it right before the election. I'd be shocked unless something 210 00:16:36.440 --> 00:16:45.960 happens that they need to inject stimulate the economy. As long as we're doing 211 00:16:45.960 --> 00:16:48.480 what we're doing. Don't expect to Fed to lower rates. It makes no 212 00:16:48.679 --> 00:16:55.559 sense. Lowering rates, especially when the markets are doing well and the economy 213 00:16:55.600 --> 00:17:00.399 is doing well, is a inflationary way of doing things. They don't have 214 00:17:00.440 --> 00:17:04.279 to turn around and raise rates again. Let the markets just be, Let 215 00:17:04.400 --> 00:17:11.000 capitalism just be. If we need to help, because all of a sudden 216 00:17:11.039 --> 00:17:15.240 we're in a liquidity crisis, that's when the FED needs to inject stimulus. 217 00:17:17.799 --> 00:17:21.480 If we grow too fast like we did and we have too much inflation, 218 00:17:21.880 --> 00:17:26.319 they have to raise rates to lower it. But what is Congress done? 219 00:17:26.799 --> 00:17:32.079 Absolutely nothing. And that's why people can't even understand because they don't really understand 220 00:17:32.119 --> 00:17:37.720 economics. We knew going into that pandemic that everything would shut down and that 221 00:17:37.759 --> 00:17:41.079 we had to give tons of money out so we can keep our economy going. 222 00:17:41.920 --> 00:17:45.799 So why aren't they smart enough to know that if we're going to this 223 00:17:45.839 --> 00:17:48.759 is gonna happen. How are we going to stop runaway inflation and prices getting 224 00:17:48.799 --> 00:17:53.440 away raised for inflation getting away, because that's not going backwards. We hit 225 00:17:53.440 --> 00:18:00.319 a whole another level right now, and this is where we are making all 226 00:18:00.359 --> 00:18:03.440 new hides in the market with people scared that the market can't go higher. 227 00:18:04.880 --> 00:18:08.240 Well, we all know the pullbacks can happen anytime. I don't see anything 228 00:18:08.319 --> 00:18:12.240 unless it's a black Swan event for the rest of this year on pullbacks not 229 00:18:12.279 --> 00:18:18.480 being buying opportunities. I know stocks are running away, the technologies are running 230 00:18:18.480 --> 00:18:22.720 away thirty forty points a week or something like that. It's not going to 231 00:18:22.799 --> 00:18:32.039 keep going. But but are we in a situation that were one hundred years 232 00:18:32.680 --> 00:18:37.759 from the Roaring twenties? We had the pandemic over one hundred years ago, 233 00:18:38.119 --> 00:18:47.359 we had history repeat itself? Is history repeating itself right now under our nose 234 00:18:48.240 --> 00:18:52.119 and we don't realize it? That's the question. We won't know it till 235 00:18:52.160 --> 00:18:56.720 it's over. But if you look at it rather than just being scared that 236 00:18:56.720 --> 00:19:04.519 it's going up, you don't sell everything. This is not a situation do 237 00:19:04.640 --> 00:19:12.359 I buy or sell everything. It's a trim and hold. Hold what you 238 00:19:12.440 --> 00:19:17.559 have, trim back if it goes, hire, trim back until you have 239 00:19:18.160 --> 00:19:22.960 enough in your portfolio. You trim the positions and you look for other opportunities 240 00:19:22.079 --> 00:19:26.000 with the money you take off the table, because someday one day these other 241 00:19:26.039 --> 00:19:32.680 stocks that are not moving, we'll move. I've got two stocks in mind 242 00:19:32.799 --> 00:19:36.920 that I'm looking at for good reason that have not moved. Good quality companies. 243 00:19:37.039 --> 00:19:41.599 Well one has moved a little bit that I believe will one day catch 244 00:19:41.680 --> 00:19:48.720 fire can move like these other stocks. We're in a new movement in America 245 00:19:48.799 --> 00:19:55.640 right now. The first one was the computer, when everybody started getting personal 246 00:19:55.680 --> 00:20:03.480 computers. That changed the world. One was when we got the uh, 247 00:20:03.559 --> 00:20:07.079 the smartphones. Everything we can do on the computer, we were able to 248 00:20:07.200 --> 00:20:15.160 do in our hand and handheld devices. That's incredible. That changed the world 249 00:20:18.000 --> 00:20:21.599 we're about to enter right now. And that's why these stocks, these companies 250 00:20:21.640 --> 00:20:29.519 are running so much. The AI world. Now, you're gonna hear a 251 00:20:29.599 --> 00:20:34.240 lot of people pushing stocks that you've never heard of. Be careful, be 252 00:20:34.400 --> 00:20:37.319 careful, well, this is going to be the next Google, This is 253 00:20:37.359 --> 00:20:40.559 going to be the next the Video, This is going to be the next 254 00:20:40.599 --> 00:20:45.960 A m D. You can go broke with those stocks. This is not 255 00:20:45.079 --> 00:20:49.279 the dot com era that everything with the dot com is going to go up 256 00:20:49.319 --> 00:20:56.680 until it doesn't. These AI companies, the Microsoft, then Videos, the 257 00:20:56.720 --> 00:21:02.200 Amazons, the Googles, these there's a bunch of them out there. Those 258 00:21:02.240 --> 00:21:04.160 are the major ones. They are gonna go up and down. They're gonna 259 00:21:04.200 --> 00:21:10.359 get overvalued and come back, but they will still be the companies that will 260 00:21:10.680 --> 00:21:17.359 springboard the AI area. Now we don't have we have low unemployment. Do 261 00:21:17.400 --> 00:21:18.799 you ever scratch your head? Well, how does unemployment so low? How 262 00:21:18.799 --> 00:21:22.799 do we keep going? What are we gonna do? AI is going to 263 00:21:22.839 --> 00:21:26.160 make a difference. AI is going to allow us to have a smaller workforce 264 00:21:26.720 --> 00:21:33.359 and have more production. That way, it creates what more earnings? We 265 00:21:33.480 --> 00:21:37.480 got more earnings? Guess what? The stocks go up, the valuations go 266 00:21:37.599 --> 00:21:41.319 up. Now there'll be a time that these stocks are gonna TOPBAC, go 267 00:21:41.440 --> 00:21:44.079 back and forth. People are gonna want to panic out a little bit, 268 00:21:44.200 --> 00:21:48.000 and I can see them dropping twenty percent in the day at some time in 269 00:21:48.039 --> 00:21:52.279 the future. I'm not so sure which ones will when, especially the big 270 00:21:52.279 --> 00:21:56.359 ones, because then they'll be buying that comes straight back into it. It's 271 00:21:56.400 --> 00:21:59.960 the fringe ones. I want to warn you about, the ones that every 272 00:22:00.200 --> 00:22:03.519 newsletter everybody's touts and says this is gonna be the one or the phone call, 273 00:22:03.680 --> 00:22:08.839 whatever it is that you get AI AI AI, be careful. I 274 00:22:08.880 --> 00:22:12.920 don't care about that two dollars, five dollars seven dollars stock that you think 275 00:22:12.920 --> 00:22:18.119 will be the next one that's there. Deal with the ones that are here. 276 00:22:18.519 --> 00:22:22.720 There'll be some of those. How you gonna know about those? You're 277 00:22:22.759 --> 00:22:26.920 not the private equity firms. You're not the ones that are there researching those. 278 00:22:29.079 --> 00:22:30.799 We know this. If they're any good in the private you know what, 279 00:22:32.799 --> 00:22:37.240 Google, Apple, Meta, one of them are gonna buy them for 280 00:22:37.279 --> 00:22:41.400 a couple of billion dollars. It's nothing. The other thing is is the 281 00:22:41.480 --> 00:22:45.160 vision the vision glasses. Apple coming out with this new Vision Pro. That's 282 00:22:45.200 --> 00:22:48.920 a whole new world that we're going into. We think it's just for gaming 283 00:22:48.960 --> 00:22:56.279 and watching movies. This is gonna change everything. A medical industry is gonna 284 00:22:56.359 --> 00:23:03.160 change the The aviation going to change the way we train people is gonna change 285 00:23:03.400 --> 00:23:07.000 the way we entertain people is going to change. They see it, they 286 00:23:07.039 --> 00:23:10.720 know it. We don't know it yet. But the evolution for the next 287 00:23:10.799 --> 00:23:15.279 ten years is there. And what is going to power it the AI chich 288 00:23:15.319 --> 00:23:18.240 Which company is going to keep advancing, Which companies aren't there yet that are 289 00:23:18.240 --> 00:23:23.559 going to be there. Just be careful of buying the nextanivity in the video 290 00:23:23.640 --> 00:23:30.599 when you had a video or AMD and if you're not in those, there's 291 00:23:30.599 --> 00:23:33.000 others, and if not, don't worry about it because a lot of people 292 00:23:33.039 --> 00:23:37.640 are already at the point. I don't need to do anything but just watch 293 00:23:37.640 --> 00:23:40.440 my account go up a little. I don't need to make eighteen twenty percent. 294 00:23:40.799 --> 00:23:44.359 I want to be in good quality stocks that can pay some dividends and 295 00:23:44.400 --> 00:23:48.319 make my cut and make it move. If I can make a seven eight 296 00:23:48.319 --> 00:23:51.519 percent return, ten percent, eleven percent and good year, I'm happy. 297 00:23:51.799 --> 00:23:56.200 You can get four five percent now in good bonds. That's an income. 298 00:23:56.920 --> 00:24:00.680 It's a that's how you have to look at it. So the growth world 299 00:24:00.759 --> 00:24:04.519 technology, AI, it's it's it's a game changer, and that's what can 300 00:24:04.440 --> 00:24:07.759 can propel us. Is this the rowing twenties. We won't know about it, 301 00:24:07.799 --> 00:24:10.960 but if it keeps going and we got another two, three, four 302 00:24:11.000 --> 00:24:14.640 years, I want to be part of it. With the amount of money 303 00:24:14.640 --> 00:24:18.640 that I'm willing to risk and be volatile, I want a lot of my 304 00:24:18.759 --> 00:24:25.160 money safe and earning some nice interest balance portfolio. But the rest will come 305 00:24:25.160 --> 00:24:27.400 to us. I appreciate you listening. We'll be right back. This is 306 00:24:27.440 --> 00:24:32.559 the Money Matter Show. Welcome back, everybody. This is the Money Matter 307 00:24:32.640 --> 00:24:34.839 Show. We have a full house today. We got Dave Sherwood back in 308 00:24:34.880 --> 00:24:38.839 the house. We got Dylan Greenberg, we got Todd. How are you 309 00:24:38.880 --> 00:24:41.519 Todd? You took over last week. I appreciate that you did a good 310 00:24:41.599 --> 00:24:45.160 job with Dylan and Iron. Dave out, thank you? You forget my 311 00:24:45.240 --> 00:24:47.680 last name? What forget my last name? I want I know your last 312 00:24:47.759 --> 00:24:52.440 name? Glicky glick. You did a nice job, you Ti, Thank 313 00:24:52.480 --> 00:24:59.720 you. Where is Sebastian Huh he's coming back? He wonder, just wonder. 314 00:25:00.000 --> 00:25:03.799 I'm surprised you didn't say this is the Super Bowl Sunday Money Matters Show. 315 00:25:03.960 --> 00:25:07.559 We'll get there. We'll give you a pretictions replay. What's the replay 316 00:25:07.599 --> 00:25:11.599 of two thousand? It's going to be the same score? Wrong, bang 317 00:25:11.640 --> 00:25:15.839 bang, thirty one twenty chiefs. That sounds about right. Can we bet 318 00:25:15.039 --> 00:25:19.359 on that? Sure? Thirty chiefs which want to bet? It sounds about 319 00:25:19.440 --> 00:25:22.960 right. That's what it was in two thousand, four years ago, same 320 00:25:22.039 --> 00:25:32.640 exact matchup, past performances, no, no seasonality. This is how the 321 00:25:32.680 --> 00:25:38.079 Super Bowl should end. That garage. Dave, all right, record highs. 322 00:25:40.920 --> 00:25:47.000 Your opinion, should people go be running for the hills or what I 323 00:25:47.000 --> 00:25:49.920 think your monologue really said it, well, I think this is this is 324 00:25:51.400 --> 00:25:52.799 a new era. You know, you always hear well, it's different this 325 00:25:52.880 --> 00:25:56.880 time. And of course you and I know from decades of doing this that 326 00:25:56.039 --> 00:26:00.839 is generally not different this time, but this one might actually be a little 327 00:26:00.880 --> 00:26:03.240 different with the AI in there. Well, I'm not saying I'm not saying 328 00:26:03.279 --> 00:26:08.000 it's different, because different would mean all the crap stocks are going to go 329 00:26:08.079 --> 00:26:11.359 up, and it doesn't matter. Well, it's the same if you think 330 00:26:11.359 --> 00:26:15.200 about it, like when the computer started coming, and Apple actually got going, 331 00:26:15.240 --> 00:26:19.440 and Microsoft started going, they started taking off during not see that period 332 00:26:19.480 --> 00:26:22.640 of time, Dell Computer, all those and the hardware went out. And 333 00:26:22.640 --> 00:26:26.240 what we get because we got the smartphones. When we got the smartphones, 334 00:26:26.480 --> 00:26:32.920 all the companies that fed into Apple and Samsung and Google, they all started 335 00:26:32.920 --> 00:26:38.279 going up with those companies because now we have the ability to have a computer 336 00:26:38.400 --> 00:26:41.880 in a hand. Basically that changed the world. And what I'm saying is 337 00:26:41.880 --> 00:26:45.079 the stocks that are going to change the world right now are the AI stocks. 338 00:26:45.400 --> 00:26:49.000 But we got to be careful on the fringe stocks, all right, 339 00:26:49.039 --> 00:26:53.319 because you know what happens ab everyone's gonna say it's AI, it's AI. 340 00:26:53.519 --> 00:26:57.079 It's AI. Well, most people don't even know what AI is. You 341 00:26:57.119 --> 00:27:00.559 don't even know how much of the company's AI. There are companies that are 342 00:27:00.559 --> 00:27:03.680 going to be small, that are going to be brought up and you're gonna 343 00:27:03.680 --> 00:27:06.559 make money off of it. There's gonna be top companies if it turns down, 344 00:27:06.640 --> 00:27:08.480 that are going to go out of business because all the funding goes away. 345 00:27:08.960 --> 00:27:12.440 Stay away from the speculative ones when you can stay in the good ones. 346 00:27:14.160 --> 00:27:15.200 I think one other thing you have to be careful about. A call 347 00:27:15.279 --> 00:27:19.640 last week of a conservative client who calls up. But this guy is risk 348 00:27:19.680 --> 00:27:25.559 adverse to the point where about five years ago he decided that he just couldn't 349 00:27:25.599 --> 00:27:30.599 handle the level of volatility and took half of the account and bought a CD. 350 00:27:30.000 --> 00:27:33.799 I mean, that's how risk adverse this guy is. And he called 351 00:27:33.839 --> 00:27:36.839 me up and said, I think we need to get more technology stocks. 352 00:27:37.319 --> 00:27:38.599 That's the kind of thing you have to be careful of. And what he 353 00:27:38.680 --> 00:27:42.640 wanted to do to get the technology stocks to sell Disney, which went up 354 00:27:42.680 --> 00:27:47.599 thirteen percent the next day. We didn't do that, obviously, but there's 355 00:27:47.640 --> 00:27:52.400 a obviously you've got that feeling. It's that fomo that fear of missing out. 356 00:27:52.480 --> 00:27:53.440 Man, I have got to get in this. I've got to get 357 00:27:53.440 --> 00:27:59.880 some Nvidia, I've got to get some hot high flyer here. Because everybody's 358 00:28:00.000 --> 00:28:02.640 making a bunch of money except me. It does make you a little cautious 359 00:28:02.680 --> 00:28:04.599 when the most conservative people are starting to say that, right, because I 360 00:28:04.599 --> 00:28:08.680 remember in twenty twenty when all those stocks just couldn't go down. You start, 361 00:28:08.799 --> 00:28:11.640 we started getting calls about wanted to just throw everything in these penny stocks 362 00:28:11.640 --> 00:28:15.920 that haven't even made a dime yet. And then once you started getting those 363 00:28:15.920 --> 00:28:18.039 calls, obviously we saw twenty twenty two happened. It all went down because 364 00:28:18.039 --> 00:28:22.640 it was twenty and then twenty twenty one, all those stocks are just going 365 00:28:22.720 --> 00:28:25.519 up and going up, and all that craze with Game Stop and everything. 366 00:28:25.720 --> 00:28:29.880 Everybody started to fear the fomo and then obviously they came back down to earth. 367 00:28:30.200 --> 00:28:33.480 Yeah. The other thing to keep in mind is no one has actually 368 00:28:33.799 --> 00:28:37.720 made a business model using AI that has been very profitable yet. Now there's 369 00:28:37.720 --> 00:28:41.880 a lot of cool ideas out there, and I'm very excited to see all 370 00:28:41.920 --> 00:28:45.119 of them come to fruition, but no one's actually making money with AI, 371 00:28:45.240 --> 00:28:48.119 like chat, GBT, doesn't make Microsoft a lot of money. It's just 372 00:28:48.119 --> 00:28:52.400 a really cool thin now, and these investors are projecting what type of income 373 00:28:52.440 --> 00:28:55.880 that could possibly bring the business in future years. But as of now, 374 00:28:56.359 --> 00:28:59.960 we've talked about this on the show multiple times. It's really their building now, 375 00:29:00.440 --> 00:29:03.119 the platform of AI for a lot of these companies, and it hasn't 376 00:29:03.160 --> 00:29:06.440 really turned into any revenue source for these companies. So you're seeing a lot 377 00:29:06.480 --> 00:29:11.480 of projections into these stocks. Could it come to fruition, sure, absolutely, 378 00:29:11.559 --> 00:29:14.720 I mean the type of things that could happen with AI are certain, 379 00:29:14.839 --> 00:29:18.839 but there's also this worry of what happens if it's fifty percent of that projection 380 00:29:18.039 --> 00:29:21.680 or seventy five percent. We have to see some type of correction there. 381 00:29:22.359 --> 00:29:25.000 I agree. It was a historic week. We saw the S and P 382 00:29:25.160 --> 00:29:29.000 five hundred hit five thousand for the first time in history. You remember when 383 00:29:29.000 --> 00:29:32.160 it hit five hundred for the first time, don't you? I would, 384 00:29:32.279 --> 00:29:33.920 you know, it's funny. Your dad and I were talking about this this 385 00:29:34.000 --> 00:29:38.079 morning. I remember back in two thousand and two when the Nasdaq got to 386 00:29:38.200 --> 00:29:42.359 five thousand and then collapsed. Yeah, right, and then it just collapsed, 387 00:29:42.680 --> 00:29:47.160 and I thought I wonderfu'll ever see five thousand again in our life. 388 00:29:47.599 --> 00:29:52.160 It hit sixteen thousand this week, which is one of those things where we 389 00:29:52.240 --> 00:29:57.279 constantly tell people every single market decline in history has one thing in common. 390 00:29:57.519 --> 00:30:03.039 They have all been falling by a new all time high. Market index declines, 391 00:30:03.079 --> 00:30:07.039 for sure, the market. When the market declines, just keep in 392 00:30:07.079 --> 00:30:10.519 mind that is an opportunity to buy. That's a good point. It's market 393 00:30:10.559 --> 00:30:11.720 index. Is that market as a whole has hit all time new highs. 394 00:30:11.720 --> 00:30:15.680 It's not companies necessarily. Certain companies don't certain markets. There's a lot of 395 00:30:15.680 --> 00:30:18.200 markets out there as all the reason of us. That's good. That's a 396 00:30:18.240 --> 00:30:22.039 good clarification, Todd. I appreciate that that. You're absolutely right, you 397 00:30:22.079 --> 00:30:25.079 have to stick with quality. We're talking about the major in the season, 398 00:30:25.160 --> 00:30:29.559 right, they always hit an all time high. But you know, I 399 00:30:29.599 --> 00:30:33.039 got this, This formal thing is is real. This fear missing out. 400 00:30:33.119 --> 00:30:37.519 I get calls on it to round numbers do tend to be a magnet too. 401 00:30:37.559 --> 00:30:40.400 And that's when the S and P five hundred was kind of working this 402 00:30:40.519 --> 00:30:44.640 way. Towards five thousand, Dan and I spoken and it says, absolutely, 403 00:30:44.640 --> 00:30:48.039 go to hit five thousand because it's like a magnet that that straw for 404 00:30:48.079 --> 00:30:53.039 a couple of days though it is around the four nine zero kind of struggle 405 00:30:53.039 --> 00:30:56.200 and wants to hit five thousand and just exploded through to end it Like a 406 00:30:56.240 --> 00:31:00.160 lot of that has to do with options. I mean, once options were 407 00:31:00.160 --> 00:31:03.920 introduced into financial markets, those whole figures made even bigger of a psychological because 408 00:31:03.960 --> 00:31:08.599 most options are in fives, so they're on the even numbers. Yes, 409 00:31:08.640 --> 00:31:12.119 when you buy like the five thousand to fifty one hundred, not buying five 410 00:31:12.119 --> 00:31:15.799 thousand and five, yeah, or five thousand and two, there's no options, 411 00:31:15.880 --> 00:31:19.720 you know. And because it closed moved above five thousand and went to 412 00:31:19.759 --> 00:31:25.880 the closing price about fifty twenty nine something like that. I don't think there's 413 00:31:25.960 --> 00:31:30.240 up, up and away. The five thousand is not out of the mirror 414 00:31:30.319 --> 00:31:33.440 yet. Well, the S and P five hundred is traded higher on the 415 00:31:33.440 --> 00:31:36.799 calendar week for fourteen out of the last fifteen weeks. Isn't that something which 416 00:31:36.880 --> 00:31:40.799 I believe is maybe the first time in history. I don't know another time. 417 00:31:41.640 --> 00:31:44.200 I mean, there's been other times where thirteen out of the last fourteen 418 00:31:44.200 --> 00:31:47.200 weeks has happened. But I don't think it's ever happened. Fourteen out of 419 00:31:47.240 --> 00:31:49.920 the last fifteen I googled that, did you okay you nineteen seventy two, 420 00:31:51.200 --> 00:31:56.279 Okay, see okay. Nineteen seventy two was the last time that that the 421 00:31:56.359 --> 00:32:01.000 SBT five I was a fourteen of fifteen weeks nineteen yeah. Yeah. And 422 00:32:01.480 --> 00:32:06.720 interestingly, in nineteen seventy two, I was in the financial services business. 423 00:32:06.799 --> 00:32:08.359 Was that your first that was your first year? That's fire right when you 424 00:32:08.400 --> 00:32:12.319 got into it, right right when I got into it, first year mortgages 425 00:32:12.319 --> 00:32:15.640 before Yeah, first year. Actually I've done mortgages in seventy two, but 426 00:32:15.680 --> 00:32:20.880 I was also given financial advice to the bank clients, gotcha, But I 427 00:32:20.960 --> 00:32:24.319 wasn't licensed in the brokers industry. Tell eighty one. Now, A couple 428 00:32:24.319 --> 00:32:27.839 of things to look on the S and P. Five hundred is the historical 429 00:32:27.880 --> 00:32:31.960 returns that we normally see for an election year. Normally we were saying like 430 00:32:32.000 --> 00:32:36.759 four percents normally what we see in an election year, but this year we 431 00:32:36.799 --> 00:32:39.960 have one hundred percent outpaced that so far. And that's what's kind of the 432 00:32:40.000 --> 00:32:43.960 concern is do we have a kind of a pullback back to what we've seen 433 00:32:43.960 --> 00:32:47.880 on historic years This is an outlier every year so far on the type of 434 00:32:47.920 --> 00:32:52.119 performance. Did this market pull back five or ten percent without any reason whatsoever? 435 00:32:52.240 --> 00:32:59.720 Absolutely, yeah, absolutely, And February is season seasonality talking again, 436 00:33:00.240 --> 00:33:04.920 it isn't a great month, so it could potentially have some troubles in February 437 00:33:04.960 --> 00:33:07.759 as well. It's actually the second worst month of the year for the market 438 00:33:07.799 --> 00:33:10.960 over the last fifty years. That's got to be because December tends to be 439 00:33:10.960 --> 00:33:14.480 good and then January it tends to be good because of all the new money 440 00:33:14.519 --> 00:33:19.559 coming in and then people want to take some profit. Dember makes no sense, 441 00:33:20.119 --> 00:33:22.839 but you actually have some reason behind February. Yeah, in February it's 442 00:33:23.079 --> 00:33:28.240 normally extra historically week in election years as well. Yeah, So yes, 443 00:33:28.559 --> 00:33:32.359 I wouldn't again pullback. Wouldn't surprise me right now. It's just too easy. 444 00:33:32.480 --> 00:33:36.839 And when it gets this easy right now, you know, in a 445 00:33:36.960 --> 00:33:39.599 in a good market, we look like we're really smart. In a market 446 00:33:39.720 --> 00:33:44.799 like this, we look like geniuses. Oh yeah, and it's not it's 447 00:33:44.839 --> 00:33:46.279 not the case. Well, like one of the stocks that we made a 448 00:33:46.319 --> 00:33:51.519 position in yesterday, fsl R today was up seven percent. Yeah, you 449 00:33:51.599 --> 00:33:54.000 look like geniuses. But timing wise, yeah, you no great timing, 450 00:33:54.079 --> 00:33:58.880 it's just luck sometimes. Now take them off the table quick, I mean 451 00:33:58.920 --> 00:34:01.839 when in reality where they about buying a position in FSLR for a couple of 452 00:34:01.839 --> 00:34:07.480 weeks now because we're just thinking on an interest rate basis of lower interest rates, 453 00:34:07.519 --> 00:34:09.519 meaning that that could help solar That's what we were thinking. But it 454 00:34:09.559 --> 00:34:12.679 just happened to be the day we bought it it was down because we were 455 00:34:12.719 --> 00:34:14.760 like, oh, it's a good buying opportunity, and then it just jumps 456 00:34:15.119 --> 00:34:17.519 seven percent the next day. That's the thing that is interesting about solar spaces. 457 00:34:17.519 --> 00:34:21.639 We know they're very interest rate sensitive, so it is a kind of 458 00:34:21.679 --> 00:34:23.880 an interest rate play. We know PFF we've talked about as interest rates places. 459 00:34:24.079 --> 00:34:28.519 That's where we do like allocating money in this year because again we are 460 00:34:28.559 --> 00:34:31.800 talking about growth at historic valuations, not a place where you love to start 461 00:34:31.840 --> 00:34:36.840 new positions on a pullback, like Dean says, is where you would want 462 00:34:36.840 --> 00:34:38.599 to. But right now, if you're looking for a good places, we 463 00:34:38.760 --> 00:34:43.920 like the interest rate sensitive once because we still rates did have come back up 464 00:34:43.920 --> 00:34:45.239 a little bit. They're back into the forest, so you have room from 465 00:34:45.320 --> 00:34:49.639 the come back down. That's one of those troubling things that I saw this 466 00:34:49.639 --> 00:34:54.159 week is that interest rates kind of edged higher almost every day and the week. 467 00:34:54.360 --> 00:34:58.519 Yeah, they got back to a seven week high. The interest rates 468 00:34:58.519 --> 00:35:01.960 currently a seven week high. The spread between the two year and the tenure, 469 00:35:02.000 --> 00:35:07.079 the inverse spread that we talk about, actually expanded to thirty basis points, 470 00:35:07.079 --> 00:35:10.000 which is much wider, not much, it's wider than it's been. 471 00:35:10.119 --> 00:35:15.159 Yeah, it was about twenty three last week and been running in ten fifteen 472 00:35:15.280 --> 00:35:21.719 area. We thought maybe that would actually reverse and become a normal yield curve, 473 00:35:21.760 --> 00:35:25.800 but not at this point. The bitcoin two year high todd Yeah, 474 00:35:25.840 --> 00:35:30.400 well, ok again, I don't know why I saw a Cramer say that 475 00:35:30.440 --> 00:35:32.360 was the first time bitcoin went over forty seven thousand. I was like, 476 00:35:32.400 --> 00:35:35.760 no, I did it two weeks ago. What is he talking about? 477 00:35:36.239 --> 00:35:38.320 According to CNBC it was a two year high. Okay, I guess they're 478 00:35:38.320 --> 00:35:42.159 talking about closing prices. Then I guess maybe, I guess they're talking about 479 00:35:42.159 --> 00:35:45.320 But yeah, it's been a great week for eleven percent up for the week, 480 00:35:45.360 --> 00:35:49.400 and we're going again from Friday to Friday. Used in the ETFs now 481 00:35:49.400 --> 00:35:52.599 because as you've pointed out, for bitcoin trades twenty four to seven. Yeah, 482 00:35:52.599 --> 00:35:55.719 and I've looked at FBTC, which is Fidelity's spot Bitcoin ETF and plotted 483 00:35:55.760 --> 00:36:00.920 it right on bitcoins and since the start of FBTC it's been perfect. We'll 484 00:36:00.960 --> 00:36:02.960 be back right after this message. Welcome back to the Money Matter Show. 485 00:36:04.000 --> 00:36:06.920 My name is Todd Lick. I'm here with David Sherwood and Dylan Greenberg. 486 00:36:07.119 --> 00:36:08.760 Again. We've had a great week for the S and P five hundred all 487 00:36:08.840 --> 00:36:12.280 indices all in all, I mean, the Doubt didn't really do much, 488 00:36:12.280 --> 00:36:14.880 but the S and P was up one point four and the Nasdaq was up 489 00:36:14.920 --> 00:36:16.840 two point three. The equal weighted only up point five. So again, 490 00:36:16.880 --> 00:36:22.679 a continuation of the trend of twenty three of the Magnificent seven outpacing the overall 491 00:36:22.719 --> 00:36:25.880 market and really bringing these indexes higher has some interesting things to talk about with 492 00:36:25.920 --> 00:36:31.599 the Max seven bottom up. Consensus X expects that the Magnificent seven will collectively 493 00:36:31.639 --> 00:36:37.639 grow at a twelve percent compounding growth rate through twenty twenty six, compared to 494 00:36:37.920 --> 00:36:40.360 S and P five hundred the other four hundred and ninety three companies at a 495 00:36:40.400 --> 00:36:45.679 three percent compounding annual growth rate through twenty twenty six. So obviously Max seven 496 00:36:45.840 --> 00:36:49.760 is a lot higher than the average SMP. But they should be higher. 497 00:36:49.760 --> 00:36:52.599 I mean, these are better companies all in all compared to the other four. 498 00:36:52.679 --> 00:36:55.079 Two weeks ago, we had gone from magnificent seven to super six. 499 00:36:55.760 --> 00:37:00.199 Well Kramer did, That's what again, huho can wake up so quickly? 500 00:37:00.559 --> 00:37:04.760 Tesla had dropped twenty five percent a year to date. And the funny thing 501 00:37:04.880 --> 00:37:08.760 is is investors still consensuously believe that Tesla is the second out of the top 502 00:37:08.840 --> 00:37:12.760 seven, out of the max seven that will grow over the next two years. 503 00:37:13.000 --> 00:37:15.519 Navidio is the first place at thirty one percent compounding annual growth rate, 504 00:37:15.559 --> 00:37:22.719 but Tesla right next to it at nineteen. So Tesla, they're suggesting, 505 00:37:22.880 --> 00:37:25.760 based on the current stock price, that investors are still expecting this type of 506 00:37:25.760 --> 00:37:29.400 compounding annual growth rate. Yeah, it's interesting. You hear a lot of 507 00:37:29.679 --> 00:37:34.760 popjips and negatives about different electric vehicles and things that are going on. Did 508 00:37:34.800 --> 00:37:38.840 you see where GM signed the biggest electric vehicle supply deal in their company history 509 00:37:39.159 --> 00:37:45.880 nineteen billion dollars last week with LG Chemical, and GM said they're committed to 510 00:37:45.960 --> 00:37:51.400 electric vehicles. Would that say? Last week Portie said that their popular Macon 511 00:37:51.599 --> 00:37:54.599 SUVs, their number one selling vehicle is going to be all electric starting in 512 00:37:54.639 --> 00:37:59.280 twenty twenty five. That's it. You can't buy a gas one. Jaguars 513 00:37:59.480 --> 00:38:04.079 entire F's going to be one hundred percent electric by twenty twenty five. And 514 00:38:04.480 --> 00:38:07.679 you know Europe is committed to the EV way more than the US. It's 515 00:38:07.719 --> 00:38:15.519 going to be interesting to watch if you have Portia and Jagubar sales falling apart 516 00:38:15.519 --> 00:38:19.559 in the United States because all they have is electric and we're not wanting electric 517 00:38:19.679 --> 00:38:22.119 for whatever reason, we don't have the infrastructure to be able to charge and 518 00:38:22.199 --> 00:38:27.079 go. I saw the story about this guy who rented a Tesla because it 519 00:38:27.119 --> 00:38:30.079 was cheaper than flying over to Ohio for the holidays. Okay, sixteen hundred 520 00:38:30.079 --> 00:38:34.760 mile trip took him ten days because he had to find different electric charging stations. 521 00:38:34.920 --> 00:38:38.639 He'd go up and down through Pennsylvania and everything, and three of them 522 00:38:38.679 --> 00:38:44.480 were broken. Some of them didn't have the the adapter for the Tesla. 523 00:38:44.840 --> 00:38:46.159 That's the issue that people run into, like you, that's why you don't 524 00:38:46.199 --> 00:38:50.960 drive your car to California. I don't drive my car to California because my 525 00:38:51.079 --> 00:38:57.079 wife lives in a world where she likes things to be predictable. And one 526 00:38:57.079 --> 00:39:00.519 thing about an electric vehicle is it's not predictable. Although although I will say, 527 00:39:00.519 --> 00:39:04.800 having had taken the car out on the road, it will tell you 528 00:39:04.880 --> 00:39:07.519 where the charging station is. It will say, hey it is you got 529 00:39:07.519 --> 00:39:08.840 to pull over here. Doesn't tell you if they're broken the corner. That 530 00:39:08.840 --> 00:39:12.960 guy, and it also took him on average forty five minutes to do a 531 00:39:13.000 --> 00:39:15.760 full charge, which is just so long on right, and you never you 532 00:39:15.800 --> 00:39:19.599 never do a full charge. The one thing you learn is a literal learning 533 00:39:19.639 --> 00:39:22.440 curve, and you charge for thirty minutes or what you do is you charged 534 00:39:22.519 --> 00:39:24.280 to get to your next destination? Is what you do? Have you see 535 00:39:24.280 --> 00:39:28.400 what I'm saying is that's the issue that people don't want. That's why people 536 00:39:28.440 --> 00:39:30.599 in the US don't want to do it. Maybe you're up there more on 537 00:39:30.599 --> 00:39:34.400 the board because it's a lot closer together. It's a hassle. Yeah, 538 00:39:34.440 --> 00:39:37.800 it's a hassle. That's that's that's why I don't It's just a hassle. 539 00:39:37.280 --> 00:39:39.320 His cars aren't that cheap. Yeah, And I mean, you know, 540 00:39:39.400 --> 00:39:44.159 some people say look at it as a challenge, but it's just a hassle. 541 00:39:44.400 --> 00:39:46.440 That's that's all. Now, Ferrari is the one I really want to 542 00:39:46.440 --> 00:39:50.880 talk about in the car space because that stock has been absolutely killing amazing. 543 00:39:50.960 --> 00:39:54.519 Very few people I've been talking about it. They're very expensive, which is 544 00:39:54.519 --> 00:39:57.679 why probably no one talks about it. I mean, I think it's in 545 00:39:57.719 --> 00:40:00.559 like the three hundred four hundreds or something like that. They should do a 546 00:40:00.599 --> 00:40:01.480 stock split. I don't know what they're doing. I don't know what their 547 00:40:01.480 --> 00:40:05.800 cf I don't know what their CFO is not thinking over there, but but 548 00:40:05.880 --> 00:40:07.599 yeah, I mean, I mean, you look at Tesla Ford. I 549 00:40:07.599 --> 00:40:09.480 mean, all the automakers do stock splits, so it's kind of weird that 550 00:40:09.519 --> 00:40:12.920 they haven't done it yet. But Ferrari has been killing. I don't know 551 00:40:12.960 --> 00:40:16.000 if you heard anything about Ferrari's EV but doesn't seem like they have a huge 552 00:40:16.280 --> 00:40:22.320 fleet on boarders. But they are another European company, so they just sold 553 00:40:22.360 --> 00:40:24.320 that four door that they just came out, like their version their SUV, 554 00:40:24.360 --> 00:40:28.519 their first suv ever sold out for like three years, and they keep it 555 00:40:28.519 --> 00:40:30.800 that way because they want the exclusivity of it. And that's maybe why they 556 00:40:30.840 --> 00:40:34.840 don't split their stock, because they're like, if you can afford our car, 557 00:40:34.880 --> 00:40:36.679 you can afford our stock kind of thing. Yeah, when I was 558 00:40:36.679 --> 00:40:39.000 in school, we actually did a case study on Ferrari potentially doing this four 559 00:40:39.039 --> 00:40:44.519 door because it was a problem with the exclusivity of the brand. Ferrari is 560 00:40:44.519 --> 00:40:46.639 supposed to be that sports car, and they were wondering if they introduced this 561 00:40:46.760 --> 00:40:51.880 four door, more family oriented car, does it lose that exclusivity of the 562 00:40:51.880 --> 00:40:55.599 brand Ferrari itself. Obviously not, because they use like a thousand dollars version 563 00:40:55.639 --> 00:41:00.800 of the Mazda four door. Yeah, it's worked out good for suvah a 564 00:41:00.800 --> 00:41:04.000 Ferrari suv. They just came out with it. Yeah, but they're already 565 00:41:04.000 --> 00:41:06.920 sold out for like two or three years. But that's what they want. 566 00:41:06.920 --> 00:41:09.280 They don't want to upproduction and meet the man because they want to keep that 567 00:41:09.320 --> 00:41:14.199 exclusy of the They're making so much money with everything, that's what they keep. 568 00:41:14.239 --> 00:41:15.840 That's what they want their brand to continue to be. They don't want 569 00:41:15.880 --> 00:41:20.400 to just start making it everywhere, so everybody has them, right. We 570 00:41:20.440 --> 00:41:22.800 have a guest coming on in the next segment, so let's take a quick 571 00:41:22.840 --> 00:41:24.599 trip to the EV garage while we're at it. While we're talking about electric 572 00:41:24.639 --> 00:41:29.280 vehicles. The last time I gave a list of things that were wrong with 573 00:41:29.360 --> 00:41:34.880 electric vehicles, and my friend Carl pointed out I'd missed one tires. When 574 00:41:34.920 --> 00:41:37.960 Tesla was a testing their early models, they discovered that the with no engine 575 00:41:37.960 --> 00:41:44.719 noise, the noise from the tires was noticeable and annoying. In addition, 576 00:41:44.880 --> 00:41:47.119 the vehicle can weigh as much as thirty percent more than a gas part vehicle, 577 00:41:47.159 --> 00:41:51.960 and as a result, they came up with special eb tires the reduced 578 00:41:52.000 --> 00:41:57.159 road noise, handle the weight, and reduce rolling resistance to enhance range. 579 00:41:57.719 --> 00:42:01.320 Very special tires, However, these tires can cost as much as one hundred 580 00:42:01.400 --> 00:42:09.159 dollars apiece more than normal tires. Oh more than one hundred dollars a more 581 00:42:09.159 --> 00:42:13.199 than normal tires. One other thing, one other thing that I hadn't really 582 00:42:13.199 --> 00:42:16.400 thought about. About two weeks ago, I was driving out of my neighborhood 583 00:42:16.400 --> 00:42:20.920 in the dark, six am, and I'm the president of the HOA, 584 00:42:20.960 --> 00:42:22.079 and we'd put in new lights, and I hadn't really had a chance to 585 00:42:22.079 --> 00:42:24.840 look at the new lights, and so I stopped and I backed up to 586 00:42:24.880 --> 00:42:30.960 look at them better and bumped a neighbor's wall, literally bumped a neighbor's wall. 587 00:42:30.320 --> 00:42:34.800 It would be on a normal car, you could buffet out. Well, 588 00:42:34.920 --> 00:42:38.000 I took the car down because the car is made of plastic and aluminum 589 00:42:38.039 --> 00:42:44.800 the Tesla to reduce the weight. It's very fragile. And it turns out 590 00:42:44.840 --> 00:42:49.760 that I did about ten thousand dollars worth of damage literally bumping into a wall 591 00:42:49.840 --> 00:42:52.360 at less than five miles an hour. And it's not really noticeable. It's 592 00:42:52.400 --> 00:42:55.840 not really noticeable, but it's a huge. It took the front bump, 593 00:42:55.880 --> 00:43:00.800 and it took the rear bumper and pushed it up into the rear order panel, 594 00:43:00.199 --> 00:43:06.519 which because this aluminum buckled a little bit. Ten thousand dollars later, 595 00:43:06.679 --> 00:43:10.960 here you go original another Yeah, another issue with the evs. It's it's 596 00:43:12.039 --> 00:43:15.320 not all it's not all perfect, believe me. Yeah. Well, talking 597 00:43:15.320 --> 00:43:16.920 about Max seven one more time. And if you look at Max seven versus 598 00:43:16.920 --> 00:43:21.639 the other s and P five hundred and the current valuation, this guy at 599 00:43:21.639 --> 00:43:27.000 Goldman Sachs, David Costen said his valuation model indicates that the group's fast expected 600 00:43:27.039 --> 00:43:31.480 growth and high quality attributes largely explains their premium valuation, and says, based 601 00:43:31.519 --> 00:43:37.280 on his model that they are fairly valued. So kind of, I guess 602 00:43:37.599 --> 00:43:39.639 depends on what your model is. You're not going to get the kind of 603 00:43:39.760 --> 00:43:45.119 growth out of anything that you're going to get out of the magnificent seven. 604 00:43:45.239 --> 00:43:47.280 Is that simple. So comparing magnificent seven, I mean, for people that 605 00:43:47.280 --> 00:43:52.280 are listening with Dave saying, is comparing magnificent seven earnings reports to the rest 606 00:43:52.320 --> 00:43:55.119 of the S and P five hundred will always be skewed, Yes, because 607 00:43:55.239 --> 00:43:59.760 they're designed, their business model is designed to just grow at such a higher 608 00:43:59.800 --> 00:44:01.920 rate. Sure, speaking of obskewed, we thought coming into this year that 609 00:44:02.079 --> 00:44:07.239 value would become more popular than growth. So far that has not happened. 610 00:44:07.360 --> 00:44:10.960 Nope, that has not happened. The equal way to the S and P 611 00:44:12.039 --> 00:44:15.079 five hundred year to date up zero point seven, while the Nasdaq is up 612 00:44:15.119 --> 00:44:21.559 six point five. So it is literally a continuation of what went on in 613 00:44:21.599 --> 00:44:24.639 twenty twenty three. We did not expect that. Yeah, over the last 614 00:44:24.639 --> 00:44:29.679 five years, the information technology sector of the SMP has risen more than two 615 00:44:29.760 --> 00:44:32.239 hundred percent. That's two times the return of the S and P five hundred 616 00:44:32.280 --> 00:44:36.760 indecks and it goes even further than that because the text dominance. That sector 617 00:44:36.800 --> 00:44:39.960 alone is the only sector that has beaten the S and P five hundred average 618 00:44:40.079 --> 00:44:45.199 over the last five years, only one out of eleven has actually beat the 619 00:44:45.239 --> 00:44:47.119 S and P five hundred indecks because every other sector is below the average. 620 00:44:47.239 --> 00:44:52.199 That's how much information technology is just pulling the index higher. D you said 621 00:44:52.199 --> 00:44:54.159 you didn't see anything other than a black swan event, you know, a 622 00:44:54.280 --> 00:44:59.920 one off event, some kind of a headline making event that could would would 623 00:45:00.239 --> 00:45:04.679 any any pullback, not a buying opportunity. And I would say that the 624 00:45:04.719 --> 00:45:08.679 one variable here is interest rates. Interest rates have to stay down. Interest 625 00:45:08.760 --> 00:45:14.320 rates cannot start spiking up again. That will put a damper on this, 626 00:45:14.440 --> 00:45:17.679 I think really fast and to your point as well as CPI. Yeah right, 627 00:45:17.800 --> 00:45:21.960 CPI ticks up, interest rates will have to tick up in response to 628 00:45:22.000 --> 00:45:25.199 that. So we get a CPI report next Tuesday, with PPI next Friday. 629 00:45:25.360 --> 00:45:30.480 So next week could be interesting because interest rates have been have been edging 630 00:45:30.559 --> 00:45:32.239 higher. Well, we didn't talk about oil. What three weeks it's had 631 00:45:32.360 --> 00:45:36.159 Wow, up, down up, I mean it's all over, it can't 632 00:45:36.159 --> 00:45:38.719 make up. It's mine. Yeah for the week. Yeah, seventy six 633 00:45:38.760 --> 00:45:43.960 dollars a barrel gas has been back over three dollars for a little bit now, 634 00:45:44.519 --> 00:45:47.800 I've been watching the gasoline prices. I don't go to the gasoline stations, 635 00:45:47.840 --> 00:45:52.840 of course I don't have to because I have a tesla. But I've 636 00:45:52.840 --> 00:45:55.000 been watching the prices and that they've gotten down below three bucks, haven't they 637 00:45:57.599 --> 00:46:00.920 regular period? Now, it ticked back up over three dollars a couple of 638 00:46:00.920 --> 00:46:04.840 weeks ago. Yeah, and then like I said, like Dylan just said, 639 00:46:04.840 --> 00:46:07.599 oil was up four dollars thirty cents on the week. Gold finished the 640 00:46:07.639 --> 00:46:13.400 week unchanged. Gold tends to do poorly with rising interest rates, and rising 641 00:46:13.480 --> 00:46:16.400 interest rates tend to push the dollar higher, and because gold is priced in 642 00:46:16.480 --> 00:46:20.679 dollars, gold goes lower. So it was unchanged on the week. Yeah, 643 00:46:21.000 --> 00:46:22.760 tried a couple of times to rally. Well, listen to this, 644 00:46:22.920 --> 00:46:27.239 Dave. If you started investing in January twenty twenty two, it was a 645 00:46:27.320 --> 00:46:30.000 terrible time to start investing. Oh yeah. If you invested all one hundred 646 00:46:30.000 --> 00:46:34.719 percent of your money into the S and P five hundred just now over a 647 00:46:34.760 --> 00:46:37.480 two year period, well two years in a month, right, you would 648 00:46:37.519 --> 00:46:40.000 have been up roughly about nine percent, okay for that two years, that 649 00:46:40.000 --> 00:46:43.880 two year period, and that's one hundred percent S and P five total total 650 00:46:43.920 --> 00:46:46.440 return index right now. Now, if you would have just done cash, 651 00:46:46.559 --> 00:46:50.599 you're just rolling one to three month treasuries, okay, during that time, 652 00:46:50.920 --> 00:46:52.960 you would have made eight point five percent. Just now, did the S 653 00:46:53.000 --> 00:46:58.280 and P five hundred get a return higher over a two year rolling period than 654 00:46:58.400 --> 00:47:00.679 just having money in straight cash. The reason I bring that up is obviously 655 00:47:00.760 --> 00:47:06.360 it's been a very weird period for stocks in the last two years, and 656 00:47:06.360 --> 00:47:08.760 we do have accounts that come in at different times and have differences. They 657 00:47:08.760 --> 00:47:12.920 said, well, what's your performance? Well when did you start? Right? 658 00:47:13.079 --> 00:47:16.000 You know, because it's hard to say because every account is unique to 659 00:47:16.079 --> 00:47:21.719 that particular client. Every account was started at a specific point in time. 660 00:47:21.760 --> 00:47:23.719 And if you came in like you said in January of twenty twenty two, 661 00:47:24.199 --> 00:47:28.599 and you had all cash and you said, okay, I want to get 662 00:47:28.639 --> 00:47:31.280 invested, we would do it. A dollar cost averaging over a period of 663 00:47:31.280 --> 00:47:36.320 months wouldn't have helped much because the market just kept going lower or lower and 664 00:47:36.360 --> 00:47:39.159 then got trashed at the end of twenty twenty two. Now twenty three comes, 665 00:47:39.400 --> 00:47:43.000 things turn around, it starts to go back up, and at the 666 00:47:43.119 --> 00:47:45.519 end of twenty three, two years later, you're where you started, Hey 667 00:47:45.519 --> 00:47:49.519 boy, these guys are really not very good money managers. We'll be back 668 00:47:49.840 --> 00:47:52.440 right after this break. Welcome back everybody for the second hour with the money 669 00:47:52.480 --> 00:47:55.840 bat of Shelf. Do appreciate you listening and being part of what we do. 670 00:47:57.599 --> 00:48:00.320 We have everybody here today, but we have a special guest. You 671 00:48:00.320 --> 00:48:02.239 know, we always talk about like we're a team. You know, I've 672 00:48:02.280 --> 00:48:07.119 told you about how the team concept works and everybody works together. Well, 673 00:48:07.360 --> 00:48:13.199 we've added to our team. You know. We've always had a you know, 674 00:48:13.239 --> 00:48:15.000 the planning, and we've had the advising, and then we had the 675 00:48:15.000 --> 00:48:19.880 money management. That's what we do. And then we brought on Jonathan who 676 00:48:20.039 --> 00:48:27.039 also was our in house attorney with and does all all our estate planning and 677 00:48:27.480 --> 00:48:30.840 all. But what we were looking for was an accounting firm, okay, 678 00:48:30.920 --> 00:48:35.840 one that we can work with, that partner with that we can like, 679 00:48:36.519 --> 00:48:39.320 you know, basically trust. And so it just so happens at the end 680 00:48:39.320 --> 00:48:42.920 of the year, one of the firms that we were referring business to, 681 00:48:44.039 --> 00:48:49.920 these brothers, Johnson and Johnson Sy and Joel brought them out and I sat 682 00:48:49.960 --> 00:48:52.920 down with him and talked to him, and we really hit it off and 683 00:48:52.960 --> 00:48:55.800 said Okay, let's partner up here and work with each other. So today 684 00:48:57.000 --> 00:49:00.320 I have Joel Johnson on talk about his history and what we do and how 685 00:49:00.320 --> 00:49:04.880 we do this together. Great addition, Joel, to be part of a 686 00:49:05.000 --> 00:49:07.440 partnership here and what we do. And remember we all own our own businesses. 687 00:49:07.440 --> 00:49:12.800 Guys, but everyone's here. You know you need something, you can 688 00:49:12.840 --> 00:49:15.519 meet with them here, They'll talk to you here. Yes, they have 689 00:49:15.559 --> 00:49:20.280 another office here too, but our office is where is probably the only place 690 00:49:20.320 --> 00:49:22.159 you have to come. But if it's closest to one of the others, 691 00:49:22.639 --> 00:49:25.840 that's not a problem. So welcome Joel, Thank you, Deane. Excited 692 00:49:25.880 --> 00:49:30.360 to be here and part of the team and the organization. So tell us 693 00:49:30.360 --> 00:49:35.199 a little bit of I mean, obviously I know it's not Johnson and Johnson, 694 00:49:35.239 --> 00:49:39.039 It's Johnson Group of Johnson Tax Accountants. What do you have so many 695 00:49:39.119 --> 00:49:45.280 names? I know he can't have Johnson and Johnson, but making sure people 696 00:49:45.639 --> 00:49:47.800 have seen the things that we do and can connect with us, and so 697 00:49:47.920 --> 00:49:51.639 the different names to align with the different things that we do. Great, 698 00:49:51.679 --> 00:49:55.639 we're going to get into that. Let's talk about you and Sy and why 699 00:49:55.679 --> 00:50:00.320 do you do this and what your past history is you bet. So been 700 00:50:00.360 --> 00:50:06.079 in Tucson since I was a baby. We grew up here, had a 701 00:50:06.159 --> 00:50:09.840 number of different experiences in public accounting, in an industry, and so forth, 702 00:50:09.880 --> 00:50:14.079 and about twenty years ago decided that this was where we wanted to be 703 00:50:14.119 --> 00:50:16.639 and what we wanted to do. Form the LLC. I've been doing CPA 704 00:50:16.760 --> 00:50:22.519 and tax practice for about fifteen years and Tucson is just an amazing place and 705 00:50:22.559 --> 00:50:25.480 we're wanted to be here and be a part of the community and see what 706 00:50:25.480 --> 00:50:29.920 difference we could make and bring our experience to town. Now you here. 707 00:50:30.320 --> 00:50:34.639 SI grew up here, yep, But so I moved away for a while 708 00:50:34.679 --> 00:50:37.199 and now he's coming back yep. And how cool is it that you guys 709 00:50:37.199 --> 00:50:42.039 and brothers are going to build and grow this for him. I'm super excited. 710 00:50:42.280 --> 00:50:45.039 Yeah, the UH. I was deciding between a county and engineering when 711 00:50:45.079 --> 00:50:50.320 I was going through the UA, and my older brother SI went accounting and 712 00:50:50.480 --> 00:50:53.320 I took astronomy, which didn't count for the engineering side of sciences. So 713 00:50:53.440 --> 00:50:59.000 here I am accounting CBA. What's really cool is like, like I like 714 00:50:59.079 --> 00:51:01.719 people. I think it I like energize people, and you guys are cool 715 00:51:01.719 --> 00:51:07.000 accounts you're fun. You okay, you got personality. It's it's you know, 716 00:51:07.400 --> 00:51:09.199 like in your business, our business, the whole business is Jonathan's, 717 00:51:09.199 --> 00:51:15.760 but it's it's it's relationship building and the fact that you guys actually had that 718 00:51:15.840 --> 00:51:20.480 type of demeanor about you. It's fantastic and you're spat and you know all 719 00:51:20.480 --> 00:51:23.000 this stuff. You'll so you fit in perfectly with us outstanding. Well, 720 00:51:23.000 --> 00:51:28.639 we're going to rely on you all for the smart part. But listen, 721 00:51:28.719 --> 00:51:31.119 if you just take the CPA test, you're smart in my eyes. Yeah, 722 00:51:31.280 --> 00:51:35.760 I mean because you do. You spend the time learning it because it 723 00:51:35.800 --> 00:51:42.400 was Dylan's favorite subject in school. There you go an account and I figured 724 00:51:42.400 --> 00:51:45.480 that out really quickly. I wanted to take was it one of those like 725 00:51:45.679 --> 00:51:49.199 maybe it's gonna be my favorite I should take that class again. Kind of 726 00:51:49.480 --> 00:51:52.199 force to take it because I was a finance major and it was my first 727 00:51:52.199 --> 00:51:54.480 accounting class and everything to me was backwards and it just didn't work out. 728 00:51:54.800 --> 00:51:58.559 And I had to take about six of those classes because I was a finance 729 00:51:58.599 --> 00:52:00.679 major and have fun. One of them had a friend of mine as sat. 730 00:52:00.920 --> 00:52:04.199 It either clicks really quickly with you and you love it and you'll be 731 00:52:04.239 --> 00:52:07.800 an accountant like my friends that were trying to teach me, or you just 732 00:52:07.840 --> 00:52:09.079 never go down that route. I had a friend of mine the set for 733 00:52:09.119 --> 00:52:12.800 the CPA exam, and back then it was I don't know what it is 734 00:52:12.840 --> 00:52:15.719 now, Joel, but it was a two day exam and you had to 735 00:52:15.719 --> 00:52:20.079 score three hundred to pass. And he got done with the second day and 736 00:52:20.480 --> 00:52:22.400 he came back and I said, so, how to go? And he 737 00:52:22.440 --> 00:52:24.360 goes, turns out I studied a little too hard, and I said, 738 00:52:24.360 --> 00:52:27.239 really, why is that? He goes, I got a three oh one, 739 00:52:27.920 --> 00:52:30.280 so well, she's almost right on it, three one, and he 740 00:52:30.320 --> 00:52:34.159 needed three hundred to pass. So he did. His conclusion was he had 741 00:52:34.159 --> 00:52:37.159 studied too hard. You know that sounds like an accountant. See this is 742 00:52:37.159 --> 00:52:40.000 why it works good too, because people that like, uh, we're all 743 00:52:40.000 --> 00:52:45.840 good with numbers in different ways. You guys look at the stuff. They 744 00:52:45.880 --> 00:52:49.519 all have to make sense, boom down to the bottom. But taking risk 745 00:52:49.559 --> 00:52:54.400 as an accountant, spending money as an accountant very difficult. Us as advisors, 746 00:52:54.920 --> 00:52:58.719 we have to take the risk, calculated risk. How are we gonna 747 00:52:58.719 --> 00:53:00.920 go ahead, what stocks we're gonna make, how we going to allocate it. 748 00:53:00.039 --> 00:53:02.360 How are we going to put it together? Where do we see we 749 00:53:02.360 --> 00:53:07.679 can make money? So the two go together, but definitely different personalities, 750 00:53:07.800 --> 00:53:09.559 which makes them both better. That's why I've always said one person can't do 751 00:53:09.639 --> 00:53:14.079 both. Yeah. No, it's a great partnership relationship. Yeah, how 752 00:53:14.079 --> 00:53:16.639 about you and Shi as far as personalities go, are you similar or do 753 00:53:16.719 --> 00:53:21.880 you have areas where you prefer to go? And are you are you dividing 754 00:53:21.880 --> 00:53:24.719 the business up a little bit based upon personality? So as far as similar, 755 00:53:24.760 --> 00:53:28.320 he's smarter and more handsome, all those kinds of things. What are 756 00:53:28.320 --> 00:53:30.400 you going to do? You know, just looks exactly the same. What 757 00:53:30.440 --> 00:53:35.559 are you trying to say about yourself? Well, you know, smartin handsome, 758 00:53:35.639 --> 00:53:40.000 right you said it? I don't know, but uh, we have 759 00:53:40.039 --> 00:53:45.079 a very similar background and experience some some different industry expertise that we bring to 760 00:53:45.079 --> 00:53:49.199 the table, but otherwise the profile is very similar. And so the division 761 00:53:49.320 --> 00:53:52.119 is Anie meanie, MINEU moe. And you'll be looking at viner stand correctly. 762 00:53:52.159 --> 00:53:57.360 You're looking for accounting work. If you want somebody do your taxes, 763 00:53:57.800 --> 00:54:00.079 or do you want somebody or if you're a business, I want someone to 764 00:54:00.079 --> 00:54:04.039 do your books. That's you all that, right, yes, sir, 765 00:54:04.360 --> 00:54:09.519 yep, yeah. Well what's really cool is because the businesses need good accountants, 766 00:54:10.280 --> 00:54:14.360 but it's more for planning, consulting and stuff like that, where's going 767 00:54:14.400 --> 00:54:15.400 and how it's going. And I know you guys are really good at it 768 00:54:15.400 --> 00:54:19.960 because you've beiden what with the Big Four, I mean you yep, they 769 00:54:20.000 --> 00:54:22.239 do a lot of that. So give a little bit of background to that 770 00:54:22.320 --> 00:54:24.639 to a business owners that a listening Yeah, you bet so. One of 771 00:54:24.719 --> 00:54:29.480 the things we're trying to do with our practice is to bring in some broader 772 00:54:29.920 --> 00:54:36.679 value add expertise beyond the core compliance that you turned to the CPA for classically 773 00:54:37.039 --> 00:54:38.719 and the application of that. When we go back to the experience, you 774 00:54:38.719 --> 00:54:42.800 know, how many twenty year olds get to pop into the cfo's office of 775 00:54:42.840 --> 00:54:45.679 a successful publicly traded firm and say, oh, how are you doing it 776 00:54:45.679 --> 00:54:49.000 this way? Why does your cash look like that? And so forth. 777 00:54:49.039 --> 00:54:52.599 So you get all this incredible experience and exposure in the public accounting experience, 778 00:54:52.639 --> 00:54:57.320 and then we ch had different experience in the private sector, in industry and 779 00:54:57.360 --> 00:55:01.159 so forth. Being CFOs operation officer, there's interim CEOs things like that, 780 00:55:02.000 --> 00:55:05.880 and then the idea is to bring that experience so that we have that broader 781 00:55:05.960 --> 00:55:09.519 context of it's not just the compliance component, but it's also in out there 782 00:55:09.559 --> 00:55:14.559 practicing in a business setting and so forth, what they're dealing with and what 783 00:55:14.559 --> 00:55:16.679 they need to address, and how to be able to bring that perspective forward. 784 00:55:17.039 --> 00:55:22.239 So when we're supporting their tax and accounting and related needs, that it's 785 00:55:22.280 --> 00:55:27.280 not only practice oriented, it's also from an experience sitting in the seat that 786 00:55:27.320 --> 00:55:31.079 they set, which great, Like gosh, like Jonathan's law firm and like 787 00:55:31.119 --> 00:55:39.559 yourselves, we're all Tucson owned and family businesses and we all give that same 788 00:55:39.599 --> 00:55:43.880 feeling out So people that kind of work with us, they get that that 789 00:55:44.000 --> 00:55:47.760 personal lives touched, you know, being flexible, being able to handle this 790 00:55:47.800 --> 00:55:52.840 stuff. And the great part is it's our own businesses and we don't have 791 00:55:52.880 --> 00:55:57.719 to charge with the big firms charge. We could charge less yep and give 792 00:55:57.719 --> 00:56:01.480 them more yep, and and you know, and we're all good at it, 793 00:56:01.920 --> 00:56:06.079 which is good. So what's great now is people can call we have 794 00:56:06.119 --> 00:56:10.119 accountants, we got to stay planners and obviously ourselves that will do the financial 795 00:56:10.119 --> 00:56:14.639 plan that ties this whole thing together. I'm so happy because I finally got 796 00:56:14.840 --> 00:56:20.039 after all these years, everything I wanted under one roof. And it's something 797 00:56:20.079 --> 00:56:23.719 that's going on into too soon, at least at least in my age group, 798 00:56:24.000 --> 00:56:28.800 Dean, and you probably as well. You develop relationships with accountants, 799 00:56:28.840 --> 00:56:31.599 with doctors, with dentists, with lawyers, and when you get old, 800 00:56:31.639 --> 00:56:36.079 as you get old, they get old. So what we're trying to do. 801 00:56:36.159 --> 00:56:38.599 I think, Dean, you've made a conscious effort here to bring in 802 00:56:38.679 --> 00:56:44.559 young people, and the Johnson Group are young people. Our financial advisors, 803 00:56:44.599 --> 00:56:46.559 we have young people. I don't know when we were on forties, which 804 00:56:46.599 --> 00:56:50.639 they are, we didn't think we were that young. Now that we are, 805 00:56:50.679 --> 00:56:54.199 we think just a kid, right. But I think the one thing 806 00:56:54.679 --> 00:57:00.079 that gets so frustrating as you get older is that all the people you've relied 807 00:57:00.119 --> 00:57:06.840 on over the years retire or die, and so we have a team of 808 00:57:07.199 --> 00:57:10.719 people that are going to outlive you, all right. I think that's important, 809 00:57:10.920 --> 00:57:15.239 that's for sure. You develop relationships with people, and everybody wants a 810 00:57:15.280 --> 00:57:19.519 doctor, a lawyer, and accountant that's younger than them. Well, people 811 00:57:19.519 --> 00:57:22.960 are moving here from out of you know, absolutely right, and they want 812 00:57:22.960 --> 00:57:25.360 an accountant in town. They want an advisor in town. They want to 813 00:57:25.400 --> 00:57:29.559 make sure there a state plan is up to date and changing. It's all 814 00:57:29.599 --> 00:57:34.280 here, it's perfect and you know, yes, you know, I'm not 815 00:57:34.400 --> 00:57:37.159 ancient, but you know, I got ten years, maybe fifteen years left. 816 00:57:37.159 --> 00:57:40.440 But after that there's a whole bunch of people not in my life, 817 00:57:40.440 --> 00:57:45.320 I hope, but just you know, working wise, and then you go 818 00:57:45.400 --> 00:57:49.239 from there. So it's kind of good. So let's get more on into 819 00:57:49.280 --> 00:57:52.679 the nuts and bolts, the types of clients you're looking for, what you 820 00:57:52.679 --> 00:57:58.639 can do for them, And then I want to get into how people the 821 00:57:58.679 --> 00:58:00.440 tax changes that are coming up that they have to be aware of, you 822 00:58:00.519 --> 00:58:05.719 bet so on the client side, I'll give you a two part perspective. 823 00:58:05.760 --> 00:58:09.800 One, there's the individuals. It's really enjoyable to connect with people in the 824 00:58:09.840 --> 00:58:15.000 community. Of the things that are exciting to me about tax practice isn't exactly 825 00:58:15.079 --> 00:58:16.639 the tax code, which is under perpetual change now, by the way, 826 00:58:16.880 --> 00:58:21.960 which will lead to that second part, But it's getting to meet people, 827 00:58:22.000 --> 00:58:24.719 to understand people, know people in a way that actually you can do and 828 00:58:24.800 --> 00:58:30.280 imply the tax strategy and planning in a way that is directly applicable to them 829 00:58:30.280 --> 00:58:32.119 and if you take the time to get to know them and interface with them, 830 00:58:34.119 --> 00:58:37.079 it becomes something quite significant that you can do. The other part would 831 00:58:37.079 --> 00:58:42.239 be that business experience. So on the value side of what I believe we're 832 00:58:42.239 --> 00:58:46.480 bringing to the table is that experience in the background with the business industry work 833 00:58:46.480 --> 00:58:50.320 that we've done in the past, and being able to understand that from the 834 00:58:50.320 --> 00:58:53.800 business side and then pull in the tax strategies and so forth that can directly 835 00:58:53.840 --> 00:59:02.199 help good question go for At this point, you've Joe, at this point, 836 00:59:02.239 --> 00:59:07.119 you've got three different places where people can meet you meet with you, 837 00:59:07.239 --> 00:59:10.719 which would be the your office at Fort Lowell and Kimbell, Campbell, thank 838 00:59:10.760 --> 00:59:17.800 You, and Oracle Sir Oracle and Oraclene area or here at Campbell and River. 839 00:59:19.480 --> 00:59:22.840 So there's any one of those three places that you can meet with them. 840 00:59:22.840 --> 00:59:25.039 And if you're looking for someone to do your taxes, and I've talked 841 00:59:25.280 --> 00:59:30.000 talked to a few people in the last few days that are because we're starting 842 00:59:30.000 --> 00:59:34.079 to think about that now. Ten ninety nine coming out from brokerage firms next 843 00:59:34.079 --> 00:59:37.119 week, and that should be the last thing you really need for most people 844 00:59:37.960 --> 00:59:42.119 to start getting that stuff rounded up to. I think a lot of people 845 00:59:42.159 --> 00:59:45.599 are struggling to find cpis to do their taxes lately, so it's good. 846 00:59:45.679 --> 00:59:51.639 We've had a lot of a lot of CPAs here in Tucson. We're older 847 00:59:51.920 --> 00:59:55.360 folks and they have retired, and we've been dealing with dozens of CPA firms, 848 00:59:55.599 --> 01:00:01.440 and we had a CPA firm that that actually was accepting new clients that 849 01:00:01.599 --> 01:00:06.840 we were fond of, and they're they're full, they're not accepting new clients. 850 01:00:06.880 --> 01:00:12.239 So trying to find a competent, young group of CPAs here in Tucson 851 01:00:13.000 --> 01:00:16.199 is really challenging, and that's why the Johnson Group is. We're so excited 852 01:00:16.239 --> 01:00:20.360 to be associated with you guys, Jill, Thanks Dave. Likewise, Yeah, 853 01:00:20.360 --> 01:00:24.400 there's some really uh knowledgeable practitioners. I'm told that more than half of 854 01:00:24.559 --> 01:00:28.760 CPA's are sixty five year older now, and so we're starting to see that 855 01:00:28.800 --> 01:00:31.280 retiring profile and so forth, and so we're excited to come in and pick 856 01:00:31.360 --> 01:00:36.000 up the torch where some of these great practitioners in the past are looking to 857 01:00:36.000 --> 01:00:38.480 move to the next phase. I can't tell you you and I both know, 858 01:00:38.559 --> 01:00:42.800 Dean, how hard we've looked for something like the Johnson Group. Oh, 859 01:00:43.119 --> 01:00:45.320 this is for I mean, you know me, Dave, I keep 860 01:00:45.400 --> 01:00:47.119 looking and looking and looking until I think it's right. You know, it's 861 01:00:47.119 --> 01:00:50.760 like anything. It's like it's like being on match. You keep dating until 862 01:00:50.760 --> 01:00:55.559 you find someone. Yeah, and does your wife know about this? But 863 01:00:57.280 --> 01:01:01.360 also you also know me that I can quickly know will let's go anywhere or 864 01:01:01.400 --> 01:01:05.679 not? But the type of questions to answer, you know, I'm not 865 01:01:05.719 --> 01:01:07.599 one of these guys that like to date a long time and and go there. 866 01:01:07.599 --> 01:01:10.039 I want to find out we're going to build a relationship and not. 867 01:01:10.199 --> 01:01:15.119 And it's uh, by the way, I'm talking about business relationships. The 868 01:01:15.280 --> 01:01:19.000 uh uh. And it did and him and his brother and I hit it 869 01:01:19.039 --> 01:01:22.559 off well, and we had a vision and I told him what I see. 870 01:01:22.639 --> 01:01:24.000 They said the same thing, and we're able to get there. The 871 01:01:24.800 --> 01:01:28.320 thing is that they are one of those people that just bought out one of 872 01:01:28.320 --> 01:01:30.239 the people who gave usinits to that we tie it, yes, you know, 873 01:01:30.320 --> 01:01:32.400 And that's what's going to keep going on. So people are going to 874 01:01:32.519 --> 01:01:36.519 keep doing it same thing at all business. A lot of advisors are getting 875 01:01:36.519 --> 01:01:37.960 to that retirement age and they don't want to do the work anymore, and 876 01:01:38.039 --> 01:01:40.760 they just want to get late. I'm not going to be lazy. I'll 877 01:01:40.760 --> 01:01:45.000 retire before I get lazy. I will retire it. I can't see you 878 01:01:45.079 --> 01:01:49.639 retired. I don't know something about it. I just can't see you land 879 01:01:49.719 --> 01:01:52.239 back on the beach and say, oh, yeah, I think you're as 880 01:01:52.280 --> 01:01:57.079 retired as you're going to get. I'm thinking, I'm thinking, no problem. 881 01:01:58.360 --> 01:02:00.559 Take the summers off for the most part, and you're here. You're 882 01:02:00.559 --> 01:02:02.119 here. Yeah. I don't have that gene either. Uh. You know, 883 01:02:02.159 --> 01:02:07.440 we we we're living an interesting we're working an interesting business where people typically 884 01:02:07.480 --> 01:02:10.599 don't retire because it isn't really physical labor. It's not something you need to 885 01:02:10.639 --> 01:02:15.320 retire from. I have a friend who's a veterinarian. He retired. That's 886 01:02:15.400 --> 01:02:19.840 work. Being a veterinarian is physical work. You know, you're dealing with 887 01:02:19.840 --> 01:02:23.440 with the animals and it it actually is work. Here we sit and we 888 01:02:23.480 --> 01:02:28.800 talk to our friends, and we trade our own accounts, and we meant 889 01:02:28.800 --> 01:02:31.199 to kids. And I think part of it, don't you people, is 890 01:02:31.280 --> 01:02:34.559 yeah, bringing on the young people, mentor them and teaching them, and 891 01:02:34.599 --> 01:02:37.639 they teach us stuff. Absolutely. You know. The nice thing about our 892 01:02:37.679 --> 01:02:40.599 young guys is they're not just going to take everything we say and just say 893 01:02:40.639 --> 01:02:44.480 Okay, they fight back on us. Still, they push back, and 894 01:02:44.679 --> 01:02:49.199 that's why we get to the what's really good? You know, except sometimes 895 01:02:49.199 --> 01:02:54.360 they love that push back to that's our favorite thing. Do you say you 896 01:02:54.440 --> 01:02:59.280 just accept that so? Well? Love that pushback? Doesn't he every time? 897 01:02:59.360 --> 01:03:01.440 Yeah? I like to fight. I like to I like the pushing 898 01:03:01.480 --> 01:03:05.519 back and forth and then we get to an answer. You know you do 899 01:03:05.599 --> 01:03:07.800 like your fight? Well, you're from New York like Trump, right, 900 01:03:07.719 --> 01:03:10.880 you wake up heaven more, you wake up and look for a fight. 901 01:03:12.119 --> 01:03:15.159 If I was Trump, I wouldn't have so many people hating me. I 902 01:03:15.159 --> 01:03:17.800 wouldn't say I wouldn't say bad things to people. No, you wouldn't. 903 01:03:17.800 --> 01:03:21.960 But he's going to probably be uh next uh well, obviously it's going to 904 01:03:22.039 --> 01:03:24.679 be a next Republican candidate. So hopefully we'll see what happens. Is that 905 01:03:24.719 --> 01:03:29.280 gonna affect taxes at all? I expect it'll be one of the most significant 906 01:03:29.280 --> 01:03:31.960 things to affect taxes on the horizon the upcoming election. Good, it'll be 907 01:03:32.000 --> 01:03:37.159 good, right, Well, it depends what depends what happens from the different 908 01:03:37.239 --> 01:03:43.519 platforms and what they're actually implement or not. So, there's everything from the 909 01:03:43.599 --> 01:03:47.159 ideas where reducing taxes helps spolster economy. And typically when folks come to us, 910 01:03:47.199 --> 01:03:52.559 they're looking to maximize excuse me, I mean minimize their tax liability, 911 01:03:52.039 --> 01:03:59.199 right, and and so depending which way this goes, there's certain platforms that 912 01:03:59.239 --> 01:04:00.880 say they want to take half of your money, like when someone passes, 913 01:04:00.960 --> 01:04:03.960 let's give up half of your money, and and others that don't. And 914 01:04:04.000 --> 01:04:08.880 so what platform is that? Uh so, we'll have to see what the 915 01:04:08.880 --> 01:04:12.880 current platforms are. But in the last campaign, there was the advocacy to 916 01:04:13.000 --> 01:04:18.320 take the estate taxation and reduce it down to million dollar level, which would 917 01:04:18.480 --> 01:04:20.920 just look at homany the home and real estate. Is that the right side 918 01:04:20.960 --> 01:04:24.440 of the left side that wants to do left side? Yeah, yeah, 919 01:04:24.480 --> 01:04:28.800 we don't want that side. Okay, nobody wants to pay more taxes. 920 01:04:29.400 --> 01:04:32.679 I don't. I don't mind paying some. I don't mind paying my fair 921 01:04:32.760 --> 01:04:35.880 share. You know, my fast share is the same thing that everybody else 922 01:04:35.920 --> 01:04:40.760 is paying percentage wise, that's my fast share. But it all seems that 923 01:04:40.960 --> 01:04:45.760 some of us have become successful always pay more dollar wise, Yeah, yeah, 924 01:04:45.800 --> 01:04:48.480 and five percentage right. All here is it's time for the rich to 925 01:04:48.519 --> 01:04:54.360 pay their own way. The top ten percent pay ninety percent of the taxes, 926 01:04:54.599 --> 01:04:58.559 right, fifty percent of the country pays no taxes at all. Zero. 927 01:04:58.840 --> 01:05:02.280 So with your saying, we got to go to Trump if we want 928 01:05:02.280 --> 01:05:05.440 to save taxes. So as long as he keeps the platform he was talking 929 01:05:05.440 --> 01:05:10.079 about before, Yeah, yeah, well he's not going to change that. 930 01:05:10.400 --> 01:05:12.480 Yep. I wouldn't think so, I don't think you'd change. And what 931 01:05:12.519 --> 01:05:15.079 else have founded? Well, what else is changing that we have to talk 932 01:05:15.159 --> 01:05:17.719 about that we have to look for. Yeah, So there's a huge amount 933 01:05:17.719 --> 01:05:20.519 of uncertainty on the tax horizon. So one of the things that I would 934 01:05:20.559 --> 01:05:26.199 point to and not to pick out, names Tax Cut Jobs Act of twenty 935 01:05:26.239 --> 01:05:28.599 seventeen. So there's been so many acts and can get them all mixed up, 936 01:05:29.039 --> 01:05:31.599 but that was a very significant one that changed marginal tax rates. You 937 01:05:31.639 --> 01:05:34.519 know, what percentage of tax are you paying at a different income level. 938 01:05:35.039 --> 01:05:41.039 The deduction exemption thing where the deductions went higher and took out personal exemptions made 939 01:05:41.079 --> 01:05:44.719 at zero is the way that they did that. Child tax credit amounts, 940 01:05:44.719 --> 01:05:47.599 the mortgage interest deduction thresholds, the state and gift tax thresholds, all of 941 01:05:47.599 --> 01:05:51.679 those things were changed by that act, which sunsets had a sunset clause at 942 01:05:51.719 --> 01:05:57.320 midnight on January first of twenty twenty six, And so there will be change 943 01:05:57.360 --> 01:06:01.480 even if there's no change made. It reverts and the things that people used 944 01:06:01.480 --> 01:06:03.800 to deduct and said that you can't deduct now, and there's a lot of 945 01:06:03.840 --> 01:06:06.840 confusion on that, but all those things go back to what they were a 946 01:06:06.880 --> 01:06:11.559 decade ago. If everybody remember stay tax as well, right, yep, 947 01:06:11.639 --> 01:06:14.960 doesn't that revert back to a million bucks or whatever it was? The baseline 948 01:06:15.000 --> 01:06:17.719 that I recall is a five million threshold, less than half of what it 949 01:06:17.800 --> 01:06:20.960 is, But there is absolutely rhetoric about making it a million. Yeah. 950 01:06:21.280 --> 01:06:25.280 Yeah, well they probably wouldn't get a million, but they could get that 951 01:06:25.360 --> 01:06:28.599 five million because right now it's what twelve million of person right, yeah, 952 01:06:28.639 --> 01:06:32.760 a round number is up to almost fourteen now. But yeah, ye huge, 953 01:06:32.840 --> 01:06:35.880 Yeah, because people have made so much more money, you know what 954 01:06:35.920 --> 01:06:43.360 I mean? And what's really it affects the people that have businesses that have 955 01:06:43.480 --> 01:06:46.320 to sell the businesses more than anything. Well, how about farmers, Yeah, 956 01:06:46.400 --> 01:06:51.239 the farmers is the big hit. I think it's across the spectrum. 957 01:06:51.280 --> 01:06:54.639 I mean, it's interesting if you go back, you know, pulling New 958 01:06:54.679 --> 01:06:57.440 York into the story. There was one period of time in the past where 959 01:06:57.440 --> 01:07:00.039 there was no estate tax one year. And one of the big things with 960 01:07:00.360 --> 01:07:02.599 New York Yankees is, it was told to me, is what happens when 961 01:07:02.599 --> 01:07:06.760 Steinbrenner passes, they'd have to potentially sell the Yankees just to pay the taxes, 962 01:07:08.400 --> 01:07:12.840 uh for that organization. And as it turns out, that year was 963 01:07:12.880 --> 01:07:15.880 the year that Steinbrenner passed, But so they didn't have to cross that bridge. 964 01:07:15.880 --> 01:07:18.840 But that is exactly the type of thing where you can completely change the 965 01:07:18.880 --> 01:07:21.760 landscape and you think it's you know, personal assets home, but no, 966 01:07:21.800 --> 01:07:25.000 it could be the business. It could be any number of things. I 967 01:07:25.079 --> 01:07:29.360 remember that that wouldn't that happened. I remember the talk and everyone started assuming 968 01:07:29.400 --> 01:07:31.679 that he was he was having problems anyway, so I figured he'd better wanted 969 01:07:31.719 --> 01:07:35.960 to die to save everybody the money. All kinds of speculation. I'm sure 970 01:07:36.719 --> 01:07:40.840 the curious number of billionaires that passed that year, though, Yeah, isn't 971 01:07:40.880 --> 01:07:44.199 it it was? Rather it is that goes back, you know that that 972 01:07:44.480 --> 01:07:48.000 law goes back to England, English tax law and to where the purpose of 973 01:07:48.039 --> 01:07:51.559 it was so that no one or two families could control all the wealth in 974 01:07:51.599 --> 01:07:57.199 the country. That was that was the reason that came into the fact, 975 01:07:57.400 --> 01:08:00.480 and obviously we're well beyond that at this point. Well, yeah, my 976 01:08:00.559 --> 01:08:02.960 feeling is they wanted to change this whole thing with the billionaires, change the 977 01:08:03.000 --> 01:08:09.119 real estate, uh, taxation. I mean that's where it all comes down 978 01:08:09.119 --> 01:08:13.639 to h and and and the carry forward interest. I mean, all these 979 01:08:13.679 --> 01:08:16.520 guys are managing money, not not like us, but I'm talking about it. 980 01:08:16.600 --> 01:08:21.840 Hedge funds who are multi billionaires and war On Buffett. They don't have 981 01:08:21.880 --> 01:08:27.479 to pay because they always talk about I pay less percentage wise than my my 982 01:08:27.000 --> 01:08:30.680 uh my assistant. Well, then change the law and the remember it almost 983 01:08:30.720 --> 01:08:34.319 got there but Cinema stopped it. It's because that's where they get all their 984 01:08:34.319 --> 01:08:39.439 funding from. You and I both know that they act like they want to 985 01:08:39.479 --> 01:08:43.680 do something, but Congress doesn't do anything about it. Yeah, and there's 986 01:08:44.640 --> 01:08:46.319 yeah, there's a whole kinds of conversation we could have there, but uh, 987 01:08:47.119 --> 01:08:50.399 and that it feeds into some of the tax strategy side of things. 988 01:08:50.520 --> 01:08:55.279 There's basically three things you can do. Change when you pay your taxes, 989 01:08:55.439 --> 01:08:58.399 change how or get some exemption or offsets for the taxes that you do. 990 01:08:58.840 --> 01:09:00.119 That tends to be where a lot of the those things come from, where 991 01:09:00.119 --> 01:09:03.199 they incentivize and say, hey, we will give you credit if you spend 992 01:09:03.199 --> 01:09:08.239 a dollar on something particular versus something else, then that'll that's a dollar you 993 01:09:08.279 --> 01:09:10.880 don't have to pay in taxes. Well, that's where we can come and 994 01:09:11.000 --> 01:09:13.000 you know, for the clients that want to do that, we sit down 995 01:09:13.039 --> 01:09:16.199 and we put a tax strategy together on what to do going forward on their 996 01:09:16.239 --> 01:09:20.119 investments, not so much the money they're making on a W two and you 997 01:09:20.119 --> 01:09:25.920 know, but it's going forward because it's very important that they don't get triple 998 01:09:25.960 --> 01:09:29.319 taxation and get killed. Let's face it, you get taxed, you get 999 01:09:29.319 --> 01:09:31.560 taxed, and then when you die, you get taxed again. You know, 1000 01:09:31.680 --> 01:09:35.520 just to make sure you understood that there was tax death and taxes, 1001 01:09:35.560 --> 01:09:39.079 not just death. That goes hand in hand there, Right, There's nothing 1002 01:09:39.119 --> 01:09:44.600 wrong with being intelligent about your taxes. The tax laws are there for a 1003 01:09:44.640 --> 01:09:48.800 reason, and it helps to have someone intelligent like you guys to help guide 1004 01:09:48.880 --> 01:09:54.760 people through that. Yeah, And that's one of the reasons we like this 1005 01:09:54.840 --> 01:09:57.319 partnership. I mean, one of the best that I always tell people. 1006 01:09:57.399 --> 01:10:00.560 Fill up your retirement plans, absolutely up. If you can't fill up your 1007 01:10:00.560 --> 01:10:02.920 time and plan, then that's where you can save a lot of taxes. 1008 01:10:03.239 --> 01:10:05.960 Fill them up, put the money in, maxim out. Then we could 1009 01:10:05.960 --> 01:10:09.720 talk about other things that you can do. Yep, it's absolutely one of 1010 01:10:09.720 --> 01:10:13.840 the huge opportunities to do so. And then multiple one K plants get matched, 1011 01:10:14.399 --> 01:10:17.840 so you're automatically make it money right. We do tax strategy planning here. 1012 01:10:17.920 --> 01:10:23.479 You do tax strategy planning with you. Jonathan does tax planning strategy. 1013 01:10:23.760 --> 01:10:27.600 We can help you know, you need to sit down and meet with us 1014 01:10:28.840 --> 01:10:33.800 and or you and get some help because we do know how to do this 1015 01:10:34.399 --> 01:10:39.319 and it can make such a huge difference. It can. The reality is 1016 01:10:39.359 --> 01:10:45.439 that the structure of the system is incredibly complex, sophisticated, dynamic, whatever 1017 01:10:45.479 --> 01:10:46.399 words you want to use. At the end of the day, there are 1018 01:10:47.039 --> 01:10:50.000 a number of factors that can come into play in any given situation that can 1019 01:10:50.319 --> 01:10:57.680 make the result of your reality as it exists, receive some tax preferential consideration, 1020 01:10:57.840 --> 01:10:59.640 and you just have to be aware what that is and how to do 1021 01:10:59.680 --> 01:11:01.680 so right. And the process is they got to come in, They got 1022 01:11:01.720 --> 01:11:04.439 to sit down. They got to talk to you. If they do that 1023 01:11:04.720 --> 01:11:09.439 the first time, do you charge them for that or is it the consultation? 1024 01:11:09.520 --> 01:11:12.439 You can just they can come talk to you first time. It depends 1025 01:11:12.439 --> 01:11:15.920 how long they think that that conversation should be. That first consultation is complimentary, 1026 01:11:15.920 --> 01:11:19.239 absolutely right. And I say the same thing. I mean, if 1027 01:11:19.279 --> 01:11:21.640 you think you're coming in and going to use me for two hours, it's 1028 01:11:21.640 --> 01:11:24.520 crazy. Yeah, but you got to come in and talk to me for 1029 01:11:24.560 --> 01:11:27.560 a half hour, forty five minutes exactly, that's fine. Same thing with 1030 01:11:27.640 --> 01:11:31.159 Jonathan. Jonathan does that too, say attorney, we want to help you. 1031 01:11:31.199 --> 01:11:33.600 Guys, don't take advantage of us. So we're not going to take 1032 01:11:33.600 --> 01:11:36.920 advantage of you. Yep. And the reality is how we can best help 1033 01:11:36.920 --> 01:11:40.199 on the tax side of it is when they come in if they have a 1034 01:11:40.199 --> 01:11:44.760 financial plan and sit down and collaborate with a team, like we're talking about 1035 01:11:45.520 --> 01:11:48.600 that net effect and looking forward and having a bigger plan rather than just okay, 1036 01:11:48.720 --> 01:11:51.560 it's not just twenty twenty three, it's about twenty four and beyond. 1037 01:11:51.960 --> 01:11:55.800 The plan is so important and now we have a whole team that can do 1038 01:11:55.880 --> 01:12:00.359 you a plan for you and set you up, take away the stress and 1039 01:12:00.760 --> 01:12:03.159 not worry about it. John Joel, thank you. We look on to 1040 01:12:03.199 --> 01:12:06.439 a long relationship. If you need to get in touch with them, it's 1041 01:12:06.479 --> 01:12:12.159 the Johnson Group, PLLC. Tax Accountings. We'll just call us. We 1042 01:12:12.239 --> 01:12:14.840 have his number. We'll let you know where it is and you can meet 1043 01:12:14.840 --> 01:12:16.880 with him here or his office. Is not a problem, We'll be right 1044 01:12:16.920 --> 01:12:20.000 back. Thank you for listening to The Money Matter Show. Welcome back. 1045 01:12:20.039 --> 01:12:24.079 This is the Money Matter Show. We thank Joel Johnson for coming in and 1046 01:12:24.239 --> 01:12:27.800 helping us, telling us what's going on in the world of accounting. And 1047 01:12:28.359 --> 01:12:33.119 we really have struggled to find people of a relatively young age that can do 1048 01:12:33.239 --> 01:12:39.399 taxes to with whom you can build a relationship with. And we're excited to 1049 01:12:39.439 --> 01:12:43.680 have the Johnson Group. Certainly we round out our team, right. We 1050 01:12:43.720 --> 01:12:47.079 have the estate we have even the extra insurance guy. We do our own 1051 01:12:47.119 --> 01:12:49.680 insurance. We are the money manager, We're the financial planner. We have 1052 01:12:49.720 --> 01:12:55.039 an estate planner, we have mortgage merge guy. Right. I mean literally 1053 01:12:55.039 --> 01:12:57.640 everything you can think of in the finance space, we have you taken care 1054 01:12:57.640 --> 01:13:01.880 of. And what you know I wanted to you know, Dean said you 1055 01:13:01.880 --> 01:13:06.239 know if you last two hours or you know, me and Dylan, we 1056 01:13:06.279 --> 01:13:10.800 really don't care if we've had three hour meetings, we've had one hour meetings. 1057 01:13:11.199 --> 01:13:14.319 We are here no matter what, because when you talk about financial plans, 1058 01:13:14.680 --> 01:13:18.960 we really are saying their complimentary and they go into very detailed and sometimes 1059 01:13:18.960 --> 01:13:23.079 they can stretch a long time, especially for the very complex plans. Yeah, 1060 01:13:23.079 --> 01:13:26.479 and I mean so for our aspect of the whole team, you talk 1061 01:13:26.560 --> 01:13:29.680 to Dean, it's more of a conversation about what goes on and how they 1062 01:13:29.760 --> 01:13:31.159 investment side. If you come talk to Todd and I sit down with us, 1063 01:13:31.199 --> 01:13:34.520 we go through the entire program. That's not necessarily a meeting you'd have 1064 01:13:34.560 --> 01:13:38.439 with my dad. It'd be more with us. And that's why our meetings 1065 01:13:38.520 --> 01:13:42.000 take a little longer because we really dive into the nuts and bolts of your 1066 01:13:42.000 --> 01:13:45.039 financial plan. And I mean everybody's as unique and some are much more complex 1067 01:13:45.079 --> 01:13:46.680 and take the time to do it, which is no problem to us. 1068 01:13:46.840 --> 01:13:49.600 Yeah. This last week, I did a really fun plan where we had 1069 01:13:50.399 --> 01:13:54.520 this person retiring for two years. They were taking a lot of money out 1070 01:13:54.520 --> 01:13:57.880 of their IRA, but also doing ro of conversions getting them up to that 1071 01:13:58.039 --> 01:14:01.199 tax bracket threshold where they wanted to be, then for the three years after 1072 01:14:01.279 --> 01:14:04.239 that, taking less out of their IRA, still doing ROW. We're able 1073 01:14:04.279 --> 01:14:09.199 to calculate all of this because we can see and project out tax rates and 1074 01:14:09.239 --> 01:14:12.279 how they're going to increase with inflation each year. Obviously, you don't know 1075 01:14:12.359 --> 01:14:15.000 if a tax code changes, you can't plan for that, but you know 1076 01:14:15.079 --> 01:14:18.239 what the tax code is right now, you know what it's supposed to increase 1077 01:14:18.239 --> 01:14:20.960 with inflation each year, and you can plan for all of this, and 1078 01:14:21.000 --> 01:14:26.399 you can see what your expected lifetime tax savings would be if you do strategy, 1079 01:14:26.439 --> 01:14:29.680 if you take money out of your IRA before rm DS, if you 1080 01:14:29.720 --> 01:14:32.359 do roth conversions before rm DS, And largely what we see is for people 1081 01:14:32.359 --> 01:14:36.800 who haven't taken Social Security yet, if for some reason they waited to seventy 1082 01:14:38.079 --> 01:14:41.119 and they haven't taken R and DS. Likely if they don't have a pension, 1083 01:14:41.119 --> 01:14:44.560 of course, they probably don't have any income or it's not significant, 1084 01:14:44.760 --> 01:14:47.239 so there is a lot of room for those people to take advantage of Roth 1085 01:14:47.239 --> 01:14:50.560 conversions, even if they're past the age of sixty. But again, you 1086 01:14:50.640 --> 01:14:54.760 have to have not a lot of showing income, right if you're already turned 1087 01:14:54.800 --> 01:14:56.960 on sold security, if you already have a pension, if you are taking 1088 01:14:57.000 --> 01:15:00.239 money out of your IRA to live on, there's really no room. Doesn't 1089 01:15:00.279 --> 01:15:02.640 make sense. But you can only know that if you look at the financial 1090 01:15:02.640 --> 01:15:05.800 plan. If we actually dig into all your earned income, dig into where 1091 01:15:05.800 --> 01:15:09.720 your income sources are coming from, where they're projected to be coming from in 1092 01:15:09.760 --> 01:15:14.039 the future years, how they get turned on and change. It's too complex 1093 01:15:14.079 --> 01:15:15.800 to do it in an Excel sheet. I say that multiple times, and 1094 01:15:15.840 --> 01:15:19.640 that's why me and Dylan we take up high value into this financial planning and 1095 01:15:19.640 --> 01:15:24.279 we learn more about it every single day, and the software updates itself every 1096 01:15:24.319 --> 01:15:28.840 single day. It's getting better itself. So it's a constant improving process exactly. 1097 01:15:28.920 --> 01:15:30.439 And like you were saying, I mean, we don't know what the 1098 01:15:30.439 --> 01:15:32.520 tax coach could change to in the future, and if it does change, 1099 01:15:33.000 --> 01:15:36.319 the program can update with it. It's not like you make your financial plan 1100 01:15:36.399 --> 01:15:40.920 today and you're stuck with what the taxes are today. Something changes three years 1101 01:15:40.960 --> 01:15:44.239 down the line and it's significant. We'll see how that impacts your plan and 1102 01:15:44.279 --> 01:15:46.199 if there's a different route you have to take. This plan is fluid. 1103 01:15:46.479 --> 01:15:50.279 We want to update it at least once a year, especially if you're younger, 1104 01:15:50.359 --> 01:15:54.359 because a lot of things can change within the time before you retire. 1105 01:15:54.399 --> 01:15:57.720 Into why you're working until you retire, And what a Joel was saying is 1106 01:15:57.760 --> 01:16:01.439 the potential that we may know what the potential platform the new tax code could 1107 01:16:01.439 --> 01:16:05.319 look like once we know who's actually gonna be the incumbent president. Well, 1108 01:16:05.359 --> 01:16:09.720 when that happens, we can actually go back into the plan and play what 1109 01:16:09.800 --> 01:16:12.760 if tax rates changed by two percent? How does that impact the plan? 1110 01:16:13.000 --> 01:16:15.399 And there's actually ability for us to do that in the software. We can 1111 01:16:15.439 --> 01:16:19.600 do any projection that we want to. Really, Yeah, I'm just amazed 1112 01:16:19.640 --> 01:16:28.119 at the level of sophistication that you guys achieve in these financial plans for zero 1113 01:16:28.359 --> 01:16:30.359 cost, right, Yeah, no cost at all. When the meeting's over, 1114 01:16:30.439 --> 01:16:34.520 we send it to them and then that's it. No obligation, Yeah, 1115 01:16:34.560 --> 01:16:36.720 no obligation. I mean, the whole process is that will send it 1116 01:16:36.720 --> 01:16:40.079 to you. We'll send you a risk tolerance questionnaire to get more of an 1117 01:16:40.079 --> 01:16:44.640 idea what your risk is. We ask initially during the planning meeting what your 1118 01:16:44.720 --> 01:16:46.920 risk is, but this actual question there is much more dynamic. There are 1119 01:16:46.960 --> 01:16:49.640 similar questions, but it kind of nails down your idea of what your risk 1120 01:16:49.680 --> 01:16:53.800 scores, and that shows how we would invest your money. Say you were 1121 01:16:53.840 --> 01:16:57.279 to open an account here, and then the next meeting is we would go 1122 01:16:57.319 --> 01:17:00.439 over our suggestions and then you can either decide to implement them or not and 1123 01:17:00.479 --> 01:17:03.800 take it and just go. But either way, it's all free of cost. 1124 01:17:03.960 --> 01:17:06.960 And I think another reason we do that double risk or question because when 1125 01:17:08.000 --> 01:17:11.199 we ask the client, they'll say something to us because we are kind of 1126 01:17:11.239 --> 01:17:14.319 explaining what we mean as risk. But when they go home and then they 1127 01:17:14.319 --> 01:17:17.560 take the questionnaire by themselves, without the influences around them, they often come 1128 01:17:17.640 --> 01:17:21.199 up with a different number. And that's kind of life. I mean, 1129 01:17:21.319 --> 01:17:24.439 I'm sure, Dave, you could speak to this as a money manager. 1130 01:17:24.560 --> 01:17:26.840 They might be in your office telling you one thing, and then two months 1131 01:17:26.920 --> 01:17:29.880 later they call you because they look at their statement they're telling you something completely 1132 01:17:29.880 --> 01:17:32.399 different. Because when they're in your office, they feel like they have to 1133 01:17:32.479 --> 01:17:39.000 act a certain way or maybe seem smart in a certain way when maybe they 1134 01:17:39.000 --> 01:17:41.720 don't, or maybe they you know, a lot of things play into it 1135 01:17:41.760 --> 01:17:45.319 when people are trying to determine what their risk is. I mean, some 1136 01:17:45.359 --> 01:17:47.760 people think they need to be super aggressive right here, right three months ago, 1137 01:17:47.800 --> 01:17:50.520 you were saying the same persons being conservative. Sure, So a lot 1138 01:17:50.520 --> 01:17:55.600 of the times when people get at home and you know, simmer in their 1139 01:17:55.640 --> 01:17:58.439 thoughts, they kind of come up with these different ideas of what they should 1140 01:17:58.439 --> 01:18:00.840 be doing. When a ridge in the first plan, they said something completely 1141 01:18:00.880 --> 01:18:04.319 different. And so that's why we'd like to take those dynamic approaches and constantly 1142 01:18:04.359 --> 01:18:08.239 go back to it, constantly ask is this still what you feel like? 1143 01:18:08.319 --> 01:18:11.159 Is this still what you feel comfortable with? Because it changes a lot. 1144 01:18:11.520 --> 01:18:15.800 And that's what it is. It's constant communication between us and our clients because 1145 01:18:15.840 --> 01:18:17.640 things do change. Risktallers do change. Maybe you are less comfortable with the 1146 01:18:17.680 --> 01:18:21.520 risk that you initially wanted when you open a year ago or two years ago. 1147 01:18:21.680 --> 01:18:25.680 So then we could come in and talk about that and see maybe retake 1148 01:18:25.680 --> 01:18:28.560 the risk tolerance questionnaire, see where your mind is at now, and do 1149 01:18:28.600 --> 01:18:30.359 we change things? Do we make you a little more conservative. That's all 1150 01:18:30.359 --> 01:18:33.520 the conversations we have, and that's what we want to keep cost of communication. 1151 01:18:33.560 --> 01:18:36.680 We don't want to just implement your initial plan and they never talk to 1152 01:18:36.720 --> 01:18:40.680 you again. That's not how we want it could you imagine the risk tolerance 1153 01:18:40.680 --> 01:18:44.800 scores today compared to what they were a year ago. Oh my goodness, 1154 01:18:45.079 --> 01:18:49.159 twenty twenty two risk tolerance questionnaires were very conservative, very conservative. Yeah, 1155 01:18:49.159 --> 01:18:51.560 but what I really wanted to see d at the bank and not to be 1156 01:18:51.600 --> 01:18:56.000 bothered anymore. Right, and now it's give me every text doc you can 1157 01:18:56.000 --> 01:19:00.319 find and can we do it on margin is as a pressive as possible. 1158 01:19:00.399 --> 01:19:03.159 But that's why. And then what we try to say, we try to 1159 01:19:03.279 --> 01:19:08.000 remind our clients that it's like, think about it five ten years down the 1160 01:19:08.079 --> 01:19:11.760 road, not five months, because a lot can change in five to ten 1161 01:19:11.840 --> 01:19:13.880 years. But that's how you want to build your portfolio. You don't want 1162 01:19:13.880 --> 01:19:15.159 to try and time the markets. You want to build a portfolio that helps 1163 01:19:15.199 --> 01:19:18.720 you sleep at night and helps you not check your phone every ten minutes trying 1164 01:19:18.720 --> 01:19:23.119 to see what the market's doing because you're nervous about what your retirement plan is 1165 01:19:23.159 --> 01:19:27.000 doing. Yeah. The one thing that you find out when you go through 1166 01:19:27.039 --> 01:19:31.840 this financial plan is there's an awfully lot of moving parts in a financial plan. 1167 01:19:32.399 --> 01:19:36.880 Some of those parts you didn't even know existed or were connected, or 1168 01:19:36.920 --> 01:19:41.960 didn't know where we connected exactly. So when a client comes out of those 1169 01:19:42.000 --> 01:19:45.479 meetings, it's with this breath of fresh air of Okay, I now know 1170 01:19:45.520 --> 01:19:47.840 where I'm at, I now know what I need to do. A huge 1171 01:19:47.840 --> 01:19:51.399 one we see is that they don't know they're the monthly expenses. Oh yeah, 1172 01:19:51.439 --> 01:19:54.720 I get they start when they like they tell us say, oh yeah, 1173 01:19:54.760 --> 01:19:57.039 we had to sit down and go over our expenses. A lot different 1174 01:19:57.079 --> 01:20:00.479 than we thought because they never really go over. They just seeing it come 1175 01:20:00.479 --> 01:20:02.359 in coome out. But they're not sending down putting together a budget in that 1176 01:20:02.439 --> 01:20:06.479 sense. They had to, and it's for some people's eye opening. I 1177 01:20:06.479 --> 01:20:10.520 think one of the biggest things that the plan gives people is when you show 1178 01:20:10.560 --> 01:20:13.319 them a range of spending, so they'll come in and tell me what they're 1179 01:20:13.359 --> 01:20:16.199 currently spending, which is normally what I say is their minimum, because they're 1180 01:20:16.199 --> 01:20:19.800 normally already giving you a pretty low number compared to what they're probably actually spending. 1181 01:20:20.239 --> 01:20:23.399 And then what you can do is, in the what if scenario of 1182 01:20:23.439 --> 01:20:26.840 the plan, you can see what level of spending breaks the plan, what 1183 01:20:26.960 --> 01:20:30.159 is undoable, right, and so you go up to that threshold until the 1184 01:20:30.199 --> 01:20:32.760 plan breaks down to about ninety so it's still relatively successful. You know it 1185 01:20:32.760 --> 01:20:36.600 will work, but nine times out of ten. But you know that's kind 1186 01:20:36.640 --> 01:20:40.359 of your upper threshold lot. Once you get past that level spending, that's 1187 01:20:40.359 --> 01:20:44.199 where the plan really has some risks to them when you see that range. 1188 01:20:44.239 --> 01:20:47.439 As someone who's been building up this income of this accumulation bucket all your life, 1189 01:20:47.920 --> 01:20:51.560 now you know exactly how much you can possibly spend. When you have 1190 01:20:51.680 --> 01:20:57.960 this kind of unknowing, you're more timid in spending and you don't really enjoy 1191 01:20:58.039 --> 01:21:00.760 all that work that you worked for in the last forty year years. Right, 1192 01:21:00.800 --> 01:21:01.439 A lot of people they are like, I want to balance my last 1193 01:21:01.520 --> 01:21:04.760 check, okay, but they don't even come close to it because they don't 1194 01:21:04.760 --> 01:21:09.199 know what that professilon of spending is. They don't know what too much is 1195 01:21:09.279 --> 01:21:12.760 too much, and so they kind of are extra timid. And that's where 1196 01:21:13.079 --> 01:21:15.359 you know, it's unfortunate because these people really did work hard for themselves to 1197 01:21:15.439 --> 01:21:18.680 enjoy this period of life, so you know, take advantage of that. 1198 01:21:19.000 --> 01:21:24.000 Sometimes it's just people are so habitually, you know, they've done it so 1199 01:21:24.199 --> 01:21:27.479 long that they can't spend more, Like they can't pass up a deal. 1200 01:21:27.560 --> 01:21:30.079 They you know, it's just who they are, which is another topic of 1201 01:21:30.199 --> 01:21:33.000 you can't fit, you can't fix frugal. Some people that you know, 1202 01:21:33.079 --> 01:21:36.359 they've they've lived a life for thirty years to be frugal on purpose, to 1203 01:21:36.359 --> 01:21:41.119 save money for retirement. But now that they're in retirement, they they've practiced 1204 01:21:41.159 --> 01:21:43.199 it for so long they don't know how to break. No, you can't 1205 01:21:43.239 --> 01:21:46.079 you can't do that. You can't fix frugal. And but you've seen that, 1206 01:21:46.119 --> 01:21:49.479 because I've said in on some of these with you, you've seen clients 1207 01:21:49.479 --> 01:21:54.399 that I remember one that you said, you couldn't be spending twice as much 1208 01:21:54.600 --> 01:21:59.359 as you're spending and still have one hundred percent probability of success, right. 1209 01:22:00.000 --> 01:22:03.760 And I've seen you sit with clients where you said, there's absolutely no way 1210 01:22:04.479 --> 01:22:10.199 that you can get to the finish line like this. You've got to make 1211 01:22:10.279 --> 01:22:14.960 changes. And whether those changes, what those changes involved, we can help 1212 01:22:15.000 --> 01:22:20.319 with. Does that change involve a less spending perhaps on a vacation, less 1213 01:22:20.359 --> 01:22:24.359 spending on a mortgage. Maybe you need to tell your house, maybe that 1214 01:22:24.760 --> 01:22:27.760 maybe you can't afford to have a house, Maybe you need that money, 1215 01:22:27.800 --> 01:22:31.840 Maybe you need a reverse mortgage. Any number of things and a myriad of 1216 01:22:32.439 --> 01:22:36.039 different choices, and I've sat in with you guys on both of those, 1217 01:22:38.000 --> 01:22:41.039 and the one where you can spend twice as much as you're spending will still 1218 01:22:41.079 --> 01:22:44.600 be okay. It's way more fun than the one where you're not going to 1219 01:22:44.640 --> 01:22:45.800 make it. Yeah, And even the people that are not going to make 1220 01:22:45.800 --> 01:22:49.439 it, oftentimes they have something that is an asset, but for some reason 1221 01:22:49.439 --> 01:22:51.880 they just don't want to think of it as an asset and it is their 1222 01:22:51.880 --> 01:22:56.760 home. Like you said, reverse mortgages are a very utilized tool in this 1223 01:22:56.840 --> 01:23:00.439 space now. They were a horror story back in the day, but they 1224 01:23:00.479 --> 01:23:03.760 are really good product, regulated regulated by the FHA. Now it is a 1225 01:23:04.039 --> 01:23:06.800 very different product. And what are you used to do those? Yes, 1226 01:23:06.960 --> 01:23:10.520 you know that we have connections to people if you if you want to get 1227 01:23:10.560 --> 01:23:15.079 quotes. These are things that can make a difference for people in those last 1228 01:23:15.079 --> 01:23:17.119 ten fifteen years of life that they thought they could never make it past. 1229 01:23:17.159 --> 01:23:19.920 Maybe they didn't think they would live that long, and now that they're there, 1230 01:23:19.920 --> 01:23:24.039 they have no money to live on. A lot of times they still 1231 01:23:24.039 --> 01:23:27.199 have that asset, and you know, it's the one asset they pay down 1232 01:23:27.279 --> 01:23:29.760 that is so emotionally tied to it. But at the end of the day, 1233 01:23:30.199 --> 01:23:32.000 it is what you work for, so don't forget that. Like you 1234 01:23:32.119 --> 01:23:38.039 need to make yourself comfortable at the end of the day, it's just getting 1235 01:23:38.039 --> 01:23:44.119 by living month the month essentially and doing without while you sit on a five 1236 01:23:44.199 --> 01:23:47.920 hundred thousand dollars CD that's paying you nothing exactly. It's just it's just silly, 1237 01:23:48.039 --> 01:23:53.720 right, that's not that that's that's not why you bought it, r 1238 01:23:53.800 --> 01:23:57.079 right. You bought it to accumulate wealth, to increase your network. And 1239 01:23:57.079 --> 01:24:00.319 it's not that you lose the home. It's not what you think, right, 1240 01:24:00.720 --> 01:24:03.720 And so we have people that we don't do reverse mortgages here, but 1241 01:24:03.760 --> 01:24:08.880 we have people that do them and they're real and they're legitimate. And would 1242 01:24:08.920 --> 01:24:14.760 Tom Sealey g lie to you? Right? He makes me my heart warm? 1243 01:24:15.079 --> 01:24:16.039 He does. He does? How do you and not like that guy? 1244 01:24:16.079 --> 01:24:18.479 Come on? He comes on there and says, I wouldn't let anybody 1245 01:24:18.520 --> 01:24:23.079 take your home anyway. We appreciate you listening to us on this Sunday morning. 1246 01:24:23.560 --> 01:24:28.399 It was fun to have the Johnson Group here. They are ready, 1247 01:24:28.439 --> 01:24:31.439 willing and able to do taxes. If you're looking for someone to help you 1248 01:24:31.479 --> 01:24:34.319 with that, please give us a call. We can put you in touch 1249 01:24:34.359 --> 01:24:38.880 with him and we'll be back right after this break. This is the Money 1250 01:24:38.880 --> 01:24:42.800 Matter Show. Welcome back to the final segment of The Moneymatter Show. I'm 1251 01:24:42.840 --> 01:24:45.159 Dylan Greenberg. I'm here with Todd Glick, Dave Sherwood, and Dean Greenberg 1252 01:24:45.640 --> 01:24:50.000 talking about our new accounts that we are partnering with, Jonathan Sibelia, obviously 1253 01:24:50.079 --> 01:24:54.039 our state planner that we always work with, and those of you. We 1254 01:24:54.119 --> 01:24:56.439 did not have time to do this when we first got into the second hour, 1255 01:24:56.479 --> 01:24:59.319 so you still tuned in the markets. For the week, the Dow 1256 01:24:59.439 --> 01:25:00.680 is flat, the S and P five hundred was up one and a half 1257 01:25:00.680 --> 01:25:04.319 percent, the NASDAC, which is tech heavy, was up two point three 1258 01:25:04.359 --> 01:25:09.199 percent, and the small cap Russell two thousand was up two point six percent. 1259 01:25:09.600 --> 01:25:12.119 For the week, the RSP, the equal weighted S and P five 1260 01:25:12.199 --> 01:25:14.800 hundred, was up a half a percent. And then for the year, 1261 01:25:15.000 --> 01:25:18.640 all of them are up in the positive territory except small cap that's down a 1262 01:25:18.680 --> 01:25:24.000 half a percent. And I noticed that the value ETFs were down for the 1263 01:25:24.079 --> 01:25:27.560 year. We did a little survey of those. Yep I still down for 1264 01:25:27.680 --> 01:25:30.560 the year, just like last year. It's like a carbon copy of the 1265 01:25:30.560 --> 01:25:34.399 seven stocks video just busted through seven hundred with no problem, yep, yep, 1266 01:25:34.800 --> 01:25:38.920 And it's just those stocks and Meta continues to just kill it. So 1267 01:25:38.960 --> 01:25:42.840 we're seeing continuation of last year. So we'll see how on that last We're 1268 01:25:42.840 --> 01:25:46.159 still looking at value as a firm. Really, I think that's a much 1269 01:25:46.159 --> 01:25:51.000 more comfortable place to be adding money right now. Exactly. Well, every 1270 01:25:51.000 --> 01:25:56.840 week we get questions from listeners on the show. This week we got a 1271 01:25:56.960 --> 01:26:02.000 question answer question asked yes, I said that right, Okay, The question 1272 01:26:02.319 --> 01:26:05.920 is what is an e t P and what is the difference between it bitcoin 1273 01:26:06.000 --> 01:26:10.000 spot e t F and a bitcoin spot e t P. Well, a 1274 01:26:10.279 --> 01:26:13.680 t P is an exchange traded product. It's really just an umbrella term. 1275 01:26:13.960 --> 01:26:17.119 It's not an actually necessarily an actual thing. It's like an e t F 1276 01:26:17.199 --> 01:26:20.399 is underneath the umbrella, so an exchange trade product. There's other versions of 1277 01:26:20.720 --> 01:26:25.279 exchange traded products, but et F is the most you just on the spot. 1278 01:26:25.319 --> 01:26:27.479 But could you come up with an example of an e t P. 1279 01:26:28.279 --> 01:26:30.399 No, it's not. No, an e t P and E t F 1280 01:26:30.520 --> 01:26:34.239 is an e t P. I ct it I got it. Exchange traded 1281 01:26:34.279 --> 01:26:39.439 products than you e tfs under that TFS E t n S, which is 1282 01:26:39.479 --> 01:26:43.840 exchange traded notes, exchange traded a category, it's a category, and E 1283 01:26:43.920 --> 01:26:45.880 t P is in a category. So there's no benefits of using an e 1284 01:26:45.960 --> 01:26:49.039 t P over a ETF because they're the same exact thing. But what benefits 1285 01:26:49.039 --> 01:26:54.920 do you have using crypto Buying cryptocurrencies with an e t F like any of 1286 01:26:54.960 --> 01:26:59.760 the spot bitcoin ETFs that came out recently, or buying cryptocurrencies directly or on 1287 01:27:00.000 --> 01:27:02.159 sites such as Coinbase and things like that. Now, the real risk is 1288 01:27:02.199 --> 01:27:06.079 custodianship, right who actually owns the bitcoin at the end of the day, 1289 01:27:06.119 --> 01:27:11.000 and who are you trusting? If Coinbase goes out of business, likely your 1290 01:27:11.000 --> 01:27:15.039 bitcoin is gone or any of your cryptocurrency is gone. If Fidelity goes out 1291 01:27:15.079 --> 01:27:18.720 of business, you have sipick insurance technically, so it's not necessarily gone. 1292 01:27:18.840 --> 01:27:23.239 You do have some insurance backing that up. That's why it takes longer to 1293 01:27:23.239 --> 01:27:26.840 get regulatory approval because there's this insurances involved in things like that. So an 1294 01:27:26.840 --> 01:27:30.920 ETF probably is a safer place. But in terms of like true ownership, 1295 01:27:30.319 --> 01:27:33.920 it's not true ownership. I mean, I mean I guess it's if you 1296 01:27:33.960 --> 01:27:38.520 bought bitcoin in your private wallet or cryptocurrency in your private wallet, you truly 1297 01:27:38.520 --> 01:27:41.880 own it. It's like you holding physical gold, it's truly yours. There's 1298 01:27:41.880 --> 01:27:45.560 no intermediary party holding your stuff. But if you use a coinbase, you 1299 01:27:45.640 --> 01:27:48.920 use Fidelity, a Spot, bitcoin etf anything, there's someone holding your asset 1300 01:27:48.960 --> 01:27:53.119 the same way as if you're buying gold etf right. You don't actually own 1301 01:27:53.199 --> 01:27:57.760 the gold, you own the right that someone else is holding the gold right. 1302 01:27:57.800 --> 01:28:00.279 So that's really the difference of where the money is held. But all 1303 01:28:00.279 --> 01:28:03.239 in all, I talked about it in the earlier the show. The bitcoin 1304 01:28:03.319 --> 01:28:10.199 spot etf for Fidelity at least has tracked perfectly onto the bitcoin spot bitcoin spot 1305 01:28:10.239 --> 01:28:14.560 price, so it's done its job and way for us is the way as 1306 01:28:14.760 --> 01:28:17.880 money managers. Here, we weren't able to buy bitcoin four client yeah right 1307 01:28:17.960 --> 01:28:20.800 from we could buy coin base, but we couldn't buy bitcoin for them. 1308 01:28:21.000 --> 01:28:25.880 We have the closed end fund GBTC or the futures based exactly, but this 1309 01:28:25.960 --> 01:28:29.880 is the first time as a money manager that we can buy bitcoin. That's 1310 01:28:29.920 --> 01:28:31.880 the closest we can get to buying a straight bitcoin for Coe and the biggest 1311 01:28:31.880 --> 01:28:35.840 thing is for really institutions because US money managers makes it easier, for sure, 1312 01:28:36.199 --> 01:28:41.279 but also for institutions, it makes it actually possible for the first time 1313 01:28:41.600 --> 01:28:44.960 you need to Actually, they are not allowed to buy futures based ETFs. 1314 01:28:45.159 --> 01:28:48.640 They have to buy Spot settled ETFs, and that's in most mandates of institutions. 1315 01:28:48.640 --> 01:28:55.760 It would seemed to me that there are advantages to buying the ETF versus 1316 01:28:55.800 --> 01:29:00.520 the physical bitcoin, and there are disadvantages to buy in the individual So it 1317 01:29:00.560 --> 01:29:03.479 seems to me there's no downside. Well there's a downside. This will not 1318 01:29:03.479 --> 01:29:08.039 forget there's an expense ratio of this FINT right, so you're not getting jap 1319 01:29:08.840 --> 01:29:13.000 right right now, Fidelity isn't charging any expense ratio until August, so it's 1320 01:29:13.039 --> 01:29:16.600 going to track perfectly. But eventually bitcoin spot will outpace any Spot bitcoin ETF 1321 01:29:16.640 --> 01:29:20.239 because any Spot bitcoiny TF will have an expense ratio attached to it. The 1322 01:29:20.319 --> 01:29:25.000 highest one is GBTC, which is also the most traded one right now, 1323 01:29:25.159 --> 01:29:29.199 so it was very interesting. The market doesn't realize that, but gbtc's expense 1324 01:29:29.279 --> 01:29:30.880 ratio is one point five, where the average is around you know, zero 1325 01:29:30.880 --> 01:29:34.399 point six, So it's it's yeah, they're way higher. That is really 1326 01:29:34.439 --> 01:29:40.119 that is the only dissident, correct and the advantage if you don't have to 1327 01:29:40.119 --> 01:29:44.439 worry. I thought you you've worded it perfectly. Custodian. That's that's the 1328 01:29:44.560 --> 01:29:47.640 key. Custodian. Yeah, if you forget your password, there's no you 1329 01:29:47.640 --> 01:29:50.520 know, forget your password. Yeah, you forget your password, can't get 1330 01:29:50.560 --> 01:29:54.439 your bitin. You forget your Greenberg financial pass where you just call us up, 1331 01:29:55.239 --> 01:29:58.439 you get back into your account. Right, that doesn't work when you 1332 01:29:58.439 --> 01:30:01.119 own your own stuff. Coin Base goes on your your bitcoin could be gone. 1333 01:30:01.880 --> 01:30:04.840 Yeah, there's no CIPIC insurance for coinbas as far as I'm aware. 1334 01:30:04.920 --> 01:30:08.760 Oh, we have heard stories about people that forgot their password can't get to 1335 01:30:08.840 --> 01:30:11.960 their bitcoin. So the one thing about the ETF, it's far and away 1336 01:30:12.000 --> 01:30:15.800 the better way to go if you're wanting exposure to bitcoin. For the majority 1337 01:30:15.800 --> 01:30:19.319 of people, it seems to me, we won't even go. Don't go 1338 01:30:19.479 --> 01:30:27.119 that, don't even go for the A couple of couple of the more newsworthy 1339 01:30:27.159 --> 01:30:30.800 stocks this week, and video another new all time high, as the chip 1340 01:30:30.840 --> 01:30:38.359 maker is quadrupled since December thirty one, of twenty two quadrupled. Yeah, 1341 01:30:38.399 --> 01:30:41.279 I had something to talk about with the semiconductor space as a whole, because 1342 01:30:41.520 --> 01:30:44.439 obviously that space has been killing an ARM was up fifty percent one day this 1343 01:30:44.479 --> 01:30:46.479 week when they report earnings. You said it's four times the pe of the 1344 01:30:46.560 --> 01:30:50.159 video, which is just ridiculous. AMD has been killing it, which really 1345 01:30:50.199 --> 01:30:55.199 those are the top three, but SMCI super micro computer has been killing it 1346 01:30:55.239 --> 01:31:00.760 as well. Inventory levels remain extremely high in the They have come down a 1347 01:31:00.800 --> 01:31:03.359 lot. They were at fifty five percent and the start at twenty twenty three 1348 01:31:03.880 --> 01:31:09.439 semiconductor inventory levels globally and now they're down to around twenty five percent. So 1349 01:31:09.720 --> 01:31:13.600 the demand has eat up ate up some of that supply, but it's still 1350 01:31:13.720 --> 01:31:16.640 very high. So the reason I bring that up is you need demand to 1351 01:31:16.720 --> 01:31:19.800 continue. Now, me and Dyli when we were talking about this, we 1352 01:31:19.840 --> 01:31:25.600 don't really see any possibility of the demand slowing. I don't know what you 1353 01:31:25.640 --> 01:31:28.399 think about that. It seems like demand will stay level. So if it 1354 01:31:28.399 --> 01:31:30.760 stays level here, it makes sense that the margins stay the same, the 1355 01:31:30.760 --> 01:31:33.720 profits, sales all stay the same. The only thing that's the concern is 1356 01:31:33.760 --> 01:31:39.199 for some reason demand starts to level off or doesn't keep up, then those 1357 01:31:39.199 --> 01:31:42.640 margins will get squeezed and revenue will come down. Because I mean I see 1358 01:31:42.640 --> 01:31:45.279 it as in videos Far and above got the best chip right now, so 1359 01:31:45.279 --> 01:31:48.319 all these other chip makers are trying to catch up to that. So does 1360 01:31:48.399 --> 01:31:53.880 nvidios demand slow down as these other chip makers catch up, because maybe they'll 1361 01:31:53.880 --> 01:31:56.840 have a cheaper one the same computing power, that's the only thing. But 1362 01:31:56.880 --> 01:31:59.399 then that demand increases. So as a whole of the industry, I don't 1363 01:31:59.439 --> 01:32:02.359 see it slow and well, the industry has that's exactly why you're having this 1364 01:32:02.880 --> 01:32:09.279 such surge of global inventories. Every person that can make a semiconductors trying to 1365 01:32:09.399 --> 01:32:12.439 right now. So you have such a supply out there, but you also 1366 01:32:12.479 --> 01:32:15.239 have a lot of demands. So that's why there's no issues right now. 1367 01:32:15.479 --> 01:32:17.880 It's just as if there's demand falls off for some reason, you're still going 1368 01:32:17.960 --> 01:32:21.319 to have all this supply, and that's a bad news for any think about 1369 01:32:21.319 --> 01:32:24.600 it, like in the chips of a phone. When the iPhone first came 1370 01:32:24.640 --> 01:32:26.359 out, I think it was what like thirty two, it was like one 1371 01:32:26.399 --> 01:32:29.800 hundred gigabytes. It wasn't a lot, maybe one gigabyte. Now you got 1372 01:32:29.800 --> 01:32:33.399 a phone, your regular phone is holding five hundred gigabytes worth of storage. 1373 01:32:33.560 --> 01:32:36.760 They keep getting better and they get astronomically better, quicker, and that's what's 1374 01:32:36.760 --> 01:32:40.760 happening with these AI chips. And then it just becomes the norm to have 1375 01:32:40.840 --> 01:32:43.359 these and demands never slowed down for these chips. Well, the biggest thing 1376 01:32:43.439 --> 01:32:45.359 is the efficiency. So it's not that we're putting more chips into the phone, 1377 01:32:45.359 --> 01:32:48.439 but we're using more of the things that we use in technology like cars 1378 01:32:48.439 --> 01:32:53.119 for example. How many chips go into the evs right, That used to 1379 01:32:53.159 --> 01:32:56.840 never be a thing. So that's a huge surge of supply you need for 1380 01:32:56.920 --> 01:33:02.119 that market. Huge toasters, right, freaking fridges have TVs now, So 1381 01:33:02.319 --> 01:33:06.920 I mean all these different things that used to not need semiconductors now need them. 1382 01:33:08.239 --> 01:33:12.000 That will probably continue. Yeah, I started hearing last week. Uh, 1383 01:33:13.000 --> 01:33:17.199 and videos clearly has the best chip out there efficiency wise, for sure. 1384 01:33:17.319 --> 01:33:20.399 What if you don't need the best chip. I mean, what if 1385 01:33:20.439 --> 01:33:25.279 you decide, you know, that's cargoes. Okay, this car will go 1386 01:33:25.319 --> 01:33:27.760 one hundred and thirty miles. Now you get the China version. What if 1387 01:33:27.800 --> 01:33:30.000 I don't need a car they go to hundred, Yeah, you get the 1388 01:33:30.079 --> 01:33:31.920 China version that in video sold to them that because they couldn't give them the 1389 01:33:31.920 --> 01:33:34.640 good you couldn't give them a good one. I'm just wondering that the demand 1390 01:33:34.680 --> 01:33:41.960 for these chips that in video has is from meta's from Microsoft. Yeah, 1391 01:33:42.039 --> 01:33:44.680 you know, chrs, do we get to a point where we say, 1392 01:33:44.760 --> 01:33:47.920 you know what, we really don't need to spend forty thousand dollars per ship, 1393 01:33:48.239 --> 01:33:51.880 right, especially if it doesn't bring you revenue right now? Right because 1394 01:33:51.880 --> 01:33:55.920 everything they're doing is building out, you know, they're building out these future 1395 01:33:56.000 --> 01:33:58.760 revenue sources. They're not bringing money in, right, No, you're right, 1396 01:33:58.760 --> 01:34:01.960 they're just right Well sense go back to the phone example, iPhones came 1397 01:34:01.960 --> 01:34:04.680 out with the iPhone five C or the iPhone ten C, which is a 1398 01:34:04.760 --> 01:34:08.640 cheaper version of the new one when this all came out, and it's because 1399 01:34:08.680 --> 01:34:11.520 they started just making every new iPhone was better and better and better and better. 1400 01:34:11.680 --> 01:34:14.000 But then they realized they hit a point where people didn't want to spend 1401 01:34:14.000 --> 01:34:16.399 a thousand dollars on a new phone, so they brought it back a little 1402 01:34:16.479 --> 01:34:19.439 less processing power, but it was a cheaper phone, about half price. 1403 01:34:19.680 --> 01:34:24.680 It was the iPhone C or whatever it was, and people started buying those 1404 01:34:24.760 --> 01:34:27.520 up because they're like, it's still just it's as powerful for me as I 1405 01:34:27.560 --> 01:34:30.800 needed to be. I think you're probably was something you said earlier. I 1406 01:34:30.800 --> 01:34:34.119 think every pullback in and video, if there is one, will be a 1407 01:34:34.159 --> 01:34:40.000 buying opportunity for the foreseeable future. Yeah, I agree. Yeah, they 1408 01:34:40.760 --> 01:34:46.000 eli Lilly, you'd be. I came back from babysitting the two grandkids with 1409 01:34:46.079 --> 01:34:53.239 some issues. Well I'm always killing it ever since, for the last year, 1410 01:34:53.319 --> 01:34:56.399 really for last summer. Though it's gone up like two hundred points, 1411 01:34:56.520 --> 01:34:59.640 it's doubled in the last twelve months, rally to another new all time high 1412 01:34:59.680 --> 01:35:03.560 on two after they reported revenue and it didn't come well above expectations on the 1413 01:35:03.600 --> 01:35:08.680 back of a strong launch of their weight loss drugs Zip Zip Bound and they 1414 01:35:09.239 --> 01:35:13.399 just launched that and apparently it went like blockbusters, which is kind of what 1415 01:35:13.439 --> 01:35:18.960 we expected supposed to be from all reports, more effective than any other weight 1416 01:35:19.000 --> 01:35:24.520 loss drug. In fact, am John hit an all time high last week 1417 01:35:24.680 --> 01:35:28.199 a week ago on hopes for their weight loss drug and then the Lily came 1418 01:35:28.199 --> 01:35:30.279 out this past week and go, oh, well, we've looked at this. 1419 01:35:30.359 --> 01:35:32.520 It's not anywhere near as good as ours and this dock dropped twelve percent. 1420 01:35:32.640 --> 01:35:34.439 Well, we're coming up on the Last Minute show, so there's a 1421 01:35:34.439 --> 01:35:36.800 lot of people that are gonna need some you know, ozembick and we go 1422 01:35:36.960 --> 01:35:41.239 after this weekend. A lot of good Super Bowl Football food coming up on 1423 01:35:41.319 --> 01:35:45.159 Sundays. So since it is Super Bowl Sunday, and uh, game time 1424 01:35:45.279 --> 01:35:48.039 is about what four hours from from about this time, or maybe it was 1425 01:35:48.159 --> 01:35:51.159 six hours about six hours from this time. So who are we picking? 1426 01:35:51.279 --> 01:35:55.680 Right, I'm no, I'm a Niners fans all nine that Veers are favored 1427 01:35:55.680 --> 01:35:59.640 by two. Yeah, so where you going? I'm Kansas City, Kansas 1428 01:35:59.680 --> 01:36:02.520 City going Niners all day. I love to hear going Niners. It's going 1429 01:36:02.600 --> 01:36:05.920 to be a fun one. And you want to send us out going against 1430 01:36:06.159 --> 01:36:12.079 going against, going against Pat Mahon is like going against that video baby h 1431 01:36:12.560 --> 01:36:15.720 Okay. Here at Greenberg Financial, we like to be happy. We're always 1432 01:36:15.720 --> 01:36:17.720 happy. We love to be healthy. That's a big deal. What we're 1433 01:36:17.760 --> 01:36:21.319 really trying to do at the end of the day is be profitable.