Episode Transcript
[00:00:00] Speaker A: Foreign.
[00:00:06] Speaker B: This is.
[00:00:06] Speaker A: And they have a bit of a sheen to them.
[00:00:08] Speaker B: Right.
[00:00:09] Speaker A: And so I seem to wear them on a Friday. If I wear them on Friday, it's like. I wear them like four Fridays in a row. But it's. I have, you know, several. Several of these shirts, but I have other colors. Next week I'll wear a different color. Remember the one that blended into the background?
[00:00:22] Speaker C: I do remember that one. It was pretty cool, actually. I like the.
[00:00:24] Speaker A: Yeah, I need one that blends into the chair so it looks like I'm just a floating head.
[00:00:28] Speaker C: Ooh, that. That would be a. That's a. That's a clever thought. I mean, it's. I could probably do some things in post production to make it look that way.
[00:00:36] Speaker A: If. Can you put like a. Like one of those mesh fishnet shirts on me in post production?
[00:00:41] Speaker C: I can probably. There's a lot of different things that I can do in post production. I can. That.
[00:00:45] Speaker A: That would make sure we get no more viewers.
[00:00:47] Speaker C: There we go. Yeah, that's. That's kind of what we're going for. The fewer the better.
[00:00:51] Speaker A: There would be a lot of comments like, just please make him eat salads.
[00:00:57] Speaker C: I had. Someone was telling me that we have a putting green here in my neighborhood, and I was talking to somebody about that the other day, and they said, you need to go. Go out there sometime. And how do they say you need to go out there shirtless and try to pick up girls? I said, with this body, you're gonna. You're gonna need to pick one or the other. I can't do both. I can either go shirtless or I can try to pick up girls.
Yeah, you're gonna have to. Have to pick one here.
[00:01:20] Speaker A: I'll just pick up a misdemeanor if I do that.
[00:01:25] Speaker C: Well, so we just keep roaring higher here. I mean, 6389. I mean, we're getting closer and closer to your year end target. I mean, we're not there yet, but we're only, what, 8, 9% away from your optimistic stretch? Target, year end target.
I mean, what's going on with this thing? Just keeps going higher and higher. Is the market starting to think that we might get a cut, you think? Is there. Could that be part of it? Or is it still just Matt that thinks we're getting a cut?
[00:01:49] Speaker A: Next week?
[00:01:50] Speaker C: Is next week. Yeah, next week.
[00:01:53] Speaker A: So I would say the market is. It's. It's getting into a very.
Call it a very sanguine place, very happy place.
We're starting to see some of the traders capitulate and really to enter the market. And I have not checked the AI bull bear. It's been, it's been a kind of a busy week. So I've been a little bit away from my data that I normally am. So I apologize to everyone.
But what I can tell you is the Vix is now below 15.
It's living in a very, very low. You know, we're not seeing a lot of volatility. We're not seeing a lot of people hedge future risk.
And this is typically what happens before the market usually corrects for a little bit. You know, so it's seasonality is everything's lining up. We normally have about a 2ish percent July, you know and it rail, it rolls right through into July into into August and then you know, sometime in the middle of August there's a pullback. There's some catalyst that causes pullback. You name it, they're always there. There was a. I think in 2023 we had a good August but most August or is usually is the beginning of some sort of a distribution process the last about six to eight weeks. So I think there's probably going to be a, I think we're going to get one of those probably starting second week ish of August. Okay. And I think a lot will have to do with probably language out of the President in regards to the Federal Reserve and the independence of the Federal Reserve being brought into question. Again, tariff deals that I think are priced in that may not come to fruition or at least won't come to fruition as much as is priced in.
[00:03:30] Speaker B: Right.
[00:03:30] Speaker A: There could also be some, some issues in regards to current deals that may not be as strong as we think that they are. And again there could be an issue with Canada or Mexico or China.
[00:03:43] Speaker B: Fentanyl.
[00:03:44] Speaker A: There's, there's, there's, there's a lot of, there's a lot of sort of headline risk orbiting the market right now and the market is not really pricing that in the market's pricing and everything kind of going the right way and getting into the second, the, the final quarter of the year with good earnings revisions. And people are going to start looking into the end of 2026 into 2027. Already 2025 is over as far as earnings are concerned. As far as, you know, we have earnings coming up next week. I get that. But as far as pricing in earnings and, and the price that's, that's pretty much over. So you know we're, we're seeing you're.
[00:04:19] Speaker C: Not saying that we've, we still have more earnings that will be reported, but that's already baked into the stock market at this point. We're not, that's not affecting the, it's not affecting day to day movements and we've, we've basically already planned for what our earnings are going to be for 2025. Is that what you're saying?
[00:04:38] Speaker A: Correct, correct. I mean we've got, we've got, call it 33 of the companies have reported. It's about a third of the SB has already reported.
[00:04:47] Speaker B: Okay.
[00:04:48] Speaker A: And 84 are beating by an average surprise of 6%. I mean that's solid. It's just solid. You know, on the top line, the median, the median is we're beating estimates by 3%. 80% of those are beating estimates. So, so we're seeing a lot of beats on both the, the top line and the earnings side. However, there was a lot of poor guidance given, you know, so these thresholds aren't very high to jump over.
So, you know, the markets, the market's kind of looking through a lot of potential headwinds.
[00:05:23] Speaker B: Right.
[00:05:23] Speaker A: Right now because they're looking into this deregulatory environment. I think a lot of it has to do with the retail side not understanding some of the fundamentals. And they're, and they look a lot of the headline risk specifically as it relates to Trump and they're looking at this deregulated environment as a whole. And I think he's, I think for lack of a better word, not to get political here, but I think Trump is growing his mandate right now because, you know, he's kind of doing what he said he was going to do. And there hasn't been inflation, we haven't seen any signs of inflation.
We're starting to see big surpluses now come in into the Treasury.
So that's going to be good for the bond market. The market's also going to start pricing in. I think the retail side is seeing this too. The market's also going to start pricing in a dovish Fed here in the end of this year into next year, which is going to be another leg on this market. Okay, then I think that's what's going to take it to that 6900 in a year. And that's, and that's what's also going to bring that, that 10 year back down to 375 again. You can't, I don't think you can get to a 6900s and P with a 4, a 4 plus. Percent 10 year treasury note. Those, those things kind of work in concert with each other. So there's just, there's a lot of, there's a lot of guineas in the market. And we just seen the return of meme trades this week again with, with coals and everything like that. So we're starting to see these animal spirits really come back into the market. And when you're sitting at a Vix of, of 15, you're sitting at a, a multiple of 22 and a half, 23 times right now. Again, we talked about this last week. Although it's expensive, it's not expensive because there's a lot of growth happening. The economy really is firing well.
[00:07:05] Speaker B: Okay.
[00:07:06] Speaker A: We're starting to see, you know, some issues here. Again, we saw initial claims this week at 217,000 on 227,000 consecutive consensus. So although it beat consensus estimates, it's still too high. So a little bit too high. I like that. Below about 190,000, but it's not bad.
[00:07:20] Speaker B: Okay.
[00:07:21] Speaker A: So I do think you fix the roof when the sun is shining. You know, you don't, you don't step on the, you don't step on the brakes after you've already hit the wall.
[00:07:30] Speaker B: Okay.
[00:07:31] Speaker A: You, you start easing into it. So it's time for the Fed to cut.
And I think Trump visiting the Fed this week, was it a mistake? Was it not a mistake? It's, you know, that's a matter of opinion. I understand why he did it, but I think that's going to increase the resolve of the Federal Reserve to not cut rates to show, to, for, for no, for nothing else but to show their independence.
[00:07:59] Speaker B: Right.
[00:07:59] Speaker C: Yeah.
[00:08:00] Speaker A: I believe that's the fifth time in history that a president visited the Federal Reserve. That was it, the fifth time. The time before that was George W. Bush, 20 plus years ago.
So it's very few and it's very far between because of not the perceived, but the true independence of the Federal Reserve.
[00:08:19] Speaker B: Right.
[00:08:19] Speaker A: We have to have fiscal policy and monetary policy look across the river from each other and not engage each other. That's how the whole thing works.
But he did put a little bit of pressure on Powell yesterday in regards to. I know he'll do the right thing. He knows he has to cut rates. I know he'll do the right thing.
Obviously putting, you know, Jay Powell in a, in a very difficult spot. Jay Powell, I think is incredibly good communicator and very smart guy. I do think he's wrong. I do think he's late. I do think he needs to cut rates, but I don't think he's going to. And if there was a chance he was going to cut rates, I think that just flew out the door yesterday because, because of him going there. So it was funny, I went to the CME Fed watch last night after, after everything came out. I think we were about, we were running at about a 4 to 5% chance of a cut on the 30th. It dropped down to 2 after the, after Trump's meeting.
So, you know, and this is one of those times where, you know, it's, it's two sided, he should cut.
But because Trump went there and put pressure on him to cut now, he shouldn't cut because we have to have an independent Fed. And if it even looks like, if it even looks like the Fed's not independent, if it looks like the President can walk over there, drive down the street, you know, put pressure on the chairman of the Federal Reserve and get him to cut rates, I would, I would expect you would see the longer end of the curve. Your 20s and 30s just go through the roof.
[00:09:48] Speaker B: Okay.
[00:09:49] Speaker A: That would, that would really put that sort of sovereign risk and raise it to another level. And you would see the longer in the curve just absolutely go bonkers and it would be probably the 30, get the five and a half, 6%.
[00:10:02] Speaker C: So essentially what you just said there about he, he should cut, but now he shouldn't because of, I mean mathematically.
[00:10:10] Speaker A: He should, but, but yes, mathematically he should now, but because of the pressure that was put on him, no, he shouldn't. That's kind of weird.
[00:10:18] Speaker C: Yeah. And it's.
So at this point, I mean you're not really, you're not saying that, you're not predicting that it's going to happen next week it should happen, but you don't think it's going to.
[00:10:28] Speaker A: No, no.
[00:10:29] Speaker C: And do you still think two to three rate cuts this year?
[00:10:32] Speaker A: I do.
[00:10:33] Speaker C: Or does that. Okay, so you think.
[00:10:35] Speaker A: I think, I think we're gonna get three. I think we're gonna get, I think we're probably gonna get a double.
So, so again, I mean we've been saying, we've been saying two to four rate cuts. We were saying three rate cuts, plus or minus one. So two to four. So we've been saying that since January.
[00:10:54] Speaker B: Right.
[00:10:55] Speaker A: And we're sticking with it.
[00:10:57] Speaker C: Okay, so when would the, because I believe when we talked about it before, you said probably one in July, one in like October, one in November or September. And when would that. Because now we're running out of, we're running out of opportunities, I guess for that. So what's your, your schedule of when you.
[00:11:12] Speaker A: The September, The September, the September cut, a November cut, a December cut, 20, 20, 25, 25 and 25.
Unless something drastically changes with the data. All of a sudden inflation comes out of nowhere. But again, we didn't see any inflation whatsoever manifests itself in ppi. Haven't seen it.
[00:11:31] Speaker B: Okay.
[00:11:32] Speaker A: We're not seeing an extreme cooling off in economics. We've had great retail sales.
So there is a case to be made to hold.
[00:11:42] Speaker B: Right.
[00:11:43] Speaker A: But the case to cut is cut a little to remove a little bit of restrictions so we don't cause an uncontrollable dumpster fire here. Not because, not because the economy's slowing down. It's again, you fix the roof when the sun is shining. We're trying, we're. What we want is an economy that looks, that can grow at 2 and a half to 3 and a half percent every year for the next. In perpetuity. That's what we're trying to do. So if you're, if you're constantly on and off the gas, you know, it's, it's, it's really hard to find in the middle ground. It's funny. So this week I've been teaching my son, who's 8, how to drive the golf cart. So we live in a nice community, a little gated community and you can drive around. So we have a golf cart and that pulls the race cars around. So he's 8 years old and he can reach pedals. He's driving around and he's like.
And you're like, huh, you know, back and forth, oh my gosh. And I was like that's the Federal Reserve right now.
That's the Federal Reserve right now. Like you know, huh. Like no, just find a nice cruise speed. Let it rock, let it roll, let the economy grow, you know, make sure there's enough.
Make sure the cost of capital is so prohibitive that there can be good innovation, especially in the AI space, especially in the tech space, in healthcare and all those other places. And let, let the United States really cement itself as the core of innovation and economic growth in the world.
Not this, not this fits and starts. I think you look at the bond market this year, it's been all over the place. You know, I remember you're, you're getting your, the, the ten year treasury note has the beta now almost of the S P 500, but no return. I mean it just, it shouldn't be. It shouldn't be this way. It should not be this way.
[00:13:24] Speaker C: Yeah, you brought the vix. And while we're, you know, kind of unprepared and shooting from the hip, we'll talk about the VIX a little bit. Because that was something that, when I was managing money, I was fascinated by the vix. I looked at it a lot. It was, it was a big, a bigger part of my investment process than it might be for some advisors. And there was the reason for that. We may have talked about this a long time ago, but if we know that, you know, earnings are going to go into evaluation for a company, we know that, you know, the balance sheet and all the, the data behind valuing companies are, or we know the process that goes into that. We know that higher interest rates increases the risk premium, which in theory makes stock prices go down and vice versa, except sometimes when it doesn't. But one thing that I never really hear talked about a whole lot is the volatility premium or volatility adjustment for.
If you give me two stocks that are 100% identical on a PE ratio, a PEG ratio, the growth metrics, everything are the same, but one has a beta of two and the other has a beta of one, to me, the higher volatility stock should be worth less because I'm taking more risk to own that stock.
Do you ever subscribe to that type of a theory? I mean, if you, if you have a choice of two different stocks, do you tend to go with the one that's going to be a little bit more consistent, a little bit more steady? And really the point to that question is to get to okay, in. We know that the market volatility goes up usually when the market goes down and vice versa. But it's almost a chicken or the egg question. Does the market go up because volatility is low or does volatility go down because you're willing to take a. A little bit less return in calmer times and that causes the market to go up? Does this. I know, I'm just kind of making like a circular argument almost, but do you think, does a low VIX give us more justification to be at 24 times earnings?
[00:15:27] Speaker A: So in my estimation, though, okay, so that what the VIX is the price of the VIX is, is the, is the price of the futures contracts of the S P530 days out. Okay, and how much does it cost to, to buy? To buy, you know, puts her calls on to buy those contracts. Okay, how much, how much does it cost to hedge your risk, okay?
30 days out.
And when the VIX is very, very high, you. It costs a lot of money to. To hedge your. To hedge the market 30 days out, okay? When the VIX is very, very low, it's very, very cheap to do it. So it's very. Right now, it's very, very cheap to hedge risk 30 days out, okay? And that means what, that's. What's that. What that tells you is there's not a lot of perceived risk in the market. There's not a lot of people hedging their risk right now, okay? And that's when I start. Think that's when I started to go, well, everyone. That means everyone's buying. Everyone's buying or in there, and they don't. They're not seeing any risk coming down the road, okay? And that's when risk. That's when risk shows up, okay?
So, you know, it's something. There always has to be a catalyst that moves the market right down, so. And it's that catalyst that causes the market to. To move. The chicken or the egg question.
It's funny. It's. I don't know. That's a really great question. Because if the market.
[00:16:56] Speaker C: Philosophical question, it is like investment, you.
[00:16:59] Speaker A: Know, but if the market. If the market overreacts, which it always does, okay? And that causes the VIX to go up tremendous, you know, much, much higher than it should, which can then sometimes obviously cause the market to go down further than it should. So it kind of starts to feed on itself, which is exactly what we saw in April. We saw, you know, Vix at 60.
[00:17:17] Speaker B: Okay.
[00:17:18] Speaker A: I mean, I don't know about you, but I'm looking at it. I'm looking at an incredibly strong market, an incredibly good earnings platform and incredibly good economy. Well, not, you know, a good economy.
Why would I want to spend that much money to hedge risk? At 4, 800 on the S P?
[00:17:34] Speaker B: Yeah, right.
[00:17:35] Speaker A: That's the. That's the. At 4800. You know, you're buying this thing at, you know, 9, 18 times earnings when it's grown by, you know, 15 or 14%.
Not a lot of risk there. So it goes to show you that those.
It's the emotional.
The emotional side of the market. And that's why the VIX is called The. The fear gauge.
Fear is an emotion.
[00:17:58] Speaker B: Okay.
[00:17:58] Speaker C: Yeah.
[00:17:58] Speaker A: So the VIX really is. I mean, I guess we're. As we're talking about this out loud, maybe it's kind of clearing this up for me a little bit. Maybe I Mean, the VIX is the fear gauge. The VIX is, is the emotion of the market. It is the emotional metric of the market. It's okay, we know. Is, is the market emotional right now? No. Right now it's out by the pool, it's sipping on its martini, it's listening to Christopher Cross, maybe a little bit of Michael McDonald.
[00:18:25] Speaker C: Right.
[00:18:25] Speaker A: And it's day drinking.
[00:18:27] Speaker C: Yeah.
[00:18:27] Speaker B: Okay.
[00:18:28] Speaker A: It's the right time of year for it.
[00:18:29] Speaker B: Okay.
[00:18:30] Speaker A: But something will happen, you know, one of the kids will come home from being out with their friends and crash through the garage and then you know, his martini glass goes flying. Have to go chase him. That's going to happen.
[00:18:40] Speaker B: So.
[00:18:41] Speaker A: But that's, that's typically what we get this time of year.
[00:18:44] Speaker C: That was a beautiful story. I mean the way you, the way you brought the market to life, that was just a beautiful. I love the way you did that. It's, I think Back to like 20, 2017 was absolutely my favorite year to ever be a financial advisor. It was the, my, the way I managed money was I would usually buy out of the money put options to hedge equity risk and that actually allowed me to take more risk or put more equities in the portfolio than I might would otherwise. And 2017 was great because I was buying put options for like it was, cost me something like 2% per year annualized to hedge. Any dropped more than 10% or so in the market. So it was super cheap. And I mean we made like 18 or 28, 30% that year and it was just calm as it can be. You know, if the market. But the VIX was at like 10 at that time.
[00:19:39] Speaker A: Yeah, actually felt a 9.
[00:19:41] Speaker C: Yeah, it got, it got to single digits at one point and that's very abnormal. 15 is right at the historical long term average. 20 is getting high and but when you, we talked about on the last show that you know, for, for this market to be at 6900 it needs a 3 1/2 percent, 10 year treasury.
But I'll just kind of philosophically I guess wonder sometimes if the Vix stays at 10 or 12 for a very, very long period of time. Do people get to a point where they kind of forget that stocks have risk and therefore start paying more and more for it? And then that's, I mean really, that's exactly what happened in the tech bubble. People forgot that you could lose money in the stock market and they just started paying 17,000 times revenue to buy into an IPO. And what happens eventually bubble pops and there you go but anyway, interesting philosophical question it is.
[00:20:36] Speaker A: And that, and that's where the fundamental work is so important, right. Is you have to know, like, well, all right, I mean, yeah, we have a good market, we have good economy. There's, you know, maybe these trade deals get worked out, some of them won't.
But when the market gets this relaxed, this quiet, this sanguine, that's when.
[00:21:00] Speaker B: At.
[00:21:00] Speaker A: This, at this multiple, by the way, at 23 times earnings, by the way.
[00:21:04] Speaker B: Okay.
[00:21:04] Speaker C: Yeah.
[00:21:05] Speaker A: That's when, you know, you're walking down the street with your girlfriend and somebody's clocks you in the side of the face, knocks you out because you're not expecting it. Everything is going so well.
[00:21:14] Speaker B: Okay.
[00:21:14] Speaker C: Yeah.
[00:21:15] Speaker A: And that's, here's the thing is I'm not one of those people who's always waiting for the another shoe to drop and bearish all the time. Nothing like that. This is a good market. This is a good economy.
Exactly.
I'm not deploying new capital right here, right now. Again, we're not timing the market, we're pricing the market.
And you know, seasonality is not in our favor right now. And it's highly likely there's going to be a much better opportunity at a much, at a little bit lower level to, to kind of deploy some of this new capital. But it's certainly not something you would want to sell. You certainly would not want to sell this market. You know, it's just something you might want to wait till a little bit better opportunity to buy. And I, my guess is, I think that the, you know, the risk right now I think, is to the downside, I think we have asymmetric risk. Probably.
My guess is we'll get another, maybe there's probably another percent or so left in this market, okay. Before any sort of a distribution cycle begins. And I think that distribution cycle will probably live in the 6 to 9% range.
[00:22:12] Speaker B: Okay.
[00:22:13] Speaker A: Somewhere in there.
[00:22:15] Speaker B: Okay.
[00:22:15] Speaker A: That's probably all we're going to get. And we'll probably have more clarity into the fall in terms of, you know, again, more trade deals. We'll probably have a new Fed chair nominee and we'll probably start to get serious traction with dovish language out of the Federal Reserve.
[00:22:35] Speaker B: Okay.
[00:22:36] Speaker A: And I think it's going to be that, that's going to take the market to that 6900 level and it's going to be the bond market. It's going to be the bond market that takes the market, that takes the equity market there because of what, of what the, what the perceived interest Rate regime is going to look like over the next three years.
[00:22:56] Speaker C: So might be putting you on the spot just a little bit here, I guess. But you know, 6900 is. You're in, you're in Target. You said that you're not really putting new money to work right now, if I'm, if I recall correct, and I might not be, but the last time we were around this similar spot, early part of the year, February, ish, you had a price level, I think around maybe 5,500 that you said if we get there, I'm buying it hand over fist. Do you have a price level now that you say. Okay, now I'm not really doing it right now, but if we get to this, this is my go point.
[00:23:24] Speaker B: Yeah.
[00:23:24] Speaker A: Like 6100.
Okay. Yes.
[00:23:28] Speaker C: If it's a little higher now, your floor would be a little higher now than it. Than it was back in January. February.
[00:23:32] Speaker A: Yeah. I mean, I fully expect to see a 5 handle again before the end of the year, you know, on the S P. But I, you know, but I might not. So. But I would say if we get 61, 60 handle anything, that's fine. That's, that's good enough, you know, because that, that'll give me a nice little 5% pullback, which is okay.
And so I, you know, again, we're not, we're not, we're not timing the market or anything like that. It's just things are a little expensive going into a weak seasonal period.
We've got some, we've got some headline risk coming down the pike right now. And you know these things. And we have a very, very low vix and we're starting to see the, the bulls went over the bears in the aaii.
I think this, I think the market, I think the rally that we had from, from, from April 30th or April, April 8th up to today absolutely was deserving. People that missed out. I'm sorry you guys missed out on it.
[00:24:27] Speaker C: You should have been watching investment show.
[00:24:30] Speaker A: You shouldn't have hated it. It was there. It was there for the taking the mark. You know, there's, there's nothing wrong with this market, but the market has run basically 31% since those, since those bottoms. So, you know, there, that was your easy money. The easy money's over now. So the other side of this is. What are we going to call this thing?
We call it a distribution cycle. That's exactly what it's going to be. There's going to be a catalyst that starts it, whatever that is. But it's going to be a distribution cycle because a lot of people, they made that 31, they made a lot of money since the, you know, that, that sort of that first, second, third week of April.
And they're going to hold on to it until they see a reason not to.
And that's going to start that distribution cycle because they're, they're going to distribute the gains from April 8th to call it maybe August 10th.
[00:25:18] Speaker B: Okay.
[00:25:19] Speaker A: And that that distribution cycle will probably last six to eight weeks.
[00:25:22] Speaker B: So.
[00:25:24] Speaker C: Well, thank you for your insights as always.
You are right more often than not. So I always enjoy hearing what you got to say.
I will read off really quick. My Norton. It's not reading. This is just my normal disclosure. We are here for your entertainment, education and, and amusement only. We're not here to give you financial or investment advice. If you want financial or investment advice, call Matt at 702-655-8300. Did I get that right this time?
I'm always saying it wrong.
[00:25:50] Speaker A: Is it 8820-083008-30070-2655, 8300? I sound like a personal injury attorney.
[00:25:58] Speaker C: Yeah, I usually pull up your website so I don't because I kept butchering it for a while but I think I haven't memorized at this point. I've said it enough times. But anyway, give him a call or go to intelligent investment.com. but I got a some blowback from the compliance department that apparently I was supposed to play the full disclosures at the end of the show. So I'm going to do that now. Matt, you can stick around and listen to it if you want or you cannot. But I'm just going to hit play on this thing and you can hear me do my, my very best radio impersonation of saying a lot of things really, really fast.
[00:26:29] Speaker A: Thank God for compliance.
[00:26:30] Speaker B: They keep us.
[00:26:32] Speaker A: They keep us. They keep us in compliance.
[00:26:34] Speaker C: Absolutely. They keep us out of trouble, which is we do appreciate.
So Matt, pleasure as always. Are we on next week? Next week? Is, is next week the big show or is that two weeks?
[00:26:47] Speaker A: Yeah, next week's the big show. I'm not sure if we'll do a button up version though. I don't know that's important.
[00:26:52] Speaker C: We'll talk about it.
Sounds good. Well, I'm gonna play the disclosure and see you next time and have a great weekend.
[00:26:58] Speaker A: You too, my friend.
[00:26:59] Speaker C: Say bye.
[00:27:00] Speaker D: Discussions in the Intelligent Investment show are for educational purposes only. The information presented should not be considered specific investment advice or recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making investment or financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. There is no guarantee that any statements of future expectations will come to fruition. All investing involves risk, including the potential for loss of principal securities offered through United Planners Financial Services. Member finra SIP CEF Advisory Service is offered through American Retirement Planning Group. ARPG and United Planners are independent companies. Garrett Lille and Wealth Partners are not affiliated with ARPG or United Planners. Any endorsement that I may have given during this recording it is important to note that I am not a client of arpg. The views expressed should not be considered representative in any way of my past, present or future experience with MAT or arpg. No incentives have been provided to me in connection with any endorsements may have given on the Intelligent Investment Show. Investing involves risks and there is no guarantee of any future results, performance or success.
Discussions in the Intelligent Investment show are for educational purposes only. The information presented should not be considered specific investment advice or a recommendation to take any particular course of action or Always consult with a financial professional regarding your personal situation before making investment or financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. There is no guarantee that any statements of future expectations will come to fruition. All investing involves risks, including the potential for loss of principal securities offered through United Planners Financial Services. Member FINRA SIPC Advisory services offered through American Retirement Planning Group. ARPG and United Planners are independent companies. Garrett Lille and Wealth Partners Partners are not affiliated with ARPG or United Planners. Any endorsement that I may have given during this recording it is important to note that I am not a client of arpg. The views expressed should not be considered representative in any way of my past, present or future experience with MAT or arpg. No incentives have been provided to me in connection with any endorsements I may have given on the Intelligent Investment Show. Investing involves risk and there is no guarantee of any future results, performance or success.
