Episode Transcript
[00:00:00] Speaker A: Welcome back to the Intelligent Investment show live presented by ARPG and their fearless leader with his perfect hair, Matt Dahl. Matt, you didn't give me the nice matching blue shirt today. You mixed it up a little bit with Hunter green on me.
[00:00:15] Speaker B: Right.
[00:00:15] Speaker C: I wanted to show some contrast today, but I am having a much better hair day than last week.
Last week was terrible. I just, I went straight home and fixed my hair.
[00:00:28] Speaker A: It doesn't look any, no offense, but it doesn't look any different today than it did last week. So what's better or worse this week than last?
[00:00:36] Speaker C: I'm not exactly sure but that's. It was just didn't feel right last week. Yeah, this feels much better.
[00:00:45] Speaker A: That sounds about par for the course here. Around, around the Intelligent Investment Show. We just know something's wrong, but we don't necessarily need to know what it was.
[00:00:56] Speaker C: Well, we're market guys so things go sideways all the time. Not exactly sure why, but it happens.
[00:01:03] Speaker A: That's right.
So what's going on in the market this week? We had a good little chat yesterday about the lack of objectivity in mainstream media a lot of times and the way things are portrayed. So what's going on through the lens of Matt, in the lovely world of markets?
[00:01:25] Speaker C: Well, there's, you know, we've had this discussion before about soft data versus hard data, sentiment data versus actual results basically is what that means. What, what do people feel, what do we, what do people think is going to take place in the future versus what actually is taking place? And what does the hard data say?
[00:01:48] Speaker B: Okay.
[00:01:49] Speaker C: And you know, and you get just such a wide, wide spectrum of opinions.
And we've never, honestly I've never seen such a difference in sentiment data versus hard data, you know, and, but it's not just, it's not just the retail people, it's not just the clients, it's people on, you know, tv.
We hear this non stop sort of diatribe on TV in regards to the economy slowing. The economy slowing. One specific thing that we keep hearing is companies are pulling down guidance. They're removing guidance from earnings.
[00:02:28] Speaker B: Right.
[00:02:29] Speaker C: Going forward for the remainder of this year into 2026 because of all the tariff uncertainty. And there's been times we've heard that this mimics what happened during the COVID period.
[00:02:39] Speaker B: Right.
[00:02:40] Speaker C: That there was so much uncertainty during COVID that you had companies pulling guidance because they couldn't, they just weren't sure what was going to take place. They weren't sure what was going to, what, what the playing field was going to look like as far as earnings, federal, you know, Federal Reserve accommodation or not, the government shutting down. I'm sorry, the, the entire world shutting down, the economy shutting down, when it was going to turn back on, then that's when we had the different variants of COVID and. Okay, was the world going to turn back on and then shut back off and then turn back on and turn back off again?
[00:03:13] Speaker B: Okay.
[00:03:14] Speaker C: No one knew that.
[00:03:15] Speaker B: Okay.
[00:03:16] Speaker C: And we're hearing similar, kind of a similar narrative come out of the different, of the different, you know, institutions about companies pulling guidance because of the certainty surrounding these tariffs.
[00:03:30] Speaker B: Right.
[00:03:31] Speaker C: Okay. Well, again, let's do some factual checking here. Okay.
What do the facts say?
[00:03:40] Speaker A: Never let, Never let facts get in the way of a bad opinion.
[00:03:44] Speaker C: Exactly. I've got tons of bad opinions. Most of them backed up by absolutely nothing except for maybe some day drinking.
Sorry about that.
So we looked into it and so far the. This is about. Since we've had 496 companies report.
[00:04:09] Speaker B: Okay.
[00:04:10] Speaker C: Of that, about 264 of them have provided guidance.
[00:04:15] Speaker B: Okay.
[00:04:16] Speaker C: For the remainder of the year, which is normal.
[00:04:19] Speaker B: Okay.
[00:04:21] Speaker C: Of those of those we've had just eight.
Pull guidance.
[00:04:29] Speaker A: Pull guidance.
[00:04:30] Speaker C: Pull guidance.
[00:04:31] Speaker B: Eight.
[00:04:32] Speaker C: Eight. Of the 260, it's about 3%.
That's all.
[00:04:38] Speaker A: Now, that's why you're here. You're here to help with the math. It was going to take me about five minutes to figure that one out. I was about to get a spreadsheet.
[00:04:44] Speaker C: Opened up that's like my iPhone 4.
So to put that into perspective, of the companies that provide guidance going forward, of the 500, call it 250, 260 companies per quarter.
[00:04:56] Speaker B: Right.
[00:04:56] Speaker C: So about half of them, a little bit more than half during COVID that number was 185, so about 60%. Two thirds of the companies that did provide guidance pulled guidance during the COVID period during Q1 of 2020.
So we have 66% versus 3%.
So is this like Covid?
Is this the similar uncertainty that we had during COVID No.
No, it's not.
But guess what's seeing through this? The market. The market's seeing through this. We've had the. May has been the best month in the market since November 2023. We are up 18 from the lows.
[00:05:42] Speaker B: Okay.
[00:05:43] Speaker C: We've had so far the market. This has a close of market last night. The market's been kind of all over the place today based on the what's happening with the China talk now with Trump telling everyone that China violated their Their, their trade agreements already.
But so far as a close of last night, the market, and this is a short week, by the way, because we only, we didn't have Monday because Memorial Day. So Tuesday, Wednesday, Thursday, market's up one point, about one and a quarter percent week to date.
[00:06:09] Speaker B: Okay.
[00:06:11] Speaker C: It's up six and a half percent for the month of May. And today's the last day of the month. So it's been a good week and it's been a good month.
You know, so this, this, we're pulling guidance and all this uncertainty.
Well, the market appears to be focusing more now on the hard data that's coming out, like cpi, like, like pce, the Personal Consumption Expenditure Index came out this morning.
[00:06:36] Speaker B: Okay.
[00:06:37] Speaker C: And guess what? It came out pretty good.
[00:06:40] Speaker B: Okay?
[00:06:41] Speaker C: We had core PCE month over month.
Point 1.
[00:06:45] Speaker A: Let me cut you there. So we did talk yesterday also about.
Let's try to make sure that we're using terms that the general public understands. And I don't even know what exactly PCE is, so forget the viewers for a second. How about educating me. What exactly is pce?
[00:07:03] Speaker C: So PCE stands for Personal Consumption Expenditures.
[00:07:06] Speaker B: Okay.
[00:07:07] Speaker C: Deflator is what that means. Personal Consumption Expenditure Deflator. It is the Federal Reserve's preferred gauge of inflation.
[00:07:14] Speaker B: Okay?
[00:07:15] Speaker C: They have CPI and they have ppi, which is Consumer Price Index and Producer Price Index. Okay, so CPI is just how much do prices go up on all items, period.
Not how much people spent on these items or how they, or how the money was spent on those items. But again, how much did cars go up, used cars go up last month? How much did shelter go up last month? How much did services go up last month? Okay, how much did apparel go up last month?
[00:07:45] Speaker A: So explain for me the distinction between the two. So you said PCE and I'm sorry, CPI and PPI is how much people spend on these items. You're saying this is what, what do they cost?
So is this like the, the asking price of a stock doesn't matter until somebody actually buys it? It's, it's what transaction actually took place. I mean, I can, can, can list my 18,000 or $14,000 Toyota 4Runner for 50 grand. That doesn't mean anybody's actually going to buy it or that's the actual price. So are we talking about just what the market prices are or we, or is that what people are actually spending on these prices or on these products?
[00:08:24] Speaker C: Yeah, that's a great analogy. But cpi, Consumer Price Index, which is the big headline you always hear about that is just the core price difference month over month. Like, okay, Levi's were X amount in April and they are a half of a percent more expensive this month, period.
[00:08:45] Speaker B: Okay?
[00:08:46] Speaker C: That's what that means.
Now PCE is the how people spent money on all of the items that increased in price over the month. So it goes to show you how much those prices, prices actually increase. So again, if, if, if cars, let's say cars as a general whole, as a general rule, went up 1% one month, which is a lot. I know it wouldn't happen. Okay, but let's say our, as a general rule, new car prices went up 1% in one month.
PCE says, okay, but on the CPI side, but maybe PCE only has it at 0.4% much, much lower than the 1%. What's the difference, okay, is people didn't go buy the Mercedes and the Lexuses. They bought the Toyotas and the Hyundai's, okay? So they sh. It's called consumer substitution behavior.
So what PCE does is it tracks how people spent the money. So they spent, maybe they spent money on items that went up far, far less. So maybe inside of that 1% calculation of CPI, maybe the Mercedes went up 2% and the Hyundai's went up nothing at all. Right? 2%. So when PCE is calculated, it calculates the whole thing and how actually how the money was actually spent and thus it's much, much lower.
[00:10:07] Speaker B: Okay?
[00:10:08] Speaker C: So you see more people gravitating to the items that didn't have an increase in price as much as the, as the items that did, okay? And that's, and that's why the Federal Reserve likes to use PCE because it actually shows consumer behavior in, in regards to inflation, okay? And it's a pretty complicated calculation actually. So that in and of itself, knowing that, knowing that as people spent money, how they spent their money in April, okay, Against the prices that went, that increased in April, okay, Which by the way was actually still. It was 0.1% on CPI as well.2% that we now have a pretty low month over month inflationary picture. We have two months now because the March PCE number was 0.09. It was also 0.1.
So we have two pretty cool months in a row. And in the past we've talked about signal that signal the Fed will not take signal from one month of data, right? One month of data is one month of data. They're not going to change and cut rates and do a bunch of, you know, make a bunch of policy adjustments because of One month of data. However they will on three months of data.
[00:11:24] Speaker A: Well, and for good, good reason for that too. I'll interject. I mean, you know, you're the doctor all the time. This happens to the doctor all the time. You go somewhere for a test and they see that your, you know, your red blood count is, you know, 15 points out of range. And that's actually, I had a physical and that was actually the case. So. But it's only marginally out of, out of range. Right? So to see if it's now, if I go back next month and it's now 300 points out of range. Well, now we got a problem, right? Now we can start to see a direction, but you can't draw a line for, you can't draw a trend line on one point of data. So you've got to have multiple points to figure out which direction we're going.
Right.
[00:12:03] Speaker C: And Jay Powell has been pretty, I think, pretty transparent about that, right? He says, you know, hey, one month of data, we're not going to take signal from but three months of data in the same direction. Right? That's doing the same thing. They will take signal from that.
[00:12:16] Speaker B: Okay.
[00:12:16] Speaker C: And I, and again, I will take him out as work. So we now have March and April at 0.1 on PCE.
[00:12:24] Speaker B: Okay.
[00:12:25] Speaker C: What does that equate to about, you know, one, one to one and a half percent annualized.
Annualized.
Okay. The year over year. Core, core inflation number. The core PCE inflation number is 2.5%. Last month it was 2.7. So it's come down, you know, 20 basis points. Okay. The year over. Here's what's. They don't use this one as much. It doesn't have as much weight because it's the headline number that include, that includes food and energy prices, which are pretty volatile.
[00:12:54] Speaker B: Okay.
[00:12:55] Speaker C: It's 2.1.
This is the Fed's preferred measure of inflation, the PCE core. But it's second place. It's, it's, it's, it's second place. Was, is the headline number at 2.1? Okay, back to our bank CEO.
Are they really concerned about inflation?
Well, I don't know. We now have 2.5% year over year on core and 2.1% on headline using their preferred measure.
Okay, where's policy rate? Where is, where's interest? Where, where does the Fed hold their, their, their policy rate at right now? The upper bound, four and a half percent.
We have 200 basis points now of restriction.
[00:13:40] Speaker B: Okay.
[00:13:41] Speaker C: And I think that will continue to Widen between now and obviously, when they cut, they. They make their first policy adjustment down. They or they make their next policy adjustment because they made separate policy adjustments end of last year into the fall.
[00:13:57] Speaker B: Okay.
[00:13:58] Speaker C: So I think a lot of the discussion surrounding the inflation pressures that will be produced via the tariffs, they're not coming to fruition.
Not to say that they won't, but we're not seeing it. The other thing is we're seeing a lot of deals that are being made. I know China is a bit of a sticky wicket, but apparently looks like we. It looks like there's something material taking place with the Eurozone, and obviously he moved that out to July 9th.
So we're starting to see a lot of these. These deals start to take place, which of course then removes the tariff inflationary pressures as a whole, which I would think would bring some level of certainty back to not only just the markets, but to the Federal Reserve themselves, which would give them a more clear path on policy.
So, you know, as we, as we look into the future, I'm, you know, again, this is our whole thing here is objective optimism.
[00:14:54] Speaker B: Right?
[00:14:55] Speaker C: We are objectively optimistic.
What is happening that's good.
[00:15:01] Speaker A: It reminds me of the Apollo 13 line. There's a point in the movie where everything is going bad. And Gene Kranz just sits there by all the engineers now and he says, okay, what have we got on the spaceship that actually works right now? What's good right now? So sometimes it's good to take a pause and take inventory of what. What's going on around us. That is good. Well, I mean, that can be. In the business world, that can even be in our personal lives while we're getting. I mean, not to turn this into, like, therapy hour, but I mean, sometimes let's take a minute to just evaluate what's going well and what's going. Right.
[00:15:32] Speaker C: Yeah. I mean, we have. We had shelter. The shelter component of inflation came in at 0.4, which is still a little high. But looking into it, I. I believe that the shelter component of inflation in PC and the CPI will start to deteriorate rapidly beginning next month. So I'm willing to stick my neck out here a little bit, make a bit of a call and say the shelter component of inflation is going to start deteriorating very, very, very quickly, actually immediately. And that's going to move all of the inflation numbers down in a hurry because shelter represents 55% of the calculation of inflation inflation. So that has been the problem. That and certain services is down, too. So as we start to see shelter come down. As we start to see more clarity on the tariff side and maybe those inflationary pressures reduce a little bit, then I think we're going to start to have a much clearer path on the policy side. And my, in my, the call I'm willing to make is, I'm going to stick with. My call is I think the Fed knows they have been too late in the past and they don't want to do it again.
[00:16:44] Speaker B: Okay.
[00:16:46] Speaker C: And I think they're going to get in front of it and I think that, I think we'll probably see the first cut in July, okay, maybe September, but I think we'll get three cuts this year. And you know, and that's just the simple math of. Okay, well if we have, if PCE is at two and a half percent and it's coming down and we get close to that 2% their goal, why do we need to be at 4 and a half percent with you know, some of the retail sales not being as, as good as they would like. However, more objective optimism here.
The GDP. The Atlanta Fed came out with their GDP tracker. Like what do we think GDP looks like for Q2?
[00:17:26] Speaker B: Okay.
[00:17:26] Speaker C: Gross domestic product growth is a contract because remember it contracted by 3/10 of a percent last quarter and that was due to the, that was due to the imports. Right. We had a lot of imports last quarter.
[00:17:39] Speaker B: Okay.
[00:17:39] Speaker C: And that offset the GDP and made it a negative number, negative 0.3 which brought out all the recessionistas. Oh, see, we're going to go into recession. We're going into recession. Well, guess what? That number has been revised now. It's not great, but it's not negative point three, it's negative zero point two. You know, it's kind of like, well, thanks for putting, you know, you might.
[00:18:01] Speaker A: Be stretching just a bit to turn that into objective optimism.
[00:18:06] Speaker C: Well, so, but the Q2 came out today, Q2 tracker came out today.
3.8%.
Okay. On an annualized basis. That's solid. I mean, I mean that's shown up. That's showing up to a fancy bar in a cowboy hat and boots and ordering a whiskey and slamming it on bar.
[00:18:26] Speaker A: Yeah, it's nice.
[00:18:28] Speaker C: That's good. That's a solid number. So we have gdp. We have solid gdp. Three point. Will that be revised down? Probably.
We have good earnings.
We have 78% of companies actually beat, beat their estimates.
[00:18:52] Speaker B: Okay.
[00:18:52] Speaker C: The five year average or the 10 year average is 75. So we had, we had a higher than average amount of companies beat their earnings for this quarter.
All right, now they beat, they beat by an average of 8.3%. The 10 year average is 6.9%. So we had more companies beating by a higher amount than they do over on, over the last 10 year average. Okay, we, we have GDP tracker coming in at 3.8% for Q2. We had Q1 revised up from negative 0.3 to negative 0.2. We have shelter coming down. We have PCE at 2.1 headline 2.5 core. We've had two months in a row of 0.1 on the core number.
This bomb is getting packed tighter and tighter and tighter and tighter. These yields are going to start coming down. This inflation, this disinflation number is really going to start getting sticky and that the earnings, the earnings deterioration that happens due to the high inflation is not going to take place at the rate they thought which is going to make those companies that have those higher earnings multiples really start to expand. And that could be zoom way out here.
This could be what causes the chase at the end of the year, which takes us to that crazy number which I kind of hope it doesn't happen honestly, because it'll just make next year more volatile because it'll just tighten that bank banjo string all over again. I'm like, okay, it was great, it was fun. But you know, now if you know something anywhere happens in the world, the market pulls back, you know, 15 like that. No, I don't want that. But that could lead us to, that could lead us to a lot of chasing. We start to see yields come down, good earnings and the whole stagflation thing gets flipped on its head, which I think is going to happen. I think we're going to have low inflation and good earnings growth and good GDP growth, which is again the opposite of stagflation.
[00:20:47] Speaker B: Okay.
[00:20:48] Speaker C: And we have 7 over $7 trillion on the sidelines right now waiting to come into this market.
Not that all of it will, but I think we'll see a lot of that come back in and I think a lot of it's going to come in as these yields start to come down. And I think it's going to come in when the bond market gets well ahead of the Federal Reserve, which is starting today. I think we have a two year sitting at 390 again. Okay, so we have, so right there we've got a couple, we have a couple cuts already baked in on the two year. So again, I know it's not popular to be optimistic, but yet here we are.
[00:21:25] Speaker A: Well, I Think it's important. This is a good time maybe to go back and recap for a second. You just referenced something that I'll point back out that for listeners or viewers who may not have caught all of the previous episodes, you said this is probably two, three shows ago, that there is a target, a year end target that uses kind of a guidepost of where we're, the direction we're headed.
61, 60, 200 for the S and P. But there's also sort of a caveat to that, that if the dominoes fall just right, you could see it, you know, 6800, 6900. And correct me if I'm saying these wrong, but that's generally in the ballpark of what you said and that it was kind of a, a binary situation. It wasn't going to be 64, it's either going to be 61 or 68. In your opinion from a few shows ago.
And I want to.
[00:22:12] Speaker C: That's correct.
[00:22:13] Speaker A: I want to emphasize the word objective in objective optimism. Because when we talk about the theme of this show and what we're trying to be, I mean we want to be light hearted and have a good time and bring the markets to life in ways that the average Uber driver can understand pretty simply in pretty common sense terms.
[00:22:32] Speaker C: But there are.
[00:22:35] Speaker A: There are no shortage of permeables out there in our industry that you call your financial advisor up. Perma bulls. In the financial advisor side right now on tv, a lot of perma bankers.
[00:22:50] Speaker B: Okay.
[00:22:51] Speaker A: If you're just watching cnbc, yeah, cnbc or any of your business channels, whatever, not to call them out by name, but you know, they are if, if you're watching there. Yeah, perma bears are on there all the time because bad news sales and fear sales. So they're going to tell you the market's going down 50 just because that scares the crap out of people and it makes them keep watching.
But in the investment advisor side, where you are and where I typically, or where I did live and still kind of hang out once in a while, there are a lot of permeables that say don't worry about what's going on in the world. The market always goes up. The market always goes up. The market always goes up. I got, I hear that all the time and it kind of drives me nuts because that's not true. The market does not always go up over long periods of time. It has always gone up. But there have also been long periods of time where it has not gone up at all. People have lost their shirts just on that assumption that it always goes up.
So we're not blindly optimistic. We're objectively optimistic. Let's look at the data and see what reasons we have to be optimistic. But put your money where your mouth this year. I mean, I'm not just saying this for the time first fluff of it. You can also go back and we've got receipts from other shows where Matt has said that banjo strings getting wound a little tight. He's, you never called for like a 50% correction. But you have said before, yeah, I don't really want to put more money to work right now. You know, there's a, there's a reason to be cautious as well.
But we do want to look at, you know, the glass half full. But we're not going to lie about the data to, to back up our case. We're going to look at the facts and make sure that we have a good reason to be optimistic rather than just throwing darts at a board because the market always goes up. Right. I'm not speaking out of turn. Right. That is our goal. Right.
[00:24:27] Speaker C: We're not just making it up.
It's easy to be negative, it's easy to be bearish. And again, you sound so smart when you're bearish because you sound like a cautious old wise owl.
[00:24:40] Speaker B: Right.
[00:24:41] Speaker C: But at the end of the day, you're, you're, you're, you're participating in confirmation bias. You're cherry picking the data to prove a narrative that may or may not have a likely outcome.
Now, I've been pretty cautiously bullish for most end of last year into this year.
[00:25:00] Speaker A: That's the term I was trying to remember. I know you said something that was catchy. Cautiously bullish was something we talked about a few shows ago too.
[00:25:05] Speaker C: Well, the market as we sit here today is basically exactly where it was the day after the election hasn't gone up at all.
The market got very optimistic right after President Trump was elected and it's remained relatively optimistic up until about the middle of March. And we started to see the optimism.
Well, we knew exactly the moment the optimism took hold again, which was April 9th.
[00:25:33] Speaker B: Okay.
[00:25:33] Speaker C: And it's up 18% since then.
So the mark, the market has now gotten back to where it was eight months ago.
So you can see the market, it moves around a lot. But basically, you know, it's like right now it's doing donuts in the parking lot, it's making a lot of smoke, you know, bunch of, making a lot of noise. It's not really going anywhere. But I think it's going to, I think it's going to start going somewhere toward the end of this year into next year.
[00:26:00] Speaker B: Okay.
[00:26:01] Speaker C: But it's again, I think we're going to have a melt up and I think it's going to largely result, I think our old friend inflation.
I know this is like a, sound like an old fogey here, but the inflation narrative is going to start taking hold. But on the other side, because everything, even tariffs, right. It will actually, no pun intended here, but it will actually trump tariffs.
[00:26:28] Speaker A: No pun intended. But that's not as fun as you could possibly be.
[00:26:32] Speaker C: Right?
So if, and the reason is because the whole tariff, the whole, the whole reason, the whole, the whole tariff issue is surrounded by the bigger sphere, which is what is that going to do to inflation? What's that going to do to the policy rate?
So I don't think it's going to have the impact that people initially thought it would have. And I think with the actual prices of things not going up like people expected them to, and moreover people spending their money in a pretty, you know, pretty reasonable way, I don't think the inflation numbers are just going to, are going to take hold. In fact, I think they're reverting back to normal. And I think this is going, you know, I think it's going to be sticky.
A metric I saw last week and this is several markets, but I live here in Las Vegas, so I paid attention to that. One is housing inventory in Las Vegas. April 30 through April 30. April 30, 2024 through April 30, 2025. Home inventories here are up 49%. 49. We have high interest rates and high, high home inventories. High home inventories. What does that tell you? Can shelter continue to go? No, it's a supply and demand situation like everything else in the world.
So that's where we're getting a lot of this, I think shelter disinflation, potentially even deflation.
[00:27:57] Speaker B: Okay.
[00:27:58] Speaker C: Which will, if we get shelter, deflation, not disinflation. And to the average person, disinflation is the, is the lowering of inflation rates. Deflation is when inflation is actually negative or prices actually go down from the previous metric, the previous measure period.
[00:28:14] Speaker B: Okay.
[00:28:15] Speaker C: That's what deflation. And I think we'll actually start to see some areas of shelter that actually deflate when, which again being that's 55% of the total inflation calculation will have a massive impact on the, on cpi npc, which Will cause then that would have to. I mean, there's a lot of smart people at the Federal Reserve if they can't see this and we start to have 0.10 month over month PCE and CPI numbers, we're getting into the very low twos and the high ones. We have a policy rate of 4 1/2 percent.
[00:28:47] Speaker B: Okay.
[00:28:47] Speaker C: It's only a matter of time before that breaks the labor market.
[00:28:51] Speaker B: Okay.
[00:28:52] Speaker C: And again, we know that's a very hard bell to unrain.
So I think they're going to get ahead of it and it's going to be, it's going to be that match that's thrown into that pile of gunpowder at that moment where the Fed publicly acknowledges that inflation is effectively not whipped, but it's not the risk they thought it was. And they're going to seriously consider a path of policy reduction that's going to cause this market to absolutely take off. And that's when you're going to see the $7 trillion that are sitting on the sideline just come in and want to party with the rest of us.
[00:29:30] Speaker A: Well, Matt, I have a couple of other questions I could throw at you, but there's no way we'll get those done in a reasonable amount of time. So we'll holster those. And for you viewers out there, that gives you reason, that gives you a cliffhanger to come back next week if we 1 o' clock Eastern, 10 o' clock Pacific for the Intelligent Investment show live. You like how I did that? I wasn't even planning that. Just kind of right off the cuff, as always, very, very important to point out that the Intelligent Investment show is for entertainment, education, general amusement purposes only. We are not here to tell you what to do with your money. So do not go taking any of Matt's advice and then you lose money and then you blame us or sue us or whatever.
But if you would like to speak with Matt and his team, very, very sharp crowd you guys have over there led by a pretty, pretty smart leader. I'll give you a little, little credit over there. But you can give them a call at 702-655-8300 or visit intelligent investment.com to to learn more to get in touch with them. So, Matt, always a pleasure, man. I hope you have a great rest of your work. I guess it's not technically the rest of your weekend just yet because your weekend hasn't started. Mine starts as soon as this show's over. But you still got a few more.
[00:30:37] Speaker C: Hours of work, as always. I hope you lead us into a very unproductive yet fun weekend.
The west coast always counts on the east coast to get us started.
[00:30:47] Speaker A: That's generally how I try to live my life. I'm productive and fun.
That tends to work pretty well for me.
Always a pleasure man. We'll see you next week. Hey, if you're still listening or if you're listening to podcasts, watching YouTube, hey, do me a favor. Like the video, subscribe to the channel, follow the podcast on. Whatever podcast provider you're consuming us from right now always helps to get more eyeballs on it so we can help to enlighten more and more people with Matt's infinite wisdom. So thank you all. Have a great weekend. See you Matt.
[00:31:21] Speaker C: See ya.
[00:31:23] Speaker A: Neither Matt nor I or any of.
[00:31:25] Speaker D: Our companies or associated entities anything about your financial circumstances, so it would be unwise for us to tell you what.
[00:31:31] Speaker A: To do with your money. We encourage you to seek a professional if you do have questions about your.
[00:31:35] Speaker D: Portfolio or your financial plans.
[00:31:38] Speaker A: If you would like to reach Matt and his team, you may do so by giving him a call at 702-655-8300.
[00:31:45] Speaker D: Or visiting intelligent investment.
[00:31:48] Speaker A: Com. We thank you for joining us. See you next time.
[00:31:57] Speaker D: 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. 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 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 SIPC Advisory services 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 Matt 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 risks and there is no guarantee of any future results, performance or.
