Mr. Money Talk

Good afternoon. This is Josh Arnold, mister money Talk with Jut Arnold here to answer your questions on stocks, bonds, mutual funds, how you should position your investment dollars including your IRA and four oh one K. But you do have to give us a call at nine five two nine five five six oh eight. That's nine five two nine two five five six eight. You always get straight talk, not sugar coded advice, Paul, so we get five two nine two five five six oh eight before we hear that a disclaimer

up front. Nothing on the show can be should be considered investment advice. Everything that we discuss in the show is for discussion purposes only if youse expressing the show are ours and ours alone and do not reflect the network. Investment contains risk, including risk of loss. Some or all of the carriers we discussed on the show may not be suitable for every investor. Please consult investment

advisor before making any investment decision. That is wise counsel. Well, people need a lot of wise counsel after this week, which is who we are in what they call a no bid scenario no bid. As we recording this, I can say that all all week a lot of there's a lot of good stocks out there, and nobody wants to buy them. They want to sell them, they want to put their money, and they keep talking they want to put money in government bonds, and I keep saying why, why,

Well, let's dissect this a little a little bit. You know, this was I think the second worst week of the year. From an S and P five hundred performance perspective, we have given back about fifty percent of the game for the S and P five one hundred for the year. At peak, we are almost up nineteen and a half percent. We are now up ten. The equal weighted S and P five hundred index, which peaked at almost eight and a half percent, is now down three percent for the

year. That's the average stock in the S and P five hundred. Most industries are down. Banks in particular are now the bank Kri Regional Bank ETF is now lower than it was at the depths of the Silicon Valley bank crisis.

As that gets a lot worse. I think we also have war in the often, which means nobody wants to hold any quote unquote risk into the weekend, So you should expect a trading dynamic until the situation resolves, you should expect this dynamic to be that by Wednesday, Thursday, Friday, people sell a bunch of stuff and then Monday morning they buy it back. But it is a tough world out there. I think the bank stuff is most

troubling. And I will just go so far and to frame this for people, I think we are at the phase of the market sell off where the market is going to sell off everything until the Fed stops officially raising rates. And we'll go back to the August meeting where Powell, the Chairman of the

Federal Reserve, made a deliberate point higher for longer he prompted. Those comments and subsequent comments from other Fed governors have gotten the back end of the treasury yield curve so sevens, tens, twenties, and thirties to rise by almost one hundred and fifty basis points one point five percent from their lows. We now have the ten year just under five percent. At one point this year

was three point twenty five percent. That is a heckup a lot different than when front end rates are five and a half percent and you can borrow long. And I think what the Fed did, as they always do, they have now pushed things to a point that they are going to break. And that's how these things always go. And where are they going to break? They're going to break In the banks. We've said all year we are not bank people. You've said that for forty years. I have said that for

a long long time. I do not want to invest in banks, And had just look at some of the bank earnings that have been coming out. I don't care whether that's from you know, an investment bank with like Goldman

Sachs and Morgan Stanley. I don't care whether it's from a big, a big bank that's too big to fail like Bank of America, JP, Morgan Wells Fargo, or City Bank. I definitely do not want to invest in any of the small regional banks like Regions Financial kid that came out today, and see if you read their report, you not only don't want to invest in that bank, you might want to take your money out of out of the bank entirely and go put it the you know, something like PayPal or

or square square cash account. The problem is there's let's digest this for people, and this is Matt that we've been running through all year. We've got about one point five to two trillion of excess deposits in the banking system that have to normalize. They've already been reducing two trillions, a big number because

book equity in the banking system is only two point four trillion. As these banks shed assets or stop growing their bounties, which is what they're all doing, they're realizing they can't sell their treasury bonds without accepting a lot of losses.

A lot of these guys bought treasuries at the peak. So there's Bank of America, for example, that has marked to market losses if they sold their treasury portfolio equal to about sixty percent of their book equity, Meaning they just have to hold on to these things and so mature ten years out. So you have a rapidly slowing level of monetary velocity, you have depressed earnings, and then you look at the valuation and you just scratch your head.

Despite the Kira, the regional bank in that's selling off thirty three percent this year, we are still trading at point eight times price to book and eight times earnings. And why those numbers are significant, I'll give you a greef DTA point. When Warren Bofe bought on a Bank of America in twenty eleven, so well after the financial crisis. It was resolved, but Bank of America, like many banks, still hoppled. He paid point four times book

and they'd already written everything down. You felt good about that book. That book equity number today the indexus training at point eight times book. And most people, if you ask them, how could they feel about book? Meaning do they feel that the banks have adequately written down the assets on their balance sheets and taking enough reserves against losses? They would say no. And when you think about the earnings potential which is likely to be limited, reduced in

paired. I'm not gonna use the R word like I used to because there's negative connotations. Not not that it is good English. But anyway you look at you say, why why would I want to buy something at point a times book? So book is what they paid for the stuff they own. It's not worth that because yields have gone up, so bond and loan prices go down. You've got limited earnings going forward, you have no earnings growth. A lot of banks are going to need a lot of capital meeting.

They're going to dilute you, and you're sitting at point a Times book which might turn out to be one Times book and an eight percent seven percent r o E and needing to issue a lot of equity to fund losses. Boy,

that's not a good a good story. And now plus plus you have the government and they're saying that these guys will have to have more capital capital work, Well, they're gonna they're gonna crush them on the on, making them miss bonds instead of So eighty percent of funding for regional banks comes from deposits, and the regulars you're saying, after silkon Valley Bank, we don't want you so depositive from it. So we saw on Friday the bank ETF

down four percent. Or let's just let's just say the obvious. Beyond the volatility in the stock market, which has been incredibly elevated of late, when the financial sector i e. Banks is trading up and down two to three percent a day, that does not make a market that people want to invest into. And the way the bottoms are formed is prices either hit a level that people say, I accept all the bad stuff and I think this stuff's

cheap enough. And I just outlined why we don't think banks have hit that level or the FED intervenes, And I think that's the most likely thing, because we are not to fear monger, but to be I think appropriately scared of what's going on. Boy, I just think capital is going to keep flowing out of the banking system and that's going to be the trigger to get the FED to back off. But we'll see the the money that's going out of the out of the banking system. Are they going to alternative banks?

And I'll say alternative banks like a like a square a PayPal, we'll call it a sofis as examples. Well, I think that's for later. And I mean, look, I've been pretty big in Peguya pg Y. I think it's great. You know, we got in at a dollar eate and ran up to two sixty and it's come all the way back down to one twenty on three beaten raises in a row. And I think what that tells you is it's really hard. And this is a this is an investing lesson

that we we harp with people. You'd rather be a bad house in a good neighborhood than the best house in a bad neighborhood. If your sector is not doing well, I just money. Money is leaving the financial system, and I'm talking about equity capital, not just the deposit flight. I'm just talking about the stocks. People are differentiating, and eventually they do differentiate,

and some business models play out and some don't. But it don't look good out there when we come When we come back, we'll have to go over some of the other concerns that the market has an addition to the Fed that are reserved and interest rates, and start looking for some green shoots in this particular market environment. This is Josh Arnold, mister money Talk with jud Arnold Hollis. We're here to help you. Nine five two nine two five five

six oh eight. This is Josh Arnold, mister money Talk with jud Arnold here to answer your questions on stocks, bonds, mutual funds. You should position your just dollars, including your IRA and four one K. Don't hesitate to give us a call at nine five two five six eight. You always

get straight talk, not sure coded advice. In addition to the Federal Reserve and interest rates being a concern of the market, other concerns the price of oil, which has been moving up and by extension, the impact on the price of oil, price of energy, should we'll say, fighting breakout in Israel and by extension into Gaza, Lebanon, or into the West Bank or

even into Jordan, and how Opek might respond to that. Then have the concerns still about the UAW strike against the automakers, though it seems that General Motors is on the verge of settling their portion of the strike, but there are other companies that are also looking to strike for higher wages and benefits.

Then, of course I have to throw this in some of the dysfunction that's going on in the House of Representatives, which could lead to another potential government shutdown, as I say, without talking politics, but stupidity amongst the Republicans in choosing a Speaker of the House. And then the concern the direction of earnings and guidances. This week we're coming up with what is it about? Forty percent of the S and P five hundred reports earnings this week, including

four members of the Magnificent seven reporting this week. Microsoft and Google report on Tuesday, Meta Facebook reports on Wednesday, Favorite Amazon reports on Thursday. And then we have some other major names including Coca Cola, three M, and IBM among others reporting this week and it could be very interesting. Indeed, so on a technical basis, my market technician, Chris Devorak of Devorak Technical

Research has said, yes, there's some issues. The market seems to be market as he measures it by the S and P five hundred has been trading between we'll say forty two hundred and forty four hundred. We're now at the bottom of that that range. And you know, stocks have been holding up in general, and now we're we're in a technically strong period and we're entering

a seasonally good good period of time. My response to that is there are an awful lot of people who are of the belief that the fourth quarter is going to be very strong. And when you have a lot of people thinking the same thing, that may or may not may not happen. But I have been more a lot more bullish than Judd has, at least on a

longer term basis. And for those of you who are like several of my clients calling up and saying, should we in our four oh one k increase our cash position and or change how we're in investing at this time given the market being down, I've said, no, you're putting money in on a monthly basis. Your choice is to invest are typically in mutual funds, and you're able to buy more shares of the mutual fund as the market comes down.

I do advise, and have advice for a long time for listeners who've been paying attention, to avoid investing in any of the target date funds, and avoid investing in any of the bond funds, and focus primarily on the more aggressive, either growth funds or if the S and P index is the most aggressive, choice to put money in that and continue doing that because the four to one K is a very longer term investment, and buying shares when

things are down is only going to help you because at some point the markets we'll recover, particularly if I look broadly again broadly speaking for companies that continue to print out positive sales numbers and those sales go up and they keep expenses down, which means they are making profits on earnings that should over time produce higher higher stock prices. Not a stock market's never going up again. It's all over. Oh, thank you very much, and I'm glad to hear

that. I'll say, your facetiousness comes right through the radio. It's almost as good as the joke you told about the about the the accountant, the economists and the mathematician being interviewed for the same job. I like that. Well, se we just have to start removing negatives, and I think there's a lot of uncertainty. There's always a lot of uncertainty in the world,

but there's a particularly large amount. The banking thing is systemic, and I think that's going to be the trigger to get the Fed to accept their policy mistake. But I think we are in the what i'll call the terminal phase where the market is going to go down until the Fed reversus course, and it's really about long term interest rates at this point, and we're likely to see a few bank Like the bank pressure this week is just accelerating for those

leads to the show bank. The banking in next to Krie is now below the level it was at the height of the Silicon Valley bank crisis earlier this year. We've been negative on banks all year. There's still a point eight times book. We think they have to go to a point four times book, which is obviously down a lot from where they are, and that's it.

I think it's pretty straightforward We're in a pretty ugly period right now, and the war certainly makes things more difficult because people want to sell the market Wednesday, Thursday, Friday and don't want to hold risk over the weekend when they can't sell. Or we're going to tend to rally Monday Tuesday of most weeks until we get out of this cycle. Obviously, the work has spread and in the Middle East that makes it a little to go higher, and

that's pretty bad. So it's it's pretty ugly out there, and we're through bank earnings, and largely through bank earnings, and those came out about as bad as we thought they could come out. People are realizing how toast most of these banks are, and that's pretty bad for the market, and there's a lot of negative but now here we are, it feels it feels way worse than it is, which is the S and P five hundreds up ten percent for the year, the equal Weights down three, and the Nasdaq the

index is up thirty three. It was up over forty at one point, so that's where you are. Stop marketing. I tried to as well as possible when it's this art because everyt that does fit into our asset allocation market

model of keeping up to thirty percent in cash with a balance invested. You know, my focus has been in companies involved in the Internet, leisure related businesses, China related businesses, real assets which could include energy or real estate, and then having a small portion for you know, short term trading opportunities. Your focus has been more on some of the small to mid cap companies, but you too like to keep a lot of cash on hand, both

for safety and for and for opportunity. Look the outside of big tech, you know, the S and P five small cap and MidCap value indussees are trading at lower P multiples than during the global financial crisis two thousand and eight, two thousand and nine, So it's not like prices are already pretty darn attractive on a multi year hold. And I think we saw a resurgence of activism this week, which is guys buying stakes and companies and adjutating for change

and or sale. I think you're going to see a lot more of that. I think it's really hard though, for the market with bents and the war in the Middle East, to work, So I that's it. It's just really harm and you just have to accept your faith. I wake up and I just say I'm going to lose money today tomorrow. I'm being a little paseagious. I'm not this negative, but well I'm I'm glad you're not

this negative. I mean, my goodness, I mean, you know some of the things you've talked about, it's like you just go into it. Sounds like you want to go into a room, close the blinds and hunt on to the up under the covers or hide behind the gosh, what are you fighting? It is useless. I'm not selling the stuff that I still want. And you know, we come into this thing in a great position. We're up nicely for the year, and we've got plenty of cash and

I don't have to call the bomb. I'll wait, but we'll come back and we'll talk more. Yes we will, because I do want to talk about two companies and reported earnings this week, two technology related companies, Netflix and Tesla. When we come back. This is Josh Arnold, Mister money Talk with jut Arnold, always here to help you. Five six eight.

This is Josh Arnold, Mister money Talk with jut Arnold. Here answer your questions on stocks, funds, mutual funds, how you should position your investment dollars, including your IRA and four O one K. Give us a call two nine, five six eight. We're here to help you. Jud If you missed the start of the show, we have to make that standard disclaimer. Nothing on the show is should be considered an investment advice. Everything is

for discussion purposes only. Some ahere. All the securities we discussed in the show may not be suitable for some are all investors. Please consult an investment advisor before making any investment decision. Investing in the stock market contains risk, including risk of loss. Well, so there is a lot of short term there's a lot of short term losses out there, or there's a lot of things that are down at least on the short term. And I know that

there's always a recency bias. All if this is the way the market is going, then it'll continue to go go here better, better to sell out, And it seems like some days there's accelerated at different points during the day. I've always wondered whether that has something to do with some of the quantitative quantitative funds that are out there that might might be caught in advice with their leverage as well as all the people that have been dealing with these zero dated

options, which I think add to some of the shorter term. I'm going to add one more thing to this discussion right now because it came up with a few clients for me this week, which is, when there's this much uncertainty, the fundamental non computer people don't have the heart, the courage, whatever where you want to override the computers. And what makes the market is the computers are They run on algorithms that are typically backward tested regressions over nine

months. And I'm very much simplifying that. I know they're more fancy than that, but essentially they're backward looking regressions and they see, Okay, if this commodity price moves here, then I should do this with stocks. And they're making these types of relationships and an inflection points. When those relationships break down, fundamental investors come in and the computer figures out and needs to shut

off and recalibrate. When you have this much volatility and this much uncertainty, the number of non computers who are willing to enter the market and overrule stock price action goes down. And that's another thing that's impacting sort of prices, which is, you know, the standard relationships that we're seeing as oil goes up, stocks go down, bond yields off, stocks down, and some of that. Some of the time it makes sense, sometimes it doesn't.

But we're just in a liquidation right now. Nobody's stepping up because prices. There's too much uncertainty in relation to the price of assets, so valuations have to get more attract don't forget everything in the world at a low price is a buy, and a higher price as a whole, and a still higher price is a sell. You can take your family home that's been there for one hundred years that you want to live in for another one hundred years.

I would still venture to say for most people that there is a price that they would sell it, and there is a price that they wouldn't re buy it. And when you see the velocity of transactions slow down, a lot of that is a lot of people are just saying, well, I don't need to play this game yet. It's just really uncertain. It's really hard. This is why we carry thirty percent cash and we just wait and you

to just be pacing. Now. It's easier for us to sit here and do nothing, as they say, because we're from a position of strength, which is the best piece of risk management. But we make no bones. This is a brutal market. They don't last forever. But right now I know that you expect to make money some of the days. I just wake up right now and saying we're going to lose money every day. And so things get better and on the outside as I sort of think through how we

make this end. The ending of this I think is going to be that the FED is going to have to ease financial conditions. I think they've overdone it with They're higher for longer and you're about to see the implosion of the regional bank system. Now some of that is related to FED policy, and but a lot of that is self decrypted. But I think that's where we're going. And me maybe one to two weeks away from that. Well,

you've got the FED. FED meeting is in the beginning of November, and I think the FED meeting takes place, yeah, the couple days right before Apple reports on November. Well, you don't need a FED meeting to slow

down quantitative typing, which they're still doing. You don't need a FED meeting for that and they will if you are entering a stage where, look, if the regional bank index goes down another fifteen percent next week, I'll just say this, there is a point where that decline transitions from linear to nonlinear. And what I mean is banks are ninety percent of capital is debt, and so when the stock goes down twenty percent, that's only on ten percent

of the value of the business. You're only changing the value of the company that you're paying for by two percent. And at a certain point, the reflexivity, which is a fancy word for the second and third order of impacts of what's happening, kick in, meaning if a bank goes down, if a bank stock price goes down fifty percent, people in a day, on an unexplained basis, people will do a bank run because you're being rational your

bank stocks down at bunch, these are ninety percent. You don't want your money, Steff. And then the rationale ality of people withdrawing their money were reflexively creates the outcome that the stock was predicted. And with levered companies and with banks, you just can't. I've seen it a million times. At a certain point, you don't go down five percent, you go down twenty and when you go down twenty, it's over. So not to be dooming gloom. But look, this is banks we're talking about, So I think

the federal step in. But this was about a batty outcome. And we'll see over the weekend what the headlines are. But I was feeling a lot of regional bankers. Are me screaming at the FED this weekend. You're going to see or hear some type of a response. Well, I'm happy that they can start screaming at the screaming at the FED because Fed governors came in right behind Jay Pal's speech to the Economic Club of New York and sounded a

lot more hawkish than he did. Yeah, stop pretending these people know what they're doing. They have no clue. It's really hard. I don't I don't pretend that they know. Well you've heard me, you know my feeling on the on the federal Federal Reserve that uh, they're really at at a loss right here. They created a situation that they don't know how to get out of. You you blame them, and I think the answer is somewhere in between, which is they have an impossible job that the best person that

Warren Buffet would screw up being a FED governor. Well, I'm not a I'm not a Fed governor. It's just to say it's harder. You should expect it to be screwed up. And that's what's happening. It happens every cycle. They go too far, knee and we're about to go too far. Oh, I think we've I think we've gone way too far. Let me rephrase that we're about this for almost a year. We're about to see

the impact of them going too far. There you go, Okay. Well, on a positive note, we had earnings coming in from Netflix this week, and I know there are an awful lot of people who listen who are Netflix subscribers. I am a Netflix subscriber. I am not the Netflix share owner, but I am a Netflix subscriber. And there were almost nine million new Netflix subscribers that joined Netflix in the last quarter, and that helped to

really boost Netflix stock this past this past week. When Netflix reported their earnings, they beat on the bottom line. Inline reports on their uh top line. They did talk about increasing prices for subscribers, but I think that's more a way to drive people to the lower tier advertising tier, so that Netflix starts making you're getting it into the specifics of Netflix. And I think that the story of Netflix is actually quite simple, which is, you would a

bunch of non economic competition come in. Everybody decaid they wanted to compete with them in their own directed sewer product. All of these companies Disney, Comcast, WBD, Warner Brotlake, you name, and all these streamers have lit. I mean there might be one hundred billion dollars of cumulative losses from attempts to compete with Netflix and everybody to come with their own and those people are pulling back now in Netflix's pricing palent. But we got to come back for

our For our last segment, we'll come up with a little positivity. Good good nine five two five five six oh eight. You can always call me mister money Talk, Josh Arnold or Jut Arnold. We're always here to help

you. Nine five two nine two five five six oh eight. This is Josh Arnold, mister money Talk with jud Arnold here to answer your questions on stocks, bond's mutual funds, how you should position your investment dollars including your IRA in four O one K. Don't hesitate to give us a call it nine five two nine two five five six oh eight, always here to help you. Positivity, positivity, jud let's have it, have a little bit of that. Coca Cola reports reports during this coming week. The son always

rises and this will get through this too. And I think that that's the story. You've been in business for how long? Well, since nineteen seventy eight, We've I've been through. I've been through a few of these ups and downs, and the downs seem to always come with some kind of government policy mistake. I mean, that's beyond the beyond the usual five to ten percent corrections, but the kind of correction or pullback that we have seems to

come from some type of government action or in action. So that's more on a macro level than on a whole series of companies reporting, you know, bad, bad numbers. Now, of course, somebody could say, well, the Fed's policy action is going to be bringing us a recess. Well, we've heard that since the FED started raising interest rates back in twenty twenty two. But on a purely statistical basis, the first six months or first two quarters of twenty twenty two, we had two quarters in a row of

negative GDP growth, which defines a recession. Since then, we've had positive GDP growth, and estimates are for several more quarters of positive GDP growth, which I know is frustrating to the FED, but to individual companies that could be pretty big positive. I think the FED is also frustrated that the economy is reasonably resilient. Consumers are still spending money. They're spending more money on experiences, more than more than on individual goods. You still have the price

of housing. While it has leveled off a little bit, the monthly cost or the mortgage rent equivalent cost continues to go up. And that is direct result of the fed's interest rate policy and mortgage rates going up. So of course mortgage rates go up. People are paying more for that monthly bill. And the FED says, oh, look at that housing prices or house mortgage rent equivalency is still going up. We've got to raise interest rates and that'll

that'll come down. Like what, you're not realizing this is what's going on. So that becomes a little bit let's take a step back here. I know you're frustrated with the FED. I know most people are. I think for the first time we have a real window into how this ends in terms of the FED walks US back one part of the problem, because you can't just blame the FED. The fiscal side of the House, the Inflation Reduction Act and the unbelievable We've been running six percent deficits of a percent of GDP

with unemployment at three percent. It's lunacing, and the federal government needs has really been hurting the Fed's ability to bring down inflation. And I think we're now at tipping point with Biden's speech this week. I mean, now we're funding two wars. It's very fro I'll say. On a geopolitical level, I have always been very frustrated with the lack of support the European Union gives to you. You know, they just literally free ride on the US taxpayers

spending. It's crazy. But here we are. Okay, let's wait, let's switch gears a little bit. You've got some earnings coming out this week from a good chunk of well, let's this is the positive piece before you get to the specifics. One of the positives that we have the way to break correlation and on the way down, stocks correlate one hundred percent effectively on the way down. And then what you see is you'll they'll come out either

with earnings or news or whatnot, and that'll break that correlation. And whether it's Netflix, which we talked about in the last segment, which rallied about twenty percent after earnings, or night Swift, which oddly is a trucking company, something that you would expect to be annihilated during a recession, came out incredibly well this week up I want to say, about twenty five percent after earnings that were not nearly as bad as fear and as people report, we

just got through the banks, which is the part of earnings that everyone expected to be the worst, and they were. They were atrocious. But the market is still rewarding print that are positive. So you have a lot of things that are going to break down, but you're still going to be a chance for differentiation. So I don't know, if we're close to the bottom, you don't really need to call the bottoms. I made most of my money after the bottom has been formed and figuring out the second thing to move.

That's worked for me partially why I was able to take a nap Friday instead of just watching the cartage. Because it's not my job to call the bottom. It's not your job. Either's no one's job. You don't have to. But I increasingly think the way out of this is going to be the banks really are in a place where the Fed's gonna have to act and take the foot off. And if they cut seventy five basis points, you have an upward sloping yield curve, and that's definitely a good thing. But

we got a bunch of earnings this week. We got a but we still we got three more weeks of earnings, three more weeks, so we've got that. I think there's mhm, you know, there is a likelihood of you know, of a hotter war in the in the Mid East starting this weekend. War is war may be good for for some things, but definitely going to be a very very difficult situation. Market is going to keep selling off Thursday and Friday, even Wednesday, and it'll be block Monday and Tuesday

because nobody wants the whole risk in a midist conflict scenario. So over the weekend, that's just it. I don't make the rules. I'm just saying those are the rules. No, you don't. You don't make the rules. We just try to find companies that look good for look good for us. I am looking forward to to seeing what the numbers come out with Microsoft

and Google on Tuesday. I want to see what Microsoft has to say, particularly with their azor Azora cloud, and how they're incorporating artificial intelligence into that. Google's focus is going to be on advertising and whether that advertising business is holding up and or accelerating. I do know that Google is still going through Department of Justice suit on them being a monopolist in terms of search, but Google is now a verb. We don't see Yahoo being a verb. Google

is a verb, and people like the search features of Google. They've got Neta coming out, and again that's going to be looking at their advertise business growing. What you know, are they able to monetize anything from reels and how the monetization from Instagram and what their advertising business is and are, and

what's their strategy for artificial intelligence. And then there's favorite Amazon reporting on Thursday, and again the focus is going to be on Amazon Web Services AWS growth, is that returning and how much profit is Amazon going to be able to generate from their retail business? Going to be interesting this week. Any questions give us a call. Nine five two nine, two five, five six eight. I am Josh Arnold, Mister Money. Talk with Judd Arnold,

always here to help you. Josh Arnold Investment Consultant is a registered investment advisor located in the state of Minnesota. All securities discussed are for informational purposes only. Investment contains risk, including risk of loss. Consult your investment professional before making any decisions about your investment portfolio.