Good afternoon. This is johnsh Arnold, mister Money Talk with Judd 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, yes, you do have to give us a call nine five two nine two five five six oh eight. That's nine five two nine two five five six oh eight. You always get straight talk, not sugar coated advice.
Your turn jud with a disclaimer say if this is your first time listening, and or you have listened, we have to say it anyway, which is everything we discussed in the show is for discussion purposes only. Nothing should be considered investment advice Summer. All the securities we discussed in the show may or may not be suitable for you and your portfolio. Please consult an investment advisor before making any investment decision. Consulting investing in the stock markettains a series
of risk, including the risk of loss. Big week market still actually we've had had a big month ever since the Fed said they're on pause and there's the likelihood that they're going to well, they're not. They're done. They're not raising rates we had two inflation prints come in this week that solidified the fence position. Bonds have rallied a lot, meaning interest rates have fallen a lot, and the market got the certainty that I would say it needed.
And let's just play back the tape a little bit. We will go back near the recent lows. In mid October October twentieth S and P five hundred up ten point one percent for the year. The RSP, which is the equal weighted S and P five hundred was down three percent for the year. Fast forward, that is through October. That was through October, through the
market low in October. On ten twenty, we were at the s m P SMP equal wait were up ten point one and down three Those same numbers as we sit here today are plus twenty four percent and plus eleven percent. Huge move. Oh, I'll say, well, it's a it's a good thing that the the the PCP our client portfolio, which is which is real money, so real money portfolio net after fees is up forty five and a half percent for the year. Wow, just building on building on gains.
That's out. That's I believe that's about three hundred percent in five years. It is it is huge gain. But now keep in mind, really do it makes up you know for the very poor showing last year when we were down thirty percent in twenty twenty two, well keep in mind the Nasdaq was down thirty two percent in twenty twenty two. And that's effectively our pitch, which is our downside, the downside we have exhibited, and past performance is
not equal future success. The downside is roughly in line with market indicies, and the upside it has been although again past performance doesn't equal future results, and the composition of our portfolio is actually different than the indexes and all the other usual disclaimers. But what we have been able to do our say you should been able, that you've been able to do is quite extraordinary. And happy to talk through how we are different than other people because we are we
are stock pickers. It's a rare we are. We are stops pickers, and we get we do well most times and not so well other times, as is true of most stock pickers. Oh yes, oh yes, and we eat our own cooking too. So speaking of cooking, though, it has been a great year to finish and I mean the flur it has just been so fast and furious, and let me give you another fast and furious
rally. Stat the fund, which is i'll say, a poster child for speculative gross stocks and the end of October October twentieth was up fifteen percent for
the year. Two months later, it's up seventy percent seven zero. Well, I did hear Kathy Wood who runs the portfolio, and she does run a fairly concentrated portfolio, loading up on which she considers her best best ideas, and she was very very adamant pounding the table that the impact of artificial intelligence and generative artificial intelligence has really helped her portfolio out a lot, and in particular, as the FEDS or belief in the FED pausing went into to
effect, her money came back into her companies. Now she makes a big point that none of her companies are really part of or a large part of any index, with the exception of her large holding that she still has in Tesla, the others are really not part of the S and P or are very small part of the the Nasdaq index. Certainly differentiative performance. I would point out her co inverse correlation interest rates has been almost one to one,
and you know, we'll see how she does this cycle. On a three year basis, she's still down fifty seven percent versus the Nasdaq on a three year basis, up thirty two percent on a three year basis. She suffered greatly in twenty twenty two well and twenty twenty one. She was down twenty three and a half percent in twenty twenty one and sixty seven percent in twenty twenty two. So minus twenty three minus sixty seven plus seventy equals minus fifty
seven. So long way back. But it does seem like we've transitioned into a new market paradigm. I hate saying that because it makes it it sounds more fancy. Nobody actually knows macro, and I'll do the standard reminder that we talk a lot of macro, but we actually don't trade that much. We find stocks you really like and just sort of go with that. But
it does seem like we're in a little bit of a new paradigm. We saw a lot of M and A pick up last week, and I would expect the M and A theme to really continue over the next three months. We've had almost no M and are going well. I think should with interest
rates coming down or and the FED fed on pause. With the amount of money that is available and the need really to consolidate in a lot of industries, I think that that is going to be And I'd actually add in the number of companies that went public the special purpose acquisition companies, and many of them are still way under their ten dollars limit, and in large part a
lot of those companies should not have gone public. I think the mergers and acquisition people are going to have a superior time or next year in putting together companies and or taking companies private. Definitely, definitely. I am involved a lot more in the smaller ones, and I will say private takeout is a bull thesis. Course. I'm entering these things that vastly different prices than than ten dollars, So I think my cost basis and a few of them is
a lot lot lower. Well yeah, yeah, a lot lowers a buck, you know, So there's should anything positive happen, the buck can turn out pretty good, but you've got to be very very selective and very very careful because the buck might turn out to be a lot, or it could turn out to be zero. Not for everybody, we don't recommend it so so. But that's uh, you are very specialized in that in that area.
But you talk about mergers and acquisitions that you know this. I think a week ago there was talk of Paramount and Warner Brothers Discovery getting together. Now we've talked before about these media companies. That's not a place you'd want to want to invest. But there's a lot of we'll say ink and words spilled on this, this potential merger. And then of course you've got Disney where activists are getting on the board and could force Disney to start moving some
of their assets. There's a way to stay away from media, is all I know. The fact that are talking about a merger time Warner just just was the merger of Scripts and and Warner Broadcasting a year and a half ago, a disastrous merger, although they probably would have both gone down a lot on their own. Paramount is the merger of CBS and Viacoment has gone straight down. This is an industry and transition. We are in deep trouble. Disney I don't find intractive at all. A lot to talk about, but
I'll come back with that and more. This is Josh Arnold, mister money talk with jut Arnold always here to help you with your investments, whether inside or outside your retirement account. Don't hesitate to give us a call. N two nine five five six oh eight. 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 in four oh
one K. Don't hesitate to give us a call. Two nine two five five six eight. Wow. That's all I can say, jud is wow. And looking over over the landscape this this past year and even over the last last month with the Fed on pause right now, I mean the ten year bond yield has gone from five percent to three point nine percent in a couple you know, about a month. We've had equities just dramatically rally.
I think the S and P five or the Dow Johns is up. I hate the doubt, but I think the Dow's been up eight weeks in a row. The S and P has just been on a rocket ship. The IWM, even which is the Russell two thousand, is on more than a twenty percent up move in two months, which is a bull market. I mean every index is in a bull market. Even banks, which even banks the place that I don't want to invest in, banks have moved up with
interest rates moving down. It's and it's funny funny you bring up banks. You know, when interest rates were moving up, strategist said, you've got you know, we're pounding the table. You got to buy banks because as interest rates move up, they're going to be making a lot of money. And I always thought, well, wait a minute. They had a tough
time making money when interest rates were down and coming down. Now you're saying they're going to make money with interest rates going up, and all these banks are still sitting on a lot of paper bonds in particular where they're losing principle on a market to market basis, How is that a profitable business? Well, I think there's a larger point with banks, which is the skew of
outcomes with banks. We're down. In mid October, they were down thirty three percent for the year, and now they're down ten point eight percent, So you're still down. You captured the same twenty percent rally that you could have captured in other industries, and you did it with a lot more risk because all the banks can go to I mean every individual bank could have go theoretically can go to zero. Now the big ones aren't, but had interest
rates stay elevated for a long time. That's not a great return. And I would say you under returned versus the risk that you took in banks. And I think banks were not bank investors, as you said, but certainly for the next few years. And still these banks right size the assets and liability side of their of their balance sheets. This is gonna just gonna be a real trouble because the seeds that blew up Silicon Valley Bank and Signature Bank
are still there across the banking industry. It doesn't mean they're all going to blow up, but the banking industry took in a historic wave of deposits during COVID. They deployed most of that money into treasuries at very low rates and lost a ton of money. And now they're stuck. So most of these guys are going to hold their treasuries and their mortgage backed securities for the next ten years, meaning the pace of new loans is a lot lower. They're
probably going to keep sheddings and deposits. It's not a great story in terms of book big book value value, which is what they trade on. So I don't love banks at all. We never really love banks, and I think this rally has yet again shown what has been the trend for the last
twenty five years, which is tech and growth lead off the bottom. And trying to let me ask you, since we're talking about you know, tech and growth and the banking industry, what about some of what we'll call it the financial tech, like a Square or a PayPal or a no I'll throw Sofi in there as well. I'm waffling because the economic drivers of a bunch
of those are a little bit differently. Okay, so is Square and Square there's a real question on payments, and payments has just been under massive pressure. Those things end up in the best of times, all of those stocks end up, will say, in the growth bucket, so you do participate often in bad times, they participate in the it's going out of business bucket.
So it's just harder, i'd say, with financial technology. And I say this is with one of my biggest investments, Pagaia Technologies, which is ticker's pg Y. Being a financial technology company, you really have to be careful about picking winners because most financial technology companies have gone completely obsolete or been disintermediated by newer ones. It's a fast evolving field and that's that's kind of difficult. I'll just say it's difficult. But they have, you know,
they've rallied with tech companies. Whether it plays out the right way, I don't know. Hard for me to just hard for me to judge. Okay, well, I've I know that in the past. Uh, you know, I've traded and I and I do have to emphasize I've traded both PayPal and Square. I'm not so sure today that I would I would want to trade either one. I just don't there's so many hard questions on both of those. Like with PayPal, VS and MasterCard have actually, for all the
advances and financial technology, Vson MasterCard continue to dominate payments. And I think it's as simple as that, which is PayPal and Square have really struggled to break out of their payment their payment roots. It's just harder to beat VS MasterCard in the legacy banking system. So ones that have worked out, like we'll see, I'll say so far is in a different bucket in that is what i'd call an abs as set backed security enabled lender. There there is
an interesting trade that I've highlighted. It's kind of why I'm in Pagaya, which is for the first time, certainly in my lifetime, the A B S market is offering cheaper funding and financing than the bank market. And this is partially because of the stress in the banking system and what I just talked about with the post Silicon Valley stuff. So the A B S guys,
and it's really SOFI Pagaya. You can add an ally, which is an auto loan business, and there's a few other ones that are really showing growth when nobody else is showing growth now, so FI would call would caution there's an actual short pisis on the stock there. I'm not gonna say miss marketing loans in a fraudulent way, but they're certainly misrepresenting, you know, some of they They have all these student loans outstanding. That's a very small The
student loans is a very small part of the business. They have a bunch of them, it's a very small part. So I would just be concerned concerned with the you know, the non payment of the student student loans. Would you consider then, what is this Upstart and Affirm in the in the same category. Well, Upstarts a bank channel guy, and that it's a direct competitor to Pagaya. But it's a bank channel guy. They originate loans and sell them to banks and they are facing a world of hurt because banks
don't want to buy. And so Upstart is in the same category as Lending Club ticker LC, in the same category as Open Lending ticker lp RO, which are all these FinTechs that grew up to create paper for commercial banks. And as commercial banks say I don't need more paper because I'm shedding assets, it's putting a lot of pressure on those things. Now, Affirm and you can add in SESEL ticker s e z L is part of the buy now, pay later ecosystem, and that is also taking a ton of share from
legacy banks. And that's why those things. Now, both of those are very speculative stocks. I struggled with evaluation that, you know, fifty to seventy five percent lower on both of them. And here we are, so with all of these, you know, if you invest size appropriately and be careful. Well, yeah, because I'd bring up a firm because I see some of the deals that they've been making with you know, companies like a Walmart, and there seem to be more of people that are utilizing Yeah,
but I would very much caution that say of investing. And again, the stocks have gone up on the news flow. The valuation of a firm I think is one hundred and fifty times earnings. It's not a cheap stock. Correct, Well, It's never been a stock that I've wanted to own, so because why do I you know, in terms of buy now, pay later, I could take out my visa or a master card or even today my American Express card and I can buy now. I think a lot of
the millennials, a lot of the millennials prefer the BNPL. Whether it's actually cheaper than credit cards is an open discussion. They certainly do have some business momentum, and the stocks have really been performing quite well. Well. Not that's an area I'll stay away from. I'll stick with my Internet related companies, my leisure related related businesses, some of my China related businesses, and some real assets, and I think I'll do I'll do fine with it.
Fine with that. Speaking of which, you know, we only have a few few more shopping days till till Christmas, and when we come back, we'll talk about some of those places to shop. This is Josh Arnold, Mister Money Talk with Judd Arnold, always here to help you with your investing, whether inside or outside your retirement account. Don't hesitate to give us a call. Nine five two nine two five five six oh eight. We have an opinion. Is Josh Arnold mister money Talk with Jut Arnot here to answer
your questions. Let's talk sponds, mutual funds, how you should position your investment dollars including your IRA and four oh one K. Don't hesitate to give us a call. Nine five two nine two five five six oh eight. That's nine five two nine two five five six oh eight. Only a few shopping days left until Christmas, which means if you need something now, well
it's gonna be very difficult to get it delivered to your door. But you could go out and get a gift card from we'll say my one of my favorite running running stores, TC Running, you could get and if you go to TC Running always asked for the Josh Arnold mister Money Talk discount, you could get a gift card from one of my favorite restaurants, whether it be Cove or Jimmy's, or you can always give a share of stock, and giving a share of stock in many cases would be a gift that keeps on
giving. And there are many types of gifts in the market that seem to always keep on giving. In terms of both, we'll say some dividends and even the potential and I do have to talk about potential for capital appreciation. So we can take some old dividend payers that have a history of raising dividends. Companies like Coca Cola or Pepsicola have had a history of growing dividends and
people are always using their product. The Oracle of Omaha, Warren Buffett, has a big holding in Coca Cola, and the dividend that he has gotten from that, I think is probably equal to the over the annualized appreciation. I mean, his annual dividends are seventy I think he's up to seventy or seventy five percent of his cost basis on an annual basis he gets back in
dividends. The other dividend hero we have to point out in the new icon for Buy and Hold, Steve Baumer, not the founder of Microsoft, Bill Gates in one of the most disastrous friendship gaffes of all time. Bill Gates let Warren Buffett convince him to diversify, advice that Steve Bohmer did not take. And Steve Balmer is now because he never sold his Microsoft is now richer
than Gates. That is amazing. Plus, I'll say, plus Steve Bomber owns a basketball team, yes, but more importantly, Steve Baumer getting a billion a year in dividends from Microsoft, where Bill Gates he has to make filings for his charitable funds and you can kind of see it only gets about four hundred and fifty million a year only indefinite distributions. That speaks to a couple of things. And you know, it's been one of, I'll say,
one of the reasons I know for my success. But somebody could also come back and say, well that you could have a lot of failure as well because of the concentrated nature of the portfolio that we run. You know, we've got some big long term holdings in both Apple and Amazon and have held them through a lot of up ups and downs. I mean last year, I was extremely frustrated at this time with the performance of both both companies this year very much elated, and I still think there's more to come,
but definitely it's not going to be on a straight line. If I look at Warren Buffett, very concentrated port portfolio done very well despite you know, somebody said, well he's of course he's diversified. Yep, he's diversified in that he's got four different or what he calls four different investment categories, but still very large holdings. And if I look just at his equity portfolio, that's that's about fifty percent in one company now, which is my favorite Apple.
You know, I'm going to point out something that I think it's underreported about Berkshire. Not that not that there's that much that's underreported. American Express. Buffett is held for I want to say thirty years. He's up about thirty times his money a one annually. You know, well, that's it's doesn't work out that way. But in terms of Keegers, if you understand Matt, but he's made thirty times his money, not too shabby in a
relatively boring, pseudo monopoly type business. That's just quietly he bought ten percent of it on a pullback and here we go. You just prints there. You know, it is that simple with good ones, and it's just a matter of matter of hold, holding on correct and waiting for something to happen. Microsoft took a very long time to recover from its fall after the government. He always had to throw an asterisk to people who bring up Microsoft stock
charts. I believe there was about a thirty dollars special dividend in five six or oh seven, so you do have to keep that in mind. But yes, it took a long time for Microsoft to recover and retake and then
blow pass It's dot com, bubble high and Sacha. But I mean, I'm just going to even point out this year Microsoft has had to add and or change some of their their business and they I'll say this year, I mean they took off in May with their announcement of dealing with artificial intelligence or generative artificial intelligence, and that is definitely going to be a theme going into
twenty twenty. Have one of the greatest monopolies of all time, which is Microsoft Office, and then certainly with the desktop with Microsoft Windows, but Office, especially Office and Wind it's just unbelievable. They've added a Zure and some other stuff. Lincoln's worth a ton, very very good business. And I'd say with long term holds, we have to give both sides of the coin. It is important to have businesses that quote unquote compound value and are not
commodity sensitive. If you're going to hold for a while, If you hold any commodity stock for any length of time, eventually you're going to run out of it. You're gonna get you're gonna get beaten. It's really hard to compound a mine stock. But a typical business, what we like to call a GDP plus or minus business, a business that tends to grow. We
grow domestic product, gross products should grow every year on average. If you're part of a growing society, and we are part of the greatest economic society certainly of all time. And I'd argue society on almost every metric. But be that as it may, as long as you're growing with GDP or have some correlation, don't have a commodity and don't use so much leverage stocks your compound. And I'll just point out because it came up, it's always a
favorite US steal. Bought out by a Japanese firm this week. We don't know whether that's going to transpire. Well, certainly it's trading fair enough. But the stock is at forty eight dollars a year, and I would just point out that if you held this stock, and I can go back to nineteen ninety three and it was at the same price level, well that's a commodity stock. There you go, there you go, that is a commodity stock. So much rather I have another type of business. Yeah, and
then we have to make on the commodity side. We do have to point out Warren Buffett seemingly every day adds more occidental ticker ox y. He now owns I think about thirty percent of that oil company. I have no clue what the heck he's doing. I don't understand why oxy is better than other ones. I am an energy guy. We are somewhat bullish. I don't know. Actually, I don't want to speak for you. Energy has had a tough year this year after two huge years and on a three year trailing
basis. It is the XL, which is the S and P five hundred energy sector is crushing every other sector by a country mile, up about one hundred and forty six percent cumulative over the last three years with the next best sector I believe is Semiconductors of sixty two percent on a three year basis that has been basically flat on the year, starting to see a little replacement,
little strength. I'm pretty bullish on energy. I like the Offshorge thrillers and services companies Tidewater, take Er, tdw rig Rig, Noble, Nee, and Valera's va L. These are energy service the stocks highly highly economically sensitive. Maybe not for everybody talk to an investment advisor, but I am interested. Tidewater especially is a bigger position for me. Well, you've talked a lot about about Tidewater, and Tidewater has definitely done very well for you.
I mean, I think you started talking about tide Water when the stock was trading about fifteen dollars a share and nobody was really interested. I mean, the stock is up at seventy one dollars a share over the last It is my five year old daughter's biggest stock position. So hopefully, look, hopefully that pays for Harvard, not for Harvard, pace for college, not for
Harvard. You don't want to send your daughter to Harvard. Listen, do you think by the time jesull he wants to go to Harvard that things will change. These people don't change. These people are deplorable and I don't like any of them. And the problem's a lot worse than just the alegend plagiarism of the president. But on that fund note, we'll talk about something else. Let's stick with We'll stick with the stocks and bonds and mutual funds and
when we come back, that's what we'll do. This is Josh Arnold missed or money Talk with Judd Arnold always here to help you with your investment. Call us nine five two nine two five five six oh eight. This is Josh Arnold, mister money talk with Judd Arnold here to answer your question on stocks, bonds, mutual fund tel. You should position your investment dollars including your IRA in four one k. Don't hesitate to give us a call it nine five to two nine two five five six oh eight. You always get
straight talk, not your code of advice. Well, it is a few shopping days till until Christmas in there, and people who buy will say shoes and particularly athletic shoes might have gotten a little coal in their in their stocking.
After Nike reported their their earnings, the numbers weren't that bad. They beat on the bottom line there in line on the top line, but their guidance jud was not real good, very very soft over the next two quarters, and Nike said, hey, we're going to be doing some cost cutting up to two billion dollars. And it's not only the cost cutting. We're going to be cutting cutting employees and cutting lines of business and even reducing the
number of styles that they're coming out with. My sense is, I'll say, as a as a shoe dog, so to speak, taking that from one of the best business biographies out there, Phil Knight's, i'll say second second book called Shoe Dog. But to me, Nike, Nike has almost lost its way, and they're they're instead of concentrating on broad sports, they seem to be concentrating just on basketball and on urban footwear. And when you're
concentrating on that, you're losing a good junk of the population. Thirty one thirty one times earnings. It was forty times earnings, it's thirty one now one point three percent divity. You know, everything has to go right. I know it's a great brand. They got hit by the Red Sea shutdown. That's going to add a bunch of costs to their business. You know, one hundred and sixty four billion dollar market cap. The Red Sea with the Houthis and whatnot is going to cost them. They think three or four
billion this year. I just say separately, I mean there's a lot of this Red Sea thing is the you know, the the Israel Hamas war really has no direct economic impact because oils continue to flow and and and so be it. The shutdown of the Red Sea because of the Houthis and Yemen actually is a big deal. And it is absolutely stunning to me in an in in a political way as possible that our navy, that is that has ensured freedom of navigation throughout the Cold War. Uh, somehow cannot ensure freedom of
navigation against one of the poorest countries in the entire world. But well that one without being without being political, I do believe that the rules of engagement are not coming from the people on the on the ship, but have been coming from we'll say, first the Pentagon, and the Pentagon takes their marching orders from I hear you, sixteen hundred Pennsylvania Avenue. Well, I have no doubt on that front that our navy, our combined military force if it
wanted to, could wipe Yemen off the face of the earth. So there's something going on. We don't know who knows what the Saudis want all No, I would tell you what the Saudis want. The Saudis want to get rid of the huties because the huties are definitely hurting, hurting the Saudis, Saudi's business and economic I think it's two hundred or three hundred thousand people have died in the m and E s war. Just awful. But anyway, we move on. That is an issue with Nike and that's what hit them,
and I would just I use that politics aside. The highlight of this is an issue on supply chains and as inflation has come down a bunch, you know, with the supply chain issue during COVID. Look, if they don't solve the Red Sea issue and we lose the Suez Canal, that is a real issue for supply chains and we're going to see cost inflation go back
up. So well, I would just go back on some other things with Nike, that being product, product selection, and I'll say the direction of the direction of the company and if you're just concentrating on selling basketball shoes to a select group in the select population, and you're leaving out everybody else in the meantime, getting competition from smaller brands. That's eating into what was your
once core business. And additionally, Nike is suffering and as as true as other retailers is suffering from the same type of issue that media companies are suffering from. The media company saying well, we're going to all go to streaming, we have the content, and then we're going to sell the content separately. Well, it's a totally different distribution model. And you know that the distribution through streaming has been has hurt all the media companies with the exception of
Netflix. When it comes to you know, Nike and others that have gone to direct to consumer method, they have shut out a lot of their distribution network, which actually added to their bottom line. But they're saying, well, if we go direct to consumer, yeah, we might distribute last, but we can sell it at the full markup rather than a wholesale markup and keep the money. Well, how is that working out for you? Nike? Not real? Well, how is that working out for you? Adidas?
Not real Well, So that we can pull this up into a few big takeaways. Number One, business change is rarely a good thing to invest in. It's usually bad. Number Two, when you invest in something at thirty forty, I mean I think at the peak over the lap. You know, a year and a half ago, Nike was training at forty five
or fifty times earnings. That is one heck of evaluation. And Buffett, with all his big wins, going back to one Buffett, almost all of them have come buying into great franchises that have traded down to about ten times earnings and then reinflated back up twenty twenty five times earnings, and then with earnings expanding as well over that period of time. It's really hard to make
money when you overpay. Overpaying is probably the biggest sin there is in well, buying bad business is a bad sin, but over overpaying is is a killer. Because even if you buy a business that grows earnings substantially, if you pay forty times for earnings and it d rates to ten, you're you're in a world of hurt. So anyway we we we avoid Nike, is the long winded way of saying, and a lot of other a lot of other things we avoid. Yeah, and I've got all I have good.
I've got a lot of stories about my relationship with Nike, but right now, to me, Nike has lost lost their way and they become more of you know what, well, I won't even go and with a lot of things. They become more of a copycat player in certain certain types of specialty shoes rather than being a market leader. End the end of story with Nike. So well, as we look at you know, look as we look
out, we like what we own. This is I had a very nice chat with a client today and I said, look, I have a feeling right now that I always love to have at the end of the year, which is one, the year looking back has been a very nice success number two of the things that we hold. I'm very excited about the return prospects going forward. And whether that turns out to be true or not, I
don't know. The entire year can be summed up. This year can be summed up quite simply, which is the market fighting itself when the Fed is going to pivot and our is the fact going to drive us into a recession. The Fed did pivot, a recession did not come. And if you own stocks, you made a ton of money if you try to call bonds right, which was the same bet, you made money, but a heck of a lot less than most people lost money. America still the same thing.
Own assets, don't lend assets. Markets are going to continue to fluctuate when we go into twenty twenty four, be prepared for a little bit of pullback as investors take profits from some of the gains they made in the last few months before we head into another earning season starting in the middle of January. Do you want to say a Murray Christmas to all and happy New Year as well, and we will see you next next year, or or see you next week or into the new year. This is Josh Arnold, mister
Money. Talk with Judd Arnold. Give us a call nine five two nine two five five six eight. We can help you. We do have an opinion at a different point of view. Josh Arnold Investment can in Sultan 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.