Mr. Money Talk

This is Josh Arnold missed or Money Talk with jud Arnold here to answer your questions on stocks, bonds, mutual funds. Now you should position your investment dollars including your IRA in four oh one K. Don't hesitate to give us a call at nine five two nine two five five six oh eight. That's nine five two nine two five five six eight. You always get straight talk, not sugarcoated advice. Say if you're just tuning in for the first or

second or fourth time. Friendly reminder that everything we talk about on the show is for discussion purpose is for discussion purposes only. Nothing should be considered as investment advice. Some are all of the securities we discuss in the show may or may not be suitable for you. Please consult a financial advisor before making any any decisions about stocks, bonds, mutual funds to invest in. Investing in the stock market contains a variety of risk, including the risk of loss.

Big week this week, the big week is correct? What do you think about the FID What do you think you think the pin is done? Well? The bond market says they're done. I thought that the bond markets was really responding to today's comments by said Governor Williams that no rate cuts are going to happen next year, and yet on Wednesday it seems that Chairman Powell

indicated that there are three rate cuts for next year. You know, I don't think there's going to be maybe one cut next year, and I think the Fed remains on higher for longer but is still on pause for a long time. The market is not agreeing with the Williams comment. Today. The one year rate is down a ton. It's down from five point five percent in the from mid October to four point nine eight percent, giving back fifty

BIPs. So it's pricing in two cuts in the next six months. And the two year versus one year rate is you know, four nine seven verse four point four four. The ten year continues to fall in a three nine to one percent versus high of five percent at the start of October. So the markets rallied. Stock market, I should say, bond markets and stock markets rally dramatically this week on the back of the FED press conference, and they continue to do so. So. I the Russell two thousand index,

which is the index of small and MidCap stocks. It's the mall's two thousand of the top three thousand stocks had the biggest peak to trough move since at least nineteen seventy. That's how rapid the rally has been. I mean, I just look at it. The month of November, you know, and we'll just say, bonds represented by the TLT was trading at eighty five dollars to share. Today the long bond represented by TLT is trading at ninety nine.

That's a that's a huge move. Part of it, I'm guessing due to short covering more than anything else, and maybe part due to the realization that the Fed, the FED could be done. John Well, no, no, no, no, no, this is not about the Fed being done. The Fed is not raising interest rates any this is it. The question is how much do they cut? That's what the market is debating. But from an equity standpoint, the cliff risk of the FED hiking into infinity's

gone markets are up dramatically, particularly the most interest rates sectors. The bond market has moved dramatically. So here we are, and it's been a huge week for small and MidCap stocks. Just a huge week, so been a huge month. Just to give you an idea small MidCap stocks bottom the IWM, which is the Russell two thousand bottomed at about one sixty at the end

of October and we sit at one ninety seven today. So about a twenty five percent move in small cap and MidCap stocks in a month and a half. That's how big. I mean, it's just huge epic moves. Well, I mean, I'm not sure sure how many people had money ian invested in small to mid mid caps other than you. Well, I see B five hundred is having a great year. Beg goes into the background. Inflation numbers have been very conducive to inflation being beat. So again, now we're

not macro. We always have to get this caveat we buy stocks, we talk about macro. Macro is always interesting, Macro just being the direction of the overall stock market, overall bond market. But this is you know that, it's not a huge driver of our investment philosophy. We buy cheap stocks with growth. We're big believers in growth winning. In the end, you got to pay the right price for it. But we're big believers in growth

winning. And I would just say one of the biggest drivers of stock valuations is the yield on the ten year bond it's used to discount future cash flows that coming in all all SEQL from five percent to three point nine percent in about less than two months is going to be a big tail, when for stocks it already has been. We're seeing seeing smaans MidCap stocks catch up a

little bit to their big cap cousins, is very supportive. It's likely this This move in all markets, bond markets and stock markets would usually imply a pickup in mergers and acquisition activity and IPO activity, which typically is supportive of a continued equity market. And again the last piece, we are in a presidential election year coming up, usually a good year for stocks because the politicians get out and lie about all the money they're going to give you for voting

for them, So usually a good year. So a lot of things are setting up. Certainly a quest well if if an election year JUDT is such a good year, how come? And I would just say, the majority of market strategists that I have seen interviewed on Financial TV or have read in other publications majority seem to be negative and are even even cautioning that the stock market represented by the S and P five hundred is going to correct next year.

Some where between eight and twenty percent. What kind of a call it? Sorry about it that the only place that you should be investing is is bond first, though I continue to be the big winner next year. Well, you know, they can say all they want. Saying that the market next year, at one point in time is going to correct eight to twenty percent is a call that you can make in any year. Strategists are rarely

good stock pickers. In any given year. We like to remind people there's three to four sell us of at least five percent in a year, and every year I will We would always tell an investor you better be prepared to lose thirty percent in any year because you can't predict any of these things in the short run. The Fed quote unquote pivot occurred. This has been a question for two years. The bond market rallying that, especially long end rates

is incredibly supportive. Inflation looks contained now for new money investors, I would agree. If that's your subtle point, that the market has already run and is largely reflective of that. You've got Apple at you know, forty times earnings right now or something crazy. No, Apple's not, it's only at twenty nine times earnings. But Apple is is up. It's Apple was just shy of two hundred dollars a share. On Friday, Bloomberg came out with

another report bad in China government. The government is banning iPhones. Get well, really, that's we have some proof of this, because you've done this before, Bloomberg News. You've made this report before, it proved to be wrong within just a few days, and you didn't provide any apology and or correction. And now Apple's at a we'll say, an all time high.

It's approaching two hundred dollars a share, and on the friday of an expiration date, right before Christmas, you come out with this this particular news. Well, I hope you have to back up for that. It's all part of the game. It doesn't matter whatever we take the long road. I know it's frustrating, although it's hard to be frustrated when you're sitting at almost two hundred a year on Apple. So well, part we're sitting we're only

fifty dollars shy shy of my price target. And I do have some clients that have said, well, what happens when we hit the price target? I said, well, as we approach it, We're going to have to continue to reevaluate where Apple's business is going. And part of my calculation does not include any new products that are coming out with Apple, does not include any of their moves towards generative artificial intelligence, which could be big. So

that's just based on Apple's current you know, current business. Well, we're hoping for thirty times seven plus the cash on the balance sheet. That's how you get to two fifty. But we're gonna have to come back after the

break with more money talk. This is Josh Arnold, mister money Talk with jud Arnold here to answer your questions on stocks, bonds, mutual funds, How you should position your investment dollars including your IRA and four to one k. Don't hesitate to give us a call nine five two nine two five five six oh eight. We can 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. How you should position your investment dollars including your IRA and four oh one K. Don't hesitate to give us a call at any time. Nine five two nine two five five six eight nine five two nine two five five six eight. We're happy to meet with you and provide you some direction into the coming years. As we started Big Week, the Fed um pausing again on on interest

rates, helping boost the bond market. Janet Yellen, in a interview, said that she sees a soft landing inflation coming down to two percent by the end of twenty twenty four and no get that, no recession risk into next next year. Big news. You had Jeffrey Gunlock, the bond king it saying buy bonds now. The Fed is on pause and is likely to stay on pause, and the next move with interest rates is is down. Bonds will do very well next year. Then you have a big contract that was

signed in Major League Baseball with the Dodgers. Oatani gets a seven hundred million dollars deal and says he wants to defer six hundred and eighty million dollars of that. Boy, the Dodgers are going to make out like bandits with with that. Then the TV talking head say buy the equal weight S and p abandon the market weight S and T. We have real estate investment trusts are up, probably on the back of bond yields coming down, and we have

Intel coming out with a new chip to compete with AMD and Navidia. Not to mention, of course, Costco reports better than expected earnings and it's huge. Oh, I forgot jud when you talked about mergers and acquisitions. You've got a I'll say, a cage match wrestling cage match at Walt Disney between Bob Iger and several activists. Very very interesting week going into the end of

the year and the and the Christmas holiday. I continue, I'll go on my usual weekly rant about how terrible a business media is to say that there's nothing interesting about the cage matchic, isn't he? And you should not touch the stock. Well, I think that would probably apply to paramounts as well, because Sherry Redstone all of a sudden seems to be willing to part with

one of the family jewels or the family jewel. Well, they should have sold a long time ago, and the amount of money that was destroyed by those egos is truly unbelievable. That family has written it from seventy bucks down to sixteen. So so be it. Because legacy media is a terrible business. As it transitions to the direct to consumer. They can't figure out how to get paid, and I think the best days for that business model are long behind it. Do not touch any of that stuff. Isn't to say

that it might not rally at certain points. I just think they need to figure it out. And other things are a heck of a lot easier to touch. Oh, there are plenty of things to me that that are easier. The interesting thing about M and A is and the IPO market is it is both markets have been largely dormant for the last two and a half years, and I expect a pretty big catch up in M and A and eventually, you know, some version of a new bull cycle in economically sensitive stocks

that can include oil and gas. Energy has been had a tough year this year after two really big years. I think that's going to resume as we go into next year. And I think general industrials are going to do really well. Not the g's and industrial, but one of the best years ever for that stock up about I think almost eighty percent year to date. There's

a lot of stuff outside of tech. Now that being said, since two thousand, oh god, I want to say since about late two thousand and two, tech has if all you bought was tech, that's all you needed. Well, two thousand and two, when everything had been destroyed in technology and a lot of Internet related to companies were destroyed in Lake two, you know, from the middle of Yeah, after the tech bubble, we bought Themed in October of twenty twenty two. So everything left has been a buy.

It's been a you know, growth usually wins, and that's sort of our focus. So but but there are a lot of companies that you know still from that time, have not come back to where they were. No, they haven't, And I mean, why don't you work on that? Cough, take a little drink of water right there, but I already did.

You can see the big diversions between what was the four horsemen, which is which was Microsoft, Intel, Oracle and Cisco Systems and Crisco system still has not come back to it's it's high, or at that time, Intel has not come back to it's it's high. Intel was trading at sixty six dollars to share in two thousand and March of two thousand, currently trading at forty six. There will have been no splits and up until Intel started talking

about artificial intelligence, chips. The stock was trading it less than its two thousand high. Yes, it did pay a dividend over that time, but hardware hardware software a much easier business. But yeah, all this macro stuff. Look, we're going to keep finding stocks to do. It's been a great year for you and your client portfolios. Amazon, you know, a real phenomenal year. Apple continues to be the stall wart as well. We've talked in with a few other interesting trade and yeah, more to do.

The year's not over yet, but more to do. I'd say our big call that the world isn't ending paid off this year, Well, yeah I didn't. I guess I'm more of an optimist than the most than most people that are in I'll say that are in the business, but I could quite ask. Yeah, we're going to have some bearish bearish points in time, as we've we've stated before. You know, in any given year, the stock market is going to pull back five to ten percent at least three or

four times for any number of reasons. And as long as companies, as we have stated, are able to increase sales over a period of time keep keep expenses low, you know you're going to the stock price will eventually follow. Oh yeah, oh yeah, that is that has been the case.

You did mention the you know how difficult a year it was for we'll say for all commodity stocks, but in particular oil and gas stocks, which had a huge run for we'll say for years, work for two years, and this past year have pulled back with and I'd have to say, with the exception of some of the oil service companies which did did stay up, although they were down from their highs, but hard to work and energy when the commodity is down. I think the commodity is down this year twenty so.

But I did have I did have a question that was, what was put to me, what do I, you know, what do I think about Berkshire Hathaway selling a lot of I think the question was what did I think of Berkshire Hathaway selling thirty billion dollars worth of stock? And I was kind of asked the question. I said, what do you mean Berkshire Hathaway selling stock or do you mean more in buffet selling stock? No, Berkshire Hathaway selling stock. And I said, well, Berkshire Hathway is always selling,

selling shares of one kind. They sold out of bank a lot of their bank holdings, and they bought other companies instead. And this past week they made another big buy in an energy stock, that being adding to their position in Occidental. But I don't know what he's doing in Occidental anymore. He's taking all this liquidity risk. I don't think Oxy's any better than any other energy stock. And now he's massively a liquid he owns twenty seven or twenty

eight percent of it. Maybe he takes a private I don't know. I think it's kind of boring. I don't love ean P Stock's exploration and production stocks. It's a very hard business to make outside returns. Typically do the bat when you buy them when nobody wants them. The oil price is in the gutter or the garbage bin, and you can make money on a very easy commodity bet as well as a return to more normal times. But well, speaking of normal times, we're gonna take a break and we will come

right back, Yes we will. 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. Do give us a call nine five two nine two five five six oh eight. We're happy to help you, meet with you in person and provide you some direction into twenty twenty four. This is Josh Arnold, mister Money Talk with Jut Arnold here to answer your questions on

stocks, bonds, mutual funds. You should position your investment dollars, including your in four to one k. Don't hesitate to give us a call nine five two nine five five six oh eight. That's nine to five to two nine five five six oh eight. You always get straight talk, not sugarcoated advice. Say if you missed the start of the show or you haven't listened to us before, Please keep in mind that everything we discussed in the show

is for discussion purposes only. Nothing should be considered investment advice. Some are all of the seheries we discussed on the show may or may not be suitable for you. Please consult a financial advisor before making any investment decision. Investing in the stock market contains a series of risks, including the risk of loss. All right, that makes the lawyers happy, So let's get back to the real thing. The Fed is done. They're probably gonna cut the bond

markets pricing in a series of cuts. Equities rallied huge, especially small caps rallied just epically. Small caps from the early October lows are up over twenty five percent, including I think eight percent this week. Unbelievable. The IWM has had a huge move. And then bank banks being the other one, which we're in the gutter for, you know, since Silicon Valley Bank. What a move since they're a group of stocks that I want to avoid.

Yeah, that one's up twenty five percent also from the lows, and in the last five days up about just under ten percent. And that's another thing where you take what's called left tail risks or downside risks to the market are being not gonna say removed, because they're always there, but the pricing on those risks, the probability of the the bad outcomes is going lower and lower, which is generally supportive. Now we say all of this in the context

of what is now. People are going to look at the year end, you know, five years from now, people look at the year end stock returns for twenty twenty three and they'll say, wow, SMP five hundred up mid twenties percent, small MidCap stocks up fifteen to twenty what a great easy year, And what is that untrue? Easy? My gosh, it's far

far from easy. This was a another very difficult, difficult year. So and this is a big tenant of how how we do things, which is you it is too hard to call when you get in, when you get out. We don't we talk a lot, We talk a big game. We talk about macro all the time. We really are pretty quiet when it comes to trading, as you need to be. Because if you weren't invested this week, you got you you missed the move we had. Well,

there are awful lot of people who weren't invested. Bear in mind, I saw one statistic that there's over six trillion dollars just sitting in money market accounts on the sidelines. I mean, that's that's a lot of dollars. Uh. And if I were even to go back to the beginning of this this year, with the number of strategists and of who said don't invest in stocks this year, recession is coming. The only place you need to be are in bonds. And okay, the long bond index right now is only down

one percent for the year. The S and P five hundred. If you had just invested in stocks through all the ups and downs this year, and there were some difficult times, particularly over the course of the summer. I'll say July, August, September, and part of October. The S and P for the year is up what two percent? I think another another stat will get people. The S and P five hundred. At the worst point, you know, midway through the year, I think, was up nine

percent. Bonds at their worst point in a year that everyone on TV was screaming at you to buy bonds. Long treasury is TLT at its worst was down twenty two percent for the year at its worst moment. Now it's back to flat for the year year. But this is our our big point on bonds since two thousand. Now, you've been anti bonds your whole life. You did it. You would acknowledge in you know, the mid nineties getting an eight percent return in long bonds is it's not bad. It's not great,

but it's not horrific. What we've been saying since the global financial work crisis when bond returns went to zero, said what are you doing? And during this recent bond volatility of the last three years, when we played around with interest rates, you've lost many three years in a row being a long treasury bond investor as interest rates went up, and you've missed a monster return

in the US stock market. And if you go back people people would point out and say, well, yeah, I might have missed that big return in the stock market over the last three years, but look at what I missed in twenty twenty two when the Dow was down twenty percent and NASDIK was down a third. By being in bonds, at least I collected some interest and still lost money. You still lost mid teens and bonds, but I but I got my interest. Jud that's not the point. And then and

and my bonds and bond funds are quote unquote safe. Being very facetious here, I hear since since two thousand and nine, you made almost nothing in bonds, and you made five x your money in the S and P five hundred. And that's the problem. That bonds always win, if you have any sorry, stocks always win. If you have any type of time horizon, you should be in stocks. We have to say that for some people, potentially maybe bonds might be an alternative. We have to be fair and

balanced. Although when I asked these people to be fair and balanced, how

they can empirically justify that. They asked me the key question, what do you mean empirically, Well, I'm gonna just switch something in terms of, you know, stocks versus bonds, because the I'll say the mantra is, keep sixty percent of your money in stocks, forty percent of your money in bonds, or some slight variation on that, and that will provide you some safety and some growth because usually the bonds do not move in sync with stocks. Although I would I would say, you know what, not true.

It's the stock market's going down, the bond market is probably also going down. Yields are going up, so you're losing money on both stocks and bonds. I'd also point something out, and this is from a very long time ago, an interview that I saw on an old program called Wall Street Week with Lewis Rukeiser, which was to me one of the more fabulous interview shows

and probably during that time period was the only financial show on television. One of the I'll say once a year, Lewis Rukeiser would interview his father, and one of the last interviews he did of his father, who at that time was celebrating his ninetieth birthday and Lewis Rukeiser asked his father about investing in stocks and why he was still investing not only in stocks, but leaning to gross stocks at his age at ninety because if the things went down, he

did not have enough time to recover and his father his father's answer was, you know, were it not for you and your siblings who forced me to get or put some of my money into an annuity, I would never have done that. Stocks are the only way to go. I've got from some stocks dividends and those dividends grow every year, and other stocks I've got growth, and that is the only way to go. I said. Okay, here's a guy at ninety years old. And this interview took place I believe

in the in the late eighties early nineties. So obviously Lewis Rukeiser's father had been through a lot of different markets and not only one thing that bonds are good for enemies. I'll tell you one thing bonds are great for. They're good for paying high fees and employing Wall Street. Okay, that's that's it. They're a high fee. It's really unbelievable. They're a high fee product. Worst return on a five ten twenty I mean, it is just unbelievable.

The one year they work, you're miserable anyway, and you should sell them to buy stocks. So that's what I will say. When you talk about a high feed product. I you know a number a lot of years ago I did check out because you know the different prices on bonds because bonds, unlike stocks, there is no transparency in terms of pricing none. You're gonna get run over as an individual investor. You get run over as an institutional investor too. I worked at two of the biggest credit funds on Wall

Street. You get run over. That's what That's what the answer is. You get run over in credit. But so be it. But what we're gonna have to wrap this up after then after the break. This is Josh Arnold, mister money talk with Judd Arnold, always here to help you with your investments. 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. You always get straight talk. Not sure your coded advice.

This is Josh Arnold, mister money talk with Judd Arnold, here to help you with your investments, whether inside or outside of retirement account. Whether you're investing in stocks, bonds, or mutual funds, 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. Well you had a big, big week, Judd, you will say as an activist investor, Uh, two of your holdings seemed to do well. One came back

a bunch, So congratulations to you. Wow. Then Tidewater needs to rally a little bit more. That's our energy services stock, Pagaya. We went activists on over the last weekend. We wrote a say a less than friendly memo to the boarder, directors and the CEO of the company. It did get a nice upgrade or i say initiation this week from Jefferies midweek. Jeffery's putting a two dollars and fifty cent target on what was a one thirty stock.

Now you say, wow, you're dealing in penny stocks touching these things. Keep in mind, Pagaya, the stock we're talking about, ticker PGY, does have a little about a billion shares outstanding. So this is not a well it's a small company, it's not Apple, but it's a billion dollar money or I say, it's about a billion five market caps, so not terribly small. And you know, we're we're hoping we get some positive response. We've gotten some from other investors, and I'll say we'll see on

that one. And as we talked about at the start of the show, I deal a lot in small and MidCap stocks and those have been under severe pressure. And it was real interesting this week. I'm in the gym, I'm going for my swim, the FED talks. I get out of the pool and I see every stock I own up fifteen percent. That continued through and I felt like the weight that I had been carrying had been lifted. It wasn't that I was doing the math wrong. I just needed the macro

to adjust. Always a tough thing, but we'll see plenty of time left. Small caps and bigcap stocks that I mostly deal with are not for everybody. They're not for most people. Heck, they might not even be for me. They got a lot more volatility, and they will test you. Oh boy, will they test you so well. You could see, Steven, somebody in the IWM has definitely been tested. For a long, long period of time. It used to be that small caps outperformed big caps.

That has changed over the last twenty years as the big caps have transitioned from banks and insurance companies. You go back to nineteen eighty about the year I was born. I was born in nineteen eighty one, the top ten companies in the S and P five hundred were all bank and oil companies. And that is what you see if you are an international investor in most countries that you invest in, you know frontier countries that all the big companies are banks

and oil companies. In America they're tech companies. There is not a single trillion dollar company I believe outside There may be one in Europe, but that that's a non bank. Outside the United States, we are truly the global unicorn and the leader in the world. We've got tons of trillion dollar companies, and our big tech companies are among the best businesses of all time.

And as long as that is true and the valuations remain compelling and they grow earnings the way they do, most of the big cap you know, the so called Magnificent seven, generally speaking, traded about I'm going to say twenty one to twenty two times earnings and are growing earnings at about fifteen to twenty percent. They are not bad values even here. So we'll see small caps. You can't buy the menu like you can in big caps big camps. You buy the whole menu, buy the S and P five hundred or the

QQQ index. You can do what we do buy individual stocks. But it is hard for us to say to an investor that you're doing the wrong thing when you buy the quote unquote full menu and buy the index. With small cap stocks, we can definitively say you should not buy the menu. You need to pick and choose. Because the dispersion among returns of small cap stocks

is huge. These are less good businesses. Less mature typically have more leverage, more economically sensitive, which is why moves and interest rates are pretty big deal for them, because it means they have to pay less on their debt or more of rates are going up. They can't fund future expansion the business has improved down. I believe about twenty to twenty five percent of the RUSTLE two thousand indexes comprised of companies that don't make money. They're attempting to make

money, they're trying real hard, but they do not make money. You cannot get in the S and p. Five hundred unless you are profitable on a gap generally accepted accounting for basis four quarters in a row. So a little different, a little different, but I do see, I do remember a time when small companies did provide a strong measure of safety against investing in small against investing in large companies, primarily because they were overlooked and a lot

of and they were making a significant amount of money. And if you brought bought a large number of them, some some could grow into larger businesses. And when I started in business, i'll say before before you were born, one of the top performing mutual funds was just called the OTC Fund, which had been absorbed probably several times games or might still exist in some measure with

tro price. But that fund did extremely well when the market sold off in nineteen seventy three and seventy four, and then continued to do well for a large number of years after the dirty Dirty portfolio. They had over three hundred names. Well, most of the companies you wouldn't even know. Well, I'll give you the dirty dirty secret over what happened when I was born in nineteen eighty one, there were I believe twelve thousand roughly public companies in the

United States. Private equity woke up and said, this is a huge arbitrage and we're going to take all these overlooked public companies. Keep in mind twelve thousand public companies in a world with no Internet, far slower dissemination of information. I mean, you couldn't get you had to read the value line manual.

It would come to you, you know, type time. Well, the value a line manual came every week, you got you know, different different section and it was huge, huge, And today there's I think forty five hundred public companies in the United States, so we've almost were down by almost two thirds. Information is goes around at lightning speed. The speed of light. The ability to sort, sift through, get information on everything is so different, and that is why the small another I shouldn't say that's the

why, but that is a big reason behind the ability. Berkshire Hathway was largely built on the back of overlook small captain OTC stocks. It just simply does not exist, which is a factor of investing in business as well as understanding civilizations in life, which is the world evolves and moves away from you.

But a different story for a different day. The long winded answer that we have is, you know, with your clients, you're incredibly folks on big cat stocks and that has served you incredibly well, yes it has. We've had a very very good good year this year. Thank you Apple, thank you Amazon, even thank you to some of the casino names and other we'll say travel related companies that we've owned. But it has been a lot

of up and down, and now we have a period of up. I do believe that after the start of the new year we might see a little bit of tax selling as people take take some of the gains they made this year and pocket them, knowing that they don't have to pay capital gains taxes on those for we'll say fifteen into twenty twenty five, and then we have the final quarters of earning starting in the second week in January, and we'll

start start all over with next year. So going to be as they say, wait, well wait, we got we got one more week to wrap up, well two more weeks. It's really one's wrap up markets this year, so plenty to com We remain excited, lots to do. Have a great week, have a have a great, great week, and we will look forward to talking to you again. This is Josh Arnold, Mister Money Talk with Judd Arnold, always here to help you nine five two nine two

five five six eight. Josh Arnold Investment Consultant is a registered investment advisor located in the state of Minnesota. All securities discussed are for informational purposes only. Investing contains risk, including risk of loss. Consult you're investment professional before making any decisions about your investment portfolio.