Good afternoon. This is Josh Arnold Fist or Money Talk with Judd Arnold here to answer your questions on stocks, bonds, mutual funds. You should position your investment dollars including your IRA in four oh one K. Don't hesitate to give us a call nine five two nine two five five six eight. That's nine five two nine two five five six eight. You always get straight talk, not sugar coded advice. Before we hop in, we have to give
the usual disclaimer. Nothing on the show should be construed as investment advice. Everything is for discussion purposes. Only the views expressed on the show are ours and ours alone. Investing in the stock market contains risk, including risk of loss somewhere. All of the securities we discussed in this show may or may not be suitable. Do not make any investment decision without consulting a financial advice.
I love the way you do that disclaimer. You should bottle that, judge, just bottle that up. Well, you work at a bunch of big firms. You got a bunch of you got you a bunch of big meetings with a bunch of overpaid lawyers. Let's jump right in. It is a Friday afternoon for us as we record this for the weekend, we've got I don't know if this is the official invasion of Gaza, but that began as the market closed and really sent yet again. The pattern of sell risk
on Friday continued in the market that that it does. I mean, we o' say even from the from the open today, the Dow was, Dow was down, s and p was kind of mixed. Nasdaq was up on the backs of a better than expected report from Amazon and even some better better guidance, which definitely helped will say the Magnificent seven overall, but the Magnificent
seven definitely had a overall had a furyed difficult week. Add to that, Exxon and Chevron reported this this morning on this being Friday morning, and Chevron missed top line, bottom line, and that's even with some positive news coming from a merger with Hess and Chevron being a Dow component, just really took the wind out of You can't down sales. You cannot buy the largest capitalization
stock in irrelevant sector. And what I mean is, hey, you can look at utilities and pull up a chart of Ane, which is next Era Energy, which is the old Florida Power and Light when portfolio managers that track the S and P five hundred have a sector that they don't know well, or don't care about, or it's small, So utilities are one percent of the S and P five hundred Energy seven and I'm about to get to energy, they crowd into the biggest most liquid name, next Era, which is
traded at anywhere between a three and five term premium to every other utility for going on ten years now, has finally crumbled this year to just catastrophic losses, while the rest of the utility sector, while down twenty percent, is most of it is outperforming massively. The big one go to Exxon and Chevron, which combine for roughly half of the energy exposure in the S and P
five hundred. That would be the XLETF. It's about seven percent of the S and P five hundred, So those two stocks are about three and a half percent, And what a lot of portfolio managers have done is they've just bought those two and moved on, And so those two stocks trade at a two to three term premium to every other energy stock, which is why they
are using their overpriced currency to buy. In the case of Chevron, hess in the case of Aixon Pioneer. And so when you take a massive acquisition in the case of Chevron, which is all stocked plus i'll say mixed to negative earnings, you get a pretty catastrophic downward pressure like we saw Friday as long only investors who suddenly have to care say why do I own this thing at this valuation? So it's one of the many risks of passive investing.
Well, I'll throw another another risk out of passive investing. I get a call this morning from a client, what do I make of j of Jamie Diamond selling or announcing to sell a million shares of JP Morgan's stock next year. And I think that that announcement took not only JP Morgan down, but the banking sector as well. Not to you know, not to belittle the fact that the banking sector has got some serious, serious problems. I'll tell
you what. The banking look the banking ECFKRI We have been all over this. Banks are in deep, deep trouble. They're shedding assets, they're taking losses. Nobody's going to be able to grow book value. And I think Jamie, who has never sold stock in JP morgan and most of his Networth is JP Morgan. He's selling twenty percent of his holdings over the next year. He's not selling it today. I think he's looking at it and he's saying, well, I traded a premium to everybody. Sector is not going
to do great for a couple of years. Maybe I want to redeploy some capital, which isn't a bad, bad idea. I'll tell you if you want to talk about how bad banks are. The lending Club, which is a little bit misleading of a company name. It's not a club. So they are an originator of consumer loans that they resell down to. So it
is we'll call it an originator. A bank product. CEO hopped on the conference call today and that stock has gone from a COVID high I believe about forty five down to five and it is a chartered bank, which will just that is a huge decline. But they hopped on the earnings call and they pulled absolutely no punches saying that there is no demand from bank buyers for new
loans. You have to be kidding that that makes almost no sense. It makes suns of sense because they're they're shedding assets as deposits of the book equity of the So the banking sector has twenty three billion dollar twenty three trillion I should say, sorry of assets roughly, and it's got about two and a quarter trillion of book equity. Well, the deposit base is overstated because of the search of deposits during COVID, still by one point five trillion, So
you're gonna take out somewhere between one. You know, maybe let's just be considered. Let's say another trillion of deposits comes out. Is those normalized, that's fifty percent of the book equity of banks who now are in this awful position of having to sell assets to fund those deposits. Well, they can't sell treasuries, which is where they dumped all the money, because they'll have to take losses. So what does that Well, they got to take serious,
serious losses. Well, it means that as loans come due, right, they don't roll them. That's why they have no demand for new loans. They're shrinking balance sheet. It's going to be you know, the banking et f THEKRI still trades a point a times book value. I mean, I don't understand why you shouldn't BEEO point four and the math behind that is just well, if you have no earnings reels for the next five years and you're gonna under earn your roe, you're only going to earn about a sixty
seven percent return, and you're a ten times levered institution. People need to earn that that the investment hurdle is probably a double digit return low teams and banks because you get to factor in the risk that you could, you know, lose all your money because it's a bank. So no Bank of America. When Buffett invested in twenty eleven, mind you, so two and a half years after the bottom of the financial crisis, he bought it for point
four times book and that's when book value is a real number. Today we're pointing any times book and nobody's taking losses yet. So what's going to happen? Judge, Judge If if you're saying loan demand from the bat loan no, no lot loan okay, you're saying from the bank perspective, it's asset growth demand from banks in the form of okay. So I'm just trying to
think if I'm a small business, No, it's brutal. The credit gets no credit, there's no credit, okay, which is this is the impact of this is huge, and this is one of the many things the FED isn't looking at, or they just look at interest rates. There's no credit creation. The banking sector is not going to grow assets, which is a huge you know nomics one on one, it's a huge impact on the velocity of money. Well you know my you know my feeling on the yeah,
which is which is not not real good. You've got five hundred uh pH PhDs And they must know nothing about the real economy. And of course they can't constantly say they're data data data dependent, but I don't know what data they're using and other than data that might be several several months old. And then on top of that, the market is definitely going to be concerned next week about what the FED is going to do with short term interest rates when
they meet Tuesday and Wednesday. Well, no, we had a hot inflation print Friday. But there's a lot of uncertainty and you're starting to see real cracks. So we'll see. I mean, we're going to have to cover this in the next few segments. But big tech reported this week, and while Amazon did okay, most of been tech did not do great. This week, so you know a lot more to discuss when we come back. This is Josh Arnold, mister money talk with Jut Arnold. We're here to
help you. Call us nine five two nine two 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 and four one K. 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 code of device. This this past week, a lot of earnings
coming coming in. I paid more attention to a large as A has given one of my and our large positions. Amazon reported their numbers on Thursday,
and I thought Amazon numbers were we'll say, close to out outstanding. And their conference call, which a lot of questions centered on one segment of their business, uh that being Amazon web Services, proved to be very helpful in getting analysts understand that Amazon Web Services is continuing its growth trajectory or is going to return to a fairly strong growth trajectory as it adds a new a lot new a lot of new business, and they also talked about generative a high
being included in that. One big plus also for Amazon was the increase, significant increase in their advertising revenues, and I think that'll be another business line which will show continued growth. Little was mentioned of Amazon's logistics business, which I think is another potential moneymaker and particularly if that eventually gets separated out.
And probably the slow or softness of their guidance came from caution over the holiday spending quarter, and that caution over holiday spending I have seen already mentioned in a lot of retail retailers who have reported or are planning on reporting over the
next the next several weeks. Microsoft was probably the or could be considered the strongest report reporter of the four large technology companies that came out this week, and Microsoft spent a lot of time talking about A I and the increase in their cloud business and in particular their A zor business, which gave the impression that Amazon was taking share from both excuse me, what Microsoft's Azora was taking
share from Amazon and Google. Amazon is still the largest public cloud out there and generates more than twice what Azor generates and more than three times what Google currently generates in terms of revenue for the cloud. Google's numbers, well, Google disappointed a lot of analysts and a lot of shareholders, as Google's stock was down about twelve percent for the week, taking a nice chunk out of
Google's year to date return. Google did beat on the top and bottom, but the focus was not on Google's search business or advertising business, which is strong, nor was it on their YouTube business. It was on Google Cloud, which showed a smaller increase than had been anticipated. Not to mention, of course, Google's other businesses. I shouldn't say Google, I should say Alphabet. Alphabet's other businesses, uh did not show any any potential whatsoever.
And Google's conference call was kind of wandering and kind of meek. But then there were some other other calls, you know, away from that, which you know looked, you know, kind of kind of interesting. You had Intel beating on you know, both both lines, primarily on cost cutting. Uh. Their their stock moved up, and that helped the semiconductor space primarily. On on Friday, you had CHIPOLTI and everybody loves well, I love CHIPOLTI. We just got talking about I hear you. We got a level
said this, Okay, the market is a massive sell off. Everything is over sold, the S and P five so coming into this week, the midcaps and the small caps are clearly oversold. And you can look at RSI, which is called relative strength index, you can look at price relative to two hundred day moving average fifty. All of these things are massively oversold. What changed this week was the only thing that was holding up was big cap tech, and now that is rolled over to So the S and P five
hundred is now at the lower edge of over sold. With an RSI below thirty, fifty is normal, seventy is overbought. It's at thirty. It has not been this low since you have to go back to October twenty twenty two, which was the market lows. And if you look at the IE of the Russell two thousand index, which is mind cast, it is scraping the bottom. And even the Nasdaq, which has been obviously the relative out performer, is completely overseled and it's at three forty closed the three forty five
with a two hundred day moving average at three thirty nine. And my guess is that we are going to break the two hundred day moving average for the NAS deck most likely as my guess. So we got more earnings coming the big ones. I mean we still have Apple, that is that is next Thursday. I'm expecting a surprise, but analysts have already taken Apple's numbers down. I know that there's a major concern about China sales, in particular China phone sales. Add to that, China is going after Fox con well,
Apple works Apple as already. Look, let's just give the cliff notes here, which is Apple peak out at about one ninety six. We are now at one sixty eight. We are completely over sold. We broke the two hundred day moving average. We're at one seventy right now versus close of one sixty eight. We broke down. Yet we broke through the two hundred day
on Thursday. So the question is going to be, what you really want to see for the end of a selloff is when stocks stopped responding to bad news, which is effectively the inverse of what you want to see don't want to see at the end of a poll market, which is stocks stop responding to good news. So I think that's what we're looking for ultimately. Now, just as a reminder, we bring this up occasionally. While we talk about all these short term things, we are actually quite long term. Our
portfolio turnovers quite well. We are patient. We do have a training with portfolio. We do, though, have a pretty big cash allocation. So we watch all these things and we are waiting. If we can make two to three good decisions a year, that should be enough. But make no mistake, like things are are highly uncertain right now. Now. One thing, one piece of uncertainty we did remove. We've got the Republicans got a Speaker of the House that was That was that I thought was a big,
big deal. The question sid in the Republican Party seems to have ended. The question is going to the question is going to be who or what is the if you can get through the Continuing Resolution which comes up next month and we avoid a government shutdown. So I don't know. We all the political world, I will just say before we go to break, not just in
the US, but across the world is becoming incredibly murky. In the US, we had local Dean Phillips, congressman out of a you know, southwest suburbs of Minneapolis and parts of Minneapolis, announced the candidacy challenge Joe Biden for the Democratic nomination. That's actually a moderately credible challenge and Canada Trudeau is likely
to lose. Europe, most of the politicians are deeply un popular. Shina, you have Zijingping is seventy one years old and the former premiere uh Lead kept Kai passed away on Thursday. You have an incredibly uncertainable out there, so the market is partially responding to that as well. So a lot of uncertainty, which uncertainty when oversold conditions are typically pretty good long term bias. It doesn't mean you're not going to take more pain prospectively, but the market's
pricing and a lot of bad stuff. But we're gonna have some good stuff when we come back. But we got to take a break, Yes we do. This is Josh Arnold, mister money Talk with Judd Arnold. We're always here to help you with your investment decisions. Give us a call N two nine five six eight. You always get straight talk. Not sure your
coded advice. This is Josh Arnold, mister money talk with jud here to answer your question about stocks, bonds, mutual funds, how you should position your investment dollars, including your IRA and four one K don't hesitate to give us a call. Two nine five five six oh eight. That's two nine five five six eight for those that missed being great talk not sugarcoated advice.
For those that missed the beginning of the show. Once again, our disclaimer, which is everything we discuss on the show is should not be considered investment bites. Everything is for discussion purposes only. Some are All of the securities we discuss on the show may or may not be suitable for you to not make an investment decision with that, consulting an investment advisor. Investing in the stockburn contains risk, including the risk of loss. With that, let's jump
right back in. We left on the last segment on a dour note. The market is over sold. The world is in chaos, which we don't mean to minimize. I wouldn't say the world is totally in chaos. There are. There are significant problems around the world, multiple wars going on, including as always a Middle Eastern conflict which has the potential to drastically impact the
world's supply of oil. Just as a reminder, roughly half of the seaborn crude in the world that's water that travel that's oil that travels on the water, which that's the price. About half the oil in the world moves by water, so a quarter of all the oil in the world goes through the Straits of Hormouse, which is out of the Persian Gulf. And if oil is ever disrupted out of that area, oh boy, do you have real economic consequences. Of course, that is on the other side of the Middle
East from where the conflict is, but it could very well spread. We record this on Friday afternoon as Israel has begun a not sure it's a limited or full scale invasion of the Goadza strip which could spread. Always always very
dangerous. If I look at it, if I look at what happened on a political basis three weeks ago, it looked like the intent was not only to harm Israel, but also harm relate i'll say, Arab relations with Israel and the upset we'll say, the continuation and expansion of the Abraham Accords, in particular with normalization with the Saudi's and Israel. And this seems to have been, in my estimation, instigated by the mulahs in Iran because they could
have been losing their their position or and or relevant. But that's just an opinion from the from the chief seats. Well, I think one of one of the things that I've talked with clients about is perhaps one of the scary things is that is most clear is that Hamas Aaron and that orbit of people
completely misjudged the both Israeli and Western response. Certainly, never and never is a long time, but I cannot remember a time going back in history or Israel has had effectively the unconditional military support of the US, the United Kingdom, France and Germany at the same time, which I would tell you from covering the region for a long time, can only occur if behind the scenes they are getting the green light from the Saudis and the Amidis as well.
But well, what I what I found just just as an aside from this this this came on Friday, I saw a headline that the nine Arab Arab States condemned Israel for what they were condemned Israel. Yeah, but that's why
the goaza. But here's the interesting thing. I have never seen any seen a statement coming out from these Arab states also saying that Israel did have the right essentially to defend itself for what had happened to the log I think that the Middle East is one of those places where you have to from a you know, from a market standpoint, certainly we'll try to avoid the politics of it. Do as I do, not as I say, is the important
thing. And I think the political analysis is simply with the four major Western powers firmly behind Israel, there is simply no way that is that is happening unless the Saudis and the Amarandis are acquiescing to that. So the fear from a market perspective is simply with that level of unification. Do you get to a point where the Saudis and the Amarandis wake up one day and say, you know, we've got all the military assets here, why don't we just
go after the problem. So it is unclear whether this spreads a lot of people unfortunately are going to lose their life, which is always horrific. War is utterly horrific, and we hope everybody stays safe. From a market perspective, the fear is simply this. Any expansion of this war will be a complete headwind to the market and likely leads to higher roil prices and just general
uncertainty, which obviously goes without saying so. Tough times, but as always, if you take a long enough yew, we always get through it because we always have little positive statement coming from you. I've got to I've got to follow up, follow up with some other other positive news from you. I know, one of one of the companies that you like, Pegaya, which is the stock price has been all over the over the place, had some very good news earlier earlier this week, Paguya being a very you know,
a small cap stock. Well, Pagaya, look the stock price. It had unbelievable news on Tuesday morning, which is they signed a top five bank partner and a top four OEM captive and people were not expecting this anytime
soon. They already have twenty six different lending partners including Ally Financial and Sofi, and these partnerships were certainly not expected to come during in Israeli war, with most of the management of the company in Israel, with stock traded as high as one thirty eight, came back, was trading fine Friday until the ground invasion and then sold off from one twenty five to one to twelve. Earnings are next Friday and it's one that we're very as excited as you can
be. I would say it's if you heard the earlier part of the show where we talked about the negatives with banks. Pagaya is a play on the stress of banks. They partner with lending institutions, but they offload the risk into the asset backed securities market and they make a fee for doing that and
for banking and lending partners. It's incredibly attractive because Pagaya takes loans that they aren't going to make, gives the lending partner a majority of the fee without taking any balance sheet risk, and Peguy doesn't take balance sheet risk either, So I am it is still what what they call an unseasoned equity, meaning it is new to the public markets as about a year and a half ago.
The stock is incredibly vulnerable. If you go on Twitter, you can find my very copious seventy five page report on it where I walk through the cases of why this can be. This is currently dollar twelve stock, which is about a one point one billion dollar valuation, could easily be worth three, four, five and even ten dollars a share if they hit their numbers, and certainly the rubicon being crossed getting such a great bank partner, and
we expect more partners to come. So always a way to make money. Unclear whether we're going to make money, but I will point out we're seeing both one main financial which is a big ABS user of a lender. And this is a big theme which WI is the guys who use ABS instead of deposit funded are growing. ABS is asset backed. Security is security. They are bonds backed by bundles of loans. Okay, so you've got to make sure everybody understands the term instead of just the initials. There there you go.
So it's certainly that this is a market that is very well leveled. I don't know where the overall market's going to go. I do know that one of the more attractive pieces of the market right now are these mad cap and small caps, particularly the stocks that have gone public over the last three to four years that have largely been orphaned because those have already they have trained. There's a lot of There are a lot of companies. But I will point out before we go on, it is you have to look at the
menu. You cannot buy the store with small caps. Small caps go on small caps as a collective asset class is usually underperformance large caps, which is a big counterintuitive because the failure rate is so high. So of the ones that don't fail, those do actually pretty darn well. But it is a I mean, I'm looking at one in particular, small small caps that announced that they were looking at strategic alternatives this week, and they are major stockholder
or stockholder of this bank of this company. Endeavor said, you know, there's no reason not to take this company back privately. We are seeing increased activism and a lot of take privates given where valuations are. But we'll talk about that a little bit more when we come back. This is Josh Arnold, mister money talk with Judd Arnold here to answer your questions on stocks,
bonds, mutual funds. You should position your investment dollars including your IRA and four one K. Don't hesitate to give us a call nine five two nine two five five six oh eight. This is Josh Arnold, mister money talk with Judd Arnold here you answer your questions on stocks, bonds, mutual funds. How you should position your investment dollars including your IRA and four O 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. You always get straight talk, not surer code of advice. We're talking about some of the small caps, mid caps, some companies that recently have come public in the last several years, some coming public through special purpose acquisition companies, and many of these stocks either seem overlooked or have sold off. Some of them are making some decent, decent money and maybe a number
of these companies should not have gone public. And now you have companies, as we talked at the end of the last segment, such as Endeavor looking at strategic alternatives and their majority shareholders Silver Lake Partners is looking and saying, well, maybe we should take this company back private where it probably belonged in the first place. So there's going to be a lot, it's going to
be a lot lot of that. We are in the depths of a pretty big sell off, the biggest sell off in more than a year, and you are seeing at the exact same time to this campaigns being launched with the goal of taking companies private. Because this market has firmly bifurcated, meaning the magnificent seven stocks have outperformed all year and are still lot. The average stock is down markedly this year, and it is flat from the lows. I mean you are well, I say, it's at the lows of the last
couple of years. I mean you had talked Chahda, I was going to bring up. The equal weighted S and P is in negative territory. It's down five and a half percent for the year, down almost six percent for the quarter. We bottomed last October at just under one thirty and we're at one thirty three on a three year basis, we are down now a little bit, and it's you know, it's just it's pretty darn scary. Think about this. The pre COVID level for the equal weight S and P five
hundred was one twenty. We're at one thirty right now. We're barely up first COVID. Well, the the the market weight S and P is up significantly over that massively, and it's all as is the QQQ, which is that's that's the driver of it. So for the S and P five hundred, we pre COVID, our pre COVID level was three thirty and we sit here today at four to ten. So a decent you know a decent role return. Albeit we we peaked out at forty eight hundred, so it's this
has been a story of big tech. But if you look at an even scarier status the Russell two thousand, which is the bottom two thousand of the top five stocks. Okay, if you want to attract that, that's iw am iwe it's the bottom two thousand and the top three thousand stocks, so take out the one thousand biggest. It's the bottom that has no return on a five year basis nothing. So it is just been very, very difficult, and we're in the midst of it. So I hear people getting more
and more excited about twenty twenty four. We are waiting for the Santa Claus rally, which I don't know if it comes, you never do. Know. It's a seasonal thing that November and December is usually pretty strong. But I will say this earning season has started off pretty difficultly. So you said difficultly or typically difficultly, difficult, hard, not good, bad, Okay,
I would say hard is okay. I think that I think I think that they're there's enough companies that have been beating numbers but have been issuing very cautious guides the world. Look, I keep waiting for a big release day, given how technically oversold we are, and for those people who don't under don't follow the stockware. When you get over sold levels, which there's a
lot of ways to gauge them. I look at relative strength index, which is just effectively how many updates vercent, how many down days in the short period of time, And you can look at two hundred day, fifty day, one hundred day moving averages. But eventually the machines turn on and because positioning that is just exhaust itself between people selling and people's shorting, and there's
no one left to sell, and you can get wild updates. I've been waiting for you know what I like to call a release valve day where we're up one hundred and fifty two hundred basis points. We had one half hearted one earlier this week, but we really haven't had the big one. And based on where we are, which isn't to say that we're not going to keep going lower, by the way, we should have some type of a
big release date where you can figure out where everybody is. So I don't know, it's not like I do anything right now, we're just sitting here waiting and watching. We like what we own. Market goes up, market goes down over the long period of time. If you stick with it, you got good companies, You're going to do pretty darn well. But it's incredibly we get how frustrating it is for people. I said, last week, you gave me. You gave me a little grief when I said I
expect to lose money every day for the rest of the year. I like to, yeah, I did give you grief on that. Well, I was proving so far, I've been proven correct. We're not that expectations or we think we own good stuff and it'll play out, so we'll see, we'll see a lot. That's one of the reasons we do keep a big cash position, and we have emphasized that for a very long, long period
of time. Typically we keep up to and I say up to thirty cash and the balance is invested, in my case, high quality growth growth companies that are focused in on the Internet, leisure related businesses, China related businesses, and real assets, along with doing a teeny bit of short term trading on what to me are interesting short term opportunities and I'll say, my largest
holdings have so far proven proven stellar. Yes they are down from their highs, but they continue to generate money and generate a lot of cash flow, and that cash flow can be put to work any number of ways. I know that jud just switching switching a little bit to bonds, which is something
I am not an investor in. You're not an investor in. But with all the talk about higher yields right now, those yields on keep getting higher, which means bond prices keep getting lower, and anybody holding bonds has really gotten hurt on particular bond funds, in particularly on a mark to market basis. I look at I think if you're going to take any type of duration risk on bonds, I think you're really being you're not appreciating the risk duration
risk, meaning if you go out more than two years. So if you want short term, if you want the yield it feels comfortable for you, you can go on treasure IRAQ. You can buy one year, you can buy six month, three months, six months, twelve months, two year paper. But I will just say, while we are in a bond bear market right now, the penalty for being wrong in bonds buying the ten year or the thirty year on the tenure. Every percentage point on the yield moves
the bond price about eight points. So if you buy a five percent yield and the yields go to six, you now go to ninety two. You're down. And then the problem becomes. Once you're down on a bond portfolio, your advisor whoever tells you, well, you can hold it to maturity. You can get your money back, but the cost to you is the fact that your capital is now trapped. You have an awful choice of accepting a short term loss and reinvesting the money somewhere else, or freezing that capital
in a terrible asset that you're just waiting for appreciation. So short term fine, but I just don't think anybody can call where interest rates are going in the near term. You can get to six, you can get to seven. We had a huge GDP number this week, a lot of risks there, and that's not if I'm taking risks like that, I want. I want to get an equity return, which is not getting But so that's that's
why I want to be in equities, which is our preference. And if you're not in equities, keep the money in cash both for safety and right now you can get some reasonable yield in in cash just for waiting. We do like our companies on a long term basis and we'll stick with them and unless there's a change that warrants moving away. Say this is Josh Arnold, Miss the Money. Talk with Judd Arnold, always here to help you with your investing, both inside and outside of retirement account. Do give us a
call nine five two nine two five five six oh eight. We're happy to meet with 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.