Good afternoon. 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 in four oh one K. Don't hesitate to give us a call five two nine two five five six oh eight. That's nine five two nine two five five six eight. Joy, please join it. Yeah. Everything we say on the show is for discussion purposes only.
Nothing should be considered as investment advice. Some are All of the securities we discuss on this show may or may not be suitable for you. Do not make an investment decision without consulting an investment professional. Investing in the stock markets contains risk, including and especially risk of loss. There we go, but
no losses this week because it looks like the Fed's done. The job's number was okay, not great, not bad, so it looks like we could have a soft landing, and the markets rallied hard, with the equal weighted SMP up over three percent this week and the regular SMP up a little bit. More. More importantly, banks, which have been the big source of trouble, climbed. I believe about ten percent this week, Well, the banks in general, just specific No, the kra Regional Bank KRI, which
is the regional bank index. I know that. I saw an interview with the old bond king, Bill Gross, who said that he was getting long and very long the regional bank index because of his belief that the FED was done and that that would mean that bond prices go up, yields go down, and that would be a big boost to the regional banks. Yeah, but the regional banks are still toast. I think it's a terrible trade. But nonetheless, I mean, what are you going to do now? Banks
of rally do I think point a times book value? They're not worth point eight times book value. They still got massive problems. What a rally in the bank index is going to do is it's going to allow these regional banks which are in deep, deep trouble because they took a deposit surge during COVID. They invest in all that money at terribly low interest rates and got torched. Their Most banks are selling assets. We've already lost several banks, looking
Valley Banks, Signature Bank in New York. But what the rally in bank stocks is going to do this week, and if it carries to the next week. It's going to allow these regional banks to issue lots of equity to help cure the balance sheets, which is good for systemic risk. It's great for other sectors because it takes away what they call a downside node, the potential for ruin. And believe me, if the bank index rallies, well,
I'm sure this weekend, I don't even have to wait. I'm sure this weekend every bank board is being told by their regulator, you're going to issue stock next week, because that's what the regulator are supposed to do, and that's what these banks should have done a long time ago. Well, now, if they start start moving up, the dilution that they're going to face, maybe not maybe won't be as bad as had been expected. But as our listeners know, we are not bank investors. We can do avoid
and I avoid almost like avoid, like the plague. Investing in banks to me, not a good business to be in. Ten times ten times levered. You can get zero and they earn returns on a wall you despite ten times leverage, they're going to earn sub ten percent returns on equity. That, sir, does not sound like a great deal to make. And they are all very poorly positioned. If you're going to buy banks, you want to buy them in twenty ten, twenty eleven, when things are really bad
but healing and you can feel good about buying a distress bank. Most of the good banking investments of the last thirty forty years have also occurred at somewhere between point three and point four times book value. I'm looking at City Bank way back. I think that was in the late eighties early nineties when the Prince the Prince came in and bought Prince will Leave ben Fwall. You can look at Wells Fargo in the mid nineties when Warren Buffett and Tiger, the
original Tigers Julian Robinson's Tiger bought huge positions and made a fortune. And then, of course the unbelievable investment of Berkshire Hathaway into Bank of America in twenty eleven. That has turned out to be I want to say, a seven or eight bagger. So that's when you want to do it. We are at point eight times book no reason to touch any of this stuff, move on, But we have to talk about it, because banks and blow off
your portfolio, even if you don't know banks. I no, just in talking about about banks, I got a question last week from one of my clients asking if it meant anything that last week at this time, Jamie Diamond announced that he was going to unload a substantial amount of his JP Morgan holdings. Well, he's selling on twenty percent. He's never sold JP Morgan stocks since he went over there, so it's about twenty years. He's getting older, and I think he is also saying I trade JP Morgan treats at a
huge premium to everybody else. It's the safe his bank, it's the best run, and he's doing some estate planning. And also the probability of it being you know, materially outperforming the equity indexes for all the reasons we've stated for the next five years isn't great. I would say another thing, which is, don't read too much into insider sales with a company like JP Morgan. It just doesn't mean that much, and inside advice don't mean that much
either. So with this, I think you can safely say we got a lot of problems in the banking index. He hasn't sold for twenty years, he's selling twenty percent of it as holding over the next year. By the way, he's doing a blind you know, let's call it ten B five. So stock's done really well. People sell when stocks go up. I think he's up twenty twenty times his money on his JP Morgan. But he's got a lot of stock com so he's still going to be a huge holder.
People like reading the sea leaves. People are very susceptible to conspiracy theories.
Conspiracy theories, Oh yeah, conspiracy theories. I'll stay away from conspiracy theories other than other than I'll just focus in on corporate earnings and some of the moves that I've seen in the market this week, you know, going going back to the banks, saw a lot of money over the last several weeks being pushed into the Long Term Treasury Index t LT That was stated by e t EF dot com and their analysis showed so much money going into t
l T that they likened it to the Momo money that went into rolling. I know you're rolling your eyes, and can I say why I'm rolling my eyes? The US treasury market is the most liquid market in the world. Dare I say the Milky Way galaxy? So get serious that this really matters, and I'll look at the the daily volume is up slightly, an extra ten million ships. Get serious, Okay, it's very simple. We had a FED. We had a FED meeting where Powell got up and basically said
the Fed's done. We had a data point with the employment number on Friday that confirmed that view. And you have a lot of people in bonds who have been wrong all year trying to try to buy the bottom once again. Once these things start rallying, they move very quickly, and that's what we've seen. We saw the ten year yield, which less than no about a week ago is five percent not even how about how about on Monday the ten year yield was just a tad over four point nine percent. Currently it's four
and a half percent. That is a huge, huge move in the ten year, right. But I would, and I would underscore a huge point that we've been making. Those buying bonds for safety are taking huge macro risk on mark to market. If you are wrong and yels go from five to six, you're stuck in that security. Or you can take a ten percent loss in a bond position right away, or you can hold that for ten years or until yields get better. If you make a little bit of extra
money. Why has he made money? Because you correctly called the movement of interest rates, which I'm going to suspect people who want to clip coupons aren't trying to do. But nonetheless, here we are. Well, that's another area. So we're not bond investors, we're not bank investors. What we are is stock investors. And we can talk a lot more about stocks and
earnings when we come back with more money talk. I am Josh Arnold, mister money talk with jut Arnold, always here to help you with your investments. 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 fo 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 eight. That's ninety five
to two nine two five five six oh week. You always get straight talk, not sure coded advice. Big earnings week for me and for Uja just this past week. Wow, as the earnests roll in, why don't we talk about Apple? Say your piece, I'll say my piece. I liked what Tim Cook said with Apple's Apple's numbers, I liked. I liked that I had cautioned clients as I normally do, prior to earnings. I've been cautioning clients prior to earnings four times a year for the last twenty years with
Apple. When Apple comes out with their earnings, they could be they could be great. But there is always going to be some group of analysts or some group of very short term traders that will focus in on some number within Apples, within Apple's earnings performance, and focus in on that number and say, oh, the end of Apple is coming. Sell, sell, sell, and I look and say, okay. Initially it was how many iPads or iPods were they selling, and that the focus was off any computer sales
or any music sales or services business. And one of the reasons that I got into Apple originally was their services business or their iTunes business, where Apple was making thirty cents out of every dollar dollar spent. I said, heck of a heck of a good business. Then Apple got into the added added phones to that, and initially it was oh, they can't sell any more phones, and then it was oh, they didn't sell it as many phones, et cetera, et cetera, et cetera. This time, let me
just finish, let me finish here, jud's this time. I just looked and said, hey, they beat the earth. They beat the earnings number. They they slightly beat on the revenue number. Their margins are up at forty five percent. Their services number is now half of their iPhone sales business and is growing growing faster. They're growing around the world. They've got more products coming. Heck of a business, and they hold this amount of cash.
Hold on a second, they've had revenue to let's be a little bit fair. The old okay, you can earn an you can say, okay, our revenue number is not growing over the last year, all right, five six years ago, this business was forty percent of revenue came in Q four and it was a product company. Today half the revenue is services.
But since services is twice the margin of products. But you know, mid sixties versus mid thirties, services, which is the monthly recurring revenue stream, is now a disproportionate majority of the profits of the company now while revenue has declined four quarters in a row. So let's let's be fair. There the
composition of revenue continues to improve. Where the bullbear argument is is that you have a stock still training at twenty seven twenty eight times earnings, which is a premium to the market at about eighteen times, and the average stock at about fifteen. And what the bulls would say is, yes, the PE
multiple's really high. Yes, the company an aggregate is not growing. Revenue, services continues to grow, and if you do the math, in the next few years, as services becomes a bigger and bigger piece, it will return to revenue growth. It will keep buying backstock. And the valuation, the PE multiple that you would give to a services business is far higher than
a product business. But we are in a classic valuation fight between people saying product product product declining over all earnings versus bulls saying the multiple makes sense because of the margin inflection and the mixshift. So that's where we're going to be. Where's the rubber meat this road. Let's just put it out there. A year from now, Apple better be growing overall top line because the mixshift
continues. And right here, you know, you could be rangebound for a little bit as the mixshift plays out different than the last time we had these revenue fears. Buffett came in with Berkshire and bought the living daylights out of this company. So I think the price action ended the week about flat, right, Yeah, well, actually the end of a weak up up just to ted from where it was last week, and it was just down down a little bit from where it closed on Thursday prior prior to the earnings.
I would say this too. Apple should usually verse the other big tech stocks the Magnificent seven. Apple should generally outperform in a down market, i e. Hold up better because of the strength of its monopoly, and in an upmarket where risk goes back on it should participate, but generally underperform a more cyclical stock like Meta. Now to allset that from a portfolio perspective, you also have a big position in a m Z and Amazon, which should certainly
outperforming an update as it's more economically sensitive. And that's how you're set up from a portfolio perspective. Yes I am, and you're doing very good, Thank you very much. Amazon. You know a week ago did did gangbuster numbers and and the stock has reflected that since Amazon reported their their numbers a little over a week ago. Now the stock has gone from one nineteen to
one thirty eight, so not too far off a recent recent high. But I was jumping up and down with that then then I looked at Mike My casino names did a better better than expected. Both Caesar's and DraftKings reported very very well. We had a very interesting report from AMD in that they missed numbers, but they indicated they were coming out with a new chip that could be better, better, and faster than the videos uh gaming gaming chips, And all of a sudden, oh a m D which had been knocked down
came back very very strongly after after their numbers. Of course, they might have gotten a boost from some of the other semiconductors that were reported reporting this week. You've got Starbucks beat and the CEO and from Starbucks said we're going to be expanding, and actually Starbucks looks like it's going to be following Apple into India. Starbucks has talked about having an adition fifty thousand stores. I'm guessing globally that's a lot of a lot of stores. Look, I had
a beyond earnings. I think we just had the level set here. The market really rallied hard, not so much because of earnings. But because the perception from midweek confirmed on Friday with the weaker jobs number that the FED is likely done and the movement and the time. That goes to a question that one of my friends asked on Thursday when we had lunch. With all the problems that are going on in the world, why is the stock market moving
up? And I said all has to do with the FED and the direction of interest rates and the belief that the FED could be done raising interest rates
right now yep. And I would also say with everything going back in the world, we have conflicts going on sossiarly Ukraine and Israel verse Hamas which has not spread yet, that are in places that are not economically sensitive, and where we can go from chaos in the world to chaos in the market, if particularly the Israel Hamas work becomes a war that impacts the flow of oil out of the Persian Gulf, which is you know for non Middle East people,
I would point out the other side of the Middle East, certainly that will have an impact, but that does not happened, and indeed you saw oil, a very key tell was weaker all week as the war continues to be look to be contained has a lot came out. That's the Iranian backed militia that controls the southern portion of Lebanon came out and said they are sitting out the war for now, so we will see all these things could flare
up. Obviously a lot of people are losing their lives and that's horrific and we hope for peace and tranquility in the world. On that note, we'll be back. 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. Don't hesitate to give us a call. Nine five two nine two five five six oh eight. Always here to help you.
Good afternoon again, 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. Nine five two nine two five five six oh eight. That's nine five two nine two five five six oh eight. Say if you missed the start of our show, just a friendly reminder that
everything we discussed on The show is for discussion purposes only. Nothing should be construed as investment advice. Some are All of the securities we discussed in the show may or may not be suitable for you. Don't make an investment decision without talking to investment professional. Investing in the stock market contains risk, including the risk of loss. All right back to it, back to it,
there's this. Will continue to continue talking about some of the earnings that have been coming out, as well as the market moving up with we'll just talk it FED not only FED speak, but the FED seems to be on pause
in terms of reacting to inflation and raising short term interest rates. The bond market reacted positively to the jobs jobs report on Friday, and over the course of the week and particularly since the FED meeting, the long long term treasuries saw a yields drop, prices rows, and that will is that helped boost the bank index, particularly regional banks, which we are not investors in, UH brought up bond prices again not something that we want to invest in,
but also helped boost the overall stock market. It is interesting and focusing in on some of what i'll call the I don't have to say broad lending market jud and some of and one of the companies that you you follow, UH very small company called Pagaya which has let's we can talk about lending the specialty lenders in general because Sofi, which is one thing a lot of people follows a key partner, Pagaya, Pagaya Taker p g Y Sofi is s o
f I. What you're seeing generally, and you can talk about Schwab as well is And this is something we've been all over all year, which is the banks which took in too many deposits during COVID invested all that money in very low interest rate treasuries or bad loans and have blown themselves up. Banks in aggregate the twenty the average say, the aggregate amount of bank capital is about twenty three trillion dollars. It's a big number, twenty three trillion.
It's about the size of GDP. But they are not growing their balance sheets. They have to sell assets, first bonds and then loans because deposits are leaving the system. We over deposit about two trillion dollars and now we're you know, we're trying to normalize that number, which is about equal to the amount of book equity in banks, you're seeing new lenders encroach and take share, which is what you always see in industries that pull back. So far
is a big one. They've been growing richer originations. This is a little bit of a COVID darling. It's in what they call it neo bank, so most of it's online. They use the ABS market to partially fun. The CEO was an ex Goldman guy, which always sounds better than it is. Not that Goldman isn't a great company, but but I just have found the people who tread on the resume, so to speak of Goldman typically, I always thought that Anthony Solo was was was a was an analyst. Yeah
he's a Goldman guy. It doesn't matter. But what you're saying is they're growing like a weed. And then Paguya, which I'm invested in, which which intermediates between banks that want to lend money and the ABS market that wants to lend. That's the sec securities market. They get a fee for being a middleman. They help make loans and there's a lot of AI behind it.
Those guys are growing incredibly fast and taking share and effectively, our view is the guys that can grow through a down cycle are going to grow the best in an up cycle. And you're seeing on the flip side. Schwab, for instance, which is obviously one of the biggest broker dealers in the country, they have a huge, huge problem because they bought tons of treasury Schwabs really just a bank. They bought tons of treasuries at one percent.
They've got losses if they were forced to sell their treasuries, which they are not, and I want to point that out they are not required to, but if they were forced to sell them at current market rates, the company would be bankrupt. You have Schwab on the verge announcing ten percent layoffs and you know, I'll fire people. Not that that'll make a difference. I mean this is it's like trying to stop the win by leaning into it,
which doesn't really make sense. Leaning against the wind is a term of art for people who are economic majors or PhDs or outside observers. So that's the big picture thing that's going that's going on in the lending ecosystem. One of them, certainly. We also had another lender, Credit Acceptance Corps, which is ticker CACC. They're one of the biggest subprime auto lenders in the country. We're seeing auto for the first time ever have losses worse than the global
financial crisis. And people say, oh, my goodness, the sky is falling. How could they do worse than the global financial crisis. Well, speaking of somebody who was there, auto loans did incredibly well during the global financial crisis because it turned out, and this is a little bit old given what's changed during COVID, but people realize their house was overvalued, so they
were happy that. We're not happy, I should say they were more willing to default on their house and sleep in their car than default on their car and try to defend and put money into their overvalued house. What we are seeing now is the reverse because autos of people have bought a car recently, they understand autos are very The prices have gone up a ton because of the COVID boom and supply chain fears, and so you're seeing as financial stress comes
that people are making a different choice this time. So that is what is going on now. Interestingly, credit accept in SCORPSCACC posted dreadful numbers, seeing rights of losses on loans made in twenty twenty one to twenty two. But interestingly, and this is another call we've made because credit has gotten tighter, said go forward. Business I e. Twenty twenty three Business and beyond is incredibly attractive and in fact more attractive than business they've done in a very long
time. As banks continue to pull back from the market, allowing other lenders to make outsized profits. Now, let me just just ask you just in terms of other lenders, would you include like a firm and upstart in this group? So it depends, So I bring up a firm only in that they kind of deal with Amazon on buy now, Pay Later. They've already been involved with Amazon and buy now Pay later. I would say a firm, and we can get to Square. Square owns after pay, which is
the other big buy now, pay later lender. These stocks are down a lot. I'm not sure the buy now, pay later business model worked in a higher interest rate environment. These guys have been unable to sit to show real profits. None of them have, in fact, And so these stocks, while down nine percent from their peaks, are incredibly well. Little good news can move them a lot. They're heavily shorted. I remain somewhat skeptical. The same thing for Square and you can talk about PayPal as well.
I think that's a little bit. It's a different business, and I am much more skeptical there. These are hard businesses and there's no guarantees, certainly with Pagaya, which I'm invested in, that that that ends up working.
And these are hi high risk businesses. But generally it was nice to see going back to c acc an area that's been tough for our best in breed company, talk about better go for business and despite dreadful numbers, the stock rallying, which is typically a side of the market bottom of course, that was Wednesday in the stocks now up, I think ten ten earnings, is the market really rallied a bunch? So that's what I would say there.
Well, I hear you, but I think that's all all these things you know that I notice, you know, particularly having once invested in Square and in pay Pal, primarily because I used used the products, and I know other people have used PayPal and through pay PayPal Venmo uh and then Square using their cash app, and both of Square and PayPal seem to be UH used
a lot by the problem that we're seeing with Square. Yeah, the problem with financial intermediation like that with payments that we've seen with Square, PayPal audience another one h A d y uh e y is the ticker. It's a Dutch company. You're seeing margins come way down. And I think one of the truisms that we've seen through the sellf over the last eighteen months is that
Visa and MasterCard have really asserted their dominance. And if you want to touch payments, that's a lot better way to do it, unless I'll say the upstarts, if you will, not to point at upstart, but they need to prove out their business model because you're paying in terms of valuations. You are paying a real valuation for these companies and they could be zero, and that when zero's on the table, you and I tend to get skitti shit, very very not only antsy, but put up our hands. We're far
away, far away away. We'll be asked for the last second. This is Josh 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. Don't hesitate to give us a call two six eight it's nine five two nine two five five six oh eight.
You always get straight talk, not your code of advice. This is Josh Arnold Minster 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 in 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. Well, it is very interesting to me jud to hear we'll say the CEO of Target talk talking this week and saying that to him and to Target, consumers have cut back on spending, and particularly in spending on groceries. That echoes some remarks made by Walmart
a few weeks ago that people have been cutting back on spending. Some of that do, at least according to Walmart, and cutting back spending on food due to the new diet drugs that have been out for a while, but their use has been set primarily for diabetes, but now they're using for weight
loss, and that could benefit companies like Eli Lilly or Novo North. But I didn't want to move that way other than just you know, focus a little on some of the retail spending and some of the differences that was going on in we'll say consumer behavior and consumer spending, where spending might be cutting back on at Walmart and Target, people are spending and still spending money at uh Lulu Laman or Sketchers or you had brought up this this stock on shoes.
That's where money has been spent. And then then you know, I've focused a lot on some other leisure categories and this past week, uh Expedia and price Line reported and pretty good numbers. So people are still spending money, we'll say on experiences, and probably one of the local experiences is the money spent at Ticketmaster owned by Live Entertainment, as they got a big boost due to Beyonce and the new Taylor Swift, multi multi billionaire Taylor Swift.
I I think just a part retail is historically really really really really hard. So we don't like businesses like Walmart even or Costco, which has worked incredibly well for every Costco, there's five other retailers that have gone bankrupt and for longer term listeners. Are people interested. There is a podcast out there that you can find in the last week which is an interview with Charlie Munger and Charlie Munger talking about who's been a huge investor in Costco for a long time.
This is Warren Buffett's longtime business partner, and they asked him why he couldn't convince Buffett to buy Costco despite the stock working and Charlie had a very good anecdote. Now, for people who followed Berkshire for a long time, they will know that Berkshire in the nineteen seventies owned a department store. They owned the whole thing. And what Charlie said was that Warren just has no confidence about any retailer being able to maintain business position over the long term and
that he is content to miss Costco because Costco is the exception. And the rule is that most of these retailers go under looking at j C. Penny, Sears, Roba, camp Mark, you name it, and these guys, you know, Charlie Munger and Warren Buffett probably have a much longer list than I can rattle off. And that is the difficulty with retail. So we shall see. But certainly the Walmart. My point is is that people are spending money on experiences. Yeah, but I I and we're seeing.
We're seeing that in hotels, we're obviously seeing that gaming and cruise and what have you. I think the second derivative that people are trying to get an economic read, I think is a little bit more difficult of a read, because spending patterns are changing, the amount of wealth concentrated in the top twenty percent continues to grow and so on. Unfortunately, and this is the fate of all societies. It's something called the Parado effect, which is the eighty
to twenty rule. For most people, they understand that way, which is a greater and greater share of capital goes to the people with the most capital over time. But I just struggle to see a second derivative, you know, impact or read. And indeed it was perhaps you know, confirmatory for
me in a confirmatory bias sort of way. Seeing the ten you know, the view of the Fed stopping with the raid hikes and being done, the ten year yield coming in from five to four point five percent very rapidly, and the equity market indeed rallying aggressively on the back of that because the perception is as rates come in, you know, mortgage rates. Let's talk about that you talk about freaking people out. The thirty year mortgage is over eight
percent right now. People are stuck in their homes. Most people refinance their mortgage is incredibly cheaply. They're happy with it, but they can't move because if they move, they lose the mortgage. And so you haven't been read. And that's that's really tough. So credit card interest out really well at the same At the same time you're you're talking about that, I've seen several
upgrades on home builders. Whether it's of course because the homebuilders look at the stock charts, you know, they've already discounted in the stock charts, they've gotten obliterated. You can look at uh DHI, which is d R Horton Holmes, you know, got torched, and you know, these things got to start trading back to about book value. You also have a secondary dynamic going out with homes, which is particularly hard for the millennials. They deferred
housing format, you know, household formation. They they got married later, they had kids later, they stayed in cities much longer. So we've had demand for homes over the last you know, since the global financial crisis, be chronically low. That's now shifted these people don't have a choice. You got two kids, you can't live in New York. I mean you can, but you have to be Taylor swift Ridge or you live in the suburbs
and you're commuting an hour and a half each way. Well, speaking of Taylor swift Ridge, I saw saw a report that one of the richest men in the world is leaving a high tax state to go to a low tax state. And Jeff Bezos leaving Seattle for Florida. He avoids the seven percent annual capital gains tax. He's a big seller of Amazon stock, obviously, and he also avoids the potential of a wealth tax that has been floated. Now interestingly, this is what just makes people like you and I laugh and
chuckle. The wealth tax that was proposed in Washington State was supposed to bring in three point two billion dollars a year. Of that three point two billion, about a billion six of that, so half was expected to come from Jeff Bezos. I guess they're gonna have to redo that math I always, I always have you hear me laughing, of course, because I always I always chuckle when people keep, you know, the politicians and others keep saying
well, the rich don't pay their fair share. And when you ask them what is their fair share, give me a number. Uh, well, it's their fair share. Can't give can't give a number other than the well to do are not paying their fair share, and we're paying. Uh, we're paying too much. So if those guys over there pay more, then we won't have to pay as much. Well, just remember, arguing with the fool makes you an idiot. So well that's why I try not to
argue with a fool. I'm sure Jeff Bezos, who create one of the biggest companies of all time, tons of employment in Washington State, massive economic impact that generated tens of billions of dollars and tax revenue, he's still the bad guy there. But you know people, these people, you can't convince him. It doesn't matter. I'm sure Jeff's really going to be crying living on Indian Creek Island in Miami with it with the big boat and uh his
second wife. But on that note, well maybe maybe maybe the point is he needs a place to dock his boat now or I'm gonna have to get any boat. In any event, We'll see everybody, hope everybody has a great week. We got a big week of earnings coming up next week, a lot to do, and we're always here to help help you deal with everything, the ups, down, sideways of the market. We're here to help you uh create the kind of wealth and only a few dream about.
This is Josh Arnold nine five two nine two five five six oh eight and Judd Arnold two nine two five five six eight. See you next week. 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 your investment professional before making any decisions about your investment portfolio.