Mr. Money Talk

This is Josh Arnold. Miss your money block with Judd Arnold, You're answer your questions on stops, fawnds, mutual funds. 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 o eight. That's nine five two nine two five five six o eight. As we record this on Friday, June the thirtieth, right after the market has closed. For the first half of the year and for the quarter, the S and

P five hundred closed up for the year fifteen point nine percent. The equal eight S and P was up five point nine percent. That ten point gap we've been talking about, and the ten point gap judge, seems to have been made by I'll say what jumping Jim Cramer has called the Magnificent seven, that being Apple, Amazon, Microsoft, Netta also known as Facebook. Just call it videbook, We call it Facebook Facebook. Uh, the video which is the let's give the company and Tesla all right, so let's give a

few more numbers. Equal weighted SMP five hundred up five point nine percent marketcap weighted, which is the normal SMP five hundred up fifteen point nine. The SMH, which is the semiconductor index of which in Vidia is the biggest piece, is up fifty percent five O and the Nasdaq one hundred that's QQQ is up thirty eight point seven. Offsetting that, banks the KRI bank indects is down thirty percent three zero, and energy the XLA is down seven point two

percent. Well, the big big, I mean, could you just there is an eighty point spread between banks and semiconductors this year, And I would say, and I would say rightly. So now we've never been bank bank investors, and I've had issues with investing in banks. Although one of the will say, the one of the impetus is for the last weeks or this past week's rally in the market seemed to be the number of banks that passed their stress tests. And once they passed the stress tests, Yeah, once

the pass the stress says they don't have to raise more capital. But all the big banks are supposed to pass the stress tests and the small banks. This is the issue. The bank crisis on paper under FED regulation doesn't look that bad because health to maturity securities are excluded. We had a bank run where where funding markets said your mark to market on the things you're not marking to market, that's your held to maturity. It's too bad, and I'm

not funding you, So it's not shocking. They're not going to change the methodology of the stress test. And I would point out the Silicon Valley Bank made it through every stress test correct, but not not. I still would not. Even we don't have't have near term bank runs, we may have longer term bank walks, which is a slow move of deposits away from small regionals into large banks, which is happening. Well, that's that's definitely definitely

been happening. But my point is I'm still not going to be running you. For most people, it's a ten times leverage institution. Every once in a while they blow up because they're highly levered ten terms of debt for every one turn of equity that is crazy, a ten percent turn changing your asset

value negative, goodbye, and the money can be pulled overnight. So anyway, Bet, you know you can be a very successful investor in not owned banks, and you're gonna buy banks just by j. If you want banks by JP Morgan, you can sleep at night because if bet Jamie Morgan ever goes you got bigger problems. That means that's probably well, that's probably the biggest. The biggest bank around is JP Morgan. I mean the world's got to end for JP Morgan to have a problem. I mean the number of

things you've got way bigger problems at that point. But that passed, the banks passed the trust test. That gave a nice inpetus to the market to move when fed the economic data was good. And we've been on this trail for months now, which is the bare thesis has been repetitive and is stale.

All the things they said are out there haven't gotten worse. SMP five hundred arnings was the biggest thing where they said they're gonna go if we're going to earn less than two hundred per share for the SMP, SMP five hundreds, Now, what is in forty five hundred or forty four? Oh, that's in forty four was forty four fifty, forty four fifty, And we bottomed at about what a weight, thirty four We bottom thirty four fifty.

That was back in October of Back in October of the year, right, and the bears said, when SMP five hundred earnings for twenty twenty three. And this was in twenty twenty two when forward earnings people thought they were going to go from two fifty down under two hundred sixteen terms or fifteen times multiple equals somewhere between three thousand and thirty two hundred. We touch thirty four fifty, but the bears said we had to touch three thousand basically to bottom out.

Well, we came close, and now as we sit here today, SMP five hundred earnings have gone all the way down to about two hundred. In fact, they started being written up after Q one earnings estimates rose. But it's just really hard to make that bear argument now that with estimates already coming down that the market's not getting it, seems to be getting it. The bank crisis sort of, as we just mentioned, is bad, but

it's not awful. The war whatever, I don't mean whatever for the people finding war, but like that was an overhang on the market, and I'd say it hasn't gotten worse. Oil prices, which we're running out of control and part of inflation inflations. Better oil prices are better, So people sort of ran out of it, and this week we got a better than expected initial jobless claims number, and we got the third GDP revision that was positive

for Q one that was an unbelievable GDP revision up of sixty percent. So all this stuff, let's just put it in context. We keep removing negatives. I'm not saying we're getting positives. But the economy is not lovely. But it's not what people what the bears were saying was going to happen, which is we're going to be a recession. We've been three months away from a recession for two years, but the bears are the bears are still out

there with the same same story. Indeed, the bears are still saying that the market sometime in the next six months is not only going to pull back. And we've talked here that in any any year that typically the market has three to four, five to ten percent pullbacks over the court m over the course of the year. Now the bears are still saying that we're still still on track, given where interest rates are and the inverted yield curve is still

pretty high. That two year two years at the four point eight and the ten years at three point eight. I don't make many good macro calls. I don't think anybody does, because macro is utterly impossible and you should use it as a guidepost, not a rule. But I will say that I have been on the case for months now saying if you are a bull, you are saying you are happy if interest rates are five percent two years from now, and the market seems to be agreeing with me. Thank you.

Okay, there you go. Which is normal times right, which is good economic data equals higher interest rates equals bad for bonds equals good for stocks. There you go. Well we again, we're not bond investors either in bonds. Bonds still have not made a You know, I have not made lost money in bonds, discord. I mean we've actually lost lost money in bonds all year. Still. No, No, you were collecting the they're off the right, you get the coupon. That's what I'm saying. On a

total return basis, bonds are up for the year. Um, if you're in long term treasuries, you are doing just far. I mean, I don't, I don't we would say this time. So treasury TLT is up. That's long term treasuries are three point four percent year to date. Invest in gray bonds up two point six hil bonds, junk bonds are up two and the sixty forty portfolios up two point five. What our argument is though, to your point, the SMP five hundred is up fifteen point nine.

So anyway, we have a lot more to talk about when we come back. We do want a reference. We got a reference to disclaimer now in every segment because because the SEC doesn't stop banking, doesn't stop banks, but they like to comment on on a little radio show, so we welcome those listeners too. There's a disclaimer. It's at the start of the show. Please reference it after that's well, believe it at that, but we'll be right back. This is Josh Arnold missed or money Talk with Judd Arnold here

to answer your questions on stocks, bonds, mutual funds. You should position your investment dollars. Don't hesitate to give us a call ninety five two nine two five five six o eight. You'll always get straight talk, not sugar coded advice. Is this John Arnold? Miss your money Talk with Judd Arnold

here to answer your questions on stocks, bonds, mutol funds. I you should position your investment dollars, including your IRA in four one day don't hesitate to give us a call nine to five two nine two five five six o eight. That's nine five two nine two five five six oh eight. You always get straight talk, not sugar coded advice. Well, a big favorite of mine, my large largest holding. Both on I'll say on a long term basis. On a short term basis is Apple. Apple stock hit another

new high. This I'll say just about every day this week. The stock is six dollars, they're two hundred dollars a share, and the stock keeps steadily climbing. We've been on the well, your your targets now higher. I'm still on the old target. My target is still and has been for a long time, two hundred and fifty dollars. Now that's a future target. That's just caveat. That's in the future, the target that we had

been shooting at for a while, and now we were every year. You know, with a company that grows earnings, your targets go up over time. Okay, And that's a lesson for people, which is you want stocks that once you hit your target, you probably have a higher target. You don't want stocks which is you have a target once you hit it, that's it. Correct. Okay, we were saying seven times three, seven times thirty. Yeah, that's seven dollars of earnings, times of price learnings multiple

of thirty. That gives you two hundred and ten dollars a share. Now City came out this past week saying two forty. They're saying eight times thirty, which is kind of where you are. You're eight times thirty one. But those earnings per seer keep growing every year. You would expect more and more from Apple's a buyback stock and grow the services business. So people, but I say a pet peeve about Apple. You have plenty of pet peeves. Okay, here's my pet peeve. All right, can you do math?

I think I can do a little bit of math. Okay, the services business has doubled the margins of the non services business. So the services business is all the stuff that you get built for every month. Correct, Okay, that's got double the margin. So if your revenue shrinks but your percentages of service revenue goes is increasing, will you have more profits or not? Yes, yes you will. So it bothers me, It annoys me. Dare I say? It angers me when I hear people on TV say,

well, Apple doesn't have revenue growth. Okay, first you hated it because it's a quote unquote product company, and product companies change, well, yeah, the product once you're a product company, that's a lower multiple business. And the people who are bearish on Apple, you know, keep saying, well, Apple's margins are gonna shrink, and it's only a phone company. And what's happened to all phone companies in the past is their stock prices

go down, their margins go down, their sales go down. But Apple hasn't sold a phone in ten years. They sold a handheld computer that has a phone attached to it as a feature. I would not say that the defining feature of a iPhone is a phone. They should really kind of change it to I camera because the camera piece is really the camera and the Internet aspect is really that is what sells sells these But again, who cares if the product cycle is longer? When when services revenue was ten was twenty.

Now I think it's thirty thirty thirty five percent of revenue, but all profits because it has the services revenue has two gross margins that are about sixty five percent or sixty sixty five and the product pieces thirty Shockingly more than half your products are now services. Now I'm going to throw this out because I heard a very good interview from Gene Munster, whose u one of the leading analysts on Apple uh saying an interview today that the story on Apple continues to change.

First the story was on the iPad, iPod, then the iPhone, then on services, and now now the story is the number of users, the embedded base, which is grown to over two billion users. Well, you have two billion users, they're going to adding always adding to services. They're going to replace over a period of time, the iPhone, so that's going to be embedded. They'll probably get other Apple related products. So that business that Apple has, as long as they continue to add users, that

business is still going to grow by some percentage each each year. Which is and in two of the markets that they're in China where Apple is has maybe a twelve percent share, but it's like twenty percent revenue for Apple, but they can grow that. In India that they have maybe a three percent share at this point, and they can grow that as well. Let me, this is such a hard concept for people. Okay, Apple is now valued as a consumer stable. So the Procter and Gamble, Colgate, Palm malav

and all those other things. Okay, the reason those stocks treate at thirty four and Coca Cola, the reason those stocks treate at thirty to thirty five times areas is they're really stable. They're very predictable, and they're very predictable. One thing those things don't have is growth. And that's the funny thing. Higher pemultiple, the bucket it's in now, Apple does need to grow that much. It just needs to not blow up. And that's the key

to the stock. So I think it's fine, We're gonna keep growing. They're they're gonna benefit from AI, they got new products, all the other stuff. So anyway, it's an expensive stock. It's done very well. It's been a core part of your record, and you know, clients have done very well. Where we remain excited about it, and and we also recognize that it that at some point this year the stock price is going to pull back. We keep making higher lows. That's another thing. So two

three years ago we bottomed at one h two one oh three. To share this pass downturn, we botted at one one thirty just about ye you know, one thirty hour at one ninety. We'll see the next The hope that we have and where we could be wrong obviously is if it doesn't, is that the next time Apple has one of its twenty jillion selloffs like all stocks. Um, yeah, we're really hoping at bottoms a lot higher than one thirty. So we continue to watch. We continue to track nice report out

from City this week. So that was that was a very nice I'll say Apple was a big, big boost i'll say for us this week. The other favorite that we have, Amazon also continues to grow steadily. Uh this this past week and analysts came out and said, oh, Amazon Web Services, which is about an eighty four billion dollars biggest provider, is involved in regenerative artificial intelligence. So that gave Amazon another another little let's just say that

big that big picture point. Okay. In rallies, object's emotions, especially big caps, object's emotions tend to stay in motion. So as money continues to flow into this market, we would expect these actually continue to work. We're really looking at Q two earnings is the next opportunity for this market to

have a wobble, excluding some existential Taiwan invasion type thing, Okay. The reason why Q two earnings may or may not be a positive catalyst might be a negative catalyst is if estimates come down after three estimates for earnings went up in Q one, that's going to be a deadweight on the market. We're also entering a period September October is usually historically when the worst possible stuff happens

to the market. So yeah, then we also have your and now, but the summer, and the summer typically is a lot slower in the market, and not only here but in Europe and elsewhere. Yeah, a lot of other stuff, So we continue to watch. We got a lot more to talk about in the next few segments. We do have to again reference the disclaimer that we do at the start in the end of the show. Also it is on the website. This is for discussion purposes only, but

we're here in any case to help you give us a call. Nine five two nine two five five six o eight. This is Josh Arnold, mister money Talk with Jut Arnold. This is Josh Arnold, Minister money Talk with Jut Arnold, here to answer your questions on stops, bonds, mutual funds, how you should position your investment dollars, including your IRA in four oh one K do give us a call. Nine five two nine two five five six O eight. That's nine five two nine two five five six o eight.

As we have been saying, the S and P Index, which is a market capitalization index, is up significantly more than the equal weighted index. And there are sectors within the market, energy being one that a year ago were outperformers and this year are back in bear market territory. I would venture to say that broadly speaking, financials are in bear market territory, as our

retail retail stocks being in bear market territory this year. But within each group there have been some some winners within energy, Judd, You've been talking for a very long time about US investing in energy. To look at some of the services company in particularly offshore services companies that help in drilling. Great week for the offshore stocks. You had a few positive data points. Tidewater finished their bond deal that helps them close the deal tickers td W. We've been

big fans of that. That is my daughter's biggest position. Okay, fifty dollars stock. We think it does twenty dollars to share free cash flow in the next couple of years. Pretty darn cheap and it's a great play. That's the boats that service the offshore rigs. It's a nice consolidation story. It is complicated, it has a lot of volatility, smaller capitalization stock although it is training a lot more of dollars that now trade over fifty million bucks.

That's a lot of that's a lot of trade traded over fifty million bucks. Transocean the biggest offshore driller ticker RG which so they have boats Transoceans, the rigs, tide Waters, the boats okay and Transocean had got a really nice contract in Australia this week, so they have to move these monster rigs from one spot well in a good market, which is one we're in now. For eight years they had to pay to move their rigs when they couldn't

get right now you don't give them rate. This rig was in Norway, the Norwegian nor c market's been having it's the only week market out there for the last couple of years. And they found somebody in Australia who gave them money, said we will move, we will pay to move it. Bring it to Australia. There's a rig designed for the Arctic. It's called a hard harsh environmental rig. It's a weather rise and all this stuff. They're moving it to sunny Australia and they got a one year contract at the end

of May to move it nice rate. They just announced this week that the Australians got together one company paid to move it and contracted for one year. They're so worried about losing it. Four companies got together signed a contract on behalf of four of them saying we'll lock it up through twenty twenty six at a much higher rate. They were getting four hundred and fifty thousand dollars a

day for the first one year contract. The second ones at four eight, so upward sloping and really shows discipline in the market and that is going to send shivers pun intended to the Norwegians who had a massive offshore company called Equinore Norway. Most of their money comes from oil, mostly offshore. They have had their run of the mill with these rigs, and this is a c change that one design for their market. They didn't like the rate they left,

they got a better rate. They got locked up so well that would seem to indicate that what I'll say the Australians are of the belief that the price of energy is going to go up, and or they've got they've got opportunities to drill and be able to sell that energy into either India or China or Japan. I'd say it's a couple of things. And I would say some of what you just said is correct, some I would phrase slightly differently.

Okay. One of the things I really like about these offshore services companies is I believe you are a long offshore spending as opposed to price. Obviously, if oil goes to thirty all the oil producers are going to stop spending everywhere but within a range, and I think got range is about fifty fifty five bucks. In the low end of oil, these producers are going to keep spending a lot of money. Offshore has been in the dull drums for

almost eight years. And now with shale peaking, Okay, so shale oil supplied oil demand growth from twenty ten to twenty twenty increased about fifteen million barrels a day from eighty five two hundred million barrels a day of demand, with shale supplying about eleven to twelve million of that. And so what the producers are saying is we need to go back to offshore because shale might be for

the next fifteen million barrels a day. Maybe shale does one to two million of growth, maybe it stays flat, but we're gonna have to find oil somewhere else because every year we deplete, which means we take out of the ground and we have to find new stuff. About seven to eight million barrels a year. Well, that becomes comes difficult. So what these guys are saying is, look, we need we're gonna have our long term plans. Offshore it's much longer duration. So on shore, you durrell a shale,

will you get all your money back within about two three months. Offshore it takes five years before you getting oil. Well, let me let me just just ask you, would it make more sense for investors to focus in on uh, we'll say longer duration areas to drill, whether it's on land or on the ocean, as opposed to a shorter duration company that focuses primarily on shale. And let's just say both shale oil and shale gas. In an up oil or in a positive oil market, things with duration and The longest

duration oil stuff is the oil sands in Canada. Things with duration do really well because they can't forget, to forgive the euphemism, These things are off aircraft carriers. Long duration oil assets. You can't turn on and off. You're just pumping. So it's the world. If it's flat, flat to up market great. When the market goes down, shale can turn off, but you can't turn off the oil sands, and so you make a lot less money. So you want to be long Generally speaking, you want to

be long duration on the way up or a flat market. And that's kind of the palm. And I think the better way to express that is with the services companies than the producers. Okay, so you would not look when you say oil sands, I immediately think of a company in Canada called Suncres. Sun Core has been a miserable stock and I wouldn't touch it, but yes, sun Core. If you want to touch Canadian oil sands, I would much rather see you touch CVEE, which is Synovska. But even that,

I just oil product is a really tough business. It's high capex, high capital, high capital expenditure, so you're throwing a lot, you're spending a lot of money are They're just not great businesses. And what I like about these offshore services companies is they produce a lot of free cash flow as long as you don't have that sort of left tail risk where they just shut down and it doesn't look that you're going to shut down. So a lot

of free cash flow. These are assets that can be worth a lot more. And I just would point out in services versus producers, the biggest services company is slumberj trades I want to say, at thirty times earnings. It's a huge number. And the best oil producer trades at ten time Journeys and

that is reflective of the quality of the business. So you so you have Slumberja, the large services company trading it essentially three times the multiple of a driller of Xon Chevron okay, because the return on capital employed is a lot higher. It's like, you know, buying a low pe multiple stock does not mean you're going to make money. You make a lot of money. And if you one call that the PM multiple that the markets pay is going

to change. But two, the most important thing driver's stock performance is revenue growth over a long period of time, which typically correlates with profits and all these other stuff. Well, that's that's one of one of my right. So Apple, over the last multiple how many ever years, you one on revenue growth and you one on PE. But it's not like it's an Apple

shareholder at thirty times earnings. You're gonna look at at ten times PM multiple business You're gonna say, oh, I wish I would be in that. Well, that's a much worse business. Most likely. Well, if I listen to to many of the talking heads that are on TV, they would make the argument that it'd be better to sell Apple and at thirty times a PE and find a a ten times PE company. That's that's a much better trade. Well, the best guy in the world and investing, Warren Buffett,

would disagree with you. He would say, if you've made a lot of money in a stock and it continues to compound at least with the rate of GDP growth, you should probably stick in it. So most and most every other winner would say, or good guy or good Curl and Investing would say, you got to write your winners, and this is a business performing. We will be back for our final segments. Half your review. Check the disclaimer there's disclaimers out there. We have one at to start in the

end of the show. This is Josh Arnold. Missed your money talk with Judd Arnold here to answer your questions on stock, spawnds, mutual funds. You should position your investment dollars including your IRA and four oh one K call us nine five two nine two five five six o eight. We're here to help you. This is johnsh Arnold. There's your money talk the jug Arnold here to answer your question on stocks, bonds, mutual funds. You should

position your investment dollars including your IRA in four oh one. Kay, don't hesitate to give us a call at nine to five two nine two five five six o eight. That's nine to five two nine two five five six oh eight. You always get straight talk, not sure coded advice. Cars are in the news again this week. Cars Now, that's not just Tesla cars, and Tesla has been a phenomenal stock performer this year, coming off of a off of a bottom and really charging down, charging down the highway.

There are have always been Tesla bulls and just as many Tesla Tesla bears, people who have been adding to Tesla since both Ford and GM have come out and said we're going to use Tesla's charging stations. So the Tesla charging stations will become probably universal at least here in the United States and maybe elsewhere for electric vehicles. But the biggest, i'll say the biggest car company that has really taken off and is today worth more than General Motors and Ford is Ferrari

market symbol race RAC. Well. Ferrari make the Apple argument, it's not a car, it's a consumer product. And they went public. They started producing two to two and a half three times as many Ferrari's as they used to. There's demand probably to make ten ten x as much. Their SUV's killing it. It's a great brand invested brands. There you go. If you're a luxury investor, I think LVMH has really showed the way. Well that's that's that's a separate category all together. And there's a really uh moay

Hennessey is LVMH. Yeah. And the key with luxury brands, and there's a lot of case studies on this, the ones that outperform and maintain brand value over time are the ones that are maniajo about maintaining control and production of what they do and So this is Ferrari makes all its own cars, Aston Martin does not. That's that's a that's a that's that's a really simple thing the way, and it's a long winded way of saying. You have to

maintain the quality and of your brand. That's number one, because you're luxury like it starts with quality and ends with quality. And you also have to maintain some level of scarcity. So prod has lost a little bit of value with its brand, or maybe a lot of value with its brand by yo mass and quality sort of change and whatnot. And there's this tendency for brands as they blow up and you know, get get bigger and bigger, especially

luxury brands. Oh okay, we can cheat a little here, we can act you a little here, and we can you know, do that. Look Ferrari, like I said, two and a half, but they produced about two and a half times as many cars as they did before they went

public as a company. That's still not that many cars. No, and those cars cost a lot of money and there's a long weightlift for those cars, right, And I think a mistake would be the stock would sell off that they said they were going to produce five times as many cars, because then you're just a roting brand value and you're going to hurt quality too. So anyway, interesting interesting thing with Tesla. I'll bring one other thing we add during this back boom. A lot of ev makers go public, a

lot of them. That's a huge shoe and his number. Most of them seem to be in in China. There were these ones is a different story. I'm talking mostly the like you're talking about Rivian lupshit Lordstown Motors, which this pay us week went file for bank Racy and Fisker. I'm not talking about Neo and xpev Um because that China has made a choice. Let let's

touch China on cars and then come to the year. China has made a choice, and I would say it's probably a rational one that they would they want would rather have their own electric car industry and convert coal to electricity to power their car fleet as opposed to importing more oil to do it and make a lot a lot of sense, And that that is as much a geopolitical

decision, and I would it was actually a pretty good environmental decision. Although people look at these coal plants, I say, well, the alternative is to import a lot more oil and become a lot more dependent, and they would if China wasn't doing the ev thing, they would already be all over the Middle East having to do what we've had to do with the United States for one hundred years effectively, which is keep the oil flowing. So that's

in their national interests and that's going to go on. And quite frankly, even if the cars are inferior, they're going to keep growing them because that's that's a story, and that's a really good reason to buy Neo and xpat in the US. Here we go, Okay, we have Rivy Rivan hit two hundred a share after its IPO. Where are we now like thirty that I don't even have ribbying on my screen anyway, it's come down a lot. Lucid ticker l LCID has had multiple rescue finances just this year. But

then he hit fifty five during this back boob. It's it's five fifty right now. Fisker hit twenty five. It's back to five or six bucks. It's really hard the Fisker. That's the second iteration of the company. Correct, And you can just go to and then you can talk about GM four

and all the legacy guys trying to make electric cards. The only person who's been able to actually put it together and make a good electric is the Elon Musk and Tesla and now the other side or one of the other things that is positive about him becoming the standard with charging is that is going to be locked in annuity revenue. That really takes his balance sheet off the table. An incredible job during this smack boom of selling stock, not just for him,

he sold stock for himself. And I'm saying funding the company with a lot of stock issues has got a pristine balance sheet. Man, It's just I mean the stock reflected, I mean Tesla stock. I think he got under one hundred bucks. Now we're back to two sixty. And the Elon Musk is the richest man in the history of mankind. So anyway, that's what's going on with Tesla. You don't have to win every battle, and you don't have to be there for every stock. You know, you've done

really well for clients in Apple and Amazon, and that's okay. You don't have to play every game. We like to talk about a series of stocks because it's interesting and we can we can find other stuff. But we are aware people that a lot of these stocks are the same exposure. There's a portfolio construction thing. We can't just be all tech stocks, so we got some other stuff too. But anyway, that's what we talk about. All

this stuff. It's all well. I enjoyed talking about areas where there's tremendous opportunity for growth folks on a shorter term and a longer term, and taking taking a look at some of the newer, newer technologies that have come up come about. And I know that part of my focus has been on companies that have been we'll call it Internet related, leisure, business related, China

related, and real assets in terms of portfolio construction. So these types of growing industries you know, to me are very growth wins all the time. I do have to mention Gone Apple or um Spotify or your podcast provider, High on the Value high podcast. An hour and a half discussion about a lot of things. Hope it's a good listening for people. Have a great holiday. Please listen to the disclaimer at the start and end of the show. This is Josh Arnold Missed or Money Talk with Judd Arnold. Do have

a good holiday. Weekend for July fourth. Any questions you might have, don't hesitate to call us nine five two nine two five five six h eight. You'll always get straight talk, not sugar coded advice. Josh Arnold Investment Consultant is a registered investment advisor located in a state of Minnesota. All securities to gusted are for informational purposes only. Investing contains risks, including risk of

loss. Consult your investment professional before making any decisions about your investment portfolio.