A New Year

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president, financial advisor at wealth

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enhancement group.

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One of the nation's largest registered investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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All right.

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Welcome to a new year and another episode

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of something more with Chris Boyd.

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Thanks for being with us.

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I'm Chris Boyd.

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I'm here with Jeff Perry and Russ Ball.

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We are of the AMR team and the

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firm is wealth enhancement group.

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So glad to have you joining us and

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glad to talk about let's, let's start by

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looking back and looking ahead this year.

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It is the time of year when people

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make resolutions and one of them oftentimes is

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thinking about their financial life and all that

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goes into that.

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Maybe a little bit of their portfolio review,

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maybe a reset their financial plan.

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Um, we certainly can be a resource to

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you if you should have any needs along

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those lines.

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Uh, don't hesitate to reach out to us.

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Um, we're, uh, that's what we love to

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do.

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We're a resource for that kind of thing.

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So, uh, in any case, uh, for those

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who are, uh, interested, you can, uh, connect

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with us by reaching out to our email,

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amr-info at wealthenhancement.com.

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We are, um, regularly we provide a complimentary

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consultation.

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Um, we usually work in a two-step

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process where we like to take a look

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at, um, getting to know you.

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Get to know all your priorities, all your,

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um, details.

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And then we, uh, follow up with a

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followup meeting to, uh, do some assessment to

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some analysis, present what we found and how

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we would suggest you do things.

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So if that's something you're thinking this time

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of year, you'd benefit from, don't hesitate to

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reach out to us.

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Uh, again, that's, uh, amr-info at wealthenhancement

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.com or 866-771-8901.

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Um, so guys, let's, let's start by looking

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back and then looking ahead.

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Um, I was thinking about, um, performance data

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and looking at a couple of different articles

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that we're talking about, uh, what's been happening

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with the, uh, the performance of the markets.

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Um, I'm sure you guys have some of

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this too.

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Anybody want to chime in with, uh, some

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of the data, the S&P 500 perhaps?

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Uh, been another banner year, 2024.

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Another banner year, 23.31% in 24

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after a 24.2% to back-to

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-backs.

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So 23 got 24 and 24 got 23.

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Huh?

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Is that basically what it is?

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Yeah, that sounds pretty good.

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A two-year gain of 53%.

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That's kind of astounding.

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Of course it had been a down year

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the year before.

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I know.

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Hey, I'm trying to, I'm trying to celebrate.

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Yeah.

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Sorry.

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But no, that's pretty amazing.

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Um, that's, uh, the biggest gain, biggest two

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-year gain since 1997.

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It's amazing.

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Yeah.

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Um, it is, uh, it is after the

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pandemic and the, you know, yeah, bad years

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for the stock and bond market in 2022,

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which was really driven by the feds, um,

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jump in interest rates that took a toll

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on both stocks and bonds, uh, at that

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time because of the severity of the dramatic

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change in, in the nature of that.

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Um, that being said, um, look, I, I

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think, um, you got to celebrate, like you

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said, it's, it's exciting to have those kinds

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of returns.

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Um, it, it's, um, naturally a time where

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you start thinking, well, can that continue and,

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you know, you look to other periods of

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time and, um, although we tend to say,

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oh, the average is, you know, two years

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up, one year down, you know, that kind

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of thing.

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It's, uh, not necessarily sequential that way.

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Um, one year down, two years up.

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Well, however, um, as you look at it,

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right.

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But, um, you know, you look to the

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1990s, uh, the 1980s and nineties, really there

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were prolonged periods of, um, upswing and, um,

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you know, prolonged upswings.

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Uh, so it's not necessarily, um, something where

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we have to be thinking, oh, the other

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shoe's going to drop, you know, that kind

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of thing.

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But, uh, just while we're talking about it,

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do you want to, uh, anybody want to

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make any predictions?

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What do you think?

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What should we expect?

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So in the, uh, well, in the CNN

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article, they said, uh, wall street forecast reviewed

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by CNN show most strategists expect double digit

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percentage growth for the S and P 500

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in 2025.

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That's not me though.

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More moderate than in 2024.

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Analysts expect that I'll just share this S

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and P 500 to rise 14.8%

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in 2025, according to facts that, um, I'd

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love to know what they predicted for 2024,

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but I know you don't have that data,

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but yeah, everyone up their predictions as they

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go.

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Right.

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Yeah.

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Well, Santa Claus didn't think we needed any

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more at the end of 24.

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Oh, my wife believes in Santa Claus and

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the Santa Claus rally.

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And she got excited at the end of

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the year.

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Like, Oh, we're going to get a, we're

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going to get right after Christmas.

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And Santa Claus was very good all year,

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but he did not give us the rally.

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So would you like my prediction?

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I would, I see Russ thinking about it.

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So I'll go first.

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I don't mind.

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Well, first I'll say something that didn't happen

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in 24.

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And that is that we did not have

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a correction, which is a normal part of

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the market, 10%, you know, broad based and

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the averages.

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So my first correction is that we, my

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first prediction is that we have a correction

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and my end of year prediction for the

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S and P is 6,200 after the

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correction, uh, 8% gain for the year.

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So I'm optimistic, you know, yeah, I'm not

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running to the Hills.

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Um, that's a realistic kind of a way

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to look at it.

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Um, but that's, that's good.

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So an 8% gain is your, your

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estimate.

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I was going to start with a thousand

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point gain, but that includes the 10%

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correction coming back from that.

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So I think we're going to have, you

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know, end of the year, 6,200, roughly

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8% gain, you know, moderation kind of

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sector rotations coming on, maybe value being more

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appreciated.

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Maybe that, maybe the, you know, the high

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flying techs, AI stocks might have a neutral

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year, but at the end of it, when

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everything balances out, I think a modest gain

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of 8% after the correction is how

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I see it.

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Well, I have a stat to share.

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That's kind of in line with that.

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I read this morning that, uh, after two

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consecutive years of 20 plus percent, uh, returns,

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the average was about six, I think it

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was 6.7% for the ensuing year.

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So that's pretty close.

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That sounds in line with, yeah, that kind

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of thing.

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Thank you for the affirmation, Russ.

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Excellent.

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Um, that's interesting.

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And I think, um, you know, your point

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about a correction and so forth.

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I'm, I'm feeling in line with that.

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Look, I would just start out by saying,

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uh, predictions like this are really of no

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value to anybody.

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It's just, it's fun to do.

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Mine has any value.

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Yeah.

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Right.

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I mean, you know, so, uh, that being

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said, uh, I I'm more cautious.

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I think, you know, we'll be, uh, just

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a little bit positive or a little bit

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negative when year end comes.

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And, um, floating through the year or with

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a correction and recovery.

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No, I think there'll be, um, I mean,

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I think there'll be a downturn at some

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point, you know, you look at, we're a

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little overextended when it comes to, uh, PE

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multiples at 22 times or thereabouts.

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Um, maybe a little less than that today.

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I don't know where it is exactly today,

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but, um, and we're recording by the way

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on January 2nd.

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Um, and then, you know, when, uh, when

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you look at, um, the high, uh, prospects

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for a government showdown, uh, when it comes

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to, uh, the debt ceiling been pushed off

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to what March at this point, uh, uh,

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when you think about world events, uh, geopolitics,

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uh, uh, you know, I don't know.

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It seems it would be surprising to me

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if we didn't have a correction.

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Like you were saying, uh, you know, last

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year we didn't say though, we had a,

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um, a downturn of what was it around

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8% at some point during the year,

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but not, um, a full 10% correction.

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And, um, I just, and I just think

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the likelihood is high that we'll have some

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disruptions and some volatility reenter the, the experience.

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Um, and I think it's probably likely, you

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know, we'll end the year a little bit

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positive, but, um, I don't think it'll be,

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uh, uh, another banner year that way.

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Not going to give us a number for

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the, I didn't put, I didn't put a

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calculation to it, I'll go 2%, uh, if

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that's helpful, 2% higher.

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Okay.

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So you're 59, 50, maybe.

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All right.

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That's pretty pessimistic, I think.

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But, um, at the same time, you know,

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after you have, um, a couple of years

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of banner numbers, like, you know, it seems

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to be surprising to me that we just

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didn't have some sort of a slowdown a

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little bit.

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I'm going to, when I go ahead, Russ,

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sorry.

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Yeah.

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I have another stat.

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So, um, only once has S and P

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had more than more than two years consecutive

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20 plus percent.

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So, and then I think it was in

268
00:10:14,880 --> 00:10:18,200
the nineties, so only one time ever of

269
00:10:18,200 --> 00:10:18,640
three.

270
00:10:18,860 --> 00:10:20,580
I'd be very happy to be wrong and

271
00:10:20,580 --> 00:10:21,660
have another record.

272
00:10:21,720 --> 00:10:22,800
I'm fine with that.

273
00:10:23,280 --> 00:10:23,800
Absolutely.

274
00:10:24,080 --> 00:10:24,520
Absolutely.

275
00:10:24,620 --> 00:10:26,760
Well, let's talk about some other, um, stats

276
00:10:26,760 --> 00:10:28,560
in terms of the, the year.

277
00:10:29,180 --> 00:10:30,840
Um, let me just see if I can

278
00:10:30,840 --> 00:10:32,340
find some of these details.

279
00:10:33,000 --> 00:10:35,960
Uh, was I thought that I saw gold

280
00:10:35,960 --> 00:10:37,940
in the numbers, but let's look at the

281
00:10:37,940 --> 00:10:38,460
treasury.

282
00:10:38,740 --> 00:10:44,200
Treasury had this wild fluctuation from, uh, yeah.

283
00:10:44,500 --> 00:10:46,880
Well, I just, at one point, just a

284
00:10:46,880 --> 00:10:49,000
few months ago, we were down around.

285
00:10:49,420 --> 00:10:52,020
Uh, 3.65 or something like that on

286
00:10:52,020 --> 00:10:54,380
the yield and went up to about 4

287
00:10:54,380 --> 00:10:57,060
.65. Uh, that's a little bit off that,

288
00:10:57,180 --> 00:11:00,140
but, um, it's what, around four and a

289
00:11:00,140 --> 00:11:02,600
half, maybe on the yield somewhere there abouts

290
00:11:02,600 --> 00:11:06,420
four or five, seven, four or five, seven.

291
00:11:06,940 --> 00:11:09,980
So, um, you know, that with that, keep

292
00:11:09,980 --> 00:11:13,020
in mind as yields go higher, uh, prices

293
00:11:13,020 --> 00:11:15,800
tend to fall, so you have some disruption

294
00:11:15,800 --> 00:11:17,540
in performance there.

295
00:11:18,160 --> 00:11:21,600
Uh, but the year started what with the,

296
00:11:21,620 --> 00:11:25,720
uh, treasury around 3.9 and, uh, ending

297
00:11:25,720 --> 00:11:31,700
higher, um, and, um, what else could we

298
00:11:31,700 --> 00:11:34,340
share as interesting stats and just like sifting

299
00:11:34,340 --> 00:11:35,400
through this article?

300
00:11:37,160 --> 00:11:39,460
Um, you got anything, Jeff, you want to

301
00:11:39,460 --> 00:11:39,760
share?

302
00:11:40,260 --> 00:11:43,180
It's my least favorite thing to talk about,

303
00:11:43,520 --> 00:11:46,740
but cryptocurrency, you have to, you know, you

304
00:11:46,740 --> 00:11:48,640
have to give credit where credit is due

305
00:11:48,640 --> 00:11:51,640
because we're critical when it's not there, but

306
00:11:51,640 --> 00:11:56,180
cryptocurrency returns specifically Bitcoin had a heck of

307
00:11:56,180 --> 00:11:57,720
a year, primarily didn't have a heck of

308
00:11:57,720 --> 00:11:58,840
a year, had a heck of a couple

309
00:11:58,840 --> 00:12:01,580
of months after the election, you know, president

310
00:12:01,580 --> 00:12:04,280
Trump was, uh, reelected or elected, however you

311
00:12:04,280 --> 00:12:04,900
want to frame it.

312
00:12:04,960 --> 00:12:08,920
And his, uh, posture on policy is different

313
00:12:08,920 --> 00:12:10,340
than that of president Biden.

314
00:12:10,420 --> 00:12:13,480
Well, on the expectation, he's been pretty critical

315
00:12:13,480 --> 00:12:17,520
of, uh, uh, the SEC chair.

316
00:12:17,660 --> 00:12:17,820
Right.

317
00:12:17,820 --> 00:12:18,840
Kenzler is it?

318
00:12:18,960 --> 00:12:20,940
I can't think of his name and he's

319
00:12:20,940 --> 00:12:22,640
leaving and he's getting rid of him in

320
00:12:22,640 --> 00:12:25,140
a hurry and, uh, put in someone who's

321
00:12:25,140 --> 00:12:27,920
more friendly to crypto, which, uh, crypto markets

322
00:12:27,920 --> 00:12:31,440
have been very excited about and the prospects

323
00:12:31,440 --> 00:12:36,940
of, um, uh, the performance of, uh, crypto

324
00:12:36,940 --> 00:12:39,840
is pretty appealing from that perspective.

325
00:12:40,720 --> 00:12:44,680
Um, I think that there was an interesting

326
00:12:44,680 --> 00:12:46,600
article in the wall street journal yesterday about

327
00:12:46,600 --> 00:12:50,740
the topic of cryptocurrency and some of the

328
00:12:50,740 --> 00:12:55,320
changes that would, should be helpful to, um,

329
00:12:55,360 --> 00:13:00,020
to, uh, the outlook for a digital currency.

330
00:13:01,340 --> 00:13:01,440
Correct.

331
00:13:01,520 --> 00:13:04,400
And whether or not that's baked in, you

332
00:13:04,400 --> 00:13:06,120
know, the efficient market theory, right.

333
00:13:06,160 --> 00:13:08,360
Is, is all this baked in all the

334
00:13:08,360 --> 00:13:11,220
favorable stuff brought forward, which happens a lot

335
00:13:11,220 --> 00:13:11,940
in markets.

336
00:13:12,500 --> 00:13:12,760
Yeah.

337
00:13:12,760 --> 00:13:16,820
Are markets too overly optimistic in crypto or

338
00:13:16,820 --> 00:13:18,660
AI or, you know, pick one.

339
00:13:18,820 --> 00:13:18,920
Right.

340
00:13:19,820 --> 00:13:21,980
Um, not, not long ago, I was thinking

341
00:13:21,980 --> 00:13:24,220
of this this morning when I was thinking

342
00:13:24,220 --> 00:13:25,460
about what we talked about on the show,

343
00:13:25,520 --> 00:13:28,820
but for a period of time, um, e

344
00:13:30,100 --> 00:13:31,760
electronic tokens, what was it?

345
00:13:31,820 --> 00:13:35,640
Those, uh, tokens that you bought of artwork

346
00:13:35,640 --> 00:13:36,760
or the original.

347
00:13:37,360 --> 00:13:37,460
Yeah.

348
00:13:37,460 --> 00:13:39,740
Um, and NFTs.

349
00:13:39,820 --> 00:13:40,240
Yeah.

350
00:13:40,240 --> 00:13:42,020
They were the rage tokens.

351
00:13:42,220 --> 00:13:42,420
Yeah.

352
00:13:42,680 --> 00:13:44,480
They were the rage and people were spending

353
00:13:44,480 --> 00:13:47,940
crazy money to, you know, buy the original

354
00:13:47,940 --> 00:13:50,560
image, uh, original digital image.

355
00:13:50,560 --> 00:13:52,140
Or then we have this period of people

356
00:13:52,140 --> 00:13:55,280
buying real estate in the metaverse and paying

357
00:13:55,280 --> 00:13:58,720
ridiculous, you know, I did, that's an adjective

358
00:13:58,720 --> 00:13:59,500
that I'm choosing.

359
00:14:00,180 --> 00:14:02,380
Some may say investing for their future.

360
00:14:03,500 --> 00:14:08,540
Um, yeah, I have a cold, so excuse

361
00:14:08,540 --> 00:14:10,460
my coughing, but maybe my cold is affecting

362
00:14:10,460 --> 00:14:14,000
my word choice as well, but buying these

363
00:14:14,000 --> 00:14:16,880
things that are trendy and socially popular, and

364
00:14:16,880 --> 00:14:19,160
they last for a little while and then

365
00:14:19,160 --> 00:14:20,360
they just kind of disappear.

366
00:14:20,640 --> 00:14:21,680
So they're very speculative.

367
00:14:22,120 --> 00:14:24,620
And for me anyway, I still put cryptocurrency,

368
00:14:25,040 --> 00:14:25,920
it could change.

369
00:14:26,420 --> 00:14:29,340
Uh, I still put cryptocurrency in that highly

370
00:14:29,340 --> 00:14:31,060
speculative bucket.

371
00:14:31,800 --> 00:14:34,120
Well, we would encourage people to treat it

372
00:14:34,120 --> 00:14:35,500
that way in their investing.

373
00:14:35,500 --> 00:14:38,780
If they should use crypto in some fashion,

374
00:14:38,820 --> 00:14:40,200
some of the things that have changed over

375
00:14:40,200 --> 00:14:42,640
the year, uh, we did see the introduction.

376
00:14:42,640 --> 00:14:43,620
It was, I don't know if it was

377
00:14:43,620 --> 00:14:45,700
last year or even before that, but it

378
00:14:45,700 --> 00:14:49,360
was, it was recent that, um, ETF, uh,

379
00:14:49,360 --> 00:14:53,500
access to crypto, um, became more widely accessible.

380
00:14:53,840 --> 00:14:58,640
Uh, similarly, we've seen, um, platforms, uh, embrace

381
00:14:58,640 --> 00:15:02,160
the ability to provide, uh, like brokerage platforms

382
00:15:02,160 --> 00:15:06,720
start to begin to give, um, acceptance to

383
00:15:06,720 --> 00:15:08,760
the idea that they're going to make, uh,

384
00:15:08,760 --> 00:15:11,700
it available to buy, uh, through a, a

385
00:15:11,700 --> 00:15:14,720
platform like a brokerage platform.

386
00:15:14,860 --> 00:15:16,660
Fidelity, I think already does this.

387
00:15:16,920 --> 00:15:19,240
Um, Schwab I think is in the process

388
00:15:19,240 --> 00:15:20,000
of doing this.

389
00:15:20,060 --> 00:15:22,800
There might be others, but, um, that makes

390
00:15:22,800 --> 00:15:24,940
it more widely accessible as opposed to having

391
00:15:24,940 --> 00:15:28,060
to go through a digital wallet and trying

392
00:15:28,060 --> 00:15:30,420
to find, you know, you know, which, which

393
00:15:30,420 --> 00:15:33,400
platform is legit, which is which ones, you

394
00:15:33,400 --> 00:15:37,720
know, we saw the FXT, uh, uh, was

395
00:15:37,720 --> 00:15:39,560
that the one that was the, uh, blew

396
00:15:39,560 --> 00:15:42,400
up with, uh, Oh, Sam.

397
00:15:42,740 --> 00:15:43,200
Yeah.

398
00:15:43,440 --> 00:15:44,520
Bank fraud.

399
00:15:46,240 --> 00:15:46,580
Yeah.

400
00:15:48,820 --> 00:15:50,800
So in any case, um, his name is

401
00:15:50,800 --> 00:15:51,640
Sam bank fraud.

402
00:15:51,760 --> 00:15:56,040
I mean, if you say it quickly, almost,

403
00:15:56,040 --> 00:15:58,860
almost, um, that's not original content.

404
00:15:58,960 --> 00:16:00,660
I stole it from Saturday night live.

405
00:16:00,800 --> 00:16:02,880
I think that's pretty funny.

406
00:16:02,880 --> 00:16:06,380
Uh, so anyway, but my point, uh, ultimately

407
00:16:06,380 --> 00:16:08,340
is that, you know, you're seeing this greater

408
00:16:08,340 --> 00:16:14,440
acceptance of, and, um, easier engagement, uh, that

409
00:16:14,440 --> 00:16:18,120
also, uh, has helped this, the price go

410
00:16:18,120 --> 00:16:21,340
higher, faster as more people, you know, have

411
00:16:21,340 --> 00:16:24,300
the opportunity to access this more readily, uh,

412
00:16:24,300 --> 00:16:28,420
through these various, uh, channels, uh, ETFs and

413
00:16:28,420 --> 00:16:29,860
now brokerage platforms.

414
00:16:29,860 --> 00:16:32,460
Uh, so, you know, all these things kind

415
00:16:32,460 --> 00:16:35,520
of, uh, uh, lead you to think, okay,

416
00:16:35,580 --> 00:16:40,140
maybe it's gonna still have some, uh, involvement

417
00:16:40,140 --> 00:16:42,800
that's easy if, as opposed to a regulatory

418
00:16:42,800 --> 00:16:46,020
environment that was very skeptical and made it

419
00:16:46,020 --> 00:16:49,580
more challenging and, uh, so forth, you know,

420
00:16:49,640 --> 00:16:51,520
a lot of the obstacles have been, you

421
00:16:51,520 --> 00:16:55,060
remove some of that regulatory, uh, there was

422
00:16:55,060 --> 00:16:56,640
a, you know, how, how will this be

423
00:16:56,640 --> 00:16:56,880
regulated?

424
00:16:56,880 --> 00:16:59,760
Um, where is it regulated as a commodity?

425
00:17:00,300 --> 00:17:03,339
Is it a commodity like gold or silver

426
00:17:03,339 --> 00:17:03,700
or something?

427
00:17:03,819 --> 00:17:08,099
Is it a, um, um, a currency?

428
00:17:08,460 --> 00:17:10,040
Is it, uh, not a currency.

429
00:17:10,260 --> 00:17:11,680
I'm sure it's not a currency.

430
00:17:11,680 --> 00:17:14,380
So is it a capital gains treated, you

431
00:17:14,380 --> 00:17:16,099
know, like all this, well, the IRS says

432
00:17:16,099 --> 00:17:17,920
it is now you have to report your

433
00:17:17,920 --> 00:17:18,660
transactions.

434
00:17:18,660 --> 00:17:19,079
Yeah.

435
00:17:19,220 --> 00:17:21,380
So, um, you get my point that it

436
00:17:21,380 --> 00:17:23,960
just, it's a, it's a, a challenging, you

437
00:17:23,960 --> 00:17:28,980
know, for, okay, it becomes more, um, accepted,

438
00:17:29,280 --> 00:17:31,220
but there's still things that, you know, investors

439
00:17:31,220 --> 00:17:33,680
need to be mindful of being tuned into.

440
00:17:34,320 --> 00:17:36,820
Um, but if you're going to be speculative,

441
00:17:37,000 --> 00:17:38,960
that is say money, you're willing to lose

442
00:17:38,960 --> 00:17:43,420
a significant, have significant volatility, which could be

443
00:17:43,420 --> 00:17:45,660
attractive at times, but it could also be.

444
00:17:45,960 --> 00:17:48,420
Uh, unattractive at times where you could, you

445
00:17:48,420 --> 00:17:52,120
know, lose significant amounts, uh, in very short

446
00:17:52,120 --> 00:17:52,800
period of time.

447
00:17:53,300 --> 00:17:55,240
Uh, if you're willing to tolerate that kind

448
00:17:55,240 --> 00:17:57,180
of volatility, then that's how to think about

449
00:17:57,180 --> 00:17:58,400
these kinds of investments.

450
00:17:58,740 --> 00:17:58,840
Yep.

451
00:17:59,260 --> 00:18:01,440
Um, so in any case, uh, did we

452
00:18:01,440 --> 00:18:03,660
find, I didn't find the Bitcoin, uh, returns

453
00:18:03,660 --> 00:18:04,400
for last year.

454
00:18:04,640 --> 00:18:05,740
I didn't find them.

455
00:18:05,860 --> 00:18:07,960
I just, but they were, they were, um,

456
00:18:08,220 --> 00:18:11,760
uh, enormous, um, phenomenal hundreds of times, um,

457
00:18:11,800 --> 00:18:14,200
multiple, um, uh, it was 500 times.

458
00:18:14,240 --> 00:18:15,260
It might've been even greater.

459
00:18:15,360 --> 00:18:16,780
We'll, we'll find it in just a minute.

460
00:18:17,360 --> 00:18:19,580
Uh, I'll, I'll, I'll look that up.

461
00:18:19,580 --> 00:18:22,240
One sector of the economy that didn't have

462
00:18:22,240 --> 00:18:24,500
a great 24, um, is the real estate

463
00:18:24,500 --> 00:18:27,780
sector, whether it be, uh, you know, perhaps

464
00:18:27,780 --> 00:18:29,360
stocks that you own in the real estate

465
00:18:29,360 --> 00:18:32,580
sector or a REIT maybe, um, or you're

466
00:18:32,580 --> 00:18:35,320
looking at the value of your home, depending

467
00:18:35,320 --> 00:18:35,980
on where you live.

468
00:18:36,280 --> 00:18:37,960
It was not a great year for real

469
00:18:37,960 --> 00:18:38,260
estate.

470
00:18:38,400 --> 00:18:41,900
So, I mean, that's in my mind, you

471
00:18:41,900 --> 00:18:44,140
talk a lot about Chris, about reversion to

472
00:18:44,140 --> 00:18:45,800
the mean, and I think real estate was

473
00:18:45,800 --> 00:18:47,520
affected, you know, the first thing people say

474
00:18:47,520 --> 00:18:49,460
is it was higher interest rates, right?

475
00:18:49,460 --> 00:18:52,300
So that's relevant, certainly, but also we had

476
00:18:52,300 --> 00:18:56,480
such a boom year years during the pandemic

477
00:18:56,480 --> 00:18:59,780
where so many people bought second homes or

478
00:18:59,780 --> 00:19:02,580
moved or did whatever they were going to

479
00:19:02,580 --> 00:19:02,860
do.

480
00:19:03,260 --> 00:19:05,020
I think a lot of that business was

481
00:19:05,020 --> 00:19:08,880
brought forward and it was time for maybe

482
00:19:08,880 --> 00:19:11,800
a correction anyhow, in the real estate market

483
00:19:11,800 --> 00:19:14,740
prices were going through the roof, building permits

484
00:19:14,740 --> 00:19:16,920
were through the roof, and so you throw

485
00:19:16,920 --> 00:19:19,520
on 7%, 30 year mortgage rates on that.

486
00:19:19,700 --> 00:19:21,060
And they really, sorry.

487
00:19:21,280 --> 00:19:22,680
Just, uh, I was, I was incorrect.

488
00:19:22,860 --> 00:19:24,660
It was about 116%.

489
00:19:24,660 --> 00:19:27,100
It looks like Bitcoin specifically over a one

490
00:19:27,100 --> 00:19:27,740
year period.

491
00:19:28,060 --> 00:19:28,460
Okay.

492
00:19:28,900 --> 00:19:29,940
Still a great year, right?

493
00:19:30,140 --> 00:19:32,040
But yeah, but I mean, that's, that's, I

494
00:19:32,040 --> 00:19:35,040
mean, that's doubled, you know, so went from,

495
00:19:35,120 --> 00:19:36,760
I think around, I want to say it

496
00:19:36,760 --> 00:19:43,460
was around 44, 45,000 up to 97

497
00:19:43,460 --> 00:19:44,440
or something.

498
00:19:44,680 --> 00:19:45,080
Yeah.

499
00:19:45,080 --> 00:19:47,720
So in any case, um, maybe it's a

500
00:19:47,720 --> 00:19:49,440
good time to trade in your Bitcoin and

501
00:19:49,440 --> 00:19:51,800
buy some, uh, real estate.

502
00:19:52,000 --> 00:19:52,360
Yeah.

503
00:19:52,440 --> 00:19:54,260
So continue with your point about real estate,

504
00:19:54,320 --> 00:19:55,940
the reversion to the mean you were saying,

505
00:19:56,260 --> 00:19:56,920
yes, that's all.

506
00:19:57,060 --> 00:19:59,500
I think I was done with my comments

507
00:19:59,500 --> 00:20:03,080
basically, but I think several factors in addition

508
00:20:03,080 --> 00:20:05,700
to the real estate, uh, the interest rate

509
00:20:05,700 --> 00:20:09,040
on mortgages, the market needed some time to

510
00:20:09,040 --> 00:20:09,300
breathe.

511
00:20:09,420 --> 00:20:11,460
Prices were getting out of hand and people

512
00:20:11,460 --> 00:20:13,340
had handled, you know, done what they were

513
00:20:13,340 --> 00:20:13,840
going to do.

514
00:20:13,840 --> 00:20:16,040
So builders were in full steam.

515
00:20:16,620 --> 00:20:18,820
And whenever that happens, if the market slows

516
00:20:18,820 --> 00:20:21,760
down, builders often get caught with a little

517
00:20:21,760 --> 00:20:24,740
bit of inventory and that slow additional inventory

518
00:20:24,740 --> 00:20:25,800
slows down prices.

519
00:20:26,100 --> 00:20:28,720
So I think it's a normal thing.

520
00:20:28,760 --> 00:20:30,600
Part of the market, part of the reversion

521
00:20:30,600 --> 00:20:32,700
to the mean, just like stocks can't go

522
00:20:32,700 --> 00:20:35,600
up 30% a year forever, 25%

523
00:20:35,600 --> 00:20:38,500
forever, house prices were going up double digits

524
00:20:38,500 --> 00:20:40,040
also for several years.

525
00:20:40,800 --> 00:20:42,480
That just puts people out of range.

526
00:20:42,740 --> 00:20:44,820
And, you know, would be buyers just rest.

527
00:20:44,900 --> 00:20:46,920
You've talked about this before would be buyers

528
00:20:46,920 --> 00:20:49,060
just say, I'm, I can't buy anything, right?

529
00:20:49,700 --> 00:20:49,960
Yeah.

530
00:20:50,380 --> 00:20:50,580
Yeah.

531
00:20:51,000 --> 00:20:53,320
I mean, a lot of, uh, people in

532
00:20:53,320 --> 00:20:54,740
my age group, or at least peers that

533
00:20:54,740 --> 00:20:57,720
I talked to are not even educating the

534
00:20:57,720 --> 00:21:00,240
possibility of buying a home right now, just

535
00:21:00,240 --> 00:21:03,640
feeling like it's prices are too high rates

536
00:21:03,640 --> 00:21:05,580
are too high rates are higher and there's,

537
00:21:05,680 --> 00:21:06,800
you know, there's just not a ton of

538
00:21:06,800 --> 00:21:08,260
options in the market right now where they

539
00:21:08,260 --> 00:21:08,440
look.

540
00:21:09,170 --> 00:21:12,400
I would, um, say that, I mean, what,

541
00:21:12,520 --> 00:21:15,160
what are, uh, interest rates, uh, on mortgages

542
00:21:15,160 --> 00:21:18,520
around 7%, 30, 30 year, around seven, give

543
00:21:18,520 --> 00:21:20,700
or take, depending on credit and all that

544
00:21:20,700 --> 00:21:22,920
kind of stuff, 15, you know, six and

545
00:21:22,920 --> 00:21:23,240
a half.

546
00:21:23,340 --> 00:21:25,880
I don't think that's a historically high.

547
00:21:26,020 --> 00:21:29,160
Um, it's just, we're so used to the

548
00:21:29,160 --> 00:21:33,760
very low, uh, but that makes it challenging.

549
00:21:34,320 --> 00:21:38,200
Um, I would argue are though, it's more

550
00:21:38,200 --> 00:21:39,200
like historically high.

551
00:21:39,380 --> 00:21:39,540
Yeah.

552
00:21:39,940 --> 00:21:40,100
Yeah.

553
00:21:40,240 --> 00:21:42,900
So them coming back or at least the,

554
00:21:43,140 --> 00:21:45,880
the percentage of increase that people catch up,

555
00:21:46,020 --> 00:21:48,360
I saw a statistic last night that the

556
00:21:48,360 --> 00:21:51,300
average age of the first time home buyer

557
00:21:51,300 --> 00:21:54,040
is the highest it's ever been in the

558
00:21:54,040 --> 00:21:56,220
United States and it's 39.

559
00:21:57,760 --> 00:22:00,540
That's very, that's, that's goes right to Russ's

560
00:22:00,540 --> 00:22:01,140
comments though.

561
00:22:01,140 --> 00:22:03,500
I mean, yeah, I bought my first house

562
00:22:03,500 --> 00:22:06,880
at, um, 24.

563
00:22:08,740 --> 00:22:09,260
Yeah.

564
00:22:09,740 --> 00:22:09,960
Yeah.

565
00:22:10,160 --> 00:22:11,920
I think I thought I was overpaying.

566
00:22:12,000 --> 00:22:13,540
It was a hundred thousand dollars.

567
00:22:16,300 --> 00:22:16,820
Nope.

568
00:22:18,100 --> 00:22:20,720
Um, we, uh, I was a similar age.

569
00:22:20,740 --> 00:22:21,840
I think I was a little older, maybe

570
00:22:21,840 --> 00:22:24,640
26 or 27, something like that.

571
00:22:24,700 --> 00:22:27,320
But, um, yeah.

572
00:22:27,760 --> 00:22:31,320
Um, I think it was a little easier.

573
00:22:31,560 --> 00:22:34,220
Uh, well, the, the price was a similar,

574
00:22:34,440 --> 00:22:37,140
it was like 125,000 for when we

575
00:22:37,140 --> 00:22:40,180
bought our first house, uh, same time our

576
00:22:40,180 --> 00:22:44,240
income was nil, of course, but, but it

577
00:22:44,240 --> 00:22:44,560
worked.

578
00:22:44,660 --> 00:22:45,280
The math worked.

579
00:22:45,360 --> 00:22:47,720
You could, you could buy a, it was

580
00:22:47,720 --> 00:22:48,080
a ranch.

581
00:22:48,160 --> 00:22:50,820
We bought a two bedroom ranch and it

582
00:22:50,820 --> 00:22:52,300
was great for us in Plymouth actually.

583
00:22:52,600 --> 00:22:55,100
And, uh, we could afford it.

584
00:22:55,100 --> 00:22:55,520
Yeah.

585
00:22:55,640 --> 00:22:56,960
I don't think it brings you to the

586
00:22:56,960 --> 00:22:59,060
whole thing about student debt and, you know,

587
00:22:59,160 --> 00:23:02,280
the, uh, all, all these variables that go

588
00:23:02,280 --> 00:23:05,880
into health insurance costs and, and so forth,

589
00:23:05,900 --> 00:23:09,980
uh, you know, all these, these related considerations.

590
00:23:11,260 --> 00:23:13,340
Um, but I think, I think it's, you

591
00:23:13,340 --> 00:23:15,040
know, we get back to this notion that,

592
00:23:15,500 --> 00:23:20,560
um, there was a supply, uh, problem, if

593
00:23:20,560 --> 00:23:24,800
you will, in the, uh, housing, um, and.

594
00:23:25,400 --> 00:23:26,900
Prices went up dramatically.

595
00:23:27,520 --> 00:23:29,280
Uh, people didn't want to give up their

596
00:23:29,280 --> 00:23:30,160
low interest rates.

597
00:23:30,260 --> 00:23:32,020
That's going to continue to create a lag

598
00:23:32,020 --> 00:23:35,940
on, um, supply, uh, for a while.

599
00:23:35,940 --> 00:23:37,400
And I think that's probably going to be

600
00:23:37,400 --> 00:23:39,440
the case for a while.

601
00:23:39,680 --> 00:23:42,100
Still supply is so regional though, like in

602
00:23:42,100 --> 00:23:44,060
Florida, where I am, where there's a lot

603
00:23:44,060 --> 00:23:46,920
of building probably, um, the supply is up

604
00:23:46,920 --> 00:23:49,940
because these builders were, you know, I have

605
00:23:49,940 --> 00:23:53,220
staff they're building and three years ago, two

606
00:23:53,220 --> 00:23:56,360
years ago, you couldn't buy a inventory home

607
00:23:56,360 --> 00:23:58,060
because they were so behind the building homes

608
00:23:58,060 --> 00:23:58,740
that people wanted.

609
00:23:59,620 --> 00:24:01,500
Now you can't in certain parts of the

610
00:24:01,500 --> 00:24:01,760
state.

611
00:24:02,180 --> 00:24:04,740
Um, you can buy an inventory home at

612
00:24:04,740 --> 00:24:07,400
a price that was substantially less a couple

613
00:24:07,400 --> 00:24:07,960
of years ago.

614
00:24:08,160 --> 00:24:09,460
So it depends where you are.

615
00:24:09,500 --> 00:24:11,480
If you're in Cape Cod where you gentlemen

616
00:24:11,480 --> 00:24:13,360
are, it's, there's not a lot of building

617
00:24:13,360 --> 00:24:16,340
going on, so that's not impacting the real

618
00:24:16,340 --> 00:24:17,440
estate market, I would think.

619
00:24:18,480 --> 00:24:19,400
That's a good point.

620
00:24:20,060 --> 00:24:24,160
Um, so, I mean, I guess as investors,

621
00:24:24,160 --> 00:24:25,740
you got to be thinking about these kinds

622
00:24:25,740 --> 00:24:28,120
of, uh, back and forth and so forth

623
00:24:28,120 --> 00:24:29,460
was, I think where you were going with

624
00:24:29,460 --> 00:24:34,460
that, Jeff, uh, the, um, the, the pullback

625
00:24:34,460 --> 00:24:36,940
per se or whatever that, you know, prices

626
00:24:36,940 --> 00:24:38,260
seem to have had a little bit of

627
00:24:38,260 --> 00:24:38,740
a decline.

628
00:24:38,960 --> 00:24:39,100
Yeah.

629
00:24:39,140 --> 00:24:42,640
I'm just in my head comparing like you're

630
00:24:42,640 --> 00:24:45,820
often comment about reversion to the mean, and

631
00:24:45,820 --> 00:24:48,500
that's, it's normal markets go up, they go

632
00:24:48,500 --> 00:24:48,880
down.

633
00:24:49,320 --> 00:24:51,880
Um, that's why you have a financial plan.

634
00:24:51,980 --> 00:24:53,540
That's why you review your plan.

635
00:24:53,620 --> 00:24:55,540
That's why you talk to your advisor so

636
00:24:55,540 --> 00:24:58,220
you don't get swept away in whatever sector

637
00:24:58,220 --> 00:25:02,120
that's getting your attention in the temporary situation,

638
00:25:02,120 --> 00:25:04,320
you have a longer term vision and a

639
00:25:04,320 --> 00:25:05,960
plan to get you where you, where you

640
00:25:05,960 --> 00:25:06,440
want to be.

641
00:25:06,840 --> 00:25:07,280
Yeah.

642
00:25:07,320 --> 00:25:07,880
Good point.

643
00:25:08,220 --> 00:25:08,660
Good point.

644
00:25:09,320 --> 00:25:11,320
Um, it does, and it does bring us

645
00:25:11,320 --> 00:25:14,140
to this, uh, bigger question that we, we

646
00:25:14,140 --> 00:25:18,020
won't deal with today, but this, um, you

647
00:25:18,020 --> 00:25:20,680
know, this ongoing challenge as a society that

648
00:25:20,680 --> 00:25:23,140
we face the question of, um, how do

649
00:25:23,140 --> 00:25:24,560
we deal with the fact that.

650
00:25:25,680 --> 00:25:29,260
Uh, there's some inequity, uh, in terms of

651
00:25:29,260 --> 00:25:32,740
people with lesser resources, have lesser ability to

652
00:25:32,740 --> 00:25:35,840
acquire a home as an example, whereas people

653
00:25:35,840 --> 00:25:39,240
who have a wealth have greater ability to

654
00:25:39,240 --> 00:25:40,540
continue to grow their wealth.

655
00:25:40,940 --> 00:25:44,720
Um, and so it really becomes essential for

656
00:25:44,720 --> 00:25:48,920
every investor to every person, you know, to

657
00:25:48,920 --> 00:25:51,060
be thinking in terms of that, they need

658
00:25:51,060 --> 00:25:53,300
to have the ability to be in a

659
00:25:53,300 --> 00:25:55,200
position where they can live below their means,

660
00:25:55,220 --> 00:25:59,420
uh, so that they can accumulate some resources

661
00:25:59,420 --> 00:26:02,980
to be part of the wealth class and

662
00:26:02,980 --> 00:26:05,980
not just part of the wage class, because

663
00:26:05,980 --> 00:26:07,860
if you're only in the wage class, you're

664
00:26:07,860 --> 00:26:11,460
not participating as fully in, uh, the opportunities

665
00:26:11,460 --> 00:26:13,780
of the way our society seems to be

666
00:26:13,780 --> 00:26:14,660
working.

667
00:26:15,500 --> 00:26:17,880
You know, and part of that is the

668
00:26:17,880 --> 00:26:22,280
government, but part of it's you as a

669
00:26:22,280 --> 00:26:23,920
person, I think that's what you're saying, right?

670
00:26:23,980 --> 00:26:24,160
Yeah.

671
00:26:24,260 --> 00:26:28,640
It's partly one has to strive to cultivate

672
00:26:28,640 --> 00:26:31,600
that extra, that little bit, little bit extra

673
00:26:31,600 --> 00:26:33,700
to invest, whether it's in your work plan

674
00:26:33,700 --> 00:26:35,620
or whether it's, uh, you know, like a

675
00:26:35,620 --> 00:26:38,380
401k or whether it's in your own savings

676
00:26:38,380 --> 00:26:41,940
and investment, uh, outside of that, uh, one

677
00:26:41,940 --> 00:26:43,840
thing that's interesting, I will add to our

678
00:26:43,840 --> 00:26:46,620
conversation just before we look to kind of

679
00:26:46,620 --> 00:26:50,040
wind down, uh, was how, uh, ETFs.

680
00:26:50,140 --> 00:26:52,320
We talked about this not long ago that

681
00:26:52,320 --> 00:26:55,960
ETFs have taken on a greater, uh, participation

682
00:26:55,960 --> 00:27:01,100
in, um, the, uh, choice of selection of

683
00:27:01,100 --> 00:27:04,740
how people choose to invest, um, 30%

684
00:27:04,740 --> 00:27:08,120
growth, um, in the use of ETFs last

685
00:27:08,120 --> 00:27:12,420
year, uh, bringing, um, the investment in ETFs

686
00:27:12,420 --> 00:27:17,080
to $10 trillion, uh, last year, um, pretty

687
00:27:17,080 --> 00:27:17,940
significant.

688
00:27:17,980 --> 00:27:20,360
Uh, that's U S E T a U

689
00:27:20,360 --> 00:27:23,460
S based, uh, uh, stock exposure.

690
00:27:23,680 --> 00:27:27,240
And as we talked before, some are a

691
00:27:27,240 --> 00:27:28,900
lot of that money is coming out of

692
00:27:28,900 --> 00:27:30,040
mutual funds, I assume.

693
00:27:30,420 --> 00:27:31,720
Yeah, it is.

694
00:27:31,720 --> 00:27:34,160
And I think, um, it's interesting too, that

695
00:27:34,160 --> 00:27:35,420
we, you know, we talked about this, that

696
00:27:35,420 --> 00:27:37,780
a lot of this tends to be index

697
00:27:37,780 --> 00:27:38,300
based.

698
00:27:38,920 --> 00:27:41,120
Um, I saw some interesting stuff from Jeff

699
00:27:41,120 --> 00:27:41,540
Patak.

700
00:27:41,620 --> 00:27:42,780
We should probably see if we can get

701
00:27:42,780 --> 00:27:43,240
him back.

702
00:27:43,380 --> 00:27:46,220
He was talking about how, um, active managed

703
00:27:46,220 --> 00:27:48,720
who's a morning star, uh, person.

704
00:27:49,140 --> 00:27:52,000
And, um, he was talking about actively managed

705
00:27:52,000 --> 00:27:54,680
how they're not really all that different in

706
00:27:54,680 --> 00:27:58,680
terms of that top heavy exposure, um, to

707
00:27:58,680 --> 00:28:01,500
the, the, the mag, you know, seven or,

708
00:28:02,060 --> 00:28:04,360
um, you know, the top 10 holdings tend

709
00:28:04,360 --> 00:28:06,100
to be a lot of the same heavy

710
00:28:06,100 --> 00:28:08,140
weight that indexes have.

711
00:28:08,500 --> 00:28:12,320
Uh, it's, you know, not as, um, different

712
00:28:12,320 --> 00:28:14,460
that, as you might expect, but it's grown

713
00:28:14,460 --> 00:28:15,100
quite a bit.

714
00:28:15,580 --> 00:28:15,940
Yeah.

715
00:28:16,400 --> 00:28:16,700
Yeah.

716
00:28:16,940 --> 00:28:18,080
Did you see some of this too?

717
00:28:18,380 --> 00:28:21,380
It was a 40% of the mag

718
00:28:21,380 --> 00:28:24,000
seven make up the S and P that's

719
00:28:24,000 --> 00:28:24,440
off the top.

720
00:28:24,560 --> 00:28:24,700
Yeah.

721
00:28:24,800 --> 00:28:26,160
I think it's, I think it's, uh, even,

722
00:28:26,300 --> 00:28:27,440
I think it might even be more, but

723
00:28:27,440 --> 00:28:29,000
I don't remember now, but yeah.

724
00:28:29,340 --> 00:28:32,840
My, and then this was interesting that, uh,

725
00:28:32,840 --> 00:28:34,420
you know, his kind of point was, uh,

726
00:28:34,440 --> 00:28:36,620
you're, you know, if you're thinking active management's

727
00:28:36,620 --> 00:28:40,500
getting you a broader diversification or, uh, it's

728
00:28:40,500 --> 00:28:42,240
not as different as you might envision.

729
00:28:42,480 --> 00:28:44,980
And I think that's maybe an, an important

730
00:28:44,980 --> 00:28:48,520
opportunity for managers to be recognizing or thinking

731
00:28:48,520 --> 00:28:51,280
about if they're really going to provide, um,

732
00:28:51,680 --> 00:28:56,160
active management and, uh, benefit, uh, to maybe

733
00:28:56,160 --> 00:28:58,140
somehow differentiate from the index.

734
00:28:59,000 --> 00:29:03,380
Um, and more, yeah, anyway, interesting stuff.

735
00:29:03,540 --> 00:29:05,960
Uh, when it comes to, um, the year

736
00:29:05,960 --> 00:29:09,280
ahead, lots to think about, um, you know,

737
00:29:09,400 --> 00:29:11,940
whether markets will go up or go down,

738
00:29:12,060 --> 00:29:14,140
you know, the, the issue for most investors

739
00:29:14,140 --> 00:29:17,360
is to be a long-term investor, uh,

740
00:29:17,360 --> 00:29:19,820
we don't know whether markets will go higher

741
00:29:19,820 --> 00:29:21,340
or go lower in a given year.

742
00:29:21,500 --> 00:29:23,960
It's all, you know, prognosticating.

743
00:29:23,980 --> 00:29:25,820
It's just, uh, take it with a grain

744
00:29:25,820 --> 00:29:26,260
of salt.

745
00:29:26,260 --> 00:29:28,840
Really the, the reality is we want to

746
00:29:28,840 --> 00:29:31,600
be invested for the long-term because we

747
00:29:31,600 --> 00:29:33,580
want to participate when markets go up and

748
00:29:33,580 --> 00:29:35,900
we don't know from one moment to the

749
00:29:35,900 --> 00:29:38,020
next, whether we're positioned to go higher or

750
00:29:38,020 --> 00:29:39,240
go lower, we can all have an opinion,

751
00:29:39,240 --> 00:29:42,240
but that doesn't necessarily define what the market

752
00:29:42,240 --> 00:29:42,780
will do.

753
00:29:43,380 --> 00:29:45,820
And, um, I think the big picture is,

754
00:29:46,280 --> 00:29:48,780
uh, you know, we can be modestly tactical

755
00:29:48,780 --> 00:29:51,180
here and there to try to, um, adjust

756
00:29:51,180 --> 00:29:53,540
our allocation, but we might either miss out

757
00:29:53,540 --> 00:29:55,680
or take on too much risk or whatever

758
00:29:55,680 --> 00:29:56,100
may be.

759
00:29:56,200 --> 00:29:58,840
If we try to be too, too, um,

760
00:29:59,240 --> 00:30:03,140
active in that tactical, uh, get me in,

761
00:30:03,180 --> 00:30:04,340
get me out kind of mindset.

762
00:30:04,700 --> 00:30:07,180
So the best thing to do ultimately is

763
00:30:07,180 --> 00:30:10,120
to have a long-term view, find the

764
00:30:10,120 --> 00:30:13,000
allocation that's a good fit, uh, be invested

765
00:30:13,000 --> 00:30:16,900
in that allocation and some modest adjustments, uh,

766
00:30:16,900 --> 00:30:20,980
about what's, which sectors represent opportunity, uh, where,

767
00:30:20,980 --> 00:30:23,180
or where, where there's opportunity within the market,

768
00:30:23,300 --> 00:30:25,640
how to be structured within the market where

769
00:30:25,640 --> 00:30:29,260
you have participation, but, um, you're going to

770
00:30:29,260 --> 00:30:33,260
ultimately benefit, uh, by the longer term directional

771
00:30:33,260 --> 00:30:37,020
movements of, uh, exposure to the market, which

772
00:30:37,020 --> 00:30:40,560
over time, if we expect the economy to

773
00:30:40,560 --> 00:30:44,440
continue to grow, uh, we would expect to

774
00:30:44,440 --> 00:30:46,900
benefit from now, if we find, you know,

775
00:30:46,900 --> 00:30:51,360
that, um, we really do have, as an

776
00:30:51,360 --> 00:30:56,820
example, uh, mass deportation, uh, or dramatic, um,

777
00:30:57,400 --> 00:30:58,440
tariff increases.

778
00:30:58,440 --> 00:31:00,340
Some of the things that people worry about,

779
00:31:00,400 --> 00:31:02,520
uh, in the article, what's been articulated with

780
00:31:02,520 --> 00:31:05,400
the political perspective of, you know, often what

781
00:31:05,400 --> 00:31:07,020
drives a lot of our listeners to have

782
00:31:07,020 --> 00:31:07,600
anxiety.

783
00:31:08,200 --> 00:31:11,280
Um, if those things do actually materialize, then

784
00:31:11,280 --> 00:31:13,060
we want to maybe position a little bit

785
00:31:13,060 --> 00:31:14,920
more defensively to say, oh, how do we,

786
00:31:15,220 --> 00:31:16,640
how do we position for these kinds of

787
00:31:16,640 --> 00:31:16,860
things?

788
00:31:17,240 --> 00:31:19,760
But there's a big difference in rhetoric and

789
00:31:19,760 --> 00:31:22,160
application of policy, right?

790
00:31:22,340 --> 00:31:25,040
So let's, let's see how things develop, see

791
00:31:25,040 --> 00:31:27,880
how things go, because there's also the potential

792
00:31:27,880 --> 00:31:31,660
for, uh, less taxes of, uh, when it

793
00:31:31,660 --> 00:31:33,620
comes to corporate taxes being, you know, low,

794
00:31:33,700 --> 00:31:36,840
low rates extended and less regulation, less regulation,

795
00:31:37,020 --> 00:31:39,460
all these things that would benefit businesses as

796
00:31:39,460 --> 00:31:39,620
well.

797
00:31:39,760 --> 00:31:41,740
So you really have to be a measured

798
00:31:41,740 --> 00:31:43,740
kind of approach and see how we do.

799
00:31:44,100 --> 00:31:44,360
Yeah.

800
00:31:45,260 --> 00:31:46,720
Um, anything to add?

801
00:31:48,600 --> 00:31:50,920
It's going to be another interesting year.

802
00:31:51,340 --> 00:31:52,480
It sure will.

803
00:31:53,760 --> 00:31:54,500
All right.

804
00:31:54,580 --> 00:31:57,480
Well with that, everybody, um, if we can

805
00:31:57,480 --> 00:31:59,420
be a resource to you, as you think

806
00:31:59,420 --> 00:32:02,460
about your own planning, don't hesitate to reach

807
00:32:02,460 --> 00:32:04,120
out that you can connect with us.

808
00:32:04,560 --> 00:32:07,300
Um, and as I said, uh, uh, opportunity

809
00:32:07,300 --> 00:32:10,820
for, uh, uh, financial planning and portfolio management,

810
00:32:10,820 --> 00:32:13,620
we offer a complimentary consultation and would love

811
00:32:13,620 --> 00:32:14,800
to talk to you along the way.

812
00:32:15,240 --> 00:32:17,400
Until next time, everybody keeps striving for something

813
00:32:17,400 --> 00:32:17,780
more.

814
00:32:19,160 --> 00:32:21,340
Thank you for listening to something more with

815
00:32:21,340 --> 00:32:22,060
Chris Boyd.

816
00:32:22,360 --> 00:32:24,500
Call us for help, whether it's for financial

817
00:32:24,500 --> 00:32:28,440
planning or portfolio management, insurance concerns, or those

818
00:32:28,440 --> 00:32:30,480
quality of life issues that make the money

819
00:32:30,480 --> 00:32:31,580
matters matter.

820
00:32:31,900 --> 00:32:32,940
Whatever's on your mind.

821
00:32:33,060 --> 00:32:35,760
Visit us at something more with chrisboyd.com

822
00:32:35,760 --> 00:32:38,280
or call us toll free at 8 6

823
00:32:38,280 --> 00:32:42,060
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824
00:32:42,380 --> 00:32:45,460
or send us your questions to AMR dash

825
00:32:45,460 --> 00:32:47,880
info at wealthenhancement.com.

826
00:32:48,100 --> 00:32:50,020
You're listening to something more with Chris Boyd,

827
00:32:50,040 --> 00:32:52,620
financial talk show, wealth enhancement, advisory services, and

828
00:32:52,620 --> 00:32:54,760
Jay Christopher Boyd provide investment advice on an

829
00:32:54,760 --> 00:32:57,320
individual basis to clients only proper advice depends

830
00:32:57,320 --> 00:32:59,120
on a complete analysis of all facts and

831
00:32:59,120 --> 00:32:59,660
circumstances.

832
00:32:59,660 --> 00:33:01,760
The information given on this program is general

833
00:33:01,760 --> 00:33:03,800
financial comments and cannot be relied upon as

834
00:33:03,800 --> 00:33:05,400
pertaining to your specific situation.

835
00:33:05,400 --> 00:33:07,540
Wealth Enhancement Group cannot guarantee that using the

836
00:33:07,540 --> 00:33:09,540
information from this show will generate profits or

837
00:33:09,540 --> 00:33:10,660
ensure freedom from loss.

838
00:33:10,880 --> 00:33:13,040
Listeners should consult their own financial advisors or

839
00:33:13,040 --> 00:33:15,120
conduct their own due diligence before making any

840
00:33:15,120 --> 00:33:15,880
financial decisions.