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I'm your host, Carrie Lutz. Hey, we are midway through July.
Personally about to hear from hasn't been on the show in years, but has
been racking up trading profits all the all during that time, and for good
reason too, Andrew Prowitz, The Disciplinedinvestor dot com. If you've got a
question for him or myself, email kl at Carrie Lutz dot com. Andrew,
great to have you back on the show. With all the turmoil,
all the chaos in the United States and around the world. You know,
like reminds me of that movie Full Metal Jacket. No, you know part
is the part where the gunnery sergeant says marines will live and die, but
the Marine Corps is forever and countries companies will go out of business bankrupt,
but the stock market is forever here andrew it is and seems to only want
to go one direction lately. It's kind of fascinating, how oh the last
I don't know, call it a few months really for a longer time than
that, but for a few months. Good news is good news, bad
news is good news. Any news is good news. And the fact is
that the Fed has done a great job of holding a carrot in front of
all of our noses right just kind of leading us to what they want to
get that you know, hey, you know, inflation is here, but
don't worry about it again. They use that for a while, and now
they're talking up the whole idea of and they talked about disinflation. Now we
actually have some deflation that's that's setting in and some of the world is actually
reducing rates. What's really fascinating though, right now is that everybody's really jacked
up and excited about how a rate cut could be so exciting for the markets.
And we're seeing that recently there's been a steepening in the Yell curve,
meaning that shorter term is lower or the longer term is starting to come up
a little bit instead of the still inverted, but not as inverted, if
you will. That's been good for net interest margins for banks. That's why
we're seeing back of America and Goldman and even Morgan Stanley after kind of a
rough going on, their earnings pop back into the positive. And we're seeing
all the other areas do very well, even though not as much on the
investment banking business and even on the trading business, but some of the bond
business that they're doing as well as the net interest margin money they're making,
which is their bread and butter, how they actually make money, is doing
real well. So kind of a fascinating time right now. Yeah, So
I read several people theorizing that inflation doesn't really happen much from government spending.
It happens when interest rates go up and the banks can make higher profits on
loans, and as we know, fractional reserve banking, this is private creation
of money. Is that what's happening now where the banks are making bigger spreads
so they want to make loans. Now, I don't think. I don't
think that. I think that is an inflationary component that could be happening that
hasn't been like that for a while with the inverted ukur for a while,
they were really retracting a bit, and they were really doing their best to
show up their balance sheets everywhere they can because they didn't want to have another
repeat. Remember something about the banks. The banks were got to get out
of jail free card by the FED about a year and a half ago or
so back, we saw that some of these banks were going out of business.
And what happened was the reason was that all of a sudden, investors
said, wait a second, let me get this grat You have all these
bonds that you bought and you're on your balance sheet and now they're worth twenty
percent less than they were. And when we look at those, we have
to value them where they're going to be. You're never going to get out
of them without a major loss. So you know what, we're going to
sell your shares down or you're not going to meet the required amounts for your
you know, your government stress tests if you will. So what happened was
that the government said, come on, we know these bars are good,
and they said, sell to us. We'll pay you one hundred percent of
the face value right now because we'll hold them to maturity. Because during You
know, if they do this, they're fine. The issue here is that
the FED is a much longer holding period ability. You know, their risk
is an infinite in terms of if they can hold things for long enough.
So true, you can hold something. If you and I bought an investment
it's down eighty percent, that looks like it's going lower. And let's say
we're margined on it. That's a time when we have to say, okay,
uncle, you know we're out. The FED can say, I don't
care, we'll hold them foreveryone. We'll just create money to buy it.
What happened in this cycle was twofold. The FED made a terrible mistake,
as they always do. They misjudged dramatically, not only inflation, but the
combination of low interest rates and enormous that the word doesn't fit, it's much
bigger word whatever. It a gigantic, infinitesimal amounts of stimulus that was rained
down on individuals and companies, low tax rates, get get out of jail
free cards, everything that went on, mortgage repayment, pauses, student loan
forgiveness, you name it. All this that happened. That was the inflationary
situation. Now, some would say, well, we had no choice.
Well, I think we had a choice of not doing the IRA, which
was the Inflation Reduction Act, which was stibulus, the opposite of what its
name was. Milton Friedman always said, if you want to know the purpose
of any law, just do the opposite of what it's named. Right.
Unemployment Insurance actually ensured that we have unemployment, and the Inflation Reduction Act should
be called the Inflation Acceleration Act, right, correct? Yepah, So that
was that was the final nail on the That was the final nail on the
coffin, Right, That was the final I think that was the final you
know moment that we had a situation where you know, that was the final
accelerator of the inflation that we're having already. But you know, the thing
about inflation. Everybody's all shot up and excited about how inflation has come down
dramatically, which it has, but remember something, inflation will always come down.
Yeah, you have five percent inflation, ten percent inflation for a couple
three years, and now inflation is zero. Everybody's excited. Problem is,
yeah, you have twenty five percent compounded, but twenty five percent simple math,
higher prices forever because God knows. The FED does not want inflate.
Deflation and by the way, those people you probably talked about this carry but
deflation seems like yeah, I like deflation right. Wait wait, let me
get this. This is straight price. The lower that's for a question hour
goes up. Yeah, this this seems awesome. The problem with deflation that
most people don't know is it creates a psychological I'll wait. You know what
the house is, five hundred thousand, A few of them are coming down.
I'll wait at while the cars twenty five, fifty thousand, pick a
number, whatever it is. You know, we're seeing the dealers and cutting
prices. I'll wait. And as you weight the consumer is not spending.
And as the consumer's not spending, the car dealers say, wait a minute,
we need to cut prices even more to bring them in create more incentive
somehow, sales bonuses, zero interest rates, whatever it is. And what
happens in a deflationary market is that prices come down, but more so,
sales go down traumatically. The reason why things is so good right now is
because we have inflation. The FED wants a little bit inflation. They come
up with this two percent that everybody in the world, by the way,
brought into this arbitrary two percent inflation rate, which may change because if things
don't work out and they can't get inflation down, they'll just probably put a
three handle on it and say, well, you know it's about to close.
It's almost it's you know, we're good at that. So going back
to something you said like the fedce time horizon, I want to go back
to the mortgage crisis of eighth nine, where basically the FED all these mortgage
backed securities were split up into tranches and interest to you know, I don't
even remember all the terms for it, and the FED just basically bought them
all. And guess what, the housing crisis was over, and they actually
made money off of all this stuff that people don't even realize that that bailout
of the whole mortgage market led to enormous profits for them and a redistribution of
all these houses that were foreclosed. You know, your Blackstones got them and
and all your other hedge funds bought them up because they were borrowing for nothing,
and the turned them into rental properties. And you know, maybe it's
not that great now, but they're so far ahead of where they work.
I mean, they owe thousands of homes in our home state here in Florida,
the thousands, and now those houses, the rents have gone up and
the equity in those houses has doubled, and the FED got their money.
So everybody's happy here, right. Yeah, Well, don't forget. They
set up a you remember Maiden Lane, that was basically a hedge fund that
was set up by the Fed and the treasure out a lot of this bad
debt in just hold it forever and figure out if they get to make money
on it, which they did. Yeah, it was essentially a hedge fund.
Well, how great is that? Yeah, now that maybe it's not
such good investment buying the government's debt because nobody else wants it, and the
kind of the situation we're in, so looking ahead, putting the election aside,
because that doesn't really matter, because the structural problems in place, these
deficits, social security, running out of money and all this. And yet
how can the stock market go up with that type of backdrop. Well,
still a lot of stimulus in the in the markets. I also think the
one thing that there's something that nobody really talks about very much, and I
can't give you absolute It's not conspiracy theory at all, by the way,
but I can't give you absolute proof. But we do know something we have
around the world. There are countries that have funds. Switzerland has a gigantic
cyber wealth fund. Japan has been buying directly into their market. Norway has
been. You name all these countries. Saudi Arabia, they own a lot
of stocks, they have enormous amount of assets. They have same as the
FED. They basically have an unlimited time horizon, right, and as you
go out the time horizon, your risk kind of goes down to nothing.
Well, with a dollar increasing in value, they convert their value of their
lower currency into dollars. It's been going up in value, they press that
up. They buy the stocks in our companies. Not to mention our companies
buying the stock in our companies. It might be one hundred and ten billion
dollar buy back. One hundred and ten billion dollar buyback. That's probably buy
certain plenty of countries and islands throughout Central America for ut ten billion dollars.
But they're buying back one hundred ten billion dollars in their stock at basically any
price that it goes you went to why Apple everybody's so excited about their miserable
earnings that they had and that we're not quite sure what that AI, the
Apple Intelligence announcement was, But the stock is of like twenty something percent since
then. It's a lot of the numbers that came out from the reality of
a buyback. But that's what's going on. We have all limited amounts of
cash that's being generated by these countries. You're taxation that buying into our stocks.
That's a backdrop of almost like we don't really care what the valuation is
because if you look at evaluations, there's two ways to look at what's going
on. One is are you kidding me? You know, as a valuation
area of some of the high tech and some of the part of the of
the SMP market cap, the largest cap, that's like, oh, that's
a little bit that's frothy. But the rationalization from the bulls is they're going
to work their way into this. You know, AI is going to create
productivity, is going to create a great backdrop for earnings and a lot which
we'll see over the next three weeks, which I think there'll be some disappointment
with only because AI is going to take a long time to get going.
From the perspective of companies, there are certain picks and shovels companies that are
doing well with this, Microsoft being one of them, maybe Amazon, maybe
Google with their clouds, and Nvidia of course amdm not so shot up about.
SMCI is another one, Taiwan and Semi Coonductor. So the few of
them that are doing very well. Of course, the weight loss companies that
everybody in the world wants to just go, hey, hey, twenty pounds,
thank you very much. So there are some things that are happening right
now that are really interesting. The other side of the market, though,
is fairly valued. You take the equal weighted and you take the lower tier.
That's why we're seeing this incredible rally in small caps, because it's happening
is money. Enormous amounts of money are starting to come out of tech and
rolled somewhere, and those managers that have a requirement to be in something,
where are they gonna go, Well, let's see, financials look pretty good
right now, especially if we're seeing a yield curve start to steep it a
little bit and the FED coming to a little bit of a real reality that
they're gonna cut, which we'll see. That's number one. You see number
two. You see small caps. Oh my gosh, you see the run
on small caps. It's like hysteria. They're on a ranger, they're on
a bender. Yeah, you know. And there's some Tom Lee came out
today with like forty percent in the next I think twelve weeks is a prediction.
And so so the bottom line on this is that there's a lot of
reversion to the mean alternative assets that are going to be not alternatives, but
alternative places to play in terms of where to put money right now that have
been undervalued for some time. Growth has dominated value tech, biotech, consumer
discretionary versus utilities and financials, consumer staples. These have been and amounts of
money we're talking about because we're talking about companies that money's coming up three trillion
dollar companies. We're not talking about a one for one. It's like a
dollar comes out of these can buy three dollars worth of the other companies.
So there's a multiplier factor that's going on right now. So there's a lot
of things that are pushing the markets up. Higher, prices higher all time
highs often beget all time highs. There is excitement that there is some decision
on I think the outcome of the presidency. I don't think that really holds
a lot right opportunity. They'll build it up, and I think there's one
more thing going on, Kerry. I think over the last twenty years,
we've had some near death experiences. Shit, I'm not sure if right.
I'm just talking about the last twenty years. We've had a near death experience
financially eight oh nine, right, is that in the twenty year period.
I guess so, we've had some other craziness by the way in between there
and then we had a near death, true near death experience in two.
I think a lot of people are like, look, if the worst cup's
the worse the shit, it's the fan. The markets come down dramatically,
it's going to be opportunity when the FED will step in. Even though we're
kind of are we tapped, I don't know. You know, seventy eight
trillion dollars of balance sheet assets and debt, that's multitude of that of the
US government. But they will come to the rescue, creating money out of
nowhere. Will just look like Japan for a period of time, so I'm
really not that worried. Plus, the fact is, if I was to
pull my money out right when the situation hit, I was lost better.
Yet, I'm not thinking about today or tomorrow. I'm not thinking about the
war in I'm taking poison in Ukraine or in Middle East. I'm not concerned
about what's going on in some of the areas of housing and maybe even the
commercial property markets around the world. I'm not concerned about, you know,
the amounts of debt that these companies have because I'm thinking about today's mrow.
I'm going to hold my money in for much longer term. So this stuff
has created a much stickier environment for people to just keep on putting their money
in. Yeah, I know, I totally agree with you. And you
know so I want to talk to you about AI because that has been the
darling of Wall Street, the flavor of the month, if you will.
You know the Wall Street sells dreams, right, Wall Street sells dreams and
memes, and you know they don't like to admit it, but you know
it's all about the story. Now, I'm sure you're using AI in your
everyday business. I'm using it in mind maybe recording right now, with AI.
Yeah, we're recording with AI. When I do the show notes in
this interview, I'm going to run it through the AI and then modify it
and then clean it up on chat GPT. So it is revolutionary and I
think potentially more revolutionary even than the Internet was during the late nineties. But
there's always a lag time, and there's always you think it's going to come
out one way, Like we thought all these dot coms, zillions of them,
if they just a dot com and their name, they were gold And
that's that's kind of what we're going through. It's AI. And yet the
eventual effects and AI could be far greater and more profound than the Internet,
I think by a magnitude of ten to one hundred. But we're not just
going to get there in a straight line. How do you play it and
how do you avoid getting burned on this trend? Well, you know,
you miss blockchain everything. Blockchain was golden hole. So for a long time,
I don't remember last time I remember saying, Oh, I want to
buy that company because it's blockchain involved. Yeah, yeah, true, you
know correct. So I think the AI is a very interesting process. I
think again, right now we're in the early stages. You have to look
at this like a gold rush of you know, the eighteen hundreds when people
would pick up and they would just run out to California. A little bit
of a different scenario here, right, but they would run out to the
west and risk their lives and they would go and what did we have.
Well, they had to do a certain number of things. Number one,
they had to get clothing, so Levi's, they had to buy picks and
shovels. They had to get screens, they had to get they had to
buy drinks, they had to get tent. These are the areas you know
out there that did very well. The brothels did very well, the bars
did well, the restaurants to a great right. Now, all these did
well. Now did somebody absolutely make a lot of money by paying for gold?
Maybe maybe not. Most did not. Most suffered. They just paid
for their existence out there. A lot of companies right now are going to
pay for their existence by this AI thing, right by just for example,
Microsoft, Microsoft doing great. You know they have obviously their fingers or their
their arms into open AI. Big piece of that, right, they got
that going on. They have it. There's your they have a lot of
things happening with the next generation of what they're doing with AI as well.
One of the things they're also doing is they give a lot of a lot
of money they're giving away to company to carry. Let's say, hey,
Kerry, get how many give you a billion dollars because you're building you know
this AI. Yeah, yeah, you'll do this, But what we want
you to do is use that billion to buy back into the Azure network,
into and our AI processing to help you build what you're building. So what
do I just do with Microsoft? I just took money off my balance sheets
and it has moved it into my income statement. Interesting, you wonder why
they're doing so well and how all these companies can havevelos extra revenue going on
because they're doing this situation. Amazon doing a very similar situation with credits on
the AWS system a service platform. So we see a lot of this go
on. This this money from the balance sheets, freeing it up and which
is just you know assets that what do they do with it with the hopes
that they're going to hit something that maybe they even take a piece of the
companies. So there's going to be winners and loses, No question about this
you know, you have to wonder, you know, companies that I don't
know, do, for example, receptious think of the past. Yeah,
to a degree, right, there is to copy boys, Yeah, elet
bit your operators. Well, right, these things you don't even see.
Some people like, what are you talking about? I don't even know what
you're talking about. But what you have right now is the opportunity for a
lot of of these productivity gains from much of this and from companies going under.
Now there's always a room for someone to change what they're doing and go
into a different business. You know, we've seen that kind of evolution over
time. But you have to wonder, you know, where's this all going
to? What level? I think there's some productivity issues that AI will help
us with. Do we take it to the nth degree? And do we
have another terminator Skynet situation out there? I don't know. Elon Musk staves
to think so yeah, yeah, so he's very concerned about, you know,
where AI goes. I agree with that because it's garbage in, garbage
out the training and by the way, and thank yourselves, everybody listening watching,
thank yourselves for giving all this information to all these major companies through your
social media and through your files and what you do online and your search is
that they were able to and any blog posts that you have and information that
you've put out there on the web over the years that they're basically stealing and
putting into their AI large language models pretty coolly exactly. So is there all
this or is it as it coming gone? I think the picks, well,
I think we're overdone on a lot of companies. A lot of companies
will be trying harder to do it. I think we missed the first wave.
If you missed it, you know, if you missed your Microsoft,
it missed your Google. Apple's a tertiary player because they're going to use it
internally versus the picks and shovels type of a platform enhanced Sirie. I always
thought Syrien was kind of AI to begin with, to a degree. Yeah,
she was like a dumb AI. Yeah, who do you think is
dumber Alexa or yeah, Rosie the robot you got one from like like a
series a high school dropout and Alex as a college drop out, right right
right right. I think that there's there's opportunities still in the major players.
I don't know if they've washed out most of the profitability over the next two
or three years already though, you know, if we consider some of the
next gen on video, the Blackwell format and and platform or technology, and
we look at that, you know, interesting, uh they you know,
they seem to think it's going to be a I don't know, three or
four time revenue multiplier compared to the current product line. And maybe but if
we take the idea that which which happened actually years ago with Dell, when
Dell was skyrocketing back in the early days, and we looked at the you
know, the thirty fifty year of and year year of a year sales growth,
how many years does it take till you're like, wait a second,
we can't continue that pace of growth because if we did, everybody will have
like five PCs on their desk, and who needs that? Yeah? So
true. So I think some of the some of the play is over till
we get next GENU to see where we go from here. I think everybody
wanted in, everybody hopped on, and now I think they're slowly. We've
seen a couple of days that things are starting to turn a little bit and
that they're there and everybody still upgrading. Oh yeah, it's still upgrading.
So they're still you know, head over heals with this. I'm listen,
we get two weeks from now, do we see the earnings. So let's
see how this plays out, how this shakes out? All right? All
right? Hey, so yeah, we we don't really know what's going to
be. One final question on market Tesla. What's your take on Tesla?
Is that it just an ice stock, She's an AI stock. I mean,
it's a the Tesla as an EV play. Let's you know, look
at that versus Tesla as he has a lot of other stuff, a musk
play and these difference is right? Does that? Yeah? That different?
You know, MUSC will do everything you can to burnt shorts. I mean,
obviously there's a recent rally from where we've been to from what one fifty
six to forty something over the last few weeks. Yeah, on the better
than expected sales numbers. But yet the robo task has been pushed back,
which will be pushed back again, and by the way, it's gonna be
pushed back again from there, you know. But I think I think that
that uh, you know, you don't want to bet it. First of
all, you don't want to bet against Elon Musk and Milga Starlink. That's
just fascinating. A SpaceX fascinating, right, A guy that can build company
of the company of the company and make you know, every company's billions,
right. You know, we're not just talking about starting something like Hey,
I think it's worth a million. It's worth like twelve billion to start.
Uh, pretty pretty unbelievable. I think Test is probably if we look at
as a car company, they're a little bit spent. There's a lot more
uh, competition, Hybrid's coming on strong. China sales are down significantly better
than expected recently, but still down significantly big. You know neou by d
In India, you have companies now that are pushing. Actually, I just
saw, uh, what's the name of the Indian company. I don't remember
the name of the company? They vifest in infest Uh is the Indian company?
The electric vehicle company. Uh, there's a dealership right here Fort Lauderdale.
I was like, yeah, that's pretty cool. You don't see any
Chinese cars here, you know, you'll see anything. We have a Lucid
in West Palm Beach, A loose dealer, right, Pluster you're probably a
pollstar. Yeah, poll stares kicking around, they're barely it's all inside of
Arabia keeps feeding in them. They'll be okay. But you know, the
interesting thing is, and I'm a Tesla owner, so I've had this is
my third one. They keep getting better driving experience wise. Nothing can approach
it, no other ev you know, No, I agree with that.
The eighty percent or eighty five percent now and tech wells, they're not even
in the same arena. They're like five to ten years ahead. But that
doesn't mean that they're going to make money. You know, all these Chinese
companies that were so touted over the past twenty years, it was just like
the United States leading up to nineteen twenty nine, had all these companies exploded
on the market. They were doing amazing. There was one little problem manager
they were really making any money. And that's what happened with the Chinese companies.
They weren't really making any money. There's one company out there, there's
one they have a really cool car. They went when was the company went
bankrupt? Once in their back people buy the cars just as a backup battery.
Yeah, yeah, I've seen that. Yeah, I didn't hear about
that, but it makes this is uh one with an F. I think
it starts not not fair to the other guy. It's fair. It'screir.
Yeah. But people buy the Fiskers for the batteries because but they're out of
business. It's like twenty grand and you just have a whole house battery.
Yeah, hey, the batteries. You know that there's so many applications.
Hey, you know when you look energy that Tesla's building those uh those megapacks
as they call them, which you know won't solve the energy problem. But
if you go out west on Southern Boulevard in Florida, that's west from West
Palm Beach and you get to like the sugar plantations, there are about ten
or fifteen peaker plants there. The only purpose of those plants is to go
on line when they're short of capacity, when there's not enough electricity. Otherwise
they're off all the time. They just shut down so the megapack can get
rid of a lot of them, which I find kind of fascinating it.
You know, people don't really understand the electric industry. I've studied it my
whole life, and I've had people on guests for you know, who are
major players in it. I kind of get it, and it seems to
me these electrical utilities are going to clean up for me AI more than anybody
else. I would agree. I picks and shovels, right, I mean,
you got you got any uh you got yet if next year was FPNL
down here, yeah, CMS, you got h Southern Southern uh, and
you get all these companies and the mini UH and the anything with nuclear related.
If in fact, we need to have these gigawatt facilities that Intel's building
and this one's building and that one's building, the energy consumption is absurd.
Yeah, fifty thousand homs one one one data center is fifty thousand, the
one the one that the Intel's doing is two undred and thirty. Yeah,
so even in thirty thousand homes, I mean like building a city. So
the utilities, A, we're not going to have enough electricity. We're going
to have to tap into every available source, which means coal, whether you
like it or not. And b uh the profits of these companies are going
to be enormous because they're so high fixed. The capital companies and it,
you know, to get approvals through for a power plant takes years, so
you know it's just going to explode the whole thing. And what do utilities
do. Why do old ladies, widows and orphans love them because they pay
out a substantial amount of their profits in dividends. Right, So that could
be the Pickbax the miners here, I data, yes, the brothels,
yeah, the brothels, and the the the bars and the casinos. Don't
forget the parts where the casinos back so exactly, and especially down south here
where you have population growth on top of it. And if you watched mister
Wonderful, he said he's not building any data centers in the formerly Great State
of New York, the former Empire estate because you don't like the legal system.
And I think a lot of people following course there. So that means
the southern utilities are really set to capture a huge amount. And if they
have any spare capacity, and it's hydro or whatever, I would venture to
say, you will see power plants being built in the Dakotas from all the
gats that they can't use, and they'll ship the power off to the Midwest
or wherever I would agree are data centers. There no tax in the North
Dakota perfect. So so it's not all doom and gloom. Then, no,
not all doom and glue. There's something there, but not all Yeah.
Hey, my former law partner used to say, carry the situation is
hopeless, but never serious. Right I like that, Yeah, I like
that. So hey, and Florida is still kicking ass. Right, that's
right. So it's right. And other states Tennessee can't believe the growth state
of Tennessee. And people don't move to avoid taxes, they say, right,
yeah, I have several friends that move from New Jersey, and I
got to tell you that they keep on telling me the instant raises they get.
I'm not paying the city in state taxes that they have to pay in
the New York me measure area, New Jersey, Connecticut. You know that
whole area. I know. I moved here from New York and it was
twelve years ago, and then it was a lot cheaper than it is now.
Prince was cheaper, Everything was cheaper, and you know, the taxes
were like twenty percent of the New York's real estate crazy crazy, yeah,
nuts. So all right, hey, just tell us again where we find
you, how we subscribe? Sure, go over to We have two podcasts
right the run instance seven The Disciplined Investor. You can find that on all
the important podcast repositories apps, et cetera. Dhum Plugged is another one which
I do with John C. Devorak Tuesday night. We do it live also
to tape. And then The Disciplined Investor dot com. You can find everything
on there on how we manage money, what we do the podcast all sorts
of good stuff. Cool. All right, Hey, the link is in
the show notes of this interview on Financial Survival Network dot com. While you're
there, please sign up for your free newsletter. Appreciate you coming on,
Andrew. It's been a pleasure talking about all this stuff. That is like
because I like getting into weeds. I like to really look and I like
to get different viewpoints on what is really happening, because nobody really knows what's
happening. You know, you know your little confusing planet, but you don't
Runny know all the others. And hey, if you got a question for
Andrew or myself, shoot me an email kl at Carrie LUTs dot com.
Andrew, We're not gonna let so much time go by this time. Yeah,
I appreciate it. Absolutely Thanks so much, Kerry, thanks for listening
to Carrie Letz's Financial Survival Network, your solution to today's trying times. For
the latest, go to Financial Survivalnetwork dot com. Financial Survival Network now more
than ever,