1 00:00:04,839 --> 00:00:08,720 Welcome to another edition of the Checks on the Right podcast, where we bring 2 00:00:08,720 --> 00:00:12,240 in our friend Zach Abraham, who is the chief investment officer at Bulwark Capital 3 00:00:12,279 --> 00:00:17,679 Management to help us break down what's happening in the financial world economic world that 4 00:00:17,760 --> 00:00:21,239 we are in. And earlier this week, Zach, we played a clip 5 00:00:21,320 --> 00:00:25,800 on our regular live stream of Charles Paine which was very depressing because it was 6 00:00:25,879 --> 00:00:30,120 basically him just saying things are looking really shitty out there, you guys, 7 00:00:30,239 --> 00:00:35,159 it's bad, And it's just totally counter narrative to everything that Democrats are saying 8 00:00:35,240 --> 00:00:38,560 right now. They're like bidomics, Yeah, everything's rosy. What is going 9 00:00:38,640 --> 00:00:41,439 on? What is the real deal? So I think that you just we 10 00:00:41,560 --> 00:00:44,759 got a lot of cross currents going on, and I think it's really confusing. 11 00:00:44,759 --> 00:00:49,560 And I think one of the biggest things that's confusing people is it's been 12 00:00:49,600 --> 00:00:54,679 almost forty years since our last bout with inflation, right, and people see 13 00:00:54,719 --> 00:00:59,079 these growth numbers and they're like, Wow, the economy is cranking. The 14 00:00:59,119 --> 00:01:02,640 reason they're the reason that's the thought if I see a five and a half 15 00:01:02,679 --> 00:01:07,480 percent GDP for a quarter, the reason that looks really good is we have 16 00:01:07,599 --> 00:01:11,519 what we call nominal growth versus real growth, right, And it really makes 17 00:01:11,560 --> 00:01:15,599 sense. If the economy is growing at five and a half percent but you 18 00:01:15,680 --> 00:01:19,159 have six percent inflation, you're not growing, right, You're shrinking right. 19 00:01:19,480 --> 00:01:25,079 Well, for so long, five percent growth was with a two to two 20 00:01:25,120 --> 00:01:29,359 and a half percent inflation backdrop. Okay, So now you've got them posting 21 00:01:29,400 --> 00:01:33,519 five and a half. The Atlanta Fed, which has been pretty accurate in 22 00:01:33,560 --> 00:01:37,439 the last thirty days, have dropped their GDP estimate from five point nine to 23 00:01:37,480 --> 00:01:41,640 four point nine. That's a big move south. Okay. We're showing inflation 24 00:01:41,760 --> 00:01:45,519 raging between four to five Okay, So what does that tell you? It 25 00:01:45,599 --> 00:01:49,840 tells you there's no growth. Okay. Now, in a zero percent interest 26 00:01:49,959 --> 00:01:53,439 rate environment, that's not as much of a problem because the tab isn't running, 27 00:01:53,959 --> 00:01:59,200 right, everybody can refinance at record low rates. Money is free essentially, 28 00:01:59,319 --> 00:02:01,319 especially for banks to borrow and shadow banks and all these different things. 29 00:02:01,920 --> 00:02:06,959 But you're looking at corporate debt. We saw a couple of corporate debt refinancings 30 00:02:07,000 --> 00:02:08,759 happen, just to quite a few. There's going to be a day lugevum 31 00:02:08,800 --> 00:02:13,360 next year. That's another thing nobody's working into their earnings forecast. If the 32 00:02:13,400 --> 00:02:16,439 average S and P five hundred company has to take a couple billion dollars pile 33 00:02:16,479 --> 00:02:21,080 of debt and refinance it at five to six as opposed to two and a 34 00:02:21,120 --> 00:02:23,439 half to three, okay, gets getting sucked right out of earnings, right. 35 00:02:23,840 --> 00:02:29,599 So it's everybody is trading, in my opinion, based off of the 36 00:02:29,680 --> 00:02:34,319 last fifteen years, meaning it's like zero percent interest rates, but they're not 37 00:02:34,360 --> 00:02:38,319 paying attention to the pernicious nature of interest rates and how they continue to chew 38 00:02:38,360 --> 00:02:43,120 away at things as time goes on. Right, Like, if you think 39 00:02:43,120 --> 00:02:46,879 about the last fifteen years, we had several economic scares, right, but 40 00:02:46,960 --> 00:02:50,719 you're at zero percent interest rates. So the minute something bad happened defended, 41 00:02:50,800 --> 00:02:54,560 just start buying US government treasuries or mortgage back securities. Again, liquidity starts 42 00:02:54,560 --> 00:02:59,919 getting pumped into the system and rising tide lifts all boats. Right. Well, 43 00:03:00,520 --> 00:03:02,800 the opposite is happening now, and everybody is behaving as if it's the 44 00:03:02,840 --> 00:03:09,639 same. So what we're seeing right now is a rapid deterioration and consumer spending. 45 00:03:09,840 --> 00:03:13,520 Now, when I say rapid, I mean coming from a lofty level 46 00:03:13,719 --> 00:03:16,840 down to close to flat SKay zero now everybody goes, well, it's not 47 00:03:16,879 --> 00:03:22,599 regressing, and I'm like, well, remember, consumers spending is inflation. 48 00:03:23,240 --> 00:03:30,240 It's reflecting inflation. So if consumer spending stays flat but inflation rises five percent, 49 00:03:30,479 --> 00:03:32,759 you're gonna look like now, there's certain metrics that pull out inflation. 50 00:03:34,080 --> 00:03:37,680 But bottom line is, if consumer spending is flat and inflation is running at 51 00:03:37,680 --> 00:03:40,159 five percent, you are going backwards, and you're going backwards in a meaningful 52 00:03:40,240 --> 00:03:44,919 way. Right, here's the other queue. If it was as good as 53 00:03:44,960 --> 00:03:50,520 everybody's saying, why so many earnings misses and downward revisions, Why did US 54 00:03:50,560 --> 00:03:55,240 Airlines come out and guide for lower and lower their own profitability targets? Why 55 00:03:55,240 --> 00:03:59,719 did Delta come out and do the exact same thing. What do we constantly 56 00:03:59,759 --> 00:04:02,719 here? The consumers strong, The service industry is strong, right, we 57 00:04:02,840 --> 00:04:09,639 actually traditionally we see things like value or excuse me, flight travel, and 58 00:04:09,840 --> 00:04:13,759 the services sector kind of be the last to roll over. Well, you're 59 00:04:13,800 --> 00:04:17,600 listening to restaurants coming out and saying they're missing the foot traffics down. Airlines 60 00:04:17,600 --> 00:04:21,439 are coming saying that it's dropping. Right, And here's the issue. The 61 00:04:21,480 --> 00:04:26,759 issue is is you have a market that is priced as if rates are at 62 00:04:26,879 --> 00:04:31,000 zero, okay, and the FETE is still buying treasuries and stimmies are still 63 00:04:31,040 --> 00:04:35,839 in everybody's pockets, right, stimulus, it's not the case. So we're 64 00:04:35,879 --> 00:04:40,240 looking at an economy where you're going, Okay, you guys are pricing this 65 00:04:40,360 --> 00:04:44,160 market as if consumer spending is just going to keep rising. It's not. 66 00:04:44,600 --> 00:04:47,800 That's craziness, right. You look at what's happened to interest rates and taking 67 00:04:47,839 --> 00:04:53,319 away the stimulus. And then also, guys, think about how many durable 68 00:04:53,360 --> 00:04:57,120 goods. So durable goods are something that we buy in the economy that lasts 69 00:04:57,160 --> 00:05:00,720 for a refrigerator, washing machine, right, stuff like that. Okay, 70 00:05:00,720 --> 00:05:04,319 well, do you think people are going to continue to buy those things at 71 00:05:04,319 --> 00:05:06,920 the paces they have over the last two and a half to three years. 72 00:05:08,160 --> 00:05:12,279 Of course not. You don't need three laundry or washing machines, right, 73 00:05:12,319 --> 00:05:16,279 you don't need three backyard remodels. So part of it, and this gets 74 00:05:16,319 --> 00:05:23,120 into the definition of economics when we talk about stimulus. Okay, stimulus doesn't 75 00:05:23,240 --> 00:05:29,720 create new economic activity. What it does is it sucks future economic activity into 76 00:05:29,759 --> 00:05:33,519 the present. Right, Meaning if you pass a new stimulus deal or a 77 00:05:33,560 --> 00:05:36,279 new tax break to buy a new car. I'm going to buy a new 78 00:05:36,279 --> 00:05:40,040 car this year, but I'm not going to keep buying new cars every year. 79 00:05:40,240 --> 00:05:45,920 Right. So at the same time, you're watching this commercial real estate 80 00:05:45,959 --> 00:05:49,000 and look, the commercial office space is getting smoked no matter what anybody says, 81 00:05:49,120 --> 00:05:53,439 Okay, we'll continue to say the same. In residential housing, I'm 82 00:05:53,480 --> 00:05:56,600 listening to these people going residential housing isn't down, and I'm like, dude, 83 00:05:56,680 --> 00:06:00,800 quit looking at the official numbers. Volumes of house sales are down fifty 84 00:06:00,839 --> 00:06:03,240 percent. Okay, what does that mean? The only houses that are being 85 00:06:03,319 --> 00:06:08,399 sold are people that can afford to sell them, meaning they're not worried about 86 00:06:08,399 --> 00:06:12,040 getting into another high interest rate loan. Right, and it's people who can 87 00:06:12,040 --> 00:06:15,000 pay cash. What did we just describe the wealthy? Okay? So the 88 00:06:15,040 --> 00:06:20,319 wealthy people or the people who aren't constrained fiscally, those are the sales you're 89 00:06:20,360 --> 00:06:27,720 seeing. So when you start looking at what prices these things need to be 90 00:06:27,759 --> 00:06:31,600 priced at in order to actually sell, it's significantly lower. And we can 91 00:06:31,600 --> 00:06:34,720 see that in markets like Houston, or we can see that in markets several 92 00:06:34,720 --> 00:06:39,040 and feet up in Texas. We can see it in Phoenix, we can 93 00:06:39,040 --> 00:06:41,560 see it in the Seattle area. You can see it in the Bay Area 94 00:06:41,600 --> 00:06:43,519 and everybody's like, oh, Housings hanging in there, and you're like, 95 00:06:43,560 --> 00:06:46,560 Housings down fifteen to twenty percent, depending on where you're at in the country. 96 00:06:46,800 --> 00:06:49,120 Right, it's just not selling and everybody's just got their fingers in their 97 00:06:49,120 --> 00:06:51,600 ears, going la la la la. You know, you know, tell 98 00:06:51,639 --> 00:06:55,680 me something good. Right, the other part of it, and I'll kind 99 00:06:55,680 --> 00:06:59,680 of get into the anecdotal side of it. There's a saying in this industry 100 00:06:59,720 --> 00:07:02,319 that when you're managing money the correct way, in a discipline manner, and 101 00:07:02,360 --> 00:07:06,680 you're not just chasing at the height of every cycle, you should lose some 102 00:07:06,759 --> 00:07:12,720 of your clients. Okay, now we've lost very few, but so far 103 00:07:12,800 --> 00:07:16,360 this year we've lost more clients. We've probably bled. This is a heck 104 00:07:16,399 --> 00:07:21,480 of a market employ right, telling people that we've lost clients. But the 105 00:07:21,519 --> 00:07:26,480 reason we've lost clients is we're up a couple percent. We're positioned very securely. 106 00:07:26,720 --> 00:07:30,439 One of the reasons, guys, that we were positioned securely is last 107 00:07:30,519 --> 00:07:33,800 year, when markets were down twenty to thirty five and the average retirement portfolio 108 00:07:34,000 --> 00:07:38,319 was down twenty five to twenty seven, our average client was down six and 109 00:07:38,319 --> 00:07:41,000 a half to seven, right, So our attitude was, Hey, we're 110 00:07:41,000 --> 00:07:43,920 going to keep playing it safe. If the market wants to come back and 111 00:07:43,959 --> 00:07:46,279 catch us, so be it. This isn't the environment where we want to 112 00:07:46,319 --> 00:07:50,040 be really aggressive, right. Well, the number one reason you lose clients 113 00:07:50,040 --> 00:07:54,519 in this industry is the market's going up and you're not, and the clients 114 00:07:54,519 --> 00:07:58,360 don't have the Usually they don't have the ability to sit back and go wait 115 00:07:58,360 --> 00:08:01,439 a second, when I factor in how I did last year and this year, 116 00:08:01,680 --> 00:08:03,800 I'm still ahead of the game, right, That's not the way they 117 00:08:03,800 --> 00:08:07,839 look at it. And so anecdotally, you see people. I was having 118 00:08:07,879 --> 00:08:11,000 a conversation with a client the other day and I said, do you understand 119 00:08:11,040 --> 00:08:15,360 the things I'm telling you economically? And he goes, yeah, absolutely, 120 00:08:15,560 --> 00:08:16,439 and he goes Zach, but at the end of the day, those stocks 121 00:08:16,439 --> 00:08:20,360 are still going up, and I go, well, for now, right, 122 00:08:20,480 --> 00:08:22,319 for now they are, and he's going to expect you to like know 123 00:08:22,439 --> 00:08:26,680 exactly when they're gonna stop doing what they're doing. Oh yeah, one. 124 00:08:26,639 --> 00:08:31,720 And that's why you know, in investing, you know, there's you know, 125 00:08:31,720 --> 00:08:33,840 it kind of reminds me of the Bible, right there's a season for 126 00:08:33,879 --> 00:08:35,919 everything. There's a time to be aggressive. There's a time to be when 127 00:08:35,960 --> 00:08:41,679 we can sit back and own these ridiculously cheap companies that are producing things like 128 00:08:41,799 --> 00:08:45,240 natural gas, oil and copper, things that the world desperately needs and isn't 129 00:08:45,279 --> 00:08:48,960 short supply of. They're paying us six to eight percent dividends to own it. 130 00:08:48,159 --> 00:08:52,120 The companies have zero debt, and they're trading it two to three times 131 00:08:52,159 --> 00:08:54,840 earnings. Right, and then I can own a chunk at two year treasuries 132 00:08:56,080 --> 00:09:00,799 that have virtually zero risk, paying me a guaranteed five percent if if the 133 00:09:00,840 --> 00:09:05,159 worst the worst thing that happens to our clients this year is they make six 134 00:09:05,240 --> 00:09:09,080 to seven percent, I'm okay with that, right. But what people need 135 00:09:09,159 --> 00:09:15,559 to understand is that if you're being cautious right now, you're not missing out 136 00:09:15,639 --> 00:09:18,080 on a run. Okay, what you're doing is sitting there going. I 137 00:09:18,159 --> 00:09:24,679 don't think it is wise to pay ever more expensive prices for companies whose fundamentals 138 00:09:24,679 --> 00:09:28,200 are deteriorating right underneath them, right, And it's not that we're predicting it, 139 00:09:28,200 --> 00:09:31,840 it's happening. You see earnings down, revenues down, you see you 140 00:09:31,879 --> 00:09:35,360 know a company like Apple, whose growth is at the lowest point we've seen 141 00:09:35,360 --> 00:09:39,120 in twenty years, you know, launching a new phone that's two hundred dollars 142 00:09:39,120 --> 00:09:41,759 more. That's the exact same as the last phone they put out, which 143 00:09:41,799 --> 00:09:46,600 I own and is not a very great phone quite honestly, you know, 144 00:09:46,799 --> 00:09:50,519 it's just this cycle has run its course and people are used to for fifteen 145 00:09:50,559 --> 00:09:52,159 years, things have gone up. And the sad thing about it is, 146 00:09:52,200 --> 00:09:58,879 guys, is that usually the least experienced retail and this is what happens in 147 00:09:58,000 --> 00:10:03,480 every cycle, the most inexperienced people get the most aggressive at precisely the wrong 148 00:10:03,519 --> 00:10:09,120 time. Here's another anecdotal piece of information. Retail investors right now our position 149 00:10:09,240 --> 00:10:13,799 more aggressively than they have ever been in history. So if this is like 150 00:10:15,000 --> 00:10:18,360 other times in the past when retail gets the most excited, think of nineteen 151 00:10:18,399 --> 00:10:22,720 ninety nine and two thousand, that's the time you should be running from the 152 00:10:22,759 --> 00:10:26,200 hills because those are the people that are not looking at the fundamentals. Those 153 00:10:26,240 --> 00:10:30,000 are the people that are trying to bid Tesla up. As Tesla cuts the 154 00:10:30,000 --> 00:10:33,120 price of its cars by twenty percent, therefore erasing its margin and its profit. 155 00:10:33,320 --> 00:10:37,799 You know what we do and we talked about this little off air what 156 00:10:37,879 --> 00:10:39,559 we're doing right now, and our attitude is really simple. We think that 157 00:10:39,600 --> 00:10:43,759 we live in crazy times, okay. We think that guarding against the big 158 00:10:43,759 --> 00:10:48,960 downside move is the biggest threat here and if we're wrong, you guys. 159 00:10:48,960 --> 00:10:50,879 One of the reasons we do it, honestly, is just for moral clarity 160 00:10:50,879 --> 00:10:56,440 and the ability to sleep at night. If our clients leave us because we 161 00:10:56,559 --> 00:11:00,200 made them five to seven percent when the markets of fifteen to twenty, I 162 00:11:00,240 --> 00:11:01,759 can sleep at night, right. I don't want that to be the case. 163 00:11:03,039 --> 00:11:05,440 I'm really competitive. We've beaten the market the last two to three years 164 00:11:05,480 --> 00:11:09,519 in a row. I love doing that. At the end of the day, 165 00:11:09,639 --> 00:11:11,480 our job is to finance the rest of their lives, not to make 166 00:11:11,480 --> 00:11:15,399 the most in an insane market we can make in a twelve month period of 167 00:11:15,399 --> 00:11:18,200 time. You know, it's a good philosophy. I mean, that's a 168 00:11:18,200 --> 00:11:20,200 really good philosophy to live by when it comes to this. I mean, 169 00:11:20,480 --> 00:11:22,519 especially when you know, I mean, I think a lot of people that 170 00:11:22,559 --> 00:11:24,759 are leaving, they probably look over their shoulder and they're like, well, 171 00:11:24,840 --> 00:11:28,360 dang, maybe I should have stayed. Yeah, Well, we we already 172 00:11:28,360 --> 00:11:31,639 had a couple of those this year. We had we had a couple of 173 00:11:31,639 --> 00:11:35,320 those this year that left for whatever reasons over the last two years and got 174 00:11:35,320 --> 00:11:39,720 destroyed last year. And it's you know, it's yeah, it's not a 175 00:11:39,759 --> 00:11:41,799 fun conversation to have. You know, they came back with twenty percent less 176 00:11:41,799 --> 00:11:46,159 money. But you know, through that experience, they become better clients because 177 00:11:46,159 --> 00:11:50,919 they understand sometimes we will protect against risks that don't happen, that's just the 178 00:11:52,000 --> 00:11:54,720 name of the game. But if the worst case scenario is we make a 179 00:11:54,759 --> 00:11:58,759 little less, you know, we can live with that. This isn't about 180 00:11:58,759 --> 00:12:01,080 We're not at a craps table. We're not at a roulette table, right 181 00:12:01,080 --> 00:12:05,159 We're trying to finance the rest of your life. And what's crazy is we 182 00:12:05,200 --> 00:12:09,480 live in an environment right now where everybody just thinks, oh, buy it, 183 00:12:09,480 --> 00:12:11,480 it's going up. Well, it's going up because a bunch of people 184 00:12:11,519 --> 00:12:16,639 that aren't informed are bidding up the price irrespective of the underlying fundamentals. That's 185 00:12:16,639 --> 00:12:20,840 a losing game. It always has been, and you know it will be 186 00:12:20,919 --> 00:12:22,399 this time. Yeah. Well, the way that we talk about you to 187 00:12:22,519 --> 00:12:26,879 our audience is that you know, we talk about the fact that you actively 188 00:12:26,039 --> 00:12:31,600 manage risk and that you are helping people who are close to nearing or in 189 00:12:31,720 --> 00:12:37,519 retirement avoid losing big giant chunks of money. So what can people expect when 190 00:12:37,519 --> 00:12:41,039 they reach out to you, like, what's your process? How how can 191 00:12:41,080 --> 00:12:45,080 we tell them that you're going to best help them? Yeah? Well so, 192 00:12:45,320 --> 00:12:48,480 and we do things very differently than everybody else. So first of all, 193 00:12:48,720 --> 00:12:52,759 when we sit down, you know, I'll give a couple of people 194 00:12:52,799 --> 00:12:56,399 to if you ever interview somebody like me or somebody that works at another financial 195 00:12:56,399 --> 00:12:58,919 firm, and when you meet with them in the first meeting and they show 196 00:13:00,120 --> 00:13:03,600 up with investment suggestions, run okay because they don't know you and they don't 197 00:13:03,600 --> 00:13:07,399 know what you're after. And if they already came with something to sell you 198 00:13:07,840 --> 00:13:11,679 or a preconceived idea of what you should have, it just means that they 199 00:13:11,720 --> 00:13:15,039 have a system and they're plugging you into it. Right. What we do 200 00:13:15,159 --> 00:13:18,559 is we sit down and look at somebody's entire life and sit there and go, 201 00:13:18,639 --> 00:13:20,559 Okay, what does social security look like? When do you think you're 202 00:13:20,559 --> 00:13:24,360 going to retire? How much do you all in your house? Joan and 203 00:13:24,399 --> 00:13:28,159 the other rental properties. All of those things need to be considered before we 204 00:13:28,200 --> 00:13:33,080 can make a portfolio recommendation. Right, We'll have people that come in that 205 00:13:33,120 --> 00:13:37,039 are virtually the same age, that have the exact same amount of net worth, 206 00:13:37,360 --> 00:13:41,279 and they'll be invested completely different based on what the rest of their life 207 00:13:41,279 --> 00:13:46,919 looks like. Right, And so it really comes first and foremost. We 208 00:13:46,000 --> 00:13:50,279 need to assess what are your goals for retirement? Right? What kind of 209 00:13:50,360 --> 00:13:56,600 income do we need to generate to complete those goals or to accomplish those goals? 210 00:13:56,799 --> 00:14:00,919 And then how do we sit back and how do we accomplish those goals 211 00:14:01,200 --> 00:14:05,039 taking as little risk as possible, Again, especially in this environment, right, 212 00:14:05,080 --> 00:14:09,159 there's going to be a time to get aggressive. It's not when the 213 00:14:09,200 --> 00:14:13,120 stock market is trading at the second highest valuation it's been out in fifty years, 214 00:14:13,440 --> 00:14:16,080 okay, and at the end of the longest bull market in history. 215 00:14:16,480 --> 00:14:20,480 So it's assessing how do we get there, how do we accomplish those goals 216 00:14:20,879 --> 00:14:26,279 looking outside the box, not just relying on bonds and stocks. Maybe we 217 00:14:26,360 --> 00:14:28,840 need a real estate investment trust mixed in there. Maybe we need some short 218 00:14:28,960 --> 00:14:35,360 term treasuries paying Maybe the answer is to have a zero risk portfolio. Right 219 00:14:35,360 --> 00:14:39,080 now, for you, you know, it really depends on where you're at, 220 00:14:39,200 --> 00:14:46,399 and then building a portfolio that you know that represents that and then the 221 00:14:46,440 --> 00:14:50,000 next part of it For us, and I tell people this all the time. 222 00:14:50,399 --> 00:14:52,720 What most firms do is they take your money and they put it and 223 00:14:52,759 --> 00:14:58,039 manage money programs. Okay, if we did that with our clients, I 224 00:14:58,039 --> 00:15:01,960 would be able to get rid of my two analysts, my other portfolio manager, 225 00:15:01,200 --> 00:15:05,159 and are two full time traders. Okay, that would save me about 226 00:15:05,240 --> 00:15:07,759 one point two million dollars a year. People ask me, well, why 227 00:15:07,799 --> 00:15:11,519 would you spend that extra one point two million dollars a year? And I 228 00:15:11,559 --> 00:15:15,399 go, why do you think? Right? If I could, you know, 229 00:15:15,639 --> 00:15:16,799 that's not a bad deal. Right. If I do it like everybody 230 00:15:16,840 --> 00:15:20,799 else, I immediately make one point two million dollars a year more. You 231 00:15:20,799 --> 00:15:24,639 know, I'm I'm I'm not a crazy wealthy guy. One point two mill 232 00:15:24,759 --> 00:15:28,960 is still a lot of money, right. Yeah. The reason we do 233 00:15:28,000 --> 00:15:31,639 it is because we took an oath to do what was best for our clients. 234 00:15:31,840 --> 00:15:35,440 And you know, sometimes it will work. But but bottom line is 235 00:15:35,759 --> 00:15:39,799 we have an incredibly complex, changing environment and we need to be able to 236 00:15:39,799 --> 00:15:45,919 pivot at the drop of a hat with all this craziness. And that's that's 237 00:15:45,960 --> 00:15:48,720 the way I mean. I wish we didn't. I wish I believed that 238 00:15:48,840 --> 00:15:50,360 doing it their way was the best, because, like I said, I 239 00:15:50,360 --> 00:15:54,480 would have a lot more money. But that's part of us being a fiduciary 240 00:15:54,519 --> 00:15:58,200 too, you know what I mean, where we are truly on the same 241 00:15:58,240 --> 00:16:03,639 side as the meaning, if your account goes down forty percent, my paycheck 242 00:16:03,679 --> 00:16:07,440 does too. Right. And and I think that cook should eat their own 243 00:16:07,440 --> 00:16:11,559 cooking and they should have skin in the game. And when you're set up 244 00:16:11,639 --> 00:16:15,960 like that, it really is a partnership, right, We're both we're both 245 00:16:15,960 --> 00:16:18,879 eating the same cooking, and our tails are both on the line, and 246 00:16:18,600 --> 00:16:22,039 you know, we're going to protect their money like it's you know, like 247 00:16:22,120 --> 00:16:23,879 it's our own. So how can people get in touch with you and learn 248 00:16:25,039 --> 00:16:29,559 more? Yeah, so a couple easy ways. First of all, uh, 249 00:16:29,919 --> 00:16:33,039 you know, you can go to the go to our website Bullward Capital 250 00:16:33,080 --> 00:16:36,559 Management dot com. You can find our weekly radio show and Know your Risk 251 00:16:36,679 --> 00:16:40,440 Radio dot com. We're on every podcast service out there, Apple I to 252 00:16:40,600 --> 00:16:42,879 all that stuff. You just you know, just search Know your Risk Radio. 253 00:16:44,159 --> 00:16:47,080 We also do a daily thing called the daily dots. So every year, 254 00:16:47,200 --> 00:16:51,120 every day after the market closes, we do a twelve to fifteen minute 255 00:16:51,159 --> 00:16:55,559 summary of what important happened that day, important earnings, announcements, fed you 256 00:16:55,600 --> 00:16:59,000 know, fed minutes, all that kind of stuff. Pretty easy to find. 257 00:16:59,120 --> 00:17:03,200 And then in the next week or two we have a virtual road show 258 00:17:03,240 --> 00:17:07,680 coming up. It costs nothing. It's about a forty five minute presentation that 259 00:17:07,880 --> 00:17:11,799 shows you our process, shows you what we do differently and how it works 260 00:17:11,839 --> 00:17:15,440 and how we can lower risk, lower your fees and increase your upside. 261 00:17:15,519 --> 00:17:18,599 And we're just showing you how it's worked, right, Not making prognostications, 262 00:17:18,599 --> 00:17:21,599 is showing, hey, the proofs in the pudding. Here's how we do 263 00:17:21,720 --> 00:17:25,519 things. And then if they're interested further after that, they can set up 264 00:17:25,519 --> 00:17:27,880 a call with me or one of our other advisors and really get an in 265 00:17:27,960 --> 00:17:33,119 depth and then we'll make a portfolio portfolio suggestion for them and then there's no 266 00:17:33,160 --> 00:17:36,400 twisting arms. Right, If you want to be a client, you want 267 00:17:36,400 --> 00:17:38,039 to join us, great, if you don't, hopefully leave more informed, 268 00:17:38,359 --> 00:17:41,480 but yeah, the virtual road show coming up in the next week or two 269 00:17:41,559 --> 00:17:45,440 is probably the easiest way. It's free. Only have one hundred and twenty 270 00:17:45,440 --> 00:17:48,079 five spots. They usually fill up pretty quick, but I think that's the 271 00:17:48,119 --> 00:17:52,119 easiest way to get a good, you know, three hundred and sixty degree 272 00:17:52,279 --> 00:17:56,319 understanding of what we do and how we do it. That's awesome. Yes, 273 00:17:56,519 --> 00:17:59,839 thank you so much, Zach. You're always on top of everything and 274 00:18:00,119 --> 00:18:03,440 you break things down so easily for people to understand that. We appreciate it. 275 00:18:03,480 --> 00:18:06,000 Oh, thank you, ladies. Always fun to be here.