1 00:00:05,000 --> 00:00:11,119 Welcome to another episode of the show where we talk about things related to money 2 00:00:11,160 --> 00:00:15,800 and finance and the economy and all things related to the financial world. And 3 00:00:15,839 --> 00:00:19,199 there's no one better to do that with than Zach Abraham, who is the 4 00:00:19,320 --> 00:00:25,160 chief investment officer at Bulwark Capital Management and also friend and sponsor of the show. 5 00:00:25,600 --> 00:00:30,600 And so today, Zach, we wanted to get your expertise about a 6 00:00:30,600 --> 00:00:37,240 topic that we admittedly understand very little, and that is this whole. This 7 00:00:37,280 --> 00:00:41,079 whole. There's been a lot of news lately about the US dollar and other 8 00:00:41,159 --> 00:00:46,840 countries that are not particularly friendly with the United States dropping the dollar as its 9 00:00:46,880 --> 00:00:53,240 reserve currency, and like high level we get that that sounds bad, but 10 00:00:53,520 --> 00:00:57,479 at a layman's level, we have no idea what that means, and we 11 00:00:57,479 --> 00:01:00,520 were hoping you can help. Yeah, well, it's it's a it's a 12 00:01:02,119 --> 00:01:06,480 it's a hot topic and it's one that we focus on a lot because I 13 00:01:06,519 --> 00:01:08,000 think in the world that I don't think I know. In the world of 14 00:01:08,040 --> 00:01:15,400 investing, currency movements and interest rate movements get looked past all the time, 15 00:01:15,959 --> 00:01:19,640 and at the end of the day, if you know, if you don't 16 00:01:19,719 --> 00:01:23,840 understand what's happening in currency and rate markets, you have absolutely no idea what's 17 00:01:23,840 --> 00:01:29,920 going to happen because that that that influences everything, right, Um. And 18 00:01:29,959 --> 00:01:33,359 for instance, one of the reasons that we don't buy the stock market rally 19 00:01:33,400 --> 00:01:38,480 that's currently happening and all these why is that just because interest rates You can't 20 00:01:38,519 --> 00:01:41,359 have interest rates is zero and raise them to five and think things that bad 21 00:01:41,400 --> 00:01:44,359 things aren't gonna happen. Right, It's gonna happen. Um. Same is 22 00:01:44,400 --> 00:01:47,040 true on the currency side of it. You know, if you get everything 23 00:01:47,120 --> 00:01:49,200 right and get the currency side of things wrong, you're in trouble. Right. 24 00:01:49,239 --> 00:01:53,000 So it's something that we focus on actually more than most other firms. 25 00:01:53,519 --> 00:02:00,519 But I think the I the conversation is very multifaceted, and it's called complicated. 26 00:02:00,599 --> 00:02:02,359 So first of all, people need to have an understanding, and I'll 27 00:02:02,359 --> 00:02:05,920 try to keep it and not try to dig too deep in here to blow 28 00:02:05,959 --> 00:02:09,000 everybody out, but people need to understand. You know, if you look 29 00:02:09,039 --> 00:02:12,759 at last year, we had the highest rate of inflation that we'd had in 30 00:02:12,800 --> 00:02:15,400 forty years, and yet the dollar made a twenty three year high? Right, 31 00:02:15,680 --> 00:02:19,360 why is that? And I think it shocked a lot of people. 32 00:02:19,879 --> 00:02:23,919 It didn't to us that's what we were expecting. But the reason why is 33 00:02:23,919 --> 00:02:29,360 because we understand the way that the financial or the monetary the global monetary system 34 00:02:29,400 --> 00:02:37,319 works post World War Two. The current monetary system was specifically designed to let 35 00:02:37,319 --> 00:02:44,719 the United States run essentially unlimited deficits without hurting its currency. Okay, And 36 00:02:44,800 --> 00:02:49,199 the reason it was, the reason it was designed that way has to do 37 00:02:49,599 --> 00:02:53,120 with Hitler taking over Germany and ushering US into World War two. Ironically, 38 00:02:53,439 --> 00:02:59,520 so, after World War One, the global economy, especially in Europe, 39 00:02:59,639 --> 00:03:02,400 was knud right. It was just it was decimated. Yeah, and they 40 00:03:02,479 --> 00:03:07,960 took which seemed fair at the time. They took the entire cost of that 41 00:03:07,000 --> 00:03:12,560 war and levied it against the German people. Well, the problem was is 42 00:03:12,599 --> 00:03:16,080 that their economy was decimated, so they couldn't produce things, they couldn't write, 43 00:03:16,080 --> 00:03:20,680 they couldn't sell cars and get tax revenue off of that and use that 44 00:03:20,719 --> 00:03:23,719 money to pay back their bills. So a guy by the name of Rudy 45 00:03:23,759 --> 00:03:28,199 Havenstein, who ran the reichs Bank or the German Central Bank at that time, 46 00:03:28,800 --> 00:03:30,240 he did really the only thing that they could do, which was he 47 00:03:30,319 --> 00:03:35,319 printed money, and that's how he was paying the debt and then that led 48 00:03:35,360 --> 00:03:38,120 to the hyper inflation that happened. We refer to it as the Weimar Republic. 49 00:03:38,439 --> 00:03:42,439 You know the old stories about people the wheelbarrows full of cash and they 50 00:03:42,520 --> 00:03:45,879 go back outside and they dumped the cash out and take the wheelbarrow. That 51 00:03:45,960 --> 00:03:50,439 actually happened, right, And that's because you know, and to explain to 52 00:03:50,479 --> 00:03:53,080 people what it was. So you'd get paid at the end of the day 53 00:03:53,120 --> 00:03:55,759 and you'd race to the grocery store because if you waited till the next morning, 54 00:03:55,800 --> 00:04:00,560 the cost of the goods would be up. Right, That's how crazy 55 00:04:00,599 --> 00:04:04,560 the inflation was. So that led directly to Hitler taking overpower, right, 56 00:04:04,639 --> 00:04:10,039 So because of the unrest and all that kind of stuff. So at the 57 00:04:10,120 --> 00:04:12,800 end of World War Two is actually one of the smartest things that I think 58 00:04:12,840 --> 00:04:15,879 the Globe has done over the last hundred years is they said, Okay, 59 00:04:15,120 --> 00:04:20,800 let's not make the same mistake. We're going to have the only remaining economy 60 00:04:20,879 --> 00:04:28,000 that is intact, the United States come into Europe and rebuild Europe via the 61 00:04:28,040 --> 00:04:30,439 Marshall Plan, and we're going to do it on the back of the US 62 00:04:30,560 --> 00:04:35,360 dollar. And to keep the US dollar from getting hit from all that spending 63 00:04:36,199 --> 00:04:41,120 we're going to mandate that every country in the world, in order to buy 64 00:04:41,399 --> 00:04:45,639 any type of good, whether it's timber, any type of commodity material, 65 00:04:46,079 --> 00:04:50,560 you have to make those purchases in US dollars. Right. So what they 66 00:04:50,680 --> 00:04:56,800 basically did was, regardless of what was happening here in the United States, 67 00:04:57,360 --> 00:05:01,399 every country in the world had to own US dollars if they wanted to purchase 68 00:05:01,439 --> 00:05:06,240 oil or natural gas or wood. Now they've made tweaks to that system, 69 00:05:06,279 --> 00:05:13,040 but that system is still in place, right, and so could that system 70 00:05:13,199 --> 00:05:17,000 end? Yes, But people need to understand the reason that these other countries 71 00:05:17,319 --> 00:05:21,800 are doing these things. It's not because they think the dollar is going to 72 00:05:21,839 --> 00:05:28,519 plummet. If the dollar plummeted forty percent in value, you would see parties 73 00:05:28,720 --> 00:05:32,360 in the streets of Beijing. Right, it's like a massive tax cut. 74 00:05:32,560 --> 00:05:36,639 If you have to use dollars to buy wood and uh, you know rock, 75 00:05:36,800 --> 00:05:43,120 and you know oil and all these other things. That means that the 76 00:05:43,199 --> 00:05:46,800 import costs for all your raw materials just dropped by forty percent. Right. 77 00:05:46,800 --> 00:05:49,920 So everybody's like, oh, they're they're pivoting away from the dollar because it's 78 00:05:49,959 --> 00:05:51,720 about to crash. And you're like no, no, no, no, 79 00:05:51,959 --> 00:05:59,120 they're pivoting away from the dollar because the nuclear because of the current set up, 80 00:05:59,439 --> 00:06:02,199 if we want to starve an economy of dollars, we can collapse it 81 00:06:02,839 --> 00:06:08,079 instantly, you know, Like you look at Venezuela. Venezuela is a victim 82 00:06:08,120 --> 00:06:12,279 of their own practices, there's no question. But what really put them in 83 00:06:12,319 --> 00:06:15,639 a tough pinch is when we sanction them and took them, took their access 84 00:06:15,639 --> 00:06:20,000 of US dollars away from them, Right, That's where things really got nasty 85 00:06:20,040 --> 00:06:24,800 for Venezuela. So these guys, and this is kind of one of the 86 00:06:24,879 --> 00:06:29,439 fears about what we're doing with Russia. When we wield that type of currency 87 00:06:29,519 --> 00:06:33,279 power against other sovereign nations, they have to, as a matter of national 88 00:06:33,360 --> 00:06:41,600 security, entertain ulterior strategies, right, because if if somebody Knew gets elected 89 00:06:41,639 --> 00:06:44,839 in the United States and just decides, hey, arbitrarily, we're going to 90 00:06:44,920 --> 00:06:48,399 freeze you out of the US dollar system, then we're going to force other 91 00:06:48,439 --> 00:06:53,000 countries to go other directions. And that's kind of one of the things that 92 00:06:53,439 --> 00:06:56,879 I think that we should use it as a cudgel to make other countries come 93 00:06:56,920 --> 00:07:00,079 along. But we need to use it gently because at some point they'll just 94 00:07:00,079 --> 00:07:02,199 look at you and say, you know what, We're going to form a 95 00:07:01,920 --> 00:07:08,120 new currency union. Now that is a much more complicated thing than people are 96 00:07:08,160 --> 00:07:11,720 saying. We are not on the verge of a dollar collapse. Like I 97 00:07:11,759 --> 00:07:15,240 said, if the dollar quote unquote collapsed, everything would go up in value, 98 00:07:15,519 --> 00:07:17,879 right, So it's not this thing. You know. I heard Glenbeck 99 00:07:17,959 --> 00:07:20,720 recently, who I've got a ton of respect for, and I know that 100 00:07:20,800 --> 00:07:26,519 Glenn, in my opinion at least, I think he's an honest operator that's 101 00:07:26,519 --> 00:07:29,279 trying to get it right. But he was talking about the collapse of the 102 00:07:29,279 --> 00:07:31,480 dollar, and I'm just sitting there going no, not until the monetary system 103 00:07:31,560 --> 00:07:35,199 changes, it's not possible. And if it did happen, it would be 104 00:07:35,240 --> 00:07:40,879 a massive tax cut for the world. You would see more manufacturing get imported 105 00:07:40,920 --> 00:07:44,279 into the United States because the cost of labor would go down by de facto. 106 00:07:44,560 --> 00:07:46,519 Right. So would it be a good thing for the US consumer. 107 00:07:46,720 --> 00:07:50,040 No, but it would be offset by the benefit that it caused the rest 108 00:07:50,079 --> 00:07:54,399 of the world. And then it would also make US goods far cheaper to 109 00:07:54,439 --> 00:07:58,839 purchase for the rest of the world. So it's not this doomsday scenario. 110 00:07:59,120 --> 00:08:03,360 Yet with the current now, it's some point you outrun your runway, right 111 00:08:03,720 --> 00:08:05,600 And I was gonna say, I was gonna say, because is that good 112 00:08:05,639 --> 00:08:09,079 long term? It probably want to be good long term? Right. No, 113 00:08:09,079 --> 00:08:13,439 No, it's not. It's it's some point you outrun your runway and 114 00:08:13,560 --> 00:08:18,399 you reached this saturation point. Where is that? Nobody really knows because we've 115 00:08:18,439 --> 00:08:24,160 never had a monetary system set up like this. But but it's not the 116 00:08:24,199 --> 00:08:26,360 way. You know, I've been hearing people talk about the collapse of the 117 00:08:26,399 --> 00:08:30,720 dollars since the time I was a child, and back then it was we 118 00:08:30,800 --> 00:08:33,600 hit a trillion dollars in debt, the dollars going to collapse. We hit 119 00:08:33,600 --> 00:08:35,480 five trillion dollars in debt, the dollars going to collapse. Right now you're 120 00:08:35,480 --> 00:08:41,360 at thirty two, thirty four and climbing right, So there it will happen 121 00:08:41,399 --> 00:08:45,799 at some point. Every fiat currency in the history of mankind has gone under. 122 00:08:46,360 --> 00:08:48,840 But you know, it's the old adage of you know, just because 123 00:08:48,879 --> 00:08:52,440 something is inevitable doesn't mean it's imminent. And what I would say is for 124 00:08:52,519 --> 00:08:56,519 people that are concerned about that, don't be the threat to the global economy 125 00:08:56,559 --> 00:09:01,279 at this point, is the dollar going substantial higher that that is like a 126 00:09:01,360 --> 00:09:05,480 new if the dollar index, which is currently like a one to two, 127 00:09:05,600 --> 00:09:07,960 if the dollar index got to one twenty five, it'd be like a nuclear 128 00:09:09,000 --> 00:09:11,639 bomb going off from the global economy. It would just crush everything. Right, 129 00:09:11,759 --> 00:09:16,000 But that sounds bad too. You're so calm about I know, you're 130 00:09:16,039 --> 00:09:22,000 just like a nuclear blast of the world. It's fine, it's fine. 131 00:09:22,080 --> 00:09:26,240 Well, but see here here's but you got to understand, like everything else 132 00:09:26,279 --> 00:09:31,039 in our government, nobody ever fixes a problem. So the Fed figured out 133 00:09:31,080 --> 00:09:35,480 this whole dollar strength problem. So what they did is since going into O 134 00:09:35,600 --> 00:09:39,720 eight oh nine, we had eight swap lines set up between the Federal Reserve 135 00:09:41,039 --> 00:09:43,480 and other central banks. Now, the reason they have swap lines set up 136 00:09:43,559 --> 00:09:48,240 is if the dollars soars, right, all these other countries still need dollars, 137 00:09:48,720 --> 00:09:52,120 right, but in order to get dollars, they have to go into 138 00:09:52,200 --> 00:09:56,600 the currency markets, sell their currency and buy us dollars. Well, if 139 00:09:56,600 --> 00:10:00,159 the dollars soaring, if they go do that, they're just adding to the 140 00:10:00,200 --> 00:10:01,799 problem, right, They're knocking the value of their own currency down. They're 141 00:10:01,799 --> 00:10:05,320 pushing the value of the dollar up. So the federal reserves set up swap 142 00:10:05,360 --> 00:10:09,919 lines with these other central banks where they can trade their currency off market and 143 00:10:09,960 --> 00:10:13,200 not impact the markets. It's like a cheat, they're cheating. Okay, 144 00:10:13,559 --> 00:10:18,840 Well, since OZ eight o nine, we now have thirty swap lines set 145 00:10:18,919 --> 00:10:22,519 up with other central banks. So the Fed's answer to that problem is, 146 00:10:22,559 --> 00:10:26,159 well, if that becomes a problem, we'll just print more money. Right. 147 00:10:26,039 --> 00:10:30,679 So it's the answer for everything, right, We'll just print more money, 148 00:10:31,000 --> 00:10:35,720 right. So that's really the interesting part of this is it now to 149 00:10:35,759 --> 00:10:39,679 the fence credit. They need to try to keep a lid on the dollar 150 00:10:39,759 --> 00:10:43,200 because the dollar going to one twenty six or one thirty, god forbid, 151 00:10:43,639 --> 00:10:48,080 that would usher in a new currency, right because the world can't function with 152 00:10:48,159 --> 00:10:50,879 the dollar at that level. So if you're worried about the dollar not being 153 00:10:50,919 --> 00:10:56,679 the world reserve currency anymore, that will only happen if the dollar goes way 154 00:10:56,720 --> 00:11:00,279 up. If the dollar goes down, there's no need for another currency, 155 00:11:00,279 --> 00:11:01,840 that makes sense, I think, so I think, so, yeah, 156 00:11:01,879 --> 00:11:05,519 what do you what do you make of the because like right now, because 157 00:11:05,519 --> 00:11:09,919 I was looking at this before we got on this car, and the headlines 158 00:11:11,000 --> 00:11:15,080 about this, if you just do a Google search on is you know, 159 00:11:15,240 --> 00:11:20,240 is the dollar being dropped as reserve currency by these countries? What does that 160 00:11:20,279 --> 00:11:22,480 mean? You know what's going on? And so you know, you've got 161 00:11:22,480 --> 00:11:26,200 one website that says the Chinese you want is going to replace the US dollar 162 00:11:26,320 --> 00:11:31,159 as the world's reserve currency. You've got another headline that says dollar dominance isn't 163 00:11:31,200 --> 00:11:35,919 going anywhere. And here are five minutes about de dollarization. And it's like, 164 00:11:35,960 --> 00:11:41,799 what is a regular person who just knows how to spend dollars to make 165 00:11:41,840 --> 00:11:43,919 of this information? Like, how do we wrap our heads around all the 166 00:11:45,000 --> 00:11:48,600 different opinions? Yeah, so I think the best way is to get back 167 00:11:48,639 --> 00:11:54,279 to the facts. Right, So what people forget about is when you talk 168 00:11:54,320 --> 00:11:58,279 about the dollar being in permanent decline as it relates to our purchasing power. 169 00:11:58,639 --> 00:12:03,120 I would agree one hundred percent okay that, and I don't think anything's going 170 00:12:03,159 --> 00:12:07,240 to arrest that at this point. It is impermanent decline. But when you're 171 00:12:07,240 --> 00:12:11,639 talking about the collapse of a currency, what you're talking about is the value 172 00:12:11,639 --> 00:12:15,919 of that currency as it relates to other currencies. So when people say the 173 00:12:15,960 --> 00:12:18,159 dollar is up, they're not talking about the dollar being up to a bag 174 00:12:18,200 --> 00:12:22,279 of groceries. They're talking about the dollar as it relates to the Chinese juan, 175 00:12:22,559 --> 00:12:26,519 or the yen, or the or the or the Brazilian reale or right, 176 00:12:26,600 --> 00:12:30,840 all these other you know, the euro. Right, So when you 177 00:12:31,000 --> 00:12:33,440 tell me, if somebody looks at me and says, and I've had these 178 00:12:33,480 --> 00:12:37,240 debates and I've had them on mar radio show too, or yeah, the 179 00:12:37,399 --> 00:12:39,759 yuan's gonna Chinese Juan's gonna take over the and they go, and I go, 180 00:12:39,840 --> 00:12:41,720 why why do you say that? They go, Well, the US 181 00:12:41,759 --> 00:12:46,799 spending And I go, you think US spending in debt is a problem. 182 00:12:46,840 --> 00:12:50,559 And do you understand where the Chinese economy is? Right? And not to 183 00:12:50,639 --> 00:12:54,720 mention the fact, but the Chinese jand is a closed currency, which meaning 184 00:12:54,960 --> 00:12:58,480 they don't allow it to free flow. The government pins the product. It 185 00:12:58,600 --> 00:13:03,600 is possible for the Chinese juan to be the world All you have to know 186 00:13:03,720 --> 00:13:07,879 is this. So China is the second largest economy in the world. Right, 187 00:13:09,600 --> 00:13:16,720 but about seventy percent of international monetary transactions happen in dollars, about six 188 00:13:16,840 --> 00:13:20,159 percent happen in Chinese one. Wow, Okay, okay, So why is 189 00:13:20,200 --> 00:13:24,519 that nobody trusts yuan? Nobody trusts it, not even their trading partners. 190 00:13:24,879 --> 00:13:28,639 So the yuan is not taking over for the dollar. All the problems that 191 00:13:28,679 --> 00:13:33,720 make dollar people all, the dollar is going to collapse the Chinese. Chinese 192 00:13:33,759 --> 00:13:37,720 have that problem in space. It's exponentially worse there. They also have a 193 00:13:37,759 --> 00:13:43,200 massive demographic problem and a shrinking population, which is another discussion. But yeah, 194 00:13:43,240 --> 00:13:50,759 it's the one about the five myths of the dollarization that is much closer 195 00:13:50,919 --> 00:13:56,080 to reality. At some point. The one complaint that a lot of these 196 00:13:56,080 --> 00:14:00,759 other countries have that's fair, is that we, unlike any other country, 197 00:14:00,840 --> 00:14:05,039 can be as recklessly as reckless as we want to be with fiscal spending and 198 00:14:05,120 --> 00:14:09,720 monetary stimulus and it doesn't impact our currency. At some point, the political 199 00:14:09,759 --> 00:14:15,320 outcry from that is going to demand another solution. But you're a ways away 200 00:14:15,360 --> 00:14:18,000 from that. It takes a lot to rework the monetary system. And of 201 00:14:18,039 --> 00:14:22,480 all the things that we're afraid about right now, the dollar collapsing isn't even 202 00:14:22,519 --> 00:14:26,440 on the list, and it shouldn't be on the list of any serious investor. 203 00:14:26,639 --> 00:14:30,759 Okay, that basically our right our media is full of crap that well, 204 00:14:30,799 --> 00:14:35,159 it's like it's so much fearmongering right, and so yeah, totally okay, 205 00:14:35,480 --> 00:14:39,679 yeah, and and and it's and it's because it's it's all of these 206 00:14:39,720 --> 00:14:43,200 statements made in a vacuum is the way that we're handling our fiscal responsibility. 207 00:14:43,320 --> 00:14:46,960 It's insane. I'm I'm not saying that what we're not doing is it's nuts, 208 00:14:48,159 --> 00:14:52,080 all this debt and spending. Totally, but we're still the cleanest dirty 209 00:14:52,120 --> 00:14:56,559 shirt. You love that. Oh my god, that's the greatest. We're 210 00:14:56,600 --> 00:15:00,840 winning the ugly pageant. There you go. Well, you know what, 211 00:15:00,919 --> 00:15:03,759 though, that really helped. I mean, I feel like that was a 212 00:15:03,879 --> 00:15:09,240 really nice historical explanation to where we are today and like a way to kind 213 00:15:09,279 --> 00:15:13,360 of calm everybody down a little bit. I needed the calming down. I'm 214 00:15:13,360 --> 00:15:16,840 sure I'm not the old one, and I try. I well, you 215 00:15:16,879 --> 00:15:20,120 want to make this as bite size and edible as you can for people. 216 00:15:20,159 --> 00:15:22,480 But so I hope I didn't get you. But you got to kind of 217 00:15:22,519 --> 00:15:26,360 know the history of it and realize, actually, the entire system was designed 218 00:15:26,360 --> 00:15:31,159 to let us run massive deficits without the doc That was the whole design of 219 00:15:31,200 --> 00:15:33,559 the system. So to be sitting there looking at the dollar wondering why it's 220 00:15:33,600 --> 00:15:37,399 not going down. You just need to look at the design and the makeup 221 00:15:37,399 --> 00:15:39,919 of the system and then you'll understand, Okay, they did it well, 222 00:15:39,960 --> 00:15:43,399 they did it so they could they could be like crooks and thieves. Yeah 223 00:15:43,519 --> 00:15:46,960 yeah, yeah, yeah, that's great. And like so many other things, 224 00:15:48,080 --> 00:15:50,120 right, like the intention or the thought in the beginning was good, 225 00:15:50,519 --> 00:15:54,759 right, yeah, yeah, they just should have undone it at some point. 226 00:15:54,960 --> 00:15:56,840 And the other thing is is all the people worried about us not being 227 00:15:56,879 --> 00:16:02,039 the world reserve currency. If you're a person that believes our government should be 228 00:16:02,039 --> 00:16:07,799 held accountable and recklessly spends it may not be if we were no longer the 229 00:16:07,840 --> 00:16:14,720 world reserve currency. I think that we would have a much better managed government. 230 00:16:14,799 --> 00:16:17,440 I think it would be better for freedom. I think it would be 231 00:16:17,440 --> 00:16:19,679 better for us getting involved in foreign wars. I mean, think about if 232 00:16:19,720 --> 00:16:23,399 you don't have to adhere to a budget, right, you just print money, 233 00:16:23,679 --> 00:16:26,840 You're gonna get a little involved in a lot more foreign conflicts. Yeah, 234 00:16:26,879 --> 00:16:30,240 you can afford to right, the road to hell was paid with good 235 00:16:30,279 --> 00:16:34,639 intentions. That's exactly right, Always is right, right, Zach? Where 236 00:16:34,679 --> 00:16:40,279 can people learn more from you and find out more about Bulwark capital management? 237 00:16:40,960 --> 00:16:44,159 Yeah? So first of all, our radio show. We do a weekly 238 00:16:44,200 --> 00:16:47,559 show, Know Your Risk Radio. You can just google Know your Risk Radio 239 00:16:47,600 --> 00:16:51,480 podcasts or Spotify or Apple iTunes or anything like that. And then also you 240 00:16:51,519 --> 00:16:53,919 can just go to Bullwark Capital Management dot com or follow me on Twitter at 241 00:16:55,000 --> 00:16:59,200 KYR radio and yeah, not too hard to fund. Awesome, you should 242 00:16:59,240 --> 00:17:07,680 do it than we so appreciate the time today. Investment advisory services offered through 243 00:17:07,680 --> 00:17:11,240 Trek Financial LLC, n SEC registered Investment Advisor. Information presentatives for educational purposes 244 00:17:11,240 --> 00:17:14,880 only. It should not be considered specific investment advice, does not taken to 245 00:17:14,920 --> 00:17:18,519 consideration your specific situation, and does not intend to make an offer or solicitation 246 00:17:18,519 --> 00:17:22,039 for the sale or purchase of any securities or investment strategies. Investments involve risk 247 00:17:22,079 --> 00:17:23,920 and are not guaranteed, and past performance is no guarantee of future results. 248 00:17:23,920 --> 00:17:27,759 For specific tax advice on strategy, consulted with a qualified tax professional before implementing 249 00:17:27,759 --> 00:17:30,000 any strategy discussed herein