Speaker 1: Welcome to Financial Issues, where we help you steward faithfully
Speaker 1: by honoring God with your investments. Now listen in as
Speaker 1: we give you the practical tools and advice you need
Speaker 1: to become a biblically responsible investor.
Speaker 2: This is Financial Issues, where we help you defund darkness
Speaker 2: and fund the light by investing with biblical integrity. Today's show, folks,
Speaker 2: we're going to continue Friday's discussion with that midyear financial checkup.
Speaker 2: Let's talk through everyone's favorite specific topic in planning, taxes.
Speaker 3: I love them, you love them. We all love them,
Speaker 3: don't we guys.
Speaker 2: Also our Palace Defon Padfield, who we actually love Unlike taxes.
Speaker 2: At the Heritage Foundation, PEND a fascinating piece in the
Speaker 2: Daily Signal concerning corporate red flags. I wonder what those are.
Speaker 2: We'll talk shortly. Sephan's join us in about ten minutes.
Speaker 2: Excited to have him, excited to have all of you.
Speaker 2: I'm Sethi Dinsky, Sam Case in the control room, and
Speaker 2: of course your host with us, Mark Manila Marked morning, Good.
Speaker 4: Morning, Happy Monday, everyone, and thanks Seth for starting Monday
Speaker 4: off with such wonderful topic like tech.
Speaker 2: You're welcome, Mark, It's my play. I mean if I
Speaker 2: can do my civic Dude, you know it feels appropriate
Speaker 2: for a Monday, right, but today it.
Speaker 4: Almost feels so Yeah, you know what tags is on Monday,
Speaker 4: they do feel some and rainstorms and floods and tribulation.
Speaker 5: Yeah it all goes together.
Speaker 3: Yeah, it really does so.
Speaker 2: But guys, listen, before we get to that, let's start
Speaker 2: our show on a much more positive thing. Sam Our
Speaker 2: versu of the Week this week is Matthew six twenty four.
Speaker 2: Why don't you read that?
Speaker 3: For us?
Speaker 6: It sure is no one can serve two masters, for
Speaker 6: he will either hate the one and love the other,
Speaker 6: or else he will be loyal to the one and
Speaker 6: despise the other. You cannot serve God and mammon.
Speaker 2: You know, Mark, as we were talking about this in
Speaker 2: our our pre show discussion, it got me thinking that
Speaker 2: when we talk about not serving two masters, it's very
Speaker 2: easy to say, that's very easy.
Speaker 3: For me to say, yeah, you know what, I serve
Speaker 3: God totally.
Speaker 2: I don't serve money, yeah, I think, and I'm just
Speaker 2: being honest to try to.
Speaker 5: Serve the two.
Speaker 3: We sure do?
Speaker 5: We sure do?
Speaker 3: I mean how much energy?
Speaker 5: He says his portfolio again?
Speaker 6: Right, The only reason I'm not doing it is because
Speaker 6: I'm busy with the show.
Speaker 2: But I think one question that we got to ask ourselves, guys,
Speaker 2: is how much energy do we give?
Speaker 3: How much?
Speaker 2: How much thought do we give? You know, the things
Speaker 2: that we care about most, we will think about most.
Speaker 2: Am I thinking about my money as much as I'm
Speaker 2: thinking about God? Or perhaps even more so. And that
Speaker 2: starts to make us realize, you know what, maybe I
Speaker 2: am trying to serve two masters and we can't do that.
Speaker 2: I mean, Christ tells us you have to pick one,
Speaker 2: You have to pick one.
Speaker 5: Yeah, absolutely.
Speaker 4: You know what gets me about this verse that maybe
Speaker 4: it's a little strange, but what it doesn't say. It
Speaker 4: doesn't say you can't have God and mammon. It doesn't
Speaker 4: say you shouldn't pay attention to God and Mammon simultaneously.
Speaker 4: It just says you can't.
Speaker 5: Serve one over the other.
Speaker 4: And that's so very important because as Stuart, that's a
Speaker 4: perspective of stewardship. We serve God, and in serving God,
Speaker 4: we manage those assets. He's entrusted to us, but we
Speaker 4: manage him to his glory right for his purposes, right.
Speaker 4: I mean, that's the whole idea steward is someone who
Speaker 4: utilizes God's resources for God's purposes, to God's glory. And
Speaker 4: when you have that mindset, you're not serving two masters.
Speaker 4: Yet you may spend a lot of mind space, even
Speaker 4: a lot of tension, on managing those assets in a
Speaker 4: way that glorifies him and in a way that helps
Speaker 4: fulfill God's purposes. So it's a juggling act that feels like,
Speaker 4: but the reality is it comes.
Speaker 5: Down to who you doing this for.
Speaker 4: And when you look at it like that, you say, oh, well,
Speaker 4: there is gold, and I do have this gold that
Speaker 4: I have to deal with here, but I'm dealing with
Speaker 4: it for the one True God in a way that
Speaker 4: honors him.
Speaker 5: When you which one keeps everything in perspective?
Speaker 3: Yeah, yeah, well, said Mark, that's really good.
Speaker 2: Well, guys, let's get going now here on again a
Speaker 2: much less important topic. But like you said, Mark, we
Speaker 2: have to deal with the reality of this world, and
Speaker 2: so we have to talk about money and specifically taxes
Speaker 2: this mid year tax realignment. So if anyone was with
Speaker 2: us on Friday, we kind of did our mid year
Speaker 2: financial health checkup for all of your finances. But I
Speaker 2: think for many of us, the most important mid year
Speaker 2: checkup that will get with our finances is our tax implications.
Speaker 3: So Mark just kind of open the conversation there.
Speaker 2: What things should we consider as we begin tax planning
Speaker 2: for the end of the year.
Speaker 5: Well, the first thing is you don't have to make
Speaker 5: it a big deal. You know.
Speaker 4: The whole idea of a mid year review is to
Speaker 4: just make sure things are going right. Remember the simple.
Speaker 5: Question that is the lead the head the.
Speaker 4: Start of the mid year thing. What has changed if
Speaker 4: income with holding deductions, giving investments, I don't know, family circumstances,
Speaker 4: if they're all similar to what they were at the
Speaker 4: end of last year, when you did your plan last
Speaker 4: year or when you started putting things together, and then
Speaker 4: probably nothing's major has changed. There may be little to adjust,
Speaker 4: so it's not a big deal. So you start with
Speaker 4: what has changed, and then you move forward with that.
Speaker 4: One of the things is, even if nothing's changed in
Speaker 4: your life, Let's say your company didn't give you a raise,
Speaker 4: I'm sorry, And let's say that nothing's changed in relationships
Speaker 4: or anything else. No big bonuses, no huge capital gains
Speaker 4: or losses, that kind of stuff. We still have The
Speaker 4: twenty twenty six federal tax changes. So at the very least,
Speaker 4: what you want to do is go out and estimate
Speaker 4: your your taxes for the year, and you can do
Speaker 4: that at the I R S.
Speaker 5: I think at.
Speaker 4: IRS dot gov individuals there's a tax withholding estimator, so
Speaker 4: you could go in there and type in all the
Speaker 4: information about your you're you know you're gonna need a
Speaker 4: most recent pay stuff to do it.
Speaker 5: But once you do that, it'll tell you.
Speaker 4: Whether you're on track or not, or what you should
Speaker 4: be withholding in that kind of things. So this gives
Speaker 4: you time to adjust before the end of the year
Speaker 4: for traditional type.
Speaker 5: Moving forward things.
Speaker 4: So the goal really of the midiear with the taxes
Speaker 4: is no surprises. For example, maybe you sold a business.
Speaker 4: I know that sounds for some people it's like who
Speaker 4: owns businesses?
Speaker 5: Aren't they rich? Well, No, a lot of people own
Speaker 5: small businesses.
Speaker 4: I knew a guy who had who mowed lawns on
Speaker 4: the side and he had like forty different households and
Speaker 4: he sold that business to another.
Speaker 5: Guy who did it because he was getting older and
Speaker 5: wanted to get out of it.
Speaker 4: So he had a lot of he had this lump
Speaker 4: sum come in that now he needed the report and
Speaker 4: take advantage are make sure he paid the taxes on
Speaker 4: and to make sure he didn't get fined for not
Speaker 4: for underpaying taxes. He had to do a deposit pretty
Speaker 4: quickly after the sale of that, so it went in right.
Speaker 4: So mid year will help you take a look at
Speaker 4: those kinds of things and make sure it's done well.
Speaker 2: Absolutely, and Mark, you had hinted at this on Friday,
Speaker 2: But is it a good idea to actually physically set
Speaker 2: aside portions of gains? You know, say you sell a
Speaker 2: stock or like you said, you sell a business, and
Speaker 2: so you're setting aside this is roughly the amount that
Speaker 2: I'll need to pay in capital gains taxes when that happens,
Speaker 2: so that when tax time comes next year you're not surprised.
Speaker 2: Is is that generally a good idea?
Speaker 4: It can be, but I think it's a little early
Speaker 4: yet for most people.
Speaker 5: Okay, if you think about it, this could work for some.
Speaker 4: But if they need to do that, they should set
Speaker 4: it aside definitely in a different account or something to
Speaker 4: sure that it's there when they need it. But it
Speaker 4: may be best like in June and July. I if
Speaker 4: you figure out you're going to need some money for
Speaker 4: the end of the year. You may want to wait
Speaker 4: a little bit because unless there are some let's just say,
Speaker 4: in your investments, you're you're very aware of some losses
Speaker 4: and you really don't want to continue to hold this
Speaker 4: till it recovers. You might want to sell those off,
Speaker 4: and that way you can have that money ready for
Speaker 4: both tax loss harvesting and to pay your debt, your
Speaker 4: I R S debt. So you could do that, but
Speaker 4: if another thing you could do with it, if you
Speaker 4: think the markets are strong, is to just reinvest in
Speaker 4: and wait till the fourth quarter and re.
Speaker 5: Examine everything again there to.
Speaker 4: Make sure that it's close, that you really do understand
Speaker 4: what you're going to owe and and how much you're
Speaker 4: gonna need.
Speaker 3: Absolutely, and then Mark, some people wait till the first quarter. Yeah, yeah,
Speaker 3: that makes sense. Mark.
Speaker 2: What what about charitable giving for effective end of your
Speaker 2: end of the year tax planning? How might we to
Speaker 2: be thinking about that? Maybe it's still too early right now,
Speaker 2: but how should we think about it?
Speaker 5: Well, that's a good question.
Speaker 4: You know, you brought up taxes, so let's bring that's
Speaker 4: almost the dark that we're defunding. Now, let's go to
Speaker 4: shy let's go to funding the light. So you know,
Speaker 4: obviously giving is such a big part of being a steward,
Speaker 4: and you started the year off.
Speaker 5: With a plan.
Speaker 4: Maybe it was ten percent, maybe it was fifteen percent,
Speaker 4: but whatever, and hopefully e've ben sticking to the planet.
Speaker 4: It's a good time to look did and again ask
Speaker 4: that question what has changed? Well, if you are getting
Speaker 4: bonuses or if there has been capital gains, did you calculate.
Speaker 5: Did it? Did it cross your mind that maybe you'll
Speaker 5: want to give out of.
Speaker 4: That as well to honor God, you know, so you
Speaker 4: want to start doing the adjustments there, maybe increasing your
Speaker 4: donations a little bit, so by the end of the
Speaker 4: year it comes out the amount you really wanted.
Speaker 5: Are are Maybe your income has gone down or something
Speaker 5: like that. So it's all there.
Speaker 4: But also it becomes part of that thing that we
Speaker 4: were talking about just a second ago, where if you're
Speaker 4: going to owe taxes, part of reducing those stackses is
Speaker 4: your obvioushly, your charitable giving. So if you're going to
Speaker 4: work on it, you might say, okay, well we're gonna
Speaker 4: give even more now out of that, so that reduces
Speaker 4: that so I don't need to put as much as
Speaker 4: fie now as I thought I needed to.
Speaker 5: All the way around, they all coordinate together.
Speaker 4: That's why it's such a good idea to do a
Speaker 4: mid year financial Uh, just look back and make sure
Speaker 4: everything's good. Just ask that one question what has changed
Speaker 4: and what needs to change, and then you don't have
Speaker 4: any big surprises at.
Speaker 5: The end of the year. Six' ten three six three eleven.
Speaker 7: Ten, well grateful to have you here, today folks on
Speaker 7: number six ten three six three eleven.
Speaker 3: Ten join the live.
Speaker 2: Broadcast also today's show brought to you in part by
Speaker 2: our friends over At Crossroads Kids.
Speaker 3: Club go To reach Our schools dot. Com join, us.
Speaker 2: Folks we've got about four days left of this back
Speaker 2: to school. Campaign we're almost halfway, there so we got
Speaker 2: some ground to, cover, Folks so go make a donation
Speaker 2: two hundred dollars sponsors a child to be able to
Speaker 2: go to A Crossroads Kids club for a whole. Year
Speaker 2: so do that At reach Our schools dot. Com, Mark
Speaker 2: i'm very excited for this interview coming up.
Speaker 4: Here, absolutely it's because it goes to the heart of
Speaker 4: What biblical responsible investing is all. About it comes down
Speaker 4: to holding corporations accountable for what they do with stockholders'.
Speaker 4: Money i'm talking about dividends and the price of the.
Speaker 4: Stock joining us today to talk about this Is Stefan
Speaker 4: Padfield principle From Free Enterprise initiatives and senior legal things
Speaker 4: at The Heritage.
Speaker 5: Foundation, stefan so good to have, You.
Speaker 8: So great to be. Here thanks so much for having
Speaker 8: me on. Again we're.
Speaker 4: Honored, listen talk to us about this red. Flag this
Speaker 4: recent article you wrote about red flag case. Studies what
Speaker 4: does that? Mean red flag case studies about?
Speaker 8: Stocks, yeah So i'm basically pulling from a corporate governance
Speaker 8: in terms of law and legal oversight and fiduciary. Duty
Speaker 8: there's a line of cases out Of delaware in, particular
Speaker 8: where the idea is that the board and senior executives
Speaker 8: can't watch, everything but if they're confronted with a red
Speaker 8: flag and then they ignore, it that can be a
Speaker 8: breach of, duty, right a failure of. Oversight so red
Speaker 8: flags have a very key role to play in corporate,
Speaker 8: governance and SO i basically took that and ran with
Speaker 8: it for WHAT i hope to be an ongoing. Series.
Speaker 8: Right you, know when we work with, corporations we engage
Speaker 8: with corporations as a. Shareholder and by, WE i mean
Speaker 8: The Heritage foundation and the particular initiative That i'm a part,
Speaker 8: of The Free enterprise, Initiative and generally we want to
Speaker 8: do that behind closed, doors so to. Speak not that
Speaker 8: there's anything to, hide but just that you can have
Speaker 8: more open. Conversations, Right and.
Speaker 5: Potentially it's, biblical it's. Biblical. Thanks, first you go one
Speaker 5: on one to the.
Speaker 4: People you don't take it. Public you go one on
Speaker 4: one and you talk about the. Issue here's what it is,
Speaker 4: offending here's what we find the, problem here's what we
Speaker 4: believe is an, issue and you talk to them about.
Speaker 5: It Thank. YE i love That you're?
Speaker 8: Done, ye, yeah exactly. Exactly but every once in a
Speaker 8: while we do get, corporations and we're certainly not alone with, this.
Speaker 8: Right there's a number of people who are active in
Speaker 8: this space from the conservative, perspective and they have similar.
Speaker 8: Experiences there are just certain corporations that either we'll just ignore.
Speaker 8: YOU i, mean they'll do what they are legally obligated to,
Speaker 8: do but they won't engage any like a step beyond.
Speaker 8: That or we might have some engagements and then they
Speaker 8: just basically break off and don't. Reply so at that,
Speaker 8: point to the, extent we're looking at a corporation that
Speaker 8: has a number of red, flags you, know from our
Speaker 8: perspective in terms of protecting shareholder value and more broadly
Speaker 8: in terms of getting these corporations back to neutral because
Speaker 8: of all the effects that they have on our society at.
Speaker 8: Large you, know then there's an opportunity to go. Public
Speaker 8: and SO i started this, line and the initial, article
Speaker 8: which which does go Through disney as a case, study
Speaker 8: is really just to tee up the. Concept and then going,
Speaker 8: Forward i'll be able to just jump right in and,
Speaker 8: say you, know red flag case Study, colon here's the next,
Speaker 8: company and people can just look at that for, themselves
Speaker 8: because it is very. DIFFICULT i, mean most people are very,
Speaker 8: busy and a lot of these corporations are able to
Speaker 8: put on a good face in their public facing sort of,
Speaker 8: interactions and so you do have to do a little
Speaker 8: bit of, digging and that's something THAT i and the
Speaker 8: rest of us at The Free Enterprise initiative are able to,
Speaker 8: do and so making that information more available can really
Speaker 8: have value at.
Speaker 4: Times, well let's talk about some of these red. Flags
Speaker 4: what would be a red flag For disney.
Speaker 8: Well SO i go through this step by step up
Speaker 8: and this is very similar to the process that we
Speaker 8: use when we decide whether to engage with the corporation at.
Speaker 8: All So i'm sure your listeners and you are likely
Speaker 8: familiar with the seventeen ninety Two exchange and they put
Speaker 8: out corporate bias, ratings and so one place we'll look
Speaker 8: is is the corporation rated high risk by the seventeen
Speaker 8: ninety Two. Exchange and what's nice about the report they
Speaker 8: put out at the seventeen ninety Two exchange is it
Speaker 8: goes into a good amount of, detail but not an
Speaker 8: overwhelming amount of, detail so we actually get specific. Items,
Speaker 8: so for, example is there reason to be concerned that
Speaker 8: the company's using benevity as a screen for employee match
Speaker 8: in terms of giving such that THE splc comes in
Speaker 8: as a, potential you, know, screen which would be very
Speaker 8: problematic for its Anti christian, bias, Right so we look at.
Speaker 8: That then we look At Alliance Defending. Freedom they have
Speaker 8: a viewpoint diversity. Score they rate fewer, CORPORATIONS i would,
Speaker 8: say but certainly when they, do it's very. Useful and
Speaker 8: so they come at it from a slightly diferent perspective
Speaker 8: more focused on the viewpoint, diversity specifically when it comes
Speaker 8: to treating religious freedom. Properly, Right so we'll look there
Speaker 8: at their. Score, again you can go into the. Report
Speaker 8: you see a lot of specific items that's very helpful in.
Speaker 8: Engagement and then we'll also look at whether or not
Speaker 8: and to what extent the corporation is lining itself up
Speaker 8: with The Human Rights. Campaign. Right, so for, example With,
Speaker 8: disney not only do they get one hundred percent on
Speaker 8: The Corporate Equality, index but they are a verified, score
Speaker 8: which means they cooperated with the survey and they're the
Speaker 8: top level. Sponsor Right, so to the extent The Human
Speaker 8: Rights campaign has a lot of red flags just baked
Speaker 8: in in terms of what it does in terms of
Speaker 8: promoting transgenderism and pushing that on families and children and so,
Speaker 8: on that's a red flag right. There so one or
Speaker 8: more of, those in totality or combination certainly will make
Speaker 8: us look more closely at a. Corporation and then Finally i'll,
Speaker 8: say although a lot of other things can come, in
Speaker 8: like With, disney there was a specific letter from THE
Speaker 8: fcc asking about discrimination RIGHT dei related and so we'll
Speaker 8: pull up very corporate specific. Items but then stock price
Speaker 8: and stock price doesn't tell the whole. Story but when
Speaker 8: you've got a company that's been underperforming THE s AND
Speaker 8: p five hundred every year for the past five, years
Speaker 8: Like bristney, has that whole picture of go, woke go
Speaker 8: broke becomes. Glaring. Right on the one, hand you've got
Speaker 8: this company checking every single, block, right so they're high
Speaker 8: risk on seventeen ninety two, exchange they've got a very
Speaker 8: low score on the eighty f View Point Diversity, index
Speaker 8: they're all in WITH. Hrc and then, oh by the,
Speaker 8: way they've been underperforming THE s AND p five hundred
Speaker 8: And i'm talking by significant margins for the past five.
Speaker 8: Years you put all that together to argue there aren't
Speaker 8: red flags at that, company, Right and then what they've done,
Speaker 8: SPECIFICALLY i mean they've gone toe to, toe you know
Speaker 8: With DeSantis In, florida.
Speaker 5: Just some of the decisions they've.
Speaker 8: Made they had that report that was leaked where you
Speaker 8: basically had some producers, saying you, know we've got our
Speaker 8: not so secret gay. Agenda. Right it just goes on and,
Speaker 8: on and so that's the sort of thing that if
Speaker 8: you just go through your day and you're very busy
Speaker 8: and you just look at the, commercials you might not
Speaker 8: realize what you're dealing with when you're dealing with that.
Speaker 5: Corporation no commercials.
Speaker 4: Make everything look like happiness and fun and, joy not
Speaker 4: that they're pushing or promoting a certain agenda at all
Speaker 4: at the expense of the. Stockholders and that's the thing
Speaker 4: that REALLY i think brings it home for us here
Speaker 4: is that at the expense of the, stockholders not that
Speaker 4: every time somebody has an agenda other than what a
Speaker 4: biblical principle, agenda that it causes the stock price to go.
Speaker 4: Down but oftentimes it. Does and that's what you're saying
Speaker 4: with the go, woke go. Broke tell us more about.
Speaker 4: That how do you defend that concept that if you
Speaker 4: do go, woke you go?
Speaker 8: Broke, YEAH i, MEAN i think it does get quite. Tricky, Right,
Speaker 8: so there's some pretty startcases where the line drawing is pretty.
Speaker 8: EASY i would say With, disney it's relatively easy to, say,
Speaker 8: boy these, things it's hard to dismiss this as a.
Speaker 8: Coincidence but there's other situations where a company might actually
Speaker 8: be doing, Okay but then you ask the question of opportunity, cost, right,
Speaker 8: like how well would it be doing if it wasn't
Speaker 8: all in on these woke, Initiatives and so that's a
Speaker 8: hard thing to tease. Out but it's not simply, oh,
Speaker 8: well we're outperforming THE s AND p five, hundred so
Speaker 8: everything is. Fine, no you could be doing a lot
Speaker 8: better if you weren't dragging. DOWN i, mean there's there's
Speaker 8: this idea of a luxury, good, right and SO dei
Speaker 8: AND esg have often referred to as luxury, goods which
Speaker 8: is to, say companies that are very, profitable, Right companies
Speaker 8: that are very profitable can afford to essentially waste money
Speaker 8: on that, stuff, Right and they still look okay because
Speaker 8: they're so far ahead of the. Market and we know
Speaker 8: some companies like. That so the stock price, matters but
Speaker 8: it's not. Everything and, conversely if you see a company that's,
Speaker 8: underperforming that doesn't necessarily tell the whole story because you
Speaker 8: got to look at you, know what industry are they,
Speaker 8: in who are the real? Competitors and we always give
Speaker 8: corporations the opportunity to basically tell us that, story. RIGHT
Speaker 8: i was just on a call the other day and
Speaker 8: brought up the fact that the company we're dealing with you,
Speaker 8: know in addition to all the other red, flags was
Speaker 8: underperforming the past five. Years and they, said, well you,
Speaker 8: know we think if you look at this particular slice
Speaker 8: of the, market this, industry, right and we, said, hey
Speaker 8: we're really open to, that and if you tell the
Speaker 8: story and it's, convincing because often in these cases we'll
Speaker 8: get some, feedback but then when we actually look at
Speaker 8: what's sent to, us it's actually not nearly as compellent
Speaker 8: as the corporation would like us to. Believe but we're
Speaker 8: certainly open to. That so stock price is one of those.
Speaker 8: Things is it really, matters but it is definitely not
Speaker 8: the be all and end, all and you do have
Speaker 8: to be open to different stories or different ways in
Speaker 8: which to interpret that.
Speaker 5: Data.
Speaker 4: Absolutely and you, know the other thing is it's just
Speaker 4: not the stock, price it's the. Dividends if they have
Speaker 4: money to waste to actually get INTO dei and get
Speaker 4: be promoting all sorts of, ugliness then they have money
Speaker 4: that they should be given back to the stockholders in
Speaker 4: the form of a. Dividend, effectively what they're doing is
Speaker 4: they're wasting the stockholders' money doing something that maybe a
Speaker 4: small percentage of the board you know of ten or twelve,
Speaker 4: people let's want to do instead of making sure that
Speaker 4: everybody who's invested in that corporation wants to do. It
Speaker 4: and that's just. Wrong they're taking your money that should
Speaker 4: have been yours profits since you're invested in, it and
Speaker 4: then investing that not even investing, it wasting it on
Speaker 4: promoting sexual immorality or other things that are totally offensive
Speaker 4: to those who are holding the, stock and that's just.
Speaker 8: Wrong, YEAH i agree. Completely and with the buybacks for
Speaker 8: exim you mentioned. Dividends buybacks another, one, Right so if
Speaker 8: we go into an engagement and the corporation hasn't been performing,
Speaker 8: well but they, say, well you, know we've done a
Speaker 8: bunch of, buybacks so we've put money back into the
Speaker 8: pockets of. Shareholders those are all ITEMS i will. Say you,
Speaker 8: KNOW i do like to use the term investing around
Speaker 8: these items because then you get to, ask, okay well
Speaker 8: what is the expected?
Speaker 5: Value? Right?
Speaker 8: Yeah do you even do you even?
Speaker 4: Know?
Speaker 8: That this is something we ask very? Often so you,
Speaker 8: know some company will, say, well we're committed to net
Speaker 8: zero by twenty, Thirty, okay what's that's going to cost you?
Speaker 8: Money what's the expected? Value of, that what's THE roi
Speaker 8: are you even trying to measure that you've made commitments
Speaker 8: that you know you're you're going to increase your representation
Speaker 8: across the board to match some, quota whether it's direct or. Implied,
Speaker 8: okay you know that's going to cost you. Money how
Speaker 8: are you measuring? That and and nine times out of
Speaker 8: ten they. Aren't they aren't even. Trying and that doesn't
Speaker 8: mean that it's, wrong because there are things that are
Speaker 8: difficult to, measure, right, Right but at the very least
Speaker 8: we need an answer to that question because you do
Speaker 8: start with the assumption that you should only be making
Speaker 8: decisions that are net present value, positive.
Speaker 4: Right, Absolutely and, uh just so people, know it's to find.
Speaker 4: You the most recent article dealing with the red flags
Speaker 4: is At Daily signal dot Com Daily signal dot, com
Speaker 4: and you can read that. Article it's really fascinating because
Speaker 4: it talks about the different things how woke doesn't work
Speaker 4: most of the.
Speaker 5: Time but it talks about the.
Speaker 4: Red flags that are sent up by woke agendas that
Speaker 4: are that can and are hurting corporations and at the very,
Speaker 4: least they're actually hurting our society by promoting things that
Speaker 4: this society does not want to embrace things that are
Speaker 4: contrary to just civil living and biblical. Principles, stefan thank
Speaker 4: you so, much my, friend for being with. US i
Speaker 4: hope you'll come back real.
Speaker 8: Soon thanks so, much really looking forward to.
Speaker 5: It god bless, you. Sir great to be here with the.
Speaker 2: Folks six ten three six three eleven. Ten HE i
Speaker 2: hope you enjoyed That Stefan padfield. Interview just want to
Speaker 2: remind you, All sam very. Excellently he's a master of his.
Speaker 2: Craft he put the link to that interview into our,
Speaker 2: chat so it's. There if you Find sam's link to that,
Speaker 2: interview you can read the.
Speaker 6: Interview excuse me the. Article i'm not you can't link
Speaker 6: To thea's.
Speaker 5: Right just.
Speaker 2: Happened, yeah but Like john or Like james in the,
Speaker 2: chat just wait to do it until after the, show
Speaker 2: because wait till after the show and then he can read.
Speaker 2: It so six six ten three six three eleven. Ten
Speaker 2: mark didn't want to let the moment pass by as
Speaker 2: well without shreminding our listeners how important This Crossroads Kids
Speaker 2: club campaign is and what we're trying to do, here
Speaker 2: trying to sponsor, uh you, know one hundred and twenty
Speaker 2: five kids to Attend Crossroads Kids. Club they're looking to
Speaker 2: launch thirty new clubs, nationwide so they're not would be so.
Speaker 4: AWESOME i, mean think about, this Seth. Sam imagine at
Speaker 4: some point we get to be in the presence of The,
Speaker 4: lord just twenty four to, seven fully. There you, know
Speaker 4: whether he calls us home or comes. Back but let's just,
Speaker 4: say let's just picture imagine us standing in heaven together
Speaker 4: and a little kid runs up to you that you've
Speaker 4: never seen, before looks up into your eyes and, says thank.
Speaker 4: You i'm here because you helped sponsor me for a
Speaker 4: kid's club AND i found out About.
Speaker 5: Jesus so we're doing.
Speaker 3: Amazing that's what we're doing markets.
Speaker 5: Exactly it would be absolutely that.
Speaker 4: ALONE i, mean no matter What i've done in my,
Speaker 4: life the idea that somebody would Say god allowed me
Speaker 4: to participate in them coming To christ would be WHAT
Speaker 4: i would call. Success and we can help to help,
Speaker 4: kids we can help do incredible, things but there's nothing
Speaker 4: more incredible we can do than get The gospel, out
Speaker 4: especially for children when they're, there when their minds are,
Speaker 4: open when they're still fresh and innocent enough to be
Speaker 4: able to accept the truth without having to bang their
Speaker 4: head on the wall like some of us who came
Speaker 4: To christ later in. Life we can do that by
Speaker 4: just donating to The Crosswoods Crossroads Kids Club and what is,
Speaker 4: it two hundred dollars now is matched and that four
Speaker 4: hundred dollars actually sponsors one child for a full year
Speaker 4: At Roads Kids. Club we just are trying to do
Speaker 4: the best we can to bring as many people in
Speaker 4: to help us to get as many kids into those
Speaker 4: clubs as possible this. Year will you join? Us will
Speaker 4: you donate two hundred? Dollars will you do it? Now
Speaker 4: they do that and reach our schools dot com, Exactly
Speaker 4: thank you so much if you.
Speaker 5: Would god bless you for even considering.
Speaker 2: It, yeah absolutely so grateful For Crossroads Kids. Club market
Speaker 2: markets On friday finished mixed. Tairry, actually The NASDAQ go was,
Speaker 2: down the rustle two thousand down, slightly THE smp was,
Speaker 2: flat and The Dow jones was. Up the pre markets
Speaker 2: this morning, though we're looking really good and they've opened
Speaker 2: quite handsomely as. Well The Dow jones mark i'm seeing
Speaker 2: is up over a full, percent THE smp almost a full,
Speaker 2: percent THE nasdak over a full, percent and to boot it,
Speaker 2: all oil is also, down so love to see you.
Speaker 5: Down like what seven and a half? Percent So West.
Speaker 3: Texas Inter media.
Speaker 2: Down i'm seeing down near around eighty four dollars a
Speaker 2: barrel And brent crude really retreating from its one hundred
Speaker 2: dollars threshold we saw last.
Speaker 3: Week so that's good to see.
Speaker 6: It, sure did you compliment the market on its good looks?
Speaker 6: Today tell it it's encouragement.
Speaker 5: Sometimes thank.
Speaker 2: You, Yeah and you, KNOW i think that it'll actually
Speaker 2: listen to, me at LEAST i hope it. Does that's,
Speaker 2: okay six ten three six three eleven.
Speaker 3: Ten. Mark here's a comment From.
Speaker 2: Jim he's, saying thanks so MUCH, Fism pat and the
Speaker 2: team At Financial issues for the information About Boise. Cascade
Speaker 2: we should have sell alert for them last.
Speaker 1: Week.
Speaker 2: Mark jim, SAYS i not hear, that AND i don't
Speaker 2: need my money Supporting china or any kind of shade operating.
Speaker 3: Company it's too. BAD i liked the. Company but he's
Speaker 3: grateful for us shine the light on.
Speaker 5: That, Mark, absolutely thank, You. JIM i feel the same.
Speaker 5: Way there's two parts to that for, Me.
Speaker 4: Jim one IS i just want nothing to do with
Speaker 4: a communist regime and helping.
Speaker 5: Them in any.
Speaker 4: Way and when a board takes, over when When china
Speaker 4: takes over a board and that board now has the
Speaker 4: report to The communist, PARTY i want nothing to do
Speaker 4: with that. Company but, SECONDLY i don't like companies that
Speaker 4: that actually have to cheat to make. MONEY i, mean
Speaker 4: it's just when you when you when a company uh
Speaker 4: gets charged with something and they plead guilty because they
Speaker 4: did something that broke the, law especially a good, company
Speaker 4: a company that's strong in its own, right the way it,
Speaker 4: does the way it makes.
Speaker 5: Money, anyway they don't have to do. That what would
Speaker 5: cause them to do? That it breaks my heart on one,
Speaker 5: hand but on the.
Speaker 4: Other just disgust, me AND i have to move. On
Speaker 4: So i'm like, You, Jim, yeah too. Bad it'll be
Speaker 4: a long time Before i'll trust them.
Speaker 5: Again.
Speaker 3: Yeah absolutely.
Speaker 2: Absolutely mark justin From texas is ASKING i need to
Speaker 2: re evaluate my stocks and my allocations as.
Speaker 3: Well is that part of the mid year audit? Too? Mark?
Speaker 5: Absolutely.
Speaker 4: Yeah it's kind of interesting that you would say, that
Speaker 4: because as we were going through a midyear, AUDIT i
Speaker 4: thought about that a little, bit AND i, thought, well
Speaker 4: most people.
Speaker 5: Are looking at their stocks all the.
Speaker 4: TIME i only come up with that conclusion BECAUSE i
Speaker 4: Have Susan sam.
Speaker 5: Here and you, know multiple times they're checking in the. Break,
Speaker 5: No i'm just SO i just assume everybody's.
Speaker 4: Sick, no it's absolutely a great time to be looking
Speaker 4: at that and start doing some planning on, that as
Speaker 4: if you haven't been.
Speaker 5: Looking at it the rest of the, year it's a
Speaker 5: very good time to do, that you.
Speaker 4: Know there we saw a lot of changes going on
Speaker 4: in the. Markets we've had two, well one strong pullback
Speaker 4: and one minor pullback so, far and both of those
Speaker 4: helped to position stocks a little bit, better but they
Speaker 4: also caused a little bit of rotation in the, sectors
Speaker 4: and now they're rotating back to where they. Were so
Speaker 4: there's a lot of there's a lot of gravity in
Speaker 4: the in THE it. Sector so even though we may
Speaker 4: have seen money coming out of that going into things
Speaker 4: like financial and industrials and, things it seems like it's rotating.
Speaker 4: Back so now it would be a good time to
Speaker 4: be looking and seeing if you want to shore something,
Speaker 4: up if you want to prune some things to lock
Speaker 4: in some, gains and or if it's just time to
Speaker 4: get rid of some weakness and move on to a
Speaker 4: little more.
Speaker 5: Strength.
Speaker 2: Absolutely, mark you said at the beginning of, summer we
Speaker 2: come back to this all the, time the roller. COASTER
Speaker 2: i guess it's a tilta world, now, right with the
Speaker 2: rotation out of tech and back into.
Speaker 3: Tech maybe it's a, different different, arnival.
Speaker 4: Right maybe it's you, know when you get, older you
Speaker 4: start remembering things a little. Different the painful things you
Speaker 4: don't remember as much as the. Pleasure BUT i remember
Speaker 4: summers being really dull in the market in my younger
Speaker 4: days of being in the in the markets and managing.
Speaker 4: Money it seems like that's on. Vacation, yeah but it
Speaker 4: seems like that's gone. Away we used to, say you,
Speaker 4: know selling may and go away it just because the
Speaker 4: markets really didn't do. Anything but, boy if you would
Speaker 4: have missed this, summer you would have missed some really
Speaker 4: high possibilities of. Returns you would have missed a lot of.
Speaker 3: Fun, yeah, absolutely that's.
Speaker 2: Right speaking of, Fun Mark george has a really fun
Speaker 2: comment From North carolina talking about.
Speaker 3: Taxes. Same didn't we fight.
Speaker 2: The most powerful army and navy in the world two
Speaker 2: hundred and fifty years ago over a tax?
Speaker 3: Percentage what the Average american pace.
Speaker 2: Bay, Yeah, GEORGE i think it was in the realm
Speaker 2: of one to two percent something like. That george, says stand,
Speaker 2: back take a look at how much time we are
Speaker 2: spending tikalking about preparing for, taxes and then look at
Speaker 2: where the money. Goes, GEORGE i don't want to be depressed,
Speaker 2: today so that's Why i'm not looking at.
Speaker 5: It, GEORGE i totally agree with.
Speaker 4: You if people sat down and really calculated how much
Speaker 4: of their, income which is your. Life what you do
Speaker 4: is you give a part of your life to earn some.
Speaker 4: Money you trade time of your. Life let's say you
Speaker 4: know you have eighty. Years you probably trade forty of
Speaker 4: those years off for the money to support you in those. Years,
Speaker 4: Okay so you're given your, time and then you pay
Speaker 4: taxes on, that and then when you spend, it you
Speaker 4: pay tax on the, spending and then when you own,
Speaker 4: it you pay taxes on owning in, it and then
Speaker 4: when you, die they pay taxes on dying from. It
Speaker 4: if you added up all the taxes that you have to,
Speaker 4: pay you'd be shocked into how little is left over.
Speaker 5: For you to live properly and enjoy your labor in
Speaker 5: what you've.
Speaker 4: Given we've become accustomed to it in this, country AND
Speaker 4: i think it's really a shame because you know how
Speaker 4: often we talk about about THE us, debt and we
Speaker 4: talk about, inflation and we talk about all these different.
Speaker 4: Things you, know what productivity is one of the lovers
Speaker 4: that needs to be the stronger, productivity the less chance
Speaker 4: of inflation and less less chance of needing to borrow
Speaker 4: money individually or as a. Country that's one of the.
Speaker 4: Levers and when we hurt that productivity with, taxes we
Speaker 4: end up having. Inflation and it's just. Terrible it's just absolutely.
Speaker 4: Terrible But i'm working on a little op ed about,
Speaker 4: that so it's on the top of my. Mind But,
Speaker 4: george you're nailing. It taxes may be one of the
Speaker 4: one of the influential characters of everything that's evil in our.
Speaker 2: Economy, Yeah, mark is there any hope out there for
Speaker 2: any elected officials who would be willing to lower taxes
Speaker 2: where they? Can and SOMETIMES i just despair so, much
Speaker 2: AND i look AND i, See, gosh it seems like
Speaker 2: everybody out there on both sides just wants to raise.
Speaker 3: Taxes are you seeing the same thing or AM i just.
Speaker 4: Despairing Seth, NO i understand that pain that you're, feeling
Speaker 4: and most of us feel that because we want to
Speaker 4: elect the right, people and probably people like you and
Speaker 4: me and most of our listeners were active to make
Speaker 4: sure we find somebody to run and that we get behind.
Speaker 4: Them we fund, them we vote for, them we ask
Speaker 4: other people to. Vote but a large majority Of americans
Speaker 4: don't get. Involved and because of, that at the last,
Speaker 4: minute if they do, vote they're just flipping switches that
Speaker 4: they think might be the right, people but they haven't
Speaker 4: looked into, it or they haven't gone to ivoter guide
Speaker 4: dot com and looked up and see what they're really talking.
Speaker 4: About we have a responsibility As stuart to stuart this.
Speaker 4: Country we need to get involved and get the right
Speaker 4: people in Soft and yes there is. Hope when the
Speaker 4: majority Of christians vote Like, christians we'll see A christian.
Speaker 4: Government and when we see A christian, government we'll see
Speaker 4: a lot of hope change for the.
Speaker 9: Positive the opinions and recommendations expressed on this program do
Speaker 9: not necessarily represent the opinions of the station or any
Speaker 9: of the program's. Sponsors, additionally all products or services offered.
Speaker 3: By the program sponsors may not be known by the.
Speaker 2: Program, folks you still got, time give us a ring
Speaker 2: six' ten three six three. Eleven ten we're here. For
Speaker 2: you join the live broadcast sixt ten three sixty three.
Speaker 1: Eleven.
Speaker 3: Ten mark here's a. Good question john is in.
Speaker 2: Our chat He's, from alabama and he's asking which gives
Speaker 2: me more control of? My money is it the non,
Speaker 2: qualified account THE, traditional ira or?
Speaker 3: The, wrath.
Speaker 5: John that's a. Great question i've never heard anybody ask.
Speaker 4: That before and you KNOW why i think it's so
Speaker 4: important is because as, A steward god has given.
Speaker 5: You this to be have, control over not.
Speaker 4: Somebody else and when it comes to people getting out,
Speaker 4: of debt one of the one of the key characteristics
Speaker 4: of getting out of debt is gaining more control of,
Speaker 4: your money because when you sign the bottom line on
Speaker 4: those papers to, borrow money you actually are signing away
Speaker 4: control of some of your future. Cash flows and the
Speaker 4: more you sign, those things more control you've. Given AWAY
Speaker 4: so i like this question specifically because it talks about
Speaker 4: one of the keys to getting out of debt and
Speaker 4: creating wealth.
Speaker 5: Is, CONTROL well i.
Speaker 4: Think that there's an obvious answer, to THIS and i
Speaker 4: would say that the non qualified account is the one
Speaker 4: that gives you the. Most, control now it doesn't mean
Speaker 4: that A traditional ira OR a roth takes away so
Speaker 4: much control that it can, harm you but it can
Speaker 4: if not. Used properly so whenever you're giving, up control
Speaker 4: are giving somebody a little bit more control. Over you,
Speaker 4: for example with THE, traditional ira if you're contributing TO
Speaker 4: traditional ira to reduce your income, tax today to get
Speaker 4: a deduction, for it you're postponing those taxes to. The
Speaker 4: future so effectively you're not doing anything but. Postponing them
Speaker 4: you're really not. Removing them and maybe you're thinking that,
Speaker 4: That's okay but in return, for that you.
Speaker 5: Give up a little bit.
Speaker 4: Of control if you want to pull that money out
Speaker 4: before a time the government says, you can they're going
Speaker 4: to penalize you, For that so you've given up a
Speaker 4: little bit of. Control there the same thing with, a
Speaker 4: wroth although with, a roth the money you put in
Speaker 4: after five years there's.
Speaker 5: Still a little bit of a.
Speaker 4: Control there but, you know the wroth still has a
Speaker 4: penalty and taxes if you pull it out before the,
Speaker 4: right time except for, your basis if you've held it
Speaker 4: for five years or, MORE so i would say the
Speaker 4: non qualified account gives you the, most control THEN the
Speaker 4: wroth and then the least control IS. The ira so, Excellent,
Speaker 4: question john and it's good to. Ask those That's why
Speaker 4: i've never been a giant fan of A. TRADITIONAL ira
Speaker 4: i get it it could help during times if you're
Speaker 4: going through a life's time or a portion of your
Speaker 4: life that's going to be short lived where you're making
Speaker 4: massive amounts, Of money going into traditional help reduce those
Speaker 4: taxes might be a good idea because you also have
Speaker 4: reserves elsewhere that maybe don't help you to offset any
Speaker 4: control you may need, In that but otherwise you're just
Speaker 4: deferring those taxes to a time in the future when
Speaker 4: you believe you'll be in a lower, tax bracket which
Speaker 4: THE majority pece. People WON'T and i know people challenge
Speaker 4: me on, this occasionally but So often i've, told people when,
Speaker 4: you retire there's a good chance you're going to be
Speaker 4: in the same tax bracket or more than you were before,
Speaker 4: you retired because you're going to be off twenty four.
Speaker 4: To seven you're going to need revenues equal to or
Speaker 4: more to do all the bucket list things that you
Speaker 4: decided to do wanted.
Speaker 5: To do when.
Speaker 4: You retired so you're really not going to cut your,
Speaker 4: income down, let's say thirty fifty percent and live on
Speaker 4: that unless you're just making a massive amounts of money to.
Speaker 4: Begin with so you got to be careful about the
Speaker 4: idea defering tax in. The, future john. Excellent question it
Speaker 4: really is. A government never have been asked that yet.
Speaker 5: In, my life and that's. Very, unusual yeah.
Speaker 2: Good job and, You, know mark not only does it
Speaker 2: seem like most people's income doesn't decrease all that much when,
Speaker 2: they retire but taxes are probably in all likelihood going
Speaker 2: to be higher in, the future so you're you're going
Speaker 2: to have to be.
Speaker 3: Paying more in. That regard don't speak.
Speaker 6: THAT either i go again riled up on you were
Speaker 6: the one you chose taxes as.
Speaker 3: It was. It's you it was the producer that has Given. Me,
Speaker 3: lord yeah it.
Speaker 4: Was You set and by, the way that's. Very pessimistic,
Speaker 4: You know trump, came in he. Reduced taxes we've had
Speaker 4: taxes reduce off of highs. Many times it's JUST and
Speaker 4: i THINK that i don't know if, it's TRUE but
Speaker 4: i do, believe THIS and i guess it's more of
Speaker 4: a hope than a Belief that americans are. Waking, up
Speaker 4: yeah first time and probably many many many years Since The,
Speaker 4: vietnam war you know that that Timeframe when america started waking.
Speaker 5: UP again I think americans are.
Speaker 4: Waking up and there's the potential here because we have
Speaker 4: an administration right now who is shining the light on.
Speaker 4: The swamp maybe they're not able to drain it because
Speaker 4: of all The legal if you get, a chance just
Speaker 4: go out TO your ai or go out to your
Speaker 4: search engine and ask how many lawsuits right now are
Speaker 4: pinning against this administration trying and then, define them trying
Speaker 4: to stop them from shutting, down NGOs trying to stop
Speaker 4: them from trying to stop them from funding things that shouldn't.
Speaker 4: Be funded and it's just thousands upon thousands, by states,
Speaker 4: by individuals by just anybody.
Speaker 5: And everybody it's.
Speaker 4: Just incredible we have right now an administration who is
Speaker 4: shining the light on. THE swamp i am grateful. For
Speaker 4: that we see the fraud. And waste we're talking about trillions.
Speaker 4: Of dollars if we could just get rid of the fraud,
Speaker 4: and waste we could cut taxes in half and have a.
Speaker 4: BALANCED budget i truly. Believe that fire me. Up there let's, keep,
Speaker 4: Going people let's. Keep going this year we have a.
Speaker 4: Midterm election let's. Do this let's get godly people. In
Speaker 4: there let's, get conservative fiscally conservative people in there to.
Speaker 5: Make these changes to make.
Speaker 4: It happen let's Get the House of representatives, moving forward actually,
Speaker 4: doing things and then then maybe we actually could get
Speaker 4: the media to start reporting and all the good things.
Speaker 4: They're doing one of THE complaints i had, LAST week
Speaker 4: i don't know if you, REMEMBER this i might have
Speaker 4: said it on, the air was why aren't we seeing
Speaker 4: any prosecutions of all this waste and fraud that's been. Going,
Speaker 4: ON well i did a little bit, deeper dive and,
Speaker 4: you know there is a lot of prosecution.
Speaker 5: Going on the media is just not telling us. About it.
Speaker 4: There was One, in hawaii the lieutenant governor actually just
Speaker 4: got convicted in four of.
Speaker 5: HER cronies i didn't hear about that in. The media
Speaker 5: did you hearing?
Speaker 3: About it this is breaking news that were breaking on financial.
Speaker 3: ISSUES marketing i thought.
Speaker 6: They did, cover it but they said Something like trump
Speaker 6: is weaponizing his investigation fraud to Go.
Speaker 3: After democrats that's probably how they, framed.
Speaker 4: It yeah Instead. Of gee it seems like a Lot
Speaker 4: of democrats are involved.
Speaker 2: In, fraud, yeah, yeah, Right, Absolutely mark what a. Great
Speaker 2: reminder It Was samwise gamgee who once Said To, frodo
Speaker 2: baggins there's some good in, this World, mister frodo and
Speaker 2: it's worth. Fighting for and you fired me, Up, Now
Speaker 2: mark so you're. ABSOLUTELY right i. LOVE it i hope
Speaker 2: we can fire up the rest of. Exactly right let's do, those, People.
Speaker 2: Yeap Mark david darlene asked me a good question from
Speaker 2: our Homes, stated, Pennsylvania, saying mark could you explain what
Speaker 2: a step up?
Speaker 3: Basis? Is? Please?
Speaker 5: Oh sure in.
Speaker 4: Most cases the way THE way i hear that term
Speaker 4: use is if you die and leave. A stock let's
Speaker 4: just say to your children that the step up, basis
Speaker 4: is no matter what you paid for, it originally your
Speaker 4: cost faces.
Speaker 5: On that it is now whatever the stock.
Speaker 4: Was worth the basis now on it steps up to
Speaker 4: whatever the stock was worth on the day. You died,
Speaker 4: so effectively let's say you paid one hundred dollars for,
Speaker 4: a stock and it's ten years later and you go
Speaker 4: home to be with, your father and it's now worth
Speaker 4: one thousand dollars. A, share well the step up bases
Speaker 4: of the thousand dollars on, that now so they don't
Speaker 4: have to pay all the capital gains on that when
Speaker 4: they from from one hundred dollars to one thousand dollars
Speaker 4: like you would have if you would have stuck around
Speaker 4: a little longer and.
Speaker 5: Sold it so good call on.
Speaker 3: All counts going home to your, father.
Speaker 2: Basically yeah i'm juking b going the lord is the
Speaker 2: one who brings us home.
Speaker 4: To that that is not the type of text planning
Speaker 4: we are actually trying to be.
Speaker 5: Right there you go promote if.
Speaker 2: He, comes home if he calls, us. Home excellent if
Speaker 2: he comes before, that event. Even better but let's plan
Speaker 2: for him not coming for a, long, Time Right marks,
Speaker 2: Well said james is Asking here mark. Sixty three, he's
Speaker 2: saying there's no caution about this BEING. An, mlp however
Speaker 2: for the preferred shares for, this company WHICH is, fp
Speaker 2: sixty there is a caution about it BEING. An mlp
Speaker 2: And then james, IS saying i don't think preferred shared
Speaker 2: dividend should HAVE any mlp. Tax, implications mark could you
Speaker 2: clear this Up for james here the difference between sixty
Speaker 2: THREE and.
Speaker 4: Fp, sixty, Hmm, yeah james that would be normal for
Speaker 4: a preferred stock issued by, a Corporation but energy transfers
Speaker 4: is a little. Bit different it's a preferred security and
Speaker 4: preferred units represented limited partnership's INTEREST, like etu so holders
Speaker 4: will RECEIVE a. K one i think the issue here,
Speaker 4: isn't that it's that the. Other part what what?
Speaker 5: WE new i think we we should have a master
Speaker 5: limited partnership CAUTION on.
Speaker 4: FP sixty i think that would, be appropriate, in fact
Speaker 4: that the et common unit should also carry the.
Speaker 5: Same, thing, so uh THE missing i guess, you know
Speaker 5: Reading your i'm trying to reread. Your question Make sure i'm.
Speaker 4: Answering this the mission missing caution on the common position
Speaker 4: appears to be, the inconsistenty not the question on the, preferred.
Speaker 3: Right right that? Makes sense that. Makes, sense yeah so
Speaker 3: we'll make sure to get that, Updated.
Speaker 2: There james because that's a that's a great thing that
Speaker 2: you you pointed out.
Speaker 4: To. US yeah i had to pull up because when you,
Speaker 4: read it went through my mind kind, of QUICKLY and
Speaker 4: i just so SORRY if i stumbled through that. For
Speaker 4: you but, that's uh that's the bottom line On, your
Speaker 4: james and you know. That happens and that's the kind
Speaker 4: of stuff that have to When when god gives you
Speaker 4: much to be a, steward over he expects much. From
Speaker 4: us so we have, to realize just like, foreign taxes
Speaker 4: you have, these two but as a, good steward it's
Speaker 4: not a.
Speaker 5: Big deal we keep moving forward doing what we're called.
Speaker 4: TO do i just want to thank everybody for being
Speaker 4: here today and thank you For honoring god by the
Speaker 4: way you invest with.
Speaker 5: Biblical integrity god. Bless everyone hope to see. You tomorrow
Speaker 1: If we ever forget that we're one Nation, under god
Speaker 1: then we will be