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.
Speaker 3: Welcome to today's show, folks.
Speaker 2: On the show, one asset that every investor has to
Speaker 2: reckon with at some point is what we might consider
Speaker 2: the home base.
Speaker 3: That's cash.
Speaker 2: We'll discuss this in just a moment. Looking forward to it, folks.
Speaker 2: Seth Udinski here with you, Sam Case in the control room,
Speaker 2: and your host, Mark Manilla.
Speaker 3: Mark, good morning, brother.
Speaker 4: Good morning, Seth. Good to be here this morning.
Speaker 3: It sure is.
Speaker 4: Think about that. Today is Thursday. It was Monday yesterday.
Speaker 4: Isn't that weird?
Speaker 3: It's crazy.
Speaker 5: I know.
Speaker 3: Is that how that works?
Speaker 4: And tomorrow is Focus Friday in overtime.
Speaker 3: Can't wait for that. It's going to be fun.
Speaker 2: Hope you folks will be gearing up for that. Just
Speaker 2: a reminder, by the way, the best place to watch
Speaker 2: the show is financialissues.org. That's where you get overtime, but
Speaker 2: you also get the full live show one hour every day,
Speaker 2: and you get to join our folks in the chat.
Speaker 3: They're already popping this morning. Good to see you all.
Speaker 2: And, hey, join us on the phones right now as well,
Speaker 2: by the way, 610-363-1110. Again, 610-363-1110. Guys, let's jump right
Speaker 2: into our topic of the day, cash as an asset class. So, Mark,
Speaker 2: how should FISM partners think about cash? Should we categorize
Speaker 2: it as an asset class? as we might uh you
Speaker 2: know technology or some other sectors or should we think
Speaker 2: of it as something else entirely and by the way
Speaker 2: folks just so just to clarify we're not talking about
Speaker 2: physical cash that you're holding on hand necessarily this would
Speaker 2: be the cash in your brokerage account or something else.
Speaker 6: Like that so not the change in your pocket exactly
Speaker 6: yeah yeah yeah no i absolutely cash is an asset
Speaker 6: class and it's more of a defensive class but it's
Speaker 6: not like uh equities where you're primarily thinking about return
Speaker 6: producing investment. Cash is a place as an asset class
Speaker 6: for defensive use and or preparation use. So think of
Speaker 6: it as a strategic asset. I guess that's the way
Speaker 6: I would look at it. Mark, before we get into.
Speaker 7: This, could you talk about what is an asset class?
Speaker 7: What are we talking about specifically?
Speaker 6: Well, asset classes are different products that have very similar
Speaker 6: characteristics for example stocks stocks have similar characteristics different by
Speaker 6: your different stocks they they have growth potential they could
Speaker 6: have a little income potential with dividends they have shared
Speaker 6: risk you know they have market risk they have economic
Speaker 6: risk they have internal risk so that's a class in
Speaker 6: and of itself real estate could be another one real
Speaker 6: estate has different uh characteristics than their stock does it's
Speaker 6: usually not as of a flyer as stocks can be
Speaker 6: as far as growth, but it does have growth potential,
Speaker 6: but it has risk. If it's rental property, then you
Speaker 6: also have income ability, but you have the risk special
Speaker 6: risk that bonds don't have so and then bonds would
Speaker 6: be another asset class and they have their own characteristics
Speaker 6: where it's a contractual lending process so an asset class
Speaker 6: is just similar products that have similar characteristics so you
Speaker 6: have stocks bonds you have real estate you have different
Speaker 6: things like that equities fixed income commodities They all are
Speaker 6: different asset classes, and cash is one of those.
Speaker 7: Makes sense.
Speaker 5: Yeah.
Speaker 4: So, you know, cash is there.
Speaker 6: The qualities of cash, the characteristics is it provides liquidity.
Speaker 6: Money is ready and available when you need it, and
Speaker 6: it reduces portfolio risk. So as we diversify our portfolio,
Speaker 6: there's times in the market, there's times in the economy
Speaker 6: and the market where you may want to be more
Speaker 6: defensive and protective.
Speaker 4: Well, you move to cash.
Speaker 6: It also provides opportunity capital, meaning you might as you're
Speaker 6: pruning back your winners, you might want to just go
Speaker 6: to cash. So it's instantly available when that next opportunity
Speaker 6: comes by. So and it also prevents for selling, for example.
Speaker 6: For some elderly people who are in retirement and they
Speaker 6: need regular income, if you are still convinced and comfortable
Speaker 6: with leaning higher towards growth, you may want to have
Speaker 6: a larger cash asset allocation so that for two, three months,
Speaker 6: if the markets are having a rough time, you don't
Speaker 6: have to sell something off at that point, but you
Speaker 6: have a cash buffer to continue your income.
Speaker 4: So cash can be a very strategic position.
Speaker 2: Now, Mark, how might we go about this maybe differently
Speaker 2: if we choose to keep our cash portion of the
Speaker 2: investments in a money market type that might make 3%
Speaker 2: or so sitting there, or if it's just in like
Speaker 2: a really low yield savings type account, depending on what's
Speaker 2: available to us at our brokerage, should we approach that
Speaker 2: differently if we're making a little more on it?
Speaker 3: Or is it really kind of the same approach?
Speaker 4: It's the same approach. It's just more intelligent.
Speaker 6: I mean, if cash is going to be part of
Speaker 6: the portfolio anyway, you want it to be as productive
Speaker 6: as possible without incurring any more risk. I mean, it
Speaker 6: just makes sense. Make idle cash productive. You know, a
Speaker 6: competitive money market gives you the same liquidity that having
Speaker 6: cash in a checking or saving account does. It provides
Speaker 6: stability and then generates some income while you're waiting. So
Speaker 6: you don't have to chase yields. So the objective of
Speaker 6: cash allocation is still liquidity. It's capital preservation and availability. So,
Speaker 6: you know, you don't worry about it, but if you
Speaker 6: have your cash account at your brokerage, that's paying 0.00001%.
Speaker 6: And you have the option of a money market that's
Speaker 6: paying 3%. Well, this is a duh moment. Just move
Speaker 6: to the, Money, Mark, make sure your cash moves to
Speaker 6: the money market that's paying 3%.
Speaker 3: Absolutely.
Speaker 2: Mark, where's the line? Do CDs count as cash, fixed income?
Speaker 2: Where do we draw the line?
Speaker 5: No, they don't.
Speaker 3: This is no longer cash.
Speaker 2: Okay.
Speaker 7: No, no.
Speaker 6: CDs don't because they have a lockup period and there's
Speaker 6: penalties for pulling the money out. You, you've erased some
Speaker 6: of the strategic ability of, of the cash asset there by,
Speaker 6: by locking it in. You know, if you put in
Speaker 6: a CD, yes, you can get to it, but you're
Speaker 6: losing any interest. And some banks have some penalties against it.
Speaker 6: If you, if you go in and you take it
Speaker 6: out within a certain amount of time, they'll actually charge
Speaker 6: you above and beyond any interest you, earned.
Speaker 4: So you got to be careful about that. Fixed income.
Speaker 6: Well, you've just introduced some risk into your asset that
Speaker 6: was not there with cash.
Speaker 4: Bonds do go up and down in prices. Yields do change.
Speaker 6: Companies, if it's corporate yields, if it's corporate bonds, you
Speaker 6: could lose all your money if they default or go bankrupt.
Speaker 6: So it's a different asset class when you go into
Speaker 6: bonds and CDs, although CDs are very close to cash.
Speaker 6: And I think that you could find CDs that all
Speaker 6: they do is beat you up on taking away your
Speaker 6: last quarter of, of interest that you earned.
Speaker 4: So you're not going to lose a lot, but I
Speaker 4: found that.
Speaker 6: It's easier to be in a money market on most
Speaker 6: brokerage platforms because you can set your money market up as, as,
Speaker 6: automatic so that any cash that's in your account gets
Speaker 6: automatically moved to your money market account. And then when
Speaker 6: you buy things, let's say you find an opportunity and
Speaker 6: you go and you buy 100 shares of the stock,
Speaker 6: the money is there for it and you don't have
Speaker 6: to transfer it back and forth.
Speaker 3: Absolutely. Now, Mark, here's a maybe a strategy question for us.
Speaker 2: You know, sleep factor, I think, is one of the
Speaker 2: big considerations when we think about how much cash we
Speaker 2: should have at one given time. But is there anything
Speaker 2: else that we should consider as we determine, OK, this
Speaker 2: is a time of volatility? Maybe I feel a little
Speaker 2: more nervous, so I'm going to go a little heavier
Speaker 2: in cash. What should we consider as we make the
Speaker 2: decision of how heavy we are in cash at one time?
Speaker 4: Well, I think it's.
Speaker 6: Really important that we realize that this is a strategy.
Speaker 4: We're not moving out of fear. We're stewards.
Speaker 6: We're not just investors. We're godly stewards. And this is
Speaker 6: investment stewardship. So we don't move from fear. We don't
Speaker 6: move from greed. We move from strategy. And that strategy
Speaker 6: is to honor God with all we have, including our investments.
Speaker 6: So when we move to cash, it's a strategic movement.
Speaker 6: I think I saw a couple people in the chat
Speaker 6: already talking about how they're looking at this election time
Speaker 6: as maybe this is a time to start increasing their
Speaker 6: asset allocation to cash.
Speaker 4: Well, absolutely.
Speaker 6: Any economic struggles that could cause the markets to be
Speaker 6: pulling back, and we're starting to see some of that
Speaker 6: right now where money is moving quickly out of technology,
Speaker 6: not causing it to crash. Well, some of the stocks
Speaker 6: are taking a real beating right even though they're good,
Speaker 6: strong stocks. But if you had been with us at
Speaker 6: the beginning of the year and you listen, and we
Speaker 6: kept saying, prune those back, lock in those gains that
Speaker 6: you're getting in this area.
Speaker 4: If you had done that, you may have a little
Speaker 4: extra cash.
Speaker 6: Well, we have some economic situations that can affect the markets,
Speaker 6: including the bond markets, as we're seeing. Iran and election
Speaker 6: period and it wouldn't hurt to have a little extra
Speaker 6: cash so after the election after with these opportunities pop
Speaker 6: up when the conservative fiscally responsible people get into congress
Speaker 6: get into the senate get in the house and the
Speaker 6: United States lights up with glee, we can get involved
Speaker 6: with it. You might have a difference of opinion on that, though.
Speaker 6: The number here is 610-363-1110, 610-363-1110. I'd love to hear
Speaker 6: your opinion about cash and how to use it and
Speaker 6: how you use it.
Speaker 4: Don't be shy about calling in. Join us, 610-363-1110. Great
Speaker 4: to have you today, folks.
Speaker 5: 610-363-1110.
Speaker 2: Hey, real quickly, before we get back to this conversation
Speaker 2: on cash, let me just tell you about Samaritan Ministries,
Speaker 2: our sponsor for the day. Wonderful health-sharing group, Christian organization.
Speaker 2: If you are looking to get off the rat race
Speaker 2: of big healthcare, Samaritan Ministries is the place for you. Samaritanministries.org,
Speaker 2: great place to check out for you and your family, perhaps,
Speaker 2: for good health sharing. Sam, I know our chat is
Speaker 2: popping this morning, and we got some good comments in there.
Speaker 3: About this.
Speaker 7: They sure are. You know, Mark was talking in the
Speaker 7: last segment about how this isn't a fear based thing,
Speaker 7: storing up cash as an asset. It's just a strategy.
Speaker 7: And frankly, Mark, I think the people in the chat
Speaker 7: are way ahead of you. They're already doing this. George
Speaker 7: from North Carolina says, I'm glad to hear this, Mark.
Speaker 7: I have too much sitting on the sidelines right now,
Speaker 7: but I just don't see many stocks that suit my fancy.
Speaker 7: So he's right on target.
Speaker 3: Absolutely.
Speaker 4: Absolutely.
Speaker 6: Yeah, it's hard to find good stocks when we've had
Speaker 6: an overvalued market now for quite a long time, even
Speaker 6: on the pullbacks. When you have stocks pulling back 10%
Speaker 6: and they're still way overvalued, there's an issue in the market.
Speaker 4: So we have to be careful, and this is where
Speaker 4: cash comes in.
Speaker 6: It allows us to earn a little bit while we're
Speaker 6: sitting there waiting for those opportunities of a financial issue
Speaker 6: steel-type product.
Speaker 3: That's awesome. Mark, here's a question for you.
Speaker 2: How do we avoid the temptation to be like the wicked,
Speaker 2: lazy servant from Matthew 25 who buried his master's money
Speaker 2: when it comes to cash accumulation? Because I could even see, okay,
Speaker 2: maybe there's a question here of, well, if I'm accumulating cash,
Speaker 2: you know, say before an election, am I being like
Speaker 2: the wicked, lazy servant? Or is there a way to
Speaker 2: do that wisely where we're not doing it out of
Speaker 2: greed or fear?
Speaker 6: Yeah, I don't believe Matthew 25 teaches that holding cash
Speaker 6: is wrong. I don't think that's what it's saying. The
Speaker 6: wicked servant, he had a problem, and it wasn't simply
Speaker 6: that the money was invested wasn't invested aggressively his problem
Speaker 6: was that fear this is a key that fear caused
Speaker 6: him to do nothing with what he was entrusted with
Speaker 6: so it.
Speaker 7: Wasn't momentary fear it consumed his whole mindset yeah you
Speaker 7: know it's not like he made a a momentary mistake
Speaker 7: it's his whole life was fear.
Speaker 6: Right there can be really legitimate reasons for holding cash
Speaker 6: strategic reasons cash can can reduce risk, it can preserve capital,
Speaker 6: it can do many different things. But just putting stuff
Speaker 6: into cash because you don't want to have to make
Speaker 6: a decision because you're afraid to make a decision, that's
Speaker 6: just being unwilling to work or refusing to put God's
Speaker 6: resources to a productive end. I really think that a
Speaker 6: faithful steward asks, why am I holding it? And what's
Speaker 6: the purpose of of holding it in cash so that
Speaker 6: that's a big different thing I really think we need
Speaker 6: to look at stewards don't manage from fear they manage
Speaker 6: from purpose big difference you know fear is the definition
Speaker 6: of fear is lack of trust in God that is
Speaker 6: my definition of fear when we have fear if our
Speaker 6: God is a God of the Bible, the one that
Speaker 6: says that, that he will care for us, that.
Speaker 4: He will protect us.
Speaker 6: He'll give us everything we need to overcome the trials
Speaker 6: and the tribulations in our life or, or to endure them.
Speaker 6: You know, then we have to believe that if we don't,
Speaker 6: then we have fear in our life and we don't move.
Speaker 4: A good steward doesn't move for fear.
Speaker 6: And I also would like to say something that probably
Speaker 6: a lot of people don't want to hear.
Speaker 4: Um, Patience, being patient in the market isn't laziness. I mean,
Speaker 4: it can be.
Speaker 6: People can be lazy in their portfolio. But in general,
Speaker 6: good patience means you're waiting for the right time and
Speaker 6: the right product before you just jump in. People who
Speaker 6: knee-jerk react in the market are usually ones who lose
Speaker 6: the most.
Speaker 4: Money in the market.
Speaker 6: So, you know, the bottom line is faithfully use what
Speaker 6: the master has entrusted to you. The danger isn't cash
Speaker 6: sitting still for a little bit. The danger is a
Speaker 6: steward who stopped stewarding what was entrusted to him.
Speaker 7: The danger is you.
Speaker 4: Yeah, the danger is you.
Speaker 3: That makes sense.
Speaker 6: 610-363-1110.
Speaker 2: Last question here, Mark. A couple of folks in our
Speaker 2: chat are wondering, not the last question of the show,
Speaker 2: by the way, folks.
Speaker 4: But the last question of this conversation.
Speaker 2: A couple of folks, Mark, are wondering, are money market funds,
Speaker 2: which we were talking about cash, cash equivalents, are they
Speaker 2: FDIC insured, Mark?
Speaker 6: If they're through most money market funds are FDIC insured,
Speaker 6: even some of them at the brokerages, because the brokerages
Speaker 6: will use banks for their money market accounts. So, yeah,
Speaker 6: they can be both SPIC and FDIC. SPIC is the
Speaker 6: insurance you get at your brokerage to protect against fraud
Speaker 6: and collapse and things like that. FDIC is what you
Speaker 6: get at your bank to protect you.
Speaker 4: Awesome.
Speaker 3: Great stuff. Thank you, Mark.
Speaker 2: Folks, give us a call at the number 610-363-1110. Mark,
Speaker 2: here's a good question switching topics. So Marshall is 62
Speaker 2: years old. He's saying, I'm debt-free. I got an emergency
Speaker 2: fund plus savings. My wife and I have extra money
Speaker 2: to invest.
Speaker 3: That's awesome, Marshall. Great job.
Speaker 2: He says, can you explain, Mark, why ETFs and mutual
Speaker 2: funds are more hands-off than a regular investment account? Because
Speaker 2: of my schedule, my time's limited, and I'm leaning toward...
Speaker 2: more of the fund asset allocation. And if I adopt that,
Speaker 2: what's the difference between buying the funds, say, through a
Speaker 2: Timothy plan or buying them directly through Fidelity?
Speaker 3: So there's a couple layers to that there, Mark.
Speaker 7: Yeah.
Speaker 6: Well, Marshall, I think you're thinking the right way. The
Speaker 6: first distinction I'd like to make is that an ETF
Speaker 6: or mutual fund isn't really an alternative to an investment account.
Speaker 6: They are a product. They're a different type of product
Speaker 6: than an individual stock. It's an investment that you hold
Speaker 6: inside your account, okay? So, ATF, a stock, a bond,
Speaker 6: different types of products, a mutual fund, different types of product.
Speaker 6: What makes it more hands-off is that owning individual stocks
Speaker 6: is that you're buying a When you buy an individual stock,
Speaker 6: generally you have to do the research or you get
Speaker 6: the information from some place like Financial Issues who does
Speaker 6: the research for you. But you still have to decide,
Speaker 6: is this something that I agree with? Is this something
Speaker 6: that I trust? Is this something I'm comfortable with? When
Speaker 6: you go to an ETF or a mutual fund, oftentimes
Speaker 6: they're either index ETFs. There's a lot of index ETFs,
Speaker 6: which means they're not really managed. They just follow an
Speaker 6: index like the S & P 500 or the Dow,
Speaker 6: something like that.
Speaker 4: Or they are managed. And a lot of them, I.
Speaker 6: Would say the majority of mutual funds out there are
Speaker 6: managed by either a single person or a group of people.
Speaker 6: who take all the money people put into this mutual fund,
Speaker 6: and then they take it and they go buy many,
Speaker 6: many different stocks, bonds, or different assets, depending on the
Speaker 6: prospectus of that mutual fund or that ETF. So effectively,
Speaker 6: it helps you not have to dig in and do
Speaker 6: all the work. You just find the mutual fund that
Speaker 6: fits what you're trying to do. Now, Timothy Plan is
Speaker 6: a company that creates these kind of products, ETFs and
Speaker 6: mutual funds, for those people who don't want to have
Speaker 6: to manage them pick the individual stocks themselves.
Speaker 4: And they do it in a way that makes it simple.
Speaker 6: So you can buy Timothy plan ETFs or mutual funds
Speaker 6: through a brokerage account or direct at the fund, like
Speaker 6: you were talking about. And there's really no different there
Speaker 6: unless the, the brokerage account you're using charges you for
Speaker 6: the buy and sell of, of, of them, which the
Speaker 6: Timothy plan won't because the same internal expenses will be
Speaker 6: at both places. The, the brokerages are just a distributor
Speaker 6: of those products like they are individual stocks and whatnot.
Speaker 6: So Marshall, if you don't have the time to be
Speaker 6: doing it all, then you could even, Timothy Plant even
Speaker 6: makes some mutual funds to make it real easy. And
Speaker 6: they're called asset allocation type mutual funds. They have one
Speaker 6: that's made for conservative investors and they have one that's
Speaker 6: made for more growth investors, a little more aggressive. And
Speaker 6: in that they include All the different asset classes, all
Speaker 6: the different sectors of the economy, and they're buying all
Speaker 6: these stocks and investments within them and managing those for you.
Speaker 4: So with one purchase, you could have a fund that
Speaker 4: does it all for you.
Speaker 6: You. And you can do that at your brokerage. You
Speaker 6: could do it at your online brokerage. You could do
Speaker 6: it direct at Timothy plan. And effectively when you do
Speaker 6: it there, you're actually going through a brokerage there too,
Speaker 6: because the Timothy plan, the, the Timothy plan can't sell
Speaker 6: you directly, but they, they all mutual fund companies that
Speaker 6: I know of start a brokerage that they can then
Speaker 6: utilize to help you get into their funds.
Speaker 3: Absolutely.
Speaker 2: Marshall, for you and for anyone who's wondering, you know,
Speaker 2: maybe you're thinking, I might want to reach out to
Speaker 2: the Timothy plan. I'd give them a call at their
Speaker 2: shareholder services number. Mark, that number is 1-800-662-0201. You can
Speaker 2: tell them that Mark Manilla sent you also for sure.
Speaker 4: Absolutely. And if you didn't remember that number, it's 1-800-TIM-PLAN.
Speaker 3: Perfect.
Speaker 7: Easier.
Speaker 5: Easier.
Speaker 3: That's why he's here. That's great. Thanks for that, Mark. No,
Speaker 3: it's really good.
Speaker 2: You know, Mark, I have often wondered as well, and
Speaker 2: I'm someone, I don't mind telling our listeners this. I actually,
Speaker 2: I have, you know, a 403B through the ministry that
Speaker 2: is in mutual funds.
Speaker 3: That's kind of more, a little bit, as you can
Speaker 3: call it, hands-off.
Speaker 2: And then I've got my regular investments in my Roth
Speaker 2: IRA following the, you know, growth model.
Speaker 3: And that one's a little more hands-on. But I like your.
Speaker 2: Explanation there, Mark, of even if you have the ETF
Speaker 2: or the mutual fund, and that's kind of the way
Speaker 2: that you're going, it's not like you're just setting it
Speaker 2: and forgetting it.
Speaker 3: You're still a steward over that. But it's managed a
Speaker 3: little differently, I guess.
Speaker 4: Well, absolutely.
Speaker 6: And depending on the type of ETF or mutual fund
Speaker 6: you use. For example, Timothy Plain has small cap ETF.
Speaker 6: They have a large mid cap ETF. They have a
Speaker 6: growth free cash flow.
Speaker 1: All these are a.
Speaker 4: Little bit different, and they're made not to be used
Speaker 4: in and of themselves, they can be, but to be
Speaker 4: combined with other ones to build out your asset allocation,
Speaker 4: depending on where you're at in life, your sleep factor,
Speaker 4: all the regular things that we've talked about in the past.
Speaker 6: Then they also have fund to funds that I talked about.
Speaker 6: that are totally managed for you if you're a conservative
Speaker 6: investor or a growth investor, that.
Speaker 4: Kind of thing. So you need to know what you
Speaker 4: own always.
Speaker 6: And then if time changes or the managers changes and
Speaker 6: you don't like the direction they're going, you can always
Speaker 6: move to a different fund or expand the funds that
Speaker 6: you're holding.
Speaker 3: Great stuff. Marshall, it's a great question, brother. Appreciate that.
Speaker 2: Mark, real quickly here, before we say goodbye to our
Speaker 2: half-hour crew, the markets yesterday rose.
Speaker 3: It was a miracle. They actually rose.
Speaker 2: Wall Street saw its first winning day of the week.
Speaker 2: Wednesday's closing bell saw the Dow and the S &
Speaker 2: P each up. about a half percent or so. Same
Speaker 2: with the NASDAQ, actually. The Russell 2000 small caps was
Speaker 2: the big winner. Mark, I remember someone said that maybe
Speaker 2: small caps might be a good move.
Speaker 3: I can't remember who it was. Oh, wait, it was you.
Speaker 3: You said that.
Speaker 7: And look at that.
Speaker 3: Look at what we're seeing. It's amazing. How funny.
Speaker 7: We call them the man, the myth, the mark for
Speaker 7: a reason.
Speaker 3: That's right.
Speaker 4: You know, they've been out of favor for so long.
Speaker 6: It really blew me away because most of my life
Speaker 6: in the investment community, small caps, and historically, if you
Speaker 6: go back and do, Historic references on small company stocks. Historically,
Speaker 6: over time, they outperform mid and large cap funds. Well,
Speaker 6: for the last 10 years, they didn't do that, which
Speaker 6: is really bizarre. So now they're coming back in favor.
Speaker 6: And just remember, every large cap started as a small cap.
Speaker 3: Yep, exactly right.
Speaker 5: There you go.
Speaker 2: Pre-market's looking fine this morning as well. I'm seeing green
Speaker 2: in the major indices, at least. Oil's green, too, so
Speaker 2: we don't like that as much. You can't win them all, Mark,
Speaker 2: I guess.
Speaker 4: That's right.
Speaker 6: Hey, if you've got to leave us, sorry to see
Speaker 6: you go, but you could go to financialissues.org and join
Speaker 6: us for the full show. We'd love to see you there.
Speaker 6: That way you could join in the chat as well.
Speaker 6: And you could look at the different tools that are
Speaker 6: available to all the partners if you're not a partner.
Speaker 6: And you could join and become a partner there.
Speaker 7: 610-363-1110. 610-363-1110.
Speaker 2: Folks, a reminder for you, tomorrow, Friday, always a fun
Speaker 2: day at the ministry, we've got the Focus Friday, where
Speaker 2: we focus entirely on your questions.
Speaker 3: We've got overtime. That's right, we're focused and locked in.
Speaker 2: Overtime, extra half hour on financialissues.org and the FISM app
Speaker 2: and our social streams exclusively. We also have Bible study
Speaker 2: early in the morning. If you want to get up
Speaker 2: early with me, we'll be looking at the book of Jonah. Actually,
Speaker 2: we're closing our Jonah series tomorrow, looking at it through
Speaker 2: the lens of the story of the prodigal son. I'm
Speaker 2: really excited for that. I hope you'll join us tomorrow
Speaker 2: morning for Bible study.
Speaker 7: We just pamper them on Fridays. We do because it's
Speaker 7: all about them.
Speaker 4: They deserve to be pampered.
Speaker 6: Think about all the people in the chat and all
Speaker 6: the people that join us every day.
Speaker 4: They come in and make this show exciting. They deserve
Speaker 4: to be pampered.
Speaker 7: Oh, I'm not complaining. I'm just pointing it out.
Speaker 3: You're not wrong, Sam.
Speaker 2: Speaking of our chat, guys, Justin with a great question
Speaker 2: here from Texas. He's saying, do small caps do good
Speaker 2: in bear markets?
Speaker 4: What do you think, Mark? Well, you know, I think
Speaker 4: that's an excellent question.
Speaker 6: In fact, I let him know in the chat that
Speaker 6: I just love Justin's questions. You know, here's something that's
Speaker 6: going to surprise you. The small caps, maybe not if.
Speaker 4: You've been studying the markets for any time, but small
Speaker 4: caps are much more volatile in the shorter, even sometimes
Speaker 4: in the midterm than large and mid caps. Historically. But
Speaker 4: in the long term, they're even more stable than bonds.
Speaker 4: Let me explain. With a small cap, if you look at.
Speaker 6: Every 10-year period, except for the last one, If you
Speaker 6: look at every 10-year period, going back to when they,
Speaker 6: beginning of the markets, when they started tracking these kind
Speaker 6: of things, if you look at any one-year period, you
Speaker 6: could see a deviation of positive, let's say positive, I'm
Speaker 6: making these numbers up because I don't have them in
Speaker 6: front of me, but they're going to be very.
Speaker 4: Close, positive 30% to negative 30% for small caps, where.
Speaker 6: Large caps, mid caps, and bonds wouldn't have as wide
Speaker 6: of a deviation in their volatility, okay? So you look
Speaker 6: at that and you say, wow, these are high risk.
Speaker 6: You could drop by up to 30% or more, but
Speaker 6: on average, you know that you're.
Speaker 4: Looking at it.
Speaker 6: But if you go out to 10-year period, there's no
Speaker 6: 10-year period, except for the last 10 years, and I'm
Speaker 6: not sure about the last 10 years.
Speaker 4: I got to update my numbers, but there's no 10-year
Speaker 4: period where you could have lost money in small caps.
Speaker 4: In fact, the.
Speaker 6: Lowest performing 10-year period was better than the best performing
Speaker 6: bond period, 10-year bond period. So effectively, time changes the
Speaker 6: dynamics of the way you're looking at things. That's one
Speaker 6: of the reasons why we look at the longer-term concept
Speaker 6: of investing, not because we're going to hold something forever,
Speaker 6: but because what happens in the longer term, you're on
Speaker 6: a roller coaster ride all through that, but historically what
Speaker 6: happens is the peaks really outweigh the valleys with the
Speaker 6: small caps over longer term than they do with bonds
Speaker 6: or real estate or mid caps or large caps.
Speaker 3: Makes a lot of sense, Mark. Justin, that's a good question.
Speaker 2: You know, Mark, Justin's question sort of came out of
Speaker 2: a little bit of a conversation that was going on
Speaker 2: in the chat about fear. And I thought it was
Speaker 2: really fascinating because some of the folks were bringing up
Speaker 2: the fact, and they weren't disagreeing with you by any stretch,
Speaker 2: but they were saying, you know, there is also maybe
Speaker 2: we can call it a healthy fear of.
Speaker 3: You know, seeing danger and running from it.
Speaker 2: That's actually in, you know, scripture that, you know, a
Speaker 2: prudent man sees danger and runs from it.
Speaker 3: But Mark, that's not the fear you're talking about, right?
Speaker 7: There's a reason the wise man builds his house on
Speaker 7: the rock, you know?
Speaker 3: Yeah, absolutely.
Speaker 2: It seems to me, Mark, like the point that you
Speaker 2: made in the chat of fear, I can't even remember
Speaker 2: exactly what it was, but you had said it perfectly, Mark.
Speaker 7: Fear is good.
Speaker 6: Letting it make your decisions is bad. We don't react
Speaker 6: from fear. Fear can be a reality. It can be
Speaker 6: a giant polar bear. in the woods coming at you
Speaker 6: and you can't see it and it's making noise. Or
Speaker 6: as Sam said, it could just be a rabbit hopping around.
Speaker 4: If you let your fear make your decision, then you
Speaker 4: run away no matter what and you go hungry because
Speaker 4: you had a rabbit you could have eaten instead of
Speaker 4: being eaten by the bear.
Speaker 7: And it's almost always a rabbit or it's a bear
Speaker 7: I just made up in my mind.
Speaker 4: Yeah, exactly. And that's the thing. That's why we have
Speaker 4: to turn to God. That is so important to stewardship.
Speaker 4: We need to be focused on the Lord.
Speaker 6: I know a lot of people out there are saying, Mark,
Speaker 6: you say that so much, but it doesn't mean much
Speaker 6: to me.
Speaker 4: Well, here's what it means.
Speaker 6: If you're afraid, if you have fear, oftentimes the best
Speaker 6: thing to do is to turn and face the fear,
Speaker 6: and what you find out, it's just.
Speaker 4: Like a big shadow.
Speaker 6: If any of you remember the cartoon, Pinky and the Brain,
Speaker 6: at the beginning of that, there's this giant monster shadow
Speaker 6: on the Empire State Building, and it goes the size
Speaker 6: of the Empire State Building, and it looks very scary
Speaker 6: and everything, and then the camera of the cartoon moves back,
Speaker 6: and it turns out to be a mouse, you know,
Speaker 6: a rabbit holding a flashlight on a mouse, that's causing
Speaker 6: the shadow to go up.
Speaker 4: Don't let your fears drive you. Let your trust in
Speaker 4: the Lord drive you. Don't be foolish. If something is dangerous,
Speaker 4: you move away from it. You see what's coming. Don't
Speaker 4: let fear make that decision for you, though. Let the
Speaker 4: data in the markets, let the data, let the the
Speaker 4: information make the decisions for you in your faith and
Speaker 4: the wisdom from above.
Speaker 6: Don't let fear drive your decisions. Don't let greed, the
Speaker 6: same thing with greed. Greed is just fear, but in
Speaker 6: the opposite direction is fear of missing out.
Speaker 3: There it is. Well said, Mark. Really good stuff. Mark,
Speaker 3: here's a question from Pete.
Speaker 2: And by the way, folks, you can chime in 610-363-1110.
Speaker 2: Pete's saying there's a stock out there, Mark, GLW stock.
Speaker 2: He thinks it'd be good for AI and other reasons,
Speaker 2: but it screens dirty for abortion due to fetal stem
Speaker 2: cell research. Now, Pete said, I can't find in my
Speaker 2: research any indication online that they're currently using stem cells,
Speaker 2: fetal or adult, although their products are used in many labs.
Speaker 2: evaluator only refers to a post-2001 embryonic stem cell research,
Speaker 2: and I'd like to ask whether they are using stem
Speaker 2: cell research, but how do I know if they are?
Speaker 4: Okay, well, I'm going to make it easy for you.
Speaker 4: I did the research for you.
Speaker 7: Mark, that's why he's asking the question.
Speaker 6: I did the research for you, and Pete, I think
Speaker 6: your concern is legitimate, and we always want to be
Speaker 6: data-driven as I just, we don't want to be fear-driven.
Speaker 6: We also don't want to be legalistic and say, you know, Corning,
Speaker 6: at one time in your life, you said this, therefore
Speaker 6: you get to stand in the corner the.
Speaker 4: Rest of your life. That's not the way we are here.
Speaker 6: We want to know what this company's doing is why
Speaker 6: as well, and why as well. But I want to
Speaker 6: make something really that I think is important. I can't
Speaker 6: substantiate that Corning is currently using human fetal stem cells.
Speaker 6: What I can substantiate is that Corning is actively promoting
Speaker 6: stem cell research and developing and market products specifically designed
Speaker 6: to support it.
Speaker 4: They have a whole line of product specifically.
Speaker 6: Now these aren't products that like, Oh, well that's a
Speaker 6: pair of scissors or a, a scalpel or a lighting
Speaker 6: system that can be used in any lab or any hospital. No,
Speaker 6: these are products that are designed specifically to help stem
Speaker 6: cell research product lines. So That alone tells me they're
Speaker 6: involved in stem cell. They may not be utilizing the
Speaker 6: stem cells directly, but what they are doing is creating
Speaker 6: the products and the services that these companies need who
Speaker 6: are to be able to do their research.
Speaker 4: So it's not like some other....
Speaker 6: Medical supply company that makes gauze and it's used gauze
Speaker 6: is used somehow in the stem cell research lab these
Speaker 6: are products and services developed specifically for stem cell that
Speaker 6: then brings me to the bottom line with unless uh
Speaker 6: corning um that this is an active business emphasis not
Speaker 6: simply an old research connecting 20 years ago so i
Speaker 6: i absolutely want to stay away from them.
Speaker 1: Absolutely, Mark.
Speaker 3: That's good stuff.
Speaker 2: Another interesting question about a specific stock, Mark, that we
Speaker 2: may or may not want to stay away from.
Speaker 3: Gordon is 73 years old.
Speaker 2: He said, I was looking for Angel Studios on the
Speaker 2: buy list and nothing came up, and I was wondering
Speaker 2: why that is.
Speaker 3: Why is that, Mark?
Speaker 6: Well, you know, Gordon, thanks for that. You know, we
Speaker 6: have a lot of great things that Christians do. We
Speaker 6: have great Christian artists in the film arts and in
Speaker 6: the music arena, but way too often they get led astray.
Speaker 6: This didn't happen so far as I know with Angel.
Speaker 6: They're still biblically responsible.
Speaker 7: They are clean.
Speaker 4: They are clean. Yeah, yeah. But that's not the reason
Speaker 4: they're not on our list. Remember, we do two things here,
Speaker 4: two absolutely necessary things to be on our buy list.
Speaker 6: One, you have to be honoring God with you do,
Speaker 6: or at the very least, not dishonoring God by embracing
Speaker 6: or creating products or services that that go against biblical
Speaker 6: principles of love, of God's love.
Speaker 4: That's the first.
Speaker 6: It has to be BRI responsible. It has to be
Speaker 6: biblically responsible. The second is it has to be a
Speaker 6: good investment. And that's where Angel Studios begins failing us.
Speaker 6: Angel Studios lost money, approximately $ 23.
Speaker 4: Million in the second quarter this year.
Speaker 6: The six-month loss was approximately $ 37 million. At June 30th,
Speaker 6: the company had approximately $ 48 million in cash.
Speaker 4: But $ 74 million of notes payable. So total liabilities.
Speaker 6: Are exceeding their assets. They're leaving shareholders' equity at approximately
Speaker 6: negative $ 29 million. So I don't think that I'm comfortable
Speaker 6: investing in a company that is not ran well and
Speaker 6: they're seeing the losses and they haven't been able to
Speaker 6: overcome them, especially in an industry that has such high
Speaker 6: margins and has such.
Speaker 4: Ability to produce cash.
Speaker 6: So at this point, though I respect a lot of
Speaker 6: what they're doing and their movies have gotten better, they're
Speaker 6: not profitable yet. We want both for it to be
Speaker 6: on the financial issues buy list. It has to have
Speaker 6: the financial issues deal, the ability to produce that money
Speaker 6: in the future and be BRI responsible. So I hope
Speaker 6: that answers your question on that. That's why we don't
Speaker 6: buy that stock.
Speaker 4: Not because of what the company stands for. We're proud
Speaker 4: of that. 610-363-1110.
Speaker 6: You've got 15 minutes to get that calling. Jim will
Speaker 6: be with you when we come back from this break.
Speaker 4: I remember my life before I met Jesus. I was
Speaker 4: most of the time afraid.
Speaker 6: I remember one of my teachers gave the classroom an introduction.
Speaker 7: 610-363-1110.
Speaker 3: That's the number to call in. Mark, why don't we
Speaker 3: go to the phones and talk to Jim? Jim's calling
Speaker 3: from Florida.
Speaker 4: Yeah, let's do that. Jim, welcome to Financial Issues. Glad
Speaker 4: you're joining us today. What's on your mind?
Speaker 5: Well, good morning to you all. I watch the program daily,
Speaker 5: so when I called in, they didn't say anybody was
Speaker 5: in the queue, so I didn't want to take up
Speaker 5: anybody's time, but I noticed watching the program I do,
Speaker 5: they have a little ticker tape that goes across the
Speaker 5: bottom of it. And one of the things they listed was,
Speaker 5: that's it. He even thinks, and this is a quotation
Speaker 5: off of the screen, that the debt is really scary. Well,
Speaker 5: we talked before how between Obama, Trump, and Biden, over
Speaker 5: those 16 years, They added $ 28 trillion to the debt. Well,
Speaker 5: I noticed in the first year of Trump's new administration,
Speaker 5: we added $ 2 trillion to the debt. Now, I don't
Speaker 5: know if people know how much a trillion dollars is,
Speaker 5: but to spend a trillion dollars, you have to spend
Speaker 5: over $ 30, 000 every second of every minute of every hour
Speaker 5: of every day for a whole year. So we added
Speaker 5: two more trillion. That's why it jumped up to 40
Speaker 5: trillion dollars. Yeah. So that means we were spending over 60,000
Speaker 5: dollars of every minute, of every hour, of every day
Speaker 5: of money we didn't have. And that's how we added
Speaker 5: it all up. And now we've got 40 trillion dollars.
Speaker 4: Isn't that scary?
Speaker 6: And you know what I love about Besson is that
Speaker 6: he actually is speaking the truth.
Speaker 4: He must watch the show, Jim.
Speaker 6: That's all I can figure out is because we've been
Speaker 6: preaching about this for so long. This could be the
Speaker 6: death of America is our debt. It could be what
Speaker 6: destroys our economy. It could be what destroys the world
Speaker 6: economy if we don't get this debt under control. But Jim,
Speaker 6: think about this. I like old Westerns. I know this
Speaker 6: is going to sound really strange and outside of everything.
Speaker 6: but I love old Westerns. I just enjoy watching them
Speaker 6: for some reason. And one of the things you'll see
Speaker 6: in every Western movie is a stagecoach that the horses
Speaker 6: go crazy.
Speaker 4: And they're running down the road.
Speaker 6: And, and, you know, there's some lady in the back
Speaker 6: of the stagecoach screaming and the hero comes riding alongside
Speaker 6: and jumps on the wagon and starts pulling on the
Speaker 6: reins and starts trying to stop it, but it can't
Speaker 6: stop immediately.
Speaker 4: It just can't. There's momentum there.
Speaker 6: The horses would fall over themselves and everybody would be killed.
Speaker 4: So it slows down over the next quarter mile or
Speaker 4: half mile.
Speaker 6: The Trump administration inherited one of the worst situations I
Speaker 6: can ever think about, where we saw trillions of dollars
Speaker 6: pumped into our economy and made out of nowhere, which
Speaker 6: caused the inflation, where we saw debt go through the
Speaker 6: ceiling like never before. Well, that debt spending, they have
Speaker 6: been pulling on the reins gently to slow down the
Speaker 6: wagon as much as they could by going after the
Speaker 6: fraud and waste. They have been building an economy so
Speaker 6: our GDP grows. When the GDP grows, then that causes
Speaker 6: more tax revenues to help.
Speaker 4: Offset the spending that's going on in Congress. He has been.
Speaker 6: Berating— this administration has been yelling at the Senate and the
Speaker 6: House to get their act together on this and have
Speaker 6: been putting forth different budgets. Now, granted, he did increase
Speaker 6: different budgets, but we're at a war at the same time.
Speaker 6: So he had all this perfect storm stuff coming down
Speaker 6: on top of him while they're trying— to put this
Speaker 6: into effect.
Speaker 4: Yet, you know, if you look at the first year
Speaker 4: of the Trump administration here, they actually did reduce the
Speaker 4: deficit spending.
Speaker 6: They actually did do that. But with the war and
Speaker 6: everything else, it's come back roaring. So here's my thought, Jim,
Speaker 6: and maybe I'm wrong here. but, I have hope in
Speaker 6: this administration because I have hope in God. And they're
Speaker 6: saying the right things and they're doing the right things. Oftentimes,
Speaker 6: if you try to just change everything overnight, it causes
Speaker 6: economic distress to the point of major economic catastrophes. They're
Speaker 6: putting everything in place so that it can go in
Speaker 6: the right direction. Now, will that happen before the end
Speaker 6: of the year?
Speaker 4: I don't know. We're seeing a lot of the factories
Speaker 4: come online.
Speaker 6: Didn't I just hear that one of the major tech
Speaker 6: firm's opened a new factory, opened it, and it's up
Speaker 6: and running already in Texas. We're seeing all these factories
Speaker 6: come back from overseas. We're onshoring a lot of stuff.
Speaker 6: Our economy is incredible. And And Dustin agrees with that, too.
Speaker 6: It's our debt that's a problem. I believe they're looking
Speaker 6: at that. I believe all aspects of this administration is
Speaker 6: looking at that and doing everything they can to correct
Speaker 6: it without taking us off the rails, without slamming on
Speaker 6: the brakes and causing the train to just derail totally.
Speaker 4: I think they're going to be doing it.
Speaker 6: And my guess is before the end of this year,
Speaker 6: we're going to see some impact of that.
Speaker 4: I may be wrong, but that's what I'm looking for.
Speaker 2: Hey, Jim, let me just jump in for a second
Speaker 2: and tell you, I think you would really benefit from
Speaker 2: reading Mark's article.
Speaker 3: And you make great points, by the way, brother.
Speaker 2: But Mark just penned an opinion piece in Town Hall
Speaker 2: called Debt, the New Altar of America. And he gives
Speaker 2: great depth into this stuff. You can find that, Jim,
Speaker 2: on our Financial Issues newsroom.
Speaker 3: If you go there, it's the top article there. It's
Speaker 3: called Debt, the New Altar of America. I just wanted
Speaker 3: to throw that in there to you, brother. But sorry, Jim.
Speaker 5: Go ahead.
Speaker 7: Okay.
Speaker 5: Well, I might check that out. When I went to college,
Speaker 5: I went to a business school. I went to a
Speaker 5: major business school. The major I had to take essentially
Speaker 5: required you to take a minor in economics. So I
Speaker 5: had more than just a passing knowledge of economics.
Speaker 4: Well, that was wise of your college to make you
Speaker 4: do that. It's hard to do business if you don't
Speaker 4: understand economics.
Speaker 5: Well, my major was quantitative systems analysis. Okay. But anyway,
Speaker 5: I noticed we passed another continuing resolution. I think that's
Speaker 5: what the 29th, the 30th, who knows. And just one
Speaker 5: more thing back on the budget. If we were to
Speaker 5: pass a budget, a balanced budget, even if we balance
Speaker 5: a balanced budget, which would, of course, include the debt.
Speaker 5: So we've got $ 40 trillion in debt. At 2.5%, if
Speaker 5: you average that over the two, the five, the 10,
Speaker 5: the 30 years, you know, security.
Speaker 4: No, it's a couple trillion dollars.
Speaker 5: You would still be draining a trillion dollars out of that.
Speaker 5: That means a trillion dollars not going to buy planes,
Speaker 5: not to buy bridges, not to buy anything. So the
Speaker 5: trickle-down economics, or whatever you want to call it, we've
Speaker 5: got a long way to go, and... I just don't
Speaker 5: see it happening.
Speaker 6: Well, if it doesn't, then the alternative is worse, Jim.
Speaker 6: The alternative is we go into a major recession or
Speaker 6: a depression. The dollar loses its value around the world
Speaker 6: as a currency of trade. That causes us to be
Speaker 6: printing more, causing massive inflation. It could take us 10 years,
Speaker 6: 20 years to dig out of that if they don't
Speaker 6: get it under control.
Speaker 4: Absolutely. I think one of our friends, Kevin Freeman, talks
Speaker 4: about this in his new book. I forget the name.
Speaker 4: What's the name of that new book?
Speaker 3: Pirate Money? Is that it?
Speaker 4: No, the new one, The Four Horsemen.
Speaker 3: Oh, yeah, yeah, yeah.
Speaker 6: Yeah, he talks about one of the horsemen, is actually
Speaker 6: the debt and that's got to get under control if
Speaker 6: it doesn't we we cannot do it and we can't
Speaker 6: just grow our way out of that debt i know
Speaker 6: uh that this administration says one of the that they're
Speaker 6: going to grow our way out of the debt by
Speaker 6: increasing the gdp that's only a relative strength thing well it's.
Speaker 4: Not only a relative strength thing but what.
Speaker 6: Happens is if you grow a domestic If you grow
Speaker 6: the economy, what happens is you have more revenues and
Speaker 6: that can go. Well, that doesn't stop the deficit spending.
Speaker 6: It just offsets it a little bit.
Speaker 4: And then you have debt a little less.
Speaker 6: If GDP grows and debt becomes less of a ratio
Speaker 6: to it, it feels better, but it's still there. We
Speaker 6: got a lot of things to do, but they're pulling
Speaker 6: as many lovers as possible. My hope is, and I'm
Speaker 6: not going to give them any slack.
Speaker 4: They got to get on it. They got to do this.
Speaker 4: They have to.
Speaker 6: I'm very upset and have been for years with our
Speaker 6: House of Representatives not doing their job. They're lazy and
Speaker 6: they're more interested in being reelected than they are governing
Speaker 6: our country and getting their balanced budget done. Before you
Speaker 6: can have a balanced budget, Jim, you have to have
Speaker 6: a budget. They don't have a budget. There are so
Speaker 6: many laws that could be passed. What if you pass
Speaker 6: the law that you can't spend any more than you
Speaker 6: took in last year? That alone would change things.
Speaker 5: That's what most states require.
Speaker 4: They require a balanced budget.
Speaker 5: But like I told you, even if we passed a
Speaker 5: balanced budget, in that budget would still be that trillion
Speaker 5: dollars to just pay the interest on the $ 40 trillion
Speaker 5: we already owe. Exactly.
Speaker 4: Right, right.
Speaker 6: And then there's $ 2 trillion of waste and fraud that's
Speaker 6: going on every year. If we got rid of that,
Speaker 6: those things, I mean, imagine the money this country would
Speaker 6: have to do great things with, wonderful things, help people,
Speaker 6: help other countries. grow the economies. I mean, it's just incredible. Jim,
Speaker 6: you're absolutely right. Thank you so much for your call.
Speaker 6: I really appreciate that. You know what I also appreciate
Speaker 6: is that we are stewards. That's what we're all about.
Speaker 6: You're a steward.
Speaker 4: I'm a steward.
Speaker 6: Everybody who participates with us, our partners are stewards. The
Speaker 6: goal of stewardship is to honor God in all we
Speaker 6: do with everything that is God's, and that's everything, including
Speaker 6: you and me, and everything is entrusted to us. Our
Speaker 6: citizenship is part of that. We need to elect the
Speaker 6: right people. We can call them spineless weasels in the house.
Speaker 6: We can make fun of them. We can get upset
Speaker 6: about it.
Speaker 4: We can go on rants.
Speaker 6: But if we're not doing our job of citizenship... by
Speaker 6: electing the right people, then it's our fault.
Speaker 4: It's your and my fault. Let's get the right people in.
Speaker 6: And those of you out there who have the ability
Speaker 6: to be a great House of Representatives rep or a
Speaker 6: senator that do have the faith, that do have the
Speaker 6: beliefs we have, it's time for you to stand up
Speaker 6: and let us elect you too.
Speaker 4: Got me on a rant at the end of the show, gentlemen.
Speaker 4: I can't believe they did that.
Speaker 6: Jim, well, I want to thank everybody for being with us.
Speaker 4: Thank you for loving the Lord so much.
Speaker 6: And it's because we love the Lord that we want
Speaker 6: this country to work right because it's his country. He's
Speaker 6: entrusted it to us. It's his stock market. He's entrusted
Speaker 6: it to us. Let's use it properly. Thank you for
Speaker 6: loving the Lord. Thank you for.
Speaker 4: Investing with biblical integrity.
Speaker 6: Look forward to seeing you tomorrow on Focus Friday in overtime.
Speaker 4: God bless, everyone.