Thanks for catching up with us. the market is right back at all time highs after the, the China tweet on the 10th, right? had a bumpy day on Friday or two Fridays ago. Yeah. ⁓ yeah. Tweet out, apparently China sent out a rare earth metal export restriction, notifying everybody where they were going to basically cut us off. And, uh, Trump didn’t like that. No fired off a tweet and we went from up. I think we’re a little north of 1 % to down more than 2 % on the S and P 500. So, the day before, the day before we had touched an all time high and then the market goes down. I don’t know. Uh, the, the NASDAQ was down maybe three and a half percent S and P was down like two, 2.1. And you know, I actually got a few nervous calls. from a few advisors, maybe even one client. And I had to think about it, I had to calm down and just say, guys, we’re literally at an all time high two days ago. I think the good thing about this is it’s just one country, it’s just China, unlike Liberation Day where we are just like, whew, everybody. Yeah, yeah, well, that’s why I think it was only for one day. Yeah. And then it kind of just… ⁓ I don’t want to say disappeared. mean, it’s still just been chopping around, just been chopping around. But you know, the thing is, then at some point in the last four trading days, the president said, well, the the proposed tariff amounts are unsustainable, meaning percentages. So Paco already, I don’t I mean, I’m not really sure. It seems like he says says something and then he realizes that that would be bad for the market. and then walks that back. mean, that’s, that’s certainly been the O. you know, I think there’s two things going on here. One is the response from the investors regarding, ⁓ the actual tariffs and, even the tweets to some degree or not some degree, but, but, you know, on those days, but then you get back into the whole idea of like, why is the market near all time highs? And it’s because earnings growth has been stellar. Yeah, that’s been great. there’s been a few misses here and there but all in all earning season so far we’re early innings but has also been strong. We had some minor economic data over the last week or two regarding housing because we haven’t had any data releases because of what is it because of? Shutdown. Yeah. We’re on day what 23 of the shutdown? That sounds right. You know, so I’m not a federal worker. I haven’t personally been impacted by it. I know a few federal workers, somebody that teaches at ⁓ one of the schools down in DC, I think it’s the War College, who is, you know, he’s out of work, he’s not getting paid. ⁓ But the assumption is that he will get paid when they return, you know, after after being for furloughed. But there’s something like 750,000 government workers that are not getting paid currently. I mean, that doesn’t instill a lot of trust in the system when you have that many people not getting paid. And I suspect everything’s everybody thinks, well, okay, I’m going to get paid when it happens, but this constant shutting down. And if I’m not mistaken, we’re still running on a continuing resolution from last year, right? We don’t have an actual agreement between both parties and the administration on just the regular budget, if you will. What is it going to take to get that to happen? think a couple sweeteners meet in the middle. We’ll see what that looks like, what gets funded and for how long. mean, when you talk about a meet in the middle, ⁓ and I don’t mean a sandwich. When you talk about meeting in the middle, the, the democratic party is looking to maintain the subsidies for affordable care act. And the Republican party is looking to get rid of the subsidies for the affordable care act. And I, I’m not mistaken, that’s outside of the CR but that’s a future negotiation but they’re trying to leverage that now but so apparently these subsidies disappeared they’re scheduled to disappear if I’m not mistaken December 1st which was something that everybody had agreed to 2021 2021 yeah so four years ago you know it’s like if we play kick the can down the road anymore we’re gonna wind up I don’t know we’re gonna wind up being Greece But seriously, these guys on both sides, they’re just kicking whatever can they can so they can move forward without actually really solving the fundamental problem that we’re spending more from a budgetary standpoint than we’re bringing in. Yeah. And that really is the issue, right? I don’t think it would work in any one of our households. I don’t think anybody listening would think they would run their household like that. If I’m not mistaken yesterday, the news came out that we’re now at 38 trillion in debt and it was the fastest trillion that had ever been put on. So that doesn’t make me feel great, but the stock market itself doesn’t really care because these companies are wildly profitable. Um, people could be impacted and be are currently being impacted. but it doesn’t seem like the market’s gonna care. Yeah, I mean, when we’re racking up that that I know there’s a huge interest ⁓ component that has increased in size over the last few years since COVID. But when the government’s spending and they’re fiscally loose, we’ll say, that’s a good thing for businesses. That’s a good thing for our economy. That means they’re spending it’s going right in. But yeah, I don’t like to see it. I don’t like to see it. I don’t think we could run our household like that. where we’ve been in a three year bull market now, by all accounts, if you, you know, say that, if you some people may, you know, say you we have a secular bull market back to the GFC. So and we’re spending this amount of money going into debt this much faster now. You know, it’s not an emergency emergency situation when we should be compiling debt. So strange times. we you know, to that point, Chris, we are gonna get into a situation, ⁓ I don’t think it’s right around the corner, but I don’t have the crystal ball. We’re gonna have a slowdown at some point. And that’s the time where you wanna be loosey goosey with the funds where you can make sure that there’s enough liquidity in the system. So obviously we’ve mentioned this on here before, but the Federal Reserve tends to buy bonds in periods of economic downturn, the last time being COVID. And so at one point we had, I don’t know, 10, $9.1 trillion worth of paper government debt on the books, right? The federal reserve holding our own paper. That’s to provide liquidity to the markets to make sure that, um, everything’s running smoothly. And that also is to make sure that rates stay low. Well, we’ve been able to, uh, bring that down from about 9 trillion to about 6 trillion. But now they’re talking about slowing down that that runoff. Yeah. So Powell did mention, ⁓ in the foreseeable future, they could sound like totally wind down quantitative tightening, ⁓ effectively no longer doing the runoff, which is just allowing those government bonds that mature to just mature and go away. So they were limiting the amount that would run off. So they’re still controlling it. ⁓ but it sounds like in the near future, they may start purchasing basically the equivalent of what’s maturing. Yeah. effectively loosening monetary conditions further. One thing just, ⁓ crossed my mind as we’re sitting here talking and, as I’m playing out in my head, I’m thinking, well, that’s probably not the case, is there a way for them to not pay the interest on the stuff that they actually hold? Cause wouldn’t, aren’t they just paying themselves? Yeah. Yeah. Seems a little bit silly, but I mean, I guess if they’re paying the interest, they’re also collecting the interest. So it’s a net net zero. That’s just raking it in. don’t think the federal reserve is raking it in. But you know what has happened is that interest rates have been creeping down. Obviously we had the first ⁓ interest rate cut earlier late September and short end of the curve is coming down. But also like the longer end is coming down a little bit too. We’re sitting with the 10 year yield under 4 % today, uh, which hasn’t happened in a while. And that is bringing interest rates down for home buyers. So I think back in 2022 or excuse me, 2023, uh, the average 30 year mortgage had hit over 770, 7.7%. And as of yesterday, the average 30 year mortgage is about 6.2. So I mean, hallelujah for the people that are trying to buy still obviously higher than where it was, you know, ⁓ three or four years ago, but that I think that by itself was an anomaly. You’re the unlucky guy who, or girl who got a mortgage at seven, seven. What point are you refining? Because it looks like it may trend lower. Do you pull the trigger now? Do you wait until it gets to five, five? Where are doing that? I mean, if you have an adjustable rate, You’re probably like if you got a that’s a no no. Well, but if you’ve got an adjustable rate at seven and a half, yeah, and rates are coming down. I mean, that’s not the worst thing in the world. At some point, and this is the game that everybody wants to play. But at some point, you’re going to want to take that adjustable rate and lock it in right? I’m not touching adjustable rates. Well, you probably don’t need to you’re probably one of those lucky guys that was able to refi COVID rates. Yeah, I’m sitting on the balcony. Well, it’s nice that rates are coming down a little bit for home buyers. We had very little data coming out over the last few weeks because of the government shutdown. One of the few things that has come out is existing home sales and new residential sales and they seem to be right in line. One of them is a little bit up, one of them is a little bit down versus last year. Nothing crazy, but it seems to me things are picking up. or at least not not going underwater. Yeah, the existing home sales I know was at seventh month high actually up 1.5 % in September and median house price existing sales not counting new homes was up 2.1 % to 415,200. Yeah, it kind of depends on so obviously we’re talking averages right but it kind of depends on where you are. Yeah, I’m a big fan of Zillow and I keep seeing price reductions. Yeah. There was one there was actually a word. What’s the other cool? Right? San Francisco, I think is pretty cool. Right? Well, coming down from obscene levels. Yeah. There was a house for sale right up the street from from a list and I and we keep trying to get a list his sister to move closer to us. She’s looking for a house her and her fiance looking for a house. And so we saw this on the market and obviously called her and showed her and she might even brought it to our attention. ⁓ so a, like a two and a half acre that butts up to, I think it’s 13,000 acres of state game land here in Pennsylvania, right with horse trails and a giant barn, ⁓ in-ground swimming pool, more like an old stone farmhouse. And they had it listed for four 45. And I thought there’s what what’s wrong because it’s a property. When you look to the pictures on Zillow, there were some weird things. ⁓ Some of the trim, no running water. don’t know about that, but some of the trim on the bottom had been cut away like all the way around. So we weren’t, we weren’t sure what it was. We thought maybe a flood or mold, as you said. ⁓ So the day that there was an open house, I think it was last Sunday. Uh, we had someone that we know that went down there from the neighborhood and she said, she walked in, it was the worst cat pee smell she had ever, ever experienced in a home. don’t know how you get there. Uh, maybe they moved out and the cats came in and peed all over the house, but I have a feeling that’s not the case. Yeah. Um, not my favorite odor, but four 25 for two acres on an old farmhouse. I mean, it probably take you a hundred or 200 to get rid of that cat pee. But I mean, it’s not the worst thing in the world, you know, for the doable, for the right person. So I don’t think Chris is going to move next to us. She’s, she’s probably not going to spend that money, but yeah. So interest rates are coming down, ⁓ which is probably good for most businesses. ⁓ certainly good for the smaller companies. I don’t know that they’ve had the impact of rates because they’re down, but they’re not down dramatically. Small caps and mid caps are underperforming again, large caps for the year. S &P 500 is almost up 15%, 1472 as we came in here. Small caps are up for the year, not too bad. S &P 600 is up five and a half where the Russell 2000 is actually up over 10 for the year, right? So we talked about that a little bit last time where Russell 2000 is kind of a lot of, well, you don’t have to have profit to be in the index or an S and P you do. So you can see that, that like, um, these profitable companies are underperforming the profitless tech. Yeah. You have some of those big name on maybe even pre revenue companies that are just their stocks going up 100, 200 % this year, but they have no revenue. They have no profit. It’s hard for fundamental guys to sort of gauge the value of those and they just keep going. They do. ⁓ some of the things that have rocketed higher this year are the quantum computing companies, right? That don’t have any, ⁓ profit and very little sales, but the potential. Yeah. Right. And you want to be in on that. And so you question, okay, you know, this is probably going to happen regardless of whether I own it or not. And, you know, what’s the risk of owning it? Well, obviously there’s downside risk, but the opportunity costs of not owning something that doesn’t have profit that may be a superstar. And I think people tend to remember, you know, Tesla, as it came out and started moving higher and higher and higher for years without turning any profit. Yeah. And I’m not saying everybody thinks these stocks are going to be like Tesla, but there’s certainly in the back of people’s mind, you go, listen, I got to get in. Let’s make it happen as You know, we run screens here, obviously. And one of things you can do is change it to say free cashflow or something like that if they’re not profitable yet. But then you have think of like an Oklo or something like that. Totally pre revenue. How do you value that? just is, you know, right? Total addressable market. Yeah. I mean, they don’t even have I don’t think a concept yet they’re they’re projecting their first revenue in 2027 or 2028. That’s revenue. That’s not profitability. profitability will probably be early 2030s. what are they doing valuing that on 10 or 15 years in advance? I guess yeah. I mean, high nuclear demand. but sometimes you kind of have to right? Yeah. If you want to be in early, you don’t wait until they become wildly profitable. And no one wants to wait until, they’ve already been making all of this money. Let’s buy it. You want to do it when everybody thinks they’re not going to make any money. That’s where the real money is made for investors, right? Yeah. You know, so one of the things that we have been talking about, of course, are data centers and all the electricity that it’s needed to run these data centers. And I was talking to an interesting character last night who happens to work in the chemical industry, who is talking about the need for cooling. on all of the chips and everything. And you know, and I don’t mean like air conditioning, but I’m I kind of do mean air conditioning, all of the heat processed or produced from these chips has to be cooled. You can’t have your data centers down, right? Yeah, you can’t have them running at 90 or 100 degrees. Yeah, melt the components right off it. So his company, ⁓ and he specifically works in ⁓ like a fluid division, where they take ⁓ I don’t know if it’s picture like antifreeze, right? Where they run that through processing chemicals. Yeah. So you extract the heat from over here. You let it out over here and run it back through. Honestly, I had never given any consideration to the cooling of these data centers and the server farms. Liquid cooling is the next thing. And then you have, you know, certain companies who are not only putting in their whole company basis is that chemical and you know, the highest specific heat that they can get, meaning specific heat, it’s super cool. But when it goes in, it takes a lot in order to heat that up so that it cools down the servers and the chips. And then you have people setting up server racks a little bit differently. There’s some big name companies that are, you know, up and down that do that. It’s the name of the game. Keep them cool. I mean, server rooms even historically before, you know, these AI chips and super powerful chips, they’re always, you know, cool places, know, air conditioning always on, don’t get too close to the server. But yeah, I just always think to myself, if you really want cheap cooling, can’t you just do radiant cooling through geothermal? Right? So, you know, we talk about radiant heating sometimes, because I love radiant heating in a new house, right? You’re to warm floors and all that stuff. So radiant heating obviously is taking and I think they do like some type of alcohol product. They run it through tubes in the floor and they heat those tubes through it, whether it’s a heat pump or some other, ⁓ some other device. And they run that through your floor. And of course your floors warm and that radiates up. ⁓ but you add geothermal to that. And if you, if I’m not mistaken, once you get below, ⁓ the frost line, so what, like 12 or 13 feet down, everything’s a standard 55 degrees there. It doesn’t matter. Well, but you have this free cooling at 55 degrees. And so you take all this coil. And when I say I’ve seen this done for, for ponds, right. Um, or excuse me for pools where you’re putting, um, you’re putting all of these coils either below the, uh, frost line, or you’re actually putting them in a body of water and you can extract the heat from it. But this would be the opposite. You’re taking heated alcohol. and you’re cooling it off underground and you’re running it back through. And it doesn’t cost anything to maintain that 55 degrees. Cause that’s what the, what it, what the temperature is below 12 feet down. So to me, there’s a lot of ways they can do this. They don’t seem, ⁓ from what this gentleman was telling me last night, ⁓ the big host of these server farms don’t care about the cost of cooling at the moment. They might in the future, but at the moment they just need it to work. Yeah. So to me, seems like geothermal cooling is kind of the way ⁓ in the end, maybe like five, 10 years from now. he was insinuating? He was saying that the way they do it now is they use ⁓ like a reverse heat pump to cool the alcohol or the gel that’s in these tubes. But they could also use geothermal and just put it down in the ground, you know, and I mean, these are massive, massive buildings, right? So you could lay this stuff out. Obviously there’s a significant cost to that, to building it. But over time, I think you’d save a lot of money, but you know what? They don’t call and ask me. They do. They do not call and ask me, but, ⁓ yeah. Sam Altman, I have an idea for you. Well, if I get that call, I’m going to, I’m definitely going to tell them about. ⁓ you know, there are breakthroughs happening all the time in technology. read the other day that there, ⁓ I don’t know if it was MIT or one of these big schools, they were able to store, ⁓ electric in concrete and a special type of, ⁓ concrete that it’s mixed with graphene and like literally as a battery. Interesting. And you’re like, well, we have a lot of concrete in the United States. We are pouring. Yeah. In and out. like like a traditional battery in the sense that electricity can be put in and then taken back out. I mean, can you imagine a sidewalk that’s also a battery? I like it. Mix in with some blacktop to see what happens. don’t know that’s not conductive enough. they stop it. They didn’t say anything about my cat. ⁓ Yeah, breakthroughs break ins. ⁓ break in big break in. Yeah, at the Louvre. Yeah. a little bit a little bit nutty right? Have you been out of oceans 11? I’ve never been to the loop. I was there ⁓ one time years and years ago. ⁓ Kind of cool place. But yeah, I mean, there was this big break in. And it looked like ⁓ it was right out of oceans. Yeah, or something. They were wearing high vis vests hiding in plain sight looking like construction guys. I saw the video of them coming out where they’re riding down like a bucket. Escalator. Yeah. Bucket truck type of thing. Yeah. Popped right out. So is this organized crime? This isn’t some random guys out on a, you know, a drug bender that are just break into something. This is definitely this is pros. Yeah. Yeah. This is, this is definitely not those guys. Um, they, it looks like they took a bunch of jewelry, uh, you know, a hundred, 200 year old jewelry. Uh, what was it? A necklace, a Tiara, some brooches. Uh, but they’re estimating, um, like a hundred million dollars, uh, that they got away with in jewelry. What can they hawk that for 50 mil? I mean, you don’t go down to pawn plus with that stuff, right? Like, don’t, I think that’s probably a unique piece here for you. Yeah. So, you know, to me, it seems like, and this is right out of this really is right out of a movie, but I don’t think they did it to pawn it and get money. I think they did it for somebody who wants to contract well who wants to use put it in their collection and who out there is wealthy enough and ⁓ morally ⁓ bankrupt shaky to go and do that or to hire people to do that. Think of a few people heads of states maybe heads of states. It’s gotta be the Russians. we’re show the Europeans now. Yeah, their prize jewel. Absolutely. I mean, they didn’t go in and they broke the ⁓ the units, you know, the security units that these things were in, they weren’t in there to do any damage to anything like eight minutes, like they’re just in and out six or seven, six, seven. my. The kids are saying I don’t even know what it means. But I’ve been hearing it a lot lately. Do you know what it means? I have my ⁓ hypothesis is it means like six seven like it’s kind of mid six seven it’s not an eight it’s a five I don’t even know if that’s right but I don’t think that anybody knows what it means yeah I’m not gonna try and get in there I think it was lost in in the old language yeah yeah you know interesting when I was looking at this heist somebody had said to me that now like if they ever find these jewels they’re probably gonna be worth a lot more than they were worth before because that’s what happened with Mona Lisa. I did not know this, apparently the Mona Lisa to the allure. Yeah. Mona Lisa was stolen from the Louvre like a hundred years ago, ⁓ recovered. And now it’s one of the most, if not the most recognizable and famous piece of art in the world. Yeah. So maybe I, so I think one of these tiers was like Napoleon’s wife and yeah, okay. It’s famous, right? You go, you look at it, but if it’s, if it’s recovered, Yeah, instead of in some Russian mobsters house or something like that. If it’s recovered, it’ll probably be the most expensive piece of jewelry in the world, regardless of what the actual intrinsic value of the diamonds or rubies would be. Right? Yeah. adds to the narrative. Yeah, it’s like, ⁓ it’s like the another Wikipedia note for it. it’s gonna be a Wikipedia note. All right. Yeah, some more more shady dealings today. This morning, the FBI busted ⁓ former NBA player, Chauncey billups champion with the Pistons and Terry Rozier, current player for the heat, fixing some games. They’re also involved in, ⁓ illegal gambling ring where they’re utilizing cameras, manipulated decks and hand signals and things like that. Wait, also gambling? Yeah. Okay. Not just game. It mafia linked. Now I don’t know who’s Apparently they were giving tips on like who was playing who wasn’t playing Terry Rosie are apparently bowed out of games with injuries early below his under and was laying his friends know things like that. okay, fixing games. That’s the same thing as fixing. Well, there was a big point shaving ⁓ scandal years ago, if I’m not mistaken, am not several, unfortunately. Yeah, I’m not a basketball guy. don’t I just I have no interest in it. we were talking last week about Mark Sanchez and like what would make someone this rich this well off do this stupid stuff. So I had their career earnings here Terry Rozier $160 million career earnings Wow. He was currently on a four year $96 million contract for the heat bill 90 96 million for four years and he’s busted for gambling games from 2023 I think was the instance I saw multiple times. you know, with a childhood friend apparently. And then Chauncey Billups, 107 million in career earnings, NBA champion, current assistant coach for the Blazers. It’s like, come on guys, how much is too much? Why you gotta do that? Can’t have nice things. Yeah, that’s gotta be some type of, ⁓ some type of mental deficiency there. I mean, you’re earning $96 million or, you know, $22 million a year. That’s crazy time. Hey, Sixers had their opening night last night. I am very pleased. Our third pick in the draft. B.J. Edgecomb went off for 34 points, the most points in an NBA debut since Wilt Chamberlain. Wilt Maxie even went off for 40. It’s a game. Joel Embiid did not look good. Oh, boy. His knees are cooked. Not good. I love him, too. I love Jojo. My knee is cooked and I don’t even play basketball. My knee cap keeps coming off the track. And I keep having to go to the chiropractor to fix it. And today was one of those days for me. I feel like an old man at 50. I feel like I’m, I’m a hundred with my knee. That is not cool. I can see why their knees get cooked. don’t know why mine does. have no idea. so we were talking about pawn. well I brought up, ⁓ that they’re not going to pawn these jewels. There was a show that I’ve been watching called task. I don’t know if you saw it at all. it’s Mark Ruffalo task force. Great show. I highly recommend it. I just finished the last episode last night. ⁓ but basically they’re trying to, there’s people in there that are stealing drugs from drug houses and then they have to go pawn it somewhere else. And, ⁓ it seems really stressful to me. I don’t think I could be into a life of crime like that. We did watch something, both of us, Black Rabbit. Oh, Black Rabbit. That’s also in the same breadth. Jude Law is amazing. Well, I guess we won’t give out any Yeah, no spoilers. spoilers. Jude Law is great, though. I don’t know if I like Jason Bateman in that role. Bateman looked like a slob when obviously he’s not normally looked like a slob. So Jason Bateman, obviously well known. What was the Missouri? Ozark. Yeah, Ozark, right? He was good. It was rare. It was weird to see him. Yeah, he he looks like ⁓ you know that the stepbrother that is always in trouble. Yeah. Looks like trouble. Yeah, it looks like trouble bad bad hair or bad looking hair and yeah, he didn’t play a great role. Yeah. played a great role. ⁓ Speaking of Netflix, I’m gonna rope this back around here for a second. AWS had that outage big outage wasn’t as bad as the crowd strike outage. That was insane. But AWS, which I’ve saw estimates around one third of us websites run off of it briefly went down and it’s taking some websites a few days to recover. Now they got it back up and running I think well within 12 hours from it. Stock wasn’t really hit by it that much but Netflix, Coinbase, Robinhood, Venmo, NASA, CIA, some notable users of AWS. So CIA is using AWS? Apparently. They were down. Must have to do with that asteroid comet thing. Somebody was talking about this earlier. What’s the deal with the asteroid comet? it’s just apparently weird emotions coming off of it. Propulsions, change of directions. They say, I mean, I haven’t looked into it too much, but I love a good conspiracy. So you’re saying we’re going to get invaded by aliens? Use up all your vacation days. But if you do that and then it doesn’t happen. No vacations for you. You’re screwed. Yeah. Right. I don’t like that idea. No, you like your jobs. I love my job, but I, I don’t want to be invaded either way. Yeah. Although maybe our robot overlords or alien overlords would be better than the current situation. District nine. Yeah. Great movie by the way. Great movie. ⁓ let’s bring it back to the stock market as we, as we wrap up here. There’s been obviously a lot of talk about bubbles, ⁓ the AI bubble, people, people question that. And, you know, you can make a case, I guess that valuations are higher than they’ve been. You can make a case. Well, if you look at the returns, you know, this is reminiscent of ⁓ the dot com bubble. And I do a lot of charting. I’ll try to throw this up for everybody. But if you look at a chart of the NASDAQ, And you know, you go back 40 years, you can plainly see where the dot com bubble was on a longterm trend line. And it’s pronounced, it is pronounced. You don’t need to be ⁓ a technician to see where you don’t need to look at the bottom of the graph to see what year it is. No, you, kind of know off the top of your head and that doesn’t, you know, so when you, when you look at this chart and you realize, okay, here’s the bubble in let’s say 99 2000. And it got way off trend. And then you look where we are now. We are not way off trend. No, I mean, we’re on trend. Yeah. We had a call with our advisors, our quarterly commentary and outlook where we showed a 25 year chart of the NASDAQ. And at the very end, it looked like a bubble, but that was leading up to the dot com bubble. You extrapolate the 50 year chart out and we’re not that far above the longterm trend. No. So to say this may be the start of the bubble, sure. ⁓ But we’re not far off. We’re not deviating greatly currently. And that’s not to say the stock market can’t go down. It always can. It doesn’t just go down at the end of bubbles. ⁓ But it doesn’t look like we’ve deviated that far to truly say if we look back in history, like, wow, this should have stood out. You know, we should have seen this coming. We’re not too far off that trend line. I’m willing to say we’re not in a bubble. I mean, I think that’s I’ll stick a claim to that. To your point, we could get into a bubble. ⁓ It’s certainly possible and the market could absolutely go down. But it’s not because the bubble is going to burst because again, I don’t think we’re in a bubble currently. know, valuations are definitely extended, but there’s a reason. It’s not just pure speculation. It’s because these companies are making a lot of money and earnings are growing really quickly. So I guess I will say a wrap up on this. mean, when we think about like the tweet from the other day, those types of scenarios, whether it’s a, whether it’s a tweet that caused it, whether it’s a quick panic, whether it’s a little bit of a banking issue, um, like the regional banks had in 2023. I mean, there’s always going to be a reason why the market goes down. Don’t be emotional when it comes to it. Um, there’s, I’m not going to give you a checklist of things to do or not do when the market goes down. But you know, you and I had this conversation with an advisor the other day talking about individual stocks and the advisor was a little bit concerned about one or two things that they had that were going down. you know, we’re talking about long-term growth stocks, whether it’s an Nvidia, ⁓ whether it is another semiconductor company, whether it’s, I don’t know, a McDonald’s. you’re going to have big drawdowns in not only individual stocks, but the overall market. And they are not always times that you want to sell. In fact, most of those big drawdowns are opportunities. Yeah. Nvidia, the world’s largest company was down 50 % at one point this year in 2025 this year. And now it’s a $4 trillion company. Yeah. Or right there, depending on where the market well, any given, every given day, right? Um, I don’t think that necessarily the large cap concentration is going to go away, let’s say here in the short term, although international has really been outperforming ⁓ in 2025. And there’s a case to be made that you could have significant longer term outperformance because relative to the United States and domestic markets, ⁓ international markets have kind of been in a, we’ll call it a relative bear market over a long period of time. emerging markets are kind of like a 20 year ⁓ top. And there’s a chance that you could have a massive multi-year breakout in emerging markets, especially since you have one, they’re back at a 20 year high and they’ve been underperforming for really since the global financial crisis. And two, when you look at them versus domestic markets, they’ve been underperforming dramatically. And so I just want people to, to, to note that, you know, for a long time, people were concerned, well, why do I own these companies? Well, now we’re up, I don’t know, 25, 30%, depending on what international that you own. It’s part of like a balanced breakfast. It’s part of a balanced portfolio. And I’m not saying this is going to happen, but they could certainly continue to outperform over a longer period of time. ⁓ just something to, to note, right? So, you know, don’t, don’t make emotional decisions just based on short-term performance, I would say. and don’t make emotional decisions in general. Yeah. What do you have for the wrap up? ⁓ Covered mostly everything. Gold had a really bad day in the midst of over the last week. I think it was down six and a half percent, which was its worst day in a long time. And we all know it’s been on a heater this year. Yeah. But any of those people getting in late probably got real scared if they ⁓ got bitten right away. Do we call those weak hands? Yeah, I’m sure they bailed already. I bet it. mean, I hear gold bugs talking about gold 10,000. And you know, all sorts of crazy price targets. I, I don’t know. It’s it’s further bet on currency debasement. Yeah. And we were talking about the debt earlier. You know, maybe they’re not wrong about that. Maybe it keeps going up. Generally gold has longer cycles than other assets, meaning it lagged for the longest time, but then you know, it just shot up and generally these cycles are multi-year cycles when it comes to gold. So we’ll see when they open up the government if they do it by adding two trillion of spending, I’m sure you’re going to see gold and Bitcoin and all those crazy things jump again because more currency to basement. Well, either way, I would love it if the government opened back up. Hopefully ⁓ the powers that be can make that happen. Right. And so don’t lose your breath. Okay. All right, everybody. ⁓ For all of us at Good Life, we appreciate you listening. Thank you so much and we’ll see you next time.