The Capitalist Investor
Welcome to this week’s “The Capitalist Investor” podcast. The recurring theme of a potential recession looms large in our discussion along with NVDA’s earnings report on the horizon. We are hearing about more strains of COVID as well in the headlines. Is a recession & COVID back on the table?
NVDA, Earnings, Recession
NVDA has been the darling stock of the year with all eyes on NVDA. Earnings season is almost over, so the team discusses their final thoughts on earnings as we end Q2. Can NVDA deliver what the market expects? Or is the hype overblown? All of this price action in the market is happening at a time when the narrative has shifted from a recession to a “soft landing”. While many analysts initially predicted a recession at the beginning of the year, there seems to have been a shift in sentiment over the past few weeks. Historical indicators such as inverted yield curves and high debt-to-GDP ratios suggest that caution is warranted. As one of our hosts mentioned, every indicator that has predicted a recession in the past is currently flashing warning signs. The recent drop in tax revenue and the reacceleration of inflation further add to the concerns.
COVID Back In Action
Another significant concern is the resurgence of COVID. With new variants emerging and talk of mask mandates returning, there is growing anxiety about the potential for another wave of infections and potential shutdowns. The market has already reacted, with stocks like Novavax and Moderna seeing significant gains as investors anticipate the need for new vaccines. However, the impact of COVID on the economy and the market remains uncertain, and the potential for further disruptions cannot be ignored.
Connect with Derek Gabrielsen
Connect With Luke Lloyd
Connect with Tony Zabiegala
Send your questions and comments to us at info@SWPConnect.com
Hello and welcome to this week's episode of The Capitalism Buster. As always, you have me Diamond Hands D and we got Cool Hand Luke back in the saddle and Tony the Tiger. What's up, guys? How we doing today? Oh, man, I enjoy my vacation. Wednesday. Vacation? No, I was off for, what, the 30 minutes? We do this and it is nice. I sat back, you know, did a little bit more other things, get some more work done. Maybe I should stay away forever. I was like some if I had one, I had one person reach out to me. They missed me, though. I had one person. I appreciate you who reached out. You know who you are. Thanks, Mom. Thanks, Mom. Man, He trying to leave us? Trying to leave us, I guess. I guess I'll put an ad out to see it that wants to be on our panel. Glad to be back. Ready to rock. Big day today, which I guess will be yesterday when the podcast comes out. We'll talk about it a little bit today. Yeah. And in video, we've got some recession talks coming back, highlighting those a little bit. You got maybe COVID coming back. We'll talk about all that. Yeah, we got our canceled slash get off our lawn section and COVID earnings and recession. So let's get let's no one wants to come on my lawn and I need to pull weeds and my house looks like crap right now. So you got to get on that lawn maintenance and do or just not or somebody Yeah. High school kid for 50 bucks, whatever. But that's what I need to do. Yeah. Yeah. Unfortunately, I have hired someone. Yeah. Now, I mean, I think that at some point you have to look at what your time is worth. That's right. So it does pay me though, but I do like it on my, my tractor and just smoking my cigars. You know, it just it feels I feel good. I know some I know some some people that love doing that and they grab their two beers, they put them in their koozie, they put their headset on and it just like we it's a locker lot. It's like working out. All right, you want more working out. When you go to work out you like, you don't look forward to it beforehand. But I feel like I feel really. Yeah, but anyway. All right, Tony. What again? I'm in earnings, so let's talk about a recap. Let's talk about one of our research firms came up with a great article today, an analysis on on some of these brick and mortar companies using the word shrink in their earnings calls. And we'll talk about what that means and then the video. So to recap, what I've noticed so far is that we have had sales growth and earnings is still down. So margins are being compressed. It's just not as bad as they thought it was. You know, walking into earnings season, they were expecting almost a 6% revenue earnings growth and we're at negative three and a half. I don't know. I mean, it's still negative, but I mean, I guess it's not as bad as it was. One of the crazy things, though, is that one of the worst sectors on earnings growth was was health care. Yeah, I really found that interesting because sales growth was positive. But man, their earnings growth was like -30% or something like that. So in in the health care sector, there still must be a lot of inflation maybe trying to get people to come to work, that the insurance companies aren't keeping up with the cost of what's going on, that, you know, there's more there's more digging to be brought into that. But also, I fear if you crash earnings expectations that much, you know, maybe next year they're going to beat the pants off everybody. Remember, health care is more a defensive name to own it because usually it's hold up. Right. Right. And what's interesting, maybe people just are trying to get that last like push towards I'm not going to go get that procedure. I'm going to go enjoy my summer vacations now and not worry about getting the surgery that I need that will put me down for three months. Like maybe this is like the last push before, like, like, screw this. I will get my procedure done next year because, you know, I'm not going to go out and spend more money anyway. You know, you never know. The the elective the elective surgery industry is gone, is back to pre-COVID levels. So I would say on a going forward basis, the health care sector, I think I talked about like Edwards Technologies last week on TD Ameritrade and it was more about how they're one of them. And Medtronic are the the leaders in heart valve replacement. Yeah 95% market share and everything's kind of lining up their revenues are back to pre pre-COVID levels you're having workers back to close to pre-COVID levels so people should be doing that. But you make a good point, Luke. I mean, it could just be a seasonal downturn for for health care just because people are putting things off until those are the health care might be actually estimated to be lower than what it will come in that maybe couple of years down the road like revenue and margins, because I think people became unhealthier over the past couple of years with COVID like people are. I talked about Scott with Kyle Guy a couple of weeks ago, like people are drinking more. It seems like smoking more nicotine, Like it's, you know, Ubereats was big during COVID. People got addicted to Uber eats and stuff like that. We talked about how it kind of it's unaffordable now. When I was people I did Uber eat yesterday and I just reminded myself on how much I hate it. I, I think $40 for two salads, but they're wrong. Here's my issue. Economics is behavior in psychology. Now, it's not about money in finance, it's about, you know, psychology of behavior. And when you can go to talk about it, get a $9 meal for two days, essentially, cause I don't even eat all of it, which is not like me. Maybe I'm just actually becoming more adult. I don't know what all what's going to happen in right now, but I can't eat as much I used to. It's my $9 Taco Bell meal less now. I had leftovers for today, which kind of sounds disgusting. You talk about students, but my point is like right now, Taco Bell's meal is cheaper than going to the grocery store because we spent $250. But it's so unhealthy, though. There's a lot of fat, a lot of carbs, there's a lot of preservatives. You have to do Taco Bell. But frankly, Matt, you get my point. If you if that's a phenomenon that's going on, it is expensive to eat healthy. But do you think people are going to eat? You think people are going to eat healthier than spend the time? I talk about meal in some ways people are becoming healthier is my my point because it's cheaper to be unhealthy. Yeah, it is. Absolutely. So anyway, and then so that's health care. Our one research firm came out and was talking today about how the word shrink is becoming more prevalent for retailers, primarily more of yeah, I guess the brick and mortar type of company has been in and shrinking as in their the shoplifting. It is starting to really eat into margins. You have Dick's Sporting Goods they they had a really bad earnings call and they down and they they downgraded all of their earnings forecast because of this this plague of of you know vandalism and in stealing you had Foot locker again they came in they had a really disappointing so not now you're starting to see the you know I would look at Dick's and in in foot Footlocker as that discretionary consumer consumer product now sneakers sports goods things like that. So again, we've talked about it in length on many shows, but the consumer is being squeezed and now you're starting to see it on these, I would say, you know, higher end discretionary items like sneakers and sporting goods and stuff. So I thought that was pretty interesting. Doubled in five years, but so shrink was$50 billion issue in 2018. Nada, $100 billion issue. It's doubled. The amount of theft has doubled and there's $100 billion, billion dollars of that theft. Wow. Falling off the back of the truck stuff, huh? So and what's interesting, this shows me again, coming back to the consumer behavior types of economics. This shows me how materialistic we are in today's world. People aren't stealing the groceries, the necessities, Right? You know, they they're stealing the Louis Vuitton's or stealing the Nike's. Like you kind of talked about. Dick's like, no one wants to work for crap anymore. And it really I mean, it's all these materialistic things, but they don't work for it. I forget like, what is it like Chicago, Like one of the Louis Vuitton stores? You can't come in without an appointment. Like, they locked the door and you have to have an appointment to get in. Yeah, that's crazy. Well, I saw it when I was in Vegas about a year ago for the conference. For a conference I was at. I saw people get rejected away from Louis Vuitton. They're like, You can't come in. Really? I was in a suit. Maybe I look the part. I don't know what it is they want me. And just because my girlfriend wanted to go and she she's not allowed buying using by Louis Vuitton purses wants to over our you know stuff but she wanted to go look around a little bit We we made it but they do reject it they do reject people if you don't look the part. All right And now and now we have the Colin, one of our CFA who writes a daily blog. I think he said it's the videos reporting today. I think this headline of his email was the most important earnings call ever today like of the World or something like that. And it is this is like the last shoe to drop, you know, or just a report of all the all the big companies of of everything. It's it's in the video right now and I don't know what I have my I have my take on on on the video what do you guys think? Is it the life changing technology company of the future? Is it going to be bigger than Apple and everybody else? I was looking at the options chain. I don't want to get too far deep into this because it could be over some people's heads, I guess. But what's crazy is it trading that like $400.50 a share? Yeah, $600 options are still trading for like $2 premium, which means like it's pricing in like it's possible to get $600. Yeah. Like and also you go all the way down to $300, I believe their price in like a 20% move. I'd be lying to you if I didn't look at the 30 day options myself. But. But the 20% move it. Like, let's put this in perspective. It's a $1.1 trillion company now, like 20% like 250 billion is ridiculous. Like, that's a lot of money either made or lost. Right? Here's what I think is going to happen. I don't I don't think things are going to change much in one quarter. They're not going to say last quarter, hey, this is this is the most amazing thing in the entire world. We're going to our growth is going to be exponential over the next couple of years. We're not going to say that last quarter and then renege on it this quarter. What I do think is going to happen is I think the market's pricing in like these extreme expectations is going to be solved by the new saw the news type, by the emergence of new type of event. I do think initially the response is going to be positive. I think initially the markets after hours, maybe even open tomorrow, could be pretty dang good. I think it's going to sell off throughout either the day tomorrow or sell off over the next couple of weeks into, you know, after this earnings report. So I think initial reaction is going to be good and then just it's overvalued for a little for for, you know, either earnings have to catch up to the valuation or valuation to get the earnings. Well, earlier this week, I think on Monday, the spike, the stock spiked like eight or 9% anonymous. And then it gave back about half of that over the last two days going into earnings. So there's two things that I noticed. First of all is, you know, chat gbtc usage has gone down during the summer months. So is that really a sign of a, you know, a juggernaut technology if the usage has gone down because, wow, that really correlates with kids in school and using this as a tool. My mom's a teacher. She's tired of it. Yeah, it's a cheating tool. I mean, I used to have my like to 89 and I'd put a couple formulas in there. I guess what I had, I'd quiz it cause I don't even know what that is. Quiz was website. There's hack. Yeah. Interest life. I mean, it's, it's a, it's a tool to get better grades. It's what it sounds like. I mean, obviously there's, you know, you hear Wal-Mart's putting it in their back office or their warehouses and stuff, but at the end of the day, like how, you know, it's going to take years for, you know, to really incorporate this into our our daily lives and how much do we want it in our daily lives. So that that's the kind of question I ask. But also Taiwan semi, now they're in Taiwan and China's like surrounding them on a day to day basis. So God knows, you know, whatever they say could be based off of being invaded. But they did make a comment because they are the largest chipmaker or provider to Nvidia, Apple AMD. And they came out and they lowered their or their guidance for sales down 10% over the next year. Is that a sign that we're in a technology boom? Absolutely not. So there's two things out there, but in the video, at the end of the day, momentum can kill whatever news line you have because look at look at Tesla. Tesla was a darling for how long you know how to made people really, really rich. And where I mean, was it a life changing technology? Sure. I mean what but how many how many cars are a Tesla is on the road today. Five, 10%. Well, I think the reason why in video was like ran up like 6% yesterday or two days ago when this podcast came out. And I think it's up right now as we talk on this podcast, it's running up in earnings. I think it's because like we talked about the options chain, everyone, so many people got rich off of that boom earnings last quarter. Like have you bought low but are the options money you like 20 5000 X sometimes your money on that there's options depending on what you bought. So I think a lot of people are expecting the same thing, like, hey, I'm going to throw a thousand bucks into this thing and try to make ten, 15, 20 grand overnight. That's another excellent point. I completely agree with the one day trading option. They're just trading because that's that's what this market and this is the concerning part for the long term. The market because of access, because of people seeing people get rich quick off of it, which is the 1% you see get rich quick. There's 99% that lost all their money. Right. But when you see that the market return turns into this gambling thing, I think a lot of people thought that's how people get wiped out. Yeah, I mean it. You get one bad. You know, I think we talked about it before the podcast. They're talking a lot about how the the mid, mid mid regional banks are going to have a new new provisions because of all these high interest rates. And look, you know, the the the government is looking for cracks in these in these in these like mid-sized banks. Man. What if what if what if another bank goes down? Like what kind of jitters would that ripple through the market? Yeah, right. Same thing that happened 2728, right. One one raise treasuries, yields go down like crazy. Treasury bonds rise in value, market sells off. Yeah that's what the same credit events what I've been following Michael JJ wide a lot on Twitter I think he's got a lot of interesting content he's very in-your-face If you don't like cuss words and you don't, what's he do? What's he talking? He's a he's like a portfolio manager. He's he's got like 800,000 followers and he's been in the game for a while. His dad was like the father of some sort of economics or portfolio management or. But yeah, he's I mean, he's been very outspoken that March was not the last credit event. Yeah I how how could it have been when we rates go mortgages now at seven and a half almost 8% and things broke when their mortgages were six and a half and when Fed funds was four and a half and now it's six like, yeah, things you can't tell me. Everything's just fine and dandy. Yeah, I, you know, I saw something on, on Twitter that housing houses are the least affordable than they've been since 2008. And look what happened then, right? You know, we had a huge housing correction, so we'll see. Man, if interest rates come down, you will see a huge downturn in the price. I mean, look at right now, I mean, there's no debt as we're talk I mean, I can just report on it. Bonds right now are up a lot today. One, the first bonds have been selling off at crazy yields have gone up like crazy the past like two weeks. But now TLT long duration bonds are almost 2% today. I mean, this could just be the start of some, you know, worry start to come back and lock in back to Treasury bonds driving down yields. I don't know. Could be. Yes. All right. Well, one way for us to all look foolish, let's give our prediction on the video so that when this posts tomorrow, we can see what's right and wrong. D what do you what do you think? Yeah, I'm right on the buy the rumor, sell the news. I think, you know, it'll be pretty ho hum reporting and the stock price will go down a couple of percent. That's just a couple of percent move. Yeah. All right. I think it opens green sells off. Yeah, I guess I talked about like it could be a positive. I mean, because it's reporting after hours. You think it's going to spike? I think it's in Spike after hours B green and maybe even be green. It could be open tomorrow. They might be in red. Okay. All right. I mean, I, I, I feel that every analyst just loves Nvidia 600, $600 a share. Plus like men. That sounds like a trap. Why would a no, I want you just pile into it, right? Hey, every every analyst as a minimum target of $600 for the stock. Yep. Pile in. Matt why wouldn't why wouldn't you? We're looking at 40 to 50% increase. Like, that's where I get squirrely. That's where I'm like, that doesn't make a lot of sense. Like everyone in their father's going to own Nvidia. Everyone owns it. I mean, I guess everyone owned Apple back in the day and Yahoo and Google and maybe it's just the run up of the great one of the soon to be mega companies and you if you weren't on board you're stupid. But that scares me though too. Yeah so I think they I think they come in with a lackluster number because of the drop off on GPT or the chat GPT usage over the over the summer. And I'm going to predict that maybe a 10% pullback within within a day of reporting because I think you might have, you might have an angle on that like the one day traders pumped that thing up after hours and just sell like at 931 this morning everything opens up. Like if it's up 931, they're off. You take their they're going to bolt. Right. So we'll see. We'll see how that reacts to miles wide demand, if that's all the market is. All right. Moving on into recessions. So headline headline News today on Yahoo! Finance was professor behind recession indicators with a perfect track record says it is way too early to call up an economic downturn. I talked about this last week on on TD Ameritrade and how funny it was in the beginning of 2023 that nearly every analyst was predicting a recession. And now I feel nearly every analyst has capitulated and said, no, there's no way there's a recession. This thing's going to come in and soft landing, coming in, you know, coming in hot, right. But, man, every every indicator that has ever predicted and, you know, history tends to repeat itself, but not all the time. Every indicator inverted yield curves, you know, you can get a three month treasury up five and a half percent versus a ten year up four and a quarter that, you know, the bond market is typically not wrong. Yeah, right. So when was the last time you got a one year CD paying better than a five year CD? Yeah, that doesn't really happen very often, right? Again, every analyst in history is on the same page in the beginning of the year and they all capitulated again. All this kind of scary, scary items like, man, when you have a everyone swung to a recession didn't happen. Everyone swinging away from a recession and it still doesn't happen. Well, if things were fine and dandy, this goes back to the whole thought process between interest rates and inflation. If speaking of inflation, they're calling for a reacceleration, then that's what then. So that's what I'm saying. So inflation, as they say, is at 3.2, which whether you believe it or not, they say it's a 3.2. But Treasuries, like we talked about, shorter duration, Treasuries are trading at five and a half percent like you guys talked about the past two weeks. Right. You kind of hit on those points a lot. Yeah. What's interesting is, you know, interest rates usually track inflation. So if we thought inflation was killed and done an over with treasuries would not be a five and a half. They'd be even closer to three or two and a half. Right. So what is that? You can take those two different ways. Either one, you think cause inflation is going to accelerate or two, there's a risk out there and something's going to break. That's why you pay. You have higher yields because no one's on Treasuries, because there's credit risk, Right? You know, not necessarily Treasuries, but mortgage bond or maybe mortgage backed securities, corporate bonds, junk bonds. That's why yields usually are higher. So take either way. One, things are fine and dandy, but inflation is going to accelerate. Or two, something's going to break. Yeah, that's how you have to interpret that. I just think that this, you know, any time an economic downturn, it's I mean, they've already you know one of the Fed's came out and re accelerated GDP rating something like 5% and that's bananas because the consensus is somewhere like low single digits, like around one or two. But you know, we the job market is still good. Right? And I think that's one of the biggest things, propping all this stuff up. But, you know, what I find really interesting is that tax revenue has gone down this year from last year and tax rates haven't changed. So if there's less tax revenue, that means there's less economic growth, there's less things, there's less money being made right. That's how I interpret that. Yet GDP still going up. And look, and you and I talked about this and it's a lot of government spending. Yeah. Because I was about to say since the debt ceiling fiasco a few months ago when they raised the bar, I think we spent $1.5 trillion in that timeframe, like, hey, we got the we got the green light, let's spend more money and imagine that GDP is still positive. I just can't wait till my lifetime and my life like quadrillion and starting around trillions turn around like it's nothing. What trillion can we do? We get to like quadrillion like the next thing pass trillion around because we spend so much dang money. Yeah. One of the biggest inputs is government spending. The GDP. So okay inventory. I think we got inventories like actual economic growth, everything else outside of government spending that projects economic growth, who cares? Whoa, that's flatter down as long as you're spending our money from the government side, GDP could be positive. Right? So, I mean, that's the concern is the government. Every time the government gets involved, the tradeoff is you have less productivity, less efficiency from the government. And then you also trade it off for, you know, hurting middle class America and productivity with the middle class America and all of us. Right. So, yeah, we keep on down this road like we can GDP can be positive, but doesn't mean so. So I had this conversation with a client earlier this week and it's funny because I heard this conversation back in like 2007, 2008 when I was getting into the business and I was watching and listening to different analysts. And there was always a statistic where when if debt to GDP levels get above 120%, that is usually the the tipping point for a civil association to start going in the other direction like they were they were on the acceleration and now they're on the deceleration. And back in 2008, when we had our economic crisis like we were at that point of we were we are cresting right around 120% debt to GDP. And then from 2008 to like 2020, we got back more to like an 80 or 90%. And now we are re of re accelerated above 120% again. So. Well one of the that's very I mean this is something that they even took that statistic back to the Romans. It was insane. I mean and think about in history they were the largest most successful civilization. Give you a hypothetical scenario. If the government wasn't allowed to borrow money and print money, if consumers weren't allowed to borrow money as much as we are today, how much of growth would not have happened in the past 30, 40 years? Well, think about like you credit card wasn't made MIT medieval times, man. All right, so I got pigs. You got goats. I need ten goats, but I only have two pigs. And that ten pigs. I owe you eight pigs. And then in six months, I don't have those eight pigs. I'm pretty much going to die. They're going to do. It's going to probably literally murder. So I almost cancel. I got canceled. Is that is that a little extreme? No, no, no. I almost got canceled yesterday because I was almost tweeted this. You stole one of my tweets. Basically stole one of my tweets right there. Yeah. But I didn't go for extreme. I was thinking about tweeting. And this is a society if you don't want to pay back your debts, like, what do you think happened back in ancient times? You got murdered in Iraq, you and your family. I can't I will put it out there on the podcast because it's different than put it out in tweet. I thought if I tweeted that you canceled. So like, oh, that's extreme. You don't pay back your debts. You see, you're comparing that to getting murdered. Well, back in that well, dead. Yeah, that was real life. You don't pay back your student loans back in the day. You get kicked out. Now. All right. All right. Well, that's probably a good segway into canceled flights. Get off my lawn. Yeah. So Luke is basically been get off my lawn guy for this entire podcast. Better than me be in it. I'm. I'm also get off my lawn guys also just so my lawn chair around on the porch so those are underrated and Rocky mountain man I agree so COVID might be coming back. Yeah. Are you seeing the news headlines as new variants coming out of Canada? That's what I read, is that I really I say come out of Canada, It's Canada. Everything's coming out of Canada is over, right? The smoke, the the forest fires and now COVID. What are they doing up there? But you hear the headlines. Novavax Maddern To create new vaccines for the new variants, you're seeing these stocks rocket like Novavax When I was up 25, I think the past two days you rocketing higher. People are getting concerned again. And you know, it's one of those things sometimes in society there's an expression for it and there's there's a term for it. I don't know what it is off top of my head, but when you create positive concern or when you all talk about it, you actually make it happen. Like whether or not it was actually going to happen or not, the hysteria around it makes it happen, right? So the fact that we're all talking about it again, it's on the headlines and kind of people are starting to worry about it again could cause another possible shutdown. Yeah, I mean, again, you read Twitter enough and it's like, I don't know what's real and what's not, but they had a TSA whistle blower come out and say that, you know, it's being talked amongst Border Patrol and TSA that come mid-September, the mask mandate is coming back and then eventual lockdowns. I mean, if that's being talked about. And then then the question is like, okay, everyone coming across the border, are they going to have to have a nervous card while they're running across the Rio Grande? I don't know. So I don't know, man, this is this is bananas. But I'm not I'm what are you going to do? I'm going to put another 20. Oh, I'm very good point. Get open up your wallets and they're going to refund those those checking accounts with semi money. Is that what you're saying. Yeah. UBI that's going to be the push for Uber too. I, I'm not a I, I don't want to wear a mask again. I mean it. I think they're going to see a lot of pushback. You know I just give up you know, we can't change it. We can't talk about it. You know he's going to put your mask in and you're going to put the mask on. Enroll. No, I'm not going pull the mask. I'm not saying I'm just saying like like the path we're on, like, just gets bigger, government gets bigger, bigger. We freedoms get taken away. Like, it's just scary. I don't know why I try to speak out about it, but, you know, I don't know if no one if no one, you know, shares this podcast and, you know, shares gives a, you know, their friends, you know, hey, you got to listen. Capital investor, No one's going to tune in. So you guys all share a capitalist investor so everyone can hear this. I at this point I just hope that the what the COVID talk is all just Twitter propaganda. That's all I hope. I hope it's just nonsense. Talk is scaring people. Topics like whatever you need to get a like on Twitter, whatever you want to call it these days. Yeah. So I was actually referring to something there. We are trying to grow the podcast a little bit, so if you have any friends and listeners or any kind of buddies, you know you want to share the podcast with, please let us know. You know, if you're a regular listener, give us some reviews as well. Yeah, if you're a regular listener, we'd really appreciate any kind of reviews thoughts, even if in a review, but something you want to hear about, type it in there. Oh yeah. We always love that when you send in responses or, you know, email us or Twitter us whatever, be through social media, let us know topics they want to talk about. I mean, we had that happen multiple times before where it's a hot topic that we kind of just miss. Yeah, and viewers will listen to it and we take it. We run with it next week. Is Twitter like, hey, I got a I got a tweet, do it. We just like I got an X now. Like, how does that work? No one knows. I got I got it. I got an X. Now, if we share something, okay, it's going to X. That's weird. Hey, the world's getting weird. I got to go with it. Yeah. All right. Well, yeah, you know, be a friend. Tell a friend to tune in to. The capitalist investor would appreciate that. I got a lot of, you know, several nice notes over the last two weeks about, you know, kind of the planning podcast. So that was that was much appreciated. So feel like thank God looks nice, you know I think I think people appreciate it kind of the the positive spin on things know before we came back this week and just talked recession again. But seriously thanks. Thank you all for listening. We really do appreciate it. If you have show topics things like that hit hit us up at info at S.W. connect com and we'll talk to you next week. The opinions expressed in the podcast are for general informational purposes only and are not intended to provide specific advice or recommendations for any investment, legal, financial or tax strategy. It is only intended to provide education about the financial industry. Please consult a qualified professional about your individual needs.