What if This Time Is Different?

00:00:00.000 | (beeping)

00:00:02.160 | - Welcome back to Ask the Compound,

00:00:12.840 | where every week we get great questions

00:00:14.600 | from you, the viewers.

00:00:15.800 | Remember our email here is askthecompoundshow@gmail.com.

00:00:19.400 | Duncan, how's it going?

00:00:20.720 | - Pretty good, pretty good, how are you?

00:00:22.880 | - I'm great.

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00:01:19.220 | All right, let's get into it.

00:01:21.260 | Good questions today.

00:01:22.580 | Yeah, so up first today, we have a question from Chris.

00:01:26.320 | I'm 55 with a net worth of $1.1 million.

00:01:29.240 | I'm a software consultant

00:01:30.520 | and quite bullish on my income rising.

00:01:33.100 | Definitely live below our means,

00:01:35.740 | our kids will be highly competitive to get into top schools

00:01:38.960 | where it's estimated that four years will cost $250,000.

00:01:42.360 | In saving for his education,

00:01:43.780 | the money has been going into a couple of brokerage accounts,

00:01:46.800 | $30,000 in Lyft off, which I never pay attention to,

00:01:49.920 | and $226,000 in E-Trade.

00:01:52.580 | Guess I've gotten lucky with E-Trade

00:01:54.000 | because it has done pretty well over the years.

00:01:56.040 | This is in large part due to early investments

00:01:57.880 | in Tesla and NVIDIA, not bad.

00:01:59.880 | I'm pretty bullish on both of these stocks,

00:02:02.580 | but what do I know?

00:02:03.820 | I'm deliberating the following choices.

00:02:05.780 | One, liquidate both stocks

00:02:09.840 | and stuff into a high-interest 15-month CD.

00:02:12.720 | Two, liquidate everything in the account

00:02:14.800 | but those two stocks and stuff into a CD.

00:02:17.480 | Three, hold tight.

00:02:18.760 | The plan is to use loans for the first year,

00:02:20.900 | so we will need to start tapping into the money

00:02:22.940 | in the fall of 2025.

00:02:25.080 | What are your thoughts?

00:02:26.320 | - So Chris actually sent us his statement here.

00:02:28.600 | We didn't include it, obviously,

00:02:29.600 | but he's got massive gains in both of these stocks,

00:02:31.480 | like 5,000% or something.

00:02:33.720 | Why don't we bring in a guy who's been talking about NVIDIA

00:02:35.600 | for probably longer than Chris has been holding it.

00:02:38.400 | Mr. Josh Brown.

00:02:39.480 | - Hey!

00:02:41.160 | - Straight from CNBC to Ask the Compound.

00:02:43.440 | - I wanted to say thank you guys for having me on the show.

00:02:46.280 | I learn so much each week listening to you.

00:02:48.840 | I want to address one person in the comments

00:02:50.960 | and then we can get rolling.

00:02:52.320 | John Carlo asks, "Is Josh a subway guy or an Uber guy?"

00:02:56.920 | I guess 'cause I was late

00:02:58.320 | and you guys usually start at 1.30

00:03:00.200 | and we're getting rolling a little bit late.

00:03:02.040 | - Yeah, I mentioned you were coming straight from NYSE.

00:03:04.900 | - Yeah, so I don't do subways.

00:03:07.840 | And it's not 'cause I think I'm too good for the subway.

00:03:10.960 | It's literally just, it makes me so unhappy and depressed,

00:03:14.440 | I'd rather walk.

00:03:15.640 | So I'm either always in a car or I'm walking

00:03:18.960 | and I will literally walk 40 blocks.

00:03:21.720 | - You know what the worst part of the subway is for me

00:03:23.360 | as being someone who doesn't take it very often?

00:03:25.680 | - Yeah.

00:03:26.520 | - Grabbing one of the poles

00:03:27.600 | and the pole is long from the person who held it before you.

00:03:29.760 | - Yeah, I will absolutely not grab anything at all.

00:03:33.840 | And what's funny is we have a dinner reservation

00:03:36.220 | somewhere downtown 'cause we work in Midtown Manhattan

00:03:38.520 | and Mike will be like,

00:03:39.360 | "Come on, just take the subway, it's quick."

00:03:41.320 | It doesn't matter if it's one second.

00:03:43.980 | Every aspect of it is my worst nightmare.

00:03:47.200 | And it's not the length, it's the walking down

00:03:50.360 | knowing what you're about to do.

00:03:52.080 | So I just, I can't do it, I'm sorry.

00:03:54.320 | There's a lot of things I can't do.

00:03:55.560 | That's one of the things I can't do.

00:03:57.680 | All right, what are we doing?

00:03:58.520 | - Pro tip two, never sit on the subway.

00:04:00.520 | I've seen things. - Sit?

00:04:01.660 | - I've seen things, just don't do it.

00:04:02.720 | - Listen to me, never stand on the subway.

00:04:06.040 | All right, sorry.

00:04:08.240 | So I'm facing the same dilemma as, what's his name?

00:04:11.200 | The guy that wrote that? - Chris.

00:04:12.360 | - Chris, so he's sitting on these huge gains.

00:04:14.760 | - Yeah.

00:04:15.600 | - You might be in a different position.

00:04:16.420 | I don't know if you have a goal to use this money for,

00:04:20.000 | but he's saying, "I have this goal, I know how much I need.

00:04:22.520 | "I'm gonna be spending it in two years."

00:04:24.640 | And he's already gotten, he needs 250 grand

00:04:26.320 | and he's gonna spend it.

00:04:27.560 | - I'm in the same position.

00:04:28.600 | My daughter just applied to 12 colleges last month.

00:04:32.680 | So someone's gonna take her.

00:04:35.140 | So she's applying to schools

00:04:36.880 | that are gonna cost me money.

00:04:39.440 | So I didn't hear 529 anywhere in what he said.

00:04:44.040 | And obviously he doesn't own Tesla stock in a 529.

00:04:47.440 | - Right, yeah, he said he's using brokerage accounts.

00:04:49.400 | - Brokerage accounts, all right.

00:04:50.680 | So we liquidated all of our stock exposure

00:04:53.680 | for my daughter this year.

00:04:56.000 | Because we're using the money starting,

00:04:58.560 | presumably, starting next fall.

00:05:01.520 | So we specifically put away for this event,

00:05:05.240 | for both the kids, and we used, I think,

00:05:06.960 | the best possible vehicle you could have done it with.

00:05:09.680 | - And the timing is pretty good,

00:05:10.640 | because you could actually earn something in cash now

00:05:12.240 | that you sold it, right?

00:05:13.680 | - Yes, I don't really care what happens to the market,

00:05:16.000 | because this is now like, it doesn't make a difference.

00:05:18.880 | This is, I know for a fact I need to use the money,

00:05:22.440 | so I just mentally said, if I'm leaving money on the table

00:05:26.240 | because there's a stock market rally, whatever.

00:05:29.200 | That's the nature of what we're doing now.

00:05:31.640 | But we were invested in Vanguard

00:05:34.160 | because it's the New York State 529 plan.

00:05:37.180 | So yeah, the S&P went up this year.

00:05:39.800 | And I missed some of it, but it doesn't matter.

00:05:42.640 | What I would do if I were him

00:05:43.760 | is I would keep Tesla and Nvidia,

00:05:47.040 | just because if you can liquidate everything else,

00:05:52.040 | literally put it into something high yielding

00:05:55.280 | until you need it a year and a half from now,

00:05:57.680 | that's the move.

00:05:58.800 | Or when's he need it, fall '25?

00:06:00.720 | - Yeah.

00:06:01.560 | - So, all right, it's two years from now.

00:06:03.800 | - John, give me a try out of Tesla and Nvidia drawdowns.

00:06:07.640 | So last year, you saw these ones fall.

00:06:11.280 | I mean, Tesla was down 73% and Nvidia was down 66%.

00:06:15.440 | So even sitting on huge gains,

00:06:17.280 | that's the risk is that that money's not there when needed.

00:06:20.000 | The good thing about the four-year thing

00:06:22.080 | is that you have time to space it out.

00:06:23.720 | So you could, like you said,

00:06:25.200 | you could leg out of the other stuff if you wanted to,

00:06:27.080 | and it's not just those two stocks, but--

00:06:29.360 | - You would probably say the other way around though, right?

00:06:31.320 | You would probably tell him take the gains

00:06:33.160 | in the two solo stocks

00:06:35.360 | and try to hold onto the rest for another year?

00:06:37.320 | What would you tell him?

00:06:38.160 | - I would probably, if I know I'm gonna be spending

00:06:40.440 | this money in the next couple years, I would lock it in.

00:06:42.840 | He's got the 250 he needs.

00:06:44.980 | I wouldn't even, I mean, maybe keep 20% in the stock market

00:06:48.460 | if you really want something.

00:06:49.480 | But other than that, I'm all for cashing it out

00:06:53.160 | and sitting and keep going chill or whatever.

00:06:55.840 | - I think I am too.

00:06:57.240 | I think you made an important point.

00:06:59.200 | It's like, all right, you're applying to private colleges

00:07:02.960 | or whatever.

00:07:04.400 | You think the bill will be 250.

00:07:07.240 | Well, that's not due in freshman year.

00:07:09.120 | You're paying that out over the course of four years,

00:07:12.920 | four years from the fall of '25.

00:07:15.300 | You're almost in 2030.

00:07:16.740 | It's possible Nvidia and Tesla could double again

00:07:21.600 | between now and then.

00:07:22.440 | I don't know.

00:07:23.320 | I didn't think they would in the first place.

00:07:27.400 | So I don't know, but it seems to be like part of the,

00:07:31.160 | it seems to be like to me that if you have some stock market

00:07:34.560 | exposure that you're taking off the table,

00:07:36.560 | you don't have to take all of it off the table.

00:07:38.560 | Also, if these are in taxable brokerage accounts,

00:07:41.440 | these are huge embedded tax liabilities in the year

00:07:45.720 | that you take these gains in those two stocks.

00:07:48.840 | So he said he's early Tesla.

00:07:51.920 | I mean, I'm early Nvidia.

00:07:55.980 | I own Nvidia from 2015.

00:07:57.560 | I think I'm up 3,000%.

00:07:59.640 | - Right, so maybe if he has other forms of liquidity,

00:08:03.320 | tap those first.

00:08:04.380 | - That's what I'm saying.

00:08:05.480 | I think that's what I'm saying.

00:08:06.640 | - That makes sense.

00:08:07.480 | - So you're saying you think long treasuries

00:08:09.640 | would be too risky then for your risk tolerance?

00:08:13.280 | - What, long-term treasuries?

00:08:14.520 | - Yeah.

00:08:15.360 | - Well, if he wanted to, he could do a simple--

00:08:16.920 | - You said T-bills.

00:08:17.760 | That's why I was asking.

00:08:18.580 | - Oh, T-bills, yeah.

00:08:19.420 | Not T-bonds.

00:08:20.240 | He could do a ladder.

00:08:21.920 | - Do a ladder.

00:08:22.760 | - A five-year ladder or something, right?

00:08:23.720 | - Yeah.

00:08:24.560 | - Something simple like that.

00:08:25.380 | Do 20% in one, two, three, four, five-year maturities.

00:08:29.940 | - Yeah, and you match those assets with the liabilities

00:08:32.240 | and it's done for.

00:08:33.340 | - It's a lot of work, though.

00:08:34.240 | You can find a target date fund.

00:08:35.840 | You can find a, not a target date fund.

00:08:38.880 | Don't they have the target maturity bond funds now?

00:08:42.000 | - Yeah.

00:08:42.840 | - They're pretty easy to use.

00:08:43.660 | - Yeah, iShares has those.

00:08:44.500 | It's pretty easy, yeah.

00:08:45.360 | - I thought you were gonna say chart options.

00:08:47.340 | - Yeah.

00:08:48.180 | Well, I was gonna say, if you have a Lyft off account,

00:08:49.680 | call us.

00:08:50.520 | We'll help you.

00:08:51.840 | We know how to do this stuff.

00:08:53.800 | - All right, next question.

00:08:54.640 | - Thank you.

00:08:55.600 | Okay.

00:08:56.440 | - Hold on.

00:08:57.280 | - Up next, we have a question from Matt.

00:09:00.360 | - Wait, Nicole's moving my mic.

00:09:01.320 | Okay.

00:09:02.160 | - I appreciate Ben's long-term view

00:09:03.940 | of stock market correlations,

00:09:07.180 | I mean, of stock market corrections,

00:09:09.480 | but what if this time is different?

00:09:11.160 | What are the stats when the Fed is actively offloading

00:09:13.360 | trillions of assets and raising rates?

00:09:15.960 | What if this cycle is an anomaly

00:09:17.800 | and should be treated as such?

00:09:19.400 | - So I got this question from someone.

00:09:21.360 | John, do the chart on it.

00:09:22.240 | I did just kind of a quick, over the last 70 plus years,

00:09:26.000 | like, what's the distribution of drawdowns

00:09:28.400 | in the stock market?

00:09:29.240 | Just saying, like, this is, we're down 10% right now.

00:09:31.160 | I think the average from all-time highs

00:09:34.160 | at any point in time is like 9.5%.

00:09:35.760 | So it's almost like the average experience

00:09:37.680 | in the stock market is you're looking up

00:09:38.920 | from a correction, basically.

00:09:40.860 | All-time highs happen like seven or 8% of the time

00:09:42.880 | since 1950.

00:09:44.080 | Most of the time you're in a drawdown.

00:09:45.920 | 20% or worse, it's like one out of every six or seven years.

00:09:49.240 | Since 1950, the S&P 500 has been 10%

00:09:54.240 | or further away from its high.

00:09:58.660 | - Right.

00:09:59.500 | - Is that worse?

00:10:00.320 | 36% of the time?

00:10:01.520 | - Right.

00:10:02.360 | - I didn't know that.

00:10:03.480 | So a third of the time that you're investing,

00:10:07.600 | you're investing in the midst of a correction.

00:10:10.520 | - Yeah, and my point was, yeah, like, get used to it.

00:10:13.440 | This is like no pain, no gain,

00:10:14.920 | no risk, reward, that whole thing.

00:10:17.160 | But some people are saying, like,

00:10:17.980 | listen, throw all the historical evidence out the window

00:10:21.120 | because this time is totally different.

00:10:23.160 | The Fed is raising rates

00:10:24.280 | and the government is spending trillions of dollars

00:10:26.000 | and the Fed is reducing its balance sheet

00:10:27.600 | and inflation is gonna be here to stay

00:10:29.680 | and all these things.

00:10:31.160 | And I think the thing that we've come down on

00:10:34.040 | is that like every time it's different.

00:10:35.640 | And every time there's a correction,

00:10:37.560 | you think this is the big one

00:10:39.560 | and the stock market is never coming back.

00:10:41.440 | But you look back historically and you go,

00:10:43.480 | well, if that little dip on the chart there

00:10:45.320 | back in 1950 or 1980 or whatever,

00:10:47.480 | I would have totally bought that.

00:10:48.600 | But when it's happening in real time,

00:10:49.780 | you say, in the back of your head, you go,

00:10:51.960 | but what if this is it?

00:10:52.840 | What if it doesn't come back this time?

00:10:54.760 | I think that happens every time.

00:10:56.360 | - There's only one exception to what you're saying.

00:10:58.760 | That's, Ben, that's true.

00:11:00.360 | And if we were like having,

00:11:01.900 | if there were YouTube or podcasts in the 1970s

00:11:05.560 | and we were having this conversation,

00:11:07.400 | like, we could substitute all the stuff

00:11:09.640 | that the guy is saying.

00:11:11.160 | Like, when was the last time this occurred

00:11:13.480 | with the Fed doing this?

00:11:15.240 | - Oil shocks and Nixon.

00:11:16.400 | - Yeah, we could say, right,

00:11:18.120 | we could substitute the oil embargo

00:11:20.600 | and all this other stuff and Watergate.

00:11:23.640 | So I agree, it's always different.

00:11:25.940 | The one time that there's an exception,

00:11:29.540 | I think, is the pandemic.

00:11:31.920 | Like, we had net positive flows

00:11:35.480 | into our RIA in April and May of 2020.

00:11:40.480 | Think about how crazy that is.

00:11:43.080 | Because you had an unemployment print.

00:11:46.280 | It was like the biggest drop in employment

00:11:49.000 | in history, one month drop.

00:11:51.680 | Like, you had some superlatives where it's like,

00:11:54.220 | well, maybe this time it's not gonna bounce back

00:11:56.560 | because, right?

00:11:58.600 | But, like, investors didn't give a shit.

00:12:01.020 | We had net, I don't have the stats, I should ask Nick,

00:12:06.000 | but we honestly raised so much money.

00:12:08.600 | It wasn't us, like, telling people,

00:12:10.600 | hurry up, send us all your money,

00:12:11.840 | the market's about to bounce.

00:12:13.560 | This was, like, unprompted clients.

00:12:16.560 | Clients were just like, well,

00:12:18.320 | if I were ever to put more money

00:12:19.920 | into my accounts with y'all, this would be the time.

00:12:23.280 | And we were, like, pleasantly surprised.

00:12:25.160 | They definitely didn't expect that.

00:12:26.920 | So either people got smarter over the years

00:12:30.440 | since we've been doing this,

00:12:32.120 | or there was just something about

00:12:34.080 | that particular circumstance where this time,

00:12:37.960 | that time, they knew it was different,

00:12:40.320 | but different for the right reasons.

00:12:43.160 | And I think investors are more conditioned now.

00:12:45.640 | In the past, if you were in the '70s,

00:12:47.640 | you'd look back and you'd see, like, the Great Depression,

00:12:49.760 | and then you'd see, like, this huge bull market in the '50s,

00:12:51.760 | but you didn't have as much time to look back and say,

00:12:53.780 | like, listen, every time the stock market goes down,

00:12:55.640 | it comes back, right?

00:12:57.320 | There's never been a time where the stock market has fallen

00:12:59.280 | and it hasn't reached a new all-time high.

00:13:00.920 | So this just happens, and I do think--

00:13:03.240 | - I'm not smiling about it.

00:13:04.240 | Nicole keeps backing my microphone away from me,

00:13:06.400 | and I keep getting closer to it.

00:13:08.000 | - Just eating it.

00:13:10.840 | - Sorry, Nick, all right.

00:13:12.160 | But I think especially for young people,

00:13:14.160 | they look at the state of the world and the scary headlines

00:13:16.480 | and think, like, it's never been this bad before.

00:13:19.440 | I think William Bernstein had a quote

00:13:21.120 | that was something like,

00:13:22.400 | "The only black swans of the history you haven't read yet."

00:13:24.720 | Like, history has always been terrible, unfortunately.

00:13:27.320 | It's just the scary headlines are just beamed

00:13:30.360 | into our faces every single day now,

00:13:32.320 | and we can't get away from it.

00:13:33.360 | - Right, we have more exposure to the news,

00:13:35.400 | but also the news's profit motive has never been more,

00:13:41.760 | so it's always, the profit motive of the news

00:13:45.080 | has always been to impulse people into doing something,

00:13:48.680 | you know, put down a nickel, buy a newspaper,

00:13:50.920 | or tune in at 6 p.m. for Cronkite.

00:13:53.840 | That part has not changed.

00:13:55.820 | It's just like everything else in the world,

00:13:57.440 | it's on steroids.

00:13:58.720 | And so the incentive system for people writing market news

00:14:03.320 | is to get you to read theirs and not someone else's.

00:14:05.940 | And so once you understand, and I,

00:14:08.760 | you know, as I've talked about before,

00:14:10.640 | I eat, sleep, and breathe that world,

00:14:13.000 | so I can tell you I'm not exaggerating.

00:14:16.640 | Like, this is a much more challenging media environment

00:14:21.640 | for the average investor.

00:14:23.600 | - Yeah, it's a firehose.

00:14:24.880 | - It's way worse than anything

00:14:26.920 | that any other generation has experienced.

00:14:28.480 | - Feels like mass media has become more and more like TMZ

00:14:31.720 | instead of TMZ becoming more and more like mass media.

00:14:36.280 | - Listen, I've sat in meetings,

00:14:39.600 | like where editors at major publications were like,

00:14:43.640 | yeah, but how can we like, how can we make this more,

00:14:47.320 | they'll say like, how can we make this more urgent?

00:14:49.720 | Or how can we make this more interesting?

00:14:51.980 | So, you know, I know.

00:14:54.280 | Like, I'm one of the people who knows.

00:14:56.120 | - Like, we can't, we don't know how bad corrections

00:14:58.860 | in the future are going to be,

00:14:59.700 | or what the reasoning's going to be,

00:15:01.000 | or when the stock market is gonna have a period

00:15:03.420 | of crappy returns.

00:15:04.880 | Like, that stuff is all gonna happen,

00:15:06.040 | but I don't think, that doesn't mean you abandon risk assets

00:15:08.640 | because they're gonna make you feel uncomfortable

00:15:09.960 | from time to time.

00:15:10.800 | Like, this is totally normal, the feeling of discomfort.

00:15:13.040 | That happens to every investor.

00:15:14.840 | - So it's a button up.

00:15:16.840 | What he's asking is perfectly legitimate.

00:15:18.800 | He's like, look, I get it.

00:15:19.840 | You have this data back to 1950,

00:15:22.480 | and you're showing us, you know,

00:15:24.080 | how often stocks are in a 10% drawdown

00:15:26.360 | and how often they're at highs.

00:15:28.040 | But what's not in your data set

00:15:30.200 | is the unique set of circumstances

00:15:32.120 | that we're living through now,

00:15:33.640 | including, you know, a record-setting pace of rate hikes

00:15:37.040 | and, you know, the Fed shrinking its balance sheet

00:15:39.720 | and government deficit.

00:15:40.840 | Yes, you're correct.

00:15:42.640 | This particular mix of circumstances does not show up

00:15:46.780 | in a data set going back to 1950.

00:15:48.960 | But can I show you Vietnam?

00:15:51.560 | Can I show you presidential assassinations?

00:15:55.380 | Multiple?

00:15:56.400 | Like, you know, I'll show you some other stuff

00:15:58.900 | that's not going on right now, you know?

00:16:00.760 | So I think that's a good point.

00:16:03.120 | - Yeah.

00:16:03.960 | - Let's not beat a dead horse.

00:16:05.080 | What else we got?

00:16:06.040 | - Yep, next one.

00:16:07.520 | - All right, up next, we have a question from Joe.

00:16:10.400 | A question I've asked my friends

00:16:11.880 | and would love to hear you guys discuss in detail

00:16:14.360 | is what makes the tech giants of today

00:16:16.040 | any different from Cisco, Intel, or Microsoft

00:16:19.240 | after the dot-com bust?

00:16:20.840 | Could these stocks end up going nowhere over the next decade?

00:16:23.600 | Why are the tech stocks of today any different?

00:16:25.640 | So kind of on the same theme.

00:16:27.240 | - It's funny that Microsoft is one of the big tech stocks

00:16:30.000 | today, and it was, John, throw up the chart here.

00:16:31.520 | I did Microsoft, Cisco, and Intel

00:16:33.840 | going back from the 1999 peak, early 2000 peak.

00:16:37.760 | Microsoft is actually the only one that's come back.

00:16:39.160 | Cisco and Intel are still underwater from back then,

00:16:42.760 | and Microsoft was underwater for 16 years, I think,

00:16:45.800 | so it was 2016 on a price basis that it took to round trip.

00:16:49.800 | I'm not sure many people realize this.

00:16:52.240 | The NASDAQ 100 was underwater from 2000 to 2016 as well

00:16:56.200 | after going through an 83% drought.

00:16:57.720 | So as great as the NASDAQ 100 has done

00:17:00.180 | in the past decade and a half,

00:17:02.180 | it went nowhere for over a decade and a half.

00:17:04.980 | It's interesting.

00:17:06.040 | So from 2009, the NASDAQ 100 was up 19.2% per year,

00:17:10.400 | which is just impossible for any professional investor

00:17:13.480 | to beat.

00:17:14.320 | Since the start of 2000, it's only up 6.5% per year,

00:17:17.360 | 'cause from 2000 to 2008, the NASDAQ 100 was down 12%

00:17:21.480 | per year for almost a decade.

00:17:25.520 | So, I mean, that was the craziest the US stock market

00:17:29.820 | has ever gotten, but I guess the way I look at it

00:17:33.140 | is the biggest difference between now and then

00:17:35.300 | is these companies are like conglomerates now, right?

00:17:37.620 | Like Microsoft, how many different business lines

00:17:39.660 | do they have?

00:17:40.500 | How many different business lines does Amazon have?

00:17:41.700 | - But the good kind, not GE, right?

00:17:43.660 | - Yeah, back then, I don't think these companies

00:17:47.300 | were as bulletproof.

00:17:48.120 | Now, that doesn't mean these companies can't underperform,

00:17:49.720 | but to have that sort of level of underperformance,

00:17:52.220 | I think things got so silly in the dot-com bubble

00:17:54.260 | that this is a different story.

00:17:55.860 | - So, there's a few things what separates this from 2000,

00:18:00.580 | in my mind, today's tech companies versus,

00:18:03.540 | first of all, the NASDAQ was like 86 times earnings

00:18:06.800 | back then, and one of the things skewing that number higher,

00:18:10.800 | the P/E ratio, is that a lot of the companies

00:18:13.580 | were just not profitable.

00:18:15.340 | So, the largest dot-com IPOs,

00:18:18.780 | not only were they not profitable, they had no revenue.

00:18:21.820 | Like, we're talking about companies coming public--

00:18:24.500 | - Yeah, there were no fundamentals back then.

00:18:25.980 | - No fundamentals.

00:18:27.100 | So, that's a really, really big difference.

00:18:29.620 | You look at the 100 companies that make up the queues

00:18:32.900 | right now, compared to the dot-com bubble darlings,

00:18:37.340 | there's no comparison on a fundamental basis.

00:18:40.300 | Back then, these were companies doing experimental things

00:18:44.180 | with literally no business model.

00:18:45.820 | That is not what people are investing in right now.

00:18:48.260 | So, that's an important distinction.

00:18:50.700 | Valuations are not cheap now, but they don't look like that.

00:18:53.900 | So, like, Apple is now 24 times next year's earnings,

00:18:56.700 | they're expected to grow earnings by 8%.

00:18:59.020 | Next year, let's assume consensus is somewhat close.

00:19:02.300 | It's not cheap on its earnings growth,

00:19:04.020 | but it's got features that investors are probably prizing

00:19:08.020 | just as highly as earnings growth.

00:19:09.900 | It's got more stability than most countries in the world.

00:19:12.800 | They can issue debt at a AAA rating.

00:19:16.300 | It's got a forever fortress balance sheet.

00:19:19.020 | I think they have $144 billion in cash.

00:19:22.460 | They're earning more money on their cash

00:19:24.420 | than some S&P 500 companies are earning

00:19:26.580 | in operating income, okay?

00:19:28.780 | So, and to Ben's point, it would be foolish

00:19:32.600 | to compare Cisco, which did one thing in the year 2000,

00:19:37.040 | they did networking, like, literally,

00:19:39.660 | that was the business, to an Amazon,

00:19:44.220 | which is the number one or number two player

00:19:47.500 | in 10 different businesses.

00:19:48.900 | >> Right, I went to Whole Foods today,

00:19:50.620 | which is owned by Amazon,

00:19:51.540 | and I paid for my Whole Foods salad or something,

00:19:54.260 | credit to me for eating healthy, with my palm.

00:19:56.580 | I paid with the palm of my hand.

00:19:58.000 | I go on IMDB on my phone,

00:19:59.280 | 'cause I like looking up people who are in movies.

00:20:00.700 | That's owned by Amazon, they own MGM, Prime Video,

00:20:03.220 | they have the cloud business.

00:20:05.340 | They buy up all their competitors these days,

00:20:06.900 | so these companies are more than just one business line.

00:20:10.340 | There's so much more diversified.

00:20:11.700 | Again, that doesn't mean they can't underperform,

00:20:13.140 | but not like that. >> Doesn't mean the stocks

00:20:13.980 | can't go down or sit flat.

00:20:15.460 | Actually, one of the funny things about Microsoft,

00:20:17.860 | now that you mention it,

00:20:19.060 | you know, Ballmer kind of got a raw deal.

00:20:23.180 | First of all, he's the only,

00:20:25.780 | he's the only, like, mega-billionaire

00:20:29.100 | who made his money as an employee, not a founder.

00:20:32.260 | I don't know if you know that.

00:20:33.500 | He didn't start, you know, he was employee number 30.

00:20:36.700 | >> Right, he was like Bill Gates' assistant or something.

00:20:38.540 | >> Microsoft hired him to follow Bill Gates around

00:20:40.620 | and probably make sure he didn't put on two different shoes.

00:20:44.580 | But he worked his way up within the company,

00:20:47.300 | and when Gates was tired, Ballmer said, "Put me in, coach."

00:20:51.340 | And over that next 10-year period, while he was the CEO,

00:20:55.420 | I think Microsoft tripled their earnings.

00:20:57.820 | Problem is the stock didn't go up,

00:20:59.820 | because starting valuations matter.

00:21:02.220 | >> Right, it was so high.

00:21:03.620 | >> I think it was 60 times earnings,

00:21:05.460 | and then by the end of that decade,

00:21:07.500 | it's like 15 times earnings.

00:21:09.780 | And part of that is multiple compression,

00:21:12.500 | the stock going down or nowhere,

00:21:14.620 | and part of that is earnings growth,

00:21:16.140 | but they're not getting credit for that earnings growth,

00:21:17.940 | because it was not a bull market for tech,

00:21:20.780 | and Ballmer stepped into the seat at a very high valuation.

00:21:25.700 | >> Yeah, you also had two 50% stock market crashes,

00:21:27.980 | and so that didn't happen.

00:21:30.140 | >> So it's very possible that NVIDIA grows its earnings

00:21:33.020 | by 20% a year for the next 10 years,

00:21:35.420 | and the stock doesn't do much.

00:21:37.140 | That's the risk, what do you want?

00:21:39.100 | You want guarantees?

00:21:41.260 | We're all taking risks.

00:21:42.860 | Choose the risk that you want to take.

00:21:45.220 | >> Just for some context and perspective,

00:21:47.740 | how did that era compare to the SPAC era

00:21:50.860 | that we just experienced,

00:21:51.860 | and that young people might have just experienced

00:21:53.860 | for the first time?

00:21:54.700 | >> No, there's no-- >> Crazier, right?

00:21:55.860 | >> You're talking about like,

00:21:56.780 | you're comparing an acoustic guitar to an octopus on,

00:22:00.860 | you know, like there's no,

00:22:02.460 | it's not even apples and oranges,

00:22:03.780 | two different conversations.

00:22:04.820 | >> The dot-com bubble was like four or five years

00:22:07.260 | of that behavior, not just like a six-month period.

00:22:10.420 | Also, the other thing--

00:22:11.260 | >> No, the SPAC boom was a freak show.

00:22:13.940 | It was not even like,

00:22:16.700 | the thing about the dot-com bubble,

00:22:18.380 | and this point has been made more eloquently

00:22:20.300 | by people like Marc Andreessen,

00:22:21.740 | like all of the ideas were good.

00:22:23.820 | It was just too early.

00:22:25.380 | The world wasn't ready for them,

00:22:26.660 | but like, we had Webvan and Peapod,

00:22:30.020 | and these were early delivery grocery internet sites.

00:22:33.660 | It was just, it was too early.

00:22:35.060 | >> Yeah, it wasn't ready for that.

00:22:35.900 | >> The world wasn't ready.

00:22:36.820 | Pets.com was a bad idea.

00:22:38.980 | 20 years later, we have Chewy, great idea.

00:22:41.260 | So it's not,

00:22:43.300 | you can't compare that to SPAC mania,

00:22:47.740 | which is just fundamentally bad ideas.

00:22:50.380 | It was people coming public,

00:22:53.420 | oh, we're going to build a submarine with a screen door.

00:22:57.480 | Oh, you are?

00:22:58.860 | Here's our six billion dollars.

00:23:01.000 | You know, like, forget that.

00:23:03.860 | We're not talking about that.

00:23:06.500 | >> Also, the--

00:23:07.340 | >> We're going to build a solar power flashlight company.

00:23:09.900 | You want in?

00:23:10.740 | My nephew started it this morning.

00:23:13.780 | We're worth 900 million dollars.

00:23:15.720 | You want in?

00:23:16.560 | Yes, I want in, said the pension fund manager.

00:23:20.720 | >> These questions, though,

00:23:21.560 | that are just uncomfortable investing in stocks,

00:23:24.500 | this is the reason that stocks have the highest return

00:23:26.640 | over the long term, because the future is unknown,

00:23:29.380 | and you really just don't know.

00:23:30.500 | Like, the people that don't give it the benefit of the doubt

00:23:33.880 | or are worried all the time,

00:23:35.120 | this is why stocks give you good returns,

00:23:36.660 | 'cause they are risky.

00:23:37.660 | That's the--

00:23:39.440 | >> Well said.

00:23:40.420 | >> All right, next question.

00:23:41.860 | >> Okay, up next we have a question from Jim.

00:23:44.600 | I'm having an asset allocation dilemma.

00:23:48.140 | In my late 50s,

00:23:49.420 | in my late 50s, doing well financially, not to brag,

00:23:53.720 | rapidly approaching retirement,

00:23:55.180 | and bonds have finally,

00:23:57.300 | finally have some yield after 15 years of 0% rates.

00:24:01.300 | I know I should be de-risking my portfolio,

00:24:03.260 | and now is a great time to do it,

00:24:05.060 | but I also know my wife and I

00:24:07.100 | have probably 20 to 30 more years to grow our wealth

00:24:09.820 | and keep up with inflation once we retire at 65.

00:24:13.100 | I would love to hear your thoughts

00:24:14.300 | on how to think about this transition phase

00:24:16.920 | in one's investing life cycle,

00:24:18.700 | since there's no handbook for this kind of thing.

00:24:21.900 | >> Good question.

00:24:22.740 | This is the time when your financial plan matters most,

00:24:26.580 | 'cause when you're young,

00:24:27.580 | the thing that matters most

00:24:28.420 | is saving and personal finance.

00:24:29.940 | Middle age, investing probably takes over a little bit,

00:24:32.500 | and you wanna compound it

00:24:33.420 | and make sure you're investing the right way.

00:24:35.140 | But as you approach retirement,

00:24:36.140 | that's when you lean on the financial plan

00:24:38.260 | and get financial planning advice,

00:24:40.080 | 'cause that's when you wanna match up

00:24:42.000 | what you're actually gonna do with this money

00:24:43.500 | with how you invest it and what your goals are.

00:24:46.300 | So I think that's probably the most important stage of life

00:24:48.280 | to have these conversations, right?

00:24:49.860 | Is because, you don't know,

00:24:51.780 | 'cause that's the thing people have been talking to us

00:24:53.700 | for a decade now, is how do I balance out,

00:24:56.480 | I know I need to keep growing my money

00:24:58.380 | over two, three, maybe four decades when I'm retired,

00:25:00.940 | but I also have to have it be safe when I want to spend it.

00:25:03.780 | And that balance is really difficult

00:25:05.520 | for people to figure out.

00:25:07.800 | - Yeah, I wish we could really answer this question

00:25:11.060 | in this forum, but there are so many other variables

00:25:14.000 | that a certified financial planner would have to know

00:25:18.440 | in order to really satisfactorily tell you

00:25:22.960 | this percent in this, that percent in that.

00:25:25.540 | What a certified financial planner is doing

00:25:28.200 | in the early stages of talking to a prospective client

00:25:31.740 | is trying to figure out, not what should I invest in,

00:25:36.280 | it's when is the money gonna be used?

00:25:38.980 | And which money should be accessed at what time

00:25:42.920 | from which account?

00:25:44.580 | Until you do that work and come up with,

00:25:48.460 | all right, this bucket of money we know we need for blank,

00:25:51.740 | and this is roughly the date.

00:25:54.140 | Now, you don't have to know the answers,

00:25:56.260 | but you have to set some parameters,

00:25:58.520 | and I think that that's a financial planning question,

00:26:01.180 | and we would have to know a lot more info.

00:26:03.540 | - Yeah, you have to like, you invert it.

00:26:05.460 | You're like, this is how much I'm gonna spend,

00:26:07.180 | this is when I'm gonna spend it.

00:26:08.020 | - Yeah, you have to work backwards.

00:26:08.860 | - Yeah, now how do I invest it?

00:26:11.700 | And that's the thing that most people

00:26:12.900 | don't have to think about when they're accumulating wealth.

00:26:15.020 | It's like the deaccumulation phase.

00:26:16.500 | - I mean, this is what we do for a living,

00:26:20.260 | and not to start marketing,

00:26:24.020 | but this person is a great candidate

00:26:28.820 | for building a financial plan

00:26:30.380 | with somebody that knows what they're doing.

00:26:32.500 | - That's the age we tend to get clients at,

00:26:34.660 | and a lot of times it's like,

00:26:36.140 | maybe something complex happens in their life,

00:26:38.060 | they get stock options,

00:26:38.900 | but a lot of times it's someone who's,

00:26:40.340 | listen, I've built the wealth myself,

00:26:41.820 | I've done fine doing it that way,

00:26:43.820 | now I need some help and I have to talk to an advisor

00:26:45.780 | to figure out the next steps.

00:26:47.140 | - Yeah, I also think people like confirmation,

00:26:49.740 | or they like having somebody to bounce things off of,

00:26:52.140 | and most people don't have someone in their life

00:26:56.980 | that understands taxes, insurance,

00:27:00.700 | like long-term retirement and different account types,

00:27:05.620 | and it's just--

00:27:07.020 | - Yes, if you text most of your normal friends,

00:27:09.180 | "I have an asset allocation dilemma,"

00:27:10.860 | they're probably not,

00:27:11.700 | you're probably not gonna get a good answer.

00:27:12.740 | - They're like doing fantasy football

00:27:14.180 | while they're talking to you.

00:27:15.020 | They have no idea.

00:27:15.860 | All right, we got anything else?

00:27:17.500 | - Yeah. - We got one more.

00:27:18.340 | - Yeah, last but not least,

00:27:19.420 | we have a question from Andrew.

00:27:21.980 | - I like this question.

00:27:23.500 | - These questions are all 700 words long.

00:27:25.660 | These are like blog posts.

00:27:27.260 | - You should see them before I edit them.

00:27:28.660 | - Yes, we actually scrub them a little bit.

00:27:31.180 | I shorten them and Duncan shortens them again.

00:27:32.860 | - I mean, they're great.

00:27:34.500 | I don't, no disrespect, they're great questions.

00:27:36.860 | - People give us a lot of information.

00:27:38.940 | - Do it, do it.

00:27:39.860 | - Okay, I have two young kids

00:27:41.620 | and we're starting to discuss giving the older one,

00:27:43.500 | age five, an allowance.

00:27:45.180 | We have an idea of the amount, $5 a week,

00:27:48.180 | and an idea of how to teach them to budget

00:27:50.860 | using the three jar method, saving, spending, giving.

00:27:54.140 | However, we can't agree about whether or not

00:27:56.220 | to tie this to chores, the arguments being,

00:27:58.980 | one, money in the real world is tied to work,

00:28:01.980 | so he should learn that lesson.

00:28:03.900 | Number two, budgeting, spending, and savings

00:28:06.660 | are unique skillset that should be learned

00:28:09.420 | separately from chores, which should be done

00:28:11.580 | out of a sense of familial, it's a hard word,

00:28:14.020 | responsibility, not for a reward.

00:28:16.620 | I was wondering if you give your kids an allowance

00:28:18.500 | and which approach you take.

00:28:19.900 | - Five seems young to me.

00:28:22.180 | So my twins are six, and like--

00:28:24.780 | - I was gonna say, this is not gonna stick.

00:28:27.740 | - So a couple months ago, my six-year-old daughter, Kate,

00:28:30.300 | said, out of nowhere, she just goes,

00:28:31.740 | "Thank you for giving us such a nice house to live in."

00:28:33.780 | And I was like, "Oh, that's very kind of you."

00:28:35.740 | And she said, "It must be really expensive to buy a house."

00:28:37.620 | I said, "Yes, how much do you think it costs?"

00:28:38.940 | She said, "I don't know, $19?"

00:28:41.620 | Yeah, close.

00:28:43.460 | - Close.

00:28:44.300 | - Yeah, so I like the bucketing approach.

00:28:46.740 | Yeah, I like the bucketing approach.

00:28:48.060 | That's like the Ron Lieber strategy

00:28:49.340 | from "Opposite of Spoiled."

00:28:50.180 | So they're obviously, they've done some research on this.

00:28:53.020 | Josh, you have kids that are older than me.

00:28:55.220 | 'Cause I've heard both of these.

00:28:56.780 | Some people say the allowance has to be tied to work

00:29:00.060 | to show that you get some sort of output

00:29:02.860 | for doing hard work, and some people say,

00:29:04.540 | "No, no, no, the chores are part of being in a family.

00:29:07.060 | "The allowance is a different thing

00:29:08.260 | "to help teach about money."

00:29:09.540 | Does it really matter?

00:29:11.380 | - I don't think anything that you really teach your kids

00:29:14.100 | under the age of 12 is gonna stick.

00:29:16.620 | Maybe it does, maybe it doesn't.

00:29:18.300 | I think you just give them stuff when they're,

00:29:21.200 | let them be kids.

00:29:22.040 | They have their whole fucking lives to worry about,

00:29:24.620 | budgeting and all this horrible stuff.

00:29:26.240 | You know what I mean?

00:29:27.380 | Just let them be kids.

00:29:28.420 | And then what's gonna happen

00:29:30.340 | is they're gonna start wanting things.

00:29:32.460 | Like not silly things from toy stores

00:29:34.780 | or like an app on their phone,

00:29:36.300 | but they're gonna want stuff.

00:29:37.780 | So for my daughter, it's makeup and clothes and jewelry,

00:29:41.620 | very traditional, exactly what you'd expect.

00:29:43.980 | And so she babysits.

00:29:45.940 | And it's funny, like she asks for something

00:29:50.020 | and then my wife will buy it and she'll be like,

00:29:53.000 | "All right, I'm gonna contribute my babysitting money."

00:29:54.780 | My wife will look at her like,

00:29:56.400 | "How many hours of babysitting

00:29:57.980 | "do you really think you did?

00:29:59.080 | "Like your contribution is not really going that far yet."

00:30:02.140 | But it's the point, like to the question,

00:30:04.380 | to answer the question, it is good.

00:30:07.580 | It's good for her to feel like she's making a contribution,

00:30:10.780 | even though we're buying her like a bag

00:30:12.780 | that's like very expensive, you know.

00:30:14.900 | It's good for her to give up, have skin in the game.

00:30:17.240 | So I agree with that.

00:30:18.460 | My son doesn't work, he's a bookie.

00:30:20.980 | He's in five fantasy football leagues.

00:30:23.780 | He wins two or three of them every season,

00:30:26.580 | including the one at Red Holt's Wealth.

00:30:29.260 | And they're not letting him win.

00:30:31.940 | He's just a very talented gambler.

00:30:34.300 | And then he grabs my phone

00:30:36.900 | and he created a Caesars profile for himself.

00:30:39.420 | And he's doing in-game betting

00:30:40.740 | while I'm downstairs in the kitchen making a sandwich.

00:30:44.500 | And I don't, he has a jar full of cash

00:30:47.540 | and I don't even understand where he's getting it from.

00:30:49.820 | You know, I'm probably gonna find out

00:30:51.180 | he's selling Oxy in ninth grade.

00:30:53.300 | I have no idea what's going on.

00:30:54.860 | He's really good with money though,

00:30:57.260 | 'cause he doesn't want anything.

00:30:59.080 | Like he spends money once a year.

00:31:02.420 | He wants like to put money toward going to a Knicks game.

00:31:06.580 | Like that's, and he literally,

00:31:08.380 | he'll be like, "Here's $300."

00:31:11.060 | Dude, I didn't see $300 until I was like 22.

00:31:14.580 | - See that's my-- - I don't know.

00:31:16.300 | - My nine-year-old is a saver. - He's very good with money.

00:31:17.780 | He does not sell anything.

00:31:19.340 | - My daughter, if she gets money for a birthday

00:31:21.660 | or Christmas or Easter or whatever,

00:31:23.620 | she stocks it away in her thing and she's a saver.

00:31:26.720 | That's kind of how I was when I was young too.

00:31:28.740 | And when we forget to get money

00:31:30.180 | for the cleaning person that comes every two weeks--

00:31:32.780 | - Yeah, take the right out of the jar.

00:31:34.260 | So, oh, so I forgot what I was trying to say.

00:31:36.020 | So let me finish this.

00:31:36.940 | So what's interesting is that

00:31:40.220 | I don't think I can tie chores to money for him.

00:31:46.680 | Like for her, the babysitting,

00:31:48.980 | and she'll complain, "Oh, I have no money.

00:31:51.300 | "All my friends are doing this thing."

00:31:53.100 | It's like, all right, well, for the last two weeks in a row,

00:31:55.420 | you got an invite to babysit and you said no.

00:31:57.780 | And then by the way, the parents in my town,

00:32:01.380 | they're paying like, I think they're paying like $20 an hour.

00:32:05.820 | So you sit in someone's house for 80 bucks

00:32:07.740 | on a Friday night, like, do it.

00:32:10.180 | My son, he'll be like, that's not--

00:32:11.980 | - That's where the inflation has doubled

00:32:13.860 | in the last five years.

00:32:15.460 | - So I'm like, I'll give you $5.

00:32:17.580 | Take out the garbage this week.

00:32:19.840 | I'm like, I'm gonna do it with $5, Dad.

00:32:23.540 | So it's interesting, it's like two very...

00:32:26.180 | And so we taught them, I think,

00:32:28.080 | the same values and whatever, blah, blah, blah.

00:32:31.660 | But people are gonna be people.

00:32:33.140 | So I don't think you should torture your kids

00:32:35.800 | with chores to teach them the value of a dollar.

00:32:39.340 | I don't think it's gonna go anywhere.

00:32:40.900 | - Also, you do run the risk of becoming the parents

00:32:43.180 | that all the other kids are afraid of

00:32:44.540 | because you're like really strict

00:32:45.820 | and you give your kids a list of chores

00:32:47.380 | they have to do every week.

00:32:48.380 | And there's always that kid.

00:32:50.140 | You don't wanna like be that.

00:32:51.420 | - Hold on, it's Tom Whalen, delete that comment.

00:32:53.700 | That's wild, don't tweet stuff like that.

00:32:56.740 | All right, not that one, the other one.

00:33:00.700 | So what was I gonna say?

00:33:04.060 | Oh, so yeah, I think, look,

00:33:05.460 | I think kids are gonna learn, unfortunately,

00:33:08.980 | they're gonna learn about money the hard way.

00:33:11.780 | Like they're gonna do stupid stuff with money

00:33:13.580 | that either they get for their birthday or that they earn.

00:33:16.860 | Like that's just the nature of life.

00:33:18.340 | - Yeah, they're not gonna learn much yet.

00:33:19.940 | - They're not gonna learn much.

00:33:21.220 | - My daughter at nine has been asking me,

00:33:23.060 | kind of trying to figure out what I do for a living.

00:33:26.060 | She's most impressed with the fact that we're on YouTube.

00:33:29.060 | But she, trying to explain what the concept

00:33:32.300 | of money and investing to a young person

00:33:33.860 | is nearly impossible.

00:33:35.900 | Well, you have this money, then you make it grow bigger,

00:33:38.140 | but it's a concept that is so foreign

00:33:41.420 | that it's just, their eyes gloss over and they're done.

00:33:45.060 | - You know what it's like,

00:33:46.660 | I don't wanna go down this road too far

00:33:48.620 | because we know like 100 people in real life

00:33:50.820 | that are gonna get really upset about this,

00:33:52.220 | but like, I kind of laugh to myself

00:33:55.300 | when I see people doing like financial literacy

00:33:57.660 | for 18-year-olds, like about retirement investing.

00:34:02.620 | - What are you talking about?

00:34:04.300 | - Yeah, you have to wait till it actually matters.

00:34:06.780 | - Nobody should be investing for retirement in their 20s.

00:34:08.020 | - How about just exploring student loans first?

00:34:10.700 | Right, yeah, you have to wait till it's actually applicable.

00:34:14.100 | - How about just go be 24 years old and don't save anything?

00:34:18.140 | It's like the only, Ben, I know that's anathema

00:34:21.140 | from where you're coming from,

00:34:21.980 | but like just my personal opinion is the only time

00:34:24.580 | in your life you're ever gonna be 24.

00:34:26.580 | What are you worried about retirement?

00:34:27.420 | - Yeah, you have no responsibilities, I agree.

00:34:29.340 | - You could be dead next year, what are you doing, you know?

00:34:32.420 | - Enjoy yourself, yes.

00:34:33.580 | - You have no dependence.

00:34:35.300 | This theoretical retirement you're putting money away for,

00:34:39.100 | like I gotta save money for my future children's college?

00:34:42.420 | No, you don't, you have to go to Mexico.

00:34:44.780 | That's what you have to do.

00:34:46.580 | So I know that's like, you know,

00:34:50.100 | not like a Fintwit approved take, but that's the truth.

00:34:54.620 | - I agree, all right.

00:34:56.500 | Thank you to Josh Brown for making it.

00:34:58.860 | We have to go now 'cause you have to go

00:35:01.020 | record "The Compound" in France probably.

00:35:02.540 | - Yeah, like very soon.

00:35:04.620 | - You guys kill it every week.

00:35:05.900 | Thanks so much for doing the show

00:35:07.500 | and I know the listeners love it.

00:35:09.340 | And thanks for having me.

00:35:11.060 | - Yeah, thanks everyone for coming on live.

00:35:12.780 | Remember, leave us a comment, rate, review.

00:35:15.060 | Leave us a question on YouTube

00:35:16.300 | or email us askthecompoundshow@gmail.com.

00:35:18.980 | We'll see you next week.

00:35:20.220 | - See you, Rowan.

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