(projector whirring) - Welcome back to Portfolio Rescuer. We always appreciate your questions, comments, and feedback. Remember our email here, askthecompoundshow@gmail.com. As always, thanks to all the little viewers in the chat here watching live. We appreciate it. Today's Animal Spirit, or today, ooh, Animal Spirits. Sorry, Duncan. - Oh, wow, wow.

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- Yeah, I'd say along with taxes, another thing people hate is uncertainty, right? - Yeah, so this is giving you some kind of definitions and bookending things. All right, last week we had a question from a viewer who asked, I have a sub 3% mortgage rate. If I move to a bigger house 'cause I have three kids now, it's gonna be closer to six.

Lots of good feedback and opinions on this one. Some people very certain, right? So some people said, there is no way you can get out of that mortgage. Do whatever you can, renovate, add a bedroom, make the kids sleep in bunk beds, which doesn't seem to happen much anymore.

You do everything you possibly can to keep that mortgage, right? Then we had other people say, no, no, no. It doesn't matter, family Trump spreadsheets. Who cares about the low mortgage rate? If you can afford it, you move. I think both valid arguments. Here's the thing, neither argument is necessarily right or wrong, right?

It's all circumstantial, right? And the problem is most big financial decisions like this exist in the gray area where it's very difficult. And the problem is we don't have a lot of practice with big financial decisions like this. It's sort of like we have a couple opportunities to do it.

You don't get to practice over and over again. So I just wanted to offer a friendly reminder that these decisions aren't often easy and often require trade-offs. And what's right for you and your family could be completely wrong for someone else and their family or their financial circumstances. A lot of it is circumstantial.

And most of the time, there's no right or wrong answer here. It depends on what works for you. - I will say though, I'm a big fan of bunk beds. I think they're underrated. - It's true. - Yeah, I always enjoyed climbing up on the top one. It's fun.

- All right, let's get to, I was a bunk bed kid for the first 10 years of my life, probably. Top bunk guy here. All right, let's do some questions from our wonderful audience. - Okay, so up first today we have, "Hey guys, can you please explain "how an inflation-linked bond could have lost money "this year with inflation at 9%?" Good question.

- We've got a lot of questions like this from people because, John, let's do a chart on a 2021 performance. So what this is showing is the iShares tips bond ETF, TIP versus the aggregate bond. So that's basically the total bond fund. You can see in 2021, tips outperform, they're up almost 6%.

The regular bond fund, the bond market was down 2%, call it, right? So everyone says, all right, inflation's gonna keep going up, let's load up on tips. John, let's do 2022 now. Okay, the aggregate bond market is down 10%, but wait a minute, tips are down 7%. How could this be, right?

Over the past year, inflation is 8.5%, tips are down 5%. Well, so these treasury-protected securities or tips are one of the most peculiar assets in the whole investment universe. They're also relatively new. So I think a lot of people probably don't understand how they work. They've been in the UK since like the '80s.

I think they didn't come around until 1996 or 1997 in the US, so they're still relatively new. The way that they work, the principal value of the bond is tied to inflation. Inflation goes up, the principal value of the bond goes up as well. So whatever interest rate you have on that goes up with principal, right?

So that makes sense. The problem is you don't get paid that higher principal until maturity. So from now into maturity, a lot of things could happen, right? So there's two main reasons for the losses this year. One, tips can help protect, excuse me, tips can help protect investors against unexpected inflation.

So if inflation has already baked into the pie in those rates, it doesn't help much. So in 2021, we got unexpected inflation, tips did well. In 2022, investors said, okay, we're building inflation into these expectations and the yields went down, right? Number two, sometimes tips act like inflation hedges and sometimes they act like bonds.

When interest rates rise, tips act like bonds. So rates went from, I think the 10-year went from 1.5% at the beginning of the year to 3% now. So rates doubled. When that happens, tips are gonna act more like bonds than they are an inflation protection hedge. So the TIP ETF, this is the biggest one that I share as fun that everyone always talks about.

It has an average maturity of like seven and a half years, an average duration of seven years. Duration is simply a way to measure interest rate sensitivity. So interest rates go up or down 1%. You expect the price of the bond or bond fund to go up or down 7%.

So interest rates rise 1%. You would expect the bonds to go down 7%, which is kind of what happened this year, right? So tips have sold off. The good news for investors from here is you now have higher rates. Real rates are actually positive for the first time in a while.

The bad news is you had to eat some losses to get to this point. So I think there is one other way investors can potentially make it so the inflation protected hedge is a bigger part of it. And that's short-term tips. So John, throw up the next chart of the Vanguard short-term tips fund here.

So this is inflation really took off in April of 2021. It's the first time it went above 3%, which is the long-term average. And this is the performance since then of the VTIP fund, which is Vanguard short-term tips versus the TIP fund. You can see short-term tips have outperformed and they've done so as much less volatility.

And the reason is because that fund is not nearly as sensitive to interest rate changes. The inflation kicker matters more for short-term tips. So that's one way that you can actually protect a little bit and kind of have that inflation hedge be a bigger part of it than the interest rates.

So longer-term tips are gonna have a lot more volatility. So if you wanna narrow down more to that inflation piece, that's how you do it. And I'll be remiss if I didn't mention Series I savings bonds, which we spent a whole episode talking about here, one of our favorites.

There's a capital I want you to put in those. Though that is the best one-for-one inflation hedge you can get 'cause you have no interest rate risk. So short-term tips still have a little bit of interest rate risk, but Series I savings bonds have none. So find that episode, we talked about that.

I know it's confusing, but it's kind of important to understand all the risks here where you have these securities that can act like two different things at once, and sometimes one thing matters more than the other. - Yeah, bond math is one of the more confusing things I've ever looked into.

- It is, so yeah. So I think short-term tips are probably a good solution for people who are worried about TIPs losing money right now if rates continue to go higher. All right, let's do another one. Okay, up next we have a question from Scott. My wife and I are in our early 60s.

My wife is retired and I plan to retire in about five years. Our retirement savings are pretty solid relative to our anticipated expenses, and my wife also receives pension income. My question is about how to invest the bond portion of my 401k, especially as I get closer to retirement.

It's 50/50 now. We also have Roth IRAs and are 100% equity in those because we're targeting those accounts for our longer-term needs. The fixed income portion of my 401k is in an intermediate-term core bond fund. Is that a reasonable place for these funds, or should I consider diversifying across different funds or individual bonds?

I currently plan to delay Social Security until age 70, so we may need somewhat higher withdrawals from my 401k to cover expenses in the first few years of a retirement. Would it be worth considering a bond ladder approach? How easy is that to manage within a 401k account? And I gotta be honest, it sounds cool, but I don't know what a bond ladder is.

- Two questions about bond funds. We're coming in hot today, right? - Right. - I think fixed income was probably one of the easiest asset classes to allocate to for the last 40 years or so because you basically put your money in anything, a core bond fund, U.S. Treasuries, whatever.

It did fine. Interest rates fell. Corey Hofstein actually wrote this piece in 2017 that has kind of stuck with me ever since, and he said from 1981 to 2017, 10-year U.S. Treasury went from 15% to 2%. By my calculations, the average annual return there was 7 1/2%, which is phenomenal for bonds or these boring bonds over four decades.

I think the worst year ever was down 11%, and that was 2009 after bonds sold off following the Great Financial Crisis. So that 40-year bond bull market might go down as one of the greatest in history, but most people assume the reason bonds did so well is 'cause interest rates fell the whole time.

And Corey said, "Well, let's look at the attribution here "and figure it out." Duncan, if you had to guess, so there's two components to bond fund returns. One is basically the starting yield. The other one is interest rates rising or falling, right? So if you had to guess over that 40-year period, how much did falling rates have to do with the total return for 10-year treasures over that time?

I'm going to say a lot. Okay, less than you'd think. 3/4 of the total return came from the starting yield. Only about 25% came from falling rates. So falling rates helped, but it was basically you had high starting yields that entire time. So anything you can put your money in in terms of bonds was fine.

You could buy a core bond fund, government bonds need to be fine. Now, right now, it's a lot harder because you have much lower rates and things are choppier and more volatile in interest rates, and that means things move around a little more. So you could simply let a bond fund manager choose where to put you in, which segment to invest in, what duration.

The problem is a lot of these core bond fund managers have some caps on things like maturity and duration that they can invest in. So I think more interest rate volatility means it's probably more important than ever to diversify your bonds, which is something most investors didn't have to do.

So that could be, we talked about tips today, short-term bonds, corporates. If you're in a 401(k), maybe a stable value fund. If you're out of a 401(k), that could be some more cash than series I savings bond you mentioned. So I think there's no guarantee that broader diversification is gonna improve your risk-adjusted returns or whatever you wanna think about it or your income even.

But I think that helps make sure you don't put your money in the wrong segment of fixed income or the wrong bond fund manager who really screws things up. The other thing is if you don't have a lot of good options in your 401(k), you can always, when you retire, roll it over into IRA, which will have tons of options for you.

So I do think that diversifying in bond funds is something investors haven't had to think about for a long time. And that's something people are gonna have to think about now for sure. - It's kind of funny that we've come so far that we're talking, we're getting all these questions about bonds and bond funds when it was like triple-levered ETFs and crypto, you know, like a year and a half ago.

- Still a bear market, right? But it makes sense that people wanna figure out, especially getting close to retirement, you know, how to protect their capital a little bit. - Right. - Let's do another one. - Smart. Okay, up next we have a question from Charlie. I live in Nashville, Tennessee and run a successful financial advisory practice here.

When I look at my client base, the average age is 61. I'm 39 and I'm wondering what suggestions you would have for marketing my services to younger clients, as I don't have that many. I would be perfectly fine to accept smaller accounts, but I don't love pitching close friends and family.

What methods besides this would you recommend? - Good question. You don't have to brag. Successful financial advisory. Good job. - Yeah, good job. - Let's bring in the person I know who knows more about financial advisory business than anyone I know. Josh Brown. - Hey, Josh. - Hey, Josh.

- Hi, everybody. - All right. All right, this is a younger person. - Thanks for having me on the show. Wait, can I do, I have bunk bed material. - Okay, yeah, let's hear it. - So I can't believe, I'm sorry, I can't believe like the obvious, neither one of you, we were talking about the merits of bunk beds.

So much room for activities. I don't know. No stepbrothers fans here? I thought that was a layup. I was muted. I was trying to get in. - It's been too long since I've seen that. - All right, fine. - All right, so you have a young person wants to bring in younger clients.

The funny thing is usually young clients have a hard time working with older clients, right? Because an older client sometimes doesn't wanna work with someone who's younger. So how do you figure out a way to break through and sort of change the sales cycle here? - This is not gonna be a satisfying answer.

The truth is that you really can't because you wanna work with young people, but young people are not looking for retirement solutions. And I think as an advisor, your sweet spot for financial planning work really doesn't come until like after 35. And even then, it's mostly like how many kids do you have?

Do you have life insurance? Like that's the extent of the hardcore financial planning that someone would need. What people need prior to that age is asset allocation really. They just need like an easy, systematic way to continuously put money aside that they're not spending. Like they don't really need a lot of financial planning work.

So it's gonna be really tough to attract clients in a demographic that are like way before they actually need your help. So a couple of things I would consider. The first is like just accept the fact that if you're gonna do content marketing to that demographic, you have to count on there being a really long tail.

And like a lot of these people will come to you way later than when you're actually reaching them for the first time. So not only do you have to reach them and get in front of them somehow and get their attention, you have to like hold their attention. So you can do that with email, newsletter type of thing or have them follow you on social media.

And then you just have to like make that mental investment. Like, all right, I'm getting to young people through the platforms they like, whether it's TikTok or Instagram or LinkedIn. And then like I can't make them all of a sudden wanna hire a financial advisor. Like one day something's gonna happen in their life where they need one.

Maybe they got married, maybe they got divorced, maybe they are about to launch a company and leave a steady income behind. Maybe they started a company and they're about to sell it. Maybe they just got a huge raise. Maybe a father or a mother or a grandfather or a grandmother passed away and left an inheritance.

That's the moment that somebody in their 30s says, "I need a professional now to help me." You can't manufacture that. You just have to be front of mind so that when that moment happens to the people who are aware of you, you're the person that they wanna call. - Well, I think the way to do that is probably to find a niche.

So you wanna be the person that I help young people invest their inheritance, right? Or I help people who, young people who are doctors. Or I think you have to find some sort of, we have people who, so like Doug Bonaparte, who is a friend of the show, he works with high earning millennials who are going to have, who don't have a lot of financial assets now but are going to.

I think you have to have some sort of way to specialize in a certain group of people if you want them to seek you out. It can't just be general financial planning. - The millennials are, right, the millennials are 40 now. - Right, yeah, I just turned 41. I'm the oldest millennial in the world, right?

- It's nice to meet you, I'm the youngest, I'm the youngest Gen X in the world. Very nice to meet you. - State planning, and yeah, I don't know. - Is there an advisor focusing on Instagram and TikTok influencers? - Listen, I'm just like, this is something that I know really well.

I'm just gonna tell you, the strategy has to be, I'm going to reach these people, I'm going to become relevant to these people, and I'm going to be patient as catalysts arise in their lives. And it'll happen on a different schedule for whatever fan base that you manage to build or whatever influence you manage to have.

It's like, you're gonna sit back and no one's gonna need you, no one's gonna need you. I'm reaching out, I'm doing this, I'm doing that, I'm taking lunches, I'm speaking at events. And then it'll be a trickle at first. Somebody will say, "Hey, you and I had lunch "a few years ago and I wasn't a good fit at the time, "but here's my situation today." I mean, that is like a long-term investment.

If you really want to reach a younger clientele, that's a long-term investment that you're gonna have to make in somehow, A, getting their attention for the first time, and B, maintaining it for all of that period of time before they actually need your help. When I first started getting into the content game, that's the one thing I under-appreciated is the fact that I assumed, okay, I'm gonna join Riddle 12, I'm gonna work with Josh and Barry and Michael, and everyone who's reading my stuff is gonna come on day one that wants to work with a financial planner.

But it was the opposite. It's like a long burn. People don't come just because, hey, they know you. They come because they have something happen in their life that makes them need to get financial advice. And that's the thing I didn't appreciate. - Right, and you can't manufacture that moment.

Like, you're not gonna write the blog post or do the podcast appearance or whatever where people are like, that's the guy. Like, that's not how it works. What ends up happening is real-life events occur that prompt somebody to say, okay, I now need a professional. Or I have somebody managing my money, but I don't think they're up to the challenge of what is currently going on for me.

Like, that's the catalyst that you can't bring about. You just have to be there. So it's not a, you know, I wish I could say, go do X, Y, and Z, and all of a sudden, all these people in their 30s are gonna start calling you. It's just not how it works.

- Yeah, it's gonna take some time. All right, Duncan, next one. - Okay, up next, we have a question from John. Four years ago, I invested in a stock that has since increased more than 10 times. All things considered, it has held up relatively well during the market downturn.

I believe even more strongly in this company than I did four years ago, but the unrealized gains would be enough to pay off my wife's $200,000 in medical school debt. When her student loan repayments resume, the interest will be around 8%. Do I stay true to my convictions and hold the stock and try to refinance my wife's student loan debt at a lower rate while we still can, or do I sell the stock and pay off the loans?

I'm early 30s and have a relatively high risk appetite, but I hate debt and paying high interest rates. What are your thoughts? - We gotta know the stock here. I can't believe he didn't tell us the stock. - I know, I know. It's Tesla. - It's in the box.

- It's Tesla. There's a very small list of stocks that are up 10X in that period of time. I mean, it's not a big list. It's like Chipotle, Tesla, Netflix, maybe. - Netflix has not held up relatively well, but. - Yeah, but it's still up, like, it's still up huge.

- So we got the student loan stuff yesterday. He has a few more months to make this decision 'cause we have the moratorium extended 'til the end of the year. Assuming you're not over the income threshold, you're getting $10,000 knocked off that 200K. That's not gonna help a whole lot.

My first thing here is I think that 8% on a loan is ridiculous for student loans. I don't wanna get into the whole student loan thing here, but my whole idea was just cancel the debt or cancel the interest. Don't charge anyone interest. Make 'em pay their principal back.

But I calculated this. If you paid this off over 10 years, 200K, that's at 8%, that's $90,000 in interest costs alone. So this is a ton of money, and I'm a huge believer in regret minimization, and I just don't know that you're going to regret paying off this debt and being free and clear of it even if the stock continues to go up.

- Well, wait a minute, but let's define continues to go up. What are the chances, probabilistically, based on everything we know about stock market history, that a stock that's just gone up 10X in a relatively compressed period of time can go up another 10X? So could the stock double from here?

Totally, and you'll be really upset. But is it gonna do another 10X? It's definitely not. So the mental calculus has to change here. - 8% is a very high hurdle rate, too. - Yeah. - That's right. It's not right. It's not the risk-free rate. It's not a 3% two-year treasury.

- So what's the next 10X they should move to, you think? - Right, that's what you wanna do, actually. You wanna switch into the next stock that's gonna 10X. - No, but just probabilistically, how many companies have 10X and then 10X'd again? It's not a big number. It's probably a much higher number of companies that have 10X'd, matured, and maybe went on to do okay or poorly, but the same opportunity does not currently exist as the opportunity that you've already had.

So congratulations, you're one of the few, the proud, the many. - You've won. - Now do something with it. - Let's see if it's held up. - And the other thing is, you hear from a lot of doctors who say, I have all this debt around me. It's like I'm wearing a weight around my, it's just, it consumes me.

And then I go to residency and I don't make very much money. And so the reason a lot of doctors don't have as much money as you think is because they have this ball and chain just stuck to their leg for years and years. You can totally get rid of that and have that free and clear.

I can't imagine regretting that decision. - Right. - Last thing, I get you're in love with the stock and you're even more bullish on it now. Everybody is even more bullish on the thing that just made them a ton of money. - Of course. - Everybody is because there's something called the, is it the, I got company.

There's something called the-- - Get this beer. - Get the fuck out of here. - There's something called the endowment effect where, I forget the full story, but a professor gave coffee mugs to half the class and then the other half the class didn't have coffee mugs. And then there was, they asked the people that had the mug, how much would you sell it for?

And the people that didn't have the mug were asked how much would you bid for the mug? And there was a big gap between what the person who had it was willing to sell it for versus what the people who wanted to buy it were willing to buy it for.

And I think they call that the endowment fund. It's like, all right, I already have this thing. Therefore, I think it's a lot more valuable than I otherwise would think if I didn't have it. I don't know how fully that applies here, but like, I don't know what the fuck I'm talking about.

This kid just totally distracted me. (laughing) I'm gonna let him have it later. - If you're really that worried about another 10 bagger from here, take all of your gains off the table and leave the cost basis and then let it run again. And then you pay off the majority of that loan.

- Yes, why does it have to be all or nothing? - Yeah, do some of it. Pay off the majority of this loan. - Because we're a polarized society. Everything has to be one way or the other, right? - It doesn't have to be all or nothing. Yeah, but pay off a decent amount.

All right, Duncan, last question. - Okay, last but not least is a question from David. I'm 22 years old and got my first real job at a large bank. In setting up my 401(k), I was given a bunch of options to choose from. Among the options were target date funds, various equity and bond funds, mutual funds, the works.

As a financial advisor, I felt the impetus to allocate some percentage to bond funds to have some fixed income exposure. But then I thought, why would I, a 22-year-old with potentially 40-plus year time horizon, buy bonds right now? Even with rising rates, it doesn't seem to make sense for me to allocate to something that's going to get eaten by inflation and deprive me of capital appreciation.

I ended up allocating 100% to equity funds. What are your thoughts on this? I kind of like they already did it, and now they're asking your thoughts on it. - Yeah, do you want to-- - Make me feel better about it. - Yeah. - I mean, young people for their retirement portfolios probably should have 100% in equities.

Unless you need an emotional hedge or an emotional crutch from bonds or cash or something. In that 401(k), I mean, I guess a target date fund probably has five to 10% in bonds. But I think just because you're a financial advisor, maybe you recommend bonds to some of your clients.

As a 22-year-old, risk means different things to different people. And people who are older and retired probably need some bonds for either an emotional hedge or just to help out the volatility of their retirement portfolio when things get hairy in the stock market. But if you're young, textbook says 100%, and I think as long as you can handle it, stomach it, you have to do it.

- This gets back to what we were talking about with the financial advisor who wants to reach more young people. What are you going to tell a 22-year-old about asset allocation? It should be, you're 22, focus on getting a girlfriend or a boyfriend. Like that's not, don't, your asset allocation should be the furthest thing from your mind.

Like be in the gym, go to clubs, experience life, go to Ibiza, like do those things. Your asset allocation doesn't matter. And pray to God the stock market falls. - Yes, you should hope it falls. - 22, what's the difference? Listen, we had a client, we had a client, it was a long time ago, it was like 2011, 2012, very smart kid, worked in finance.

I think he worked, he was like one of the last employees of Lehman Brothers, if you could believe that. So like there was like a section within Lehman Brothers that was doing electricity trading and they couldn't shut that down during bankruptcy, they had to keep it going 'cause they were like counterparties with people that had long-term contracts on electricity.

I think he was like one of the last 50 people to work at Lehman Brothers. And he was making a lot of money and he had tons of companies that were ready to hire him immediately as soon as he was done, like he would be fine. And I remember like in 2011 when like the European debt crisis was causing huge volatility in the stock market, he's like, "I wanna take 20% and go to bonds." I'm telling you, this kid was like 25 years old or something.

He's like, "I wanna take a big chunk of my portfolio, "I can't take this anymore, I'm gonna go to bonds." I'm like, "Listen to me, here's what you're gonna do. "I'm gonna hang up the phone with you, "take a deep breath, we're gonna talk tomorrow. "And just like go to sleep tonight, right?" Like the VIX was 60, it was just an out of control period.

I'm like, "We're gonna talk tomorrow, "but here I'm telling you sneak preview, "here's what I'm gonna tell you tomorrow. "Not only am I not gonna do that, "I want you to think about where the rest of your money is "that you could send me right now. "I'm gonna buy even more stocks for you." And that's if I'm your advisor, you're paying me for my advice.

When you see a VIX at 50, I don't want you to think about, should I go to cash now? I want you to think about, how can I get Josh even more money to put into, and this is an IRA. Like you can't have it anyway. - You can't touch it, right.

- What the hell are we talking about? You're gonna use this money in 40 years. I want you to go to sleep tonight thinking about how you can get me even more money to put to work. And I don't know if that's gonna look smart for six months or for six years, but what's the difference?

Don't tell me you wanna swing the bond. What are you gonna do with the bonds? Besides lose money in real terms. - I probably didn't start saving my 401k for real until 2006, 2007. And I had a colleague in 2008 who said, I'm putting everything into money markets because the financial system is blowing up.

I think you should put all of your 401k contributions into money markets. And I'm thinking to myself, even though I didn't know as much back then, I'm never gonna have the opportunity to buy at prices this low again in my life. These are gonna be the lowest prices I will ever see.

The other thing for young people, if you, I've calculated this using some conservative estimates before. If you figure out how much money you put into your retirement accounts versus how much you're getting kicked out by investment gains, it's not until like age 45 or 50 that the gains become a bigger part of the portfolio than the amount you put in.

- It starts to matter. - Yeah, so the stuff you, the savings you put in matters way more than your investments. And so you have to just keep putting money in, putting money in. And you said, if you're a young person, you should get on your hands and knees and pray for lower prices because that's a good thing for you.

You're gonna have seven or eight bear markets in your career that you're gonna have to keep investing through. - My 401k is 100% stocks. - Me too. - There's no cash and there's no bonds. It's the same strategies we own for clients, but I pulled out the fixed income because I'm 45 and I can't touch it for 20 years.

So in 10 years, it might be a different allocation. But if I have a 20 year time horizon, what good is that current income doing for me? I don't want it. And I'm still adding. I'm still investing into the 401k. So like, I don't root for the market to go down, but when it does, the last thing I'm thinking is, all right, let me now go to bonds.

I'm thinking, all right, cool. I'm making more contributions for the balance this year. See, a lot of this, Ben, and you know this, but the audience might not. The architecture of just like the financial media and the wealth management businesses is still so geared toward boomers because that's the horse that brought them here.

Like the boomer audience, it's different for them. But like when you're on financial television, it's like, oh, the market's down, that's terrible. Terrible for who? Terrible for the 50% of the audience that's in retirement, but for the other 50% of the audience that's making ongoing retirement account contributions, it's great.

But it's hard to conceptualize that everyone in the audience has different circumstances. - And risk means different things to different people. The risk of a bear market is totally different for someone who's 65 versus someone who's 25. It's completely different. - Obviously, right. So to the 22-year-old, no bonds.

- Right. - No bonds. You might be mad at me in six months for saying that, but you're gonna be very happy with me in 10 years and you're 22. What are you even thinking about this for? - In 50 years, you're gonna be really happy. - Don't you TikTok audience, dude.

That's what you need to be doing right now. - Giancarlo in the chat has a funny comment. They say, "I have more gold bond than actual bonds." (laughing) - Big surprise, the episode I'm on went over time. Look at that. - All right. - Can't believe it. - Thanks to Josh for joining us.

We appreciate it. Thanks for everyone watching live. - Thank you guys, you do a great job every week. You do a great job every week, thank you. - A lot of great comments. Thanks to Duncan. Duncan, is that a soccer jersey today? - It is, I got this in Glasgow.

It's a Glasgow Celtic jersey. - Oh, nice. I'm still waiting for my present from your honeymoon. Remember, if you're listening in podcast form, leave us a review. If you're watching on YouTube, Duncan wants you to hit that subscribe button. Keep those comments coming. We might have some new t-shirts coming to idontshop.com in the coming weeks.

I don't want to make any promises, but we're getting there. - Stay tuned. - Remember, have a question, askthecompoundshow@gmail.com or leave a comment in the YouTube for us. See you next week. (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music)