Welcome back to Portfolio Rescue. If you have a question, email us at askthecompoundshow@gmail.com. Today's Portfolio Rescue is brought to you by Innovator ETFs. Duncan, one area where investors haven't really had to think about protecting themselves to the downside is bonds. Now that interest rates have risen quite a bit, people are finally saying, "Oh wait, bonds can actually fall in price a little bit." This is especially true for long-duration bonds.

One of the reasons that certain investors like to hold long-duration bonds is because they tend to give you more bang for your buck during a recession. If interest rates fall and we go into deflation, all else equal, higher-duration bonds will have greater sensitivity to changed rates. When rates rise, prices fall more than shorter-term bonds, but when rates fall, those prices tend to rise more.

So, let's look at the TLT as the 20-year Treasury ETF. In 2019, it was up 14%. In 2020, it was up 18%. In 2022, it's down 22%. So, Innovator has this TLT ETF that has a buffer to the downside. So, it protects you with 9% buffer, meaning the first down 9%, if you start from zero, you're protected.

But it also has a cap of 27%. So, your defined outcomes are, you can earn as much as 27%, and your first 9% is capped for losses. Now, the thinking here would be, okay, we could see inflation remain stubbornly high, and that could see rates rise even further on the high end, right?

And that would crush them some more. So, we want to protect on the downside. Alternatively, the Fed could get its way, raise rates enough where the economy slows, and we actually do get some disinflation, or maybe even deflation, and rates fall again. And then, you don't want to miss out on those gains.

So, the way you use these defined outcomes ETFs is that you have a cap on the upside, but you have some buffer to the downside. Pretty interesting. So, no matter what happens, you're kind of okay. And that's why they have these defined outcomes, so you have the ranges to know.

To learn more about this and other ETFs from defined outcomes, go to InnovatorETFs.com. It's like you can see the future. Well, you can at least give yourself some markers, so you know, over here I'm okay, and over here I'm okay, and I know what I'm going to get, depending on what the market does.

All right. So, I was looking at the drawdowns today. John, throw up this chart. This is the Dow and the S&P. Look at this morning. Dow is down from the highs 17%. The S&P is down 21%. Duncan, wouldn't you say vibes alone, it feels like twice as bad as this?

I know this is not great. We're in a bear market. The Nasdaq is down more. A bunch of people are going to be in the comments saying, "Well, look at the individual stocks I own. They're down 50%, 60%, 70%." Well, yeah. That's what I was about to say. I'd love to have those returns right now.

The stock market itself, though, it's not necessarily in a crash, even though sentiment feels like we're in a crash. So, I don't know if that's good news or bad news. Because, good news, maybe things haven't gotten as bad as people think. Obviously, you could adjust these for inflation and say they're a little worse.

Bad news is, we have more room to fall. So, I guess it depends if you're a glass is half-full, glass is half-empty kind of guy. When have you ever seen sentiment this bad before? I mean, 2008, for sure. At the end, people just kind of gave up. The stock market peaked in October 2007.

We didn't bottom until March 2009. If you think about it, all that stuff that happened with Lehman Brothers and AIG and all the bank blowups, that was in September and October of 2008. And the market didn't bottom until March 2009. So, that lasted so long that people, at the end, had kind of just thrown up their hands and given up.

So, that, for sure, was just as bad. But, back then, you didn't have social media throwing it in your face every day. That's part of the problem. If you're on that as much as people like we are, you probably assume the sentiment is worse than real life. When you go out into the real world, and a restaurant's full of people spending money, and the subway's full and all this stuff, it doesn't feel as bad there as it does when you're paying attention to this stuff as much as we do.

So, for us, maybe that sentiment is amplified, actually. Alright. Let's do a question. Okay. So, up first, we have, "I'm a 31-year-old financial planner married with two young kids. My wife and I just sold our house to move school districts and we'll rent for the next year. We will clear $70,000 from our house.

Our goal is to buy our forever home within the next year. With where Bitcoin is sitting," I can't wait to see the comments on this one. "With where Bitcoin is sitting, I'm very tempted to put $10,000 to $50,000 of our $70,000 cash into Bitcoin and wait a year to see what happens.

My wife would definitely not like this, and I know as a financial planner that the responsible answer is, 'Hell no,' or maybe just 5% of our cash. But I can't help but think that if Bitcoin returns to its high of $67,000, I could double or triple our cash for purchasing a forever home.

I have a guaranteed salary of $90,000 and my wife makes $40,000 a year. We have no debt and I save 10% of my income for retirement." So I don't like the idea of timing the housing market, but it sounds like these people timed the housing market pretty well. They sold their house, they're gonna wait a year.

I think waiting a year in the housing market right now could be okay if rates stay high for a while, that it could slow down. Obviously, initial blush, if we're being honest here, Ben's initial reaction is, "This is a ridiculous idea. Do not do it." But let's just look at the cost-benefit just to see.

Okay, you said you have $70,000 in cash. Let's assume that's your entire down payment. You're going to do a 20% down payment. That would be 20% of, for a $70,000 down payment, is a $350,000 house. $280,000 mortgage. I don't know if you're going to put more cash down and maybe have a smaller percentage, but let's just go with this for illustrative purposes here.

$350,000 house with a $70,000 down payment is a mortgage of $280,000, using a 5% fixed rate mortgage. Who knows where mortgage rates will be in a year? We're talking, in a 30 fixed rate mortgage, a monthly payment of like $1,500 a month. Right? Still with me, Duncan? Now, let's say you went up to your max limit and you put $50K into Bitcoin.

You kept $20,000 out and you put $50K in there. And it snaps back. Maybe it doesn't even reach those all-time highs, because that's asking a lot, probably. Let's say it just doubled. We go from $20K to $40K. Now, you take your $50K, you've doubled it, you have your extra $20K, you have your $120,000 put down.

That would drop your monthly payment to like $1,230 a month if you used all of that for your down payment. Right? So, you're saving like $270 a month. Right? That's real money for people. But what if you're wrong? What if Bitcoin goes back to $5,000 like it did in March 2020?

What if it keeps crashing? We have Coinbase blows up or some other thing and Sam Bankman Freed can't save everyone. It's not out of the realm of possibilities. Right? Now, that $50K gets crushed and now you have $12,500. Right? And you can only make a down payment of less than 10%.

Right? Because you lost a good chunk of it. In that case, we're talking about a monthly payment of $1,700 a month or $200 more. So, obviously, these are the extreme examples. You do really well, you do really poorly. There could be a middle ground there. But I wanted to look at the extremes, because I think especially the downside, that's what you want to think about in these cases.

Here's the thing. Do you want to bet your forever home on crypto? Can you imagine how angry your wife would be if you lost a bunch of this money and you tried to pull this off and it doesn't work? I mean, newsflash, you can't live on the blockchain. Right?

And if, let's say, rates continue to go higher in the mortgage market and your monthly payment is even higher now, and that down payment would help you a lot. Listen, what would I do? Take $20,000 of this, put it into Series I savings bonds. You're earning 9% annualized right now.

Put the rest of it in short-term bonds or online savings account. You can earn 1-3% in there. It's not life-changing money, but it's much better than it was in the recent past. If you want to get cute with this, maybe take $5,000 to $10,000 and speculate. Let's say you take $10,000 of the $70,000.

You still have $60,000 for a down payment. That's not going to change your life all that much. Let's say Bitcoin does go back to all-time highs and you turn $10,000 into $30,000. That can mean something. And you still get to look like a genius to your friends. Yeah. And you don't look like as much of an idiot if it doesn't work.

Here's how you think about a down payment. At 5% interest over 30 years, every $5,000 equates to $30 a month for your mortgage. Thinking about the upside and the downside there, it's not going to help you a ton if it works out to be right. I know it seems like a lot of money, but I understand the human desire to speculate.

I just think speculation should always be sized appropriately, especially when dealing with a goal that's important. I would rather have no speculation at all when dealing with something like a house down payment. If it's something else, if you've got $5,000 saved and you want to buy a boat, have at it.

Put it in Bitcoin if you want. I just don't know if I'd ever be comfortable taking a chance with something that important, especially when your wife is already against it. I don't see the upside and downside. We're not talking about an asymmetric upside bet here. The symmetry is to the downside.

Yeah. And it's a slippery slope, right? They could start getting into altcoins and be like, "Oh, well, maybe I could have X return more than Bitcoin, even. Or maybe I could have a basket of altcoins." So it's just where this could end up in a bad place, I guess.

If you're right, you think, "Okay, well, I'm just going to pull all the equity out of my home and put it into something else, and that's going to work next time." Unfortunately, every once in a while, one of these speculations is not going to work, and you don't want it to be on a house when maybe the bank says, "You need this down payment to qualify for this mortgage," and now you don't.

I wouldn't play around here. Fun question, though. Let's do another one. This next one's kind of a long one, but I wanted to include a lot of it because it's interesting to hear the thought process some people go through on this stuff. So let's do it. Yeah. So this is a two-pager, for those of you watching.

Is there ever a time where you would say, "Damn the company match," and stop investing in your 401(k)? Here is my situation. I live in high-cost Chicago suburbs. Wife and I are both 44. We have two grade school-aged boys, good salaries, and low-rate mortgage debt. We have $400,000 in Roths and $1.2 million in 401(k), but only $33,000 in taxable accounts.

We backdoor Roth every year. My wife is a partner in her firm and required to max out her 401(k) in pension. That kind of confused me. I've never heard of that "required to max out," but we can talk about that later. I guess the pension is a big part of it, but yeah.

She is a couple of years from investing in a pension that will pay her six figures annually in retirement. My company match is 1.5% of my salary, and I only contribute enough to give a 6% match. Neither of us wants to work until we are 65. Fifty-five would be ideal.

We currently do not contribute to our taxable accounts due to a massive home renovation we are about to undertake, but will allow us to comfortably stay in place for the next 15 years or so until we move away from Chicago to the mountains somewhere. Once the remodel is paid for, we will be directing excess funds towards taxable accounts.

We have anywhere from 11 to 15 years to bulk up our taxable accounts to put us in a position to bridge the early retirement gap to retirement fund pension age. The conclusion I keep coming to is it's not worth giving up $2,000 in free money just to put money into our taxable accounts.

Also, based on our time frame of 11 to 15 years, I know rate of contribution is more important than returns, so I feel like I'm just spinning myself into the ground, weighing the pros and cons. Ben's rule number one of retirement savings is you always get the match. If you don't get it, you're turning down free money.

I understand the thought process here. You already have a big allocation to tax-deferred retirement accounts. You do have the pension coming, which is nice, and a lot of people don't. I guess this certainly falls in our not to brag category. Andy and his wife are doing pretty well here, so kudos to you for that.

Listen, I understand the idea it makes sense to build up your taxable account since you're going to retire early and don't want to pay penalties on early withdrawals. The idea of diversifying your tax base makes sense, too, so you can have a little give and take when you do take those withdrawals from your retirement accounts.

I guess your 1.5% that you're receiving on your match is not life-changing money, but it's free money nonetheless, and I can see why people wouldn't want to turn it down. Let's work through some options before we go canceling that $401K match. I've done some remodeling in the past. It always takes a lot longer than you think and costs, I don't know, 20-40% more than you assume it will.

But you said these payments will be done in a couple of years, and you plan on throwing them in your taxable account. You can do some simple back-of-the-envelope calculations. I think someone's been reading Ben's Everything You Need to Know About Saving for Retirement book, because they said they know that their contributions matter more than their returns over 11-15 years, right?

So, they've been paying attention. I think you can do some pretty simple back-of-the-envelope calculations to see where those savings will get you in 11-15 years. You could also see how much you can set aside in that taxable account for a few years before canceling. Give it a couple years and see how much progress you're making.

And if it's not where you think you'd like to be at for a few years, you can always rethink that $401K match. But how about that money in the Roth? One of the great features of having a Roth is that you can pull out your contributions penalty and tax-free.

You can't take the investment earnings out penalty and tax-free, but you can take the contributions. So, if you're doing that back-to-Roth every year, you can take out the contributions tax-free. So, if you want to bridge that gap between $55K and $65K, and you don't have enough in your taxable account, maybe the Roth contributions can make up some of it.

The good news is, it sounds like you and your wife are great planners, and this is a relatively small decision in the grand scheme of things. Getting to this level, and you're niching it down to this much, you're doing pretty good. And who knows what will happen. Maybe you'll reach $55K and realize one or both of you don't want to retire.

You want to work a little longer, and then it won't matter as much, and you can prolong that. Maybe you'll have saved more than expected. Maybe you'll save less than expected. You just have to work. The good news with these kinds of decisions, it's not set in stone. You can always change your mind later.

But, I think you give it a couple years, see how long this renovation takes, and once you get there, you can kind of have an idea of the money. But, yeah, does it always, always make sense 100% of the time to take the match? Maybe it's 99% of the time.

I could allow for 1% where it doesn't make sense. But, I'd say give it some time and see how much money you can start building up the taxable account first, before you shut that off. Because it is, again, it's turned down free money. - Yeah, yeah, free money. There aren't many opportunities for that.

So, sounds good. - Yeah. But, yeah, you're in a pretty good place. All right, let's do another one. - Okay, so up next. "I'm in retirement and using the 4% rule to fund my lifestyle. My question is, is it better to sell 4% of my portfolio at the beginning of the year, or sell throughout the year, as I need the money?

Which strategy leads to more wealth in the long run? Assume you are invested 100% in U.S. equity index funds." - All right, we've gotten a lot of questions like this lately from people who want to know, "How do I spend money in retirement? I'm nervous. We're in a bear market.

What does this mean?" This is basically an opposite. This is a reverse dollar-cost averaging situation. So, my person I lean on, my expert for dollar-cost averaging, the great Nick Maggiuli, he writes at Of Dollars and Data. He works with us at Red Hat Wealth Management. - Just keep buying.

- New book, Just Keep Buying. So, Nick, this is the opposite. And when this question came in, I immediately sent it to you. I said, "Have you ever done anything like this?" And I think your tagline to me was, "Buy quickly, but sell slowly." Right? Is that the idea?

- Yes, exactly. So, I actually wrote about this in the book. And I think the main thing to think about when you're thinking about buying and selling, I mean, there's one core idea here, which is the market tends to go up over time. And so, given that, just imagine a series that just keeps slowly increasing over time.

You'd want to buy sooner, so you get in on that appreciation. And then, given that it's going up over time, you'd also want to sell more slowly, right? You want to buy more quickly and sell more slowly because of this appreciation, right? And I've actually run the numbers on this.

I did a whole blog post on this just on sell slowly. I kind of dug into it a little bit more, kind of related to blackjack and stuff, looked at the edge that you have by following a strategy where you sell, let's say, each quarter over the course of a year versus selling right at the beginning of the year.

And honestly, the percentage is small. It's not like you're making a huge... If you do this over one year, you're going to probably outperform by like 20 bps on average. So it's like 20 basis points, 0.2%. It's not a lot. But if you do this over a long period of time, let's say your entire retirement, the quarterly withdrawals is going to outperform by a bit more, right?

And you annualize that 20 bps, it adds up to a bit more money. So that's kind of the main takeaway there. I think that's the thing that I would think about when doing that, right? When you say you ran the data, I'd believe anything you say next. Just ran the numbers on this.

It makes sense, though. And you showed, John, throughout the chart here that shows how often quarterly withdrawals beat beginning of year withdrawals. You can see it goes up over time much like the stock market. So it makes sense that if you slowly but surely withdraw instead of taking a big chunk out at the beginning of the year.

Now, some people would say psychologically, "I want that number at the beginning of the year no matter what happens in the market because then I know that is locked in." But the way I look at this is, you're kind of diversifying your withdrawals, right? Because a lot of people ask us the lump sum and dollar cost averaging question going in.

There aren't as many easy strategies to follow when getting out. And obviously, the other part of this is, and I'm sure you've written about this too, Nick, is the sequence of return risk, right? If you start taking your money out and there's a huge bear market that hits, that can really alter your portfolio going forward.

And I think actually having some diversification beyond asset classes and strategies and diversification in your withdrawal strategy actually can probably help a little bit too. Because even when markets are falling, they're very volatile, right? And you could see these snapback rallies, even if you happen to retire in a bear market, where taking it out over time is probably going to help you.

Because obviously, if you take it out right before a bear market, you'll feel better. But eventually, you're going to have to hit and take some out then. And you looked at this for a 100% stock portfolio. In a balanced portfolio, the good thing is, you may be allowed to rebalance your portfolio as you make withdrawals as well, by taking from places that aren't getting hammered as much as the stock market.

Yeah, exactly. Right. And so I think the effects are even, the less volatile your portfolio, the smaller these impacts are. So like, we're already talking about a small difference now, so I wouldn't sweat the small stuff on this. It's really not that big of a difference whether you do beginning of year or quarterly.

But technically, quarterly will outperform, especially over like a, you know, multi-decade retirement time frame. Yeah. And there's other people who will say, "I'm going to keep two to three years as a cash cushion in case the stock market falls, and I'm going to use that kind of break in case of emergency kind of thing.

Maybe this is the kind of emergency I want to use that for." But yeah, your whole thought process there makes sense. Buy quickly, put the money to work, because stocks usually go up. It doesn't feel like it this year, but most of the time, stocks go up. And I do think your book here, Just Keep Buying, I'm actually glad it came out during a bear market, because that's when you need to hear this message more than during a -- it's easy to keep buying during a bull market, right?

When it's a bear market and you want to stick to that plan, that makes more sense, right? Yes, of course. Okay, let's do another one, Duncan. Okay. Up next we have, "When making a retirement portfolio, what would you use for real return of bond and equity allocations? Would using zero for bond and 2% for equity be conservative, realistic enough?" No, real return, not nominal.

For new whales and young people and stuff, can you explain this a little bit? Because I'm having trouble. This is asking for return expectations, net of inflation, right? On a real basis, standard of living, what can you expect your retirement portfolio to do over the long term? So, John, fill up the first table here.

I took this from Assaf Damodaran at NYU, and stocks, bonds, and cash going back to 1928. I looked at nominal returns. Those are the actual compounded returns. Then, over that same time frame, inflation was roughly 3% per year. So, you can see that the real returns go down by that inflation rate.

You can see stocks have a real return of 7% or so. Bonds are close to 2%, and cash is pretty close to zero. So, based on market history, 2% real and 0% real are conservative. But, I think when setting expectations for the future, you have to take the present into account, right?

So, one of my favorite ones, Nick, I'm sure you've seen this, is the John Bogle expected returns formula. So, he takes the dividend yield plus earnings growth plus or minus the change in P/E ratio. Current dividend yield for the U.S. stock market is 1.7%. Dividends have grown 2% over the rate of inflation over the last 100 years.

Historical earnings growth is 3% real. So, let's call it 5% as your baseline, right? And then, no one can predict the change in P/E ratio, because that's how people feel. No one knows what people are going to be willing to pay for stocks in the years ahead, right? But, do you think that 0% for bonds as a real is realistic?

Do you think that's too low, or do you think that's about right? I mean, it's tough to say. Like, right now, maybe it is. But, like, over the long term, I expect there to be some real return there. I expect it to be like, you know, I think most of history was like, you know, 1% to 2%.

You were looking at 2% to 4% nominal, probably 1% to 2% real. And so, 0% to 1% right now is probably what we'll expect going forward, but I don't know. I mean, it's really time period specific, right? So, I want to hope that there's going to be some real return there, but there's no guarantee.

And then, on equities, yeah, I think I usually plan for 4% to 5% real, and there's a lot of data that shows that across countries, even. Across a lot of other countries, you'll see like 4% to 5% real is probably a fair estimate. Yeah. So, John, throw this on the table.

A lot of people say, "Well, all the returns on financial markets has come because of disinflation and interest rates falling since 1980." So, I looked at 1928 to 1980. What did stocks, bonds, and cash do? You can see it was a little over 5.5% real for stocks, and bonds and cash were actually about the same, and they were about 0% real.

Now, it's important to remember that this is during a period that includes the Great Depression and World War II and the war in Vietnam and all sorts of other crashes and recessions in bear markets. So, I wanted to look at a period where things were pretty nasty, and you had literally the worst crash in the history of the United States stock market, and you still got almost 6% real in stocks.

So, I know people are very bearish right now and don't feel very good, but maybe that time period is a little more representative of considering the starting valuations and interest rates and all that stuff. I actually do think simply keeping up with the inflation rate for bonds is not a bad deal, because I think you can't expect to earn the kind of returns we've earned in bonds for the last 40 years or whatever.

That's probably not happening again. But yeah, I think to your point, 5% in stocks and 0-1 for bonds on a real basis, just keeping up with inflation, that makes sense to me, right? I'd sign off on that. Lewis: Sounds good to me. Lewis: I mean, for most people, I think being a little conservative in your planning is probably not the worst thing in the world, because most people are probably too aggressive.

You've seen those surveys, right, Nick? Where people think they're going to earn 12% a year or whatever it is. And maybe some people will say, "Well, if I'm earning 0% real, I don't want to own any bonds. I'll just have a little cash." But yeah, this is probably a good experience for people to go through to think through this stuff, because I'm sure a lot of people don't really even think through this stuff.

They just kind of hope their returns will be great and not worry about the downside. Wathen: Yeah, I agree. Lewis: Seems like this kind of goes back to that Bitcoin question, too, where a lot of it is just about, are you going to kick yourself more for being too aggressive or for not being aggressive enough?

And I guess that depends on risk tolerance and personality, right? Wathen: Well, real returns for Bitcoin, I'm expecting like 98% a year, give or take. Something like that. Maybe not. Lewis: Not investment advice. Wathen: Not quite. Alright, let's do another one. Question. "I put $500 a month into a taxable account at Fidelity.

In this account, my target allocation is 50% SPY, 40% QQQ, and 10% TLT. Is there any actual difference if I invest my $500 according to those percentages each month, 250 SPY, 200 QQQ, and 50 TLT, versus breaking down the $500 into appropriate levels in order to maintain the account's 50/40/10 allocation?

The scenario goes as follows. All three equities have gone down over the past few months, but QQQ has outpaced the declines. Should I be putting more than the 40% of my monthly investment into QQQ, given its recent performance, in an attempt to hit the 40% allocation, or should I just rebalance the entire portfolio twice a year on January 1st and July 1st?" Lewis: Good question here.

The idea is, should you use your contributions to rebalance as you go, or should you just make it easy, automate it, and rebalance along the way? Nick, have you ever done any work on this, or do you have any thoughts? Nick: Yes, I have. I did talk about this.

I've also talked about this in the book as well. Basically, because it's a taxable account, if this was a non-taxable account, you can rebalance as often as you want, there's no tax consequences. But because it's a taxable account, I do not recommend selling things and then buying something else, doing an actual rebalance, because it's a taxable event.

So I do recommend doing what the person recommended, which is like... Lewis: Oh, we lost you, Nick. That's a new one. Maxfield: He's muted. All right, we'll keep going. All right, so the idea here, as Nick tries to figure some stuff out, because it's taxable, it matters more. When you're rebalancing, you're trimming some of your winners to buy some of your losers.

What happens is, when you rebalance, you'll be locking in some gains on occasion. The idea here is, especially since it's a taxable account, it probably makes sense to just rebalance with those contributions. I do this too. Even if it's a tax-deferred account, it's just a little easier. I'll up some of the ones that are lagging a little bit, just because it makes sense to bring them up, and it's easier that way than hitting it.

The one downside is, it requires a little more work, so it's not as easy to automate your investments along the way. But I think if you're willing to do this, especially in a taxable account, and you hate paying taxes -- and every time we talk with Bill Duncan, people hate paying taxes more than they enjoy seeing gains in their portfolio.

Lewis: Yeah, it's true. I think people feel like they're winning the game when they save on taxes. It's kind of like, they were really smart. That's what Bill has talked about before. You did something really smart. You tell your friends, and they're like, "Oh, I didn't." Everyone understands that if you pick the right stocks, they go up.

I don't think people ever really think about the fact that just being smart about tax strategy can actually end up saving you a lot of money. You guys have me back now? The main takeaway here is, just thinking about this, you should be buying the underweight asset, so in this case QQQ, instead of trying to cause a taxable event by selling some of the overweight and doing that.

I call that an accumulation rebalance. You're just buying over time, you're buying into the underweight thing. I think that's much better. The other thing, just on rebalancing in general, you don't have to rebalance as much as you think. Everyone's like, "Oh, do I need to do it twice a year or once a year?" It doesn't really matter.

A lot of this stuff, it's luck, really. There's so much noise, there's no one rebalancing period that dominates. I've even written on this before, where if you rebalance in January versus April or July, it's complete noise. It's very difficult to know when's the best time to rebalance, so just do something that works for you.

That's what I recommend. And yeah, the less you can sell assets and the more you can just buy underweight assets, I think that's a better policy going forward, because it's just not going to create taxable events, and that's the key. So that's why just keep buying, not selling. Does anyone think that we should short Apple based on the fact that AirPods seem to die all the time when you're on one of these things?

What do you think? Is Apple short because of this? I don't know. It's a great question. What do they last? 60 minutes, 90 minutes tops? Something like that? That's what it seems like. I have my AirPods hooked up to my watch, my phone, my Mac. It's constantly pinging to one of those.

It would be nice to just make it easy. Anyway, thanks for joining, Nick. Remember, if you haven't read Nick's book, One More Plug, just keep buying. I love it because it's a mix of personal finance and investing, and I think you need both of those if you're going to succeed.

Remember, if you're listening to us in podcast form, leave a review for us. Just tell us how much you like Duncan and his hats. If you're watching on YouTube, hit that subscriber button. Leave us a comment. Leave us a question in the comments as well. Thanks to everyone who followed along live.

We always appreciate it. If you want some Compound merch, idontshop.com. We've still got five or six weeks of summer left. There's still some Portfolio Rescue t-shirts in there. Again, keep those questions coming. Askthecompoundshow@gmail.com. The Compound and Friends tomorrow. Remember, Animal Spirits should have a new video up today. We will see you next time.

See you, everyone. Good.