Welcome to Portfolio Rescue, I'm Ben Carlson, your host, with me as always is Duncan Hill. How's it going, Duncan? Hey, how's it going? Today, I want to talk about inflation in my opener here, because no matter what the number is, people are going to be angry, right? It's really high right now, it's the highest it's been in 40 plus years, but no matter what happens, someone will say it's understated because if you go X this and X this and X this, then it should be lower.

But a lot of people say no, it's actually overstated because the government doesn't count things the right way. So I want to talk about this thing about people saying the inflation rate is always overstated or understated. John, put up this chart here about the consumer price index. This is the consumer price index for shelter and it's showing over the last year it's less than 5%.

Now people are up in arms about this one because they throw their hands in the air and say this is ridiculous. Housing prices are up 20%, rents are up 17%, mortgage rates are at 5% now, how could the inflation rate for shelter be 5%? I'm going to walk you through this and why this, for some people it's way more than that, for some people it's probably less than that.

There's a 65% home ownership rate in this country. That doesn't mean 65% of the people own homes because you could count, I think an apartment complex counts as one owner, whatever. If you're one of the people that owns your home and you bought before rates rose or refinanced when rates were 3% or lower, those mortgage payments are fixed.

You've basically experienced deflation as housing costs have risen because your asset is up in value, right? Your house has gone up 20% or 30% or 40% or 50% and your payment is fixed. It's not moving at all. So inflation rates are inherently personal. So much of it depends on your spending patterns and your circumstances.

And so my point is the inflation rate that you see in the headline is always going to be wrong for you personally. And that's why people get so mad about it. Yeah. Yeah. I mean, it's, it's very personal. Like you and Michael have talked about so much before. It's what you buy, right?

Yes. If you happen to have to buy a car in the last year and buy a house for the first time and you buy a bunch of meat all the time, like you're screwed. That's what I was about to say, you know, being, being vegan is like inflation proof, you know?

Yeah. I'm just kidding. Coffee. Coffee is the main thing that I noticed. Coffee is up like so much, you know, the coffee that I buy. See that's why I'm going to be able to retire like seven days before you because I don't drink coffee. Sure. It's true. Yeah. Yeah.

All right. Remember, before we get to the questions, if you have one, ask the compound show@gmail.com and let's get into it. Okay. Also, I'll just apologize to everyone. We don't have the clock ticker today, the comments, everyone seemed to love it so much last week, but, but yeah, we don't have a ticking clock.

I don't think anyone complained about it at all. Not one person. No. I think everyone loved it. It was a resounding success. Okay. So up first, my husband and I are both in our early to mid thirties with 30 plus years until we retire. We are a hundred percent invested in equities, mostly index funds with about 16% company stock and about 5% in my fund portfolio.

What is the best way to start investing in bonds? One option would be to start buying $10,000 in I bonds over the next few years and continue until we retire. This would give us an income. This would give us income spread out over retirement and in an emergency, we could cash out early.

Another option we've considered is to DCA into Vanguard bond funds starting in, uh, in our mid forties, but with monthly income on these so low, uh, we'd need to have a lot saved to have any meaningful income from it. So I'm leaning towards the I bond route. What would you do?

All right, let's talk about the I bonds first because they are so, so hot right now. This is from the wall street journal, us treasury series. I bonds will offer annual interest payments of 9.6% based on the bonds latest inflation calculation, which is tied to March's consumer price index.

Basically they recalculate the interest rate on these every six months and it's may and November and because rates are so much higher on these, this is basically the best deal you could get in fixed income right now. It's backed by the government, their index to inflation. They said the wall street journal article said over the past six months, $11 billion of these have been bought, which compared to the same period in 2020 was 1.2 billion.

So people are loving these things right now. Um, they basically pay a fixed rate or they're supposed to, and that's set by the treasury. That rate has been set at zero for a long time, but you're just getting the inflation kicker. So if you want to know how that interest rate is determined, it's basically determined on, on the last six months of, of CPI data.

One other positive, I talked to our tax expert bill suite on this. You don't pay state income taxes on this because it's a federal bond, but you also can defer federal income tax on that income until redemption. So again, interest is compounded semi-annually. You can, you do have to hold it for 12 months after you buy it.

So you have to cash it out after 12 months and if you redeem before five years, you're going to give up three months worth of interest, right? So you know, if you do redeem after 12 months, you're, you're only getting 75% of that interest. Here's the problem. After five years, no penalties, nothing like that.

You can only invest $10,000 per household. So I know a lot of really wealthy people say that's not enough. I think if Biden wanted to score some political points right now in the crazy political inflation environment, he'd probably up that cap. I don't know, 15, 20,000. And it seems like they could do away with the federal, federal tax, you know, like why is there a federal tax on these if they really are supposed to help middle class people save, you know?

That's true. And if you took your tax refund and send it right there, you could do an extra 5k, I guess you could do 15 if you wanted to. The problem with these things, you have to buy them straight from the US government at Treasury Direct. John, pull up that, that website.

This website looks like it was created in 1994 by like a 12 year old. I really like the idea of buying these bonds, but it's not user friendly at all. Like shocker, the US government doesn't have a good technology system. It's very clunky. The customer service isn't great. It's not a great user experience.

One of the other things, like if you and a spouse wanted to buy one, Duncan, you and your wife wanted to buy one, you have to do, you can't do joint accounts. So you'd have to do one, set it up. She'd have to do one as well. You can't buy IRAs.

You can't buy them with IRAs as far as I know. You can buy them, you know, on behalf of your children if you wanted to. And the other thing is if you wanted to use them for educational expenses, then you're paying no tax at all. So you want to use these as a 529 vehicle.

So I actually think, so if you're one of these people, you know, you're in your 40s and you're getting closer to retirement than you are from your 20s, you're thinking, how do I more conservatively like slowly but surely get there, right? Because how do I do that glide path sort of thing?

This probably isn't a bad way to do it, where you buy this 10K every year and slowly build up that bond position. Now you can't actually find yield on other bonds right now. So the SHY is one to three-year treasuries. It's yielding 2.5% right now. IEI is the three to seven-year treasury ETF.

It's yielding almost 3%. Corporate short-term yields at SLQD is over 3%. Josh wrote a good piece the other day talking about how he was buying SHY, I think. So if you're a person who holds bonds right now, it doesn't feel very great. But if you're dollar cost averaging into bonds slowly, this is actually pretty good because rates are rising.

You want yields to go up. Now some considerations, asset location, again, you can't do this in an IRA or a 401(k). And I think the really big key is, you know, obviously it's probably worth going through some hassle of using that crappy government website because you're getting such a great deal, almost 10%.

Again, it's six months, you know, annualized. But you can't do it like automation. So if you're worried about ease of investing, you want to just have it on autopilot, you can't really do it that way. But I think for that extra amount of yield, if you're earning five to four to five times amount of a U.S.

treasury bond right now, that's a pretty good deal. Obviously, that won't last forever if inflation comes in. But as far as right now, it's not a bad deal. One thing I will just mention that I was talking with Nick Magiuli about recently is some people have this weird authentication problem when you try to sign up.

I recently bought iBonds like six months ago. And my wife, it said like, we need more information, and you have to send these forms and all this kind of stuff. It happened to Nick, too. And apparently he was reading about it. It happens to a lot of people. And essentially, you're in limbo forever.

Like you can't actually get your account signed. I've heard this too. For me, it worked fine. But for some people, it won't. I've heard that too. You have to like go to a bank and get a note. Yeah. So again, this is a problem with ease of use and access.

It's not as easy as opening a Robinhood account and trading five minutes later. It'll take a little bit of time to set up. And I guess once you figure it out, it's probably easier, but that first time could be a problem for people. Funny. Which of those is easier to do?

Right? Yes. I know. Right. Yeah. I'll do the next one. Okay. So up next, we have on a recent podcast, you mentioned that you went from being a saver to being okay with spending. I know you've mentioned it before, but how about an episode on it's okay to spend?

I'm trying to get more comfortable with spending myself. I have enough save to have a comfortable retirement, about $500,000 with 20 years to grow, but I like saving. I use tax deferred accounts and I don't have expensive taste. I grew up poor and we never had enough money. My wife grew up similarly and both our parents live off of social security and any little thing is an inconvenience.

How did you change your mindset to be more okay with spending? So someone on Twitter asked yesterday, what's your personal finance take that's going to get you canceled? And mine was something along the lines of it's okay to spend your money and enjoy yourself a little bit. The people who tell you, who spend, shame you all the time and say, don't spend your money.

Every little piece of your money here could be way more in the future. Just don't enjoy yourself at all. I think that's crazy. Actually, I think it was Ramit at I Will Teach You To Be Rich was the first one who really kind of taught me this. And he said something along the lines of like spend extravagantly on the things you love and cut costs mercilessly on the things you don't.

Yeah. He's got a great book called I Will Teach You To Be Rich. He's kind of been my personal finance mentor. I actually had him on the show three years ago, it was pre-pandemic, right? A long time ago. It was before I actually worked here. Oh, it was that long?

Okay. Maybe it was like four years ago. So also I think part of, for me, I was always a big saver and I always was like penny pinching and saving from like a young age. I think it was just kind of inherently in me. Part of it was, you know, my upbringing, my parents, part of, I think it was just my personality.

But the older I got, the more I realized that like seeing the value of my portfolio go up didn't bring me nearly the same amount of satisfaction of, wait, spending a little extra to go on a trip this year. Like what's going to bring me more regret? Not having a little bit more when I retire or actually enjoying myself a little bit now.

So I think the idea is once you automate your savings, then I think you can try to prioritize your spending. You don't have to have expensive tastes to spend money to make you happy. Like my way of looking at it is I'm selectively cheap. Like I like a nice high quality car that's like new-ish, but I don't drive luxury cars.

My wife and I don't really like to go to expensive dinners. I prefer much rather to go to like a brewery and get a burger or something, you know. We sell furniture in our house from like Ikea and Target and Talisman, which is a local West Michigan place here.

I love red wine, but it's hard to find me a bottle for more than $20 that I care to buy. Right? My wife loves Starbucks. She wants to get a Starbucks every day. Great. Get a Starbucks. I don't care. You know, that's a little thing. For me, I used to go to the public library all the time to get books and I'd wait months for these books that were on hold and now it's like, wait a minute, what am I waiting four months to read this book for if it's $7.99?

So every time like buy the book if you want. So I also prefer to pay for things in the past that I would have done myself like for time. So in the past I did all the lawn care at my house. I shoveled the snow, all this stuff, cleaned the house and now we pay for someone to clean the house and remove the snow and do the lawn care and all gladly stuff that I would have done myself in the past that I just would rather pay for time now.

So I have more time to spend with the kids and that sort of thing. Obviously everyone is going to have their own spending categories that they care about, but I think maybe you have to force yourself. So if you're, you're a saver, cut out a piece of your budget, say every month $500, I'm going to spend guilt free on something new.

So pick one thing. If you're going on a trip, pay up for first class, give it a try. Try to go out to a nice restaurant, buy some expensive clothes, maybe buy your friends a round of drinks, right? Stay in a nice luxury hotel. Just try it once and see how it feels.

And then you can say, is this the kind of thing that's worth it to spend a little bit more on occasionally or do I not care? Like you never know if you've never tried it before, especially if you've gone from an upbringing where you're always constantly hoarding money and worrying about, you know, where that money is going to come next and living paycheck to paycheck.

So I think maybe if you've got your finances, you know, in line, try to like actually budget for it a little bit and force yourself. This is my guilt free spending. I'm going to blow it on something new every month and just try it. Yeah, no, that's, that's good advice.

And yeah, some people, like you're saying, some people don't care and then other people, it brings them a lot of joy in life, right? So yeah. And so let's do this next question because I think this is a perfect example. Okay, so this is a longer one, but an interesting one.

I've been a huge golfer for all my life and have always wanted to join one of the nicer golf clubs in our city. The initiation fee for one of these clubs is between 70 and $100,000. I had no idea it was this expensive, but it can be paid overtime interest free and the monthly dues are 500 to $750 a month.

You want to talk about inflation? I'm guessing with the amount of people golfing these days because of the pandemic, these prices have probably doubled what they were. Yeah, it's incredible. We're still early in our careers and not in a position to afford this kind of expense yet. Are there any rules of thumb, percentage of income, net worth, monthly budget, et cetera, that you would suggest for determining when a big ticket expense is feasible?

I want to wait until we're ready, but these fees are not set in stone. Initiation was closer to 40 to $60,000 10 years ago. I don't want to wait until our incremental readiness is eaten up by the increased fee. For context, my wife and I currently save 60% of our income, have no debt except mortgage, and max out all retirement options.

This would be our first major discretionary type of expense. All right. See, here's the thing. I am personally not a golfer. I hate golf. I love golf, but I'm horrible at it. See, that's the thing. I'm horrible at it and I just never had the patience to put in the work.

My dad loves going. He golfs three or four times a week in the summer. I have a lot of friends who play golf. Good for them. If golf is your thing and you want to spend money on it, do it. Guess what? I give this person permission. Buy the damn golf membership.

You save 60% of your income, right? I guess you could make it a goal and say I'm going to carve out 10 or 20 or 30% and save up for that initiation fee, but if going to the golf course on a regular basis is going to make you happy, then do it.

Even if keeping up with those expenses is going to cause you to bring that savings rate down from 60 to 50 or 40, guess what? You're still better off savings rate-wise than 99% of the company. This is your one big ticket splurge item. I'm not going to spend shit.

You could have people who are going to judge you and say, "Did you hear how much they paid for that golf course?" Who cares? If you're already saving in your maximum retirement accounts, do you really think you're going to regret this when you're 60? Here's the thing. People save up for 40 years so they can go golfing one day when they retire.

If you can afford to do it now and you're still saving for retirement, maximum retirement accounts, do it. I wouldn't overthink this. I would figure out a way to make this happen because if this is really going to make you happy and this is your one thing and everything else you've got figured out and in line, that's the whole point of prioritizing.

Those memories that you're going to create golfing all the time, even though I would hate it personally, this person is going to enjoy it so much and have so much fun and have drinks and dinners and stuff there at the golf club and maybe a pool or something. Do it.

I had a question about traveling a while back. Is playing golf at age 70 more fun than playing golf at age 35? Exactly. The point is as long as you have your finances in order and you're saving already, then whatever you have left over, do whatever you want with it.

Then you can go crazy if you want. You don't have to cut back everywhere else because you already know how to do that. I do just wonder what you're paying for. That's a lot of money. A golf course, whatever. That's for another show. It's prestige, Duncan. Yeah, I guess.

It sounds really, really like a lot of money for a golf course. Yeah. It probably is. I'm giving this permission. If you want to do this, do it. All right. Next question. Okay. Yeah. I saw someone in the chat mentioned Topgolf. Yeah. You could just play Topgolf instead. Okay.

So the next question is, I bought into a Vanguard Target Retirement 2025 fund as a lower risk investment. I'm nowhere near retirement age. I'm 30 years old. And I have no idea what will happen to this fund in 2025. Does everything in the fund mature and get returned to shareholders?

Does it continue in some other fashion? If so, should I cash out during the year? Is there a general rule for when you should exit a target date fund? All right. I have to admit, I have no idea of this either. When I was reading this, I was like, "Oh, of course." And then I was like, "Oh, wait.

I actually don't know the answer to this." All right. Good question. And this is a good question because this is a younger investor. Good question for one of our younger advisors, Ben Coulthard, who's been with Ritholtz probably a year and a half. Hey, Ben. He's the second most important Ben on our staff.

Now, I am a noted target date fan. I'm a little taken aback that this person is 30 years old and investing in a 2025 fund. Maybe they have a reason. But why don't you school us on the point of investing in something like this, when it would make sense for a young person to invest in like this, and then how the whole target date funds thing works, like how the dates work because I think some people probably don't even know.

Yep. I'm also taken aback by the 2025 target date fund, and I don't want to dunk on our guest here too much. So I'll just answer it mechanically. Currently, that fund is 55% stock, 45% bond, and it's not like it matures in the year 2025. It just becomes like a 30% stock, 70% bond fund, assuming that you're now 68 years old and you're in retirement.

Right. Well, that's the way target date funds work, right? That date is supposed to be the day you retire. And of course, when you retire, you're not just going to put all your money in cash because you could have two, three, four decades left to invest. So they still have to invest in something, it's just going to be more conservative.

Right. Right. So like the viewer, I'm in my early 30s, and there are times to get conservative, right, for certain things. But I'd ask him like anything in personal finance, like what this money's for, right? So if it's in his 401k, I have one reaction, and that is, "Come on, man.

I mean, why? You have 30 more years so you can even touch the money. Me too." Personally, I'm in 100% stocks, my 401k, I'm going to be adding to it every other week for the next three decades. So why on earth would I have 40% bonds, let alone four?

Right. So yeah, someone of that age, if they're in a 401k, they should be in a 2060 or 2065 fund or something, right? Something much further out. Exactly. So the Target Date 2060 fund is 90% stocks, 10% bonds. So if that's what it's for, if you're just looking to set this on autopilot, Target Date funds are great.

You don't even have to do any guesswork. It does all the rebalancing for you. But I'm going to assume that that's not the goal here, because there is a great, I would say, reason to hold something like this. And that's if you have a three to five year down payment goal or something, which I do have.

I don't have a set date on it. It could be three, it could be six years, but I can't have that just sitting in cash and just getting eaten away, but I can't YOLO it into the markets either. So I'm actually using a 50/50 allocation fund for whether it's two years a place pops up, five years, maybe I get a little bit more.

But yeah, I would say it, like anything, it comes down to what the money's for. And as for the viewer, if you're listening right now, shoot Duncan another email. I'm happy to hop on the phone personally, because this is a conversation, right? It's hard to know what this money's for and give the right advice.

I do agree with you. If you have a shorter term time horizon, picking a shorter term target date fund actually makes sense. So you're starting to save right now for a house down payment and you pick a 2025 or 2030 fund. It actually kind of makes sense because you can put an end date on your fund when it's going to have that glide path to get more conservative.

Right. So even like for like a college goal, like I would imagine, you know, this 30 year old doesn't have a 15 year old kid, that'd be pretty gnarly. That's going to be in college in a couple of years, but like for a parent, you know, your kids coming in five years, like I think it would be a great solution for that.

Yes. Guess what my kids 529 plans are in? Target date funds. Come on. Exactly. Of course. At some point this show is going to be sponsored by a target date fund, right? Like an individual one. Can we have like one target date fund sponsor us? It should be. All right.

I'll do the next one. Awesome. Also, Giancarlo in the chat says Benny sort of looks like Matt Stafford. Interesting. I'll take that. I'll take that. LA Rams Matt Stafford or Detroit Lions Matt Stafford? There's a difference there. Good question. Okay. Up next. How should I think about investing for the long term if I also want to speculate or gamble in the short term?

What amount of my portfolio should I dedicate to these different approaches? So we talked earlier about me changing from a saving all the time to having some spending in there. This is probably something I've changed my mind to. I've written about this before, how I have 10% of my portfolio is just kind of for fun.

I have it in a Robin Hood account and some alternatives and stuff, and I think scratching that itch makes sense. Ben, I think this is something that younger people probably have more of a desire for than their parents may have. So what do you think is a good starting place for this?

Do you think younger people want or need to have this more than older generations? And how do you go about doing this in a way that you're not just going to blow yourself up and lose a bunch of money that you really need? Well, I'm going to give the Ben Carlson blog answer, which is that again, it depends on everyone.

I mean, there are 68 year olds that love to buy some individual stocks, some alt coins and whatnot. But I do think when you're younger, you have 40 years to make up the income if you blow something up. So the Robin Hood culture, I mean, every other commercial on the Super Bowl was gambling.

So I think there is that kind of, you have Stuhl Presidente throwing out all of his picks, you have all that stuff. So I'm just going to answer this personally again, because investing and gambling are two of my favorite things, but they're similar but different. So I started out like most people, I read the Intelligent Investor, I read Buffett shareholder letters, Peter Lynch, and I think I'm ready to be the next Bill Ackman.

So much so in fact, that my first stock purchase was Valiant Pharmaceuticals. I had seen that it went down from like $300 to $30. I read over the weekend in Barron's that Bill Ackman was joining the board as if that's some kind of secret inside information, like the whole world wasn't reading it.

So I buy it, it instantly pops to like $40. I'm going around the office bragging how I'm up already, which that's another thing, don't flex on your investments because you're only giving yourself bad karma if that exists. And then I ended up looking like an idiot when I sold it at 20.

So there's that, then my next purchase was Apple, which was the same quarter that Warren Buffett initiated his position. Too bad on like Warren Diamond hands, I sold it nine months later because I saw like a scary election headline or something. So I guess meanwhile, like my 401k is just kind of plodding along and index funds, my sidecar account is going like this.

The beauty of the sidecar account, the play account, the gambling account, whatever you want to call it, is that you can scratch that itch, right? You play out your idiot ideas without blowing yourself up. And I don't care if you're taking Tiger Woods to win the masters or you're buying Tiger King coin, which is a real thing that I read on the internet this week.

The key is to size it appropriately. I have 80% of my net worth in index funds because I'm happy to bend the knee to the market. I would buy Nike King and Jon Snow if they had a kid. One of the few guarantees in investing, there's very limited guarantees, but one of the few ones is that you are guaranteed to own a future winner.

You don't have to worry about picking Amazon, it'll just pop right up in the index and you'll own it. The other 20% is where I get my thrills, a little Nvidia here, some Tesla there, dabble in some Solana, throw $100 on the Patriot spread, which actually when we had Tom Brady, that dollar cost averaging the Patriot spread, that was an investment.

That is not gambling. The other thing is, the other good thing about this is you can use it as a comparison. So in 2020, you're looking at your sidecar investments, you're going, "I'm a genius. Why am I holding index funds?" And then 2021 and on, you're saying, "Oh God, thank God that I hold these index funds still." And it's a way to keep yourself in check a little bit to realize like, "Oh, that one year of really awesome returns does not mean that I should put all of my money into this and go crazy." Exactly.

I think the problem with that whole 2020, 2021 madness is people did put way too much. And you hear about the guy who concentrated everything in Tesla and turned a hundred grand into 2 million. That's the survivorship bias. You have all the other people that blew themselves up. So just size it appropriately.

Look at it as like going to the movies. I put $50 on the Rangers game the other night. I was on the edge of my seat the whole game. I might as well have been at the game screaming and yelling. The bet did hit, so that's great. But if it didn't, whatever, I owe $50.

We only talk losers here, not winners. I know. I definitely have losers. I definitely have losers. I bought Roblox at $100 and then again at $80 and sold it at $50. There's no stories in the New York Times about the guy who YOLOed his life savings into Dogecoin when Elon Musk was on SNL and now he's down 80%.

You don't see those ones on the other side of it. Exactly. And I think it's almost like a camaraderie thing. The group chats with my friends, they're all, "Yeah, are you on the Packers this weekend? Did you buy Shibu Inu?" Whatever. It's fun stuff. Just size it appropriately. Yeah.

I do think it's... Yeah. They say successful investing should be like watching paint dry and that's fine, but it's okay to be entertained and have a little bit of that other stuff too if you're going to enjoy it and if you just like following this stuff because it's interesting.

Because it is. The markets are so interesting to watch. It is. A lot of young people would tell you, "Have fun being poor," right? Oh, yeah. Yeah. I don't care. And guess what? I am having fun being poor and losing $50. I haven't heard much about that. I think a lot of people are having fun being poor who are saying that.

Yeah. Yeah. Exactly. And you know what? I don't want to rub it in on people, but yeah, they should have sized it appropriately. That's it. Can I quickly tell my intelligent investor story? Please. I read it back many years ago and I immediately went out and bought a bunch of close-in funds because he talks so much about close-in funds.

Did you also buy railroad stocks because that's what he was talking about as well? I looked at them, but I didn't. I stuck with CEFs. Yeah. It's kind of funny what that book does to people. Okay. But yeah, I think a lot of dyed-in-the-wool bogleheads would say, "You're an idiot.

Why would you ever do this? Just put it on autopilot and forget it." I think for some people that's fine and they can do that, but other people that need to scratch that itch and have that release, if it allows you to leave the rest of your portfolio alone, then I think it's serving a purpose.

Exactly. Exactly. Great. All right. I want to thank Benny Markets for joining me today. Thanks for having me. Appreciate it. Duncan and I will be back next week with Nick Majulie, who's going to be pushing his new book. Right. Just keep buying. Right. Keep those questions and comments coming.

If you want us to put the ticker back on, we will. Just put it in the questions and comments here. Yeah, just tell us if you want that clock ticking back next week and we'll make sure we oblige. If you have a question, askthecombancho@gmail.com and for your summer merch needs, Duncan just did a total overhaul of idontshop.com.

We have Portfolio Rescue towels now, which I'm going to be using at the beach this summer. Right. We have a new t-shirt, a white hoodie now. It's looking good. Duncan did a good job on that. Yeah. We did it for summer. It's a summer shop now. All right. idontshop.com.

We will see you next time. Thanks. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. (upbeat music) (upbeat music)