(beeping) - Welcome back to Ask the Compound. Every week people email us at askthecompoundshow@gmail.com. Duncan, I was looking this week and we have 43 pages of questions to go through. - Yeah. - A lot of details, we don't mind those details sometimes. Could use a TLDR sometimes, but we like the fact that people share everything with us.

So gotta have a good question if you wanna make it to the top of the heap, right? - That's true, yeah. - Today's Ask the Compound is sponsored by Foundation Source. We get a lot of not to brags in terms of people's net worth, how much money they have.

We don't talk much about giving back though. Foundation Source empowers people and companies to create a better world through philanthropy. They're the nation's largest provider of foundation management services, trusted source for philanthropic expertise. Also have industry leading technology. I worked in the foundation space most of my career for nonprofits.

That is one thing the US does better than any country probably in the world, is we give a lot back. And I've worked a lot of nonprofits. Foundation Source can actually help you, family offices, CPAs, attorneys, set up a foundation, manage it yourself, work through the tax, all the tax stuff that goes with it.

We have a description. We'll see the description and a link below. Click on that and you can figure out what best describes your goals and how Foundation Source can help. Really cool, really cool, cool organization. - Yeah, very cool. - All right, I am doing today's show live from Montreal.

I spoke for a banking conference this morning in front of a few hundred bankers. You know, the stereotype of Canadian people is true. Just some of the warmest, nicest people in the world. They really are, you know. I come from the Midwest where people are generally pretty nice. People in Canada just blow us out of the water.

I've never been to Montreal before and dunk in my one way of figuring out when I come to a new city, I wanna explore a little bit. I walked around and had dinner last night. And this morning I went for a jog. And anytime I go for a run in a new city, it's a way to explore, but it's also a nice way to find water and find if there's a good trail.

And they have a trail right along the water, beautiful, just a gorgeous city, really clean too. That's what I like about it. So I double thumbs up for Montreal. - Have you heard a lot of people say eh? Is that a real thing? - Well, people have the French here because we're in Quebec, so it's more French.

There's a lot of French and yeah, it's a very beautiful, beautiful city. So let's get into questions for today. - Okay, up first today, we have a question from Doug. After living through 0% interest rates for years and being a relatively risk-averse 62 year old approaching retirement, I was thrilled to see 5% T-bill yields this year.

I de-risked my portfolio from roughly 75/25 stocks to bonds to more like 60/40 late last year. Now the stock market is up double digits this year and I feel like I made a terrible decision. Help talk me off the ledge here so I don't regret making an asset allocation change at the wrong time.

- All right, Doug, I'll talk you off the ledge. I don't find much fault in here. There were definitely a lot of people when it was 0% interest rates who said, "Geez, I should be 60/40, but I'm gonna go 75/25 'cause I'm getting nothing from my bonds." And that made sense.

The two things you could have done back then were make a change to your portfolio allocation or just change your expectations. And I feel like, but this is a good segue into understanding the two reasons that market timing is hard. One is, of course, you could be wrong, right?

You could make a decision, the market goes against you. If you go all in and the market falls, you feel like an idiot. If you go out of the market, the market rises, you feel like an idiot, or you could be right. Then what, right? Then are you stuck in cash forever?

It's hard to get back in? Like, what is your time to get back in? That's one of the reasons market timing is so hard, but-- - That's the title of today's show. - That's right. And we heard from a lot of people that they were really excited about 5% T-bill yields.

Again, we got so many questions on this and a lot of people asked us what made sense. Should I shift some of my equity allocation? And I said, you know, that sounds good in a world where the stock market isn't a bear market, we're down 20%. When the stock market is up 20%, those 5% T-bill yields don't sound quite as good.

So this is why I wasn't a big fan of making a sweeping change to your portfolio. Now, what Doug did here, that's different, right? Doug sounds to me like he took a look at his risk profile and time horizon asset allocation and said, now that I'm earning some yield, I think I'm gonna go back to where I should have been.

So that makes sense to me. And I think you have to think in terms of process over outcomes when making these kinds of decisions, right? What if you make a decision to buy or sell stocks or bonds in your portfolio because of your circumstantial change and not because of the market?

'Cause you can never time these things perfectly, right? As long as you went from 75 to 25 to 60, 40 for the right reasons, that's fine, but you can't go 75, 25, 60, 40, 75, 25, 60, 40. Oh no, I did something wrong again. That's the problem. If you're going back and forth, if you're gonna stick there because your risk profile, time horizon or circumstances or goals changed, that to me is not timing the market.

That's just timing your own life. That makes sense to me. I mean, the one way you could do it to maybe ease a little of the pain and the regret is slowly do it instead of doing it all at once. But then you could still be wrong there because, well, I look back and I dollar cost average out of the market, but now what if I would've just done it on one lump sum?

I would've been better. So it's always making these high probability decisions when understanding that you can and will be wrong. Sometimes the market just goes against you. It's not very much fun. So I think everyone is wrong at some point. When investing, I think the best you can do is just plan for a wide range of outcomes.

That's why I think it's so important to give every asset class or strategy in your portfolio a job in the first place. So when you have some cash come in, you don't have to think about it. You just know, okay, I'm putting cash based on this asset allocation and I'm putting it in there now and I'm not thinking about it.

So you don't have to get, you have a cash for some reason, a bonus, or you sold something and you sold a house or whatever, you have money. You're not thinking, jeez, should I, what's the best investment opportunity? T-bills or bonds or stocks. If you have a plan in place already, you don't even have to think about it.

You just do it. That's the whole reason you have a plan in the first place. - Yeah, I made a note here, but it kind of reminds me exactly what you're talking about. It reminds me of driving on snow or ice and how where you really get into trouble is snap steering and trying to like over-correct.

That's what causes wrecks and crashes. - The very first time I drove in snow, I had a 1989 Honda Accord. Tires were basically bald, which was great for driving on Northern Michigan. And I didn't have anti-lock brakes. They didn't exist on that car yet. And the first time we had a light dusting, I slammed the brakes and went right into a ditch.

Very first time. I was like a block from home. - You're basically an F1 driver if you don't have, if you don't have anti-lock brakes. - Yeah, I'm, yeah. All right, next question. So yeah, Doug, I don't think you market time. I think you made the decision with all the information at the time that you had.

I'm sure you're kicking yourself off. I would've just waited a little longer, but the reason you set an asset allocation in the first place is because you want to stick with it. - Yeah, good advice. Okay, up next, we have a question from Chris. Does rebalancing essentially lock in losses?

I have a robo-advised Roth IRA that seemingly rebalances every other day. Will I ever get back to break even? And when do I stop buying the stock market on sale? - Rebalancing is actually supposed to be more of a value type of strategy. It's like counter-cyclical approach to investing.

So it's a process of trimming some of your winners to buy some of your losers, right? That's the whole idea. So let's look at an example to see how rebalancing works in practice. So let's say you took 60% of your money and you put it in stocks in the US stock market, 40% of your money in 10-year treasuries.

So if we go back, if we look over the longterm, the past 95 years, 1928 to 2022, S&P 500 did 9.6% per year. 10-year treasuries did 4.6%, right? So if we simply took 60% of the stock market return and 40% of the bond market return, we get 7.5% per year roughly, right?

Not bad. But what if we take the actual returns on an annual basis, not just the average, and we rebalance back to 60/40 once a year? Now our annualized return is more like 8.2%. So how did we get 70 basis points more of return than what you would expect just based on the averages?

Well, it's the rebalancing bonus, right? So over the past 95 years, the stock markets outperformed the bond market 60 times on calendar year basis, meaning the bond market is outperforming the stock market 35 times. So those years when stocks are doing better than bonds, you're trimming your gains, which doesn't feel that good if the stock market keeps going up, but if it goes down, you're doing great, right?

And those years when bonds do better than stocks, you're redeploying some of that dry powder from bonds into stocks. So it's not a perfect strategy by any means, but I think it's a way to keep yourself honest and stick with that asset allocation as I talked about. Is daily rebalancing an overkill or every other day?

That does seem a lot to me. And it might not be bad for your portfolio, but it might not be good. So Vanguard actually looked at the data in a research piece last year. John, do a chart on for me. Also, I just have to say, keep the chart on.

I was giving my talk today and I have a chart on sticker that we have. I don't know if we sell that one anymore, Duncan, but we have a chart on sticker. We never did, it's a one of a kind. And someone, I can't believe it, they were unfamiliar with my work, and they said, "Are you a technical analyst?" Because I said, "What do you mean?" They said, "We have a chart on sticker on your..." - And you just said, "Yes, yes I am." - Yeah, good enough.

So anyway, Vanguard actually looked at a global 60/40 portfolio and found too frequent or too infrequent is not a good idea. So you can see from this chart, it says daily is actually the worst. Annual is optimal, but then if you never rebalance or wait two and a half years to rebalance, then you start losing some positive benefits from rebalancing.

So daily probably is a little too much because you want to have some drift in your portfolio to allow the assets that are doing well to continue working at least for a time. So I think once every six, 12, maybe 18 months at the most, it seems reasonable to me.

I guess you could also do some sort of threshold where I have a 10% allocation to this asset class, but if it goes 20% above or below that, I could rebalance. Or you could have periodic, I'm gonna rebalance annually, but if I breach those thresholds in the meantime, then I'm gonna rebalance.

That all makes sense to me. My view on this is it's horseshoes or hand grenades, right? Close enough does the trick. Now onto the question about locking in the losses. I like the idea behind rebalancing to sell some of your winners, buy some of your losers, especially when stocks are down, right?

And so if you're still making contributions and your portfolio is not fully funded, you want to keep buying stocks on sale. That's a good thing. So I think as long as you're doing that, you don't want stocks recovering. The stock market has recovered quite a bit. It's still down.

I think the S&P is down 10% from all-time highs after being down 20% at one point. But if you're still making contributions, yeah, you're not locking in losses. You're just, you're continuing to buy stocks. That, you know, I mean, if you're an individual stock, sure. Are some of them never gonna go back?

Probably. But if you're in an index, can I guarantee they'll come back? No, but I can be pretty certain that losses are probably gonna be temporary and that buying into losses, especially if you're a younger person, you're still making contributions, is a good thing. Be thrilled to be buying stocks on sale.

- Wait, so you're saying my individual stocks aren't all gonna reach their previous highs necessarily? - I mean, I, yes. - Holding out. - Probably not. - Holding out hope. - I, yes, the probabilities are not with you, unfortunately. - Okay, well, that's depressing. - You know, they say hope is not a strategy in investing, but I think we're all have a little bit of element of hope, but you keep buying and hoping, Duncan.

- Yeah, yeah, I will. - Okay. - Okay. Up next, we have a question from Bill, a question from Bill for another Bill, which is kind of cool. So, "If Bill's suite is going to be on, "please ask if he knows of a way "to move some of my assets into my son's names "without tax consequences.

"I already fully fund Roth accounts "for each of them and their wives." Wow, this is a really nice dad. - Yeah, it is, nice parent here. We get questions addressed directly to Bill now, probably as many as are coming directed to me. So let's bring the Roth man on the show.

Bill, we have a question for you coming in hot because you're now getting questions asked to you. Someone asked on our team this morning, "How many Ask the Compound shows has Bill appeared on?" What do you think? The numbers surprise me. - Wow, that's a-- - Drop numbers in the chat.

I'm curious to see guesses. - Yeah, that's a great question. So do you want me to answer, or are we pulling the audience here? What are we doing? - Yeah, let's pull the audience and we'll answer after this question. - Okay, I have a guess. I'll write it down.

What's crazy, too, not to interrupt, but there's two Bills, too. You've had multiple Bills on the show. So this Bill specified Bill's suite out of all the Bills. - It's true. - So I'll take it. Thank you. So this person wants to, they don't wanna go around the U.S.

government, the IRS, obviously, but they wanna figure out how do I leave more money to my heirs before I pass, I guess. What are the gifting consequences here from a tax perspective? - Right, so this is, Ben, this is a great not to brag question 'cause it's kind of subtle and embedded.

I'm gonna assume that Bill isn't talking about income tax here because, Ben, as you know, and Duncan, I'm sure you know, too, there's no income tax consequence for transferring assets. As a matter of fact, the cost basis tends to transfer and therefore the tax consequences are the heirs. Ben, if you're gonna give away your $179 Apple stock to your kids that you bought for a dollar, the income tax is the kid's problem, not yours, right?

So I'm assuming they're talking about gift tax, which is a totally separate tax regime than income tax entirely. We've all kind of heard of it, right? If you're conservative, death tax. If not, it's this sort of tax on millionaires. And ultimately, the gift tax would only kick in if you're gifting more than $17,000 of assets to any single person in any single year.

Bill sounds like a great dad, so I'm assuming he's talking about limits ahead of this. Bill, if you happen to be married, your gift limit if you split gifts with your spouse is actually $34,000. - Oh, it's one per person, okay. - Per person, correct. And Ben, and Bill mentioned in his email that he's been sort of helping his sons and their daughters out with forming a case, his daughter's-in-law.

So ultimately, if it's couple to couple, that's all the way at $68,000 per couple per year, right? So you get to stack these- - Oh, so that's a pretty high threshold then. - Pretty high threshold, no gift tax consequences at all. However, it sounds like Bill's trying to think ahead.

He's maybe thinking about some estate planning. If you give anybody in excess of that, you need a file form 709, and that's a gift tax return. But for the most part, you probably don't need tax. Ben, do you have any idea why you would no tax if you're above the exclusion amount?

- No, I'm trying to figure out the gift tax stuff here. I'm lost, what do you got? - Okay, cool. Okay, everyone, you, me, Duncan, John, everybody listening on this call today is a $12.92 million lifetime gift and estate exclusion at the federal level. And so that means there's no gift tax until you've exhausted that entire limit.

And that limit does adjust for inflation. It does change over time. Famously in 2010, the year George Steinbrenner died, the gift exemption was unlimited. Like there was no gift tax at all. So it does kind of move around a bit. But ultimately, if we're talking about amounts below that, there's not gonna be any gift tax consequences either.

You just kind of need to do some estate planning. And this would really- If Bill has a big amount of money, talking to an advisor or estate planner is probably not a bad idea. - And that's when you hire an attorney. And if you're above that 12 million, 13 million individual, $26 million for a couple situation, again, God bless you, that's a real serious, not to brag.

That's the type of client you would- - Or start a foundation. I have one other suggestion for Bill here. Spend some of that money with your kids now. Don't just give it all to them. Spend some money, take them on a trip, maybe an extravagant dinner, instead of leaving it all.

Like experience, they're gonna appreciate those experiences and memories way more than they are gonna, getting a lump sum of the day you buy. - And start a family business together with that money. - I love it, I dig it. Yeah, Ben Duncan, I was gonna go into a Gratz, grant a retained annuity trust.

I was gonna go into family, into partnerships. But Ben, you hit the nail on the head. That experience you have with your children, you can't replicate that. Young parent here, I'm with you. You stole my thunder, man. Good job. - All right, next question. I think we have another one addressed to Bill.

- Let's reveal the number of times that Bill's been- - Oh yeah, how many times has Bill been on the show? What do you got? - I'm gonna guess 15, 15. Coming in high. - What was it? - 21? - 21 today, today is the 21st. - Wow, I can legally buy beer today.

That's awesome. Congratulations, guys. Wow, that's amazing. - Yeah, we'll give you something. Maybe we'll send you a sticker in the mail, Bill. - Great, great show. It's my favorite part of my whole week. When you guys bring me out of the box. - Let's do another one. I can get another one addressed right to Bill.

- Yeah, let's do it. - Here we go. Okay, up next we have a question from Nicole. Not our Nicole though. I got excited earlier this year when Bill spoke about the new tax change, especially the benefit of 100% contribution to a Roth 401k. It made me wonder, what will next year's filing look like after increasing my income?

They got a pay raise, congrats. And they're doing 100% Roth contribution with no current tax break. I'm taking advantage of a Roth as I see the benefit of being taxed on my income now. However, I'm a little nervous about my 2023 tax burden. - All right, a lot going on here.

Yeah, good little not to brag, but I think a lot of people probably in this because inflation has been so high. People are getting raises now, right? Labor market is tight. So what's the big worry here, Bill, in terms of the pay raise? Just 'cause this seems like we get this question all the time of I'm close to that Roth limit.

I don't know what it's gonna look like. What's the worry here? - Yeah, so the worry is that Nicole's gonna make more income good for Nicole. Ben, keep in mind, the tax brackets are adjusting for inflation too. So ultimately, if you're just getting an inflation-adjusted raise, hopefully you're just keeping pace.

But the fear is the more that you sort of deposit into that Roth bucket, vice traditional, the higher your income tax is in the present, right? And we all know I'm pro-Roth. I mean, Sean and Dave in the chat were like, "Hey, should I just ever go 100% Roth?" I think maybe my Roth stance has been a little too overstated.

I do love Roth. I think Roths are underutilized, but 100% Roth-- - Are you saying you never go full Roth? - You never go full Roth. That's exactly what I'm trying to say. You beat me to the punch. And so I wanna quote a couple of things from an academic paper, Edward Ricquari.

Great, great, great academic paper. I shared it there in the chat if you wanna check it out. But two quick quotes from when and for whom are Roth conversions most beneficial. Quote number one, "In temporal, "tax arbitrage proceeds inch by inch. "It's a slow process that takes decades to ripen.

"And furthermore, Roth conversion always pays off "if the time span is long enough." Unfortunately, Ben, on a long enough timeline, we're all dead, right? So like, really, you get to add 10 years after your passing. And I think that kind of nails it. So what Nicole is getting at is do I wanna pay tax now?

So John, can we pull up a chart and maybe take a look at this? So instead of thinking it like Roth, Roth, Roth, we want Roth everywhere, what I'm showing the listeners on the YouTube channel is the 2013 marginal tax rates. And here you can just see, if you visualize it, close your eyes, you can see a stair step up.

And it goes from 10% to 12% to 22%. That's the first very big jump. And if you look directly in the middle of the chart, the 24 to 32% jump is the next big jump. And the two big jumps happen at roughly about $58,000 of gross income and about $195,000.

So Nicole, if you're around there, instead of thinking all Roth or no Roth, for me, if you're contributing below that 22% bracket, it probably makes sense, assuming that you have 30 years of competing ahead of you. John, can we flip to the next chart, please? To break this into three chunks, my opinion is you wanna Roth that piece if you're in the 10 or 12% tax bracket, right?

So again, a single individual of $58,000 or less. There's this gray area, Ben, 22, 24%. That's probably gonna be the distribution tax rate for most taxpayers, assuming they have social security, assuming they have some savings. But for me, that 32% jump on the right, to your point, Ben, you never go full Roth.

And I would not be doing Roth 401ks or heavy Roth conversions at 32% or higher. So that's generally the general rule of thumb. But Ben, as you might know, everything depends. State taxes throw a wrench into things, too. But I think maybe my stance on Roth IRAs after all this time has been a little overstated.

You're present for being on the show 21 times as we're gonna get you a tattoo removal and take that Roth tattoo off your back. I'll take it, I'll take it. 'Cause it's time, it's time to get real. So unfortunately, guys, with all things, it depends. And that's not a fun question for Ask the Compound, but it's the real life question.

I just think Roths are underused. And so I encourage you while you're young and you're not making a ton of money, just fill those buckets up. Yeah, but maybe if you are getting up there and you're closer to it, then rethink it. That makes sense. Yep, 100%. All right, let's do another one.

Great. Cool, okay, up next we have a question from Evelyn. I'm 32 years old and hoping to retire. They put retire in quotes, so I'm not sure what that means. But hoping to retire before 59 and a half. I'm planning on using investment accounts to supplement my income until I can withdraw from retirement accounts penalty-free.

Since capital gains taxes are 15%, does it make sense to max out my Roth IRA and assume a 10% penalty on early withdrawals before investing in a traditional brokerage account? Bill, I think I've asked you this before. What's the half about? Why do we do the half? The half is nuts to me.

The only people who will celebrate half birthdays are my six-year-olds. Why do we do this? I mean, speak for yourself. And the internal revenue service, right? No, it's completely insane. Can we just make it 60 or 59 even? Right. Make the math easy for me when I'm calculating it, yeah.

So a great question from Evelyn. And this gets to me-- Hang on, before you answer, I'm going to throw out my-- Is a taxable account the simple answer here? I mean, yes, it is. I think so. And ultimately, again, you don't want all your assets in one bucket, right?

You do want diversification. But to flip the switch completely on my prior comment, one of the benefits of a Roth IRA in retirement is you get this favorable distribution in distributions, this favorable taxation. You always get your contributions back tax-free. And so if you've been funding diligently a Roth IRA for years, for years, for years, and then you begin distributions at 55, more than likely, unless you're taking a full distribution, the first X amount of earnings that's going to come out is going to be your contributions.

You're not going to pay any income tax. So that to me lends it to this type of early retirement scenario where, okay, I've got a big traditional bucket. I've got a Roth bucket, but I'm 57. I need money for the next two years. Take it from the Roth, right?

Because you're just going to get your contributions back tax-free. So some sort of combination of a Roth and a taxable account gives you pretty good for early retirement to then do the IRAs and 401ks later, the traditional ones. - Exactly, and so the new back tattoo is going to be tax diversification with representation or something of that nature.

Duncan, I need your help to war game this thing before I put you into skin. - I used to live in D.C. That was basically our license plate. - It's great. - Taxation without representation. - It's very powerful. Live free or die, I think Vermont. That's news number two.

- If you go to prison with that tattoo, you are immediately Andy Dufresne. - A lot of prison talk on the last two Ask the Compound side. - I think then you tell people, "EY Roth." You're referring to EY Roth. - I mean, this is kind of talking our own book a little bit but it is a lot of these questions remind me that when you get to a certain point and you ask these questions and they are so circumstantial to your point, Bill, that's when it probably makes sense to talk to someone and get more clarity and not try to do anything.

I actually had a question today, Bill, at the conference, the financial advisors asked me how I manage my own money and I was talking and I said, "We don't have an agreement in place," but I said, "Bill Sweet is technically my financial advisor. "If I have a financial planning question or tax question, "I go to you," and they all kind of said, "Oh, that's interesting that you have your own advisor." Sometimes that's, instead of trying to figure it all out yourself and hitting your head against the wall, you go to someone who has expertise and let them help you.

- And it is an honor and a privilege, something I don't take lightly. But my question is, Ben, are we even gonna have retirement if this Canadian smoke monster keeps consuming New York City? John, can you share the photos that Duncan took yesterday? This is the view from my office and I don't know what it looks like today because I escaped from New York like Snake Plissken, I got the hell out of there, but that is some wild-- - What's the over and under on Blade Runner?

Blade Runner jokes being made in New York right now. - Why are we all in the middle of a Frank Miller Mad Max set all of a sudden? Ben, should we build a border wall to contain this Canadian smoke? You're north of the wall right now. What do you think?

Like giant fans? - I think we're pretty clear up here, I think we need more fans. - Is this what the Chinese weather balloon was researching? My question, too, is what is wrong with smoke from American fires? Why typical Biden administration policy, Duncan, that we're here importing foreign smoke when homegrown Americans small batch smoke made right here in the USA, that's what I'm into.

- You know, Nicole shared a funny meme or video clip from "Parks and Rec" where Ron Swanson is asking about writing a letter to Canada and he just writes, it's just an expletive, it's basically like F you or something, it's pretty funny. - So Ben, have you gone to Montreal to save us?

That's my question. - I'm trying to get away from the smoke, I guess. Things look beautiful here, I'm fine. - They sent all the smoke south, they exported all that. - We do have plenty of Canadian viewers of all of our content, which we appreciate. - Molson. - Yeah, I had a Molson at the bar last night.

They said it's the real stuff, not the kind of stuff you can get in the US. - Have you seen a moose anywhere? - A mountie? - No moose in the city. - Yeah, no. I have a question before we wrap up. I have a question that I just asked the chat.

So you guys talked about an animal spirits bin. Is the bear market over? Can we celebrate? Can we do confetti? - Sure, let's do it. Then we'll celebrate again when we hit new highs. - Okay. - The bear market will end when the smoke over New York City clears.

- See, I thought you were gonna hedge the ocean. - Yeah. - I thought you were gonna hedge more, so I didn't actually have anything ready. - I don't. It's like with the Pope dying, there's smoke in New York, it means the bear market is over. When smoke hits Wall Street, it's done.

- There you go, they've chosen a new president of Canada. - If you have a question, askthecompoundshow@gmail.com. You gotta be on your game. Someone send us a video or voice recording too, 'cause that'll go to the top of the heap immediately. We'd love that. - Yeah, no one's taken us up on that yet, that I've seen at least.

- Nope. - Wow. - Remember, hit subscribe here. - I'll have to do it. - Any questions you have, compoundmerch@idontshop.com. We have some new stuff coming, I think, soon, right, Duncan? - Yeah, we're doing a lot. - All right. Keep those questions coming. Askthecompoundshow@gmail.com. We will see you next time.

- See you, everyone. (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) (upbeat music) you