Welcome back to Portfolio Rescue, where, Duncan, I think the questions we're getting are getting more intelligent by the week. I think we've got a great lineup this week. Before we get started, I want to start off with going over the stock market and provide another glasses-half-full look from Ben.

I've provided some glasses-half-empty looks in the past. So, right now, the S&P is down 15%. Nasdaq and Russell 2000 are down 24%. Here's the good news. Let's say this is where it stops. To break even, the gain for the S&P is like 18% from here. For the Nasdaq and Russell 2000, it's like over 30%.

Now, let's say stocks go down further. They go down 30% from here, right? Everything's down 30% from the all-time highs. That's like a 45% gain to break even, almost. 43%, if we want to be technical. Down 40%, that requires a 67% gain. Now, you say, "Okay, that's fine. But how long did it take?" Because that's all that matters.

John, throw up this chart here about how long it takes to break even. I did this in March 2020, so now we're the last one on here. The average amount of time from peak to trough to peak, right? You do a full round trip. Since 1928, it's 26 months.

The longest one ever is the Great Depression, which was a little over 13 years. It took more than three years following the Great Recession of 2008. And then, the '73-'74 bear market was almost four years. The dot-com bubble was about four years, too. So, those are worst-case scenarios to break even.

Obviously, the biggest questions are, how long until we bottom? Because no one knows if we've bottomed yet or if there's still way more pain to come. How long does it take to break even? But the thing that you remember is, if we go back to all-time highs, even just getting there, it's pretty good returns from here.

So, if you're saving, that's a good thing. Your returns are going to be pretty good. Obviously, what they look like in terms of an annualized basis depends on how long it takes. But expect your returns are going up, right? Unless the world comes to an end. Then, they're going down.

Yeah. Yeah. Then, yeah. But we have other things to worry about, right, if that happens. All right. And if you lost 90% in a stock, you just need like a 10-bagger to break even. It's nothing. Right? It's easy. Yeah. Yeah. No. That's staring me in the face. That's hitting too close to home.

All right. Let's do the first one. Okay. Up first, we have, "Hey, Ben. I've been following your writing for years and love it. I just left a bank job to go to an RIA and can finally start writing. Do you have any writing tips, any tools to help with grammar?" By the way, I think the first time this question was sent, grammar was spelled wrong.

But I'm not going to be the only person that points out grammatical mistakes of people because I make lots of mistakes. All right. My one book recommendation here, Steven Pressfield. He's an author. I think he's done some screenplays. He actually wrote the book, "The Legend of Bagger Vance" if you ever saw that movie.

"Nobody Wants to Read Your Shit" is his book. Here's what he says this means. "None of us want to hear your self-centered, ego-driven, unrefined demands for attention. Why should we? It's boring. There's nothing in it for us." This book is really good in that it helps people understand you should probably be writing for yourself more than writing for other people.

And if other people like it, that's fine. But think about that in the context of who your audience is first. I think one of the things you have to realize if you just start writing is you don't have to reinvent the wheel just because it's been said before. It doesn't mean you can't put your own spin on it.

I was approached probably two years after I started my blog to write a book. And my first thing I said was, "Why would I ever want to write a book? Everything that I would want to say has probably already been said before." And I actually asked Josh Brown. I said, "Josh, you've written a book.

What's the point of me writing a book?" And he's like, "Don't care what -- who cares what people before you have said? Not that many people read books, first of all. And second of all, you can put your own spin on it and say what you want to do and put your own personal experiences in it." And so I think that you have to remember that.

There's this book called "How History Gets Things Wrong" by Alex Rosenberg. He had some crazy stats in here. "Abraham Lincoln's been the subject of 40,000 books. In 2014 to 2016 alone, there was eight books written on the Battle of the Bulge from World War II." There's new ways to spin old things if you want to.

I think one thing you have to do to become a better writer is just make it a habit. I think writing a little bit every day, even if it's not that good, is important because you don't have to publish everything. I have -- Duncan, I think our tech people told me I've got to delete some of them.

I have 150 unposted drafts in my blog that I've never put out there because I started writing them and I didn't like it and I just let it go. So I think writing is like a muscle that you have to exercise. I think you have to write about stuff that you personally care about and not worry so much about pandering to the audience because people can tell if you're kind of going through the motions and you don't really care about it.

It has to be something that you have strong feelings about or you really feel like you have something to write about. I think the other thing that really helps is just reading a lot. I think if you read a lot of other smart people, it helps you make better points and you can comment on the work other people have already done.

You don't have to come up with something that's -- there was this -- I think Charlie Munger said this. People don't go to church to hear the 11th commandment. They already hear the 10. Reemphasize the points that people already made before. I think especially in finance, this is tooting our own horn here, but answering people's questions is very helpful, right?

Especially if you're writing for your clients. There's going to be certain questions that come up over and over again depending on the environment or the time and it's just going to be those things are different. But you can create your own library to show that you've thought about this stuff.

And finally, I think you've got to keep it short. So Duncan, you've seen A River Runs Through It. That's a film, right? Not a movie. It's been a long time. You've probably seen that one. Yeah, yeah. Okay. So there's this scene where young Norman, who's the older brother, he's played by Joseph Gordon-Levitt and his preacher father is Tom Skerritt, who's the guy from the original.

And he's sitting at his desk and he's writing a paper and he brings it to his dad and he says, "Take a look, Dad." And his dad crosses out a paragraph, crosses out a paragraph, says, "Shorter. Do it again." And he goes through it like three times. "Shorter. Do it again." And every time, and then at the end, I think he says, "Good.

Now throw it away." But his point was like, you have to have it keep brevity because people don't have the attention span to read something really long. So I think write what you want to say, then go back and try to trim the fat because time is a valuable commodity.

I guess the only grammar thing I would have, there's this program called Grammarly. You can put on your website, that'll find some errors for you. But I can say- I've heard of that, yeah. It helps out with misspellings and sometimes helps you restructure a sentence. But if there's two words that are spelled differently and mean different things, I mix those up all the time.

And I can read something a hundred times and miss a completely, an error that's just staring you in the face, and someone new looks at it and they see it immediately. So I think having a fresh set of eyes can help too. Yeah, definitely. And I think sometimes people get too caught up on making mistakes.

Hopefully Twitter has helped everyone not be as concerned about that. But yeah, I'm all the time, I'm one of those people, I'm a pretty good proofreader and I'm always reading books. And there are mistakes in big time books. It's not the end of the world. And some people- Yeah, and some people get really mad about it.

This whole book is discredited because they misspelled a word halfway through the book or something. Well, I had that happen to me where someone said, "I put the book down after page two." And you're going to get people like that? And my only advice is don't worry about people like that.

If they really care that much, then you're never going to please them probably. But yeah, I think the biggest thing is just making it a habit and turning it into a routine and doing it, I don't know, once a week or once every two weeks, whatever it is, find a cadence so people get used to your writing coming out.

And whether it's a newsletter to your client in an email or a blog or whatever it is, get on a regular routine. Yeah, no, that's good advice. Also, do you plan to ever release all of your unpublished drafts? That'd be an interesting book. We could have your archive. Yeah, they're not very good.

Obviously, I didn't put them out as a blog post, but yeah. Nope, they're into the ether forever. They're lost. I bet there's some good stuff in there. Maybe on a blockchain someday. All right, let's do another one. Okay. Up next, we have a long one, but it's a good one.

It's also a sad one, but we're here for some optimism today. I'm 33 years old, married and make $75,000 a year. My rent just went up 21% to $3,300 a month, and I got outbid $100,000 on a home. I'm in desperate need of a new car, but there are no deals and there's no inventory.

And I already spend a lot more than I make. Due to the sell-off in equities, I recently upped my 401(k) contribution to 15% from what was originally just the company match of 5%. This leaves my take-home net pay about $2,000 a month less than what I spend, but I'm using reserves to cover the difference.

Not including my brokerage account and cash accounts, I have about $95,000 in IRAs. I have about $10,000 cash in my Rollover IRA and $6,000 cash in my Roth. I also, deep down in my gut, don't think I'm going to live past 60 due to medical issues. But nothing officially life-threatening yet, just a feeling.

Besides the match amount, should I be contributing to my 401(k) at all or just using the cash balance in my IRAs first? How should my life outlook impact my retirement investing choices? Man, that's a bummer. We could have done a whole episode on this question, but there's the old Charlie Munger quote where he says, "Tell me where I'm going to die so I don't go there." If this person does the Babe Ruth and points to the outfield and calls her own death, that's actually pretty impressive.

I don't know where to go with that one. I guess you have to learn how to balance between now and later, and understanding your time horizon. Maybe it's one of those things where we've had emails from people who watch our stuff, who have said that saved our whole life and then got into retirement and my husband died.

Or, we just decided to sail around the world and at 40 years old someone had a heart attack and corrupted us. There are things like that. Maybe you just learn how to enjoy things. But I think this whole question is a perfect example that, for the majority of the population, personal finances is way more important than your portfolio.

Because all this stuff is personal finance-related. It has nothing to do with investing. I like the idea that you're trying to save more in your 401(k) now because stocks are down. But by saving more in your 401(k) and then pulling from your IRAs, you're essentially moving money from your left pocket to your right pocket.

Because you said you're underwater every month, you're going $2,000 in the hole by drawing from those IRAs. I think you have to ask yourself, is that really a good trade-off? Especially if you don't plan on living that long, what good is a 401(k) now anyway? I'm going to say, maybe as a hedge to living a little bit longer.

Maybe if medical technology turns your forecast of an early death, makes it a moot point, you might want to hedge and keep that 401(k). But at least keep getting the match. The big expenses are the ones that matter. It's mortgage, rent, transportation, debt, income, all these things. And unfortunately, it sounds like mortgage is going up, or your rent is going up, transportation costs could be going up.

I don't know, if you have a lifetime warranty on that car, I might be willing to let that beater go a little more, and see if we finally get some new cars, and they put the chips in those cars, and costs come down a little bit. For listeners and viewers, we abbreviated the question.

They mentioned that they have a 12-year-old, rusty old car that has a lifetime warranty. And so, they're trying to deal all this up. I mean, there's two ways to get ahead financially. You live more frugally, or you make more money. That's it, right? Everything else branches off of that.

And so, I guess one way to think about it, because eventually, if you keep pulling from your savings, you're going to deplete them over time, if you don't start making more money or spending less. So I don't know, have you looked for ways to increase your pay? Now is not the worst time to ask for a raise with inflation so high, right?

If people are getting a cost-of-living inflation increase, now is the time to say, "Maybe you need to give me a little bit more." Have you looked at other jobs? People say, "In this economy?" Yeah, in this economy, the job market is booming. Now is the time to work, to look.

It also sounds to me like you really probably need a budget, because if you're spending more than you're making, something is not adding up. So, John, pull up the You Need a Budget. I think this is a great website for anyone. It also, they have a book by the same name.

It's called You Need a Budget. They put it down to YNAB. Jesse Meacham is the name of the guy. I've listened to a bunch of podcasts. His book is excellent. He helps people break down money into their fixed and variable expenses, and planning ahead for the future. It's really, really good.

I honestly think this needs to be the place that you start, is figuring that out. Obviously, you've done a good job saving so far, but somewhere along the way, whether it's your rent increased too far, or something else happened where you're spending more money, your budget got away from you, and you're having to tap savings.

Eventually, that's probably going to run out, unless you're able to make more money. I get the idea of living a more balanced life, where you're saving some money now and not delaying all gratification, but eventually, if you don't get your personal finances under control, it's not going to matter.

Your savings are going to be gone, and then you're going to have to go into debt or tap your 401(k), then what? Yeah, it's one of the most common things I hear from young people, is, "Why? I don't even know if I'm going to live. My uncle died at 50.

Why am I saving all this money for a day I might not even reach?" But, yeah, I guess that's kind of what makes life difficult to plan for, right? It doesn't mean you shouldn't plan at all, but yeah, shit happens sometimes. But, it doesn't mean that -- All right, Duncan, if you could plan it out, what's the perfect age to die for you?

This is kind of morbid, but -- I mean, I guess it's all relative to in what good shape you stay. I guess maybe 97? I don't want to be greedy and say 100. Maybe 97 is a good age? 97? That seems pretty greedy to me. How many people live to 97?

85, 86, I think that's plenty for you. I would say 65. Well, all right. Yeah, 97. I'd be happy with that. By the way, first ever email we've got where someone predicted the date of their own death like decades in advance. So, kudos to you. Follow up with us in like 30 years and let us know if you're getting close.

Yeah, I feel like we need to watch a good comedy or something, you know? Yeah, maybe lighten up a little bit. But, yeah, let's do another one. Yeah, hang in there. Okay, up next, we have a question from Joan. "I'm a 29-year-old marketer with a total annual comp of around $140,000.

I've been aggressively investing for several years and maxing out my 401(k) and funding Roth IRA and brokerage accounts. I'm typically a buy and hold investor. But like many, I've seen a 25% decline in my total portfolio since December as I'm in aggressive and US-focused equities. If my portfolio declines as it has over the past six months, am I still getting the benefits of compounding?

I don't think my brain fully comprehends the power of compounding." And we're here at the compound. This is perfect, right? Nice. I didn't even realize that. Great question from Joan here. I love this question because I think a lot of people have a hard time like figuring out compounding in their brain, right?

We don't have the – it's not easy to think exponentially because that's really what compounding is. It's not just this linear thing. So, life would be much easier if we could just like we type into a retirement calculator and you say, "I'm going to get 9% or 10% per year, year in and year out, and it's never going to change, and that's just going to make my life easier." But it doesn't work that way, especially in the stock market.

The worst part is that like even if you get 9% to 10%, which is guaranteed to no one, that's what it's been in the past. Who knows if it's going to be that in the future? But it's not that easy. So, John, put up this first one. I said a very simple example.

Let's say you save $10,000 a year at the beginning of the year. You earn 10% a year because you put your money in the stock market. This is what it looks like on a line going up. And you can see the curve goes up. That's the exponential thing. But that's a really nice smooth line where you're just earning 10% every year.

There's never any highs, never any lows. It just goes up. That's your retirement calculator. That's like putting it on a spreadsheet and life is easy, right? Unfortunately, life doesn't work like that. So, interestingly enough, if we look at the last 30 years, from 1992 to 2021, to the end of 2021, the average return in the stock market on the S&P 500 was roughly 10%.

It was a little more, but pretty darn close to 10%. So, let's do the next chart, John. And this one shows the actual experience of someone putting $10,000 into the stock market every year and seeing what happens. And you can see it's all over the place. In the early part of the decade, it jumped.

That was the late '90s. Then you go to 2008 and it falls, right? And it's way below. And you can see that it's off of trend. We're talking like $200,000 below trend. Then we get to even the later years. It's like $400,000, $300,000 before trend. And then at the end, you have this 10-year period where stocks go bonkers.

And finally, in the stock market, that 10% is high. So, why does it work like that? Because you got pretty much the same 10% per year, right? That's the average return. But the stock market actually gave you higher returns. Well, a lot of it had to do with the timing of it.

So, like, when did you save? The returns were bad at the beginning, but really great at the end. And the reason for this is that the stock market is lumpy, right? So, it's all over the place. That compounding, it happens in bursts. It doesn't happen all at once, or it's not consistent.

So, these results could have been different where the stock market could have been below trend. Because if you had bad returns at the very end, it could have been even worse. So, a lot of it is due to timing and luck and how much you're saving and when you're saving.

This is a very simple example. But let's look at the drawdown chart. This is since 1992 again. So, the last 30 years, if you look at the S&P 500 drawdown, we're talking return, I got separate losses of 11%, 19%, 12%, 12%, 50%, 15%, 57%, 16%, 19%, 13%, 10%, 20%, 34%, and then the current one, which at the worst point was like 19% down.

So, you have all these drawdowns, double digits. And yet, the stock market is still up over 10% per year. You see, if you put $10,000 in each year, you're a multi-millionaire. The thing is, compounding on a spreadsheet is really neat and tidy. Compounding the real world is very messy and lumpy.

And unfortunately, it has to be this way because if there was no risk, there would be no returns. Right. Yeah, that makes sense. We have David, a regular, in the chat saying it only works though if stocks recover. But that's like we were saying, you have bigger issues, right, if your diversified portfolio doesn't meaningfully come back ever.

Is this like a what about Japan? Yes. Yeah, Dave, you're blocked. Sorry. I'm kidding. No, we won't, Dave. I'm just kidding. But yeah, I think the compounding still is happening, but you better keep saving. If you want the compounding to happen, you better save when it's down and not just when it's up.

Because that's when the real compounding magic happens is when you're saving when stocks are down. Because when you have that catch-up period we talked about, when you break even, if you're not saving now and you decide, okay, I'm scared, I'm not going to save anymore, that's when you really hurt yourself.

If you're only saving when things feel good, it's not going to work as good. Yeah. Let's do another one. Okay. Yeah. So up next we have a question from Jeff. "My wife and I are 55, no debt, two private colleges paid for, house worth $1 million." It sounds like this is a not to brag kind of thing, right?

Geez, Jeff, not to brag. "And $3.3 million in a 60/40 portfolio that we rebalance annually. We live below our means and spend about $100,000 a year. We plan to retire in two years, which means we put away another $280,000. Should we just go 40/60 or 30/70? Even if we're all in savings, we could live a long time.

Add in Social Security and the fact that our kids expect nothing, it makes me wonder. Also, I would check with the kids, make sure they expect nothing." Yeah, they may want something. Keep that 60/40 going, mom and dad. This is really a financial planning question, because you're balancing all these things.

There's the willingness to take risk, which is your appetite for risk. There's the need to take risk, like what returns are necessary to meet your objectives. Then there's the ability, like your current circumstances. Let's bring in a financial planner to talk this one out. Taylor Hollis, who's been on the show before.

Hey, Taylor. Hello. So, Taylor, you have someone coming to you as a prospective client. They have a really nice nest egg. Everything sounds good. They're good at saving. They live below their means. This is a picture-perfect client. But they say, "OK, this client probably technically has the ability to continue to take risk and build their portfolio and grow it, because they may have a few decades to ..." But they say, "What if we don't want to take a lot of risk?

What if we just want to be defensive and protect everything we have?" How do you balance that out? Taylor: Yeah. Well, I would first say, they obviously have put themselves in a great situation. They've saved a lot. They spend low relative to their asset size. So, they've put themselves in a great spot.

This is a great "problem" to have. These are the type of scenarios I like to start with the end in mind. So, Duncan, you kind of alluded to it, but your kids might expect nothing, but does that mean that you want to leave them nothing? Is there a desire to leave something to future generations, maybe even your grandkids?

Maybe you want to leave money to charity at your death. What's that kind of end goal? Sometimes it's hard to go there in your mind, because it feels so far-fetched. But I think that's a worthwhile exercise, because then you back into, "Okay, if we do have these goals to leave some sort of legacy once we're gone, that's going to drive how you should be allocated over these next 40 years or so for the rest of your lifetime." Lewis: At what point do you have the conversation of, "Hey, Jeff, you're doing great.

What if you spent a little more money? What if you enjoyed yourself a little more and lived beyond your means a little bit? How do you bring that into this situation?" Jones: Right. That's kind of option two. Again, you're in this great situation. Theoretically, you could really ratchet down the risk on this portfolio.

You could earn just 3% per year on this $3.3 million, and that gets you close to what you're spending each year. So, you have an ability to really ratchet down the risk. But, are there things that you would want to do more during your lifetime? Maybe you want to take your family on a big vacation every year.

I don't know if there's grandkids in the picture yet, but if they come along one day, those family vacations might sound pretty nice. Maybe you want to ratchet up the charitable gifting during your lifetime. So, you're in a great spot with a lot of fun but difficult decisions to make.

And that should drive, I believe, how you're allocated. Lewis: And maybe you just shade a little bit. You go, "Instead of $30.70 or $40.60, let's go $50.50." You split the difference and see how that goes, right? Flippen: Yep. Not all or nothing. As we all know, it's dynamic, it's fluid.

It sounds like you're rebalancing annually anyway, so you know that. And your goals might change. A 40-year time period, and I'm using that number loosely, a lot's going to change in those 40 years. It's just about how you react to it. Lewis: And the very question we're asking tells us a bit about their risk tolerance, right?

It's kind of indicative of what they're thinking. Fletcher: Yeah. Sometimes I think that's the job of financial advisors, understanding your client and understanding if they really can't handle taking that risk, or they just don't want to, then it's your job to find a portfolio that works for them. Lewis: Right.

Fletcher: Do another one, Duncan. Duncan: We have people laughing in the chat about, like, "Oh, what a nice problem." Fletcher: Yeah. First world problems, but hey, everyone's different. Also, Jeff has no idea when he's going to die, so he could have a really long time around. He could live to be 97 like Duncan wants to, and then he does have 40 years.

Duncan: It's true. And these things are applicable to others, right? Not just people with that much money. Fletcher: Right. Duncan: Even people that don't have that much money, they still may say, "I can't handle taking so much stock market risk. I need a more diversified portfolio, or defensive portfolio." What does that look like?

Fletcher: Right. Duncan: All right, let's do another one. Wathen: I like this one, because it has a compliment in it. "I'm a financial professional in my late 20s, and I just enrolled in my company's stock purchase plan. Their plan allows me to purchase stock at a 10% discount. I want to invest 20% of my paycheck and reduce it over time into the purchase plan.

As I'm at a point where I'm financially confident to give up this much of my pay, does this seem wise? Should I drip the dividends, or use the dividends to buy other stock in my individual account? Thanks for all the quality content." Fletcher: All right. Compliments will get you everywhere, right, Duncan?

Duncan: Right. Fletcher: This is a good one, because I think this is a hard one, because a lot of people think -- we always talk about the 401(k) match, and if you don't get that, you're leaving money on the table. But this is, "I have this discount in my company's stock plan at 10%, so why wouldn't I take as much as I can?" So, this person is going to save 20% of their paycheck.

I don't know if they're going to do the 401(k) or not. But I guess the thought process here, Taylor, is thinking through, how much risk is too risk if you're working at the company and taking the stock? And then, how do you balance that discount, which is like, why would I turn that down, versus the need to diversify potentially?

Taylor: Right, right. First, I want to applaud this listener on just the capacity that they have to save. I think that's great. Once again, a great problem to have, right? These stock purchase plans are really great benefits that some employers provide. And the first thing that I always caution people with on these is concentration.

And Ben, you alluded to it a little bit. I'm not just talking about building up a significant stock position in one individual stock, but recognizing that your paycheck is coming from the same company that you're building a big stock position in. And if you're in your late 20s, your biggest asset right now, likely, is your human capital, your ability to earn an income for a significant period of time.

And right now, that income's coming from the same company. So, just being very mindful of that concentration, both in your portfolio and in your income source. But you alluded to it again, Ben, is the 10% discount feels like an immediate return. And in some ways, it is. But one thing, well, another thing to be mindful of is the tax implications of this.

These stock purchase plans can have some pretty complex tax planning needs around them. Typically, you're looking at, on average, a two to three year holding period with these things to get the most tax benefit out of them before selling. Always consult with a CPA, with your tax professional, before making any moves.

But if you're looking at this as a way to buy the stock, recognize that immediate 10% return, so to speak. Just know that there's a lot of tax implications if you were to turn around and sell it right away. Right. So, this isn't as easy as, from a tax perspective, as a 401(k) plan.

Absolutely not. No. Not a set it and forget it kind of thing. Right. And the other thing is, you're earning a 10% discount. We've seen, in this past 18 months or so, stocks can go down 10% in a day. Individual stocks, right? You can see that where that 10% discount is gone in a hurry.

So, let's say this person, the only 20% they're saving for retirement is this money. Just splitting it down the middle, maybe do 10 in this and get your discount, and put the other 10 in your 401(k), at least to have some semblance of balance. Because, you're right, if you're getting your income from them, it would be like owning your house and then buying shares in your house again.

You're doubling up, and it just seems like a lot of risk for your own local, personal economy. Exactly. And then, if you get fired, then what? Then what? Something else to think about is, if this 20% wiggle room that you have is after you are already saving in your 401(k) up to the match, maybe split the difference between this purchase plan and just investing in a general, taxable, diversified account to offset this concentration that you might be building.

And to further diversify your tax buckets too. I have a question. Is there a lock-up when you're doing an employee purchase plan like this? Because otherwise, wouldn't someone figure out a way to arbitrage this, if you're getting a discount, and then you could just sell it on the market?

I think that's why there's so many tax issues, is because they're trying to incentivize you not to do that. And I think each plan is a little different in how they're structured and the rules around them. So, you'd have to look into the plan specifics. Yeah, unfortunately, the taxes would eat up that discount pretty quickly.

Yep. I'm always looking for an arbitrage opportunity. Duncan's running a hedge fund on his company's retirement plan. Alright, keep those questions and comments coming. Remember, idontshop.com, we have the Portfolio Rescue Towels, red and blue. Right, Duncan? Right, yeah. Yeah. I've been out in the lake all summer. I've got to get mine.

I haven't used them yet. Duncan's going to go get it. Remember, if you have a question, askthecompoundshow@gmail.com. We always appreciate everyone in the comments. Look at that. Ah, there it is. Nice. You got it backwards. That's pretty nice. It looks like a flag. It's very nice. It's soft. I like those.

Remember, askthecompoundshow@gmail.com. Thanks, Taylor, again, for coming out and helping. Thanks, Duncan, as always. And we will see everyone next week. Thanks, everyone.