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How to Use Options to Generate Income and Protect Your Downside · Views from 6,230

0:11
Let's
0:11
go.
0:18
Ryan Nauman Market Strategist Zephyr: Hello
0:19
Ryan Nauman Market Strategist Zephyr: everyone
0:19
Ryan Nauman Market Strategist Zephyr: and
0:19
Ryan Nauman Market Strategist Zephyr: welcome
0:19
Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: zephyr's
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Ryan Nauman Market Strategist Zephyr: adjusted
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Ryan Nauman Market Strategist Zephyr: for
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Ryan Nauman Market Strategist Zephyr: Risk
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Ryan Nauman Market Strategist Zephyr: Podcast
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Ryan Nauman Market Strategist Zephyr: from
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: shores
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: Lake
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Ryan Nauman Market Strategist Zephyr: Tahoe.
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: am
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Ryan Nauman Market Strategist Zephyr: Ryan
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Ryan Nauman Market Strategist Zephyr: Nauman,
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: market
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Ryan Nauman Market Strategist Zephyr: strategist
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Ryan Nauman Market Strategist Zephyr: here
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Ryan Nauman Market Strategist Zephyr: at
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Ryan Nauman Market Strategist Zephyr: Zephyr.
0:28
Ryan Nauman Market Strategist Zephyr: One
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: hottest
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: ETF
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Ryan Nauman Market Strategist Zephyr: has
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Ryan Nauman Market Strategist Zephyr: been
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: inclusion
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: options
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Ryan Nauman Market Strategist Zephyr: in
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Ryan Nauman Market Strategist Zephyr: other
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Ryan Nauman Market Strategist Zephyr: derivatives
0:34
Ryan Nauman Market Strategist Zephyr: within
0:35
Ryan Nauman Market Strategist Zephyr: the
0:35
Ryan Nauman Market Strategist Zephyr: ETF
0:36
Ryan Nauman Market Strategist Zephyr: wrapper.
0:36
Ryan Nauman Market Strategist Zephyr: While
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Ryan Nauman Market Strategist Zephyr: some.
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Ryan Nauman Market Strategist Zephyr: strategies
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Ryan Nauman Market Strategist Zephyr: focus
0:39
Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: protecting
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Ryan Nauman Market Strategist Zephyr: against
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Ryan Nauman Market Strategist Zephyr: drawdown
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Ryan Nauman Market Strategist Zephyr: risk.
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Ryan Nauman Market Strategist Zephyr: Others
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Ryan Nauman Market Strategist Zephyr: focus
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Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: producing
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Ryan Nauman Market Strategist Zephyr: enhanced
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Ryan Nauman Market Strategist Zephyr: income.
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: have
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0:55
Ryan Nauman Market Strategist Zephyr: But
0:56
Ryan Nauman Market Strategist Zephyr: first,
0:56
Ryan Nauman Market Strategist Zephyr: today's
0:56
Ryan Nauman Market Strategist Zephyr: episode
0:56
Ryan Nauman Market Strategist Zephyr: is
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Ryan Nauman Market Strategist Zephyr: sponsored
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Ryan Nauman Market Strategist Zephyr: by
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: award
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Ryan Nauman Market Strategist Zephyr: winning
0:59
Ryan Nauman Market Strategist Zephyr: Zephyr,
0:59
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1:00
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1:00
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1:01
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1:01
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1:02
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1:02
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1:04
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1:05
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1:05
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1:05
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1:06
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1:07
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1:07
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1:09
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1:10
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1:11
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1:12
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1:12
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1:13
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1:13
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1:14
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1:14
Ryan Nauman Market Strategist Zephyr: He
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1:15
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1:15
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1:16
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1:16
Ryan Nauman Market Strategist Zephyr: introduction,
1:17
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1:17
Ryan Nauman Market Strategist Zephyr: here
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1:18
Ryan Nauman Market Strategist Zephyr: Anyway,
1:19
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1:19
Ryan Nauman Market Strategist Zephyr: like
1:19
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1:19
Ryan Nauman Market Strategist Zephyr: give
1:20
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1:20
Ryan Nauman Market Strategist Zephyr: very
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1:20
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1:21
Ryan Nauman Market Strategist Zephyr: Mike
1:22
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1:23
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Ryan Nauman Market Strategist Zephyr: strategist
1:25
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1:26
Ryan Nauman Market Strategist Zephyr: Yield
1:27
Ryan Nauman Market Strategist Zephyr: Max
1:27
Ryan Nauman Market Strategist Zephyr: ETFs
1:28
Ryan Nauman Market Strategist Zephyr: in
1:29
Ryan Nauman Market Strategist Zephyr: A-C-N-B-C
1:31
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1:32
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1:33
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1:35
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1:36
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1:36
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1:37
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1:37
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1:37
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1:38
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1:39
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1:41
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1:42
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1:42
Ryan Nauman Market Strategist Zephyr: ETFs?
1:45
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2:57
Mike Khouw Strategist YieldMax ETFs: spreads
2:58
Mike Khouw Strategist YieldMax ETFs: against
2:58
Mike Khouw Strategist YieldMax ETFs: it
2:58
Mike Khouw Strategist YieldMax ETFs: to
2:58
Mike Khouw Strategist YieldMax ETFs: generate
2:59
Mike Khouw Strategist YieldMax ETFs: some
2:59
Mike Khouw Strategist YieldMax ETFs: options,
3:00
Mike Khouw Strategist YieldMax ETFs: a
3:00
Mike Khouw Strategist YieldMax ETFs: premium.
3:01
Mike Khouw Strategist YieldMax ETFs: And
3:01
Mike Khouw Strategist YieldMax ETFs: then
3:01
Mike Khouw Strategist YieldMax ETFs: we
3:01
Mike Khouw Strategist YieldMax ETFs: also
3:02
Mike Khouw Strategist YieldMax ETFs: run
3:02
Mike Khouw Strategist YieldMax ETFs: a
3:02
Mike Khouw Strategist YieldMax ETFs: number
3:02
Mike Khouw Strategist YieldMax ETFs: of
3:02
Mike Khouw Strategist YieldMax ETFs: funds
3:03
Mike Khouw Strategist YieldMax ETFs: as
3:03
Mike Khouw Strategist YieldMax ETFs: well.
3:03
Mike Khouw Strategist YieldMax ETFs: We
3:04
Mike Khouw Strategist YieldMax ETFs: have
3:04
Mike Khouw Strategist YieldMax ETFs: one
3:04
Mike Khouw Strategist YieldMax ETFs: that
3:04
Mike Khouw Strategist YieldMax ETFs: focuses
3:05
Mike Khouw Strategist YieldMax ETFs: on
3:05
Mike Khouw Strategist YieldMax ETFs: the
3:05
Mike Khouw Strategist YieldMax ETFs: top
3:06
Mike Khouw Strategist YieldMax ETFs: 50
3:06
Mike Khouw Strategist YieldMax ETFs: largest
3:07
Mike Khouw Strategist YieldMax ETFs: companies
3:07
Mike Khouw Strategist YieldMax ETFs: in
3:08
Mike Khouw Strategist YieldMax ETFs: the
3:08
Mike Khouw Strategist YieldMax ETFs: s
3:08
Mike Khouw Strategist YieldMax ETFs: and
3:08
Mike Khouw Strategist YieldMax ETFs: p
3:09
Mike Khouw Strategist YieldMax ETFs: called
3:09
Mike Khouw Strategist YieldMax ETFs: Biggie,
3:10
Mike Khouw Strategist YieldMax ETFs: appropriately
3:10
Mike Khouw Strategist YieldMax ETFs: named,
3:11
Mike Khouw Strategist YieldMax ETFs: which
3:11
Mike Khouw Strategist YieldMax ETFs: sells
3:12
Mike Khouw Strategist YieldMax ETFs: some
3:12
Mike Khouw Strategist YieldMax ETFs: options
3:12
Mike Khouw Strategist YieldMax ETFs: premium
3:13
Mike Khouw Strategist YieldMax ETFs: against
3:13
Mike Khouw Strategist YieldMax ETFs: the
3:13
Mike Khouw Strategist YieldMax ETFs: basically
3:14
Mike Khouw Strategist YieldMax ETFs: 80%
3:14
Mike Khouw Strategist YieldMax ETFs: of
3:14
Mike Khouw Strategist YieldMax ETFs: the
3:14
Mike Khouw Strategist YieldMax ETFs: s
3:15
Mike Khouw Strategist YieldMax ETFs: and
3:15
Mike Khouw Strategist YieldMax ETFs: p,
3:15
Mike Khouw Strategist YieldMax ETFs: if
3:15
Mike Khouw Strategist YieldMax ETFs: you
3:15
Mike Khouw Strategist YieldMax ETFs: will.
3:16
Mike Khouw Strategist YieldMax ETFs: We
3:16
Mike Khouw Strategist YieldMax ETFs: have
3:16
Mike Khouw Strategist YieldMax ETFs: one
3:16
Mike Khouw Strategist YieldMax ETFs: that
3:16
Mike Khouw Strategist YieldMax ETFs: we
3:16
Mike Khouw Strategist YieldMax ETFs: recently
3:17
Mike Khouw Strategist YieldMax ETFs: launched
3:17
Mike Khouw Strategist YieldMax ETFs: called
3:17
Mike Khouw Strategist YieldMax ETFs: Quad
3:18
Mike Khouw Strategist YieldMax ETFs: D,
3:18
Mike Khouw Strategist YieldMax ETFs: which.
3:19
Mike Khouw Strategist YieldMax ETFs: Seeks
3:19
Mike Khouw Strategist YieldMax ETFs: to
3:20
Mike Khouw Strategist YieldMax ETFs: essentially
3:20
Mike Khouw Strategist YieldMax ETFs: double
3:20
Mike Khouw Strategist YieldMax ETFs: the
3:21
Mike Khouw Strategist YieldMax ETFs: dividend
3:21
Mike Khouw Strategist YieldMax ETFs: of
3:22
Mike Khouw Strategist YieldMax ETFs: the
3:22
Mike Khouw Strategist YieldMax ETFs: Dow
3:22
Mike Khouw Strategist YieldMax ETFs: Jones
3:23
Mike Khouw Strategist YieldMax ETFs: Dividend
3:24
Mike Khouw Strategist YieldMax ETFs: Index.
3:24
Mike Khouw Strategist YieldMax ETFs: So
3:26
Mike Khouw Strategist YieldMax ETFs: that
3:26
Mike Khouw Strategist YieldMax ETFs: yields
3:27
Mike Khouw Strategist YieldMax ETFs: about
3:27
Mike Khouw Strategist YieldMax ETFs: three,
3:27
Mike Khouw Strategist YieldMax ETFs: three
3:27
Mike Khouw Strategist YieldMax ETFs: and
3:27
Mike Khouw Strategist YieldMax ETFs: a
3:28
Mike Khouw Strategist YieldMax ETFs: half
3:28
Mike Khouw Strategist YieldMax ETFs: percent
3:28
Mike Khouw Strategist YieldMax ETFs: in
3:29
Mike Khouw Strategist YieldMax ETFs: stock
3:29
Mike Khouw Strategist YieldMax ETFs: dividends.
3:30
Mike Khouw Strategist YieldMax ETFs: And
3:30
Mike Khouw Strategist YieldMax ETFs: then
3:30
Mike Khouw Strategist YieldMax ETFs: we
3:30
Mike Khouw Strategist YieldMax ETFs: try
3:30
Mike Khouw Strategist YieldMax ETFs: to
3:31
Mike Khouw Strategist YieldMax ETFs: create
3:31
Mike Khouw Strategist YieldMax ETFs: an
3:31
Mike Khouw Strategist YieldMax ETFs: options
3:31
Mike Khouw Strategist YieldMax ETFs: overlay
3:32
Mike Khouw Strategist YieldMax ETFs: that
3:32
Mike Khouw Strategist YieldMax ETFs: will,
3:33
Mike Khouw Strategist YieldMax ETFs: on
3:33
Mike Khouw Strategist YieldMax ETFs: a
3:33
Mike Khouw Strategist YieldMax ETFs: net
3:33
Mike Khouw Strategist YieldMax ETFs: basis,
3:34
Mike Khouw Strategist YieldMax ETFs: add
3:34
Mike Khouw Strategist YieldMax ETFs: another
3:35
Mike Khouw Strategist YieldMax ETFs: three
3:35
Mike Khouw Strategist YieldMax ETFs: to
3:35
Mike Khouw Strategist YieldMax ETFs: 4%
3:36
Mike Khouw Strategist YieldMax ETFs: net
3:37
Mike Khouw Strategist YieldMax ETFs: to
3:37
Mike Khouw Strategist YieldMax ETFs: that.
3:37
Mike Khouw Strategist YieldMax ETFs: So
3:38
Mike Khouw Strategist YieldMax ETFs: hopefully
3:38
Mike Khouw Strategist YieldMax ETFs: getting
3:39
Mike Khouw Strategist YieldMax ETFs: into
3:39
Mike Khouw Strategist YieldMax ETFs: the
3:39
Mike Khouw Strategist YieldMax ETFs: neighborhood
3:40
Mike Khouw Strategist YieldMax ETFs: of
3:40
Mike Khouw Strategist YieldMax ETFs: 7%
3:41
Mike Khouw Strategist YieldMax ETFs: total
3:41
Mike Khouw Strategist YieldMax ETFs: yield.
3:42
Mike Khouw Strategist YieldMax ETFs: On
3:42
Mike Khouw Strategist YieldMax ETFs: that
3:43
Mike Khouw Strategist YieldMax ETFs: between
3:43
Mike Khouw Strategist YieldMax ETFs: the
3:43
Mike Khouw Strategist YieldMax ETFs: dividends
3:44
Mike Khouw Strategist YieldMax ETFs: and
3:44
Mike Khouw Strategist YieldMax ETFs: the
3:44
Mike Khouw Strategist YieldMax ETFs: options
3:44
Mike Khouw Strategist YieldMax ETFs: income.
3:44
Mike Khouw Strategist YieldMax ETFs: So
3:45
Mike Khouw Strategist YieldMax ETFs: a
3:45
Mike Khouw Strategist YieldMax ETFs: broad
3:45
Mike Khouw Strategist YieldMax ETFs: swath,
3:46
Mike Khouw Strategist YieldMax ETFs: we
3:46
Mike Khouw Strategist YieldMax ETFs: have
3:46
Mike Khouw Strategist YieldMax ETFs: over
3:46
Mike Khouw Strategist YieldMax ETFs: 60
3:47
Mike Khouw Strategist YieldMax ETFs: funds
3:47
Mike Khouw Strategist YieldMax ETFs: overall.
3:49
Ryan: That's
3:49
Ryan: fantastic,
3:50
Ryan: Mike.
3:50
Ryan: Couple
3:50
Ryan: things
3:51
Ryan: there.
3:53
Ryan: is
3:53
Ryan: financial
3:54
Ryan: literacy
3:54
Ryan: month,
3:54
Ryan: so
3:55
Ryan: I
3:55
Ryan: love
3:55
Ryan: that
3:55
Ryan: you
3:55
Ryan: brought
3:56
Ryan: up
3:56
Ryan: the
3:56
Ryan: education
3:57
Ryan: piece
3:57
Ryan: to
3:57
Ryan: list
3:57
Ryan: some
3:58
Ryan: options.
3:59
Ryan: I'm
4:00
Ryan: not
4:00
Ryan: gonna
4:00
Ryan: lie,
4:01
Ryan: Mike,
4:01
Ryan: I'm
4:01
Ryan: a
4:01
Ryan: little,
4:02
Ryan: whenever
4:02
Ryan: anyone
4:03
Ryan: talks
4:03
Ryan: about
4:03
Ryan: single
4:04
Ryan: stock
4:04
Ryan: option
4:05
Ryan: overlays
4:06
Ryan: or
4:06
Ryan: products,
4:06
Ryan: I
4:06
Ryan: get
4:07
Ryan: a
4:07
Ryan: little
4:07
Ryan: hesitant,
4:08
Ryan: a
4:08
Ryan: little
4:08
Ryan: bit
4:08
Ryan: worried
4:09
Ryan: about
4:09
Ryan: those
4:09
Mike: Oh.
4:10
Ryan: out
4:10
Ryan: there
4:11
Ryan: or
4:11
Ryan: individual
4:12
Ryan: clients.
4:12
Ryan: I
4:12
Ryan: might
4:12
Ryan: get
4:13
Ryan: into
4:13
Ryan: these
4:13
Ryan: that
4:14
Ryan: aren't
4:14
Ryan: fully
4:15
Ryan: aware
4:15
Ryan: of
4:15
Ryan: what
4:16
Ryan: they
4:16
Ryan: are
4:16
Ryan: and
4:16
Ryan: some
4:16
Ryan: of
4:17
Ryan: the
4:17
Ryan: risks
4:17
Ryan: such
4:17
Ryan: as
4:17
Ryan: maybe
4:18
Ryan: a
4:19
Ryan: nav
4:19
Ryan: erosion
4:20
Ryan: and
4:20
Ryan: stuff
4:21
Ryan: like
4:21
Ryan: that.
4:21
Ryan: So
4:21
Ryan: we're
4:21
Ryan: gonna
4:22
Ryan: talk
4:22
Ryan: a
4:22
Ryan: lot
4:22
Ryan: about
4:22
Ryan: that
4:23
Ryan: since
4:23
Ryan: one
4:23
Ryan: of
4:23
Ryan: the
4:23
Ryan: reasons
4:24
Ryan: why
4:24
Ryan: I'm
4:24
Ryan: really
4:25
Ryan: excited
4:25
Ryan: to
4:25
Ryan: have
4:25
Ryan: you
4:26
Ryan: on.
4:27
Ryan: Before
4:27
Ryan: we
4:27
Ryan: get
4:28
Ryan: started
4:28
Ryan: though,
4:29
Ryan: how's
4:29
Ryan: your
4:30
Ryan: 2026
4:31
Ryan: acronym?
4:31
Ryan: Faster
4:32
Ryan: holding
4:32
Ryan: up.
4:34
Mike: It's
4:35
Mike: going
4:35
Mike: pretty
4:35
Mike: well.
4:36
Mike: I
4:36
Mike: think.
4:37
Mike: I'm
4:38
Mike: the
4:38
Mike: number
4:39
Mike: two
4:39
Mike: ranked
4:39
Mike: analyst
4:40
Mike: on
4:40
Mike: CNBC
4:41
Mike: at
4:41
Mike: the
4:41
Mike: moment
4:42
Mike: for
4:42
Mike: the
4:42
Mike: year
4:42
Mike: to
4:42
Mike: date.
4:43
Mike: Total
4:43
Mike: returns
4:44
Mike: of
4:44
Mike: about,
4:45
Mike: it
4:45
Mike: was
4:45
Mike: just
4:45
Mike: shy
4:46
Mike: of
4:46
Mike: 10%
4:47
Mike: after
4:48
Mike: the
4:48
Mike: first
4:48
Mike: quarter.
4:48
Mike: So
4:48
Mike: up
4:49
Mike: 9.8%
4:49
Mike: I
4:50
Mike: think
4:50
Mike: was
4:50
Mike: the
4:50
Mike: number
4:50
Mike: that
4:50
Mike: I
4:51
Mike: saw.
4:52
Mike: In
4:52
Mike: terms
4:52
Mike: of
4:52
Mike: total
4:52
Mike: returns
4:53
Mike: year
4:53
Mike: to
4:53
Mike: date
4:54
Mike: might
4:54
Mike: be
4:54
Mike: actually
4:54
Mike: a
4:54
Mike: little
4:54
Mike: bit
4:55
Mike: higher
4:55
Mike: because
4:55
Mike: the
4:55
Mike: person
4:56
Mike: who
4:56
Mike: did
4:56
Mike: that
4:56
Mike: calculation,
4:57
Mike: I
4:57
Mike: didn't
4:57
Mike: calculate
4:58
Mike: it
4:58
Mike: myself.
4:59
Mike: I
4:59
Mike: don't
4:59
Mike: know
5:00
Mike: that
5:00
Mike: they
5:01
Mike: do
5:01
Mike: an
5:01
Mike: appropriate
5:02
Mike: total
5:02
Mike: return
5:02
Mike: calculation,
5:03
Mike: and
5:03
Mike: that's
5:03
Mike: important
5:03
Mike: for
5:03
Mike: the
5:04
Mike: conversation
5:04
Mike: of
5:04
Mike: anything
5:04
Mike: that
5:05
Mike: generates
5:05
Mike: incomes,
5:05
Mike: because
5:06
Mike: you
5:07
Mike: need
5:07
Mike: to
5:07
Mike: make
5:07
Mike: sure
5:07
Mike: you
5:07
Mike: get
5:07
Mike: the
5:07
Mike: dividends
5:08
Mike: in
5:08
Mike: there.
5:09
Mike: But
5:09
Mike: yeah,
5:09
Mike: so
5:09
Mike: I
5:09
Mike: think
5:10
Mike: I
5:10
Mike: was
5:10
Mike: number
5:10
Mike: two
5:11
Mike: out
5:11
Mike: of
5:11
Mike: all
5:11
Mike: of
5:11
Mike: those
5:12
Mike: that
5:12
Mike: gave
5:12
Mike: acronyms.
5:13
Mike: I
5:13
Mike: didn't
5:13
Mike: win
5:13
Mike: it
5:13
Mike: last
5:14
Mike: year,
5:14
Mike: but
5:14
Mike: I
5:14
Mike: did
5:15
Mike: manage
5:15
Mike: to
5:15
Mike: win
5:15
Mike: it
5:15
Mike: in
5:15
Mike: 2024.
5:17
Ryan: I
5:17
Ryan: love
5:17
Ryan: it.
5:17
Ryan: We've
5:17
Ryan: got
5:18
Ryan: a
5:18
Ryan: long
5:18
Ryan: way.
5:18
Ryan: It's
5:19
Ryan: crazy.
5:19
Ryan: It's
5:19
Ryan: April,
5:19
Ryan: but
5:20
Ryan: we
5:20
Ryan: still
5:20
Ryan: got
5:20
Ryan: a
5:20
Ryan: long
5:21
Ryan: ways
5:21
Ryan: to
5:21
Ryan: go
5:21
Ryan: to
5:21
Ryan: 2026,
5:22
Ryan: so
5:23
Ryan: it'll
5:23
Ryan: be
5:23
Ryan: it.
5:23
Ryan: Interesting
5:24
Mike: way.
5:25
Ryan: Love
5:25
Ryan: it.
5:25
Ryan: Love
5:26
Ryan: it.
5:26
Ryan: Investors,
5:27
Ryan: they're
5:28
Ryan: faced
5:28
Ryan: with
5:28
Ryan: so
5:29
Ryan: much
5:29
Ryan: uncertainty.
5:30
Ryan: Right
5:30
Ryan: now
5:30
Ryan: we
5:30
Ryan: have
5:30
Ryan: geopolitical
5:31
Ryan: risk,
5:32
Ryan: monetary
5:33
Ryan: uncertainty
5:34
Ryan: with,
5:35
Ryan: a
5:35
Ryan: new
5:35
Ryan: fed
5:36
Ryan: chair
5:36
Ryan: person
5:36
Ryan: coming
5:37
Ryan: in
5:37
Ryan: here
5:37
Ryan: soon.
5:38
Ryan: Cracks
5:39
Ryan: in
5:39
Ryan: the
5:39
Ryan: labor
5:39
Ryan: and
5:39
Ryan: market.
5:40
Ryan: What's
5:40
Ryan: your
5:40
Ryan: take
5:41
Ryan: on
5:41
Ryan: the
5:41
Ryan: current
5:41
Ryan: macro
5:42
Ryan: backdrop?
5:42
Ryan: Are
5:42
Ryan: we
5:43
Ryan: still
5:44
Ryan: not
5:44
Ryan: outta
5:45
Ryan: the
5:45
Ryan: woods?
5:45
Ryan: Are
5:45
Ryan: there
5:46
Ryan: more
5:46
Ryan: things
5:46
Ryan: to
5:46
Ryan: be
5:46
Ryan: concerned
5:47
Ryan: about?
5:49
Mike: It's
5:49
Mike: genuinely
5:50
Mike: a
5:50
Mike: complex
5:51
Mike: environment.
5:51
Mike: When,
5:51
Mike: isn't
5:52
Mike: it
5:52
Mike: though,
5:52
Mike: I
5:52
Mike: guess
5:53
Mike: is,
5:53
Mike: the
5:53
Mike: thing
5:53
Mike: I
5:54
Mike: could
5:54
Mike: say
5:55
Mike: just
5:55
Mike: bringing
5:55
Mike: up
5:56
Mike: Kevin
5:56
Mike: Walsh,
5:56
Mike: who
5:56
Mike: you
5:57
Mike: mentioned.
5:58
Mike: The
5:58
Mike: new
5:58
Mike: Fed
5:59
Mike: chairperson.
5:59
Mike: He
5:59
Mike: hasn't
6:00
Mike: been
6:00
Mike: confirmed
6:00
Mike: yet,
6:01
Mike: but
6:01
Mike: I
6:01
Mike: expect
6:02
Mike: that
6:02
Mike: he
6:02
Mike: probably
6:02
Mike: will
6:02
Mike: be
6:03
Mike: it's
6:04
Mike: a
6:04
Mike: person
6:04
Mike: I
6:04
Mike: have
6:04
Mike: a
6:04
Mike: lot
6:04
Mike: of
6:04
Mike: respect
6:05
Mike: for.
6:06
Mike: He
6:06
Mike: is
6:06
Mike: an
6:07
Mike: individual
6:07
Mike: who
6:08
Mike: historically
6:10
Mike: has
6:10
Mike: expressed
6:10
Mike: some
6:11
Mike: concern
6:12
Mike: about
6:14
Mike: excessively
6:15
Mike: dovish
6:15
Mike: monetary
6:16
Mike: policy,
6:17
Mike: and
6:17
Mike: I
6:17
Mike: think
6:18
Mike: that
6:18
Mike: if
6:18
Mike: we
6:18
Mike: look
6:19
Mike: at
6:19
Mike: the
6:19
Mike: biggest
6:20
Mike: missteps
6:20
Mike: that
6:20
Mike: the
6:20
Mike: Fed
6:21
Mike: has
6:21
Mike: taken
6:22
Mike: in
6:23
Mike: my
6:23
Mike: professional
6:23
Mike: life.
6:24
Mike: That
6:25
Mike: certainly
6:26
Mike: took
6:26
Mike: place,
6:27
Mike: in
6:27
Mike: that
6:28
Mike: 2021
6:30
Mike: to
6:30
Mike: 2024
6:32
Mike: timeframe.
6:33
Mike: Probably
6:33
Mike: actually
6:33
Mike: a
6:33
Mike: little
6:34
Mike: bit
6:34
Mike: I,
6:34
Mike: by
6:35
Mike: 2024,
6:35
Mike: they
6:35
Mike: had
6:36
Mike: course
6:36
Mike: corrected
6:36
Mike: a
6:37
Mike: bit,
6:38
Mike: but
6:38
Mike: I
6:38
Mike: think
6:38
Mike: it's
6:38
Mike: pretty
6:38
Mike: clear
6:40
Mike: that
6:40
Mike: both
6:41
Mike: treasury
6:41
Mike: and
6:42
Mike: the
6:42
Mike: Fed
6:44
Mike: did
6:44
Mike: not
6:44
Mike: fully
6:45
Mike: recognize
6:46
Mike: the
6:46
Mike: inflationary
6:47
Mike: risks
6:48
Mike: that
6:48
Mike: the
6:48
Mike: economy
6:49
Mike: was
6:49
Mike: facing,
6:50
Mike: and
6:50
Mike: they
6:51
Mike: did
6:51
Mike: not
6:51
Mike: respond
6:51
Mike: quickly
6:52
Mike: enough.
6:52
Mike: I'm
6:53
Mike: not
6:53
Mike: saying
6:53
Mike: anything
6:54
Mike: controversial.
6:54
Mike: I
6:54
Mike: think
6:55
Mike: by
6:55
Mike: saying
6:55
Mike: that,
6:55
Mike: considering
6:57
Mike: that
6:58
Mike: in
6:58
Mike: that
6:58
Mike: period
6:58
Mike: we
6:59
Mike: saw
6:59
Mike: the
6:59
Mike: highest
6:59
Mike: inflation
7:00
Mike: that
7:01
Mike: the
7:01
Mike: nation
7:01
Mike: has
7:01
Mike: seen
7:02
Mike: in
7:02
Mike: 40
7:03
Mike: years
7:04
Mike: and
7:04
Mike: Kevin
7:04
Mike: Walsh
7:05
Mike: has
7:05
Mike: been
7:06
Mike: critical
7:06
Mike: of
7:06
Mike: excessively
7:07
Mike: easy
7:07
Mike: monetary
7:08
Mike: policy.
7:09
Mike: And,
7:10
Mike: some
7:10
Mike: of
7:10
Mike: the
7:10
Mike: quantitative
7:11
Mike: easing
7:11
Mike: that
7:11
Mike: went
7:11
Mike: on,
7:12
Mike: and
7:13
Mike: I
7:13
Mike: think
7:14
Mike: that
7:14
Mike: speaks
7:15
Mike: well
7:15
Mike: to,
7:16
Mike: the
7:16
Mike: idea
7:17
Mike: that
7:17
Mike: he
7:17
Mike: will
7:17
Mike: be
7:17
Mike: a
7:17
Mike: steady
7:18
Mike: hand.
7:18
Mike: On
7:19
Mike: the
7:19
Mike: tiller,
7:20
Mike: but
7:21
Mike: what
7:21
Mike: are
7:21
Mike: the
7:21
Mike: other
7:21
Mike: things
7:21
Mike: that
7:22
Mike: we,
7:22
Mike: as
7:22
Mike: investors
7:23
Mike: ought
7:23
Mike: to
7:23
Mike: be
7:23
Mike: taking
7:23
Mike: a
7:23
Mike: look
7:24
Mike: at
7:24
Mike: and
7:24
Mike: what
7:24
Mike: really
7:24
Mike: matters?
7:25
Mike: Obviously
7:26
Mike: we
7:26
Mike: care
7:26
Mike: about
7:27
Mike: the
7:27
Mike: other
7:27
Mike: health
7:28
Mike: of
7:28
Mike: the
7:28
Mike: economy,
7:28
Mike: which
7:29
Mike: is
7:29
Mike: the
7:29
Mike: economy
7:29
Mike: growing?
7:30
Mike: So
7:30
Mike: inflation
7:31
Mike: is
7:31
Mike: one
7:31
Mike: part
7:31
Mike: of
7:31
Mike: it
7:32
Mike: if
7:32
Mike: we
7:32
Mike: think
7:32
Mike: about
7:33
Mike: the
7:33
Mike: Fed's
7:33
Mike: mandate.
7:34
Mike: The
7:34
Mike: other
7:34
Mike: is
7:35
Mike: labor.
7:36
Mike: There's
7:37
Mike: a
7:37
Mike: little
7:37
Mike: bit
7:38
Mike: of
7:38
Mike: concern,
7:39
Mike: I
7:39
Mike: think
7:39
Mike: it
7:39
Mike: would
7:39
Mike: be
7:39
Mike: fair
7:39
Mike: to
7:39
Mike: say
7:40
Mike: we,
7:40
Mike: we
7:41
Mike: have
7:41
Mike: seen
7:42
Mike: since.
7:43
Mike: There
7:43
Mike: was
7:43
Mike: a
7:43
Mike: big
7:44
Mike: peak
7:44
Mike: in
7:44
Mike: job
7:44
Mike: creation
7:45
Mike: that
7:45
Mike: took
7:45
Mike: place.
7:46
Mike: After
7:46
Mike: we
7:46
Mike: came
7:46
Mike: outta
7:47
Mike: the
7:47
Mike: pandemic,
7:48
Mike: the
7:48
Mike: economy
7:48
Mike: began
7:49
Mike: to
7:49
Mike: get
7:49
Mike: restarted.
7:49
Mike: There
7:49
Mike: was
7:50
Mike: massive
7:51
Mike: job
7:51
Mike: creation,
7:51
Mike: of
7:51
Mike: course,
7:52
Mike: because
7:52
Mike: there
7:52
Mike: was
7:52
Mike: a
7:53
Mike: large
7:53
Mike: bit
7:53
Mike: of
7:53
Mike: unemployment
7:54
Mike: that
7:54
Mike: resulted
7:55
Mike: from
7:55
Mike: the
7:55
Mike: pandemic.
7:56
Mike: The
7:56
Mike: pace
7:57
Mike: of
7:57
Mike: job
7:57
Mike: growth
7:57
Mike: has
7:58
Mike: slowed
7:58
Mike: very
7:59
Mike: steadily
7:59
Mike: since
8:00
Mike: it
8:00
Mike: peaked
8:01
Mike: in
8:01
Mike: also
8:02
Mike: about
8:02
Mike: 2021.
8:03
Mike: And
8:04
Mike: some
8:04
Mike: of
8:04
Mike: the
8:04
Mike: revisions
8:05
Mike: have
8:06
Mike: not
8:06
Mike: been
8:06
Mike: positive.
8:07
Mike: In
8:07
Mike: recent
8:08
Mike: months.
8:08
Mike: So
8:08
Mike: I
8:08
Mike: think
8:08
Mike: that's
8:09
Mike: a
8:09
Mike: little
8:09
Mike: bit
8:09
Mike: of
8:09
Mike: a
8:09
Mike: concern,
8:11
Mike: but
8:11
Mike: I
8:11
Mike: think
8:11
Mike: ours
8:12
Mike: is
8:12
Mike: a
8:13
Mike: fairly
8:13
Mike: resilient
8:13
Mike: economy,
8:14
Mike: and
8:14
Mike: I
8:14
Mike: think
8:15
Mike: that's
8:15
Mike: the
8:15
Mike: thing
8:15
Mike: that
8:15
Mike: people
8:16
Mike: need
8:16
Mike: to
8:16
Mike: focus
8:16
Mike: on.
8:16
Mike: If
8:17
Mike: there
8:17
Mike: is
8:17
Mike: any
8:18
Mike: economy
8:18
Mike: in
8:18
Mike: the
8:18
Mike: world
8:19
Mike: that
8:19
Mike: is
8:20
Mike: resilient,
8:20
Mike: it's
8:20
Mike: ours.
8:21
Mike: In
8:21
Mike: fact,
8:22
Mike: I
8:22
Mike: would
8:22
Mike: argue
8:22
Mike: that
8:23
Mike: as
8:24
Mike: long
8:24
Mike: as
8:24
Mike: we
8:24
Mike: don't
8:24
Mike: mismanage
8:25
Mike: it
8:26
Mike: the
8:26
Mike: United
8:26
Mike: States
8:27
Mike: is
8:27
Mike: still
8:27
Mike: the
8:27
Mike: best
8:28
Mike: economy
8:28
Mike: in
8:28
Mike: the
8:28
Mike: world.
8:29
Mike: And
8:29
Mike: that's
8:29
Mike: not
8:29
Mike: to
8:29
Mike: say
8:29
Mike: that
8:30
Mike: there
8:30
Mike: aren't
8:30
Mike: others
8:30
Mike: that
8:31
Mike: haven't
8:31
Mike: been
8:31
Mike: growing
8:32
Mike: faster
8:32
Mike: or
8:33
Mike: have
8:33
Mike: seen.
8:33
Mike: More
8:34
Mike: accelerated
8:34
Mike: growth
8:34
Mike: like
8:34
Mike: China.
8:35
Mike: But
8:35
Mike: China
8:36
Mike: has
8:36
Mike: systemic
8:36
Mike: problems
8:37
Mike: all
8:37
Mike: its
8:37
Mike: own.
8:37
Mike: It
8:38
Mike: also
8:38
Mike: has
8:38
Mike: a
8:38
Mike: demographic
8:39
Mike: cliff
8:40
Mike: and
8:40
Mike: it
8:41
Mike: still
8:41
Mike: has
8:41
Mike: a
8:41
Mike: big
8:42
Mike: lending
8:42
Mike: problem
8:43
Mike: to
8:43
Mike: deal
8:44
Mike: with
8:44
Mike: in
8:44
Mike: their
8:44
Mike: real
8:44
Mike: estate
8:45
Mike: market.
8:45
Mike: If
8:45
Mike: I
8:45
Mike: think
8:45
Mike: about
8:46
Mike: an
8:46
Mike: economy
8:46
Mike: that
8:47
Mike: can
8:47
Mike: and
8:47
Mike: should
8:47
Mike: be
8:47
Mike: healthy,
8:48
Mike: assuming
8:49
Mike: we
8:49
Mike: don't
8:49
Mike: get
8:50
Mike: into
8:50
Mike: too
8:50
Mike: many
8:51
Mike: other
8:51
Mike: sort
8:51
Mike: of
8:51
Mike: geopolitical
8:52
Mike: risks
8:52
Mike: around
8:52
Mike: the
8:53
Mike: world,
8:53
Mike: and
8:53
Mike: obviously
8:53
Mike: we're
8:53
Mike: dealing
8:54
Mike: with
8:54
Mike: one
8:54
Mike: in
8:54
Mike: the
8:54
Mike: Middle
8:54
Mike: East
8:54
Mike: right
8:55
Mike: now,
8:55
Mike: but
8:56
Mike: if
8:56
Mike: we
8:56
Mike: can
8:56
Mike: get
8:57
Mike: to
8:57
Mike: the
8:57
Mike: far
8:57
Mike: side
8:58
Mike: of
8:58
Mike: that
8:58
Mike: I
8:58
Mike: feel
8:59
Mike: pretty
8:59
Mike: good.
8:59
Ryan: Yeah.
9:00
Ryan: Fantastic.
9:01
Ryan: Mike
9:01
Ryan: and
9:01
Ryan: I
9:02
Ryan: completely
9:02
Ryan: agree,
9:03
Ryan: and
9:03
Ryan: as
9:03
Ryan: long
9:03
Ryan: as,
9:04
Ryan: the
9:04
Ryan: consumers
9:05
Ryan: and
9:05
Ryan: the
9:05
Ryan: US
9:05
Ryan: consumers,
9:06
Ryan: they
9:06
Ryan: like
9:06
Ryan: to
9:06
Ryan: spend
9:07
Ryan: so
9:08
Ryan: long
9:08
Ryan: as
9:09
Ryan: they
9:09
Ryan: continue
9:09
Ryan: spending,
9:10
Ryan: I
9:11
Ryan: think
9:11
Ryan: I
9:11
Ryan: think
9:11
Ryan: we'll
9:11
Ryan: be
9:11
Ryan: okay
9:12
Ryan: there.
9:12
Ryan: So
9:12
Ryan: with
9:12
Ryan: that
9:13
Ryan: backdrop
9:13
Ryan: that
9:13
Ryan: you
9:14
Ryan: just
9:14
Ryan: mentioned.
9:15
Ryan: Is
9:16
Ryan: it
9:16
Ryan: time
9:16
Ryan: for
9:16
Ryan: financial
9:17
Ryan: advisors
9:18
Ryan: and
9:18
Ryan: then
9:18
Ryan: investors
9:19
Ryan: to
9:19
Ryan: focus
9:19
Ryan: more
9:20
Ryan: on
9:20
Ryan: cash
9:20
Ryan: flow
9:21
Ryan: rather
9:21
Ryan: than
9:21
Ryan: price
9:22
Ryan: appreciation?
9:23
Ryan: Like
9:23
Ryan: you
9:23
Ryan: said,
9:24
Ryan: the
9:24
Ryan: economy's
9:24
Ryan: been
9:24
Ryan: resilient,
9:25
Ryan: but
9:26
Ryan: so
9:26
Ryan: too
9:26
Ryan: has
9:26
Ryan: markets,
9:27
Ryan: they've
9:27
Ryan: been
9:27
Ryan: resilient
9:28
Ryan: over
9:28
Ryan: the
9:28
Ryan: years
9:29
Ryan: and
9:29
Ryan: even
9:30
Ryan: when
9:30
Ryan: times
9:30
Ryan: we
9:30
Ryan: think
9:31
Ryan: market
9:31
Ryan: might
9:31
Ryan: pull
9:32
Ryan: back
9:32
Ryan: some,
9:32
Ryan: it
9:32
Ryan: just
9:34
Ryan: on
9:34
Ryan: ripping
9:34
Ryan: higher.
9:35
Ryan: So
9:35
Ryan: why
9:36
Ryan: should
9:36
Ryan: investors
9:37
Ryan: focus
9:37
Ryan: on
9:37
Ryan: cash
9:38
Ryan: flow
9:38
Ryan: now
9:38
Ryan: versus
9:39
Ryan: continue
9:39
Ryan: just
9:40
Ryan: to
9:40
Ryan: ride
9:40
Ryan: the
9:40
Ryan: wave
9:41
Ryan: and
9:41
Ryan: enjoy
9:42
Ryan: the
9:42
Ryan: price
9:42
Ryan: appreciation.
9:44
Mike: I
9:45
Mike: think
9:45
Mike: it's
9:45
Mike: always
9:45
Mike: important
9:46
Mike: for
9:46
Mike: people
9:46
Mike: to
9:46
Mike: think
9:47
Mike: about
9:48
Mike: cash
9:48
Mike: flow.
9:48
Mike: I'm
9:48
Mike: not
9:49
Mike: sure
9:49
Mike: that
9:49
Mike: they
9:49
Mike: always
9:49
Mike: do,
9:50
Mike: but
9:50
Mike: I
9:50
Mike: think
9:50
Mike: it
9:51
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9:51
Mike: and
9:51
Mike: I
9:52
Mike: like
9:52
Mike: to
9:52
Mike: think
9:52
Mike: about
9:52
Mike: cash
9:53
Mike: flows
9:53
Mike: in
9:53
Mike: two
9:53
Mike: different
9:54
Mike: ways
9:54
Mike: as
9:54
Mike: an.
9:54
Mike: Investor
9:56
Mike: one.
9:56
Mike: I'm
9:56
Mike: very
9:56
Mike: interested
9:57
Mike: in
9:57
Mike: whether
9:58
Mike: the
9:58
Mike: companies
9:58
Mike: themselves
9:59
Mike: are
9:59
Mike: generating
10:00
Mike: free
10:00
Mike: cash
10:00
Mike: flow
10:01
Mike: and
10:01
Mike: if
10:01
Mike: they
10:02
Mike: are,
10:02
Mike: how
10:02
Mike: they
10:02
Mike: deploy
10:03
Mike: it.
10:03
Mike: I
10:04
Mike: think
10:04
Mike: that's
10:04
Mike: an
10:05
Mike: important
10:05
Mike: consideration.
10:06
Mike: And
10:06
Mike: some
10:06
Mike: of
10:06
Mike: the
10:06
Mike: biggest
10:07
Mike: companies
10:08
Mike: in
10:08
Mike: the
10:08
Mike: world
10:09
Mike: and
10:09
Mike: in
10:09
Mike: the
10:09
Mike: United
10:10
Mike: States
10:10
Mike: have
10:11
Mike: been
10:11
Mike: generating
10:11
Mike: massive
10:12
Mike: amounts
10:12
Mike: of
10:12
Mike: free
10:12
Mike: cash
10:12
Mike: flow.
10:13
Mike: So
10:14
Mike: investors
10:14
Mike: who
10:15
Mike: held
10:15
Mike: them,
10:15
Mike: whether
10:16
Mike: you
10:16
Mike: held
10:16
Mike: Nvidia,
10:16
Mike: for
10:17
Mike: example
10:18
Mike: or
10:18
Mike: alphabet
10:19
Mike: meta,
10:20
Mike: Microsoft.
10:21
Mike: You
10:21
Mike: could
10:22
Mike: say,
10:22
Mike: if
10:22
Mike: I'm
10:22
Mike: a
10:22
Mike: young
10:23
Mike: investor
10:24
Mike: and
10:24
Mike: I'm
10:24
Mike: thinking
10:24
Mike: about
10:24
Mike: the
10:25
Mike: future,
10:26
Mike: and
10:26
Mike: I
10:27
Mike: don't
10:27
Mike: need
10:27
Mike: to
10:27
Mike: use
10:28
Mike: that
10:28
Mike: cash
10:28
Mike: flow
10:28
Mike: now,
10:29
Mike: then
10:30
Mike: is
10:31
Mike: it
10:31
Mike: all
10:31
Mike: right
10:31
Mike: to
10:31
Mike: invest
10:32
Mike: in
10:32
Mike: companies
10:32
Mike: that
10:32
Mike: pay
10:33
Mike: a
10:33
Mike: very
10:33
Mike: low
10:34
Mike: dividend
10:34
Mike: or
10:35
Mike: no
10:35
Mike: dividend?
10:36
Mike: If
10:36
Mike: they're
10:37
Mike: growing
10:37
Mike: quickly,
10:38
Mike: if
10:38
Mike: they're
10:38
Mike: growing
10:38
Mike: faster
10:38
Mike: than
10:39
Mike: the
10:39
Mike: economy,
10:39
Mike: if
10:39
Mike: their
10:40
Mike: EPS
10:40
Mike: is
10:40
Mike: growing
10:41
Mike: faster
10:41
Mike: than
10:41
Mike: their
10:41
Mike: top
10:42
Mike: line,
10:42
Mike: and
10:42
Mike: if
10:42
Mike: their
10:42
Mike: free
10:43
Mike: cash
10:43
Mike: flow
10:43
Mike: is
10:43
Mike: growing
10:44
Mike: faster
10:44
Mike: as
10:44
Mike: well.
10:45
Mike: I
10:45
Mike: think
10:45
Mike: that's
10:45
Mike: fine
10:46
Mike: for
10:46
Mike: those
10:47
Mike: investors
10:47
Mike: who
10:48
Mike: only
10:48
Mike: need
10:49
Mike: capital
10:49
Mike: appreciation
10:50
Mike: because
10:50
Mike: they're
10:50
Mike: not
10:50
Mike: relying
10:52
Mike: on
10:52
Mike: their
10:52
Mike: assets
10:53
Mike: to
10:53
Mike: provide
10:53
Mike: some
10:54
Mike: measure
10:54
Mike: of
10:54
Mike: income
10:55
Mike: for
10:55
Mike: them.
10:55
Mike: There's
10:55
Mike: another
10:56
Mike: reason,
10:56
Mike: and
10:57
Mike: that
10:57
Mike: is
10:57
Mike: that
10:57
Mike: generally
10:58
Mike: fa
10:59
Mike: higher
10:59
Mike: growth
11:00
Mike: companies
11:01
Mike: what
11:01
Mike: we
11:01
Mike: sometimes
11:01
Mike: call
11:01
Mike: long
11:02
Mike: duration
11:02
Mike: equity,
11:03
Mike: they're
11:04
Mike: also
11:04
Mike: gonna
11:04
Mike: tend
11:04
Mike: to
11:04
Mike: be
11:05
Mike: more
11:05
Mike: volatile.
11:05
Mike: That
11:06
Mike: might
11:06
Mike: also
11:06
Mike: matter
11:07
Mike: less
11:07
Mike: to
11:07
Mike: younger
11:08
Mike: investors
11:08
Mike: than
11:08
Mike: it
11:08
Mike: does
11:09
Mike: to
11:09
Mike: older
11:09
Mike: ones.
11:10
Mike: But
11:10
Mike: there
11:10
Mike: certainly
11:11
Mike: are
11:11
Mike: a
11:11
Mike: lot
11:11
Mike: of
11:11
Mike: investors
11:12
Mike: who
11:12
Mike: don't
11:13
Mike: like
11:13
Mike: it
11:13
Mike: when
11:14
Mike: their
11:14
Mike: assets
11:15
Mike: are
11:15
Mike: highly
11:15
Mike: volatile.
11:17
Mike: There
11:17
Mike: are
11:17
Mike: a
11:17
Mike: lot
11:17
Mike: of
11:18
Mike: investors
11:18
Mike: who
11:18
Mike: are,
11:19
Mike: one
11:19
Mike: of
11:19
Mike: the
11:19
Mike: reasons
11:19
Mike: that
11:20
Mike: they
11:20
Mike: invested
11:20
Mike: was
11:20
Mike: so
11:20
Mike: that
11:21
Mike: their
11:21
Mike: investments
11:21
Mike: could
11:22
Mike: provide
11:22
Mike: them
11:22
Mike: with
11:22
Mike: an
11:22
Mike: income
11:23
Mike: at
11:23
Mike: some
11:23
Mike: point.
11:24
Mike: And
11:24
Mike: the
11:24
Mike: other
11:25
Mike: thing
11:25
Mike: is
11:25
Mike: that
11:26
Mike: income
11:26
Mike: producing
11:27
Mike: assets
11:27
Mike: or
11:28
Mike: assets
11:28
Mike: that
11:28
Mike: throw
11:28
Mike: off
11:29
Mike: distributions
11:30
Mike: are
11:31
Mike: inherently
11:31
Mike: lower
11:31
Mike: risk.
11:32
Mike: And
11:33
Mike: to
11:33
Mike: understand
11:33
Mike: that
11:33
Mike: intuitively,
11:34
Mike: just
11:34
Mike: imagine
11:35
Mike: if
11:35
Mike: you
11:35
Mike: were
11:36
Mike: a
11:36
Mike: bond
11:36
Mike: investor.
11:37
Mike: And
11:37
Mike: I
11:37
Mike: said,
11:37
Mike: okay,
11:38
Mike: you
11:38
Mike: can
11:38
Mike: invest
11:39
Mike: in
11:39
Mike: a
11:39
Mike: bond
11:39
Mike: that's
11:40
Mike: a
11:40
Mike: 20
11:40
Mike: year
11:40
Mike: zero
11:41
Mike: coupon.
11:41
Mike: So
11:42
Mike: you
11:42
Mike: put
11:42
Mike: your
11:42
Mike: money
11:42
Mike: in
11:43
Mike: and
11:43
Mike: hope
11:43
Mike: you
11:43
Mike: get
11:44
Mike: your
11:44
Mike: money
11:44
Mike: and
11:45
Mike: some
11:45
Mike: interest
11:45
Mike: back
11:45
Mike: at
11:45
Mike: the
11:46
Mike: end.
11:47
Mike: Or
11:47
Mike: one
11:47
Mike: that
11:47
Mike: pays,
11:48
Mike: biannual
11:49
Mike: coupons,
11:50
Mike: right?
11:50
Mike: So
11:51
Mike: the
11:51
Mike: one
11:51
Mike: that's
11:51
Mike: paying
11:52
Mike: biannual
11:52
Mike: coupons
11:53
Mike: because
11:53
Mike: you're
11:53
Mike: taking
11:54
Mike: cash
11:54
Mike: out
11:54
Mike: of
11:54
Mike: it
11:54
Mike: all
11:55
Mike: the
11:55
Mike: time
11:56
Mike: is
11:56
Mike: gonna
11:56
Mike: be,
11:57
Mike: lower
11:57
Mike: risk.
11:57
Mike: And
11:58
Mike: I
11:58
Mike: think
11:58
Mike: it's
11:58
Mike: one
11:58
Mike: of
11:58
Mike: the
11:58
Mike: reasons
11:59
Mike: why.
12:00
Mike: You're
12:00
Mike: not
12:00
Mike: gonna
12:00
Mike: find
12:00
Mike: a
12:00
Mike: whole
12:01
Mike: lot
12:01
Mike: of
12:01
Mike: banks
12:01
Mike: that
12:01
Mike: have
12:02
Mike: a
12:02
Mike: zero
12:02
Mike: coupon
12:03
Mike: car
12:03
Mike: loan,
12:03
Mike: for
12:03
Mike: example,
12:04
Mike: where
12:04
Mike: you
12:04
Mike: go
12:04
Mike: in
12:05
Mike: to
12:05
Mike: the
12:05
Mike: dealership
12:06
Mike: today
12:07
Mike: and
12:07
Mike: you
12:07
Mike: buy
12:08
Mike: a
12:08
Mike: car
12:09
Mike: and
12:09
Mike: five
12:09
Mike: years
12:09
Mike: from
12:09
Mike: now
12:10
Mike: you
12:10
Mike: owe
12:10
Mike: them
12:11
Mike: all
12:11
Mike: of
12:11
Mike: the
12:11
Mike: principal
12:11
Mike: back,
12:12
Mike: plus
12:13
Mike: any
12:13
Mike: accumulated
12:13
Mike: interest.
12:14
Mike: That,
12:15
Mike: that
12:15
Mike: would
12:15
Mike: certainly
12:15
Mike: be
12:15
Mike: a
12:16
Mike: riskier
12:16
Mike: car
12:16
Mike: loan
12:16
Mike: to
12:16
Mike: make
12:17
Mike: than
12:17
Mike: one
12:17
Mike: where
12:17
Mike: they
12:17
Mike: say,
12:17
Mike: actually
12:18
Mike: we'd
12:19
Mike: like
12:19
Mike: you
12:19
Mike: to
12:19
Mike: start
12:19
Mike: making
12:20
Mike: monthly
12:20
Mike: payments.
12:22
Ryan: I'm
12:22
Ryan: really
12:22
Ryan: glad
12:22
Ryan: you
12:22
Ryan: brought
12:23
Ryan: that
12:23
Ryan: up
12:23
Ryan: about
12:23
Ryan: some
12:24
Ryan: investors.
12:24
Ryan: They,
12:25
Ryan: you
12:25
Ryan: don't
12:25
Ryan: want
12:25
Ryan: capital
12:26
Ryan: appreciation,
12:27
Ryan: price
12:28
Ryan: appreciation.
12:28
Ryan: The
12:29
Ryan: market's
12:29
Ryan: a
12:29
Ryan: lot
12:29
Ryan: different
12:30
Ryan: than,
12:30
Ryan: our
12:30
Ryan: grandparents
12:31
Ryan: market
12:32
Ryan: and
12:32
Ryan: now
12:33
Ryan: a
12:33
Ryan: lot
12:33
Ryan: of
12:33
Ryan: growth
12:34
Ryan: names
12:34
Ryan: are
12:34
Ryan: producing
12:35
Ryan: dividends,
12:36
Ryan: apple.
12:37
Ryan: So
12:37
Ryan: now
12:38
Ryan: some
12:38
Ryan: of
12:38
Ryan: these
12:38
Ryan: investors,
12:39
Ryan: they
12:39
Ryan: can
12:40
Ryan: get
12:40
Ryan: the
12:40
Ryan: best
12:41
Ryan: of
12:41
Ryan: both
12:41
Ryan: worlds
12:42
Ryan: in
12:42
Ryan: a
12:42
Ryan: sense,
12:42
Ryan: at
12:42
Ryan: invest
12:43
Ryan: in
12:43
Ryan: some
12:43
Ryan: of
12:43
Ryan: these
12:44
Ryan: growth
12:44
Ryan: names,
12:44
Ryan: but
12:44
Ryan: they're
12:45
Ryan: also
12:46
Ryan: producing
12:46
Ryan: some,
12:47
Ryan: somewhat
12:48
Ryan: attractive
12:48
Ryan: income
12:48
Ryan: based
12:49
Ryan: on
12:49
Ryan: the
12:49
Ryan: capital
12:49
Ryan: appreciation.
12:50
Ryan: Do
12:51
Ryan: you
12:51
Ryan: think
12:51
Ryan: there's
12:51
Ryan: other
12:51
Ryan: ways
12:52
Ryan: or
12:52
Ryan: other
12:52
Ryan: sources
12:53
Ryan: that
12:53
Ryan: might
12:53
Ryan: be
12:54
Ryan: suited
12:55
Ryan: or
12:55
Ryan: better
12:55
Ryan: suited
12:56
Ryan: for
12:56
Ryan: equity
12:56
Ryan: income
12:57
Ryan: during
12:57
Ryan: this
12:58
Ryan: market
12:58
Ryan: environment
12:59
Ryan: or
12:59
Ryan: macro
13:00
Ryan: environment
13:01
Ryan: in
13:01
Ryan: addition
13:01
Ryan: to
13:01
Ryan: just
13:02
Ryan: your
13:02
Ryan: basic
13:03
Ryan: dividend
13:03
Ryan: yield?
13:05
Mike: Of
13:05
Mike: course
13:06
Mike: I'm
13:06
Mike: gonna
13:06
Mike: be
13:06
Mike: talking
13:06
Mike: my
13:07
Mike: own
13:07
Mike: book
13:07
Mike: at
13:07
Mike: this
13:07
Mike: point.
13:08
Mike: When
13:08
Mike: I
13:08
Mike: say
13:08
Mike: that
13:08
Mike: I
13:09
Mike: think
13:09
Mike: options
13:09
Mike: overlays
13:10
Mike: would
13:10
Mike: be
13:10
Mike: a,
13:11
Mike: an
13:11
Mike: intriguing
13:12
Mike: additional
13:12
Mike: source
13:13
Mike: of
13:14
Mike: potential
13:14
Mike: distributions
13:15
Mike: against
13:15
Mike: an
13:15
Mike: equity
13:16
Mike: portfolio.
13:17
Mike: You
13:17
Mike: mentioned
13:18
Mike: Apple
13:18
Mike: and
13:18
Mike: it's
13:18
Mike: true.
13:19
Mike: Here's
13:19
Mike: a
13:19
Mike: company
13:19
Mike: that
13:20
Mike: you
13:20
Mike: know,
13:20
Mike: one
13:21
Mike: of
13:21
Mike: the
13:21
Mike: greatest
13:21
Mike: companies
13:22
Mike: of
13:22
Mike: all
13:22
Mike: time,
13:22
Mike: and
13:22
Mike: indeed
13:23
Mike: they
13:23
Mike: do
13:23
Mike: pay
13:23
Mike: a
13:23
Mike: dividend.
13:24
Mike: But
13:24
Mike: here's
13:24
Mike: the
13:24
Mike: problem.
13:25
Mike: And
13:25
Mike: that
13:25
Mike: is
13:26
Mike: that
13:26
Mike: their
13:26
Mike: annualized
13:27
Mike: dividend
13:27
Mike: yield
13:27
Mike: is
13:27
Mike: only
13:28
Mike: about
13:28
Mike: 40
13:28
Mike: basis
13:28
Mike: points.
13:29
Mike: And
13:29
Mike: if
13:29
Mike: you
13:29
Mike: take
13:30
Mike: a
13:30
Mike: look,
13:30
Mike: I'll
13:30
Mike: look
13:30
Mike: it
13:30
Mike: up
13:30
Mike: right
13:31
Mike: now,
13:32
Mike: using
13:32
Mike: my
13:32
Mike: handy
13:33
Mike: dandy
13:33
Mike: Bloomberg
13:33
Mike: terminal
13:34
Mike: here.
13:34
Mike: If
13:34
Mike: you're
13:34
Mike: looking
13:34
Mike: at
13:34
Mike: the
13:35
Mike: s
13:35
Mike: and
13:35
Mike: p
13:35
Mike: in
13:36
Mike: general,
13:37
Mike: the,
13:38
Mike: the
13:38
Mike: implied
13:38
Mike: dividend
13:39
Mike: yield
13:39
Mike: right
13:39
Mike: now
13:40
Mike: for
13:40
Mike: one
13:40
Mike: year
13:41
Mike: is
13:41
Mike: about
13:41
Mike: 1%.
13:42
Mike: That
13:42
Mike: means
13:43
Mike: you're
13:43
Mike: gonna
13:43
Mike: be
13:43
Mike: getting
13:43
Mike: about
13:44
Mike: $10,600
13:45
Mike: per
13:46
Mike: million
13:47
Mike: in
13:47
Mike: income.
13:48
Mike: That's
13:48
Mike: not
13:48
Mike: a
13:48
Mike: whole
13:49
Mike: lot
13:49
Mike: right
13:50
Mike: now.
13:51
Mike: If
13:51
Mike: you
13:51
Mike: look
13:51
Mike: at
13:51
Mike: something
13:51
Mike: like
13:52
Mike: the
13:52
Mike: Dow
13:52
Mike: Jones
13:53
Mike: Dividend
13:54
Mike: Index,
13:55
Mike: then
13:55
Mike: you're
13:55
Mike: gonna
13:55
Mike: be
13:56
Mike: dealing
13:56
Mike: with
13:56
Mike: all
13:57
Mike: dividend
13:57
Mike: paying
13:57
Mike: stocks
13:58
Mike: as
13:58
Mike: the
13:58
Mike: name
13:58
Mike: would
13:58
Mike: imply,
14:00
Mike: and
14:00
Mike: so
14:00
Mike: that
14:01
Mike: yield
14:02
Mike: is
14:02
Mike: going
14:02
Mike: to
14:02
Mike: be
14:03
Mike: higher
14:04
Mike: in
14:04
Mike: that
14:04
Mike: case.
14:05
Mike: The
14:05
Mike: yield
14:05
Mike: as
14:06
Mike: we
14:06
Mike: speak
14:07
Mike: right
14:07
Mike: now
14:07
Mike: is
14:07
Mike: about
14:08
Mike: 3.35%.
14:09
Mike: So
14:10
Mike: you'd
14:10
Mike: be
14:10
Mike: getting
14:10
Mike: about
14:10
Mike: $33,500
14:12
Mike: for
14:12
Mike: every
14:13
Mike: million
14:13
Mike: dollars
14:13
Mike: you
14:13
Mike: invested.
14:15
Mike: But
14:15
Mike: if
14:15
Mike: if
14:15
Mike: you
14:15
Mike: have
14:15
Mike: monthly
14:16
Mike: expenses
14:16
Mike: that
14:17
Mike: are
14:17
Mike: in
14:17
Mike: the,
14:17
Mike: say
14:17
Mike: a
14:18
Mike: hundred
14:18
Mike: thousand
14:18
Mike: dollars
14:19
Mike: a
14:19
Mike: year
14:19
Mike: range
14:20
Mike: then
14:20
Mike: you're
14:20
Mike: gonna
14:21
Mike: need
14:21
Mike: to
14:21
Mike: have
14:21
Mike: $3
14:22
Mike: million
14:22
Mike: invested
14:23
Mike: to
14:23
Mike: satisfy
14:24
Mike: that
14:24
Mike: cash
14:24
Mike: flow
14:24
Mike: requirement.
14:25
Mike: Or
14:26
Mike: the
14:26
Mike: alternative
14:27
Mike: would
14:27
Mike: be
14:28
Mike: that
14:28
Mike: you
14:28
Mike: can
14:29
Mike: put
14:30
Mike: some
14:30
Mike: of
14:30
Mike: your
14:30
Mike: money
14:30
Mike: into
14:30
Mike: bonds
14:31
Mike: or
14:31
Mike: some
14:31
Mike: other
14:31
Mike: kind
14:31
Mike: of
14:31
Mike: fixed
14:32
Mike: income
14:32
Mike: and
14:32
Mike: not
14:32
Mike: have
14:33
Mike: some
14:33
Mike: equity
14:33
Mike: exposure.
14:35
Mike: Bonds
14:36
Mike: over
14:36
Mike: the
14:36
Mike: long
14:36
Mike: run
14:36
Mike: don't
14:37
Mike: have
14:37
Mike: a
14:38
Mike: terrific
14:39
Mike: track
14:40
Mike: record
14:40
Mike: in
14:40
Mike: terms
14:40
Mike: of
14:40
Mike: total
14:41
Mike: returns
14:42
Mike: because
14:42
Mike: money
14:43
Mike: gets
14:43
Mike: devalued
14:44
Mike: by
14:44
Mike: inflation.
14:44
Mike: So
14:45
Mike: it's
14:45
Mike: nice
14:45
Mike: to
14:45
Mike: have
14:46
Mike: an
14:46
Mike: underpinning
14:46
Mike: basket
14:47
Mike: of
14:47
Mike: equities
14:48
Mike: and
14:48
Mike: that's
14:48
Mike: why
14:48
Mike: we
14:48
Mike: have
14:49
Mike: strategies
14:49
Mike: like
14:50
Mike: Quad
14:50
Mike: D.
14:50
Mike: So
14:50
Mike: in
14:51
Mike: Quad
14:51
Mike: D'S
14:51
Mike: case,
14:51
Mike: what
14:52
Mike: you're
14:52
Mike: doing
14:52
Mike: is
14:53
Mike: you're
14:53
Mike: trying
14:53
Mike: to
14:53
Mike: get
14:53
Mike: the
14:53
Mike: Dow
14:54
Mike: Jones
14:54
Mike: Industrial
14:55
Mike: dividend
14:56
Mike: index
14:57
Mike: constituent
14:57
Mike: stocks.
14:58
Mike: Capturing
14:58
Mike: their
14:59
Mike: 3.35%
15:00
Mike: dividend
15:00
Mike: yield
15:01
Mike: and
15:01
Mike: then
15:01
Mike: putting
15:02
Mike: in
15:02
Mike: options
15:02
Mike: overlay
15:03
Mike: on
15:03
Mike: top
15:03
Mike: of
15:03
Mike: it
15:03
Mike: by
15:03
Mike: selling
15:03
Mike: some
15:04
Mike: call
15:04
Mike: spreads
15:04
Mike: against
15:05
Mike: those
15:05
Mike: stocks
15:06
Mike: that
15:06
Mike: seeks
15:07
Mike: to
15:07
Mike: about
15:07
Mike: double
15:08
Mike: the
15:08
Mike: dividend
15:09
Mike: on
15:09
Mike: a
15:09
Mike: net
15:09
Mike: basis.
15:10
Mike: So
15:10
Mike: the
15:11
Mike: objective
15:11
Mike: there
15:11
Mike: would
15:12
Mike: be,
15:12
Mike: hopefully
15:13
Mike: that
15:13
Mike: you're
15:13
Mike: gonna
15:13
Mike: get
15:14
Mike: nearly
15:14
Mike: 7%.
15:15
Mike: So
15:15
Mike: double
15:16
Mike: 3.35
15:17
Mike: would
15:17
Mike: be
15:17
Mike: 6.7%
15:18
Mike: is
15:18
Mike: what
15:19
Mike: our
15:19
Mike: target
15:20
Mike: distribution
15:20
Mike: rate
15:21
Mike: on
15:21
Mike: an
15:21
Mike: annual
15:21
Mike: basis.
15:22
Mike: And
15:22
Mike: then
15:22
Mike: you
15:22
Mike: still
15:22
Mike: own
15:22
Mike: the
15:22
Mike: underpinning
15:23
Mike: stock.
15:23
Mike: So
15:23
Mike: you
15:23
Mike: own
15:23
Mike: those
15:24
Mike: stocks,
15:24
Mike: you
15:25
Mike: collect
15:25
Mike: those
15:25
Mike: dividends.
15:26
Mike: It
15:27
Mike: for
15:27
Mike: some
15:27
Mike: investors
15:28
Mike: though,
15:28
Mike: will,
15:28
Mike: those
15:28
Mike: will
15:28
Mike: be
15:28
Mike: viewed
15:29
Mike: as
15:29
Mike: qualified
15:29
Mike: dividends
15:30
Mike: and
15:30
Mike: then
15:30
Mike: sell
15:31
Mike: some
15:31
Mike: options
15:31
Mike: strategies
15:32
Mike: around
15:33
Mike: that
15:33
Mike: to,
15:34
Mike: generate
15:35
Mike: a
15:35
Mike: little
15:35
Mike: bit
15:35
Mike: of
15:35
Mike: extra
15:35
Mike: premium.
15:37
Ryan: Yeah,
15:38
Ryan: that's
15:38
Ryan: great
15:38
Ryan: Mike.
15:39
Ryan: And
15:40
Ryan: you're
15:40
Ryan: exactly
15:41
Ryan: right
15:41
Ryan: in
15:41
Ryan: terms,
15:42
Ryan: let's
15:42
Ryan: talk
15:42
Ryan: about
15:42
Ryan: option
15:43
Ryan: overlay
15:43
Ryan: strategies
15:44
Ryan: here
15:44
Ryan: for
15:44
Ryan: a
15:44
Ryan: second.
15:45
Ryan: They're
15:45
Ryan: very
15:46
Ryan: popular.
15:46
Ryan: One
15:47
Ryan: of
15:47
Ryan: the
15:47
Ryan: hottest
15:47
Ryan: trends
15:47
Ryan: in
15:48
Ryan: the
15:48
Ryan: ETFs.
15:48
Ryan: Based
15:49
Ryan: and
15:49
Ryan: rightfully
15:49
Ryan: they
15:49
Ryan: can
15:50
Ryan: really,
15:51
Ryan: a
15:51
Ryan: big
15:51
Ryan: fan
15:51
Ryan: of
15:51
Ryan: democratization
15:53
Ryan: of
15:53
Ryan: investment
15:53
Ryan: strategies.
15:54
Ryan: For
15:54
Ryan: years,
15:55
Ryan: options
15:55
Ryan: were,
15:56
Ryan: for
15:56
Ryan: the
15:56
Ryan: ultra
15:56
Ryan: high
15:57
Ryan: net
15:57
Ryan: worth
15:57
Ryan: institutions.
15:58
Ryan: Now,
16:00
Ryan: like
16:01
Ryan: Yield
16:01
Ryan: Max's
16:02
Ryan: products,
16:02
Ryan: they're
16:02
Ryan: bringing
16:02
Ryan: it
16:03
Ryan: to
16:03
Ryan: retail
16:04
Ryan: investors.
16:05
Ryan: Is
16:05
Ryan: that
16:05
Ryan: trend,
16:06
Ryan: this
16:07
Ryan: hot
16:07
Ryan: trend
16:07
Ryan: in
16:08
Ryan: option
16:08
Ryan: overlay
16:08
Ryan: strategies?
16:09
Ryan: Is
16:09
Ryan: it
16:09
Ryan: being
16:09
Ryan: driven
16:10
Ryan: by
16:10
Ryan: investors,
16:11
Ryan: financial
16:11
Ryan: advisors,
16:12
Ryan: or
16:13
Ryan: is
16:13
Ryan: it
16:13
Ryan: just
16:14
Ryan: asset
16:14
Ryan: managers
16:15
Ryan: trying
16:15
Ryan: to
16:15
Ryan: enhance
16:16
Ryan: their
16:16
Ryan: product
16:16
Ryan: lineups?
16:18
Mike: I
16:18
Mike: think
16:18
Mike: it
16:19
Mike: is
16:19
Mike: a
16:19
Mike: combination
16:20
Mike: of
16:20
Mike: things.
16:21
Mike: First
16:21
Mike: of
16:21
Mike: all,
16:22
Mike: options.
16:24
Mike: Relative
16:24
Mike: to
16:24
Mike: the
16:25
Mike: length
16:25
Mike: and
16:25
Mike: time
16:25
Mike: of
16:25
Mike: the
16:25
Mike: stock
16:26
Mike: market
16:26
Mike: in
16:26
Mike: the
16:26
Mike: United
16:27
Mike: States
16:27
Mike: at
16:27
Mike: least,
16:28
Mike: are
16:28
Mike: relatively
16:29
Mike: new.
16:29
Mike: I
16:30
Mike: think
16:30
Mike: what
16:30
Mike: a
16:30
Mike: lot
16:30
Mike: of
16:30
Mike: people
16:30
Mike: don't
16:31
Mike: know
16:31
Mike: is
16:31
Mike: that
16:31
Mike: options
16:32
Mike: have
16:32
Mike: been
16:32
Mike: around
16:32
Mike: for
16:33
Mike: a
16:33
Mike: very
16:33
Mike: long
16:34
Mike: time.
16:34
Mike: In
16:35
Mike: fact,
16:35
Mike: one
16:36
Mike: could
16:36
Mike: argue
16:36
Mike: that
16:37
Mike: the
16:37
Mike: first
16:37
Mike: options
16:37
Mike: trades
16:38
Mike: ever
16:38
Mike: done
16:39
Mike: were
16:39
Mike: done
16:39
Mike: in
16:39
Mike: ancient
16:40
Mike: Greece
16:40
Mike: by
16:40
Mike: Theus
16:40
Mike: of
16:40
Mike: Miletus
16:41
Mike: on
16:42
Mike: all
16:42
Mike: oppresses
16:42
Mike: back
16:43
Mike: around
16:43
Mike: 600
16:44
Mike: bc.
16:45
Mike: But
16:45
Mike: in
16:46
Mike: the
16:46
Mike: United
16:46
Mike: States.
16:47
Mike: Our
16:47
Mike: first
16:48
Mike: stock
16:48
Mike: exchange
16:49
Mike: was
16:49
Mike: the
16:49
Mike: Philadelphia
16:50
Mike: Stock
16:50
Mike: Exchange,
16:50
Mike: which
16:51
Mike: was
16:51
Mike: founded
16:51
Mike: in
16:51
Mike: the
16:51
Mike: late
16:51
Mike: 17
16:52
Mike: hundreds,
16:53
Mike: and
16:54
Mike: we
16:54
Mike: didn't
16:54
Mike: have
16:54
Mike: exchange
16:55
Mike: traded
16:55
Mike: options
16:55
Mike: in
16:56
Mike: the
16:56
Mike: United
16:56
Mike: States
16:57
Mike: until
16:57
Mike: 1973,
16:59
Mike: and
16:59
Mike: that
16:59
Mike: was
16:59
Mike: only
17:00
Mike: on
17:00
Mike: a
17:00
Mike: handful
17:00
Mike: of
17:00
Mike: stocks.
17:01
Mike: There
17:01
Mike: were
17:01
Mike: call
17:02
Mike: options
17:02
Mike: only
17:03
Mike: they
17:04
Mike: listed
17:04
Mike: puts
17:05
Mike: three,
17:05
Mike: four
17:06
Mike: years
17:06
Mike: later.
17:07
Mike: But
17:07
Mike: they
17:07
Mike: still
17:08
Mike: were.
17:09
Mike: It
17:09
Mike: was
17:09
Mike: not
17:09
Mike: a
17:09
Mike: really
17:10
Mike: popular
17:10
Mike: product.
17:11
Mike: Now
17:12
Mike: since
17:12
Mike: I
17:12
Mike: got
17:13
Mike: into
17:13
Mike: the
17:13
Mike: business
17:13
Mike: in
17:13
Mike: the
17:14
Mike: late
17:14
Mike: 1990s,
17:15
Mike: the
17:15
Mike: compound
17:16
Mike: annual
17:16
Mike: growth
17:16
Mike: rate
17:17
Mike: of
17:17
Mike: options
17:17
Mike: volume
17:18
Mike: has
17:18
Mike: been
17:19
Mike: significantly
17:20
Mike: higher
17:20
Mike: than
17:20
Mike: it
17:20
Mike: has
17:20
Mike: been
17:21
Mike: for
17:21
Mike: stock.
17:21
Mike: So
17:22
Mike: I
17:22
Mike: think
17:23
Mike: the
17:23
Mike: fact
17:24
Mike: that
17:24
Mike: we've
17:24
Mike: seen
17:24
Mike: a
17:25
Mike: big
17:25
Mike: increase
17:26
Mike: in
17:26
Mike: self-directed
17:27
Mike: brokerage
17:27
Mike: platforms.
17:28
Mike: And
17:28
Mike: also
17:29
Mike: the
17:29
Mike: internet
17:29
Mike: itself
17:30
Mike: has
17:30
Mike: allowed
17:30
Mike: people
17:30
Mike: to
17:31
Mike: educate
17:31
Mike: themselves.
17:32
Mike: Every
17:32
Mike: investor
17:33
Mike: who's
17:33
Mike: an
17:33
Mike: auto
17:33
Mike: didact,
17:34
Mike: who
17:34
Mike: wants
17:34
Mike: to
17:34
Mike: learn
17:34
Mike: about
17:35
Mike: things
17:35
Mike: now
17:36
Mike: has
17:36
Mike: the
17:36
Mike: opportunity.
17:36
Mike: You
17:37
Mike: do
17:37
Mike: not
17:37
Mike: have
17:37
Mike: to
17:37
Mike: go
17:37
Mike: and
17:38
Mike: buy
17:38
Mike: a
17:38
Mike: book
17:38
Mike: about
17:38
Mike: options.
17:39
Mike: I
17:39
Mike: did
17:40
Mike: write
17:40
Mike: one.
17:40
Mike: People
17:40
Mike: are
17:40
Mike: welcome
17:41
Mike: to
17:41
Mike: go
17:41
Mike: and
17:41
Mike: buy
17:41
Mike: that.
17:42
Mike: There
17:42
Mike: are
17:42
Mike: a
17:42
Mike: lot
17:42
Mike: of
17:42
Mike: other
17:42
Mike: good
17:43
Mike: ones
17:43
Mike: too.
17:44
Mike: Sheldon
17:44
Mike: Berg's
17:45
Mike: Options,
17:45
Mike: volatility
17:46
Mike: and
17:46
Mike: Pricing
17:46
Mike: is
17:47
Mike: probably
17:47
Mike: one
17:47
Mike: of
17:47
Mike: the
17:47
Mike: best
17:48
Mike: known
17:48
Mike: amongst
17:48
Mike: Options
17:49
Mike: traders.
17:49
Mike: McMillan,
17:50
Mike: there's
17:50
Mike: a
17:50
Mike: lot
17:50
Mike: of
17:50
Mike: good
17:51
Mike: books
17:51
Mike: on
17:51
Mike: the
17:51
Mike: subject,
17:51
Mike: but
17:51
Mike: you
17:52
Mike: don't
17:52
Mike: need
17:52
Mike: one
17:52
Mike: anymore.
17:53
Mike: Because
17:54
Mike: information
17:55
Mike: about
17:55
Mike: options
17:55
Mike: is
17:55
Mike: so
17:56
Mike: readily
17:56
Mike: available
17:56
Mike: and
17:57
Mike: people
17:57
Mike: can
17:57
Mike: educate
17:57
Mike: themselves
17:58
Mike: about
17:58
Mike: it.
17:58
Mike: So
17:58
Mike: that's
17:59
Mike: an
17:59
Mike: important
17:59
Mike: driver.
18:00
Mike: Right
18:00
Mike: there.
18:00
Mike: Just
18:00
Mike: that
18:01
Mike: options,
18:02
Mike: volumes
18:02
Mike: have
18:02
Mike: taken
18:02
Mike: off.
18:03
Mike: People
18:04
Mike: are
18:04
Mike: more
18:04
Mike: aware
18:04
Mike: of
18:04
Mike: them
18:05
Mike: and
18:06
Mike: understand
18:06
Mike: their
18:06
Mike: risks
18:07
Mike: and
18:07
Mike: benefits
18:07
Mike: much
18:08
Mike: better.
18:08
Mike: So
18:08
Mike: that's
18:08
Mike: one
18:09
Mike: part
18:09
Mike: of
18:09
Mike: it.
18:10
Mike: There's
18:10
Mike: another
18:10
Mike: part
18:11
Mike: which
18:11
Mike: is
18:11
Mike: that
18:11
Mike: ETFs
18:12
Mike: themselves
18:13
Mike: have
18:13
Mike: taken
18:13
Mike: off.
18:14
Mike: ETFs
18:15
Mike: are
18:16
Mike: generally
18:16
Mike: speaking,
18:17
Mike: a
18:17
Mike: more
18:18
Mike: cost
18:18
Mike: effective
18:18
Mike: and
18:19
Mike: tax
18:19
Mike: efficient
18:19
Mike: wrapper
18:20
Mike: for
18:20
Mike: a
18:20
Mike: fund
18:21
Mike: than
18:21
Mike: some
18:21
Mike: other
18:21
Mike: more
18:22
Mike: traditional
18:23
Mike: approaches
18:24
Mike: have
18:24
Mike: been.
18:25
Mike: And
18:26
Mike: also
18:27
Mike: because
18:27
Mike: they've
18:27
Mike: been
18:27
Mike: coming
18:28
Mike: out
18:28
Mike: so
18:28
Mike: fast
18:28
Mike: and
18:28
Mike: furious,
18:30
Mike: there's
18:30
Mike: just
18:30
Mike: a
18:30
Mike: much
18:31
Mike: wider
18:31
Mike: array
18:32
Mike: of
18:32
Mike: potential
18:32
Mike: strategies
18:33
Mike: that
18:33
Mike: are
18:33
Mike: in
18:33
Mike: there.
18:34
Mike: So
18:34
Mike: that
18:35
Mike: played
18:35
Mike: into
18:35
Mike: it
18:36
Mike: as
18:36
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18:37
Mike: There
18:37
Mike: have
18:37
Mike: been
18:37
Mike: changes
18:38
Mike: in
18:38
Mike: the
18:38
Mike: rules
18:39
Mike: and
18:39
Mike: the
18:39
Mike: interpretation.
18:40
Mike: There
18:40
Mike: was
18:40
Mike: some.
18:41
Mike: Rules
18:42
Mike: as
18:42
Mike: it
18:42
Mike: doesn't
18:42
Mike: really
18:42
Mike: matter
18:43
Mike: what
18:43
Mike: they
18:43
Mike: were,
18:43
Mike: they'll
18:43
Mike: just
18:44
Mike: tell
18:44
Mike: people.
18:44
Mike: 18
18:45
Mike: F
18:45
Mike: dash
18:45
Mike: four
18:45
Mike: was
18:46
Mike: a
18:46
Mike: rule
18:46
Mike: interpretation
18:47
Mike: and
18:48
Mike: clarification
18:49
Mike: that
18:49
Mike: took
18:49
Mike: place
18:49
Mike: a
18:49
Mike: couple
18:49
Mike: of
18:49
Mike: years
18:50
Mike: ago.
18:51
Mike: And
18:51
Mike: what
18:51
Mike: it
18:51
Mike: really
18:51
Mike: did
18:52
Mike: was
18:53
Mike: better
18:53
Mike: laid
18:54
Mike: out
18:54
Mike: the
18:54
Mike: ground
18:55
Mike: rules
18:55
Mike: for
18:56
Mike: exchange
18:57
Mike: traded
18:57
Mike: products
18:58
Mike: that
18:58
Mike: use
18:58
Mike: options
18:59
Mike: in
18:59
Mike: their
19:00
Mike: strategy.
19:01
Mike: And
19:01
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19:02
Mike: that
19:02
Mike: allowed
19:03
Mike: once
19:03
Mike: there
19:03
Mike: was
19:04
Mike: greater.
19:05
Mike: Clarification
19:06
Mike: on
19:06
Mike: what
19:06
Mike: can
19:06
Mike: and
19:07
Mike: can't
19:07
Mike: be
19:07
Mike: done,
19:08
Mike: then
19:08
Mike: it
19:08
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19:09
Mike: for
19:09
Mike: a
19:09
Mike: lot
19:10
Mike: of
19:10
Mike: these
19:10
Mike: products
19:10
Mike: to
19:10
Mike: come
19:11
Mike: out
19:11
Mike: and
19:11
Mike: created
19:12
Mike: a
19:12
Mike: lot
19:12
Mike: of
19:12
Mike: innovation,
19:13
Mike: I
19:13
Mike: think.
19:14
Mike: And
19:14
Mike: so
19:15
Mike: when
19:15
Mike: you
19:15
Mike: put
19:15
Mike: all
19:15
Mike: of
19:15
Mike: those
19:16
Mike: things
19:16
Mike: together
19:17
Mike: and
19:17
Mike: then
19:17
Mike: also
19:19
Mike: combine
19:19
Mike: that
19:19
Mike: with,
19:20
Mike: we
19:20
Mike: have
19:20
Mike: an
19:21
Mike: aging
19:21
Mike: population,
19:22
Mike: a
19:23
Mike: lot
19:23
Mike: of
19:23
Mike: them
19:23
Mike: have
19:23
Mike: a
19:23
Mike: lot
19:23
Mike: of
19:24
Mike: money
19:24
Mike: invested
19:24
Mike: in
19:24
Mike: the
19:24
Mike: markets,
19:25
Mike: and
19:27
Mike: more
19:27
Mike: of
19:27
Mike: those
19:27
Mike: people
19:28
Mike: are
19:28
Mike: going
19:28
Mike: to
19:28
Mike: get
19:28
Mike: to
19:28
Mike: a
19:28
Mike: point
19:29
Mike: in
19:29
Mike: their
19:29
Mike: lives
19:30
Mike: where
19:30
Mike: they
19:30
Mike: are,
19:31
Mike: depending
19:32
Mike: on.
19:33
Mike: Taking
19:33
Mike: money
19:34
Mike: from
19:34
Mike: their
19:34
Mike: investments
19:35
Mike: rather
19:35
Mike: than
19:36
Mike: continuing
19:36
Mike: to
19:36
Mike: contribute
19:37
Mike: to
19:37
Mike: their
19:37
Mike: investments
19:38
Mike: as
19:38
Mike: they
19:38
Mike: transition
19:39
Mike: from
19:40
Mike: being
19:40
Mike: in
19:40
Mike: the
19:40
Mike: working
19:40
Mike: world
19:41
Mike: to,
19:42
Mike: retirement.
19:43
Mike: And
19:43
Mike: I
19:43
Mike: think
19:43
Mike: you
19:43
Mike: put
19:44
Mike: all
19:44
Mike: of
19:44
Mike: those
19:44
Mike: things
19:44
Mike: together
19:45
Mike: and
19:46
Mike: that's
19:46
Mike: one
19:46
Mike: of
19:47
Mike: the
19:47
Mike: reasons
19:47
Mike: why
19:47
Mike: you're
19:47
Mike: seeing
19:48
Mike: such
19:48
Mike: a
19:48
Mike: huge
19:48
Mike: growth
19:49
Mike: in
19:49
Mike: these
19:49
Mike: types
19:49
Mike: of
19:49
Mike: products.
19:50
Mike: The
19:50
Mike: other
19:51
Mike: thing
19:51
Mike: I
19:51
Mike: would
19:51
Mike: say
19:51
Mike: is
19:51
Mike: as
19:52
Mike: big
19:52
Mike: as
19:52
Mike: these
19:52
Mike: things
19:52
Mike: have
19:53
Mike: become,
19:53
Mike: and
19:53
Mike: they
19:53
Mike: have
19:53
Mike: become
19:54
Mike: big
19:55
Mike: as
19:55
Mike: a
19:55
Mike: percentage
19:56
Mike: of
19:56
Mike: the
19:56
Mike: overall
19:57
Mike: exchange
19:57
Mike: traded
19:58
Mike: product
19:58
Mike: market
19:59
Mike: globally.
20:00
Mike: There's
20:00
Mike: still
20:00
Mike: a
20:00
Mike: relatively
20:01
Mike: small
20:01
Mike: percentage,
20:01
Mike: big
20:02
Mike: as
20:02
Mike: they
20:02
Mike: are,
20:02
Mike: and
20:02
Mike: there
20:02
Mike: are
20:03
Mike: options
20:03
Mike: based
20:04
Mike: ETFs
20:04
Mike: out
20:05
Mike: there
20:05
Mike: that
20:06
Mike: have,
20:06
Mike: individual
20:07
Mike: funds
20:07
Mike: that
20:07
Mike: have
20:08
Mike: 80,
20:08
Mike: $90
20:08
Mike: billion
20:09
Mike: in
20:09
Mike: them.
20:10
Mike: So
20:10
Mike: you
20:10
Mike: could
20:10
Mike: have
20:10
Mike: a
20:10
Mike: trillion
20:11
Mike: dollars
20:11
Mike: in
20:11
Mike: this.
20:12
Mike: And
20:12
Mike: then
20:12
Mike: you
20:12
Mike: look
20:12
Mike: at
20:12
Mike: the
20:13
Mike: size
20:13
Mike: and
20:13
Mike: scale
20:14
Mike: of
20:14
Mike: the
20:14
Mike: market
20:14
Mike: overall
20:15
Mike: and
20:15
Mike: realize
20:16
Mike: could
20:16
Mike: it
20:16
Mike: get
20:16
Mike: a
20:16
Mike: lot
20:17
Mike: bigger?
20:17
Mike: It
20:18
Mike: can,
20:18
Mike: and
20:18
Mike: it.
20:19
Ryan: Yeah,
20:19
Ryan: that's
20:20
Ryan: a
20:20
Ryan: great
20:20
Ryan: point.
20:20
Ryan: I'm
20:20
Ryan: glad
20:20
Ryan: you
20:21
Ryan: brought
20:21
Ryan: the,
20:21
Ryan: kind
20:22
Ryan: the
20:22
Ryan: history
20:22
Ryan: of
20:22
Ryan: options.
20:23
Ryan: I'm
20:24
Ryan: going
20:24
Ryan: to
20:24
Ryan: age
20:24
Ryan: myself
20:25
Ryan: here,
20:25
Ryan: Mike.
20:25
Ryan: I
20:25
Ryan: do
20:25
Ryan: that
20:25
Ryan: a
20:26
Ryan: lot
20:26
Ryan: on
20:26
Ryan: this
20:26
Ryan: show.
20:27
Ryan: When
20:27
Ryan: I
20:28
Ryan: was
20:28
Ryan: kid
20:28
Ryan: in
20:28
Ryan: high
20:29
Ryan: school,
20:29
Ryan: my
20:29
Ryan: dad,
20:31
Ryan: dabbled
20:32
Ryan: in
20:32
Ryan: investing
20:33
Ryan: and
20:33
Ryan: stuff
20:33
Ryan: like
20:33
Ryan: that.
20:33
Ryan: He
20:34
Ryan: had
20:34
Ryan: mentioned
20:34
Ryan: that
20:34
Ryan: he
20:36
Ryan: an
20:36
Ryan: a
20:36
Ryan: call
20:37
Ryan: on
20:37
Ryan: I
20:37
Ryan: think
20:38
Ryan: at
20:38
Ryan: the
20:38
Ryan: time
20:38
Ryan: it
20:38
Ryan: was
20:39
Ryan: Amgen
20:40
Ryan: and
20:40
Ryan: how
20:40
Ryan: well
20:40
Ryan: it
20:41
Ryan: did
20:41
Ryan: and
20:41
Ryan: stuff.
20:41
Ryan: And
20:42
Ryan: at
20:42
Ryan: the
20:42
Ryan: time
20:42
Ryan: it
20:42
Ryan: was
20:42
Ryan: like
20:42
Ryan: options.
20:43
Ryan: He
20:43
Ryan: was
20:43
Ryan: trying
20:43
Ryan: to
20:44
Ryan: explain
20:44
Ryan: it
20:44
Ryan: to
20:44
Ryan: me
20:45
Ryan: and
20:45
Ryan: I
20:45
Ryan: was
20:45
Ryan: like,
20:45
Ryan: oh
20:45
Ryan: my
20:45
Ryan: gosh,
20:46
Ryan: we
20:46
Ryan: didn't
20:46
Ryan: have
20:46
Ryan: the
20:46
Ryan: internet
20:47
Ryan: back
20:47
Ryan: then.
20:48
Ryan: So
20:48
Ryan: it
20:49
Ryan: was
20:49
Ryan: like,
20:49
Ryan: how,
20:50
Ryan: what
20:50
Ryan: is
20:50
Ryan: an
20:50
Ryan: option?
20:51
Ryan: And
20:51
Ryan: now
20:51
Ryan: it's
20:52
Ryan: just
20:52
Ryan: gone
20:52
Ryan: mainstream.
20:53
Ryan: Especially
20:54
Ryan: like
20:54
Ryan: during
20:54
Ryan: COVID.
20:55
Ryan: I
20:55
Ryan: remember
20:55
Ryan: COVID,
20:56
Ryan: just
20:57
Ryan: all
20:57
Ryan: the
20:57
Ryan: reports
20:57
Ryan: of
20:58
Ryan: all
20:58
Ryan: the
20:58
Ryan: options,
20:59
Ryan: the
20:59
Ryan: volume
20:59
Ryan: of
20:59
Ryan: options
21:00
Ryan: just
21:00
Ryan: spiking
21:01
Ryan: during
21:01
Ryan: COVID
21:02
Ryan: and
21:02
Ryan: it
21:03
Ryan: really
21:03
Ryan: hasn't
21:03
Ryan: slowed
21:03
Ryan: down
21:04
Ryan: it
21:04
Ryan: seems
21:04
Ryan: and
21:05
Ryan: because
21:05
Ryan: like
21:05
Ryan: you
21:05
Ryan: said,
21:05
Ryan: the
21:06
Ryan: ETFs
21:06
Ryan: now
21:06
Ryan: are
21:07
Ryan: making
21:07
Ryan: it
21:07
Ryan: more
21:07
Ryan: accessible,
21:09
Ryan: so
21:10
Mike: Yeah,
21:10
Mike: I
21:10
Mike: think
21:11
Mike: we,
21:12
Mike: I
21:12
Mike: think
21:12
Mike: yield
21:12
Mike: max
21:13
Mike: trades
21:13
Mike: more
21:14
Mike: options
21:15
Mike: than
21:15
Mike: the
21:15
Mike: entire
21:17
Mike: options
21:18
Mike: market
21:18
Mike: did
21:18
Mike: when
21:18
Mike: I
21:19
Mike: first
21:19
Mike: started
21:19
Mike: in
21:19
Mike: this
21:19
Mike: business.
21:20
Ryan: Wow.
21:22
Ryan: That's
21:23
Mike: That's,
21:23
Mike: I
21:23
Mike: realize
21:23
Mike: that
21:24
Mike: sounds
21:24
Mike: probably
21:25
Mike: incredible,
21:25
Mike: but
21:26
Mike: that
21:26
Mike: seems
21:27
Mike: about
21:27
Mike: right
21:27
Mike: because
21:28
Mike: there
21:28
Mike: have
21:28
Mike: been
21:28
Mike: weeks
21:29
Mike: when
21:29
Mike: we
21:29
Mike: have
21:29
Mike: traded
21:29
Mike: eight
21:30
Mike: or
21:30
Mike: 9
21:30
Mike: million
21:30
Mike: options
21:31
Mike: contracts
21:32
Mike: and
21:34
Mike: that
21:34
Mike: would
21:34
Mike: probably
21:34
Mike: have
21:34
Mike: been
21:35
Mike: more
21:36
Mike: than
21:36
Mike: a
21:36
Mike: lot
21:36
Mike: of
21:36
Mike: weeks
21:36
Mike: than
21:37
Mike: the
21:37
Mike: entire
21:37
Mike: options
21:37
Mike: market
21:38
Mike: would
21:38
Mike: do
21:38
Mike: in
21:39
Mike: the
21:39
Mike: 1990s,
21:40
Mike: as,
21:40
Mike: as
21:41
Mike: incredible
21:41
Mike: as
21:42
Mike: that
21:42
Mike: is,
21:42
Mike: I'm
21:42
Mike: looking
21:43
Mike: right
21:43
Mike: now
21:43
Mike: on,
21:44
Mike: yeah.
21:44
Mike: So
21:44
Mike: right
21:44
Mike: now.
21:45
Mike: We're
21:45
Mike: averaging
21:46
Mike: close
21:46
Mike: to
21:47
Mike: 60
21:47
Mike: million
21:47
Mike: contracts
21:49
Mike: a
21:49
Mike: day.
21:50
Mike: And
21:51
Mike: to
21:51
Mike: put
21:51
Mike: things
21:51
Mike: in
21:52
Mike: perspective,
21:52
Mike: for
21:52
Mike: those
21:53
Mike: that
21:53
Mike: don't
21:53
Mike: know
21:53
Mike: much
21:54
Mike: about
21:54
Mike: options,
21:55
Mike: an
21:55
Mike: options
21:55
Mike: contract
21:57
Mike: usually
21:57
Mike: represents
21:58
Mike: about
21:58
Mike: a
21:58
Mike: hundred
21:58
Mike: shares.
22:00
Mike: There
22:00
Mike: can
22:00
Mike: be
22:00
Mike: reasons
22:01
Mike: for
22:01
Mike: corporate
22:01
Mike: actions
22:01
Mike: and
22:02
Mike: things
22:02
Mike: like
22:02
Mike: that,
22:02
Mike: that's
22:02
Mike: not
22:03
Mike: the
22:03
Mike: case
22:03
Mike: in
22:03
Mike: in
22:04
Mike: some
22:04
Mike: circumstances.
22:05
Mike: But
22:05
Mike: most
22:06
Mike: stock
22:06
Mike: options
22:07
Mike: represent
22:07
Mike: a
22:07
Mike: hundred
22:08
Mike: shares.
22:08
Mike: So
22:09
Mike: 60
22:10
Mike: million
22:11
Mike: contracts
22:11
Mike: a
22:11
Mike: day.
22:13
Mike: That's
22:13
Mike: gonna
22:13
Mike: work
22:14
Mike: out
22:14
Mike: to
22:15
Mike: 6
22:15
Mike: billion
22:16
Mike: in
22:16
Mike: round
22:17
Mike: numbers
22:17
Mike: approximately.
22:18
Mike: That's,
22:18
Mike: you
22:18
Mike: think
22:19
Mike: about
22:19
Mike: that
22:19
Mike: as
22:20
Mike: options
22:20
Mike: on
22:20
Mike: 6
22:20
Mike: billion
22:21
Mike: shares
22:22
Mike: a
22:22
Mike: day.
22:23
Mike: That's
22:23
Mike: a
22:23
Mike: lot
22:23
Mike: of
22:23
Mike: activity.
22:24
Ryan: That
22:24
Ryan: is
22:24
Ryan: a
22:25
Ryan: lot
22:25
Ryan: of
22:25
Ryan: activity
22:26
Ryan: and
22:26
Ryan: it's
22:26
Ryan: just
22:26
Ryan: amazing
22:27
Ryan: how
22:27
Ryan: just
22:28
Ryan: the
22:28
Ryan: markets
22:28
Ryan: have
22:28
Ryan: evolved
22:30
Ryan: over
22:30
Ryan: time
22:30
Ryan: and
22:31
Ryan: it
22:31
Ryan: just,
22:31
Ryan: how
22:31
Ryan: quick.
22:32
Ryan: They
22:32
Ryan: move
22:33
Ryan: and
22:33
Ryan: we
22:33
Ryan: talked
22:33
Ryan: about
22:34
Ryan: it
22:34
Ryan: earlier.
22:34
Ryan: It's
22:35
Ryan: a
22:35
Ryan: fascinating
22:35
Ryan: watch.
22:36
Ryan: One
22:36
Ryan: of
22:36
Ryan: the
22:36
Ryan: reasons
22:36
Ryan: why
22:37
Ryan: I
22:37
Ryan: love
22:37
Ryan: this
22:37
Ryan: industry
22:38
Ryan: is
22:38
Ryan: you
22:38
Ryan: would
22:38
Ryan: just
22:38
Ryan: wake
22:38
Ryan: up
22:38
Ryan: every
22:39
Ryan: day
22:39
Ryan: and
22:39
Ryan: you
22:39
Ryan: have
22:40
Ryan: no
22:40
Ryan: idea
22:40
Ryan: It's
22:40
Ryan: evolved.
22:42
Ryan: Are
22:42
Ryan: there
22:42
Ryan: certain
22:42
Ryan: market
22:43
Ryan: environments
22:44
Ryan: we
22:44
Ryan: talked
22:44
Ryan: about,
22:44
Ryan: equity
22:45
Ryan: markets
22:45
Ryan: have
22:46
Ryan: been
22:46
Ryan: very
22:46
Ryan: resilient.
22:48
Ryan: Also,
22:48
Ryan: macro,
22:49
Ryan: the
22:49
Ryan: macro
22:50
Ryan: dynamics
22:50
Ryan: that
22:51
Ryan: you
22:51
Ryan: mentioned
22:51
Ryan: earlier,
22:52
Ryan: there
22:52
Ryan: are
22:52
Ryan: certain
22:53
Ryan: environments
22:53
Ryan: where
22:53
Ryan: option
22:54
Ryan: overlay
22:54
Ryan: strategies
22:55
Ryan: perform
22:55
Ryan: better
22:55
Ryan: in.
22:58
Mike: Yeah,
22:59
Mike: one
22:59
Mike: thing
22:59
Mike: I
22:59
Mike: often
23:00
Mike: like
23:00
Mike: to
23:01
Mike: say
23:01
Mike: to
23:01
Mike: people
23:01
Mike: is
23:02
Mike: that
23:03
Mike: of
23:03
Mike: course
23:03
Mike: some
23:04
Mike: market
23:04
Mike: environments
23:05
Mike: are
23:05
Mike: better.
23:07
Mike: For
23:07
Mike: different
23:07
Mike: stocks,
23:08
Mike: for
23:08
Mike: different
23:08
Mike: strategies,
23:09
Mike: then
23:09
Mike: other
23:09
Mike: environments
23:10
Mike: are
23:10
Mike: on
23:10
Mike: a
23:10
Mike: relative
23:11
Mike: basis.
23:11
Mike: And
23:11
Mike: the
23:12
Mike: reason
23:12
Mike: is
23:12
Mike: that,
23:13
Mike: oftentimes
23:14
Mike: what
23:14
Mike: you're
23:14
Mike: doing
23:14
Mike: is,
23:15
Mike: squeezing
23:16
Mike: the
23:16
Mike: risk
23:16
Mike: return
23:17
Mike: balloon,
23:17
Mike: if
23:17
Mike: you
23:17
Mike: will.
23:18
Mike: So
23:18
Mike: I
23:18
Mike: can
23:19
Mike: grab
23:19
Mike: more
23:20
Mike: from
23:20
Mike: one
23:20
Mike: part
23:21
Mike: but
23:21
Mike: usually
23:22
Mike: there's
23:22
Mike: some
23:22
Mike: other
23:22
Mike: kind
23:23
Mike: of
23:23
Mike: a
23:23
Mike: trade
23:23
Mike: off.
23:25
Mike: I
23:25
Mike: guess
23:25
Mike: the
23:25
Mike: best
23:25
Mike: way
23:25
Mike: to
23:26
Mike: think
23:26
Mike: about
23:26
Mike: it
23:26
Mike: this
23:26
Mike: way
23:27
Mike: is
23:27
Mike: that
23:27
Mike: these
23:27
Mike: strategies
23:28
Mike: will.
23:29
Mike: Tend
23:29
Mike: to
23:29
Mike: shine
23:30
Mike: in,
23:31
Mike: three
23:31
Mike: basic
23:32
Mike: environments.
23:32
Mike: So
23:33
Mike: flat
23:34
Mike: or
23:34
Mike: sideways
23:34
Mike: markets
23:35
Mike: where
23:35
Mike: you're
23:35
Mike: not
23:36
Mike: getting
23:37
Mike: a
23:37
Mike: whole
23:37
Mike: lot
23:37
Mike: out
23:38
Mike: of,
23:38
Mike: and
23:38
Mike: not
23:38
Mike: giving
23:39
Mike: up
23:39
Mike: much
23:39
Mike: in
23:39
Mike: terms
23:40
Mike: of
23:40
Mike: price
23:40
Mike: appreciation.
23:41
Mike: That's
23:42
Mike: a
23:42
Mike: place
23:42
Mike: where
23:42
Mike: you're
23:42
Mike: gonna
23:43
Mike: see,
23:43
Mike: real
23:44
Mike: out
23:44
Mike: performance
23:44
Mike: because
23:45
Mike: you're
23:45
Mike: gonna
23:45
Mike: be
23:46
Mike: collecting
23:46
Mike: options,
23:46
Mike: premiums,
23:47
Mike: but
23:47
Mike: you're
23:48
Mike: not
23:48
Mike: really
23:48
Mike: giving
23:49
Mike: up
23:49
Mike: anything
23:49
Mike: in
23:49
Mike: exchange
23:50
Mike: for
23:50
Mike: it.
23:50
Mike: On
23:50
Mike: a
23:50
Mike: relative
23:51
Mike: basis,
23:53
Mike: that's
23:53
Mike: going
23:53
Mike: to
23:53
Mike: be.
23:55
Mike: More
23:55
Mike: outperformance
23:56
Mike: relative
23:56
Mike: to,
23:57
Mike: just
23:57
Mike: straight,
23:58
Mike: long
23:58
Mike: equities,
23:58
Mike: and
23:59
Mike: that
23:59
Mike: should
23:59
Mike: make
23:59
Mike: sense
23:59
Mike: to
23:59
Mike: you,
23:59
Mike: right?
24:00
Mike: So
24:00
Mike: if
24:00
Mike: I
24:00
Mike: buy
24:00
Mike: a
24:00
Mike: stock,
24:01
Mike: I
24:01
Mike: pay
24:01
Mike: a
24:01
Mike: hundred
24:01
Mike: dollars
24:01
Mike: a
24:02
Mike: share,
24:02
Mike: and
24:02
Mike: I
24:03
Mike: sell
24:03
Mike: an
24:03
Mike: upside
24:03
Mike: call
24:04
Mike: option
24:04
Mike: against
24:05
Mike: it
24:05
Mike: at,
24:05
Mike: say
24:06
Mike: the
24:06
Mike: 1
24:06
Mike: 0
24:06
Mike: 5
24:06
Mike: strike
24:07
Mike: for
24:07
Mike: two
24:07
Mike: bucks
24:08
Mike: and
24:09
Mike: the
24:09
Mike: stock
24:09
Mike: does
24:09
Mike: nothing
24:10
Mike: well.
24:11
Mike: After
24:11
Mike: the
24:11
Mike: end
24:12
Mike: of
24:12
Mike: the
24:12
Mike: period,
24:12
Mike: I
24:13
Mike: collected
24:13
Mike: my
24:13
Mike: two
24:13
Mike: bucks
24:13
Mike: and
24:14
Mike: I
24:14
Mike: do
24:14
Mike: it
24:14
Mike: again.
24:15
Mike: And
24:15
Mike: so
24:15
Mike: I
24:16
Mike: will
24:16
Mike: have
24:16
Mike: outperformed
24:16
Mike: the
24:17
Mike: stock
24:17
Mike: by
24:17
Mike: two
24:17
Mike: bucks
24:17
Mike: for
24:18
Mike: that
24:18
Mike: period.
24:18
Mike: And
24:18
Mike: as
24:19
Mike: many
24:19
Mike: times
24:19
Mike: as
24:19
Mike: I
24:19
Mike: do
24:19
Mike: that,
24:20
Mike: I
24:20
Mike: will
24:20
Mike: outperform
24:20
Mike: the
24:20
Mike: stock
24:21
Mike: cumulatively
24:22
Mike: by
24:22
Mike: more
24:22
Mike: and
24:22
Mike: more.
24:23
Mike: But
24:23
Mike: I
24:24
Mike: think
24:24
Mike: the
24:24
Mike: important
24:24
Mike: thing
24:24
Mike: for
24:25
Mike: investors
24:25
Mike: to
24:25
Mike: remember
24:26
Mike: is
24:26
Mike: that
24:26
Mike: if
24:26
Mike: this
24:26
Mike: is
24:27
Mike: my
24:27
Mike: strategy,
24:28
Mike: I
24:28
Mike: still
24:28
Mike: own
24:28
Mike: the
24:28
Mike: stock.
24:29
Mike: Don't
24:30
Mike: I
24:30
Mike: want
24:30
Mike: the
24:30
Mike: stock
24:30
Mike: to
24:30
Mike: go
24:31
Mike: up?
24:31
Mike: And
24:31
Mike: the
24:31
Mike: answer
24:31
Mike: is
24:32
Mike: yes.
24:32
Mike: So
24:34
Mike: I
24:34
Mike: would
24:34
Mike: say
24:34
Mike: to
24:35
Mike: people
24:35
Mike: that,
24:36
Mike: the
24:36
Mike: ideal
24:37
Mike: circumstance
24:38
Mike: for.
24:39
Mike: Funds
24:39
Mike: that
24:39
Mike: own
24:40
Mike: stocks
24:40
Mike: or
24:40
Mike: proxies
24:41
Mike: for
24:41
Mike: stocks
24:42
Mike: and
24:42
Mike: sell
24:42
Mike: some
24:43
Mike: upside
24:43
Mike: premium
24:43
Mike: against
24:44
Mike: them
24:45
Mike: is
24:45
Mike: that
24:45
Mike: the
24:45
Mike: market's
24:46
Mike: just
24:46
Mike: marching
24:46
Mike: steadily
24:47
Mike: higher
24:48
Mike: and
24:48
Mike: you're
24:48
Mike: getting
24:48
Mike: some
24:49
Mike: capital
24:49
Mike: appreciation
24:50
Mike: out
24:50
Mike: of
24:50
Mike: your
24:50
Mike: stocks
24:51
Mike: and
24:51
Mike: you're
24:51
Mike: generating
24:52
Mike: some
24:53
Mike: premium
24:53
Mike: from
24:53
Mike: your
24:53
Mike: options
24:54
Mike: overlay.
24:55
Mike: That's
24:55
Mike: the
24:55
Mike: sweet
24:56
Mike: spot
24:56
Mike: for
24:56
Mike: the
24:56
Mike: strategy.
24:57
Mike: It,
24:58
Mike: I've
24:58
Mike: heard
24:58
Mike: people
24:58
Mike: say,
24:59
Mike: oh,
24:59
Mike: the
24:59
Mike: upside
24:59
Mike: is
24:59
Mike: capped.
25:00
Mike: We
25:00
Mike: sell
25:00
Mike: call
25:00
Mike: spreads,
25:01
Mike: which
25:01
Mike: means
25:01
Mike: we
25:01
Mike: are
25:01
Mike: short
25:02
Mike: one
25:02
Mike: call
25:02
Mike: and
25:02
Mike: long
25:03
Mike: another,
25:03
Mike: so
25:04
Mike: we're
25:04
Mike: not.
25:05
Mike: You're
25:05
Mike: not
25:05
Mike: capping
25:05
Mike: your
25:05
Mike: upside,
25:06
Mike: but
25:06
Mike: it
25:06
Mike: will
25:06
Mike: be
25:06
Mike: reduced.
25:07
Mike: That's
25:07
Mike: the
25:07
Mike: balloon
25:08
Mike: squeezing
25:08
Mike: effect
25:08
Mike: that
25:09
Mike: I'm
25:09
Mike: talking
25:09
Mike: about.
25:10
Mike: But
25:10
Mike: we
25:10
Mike: are
25:10
Mike: still
25:11
Mike: in
25:11
Mike: the
25:11
Mike: long
25:11
Mike: strategies.
25:12
Mike: We
25:12
Mike: have
25:12
Mike: some
25:12
Mike: short
25:12
Mike: ones
25:12
Mike: too.
25:13
Mike: You
25:13
Mike: are
25:13
Mike: rooting
25:14
Mike: for
25:14
Mike: the
25:14
Mike: underlying
25:15
Mike: stocks
25:15
Mike: to
25:15
Mike: go
25:15
Mike: higher.
25:16
Mike: One
25:16
Mike: other
25:16
Mike: thing
25:16
Mike: I
25:16
Mike: would
25:17
Mike: just
25:17
Mike: point
25:17
Mike: out,
25:17
Mike: and
25:17
Mike: that
25:17
Mike: is
25:18
Mike: that,
25:18
Mike: as
25:19
Mike: time
25:19
Mike: passes,
25:20
Mike: how
25:20
Mike: much
25:21
Mike: people
25:21
Mike: are
25:21
Mike: willing
25:21
Mike: to
25:21
Mike: pay
25:22
Mike: for
25:22
Mike: options
25:23
Mike: varies.
25:24
Mike: When
25:24
Mike: things
25:25
Mike: are
25:25
Mike: more
25:25
Mike: volatile,
25:26
Mike: they'll
25:26
Mike: pay
25:27
Mike: more
25:27
Mike: for
25:27
Mike: options.
25:28
Mike: And
25:28
Mike: sometimes
25:29
Mike: what
25:29
Mike: that
25:29
Mike: can
25:29
Mike: mean
25:30
Mike: is
25:30
Mike: that.
25:31
Mike: Depending
25:31
Mike: on
25:31
Mike: how
25:31
Mike: much
25:32
Mike: the
25:32
Mike: market
25:32
Mike: moves
25:32
Mike: around
25:33
Mike: the
25:34
Mike: relative
25:34
Mike: premium,
25:35
Mike: you're
25:35
Mike: getting
25:35
Mike: the
25:35
Mike: volatility
25:36
Mike: risk
25:36
Mike: premium.
25:37
Mike: That's
25:37
Mike: essentially
25:37
Mike: the
25:38
Mike: excess
25:38
Mike: return
25:39
Mike: you
25:39
Mike: expect
25:40
Mike: to
25:40
Mike: collect
25:41
Mike: by
25:41
Mike: selling
25:41
Mike: options
25:42
Mike: goes
25:42
Mike: higher.
25:43
Mike: I
25:43
Mike: was
25:43
Mike: just
25:44
Mike: talking
25:44
Mike: about
25:44
Mike: this
25:44
Mike: earlier
25:45
Mike: today
25:45
Mike: because
25:46
Mike: with
25:46
Mike: all
25:46
Mike: of
25:46
Mike: the
25:46
Mike: tumult
25:47
Mike: that's
25:47
Mike: going
25:47
Mike: on
25:48
Mike: in
25:48
Mike: the
25:48
Mike: Middle
25:49
Mike: East
25:49
Mike: right
25:49
Mike: now
25:50
Mike: one
25:50
Mike: of
25:51
Mike: the
25:51
Mike: questions
25:52
Mike: that
25:52
Mike: came
25:52
Mike: up
25:53
Mike: was.
25:55
Mike: What,
25:55
Mike: how
25:55
Mike: does
25:55
Mike: realized
25:56
Mike: volatility
25:56
Mike: compare
25:57
Mike: to
25:57
Mike: implied
25:57
Mike: volatility?
25:58
Mike: The
25:58
Mike: price
25:58
Mike: of
25:58
Mike: options
25:59
Mike: compare
25:59
Mike: to
25:59
Mike: how
25:59
Mike: much
26:00
Mike: the
26:00
Mike: market's
26:00
Mike: moving
26:00
Mike: around.
26:01
Mike: And,
26:02
Mike: I
26:02
Mike: looked
26:02
Mike: back
26:03
Mike: and
26:03
Mike: I
26:03
Mike: saw
26:03
Mike: that
26:04
Mike: about
26:04
Mike: 30
26:04
Mike: days
26:05
Mike: before,
26:05
Mike: we're
26:05
Mike: talking
26:06
Mike: today,
26:07
Mike: the
26:07
Mike: implied
26:07
Mike: volatility
26:08
Mike: looking
26:08
Mike: forward
26:10
Mike: in
26:10
Mike: the
26:10
Mike: s
26:10
Mike: and
26:10
Mike: p
26:10
Mike: 500
26:11
Mike: was
26:12
Mike: about
26:12
Mike: 22.5%.
26:13
Mike: Why
26:13
Mike: was
26:13
Mike: that?
26:13
Mike: Things
26:14
Mike: ha
26:14
Mike: in
26:14
Mike: the
26:14
Mike: Middle
26:15
Mike: East
26:15
Mike: had
26:15
Mike: just
26:15
Mike: recently
26:16
Mike: conflated,
26:17
Mike: right?
26:18
Mike: We'd
26:18
Mike: had
26:18
Mike: strikes
26:19
Mike: on
26:19
Mike: Iran.
26:20
Mike: People
26:20
Mike: got
26:20
Mike: very
26:20
Mike: concerned.
26:21
Mike: Oil
26:21
Mike: prices
26:21
Mike: shot
26:22
Mike: up,
26:22
Mike: the
26:22
Mike: market
26:23
Mike: rolled
26:23
Mike: over
26:23
Mike: a
26:23
Mike: bit,
26:24
Mike: and
26:25
Mike: the
26:25
Mike: more
26:25
Mike: anxious
26:26
Mike: people
26:26
Mike: get,
26:26
Mike: the
26:26
Mike: more
26:26
Mike: they
26:26
Mike: are
26:27
Mike: willing
26:27
Mike: to
26:27
Mike: pay
26:27
Mike: for
26:27
Mike: options.
26:29
Mike: And
26:29
Mike: so
26:29
Mike: options,
26:29
Mike: premiums
26:30
Mike: were
26:30
Mike: much,
26:30
Mike: much
26:31
Mike: higher.
26:32
Mike: And
26:32
Mike: now
26:32
Mike: we've
26:32
Mike: had
26:34
Mike: a
26:34
Mike: month
26:35
Mike: since
26:35
Mike: all
26:36
Mike: of
26:36
Mike: this
26:36
Mike: stuff,
26:36
Mike: even
26:36
Mike: more
26:37
Mike: to
26:37
Mike: look
26:38
Mike: back
26:38
Mike: and
26:38
Mike: say
26:38
Mike: how
26:38
Mike: much
26:38
Mike: did
26:39
Mike: the
26:39
Mike: market
26:39
Mike: actually
26:39
Mike: move
26:40
Mike: around?
26:41
Mike: And
26:41
Mike: the
26:41
Mike: market
26:41
Mike: was
26:41
Mike: expecting
26:42
Mike: 22.5%
26:43
Mike: implied
26:44
Mike: volatility.
26:44
Mike: That
26:44
Mike: means
26:44
Mike: an
26:45
Mike: annualized
26:45
Mike: standard
26:46
Mike: deviation
26:46
Mike: of
26:46
Mike: about
26:47
Mike: 22.5%,
26:48
Mike: and
26:48
Mike: the
26:48
Mike: market
26:49
Mike: realized
26:50
Mike: about
26:50
Mike: 18%.
26:52
Mike: So
26:52
Mike: that
26:52
Mike: means
26:53
Mike: that
26:53
Mike: options,
26:54
Mike: if
26:54
Mike: we
26:54
Mike: look
26:55
Mike: at
26:55
Mike: that
26:55
Mike: 30
26:55
Mike: day
26:55
Mike: window,
26:56
Mike: one
26:56
Mike: month
26:56
Mike: window,
26:57
Mike: thereabouts,
26:58
Mike: were
26:58
Mike: overpriced
26:59
Mike: by
26:59
Mike: about
26:59
Mike: four
27:00
Mike: or
27:00
Mike: four
27:00
Mike: and
27:00
Mike: a
27:00
Mike: half
27:01
Mike: clicks
27:01
Mike: of
27:01
Mike: all
27:02
Mike: which
27:02
Mike: is,
27:04
Mike: about
27:04
Mike: 20%.
27:05
Mike: So
27:06
Mike: it's
27:06
Mike: been
27:06
Mike: a
27:06
Mike: good
27:07
Mike: time
27:07
Mike: to
27:07
Mike: be.
27:08
Mike: An
27:08
Mike: option
27:09
Mike: seller,
27:09
Mike: and
27:10
Mike: that's
27:10
Mike: not
27:10
Mike: always
27:10
Mike: gonna
27:11
Mike: be
27:11
Mike: the
27:11
Mike: case.
27:11
Mike: Sometimes
27:11
Mike: you
27:11
Mike: get
27:13
Mike: really
27:13
Mike: big
27:13
Mike: exogenous
27:14
Mike: shocks
27:14
Mike: and
27:15
Mike: sometimes
27:15
Mike: you
27:16
Mike: just
27:16
Mike: wish
27:16
Mike: you
27:16
Mike: weren't
27:16
Mike: in
27:16
Mike: the
27:16
Mike: market
27:17
Mike: at
27:17
Mike: all
27:17
Mike: when
27:17
Mike: that
27:17
Mike: happens.
27:18
Mike: But,
27:18
Mike: and
27:18
Mike: we
27:18
Mike: don't
27:18
Mike: have
27:19
Mike: a
27:19
Mike: crystal
27:19
Mike: ball.
27:19
Mike: We
27:19
Mike: can't
27:19
Mike: see
27:20
Mike: that
27:20
Mike: coming,
27:21
Mike: but
27:21
Mike: it's
27:22
Mike: in
27:22
Mike: this
27:22
Mike: way
27:23
Mike: that,
27:23
Mike: sometimes
27:24
Mike: you
27:24
Mike: can
27:24
Mike: benefit,
27:25
Mike: but
27:25
Mike: from
27:25
Mike: uncertainty
27:26
Mike: a
27:26
Mike: little
27:26
Mike: bit.
27:27
Ryan: I,
27:28
Ryan: when
27:29
Ryan: it's
27:29
Ryan: done
27:29
Ryan: correctly,
27:30
Ryan: uncertainty,
27:30
Ryan: volatility
27:31
Ryan: can
27:31
Ryan: be
27:32
Ryan: an
27:32
Ryan: investor's
27:32
Ryan: front,
27:34
Ryan: They
27:34
Mike: Exactly.
27:35
Ryan: of
27:35
Ryan: it.
27:35
Ryan: So
27:36
Ryan: I'm
27:36
Ryan: gl
27:37
Ryan: really
27:37
Ryan: glad
27:37
Ryan: you
27:37
Ryan: brought
27:37
Ryan: up
27:38
Ryan: both
27:38
Ryan: sideways
27:38
Ryan: markets.
27:40
Ryan: PE
27:40
Ryan: ratio,
27:41
Ryan: vol
27:41
Ryan: valuations
27:44
Ryan: been
27:44
Ryan: very
27:44
Ryan: high.
27:45
Ryan: So
27:45
Ryan: based
27:46
Ryan: on
27:46
Ryan: that,
27:46
Ryan: a
27:46
Ryan: lot
27:46
Ryan: of
27:46
Ryan: people,
27:47
Ryan: a
27:47
Ryan: lot
27:47
Ryan: of
27:47
Ryan: talking
27:48
Ryan: analysts
27:48
Ryan: predict
27:49
Ryan: that,
27:49
Ryan: you
27:49
Ryan: know
27:49
Ryan: what,
27:50
Ryan: for
27:50
Ryan: the
27:50
Ryan: next
27:50
Ryan: couple
27:50
Ryan: years,
27:51
Ryan: maybe
27:51
Ryan: markets
27:51
Ryan: are
27:52
Ryan: gonna
27:52
Ryan: be
27:52
Ryan: a
27:52
Ryan: little
27:52
Ryan: bit
27:52
Ryan: flat.
27:53
Ryan: There's
27:54
Ryan: not
27:54
Ryan: gonna
27:54
Ryan: be
27:54
Ryan: 10,
27:55
Ryan: 20%
27:56
Ryan: returns
27:56
Ryan: that
27:56
Ryan: we've
27:56
Ryan: seen
27:57
Ryan: recently.
27:58
Ryan: So
27:58
Ryan: with
27:58
Ryan: the
27:58
Ryan: valuations
27:59
Ryan: high
28:00
Ryan: and
28:00
Ryan: past,
28:01
Ryan: research
28:02
Ryan: that,
28:02
Ryan: we
28:02
Ryan: could
28:03
Ryan: have
28:03
Ryan: a
28:03
Ryan: sideways
28:03
Ryan: market
28:04
Ryan: or
28:04
Ryan: we're
28:04
Ryan: not
28:05
Ryan: gonna
28:05
Ryan: see
28:05
Ryan: double
28:05
Ryan: digit
28:06
Ryan: returns
28:06
Ryan: moving
28:07
Ryan: forward.
28:07
Ryan: So
28:07
Ryan: maybe
28:07
Ryan: a
28:07
Ryan: good
28:08
Ryan: environment
28:08
Ryan: here
28:09
Ryan: for
28:09
Ryan: some
28:09
Ryan: of
28:09
Ryan: these
28:10
Ryan: option
28:10
Ryan: strategies.
28:13
Mike: Yeah
28:13
Mike: I
28:14
Mike: don't
28:14
Mike: know
28:14
Mike: which
28:15
Mike: work
28:15
Mike: you're
28:15
Mike: thinking
28:16
Mike: of
28:16
Mike: when
28:16
Mike: you
28:16
Mike: cite
28:16
Mike: those
28:17
Mike: numbers.
28:17
Mike: JP
28:17
Mike: Morgan
28:18
Mike: put
28:18
Mike: out
28:18
Mike: a,
28:19
Mike: an
28:19
Mike: interesting
28:20
Mike: piece
28:20
Mike: recently
28:21
Mike: and
28:21
Mike: I
28:21
Mike: encourage
28:22
Mike: people
28:22
Mike: to
28:22
Mike: look
28:22
Mike: for
28:22
Mike: it.
28:23
Mike: It's
28:23
Mike: a
28:23
Mike: scatter
28:23
Mike: diagram
28:24
Mike: basically,
28:25
Mike: and
28:25
Mike: what
28:25
Mike: it
28:25
Mike: does
28:26
Mike: is
28:26
Mike: it
28:26
Mike: shows
28:27
Mike: the
28:28
Mike: price
28:29
Mike: to
28:29
Mike: earnings
28:29
Mike: of
28:29
Mike: the
28:29
Mike: s
28:29
Mike: and
28:30
Mike: p.
28:31
Mike: Plotted
28:31
Mike: against
28:32
Mike: the
28:33
Mike: forward
28:33
Mike: returns
28:34
Mike: over
28:34
Mike: the
28:35
Mike: subsequent
28:35
Mike: decade.
28:37
Mike: And
28:38
Mike: as
28:38
Mike: you
28:38
Mike: would
28:38
Mike: expect,
28:40
Mike: the
28:40
Mike: higher
28:40
Mike: the
28:41
Mike: valuation
28:41
Mike: that
28:42
Mike: you
28:42
Mike: pay
28:42
Mike: for
28:43
Mike: an
28:43
Mike: investment,
28:44
Mike: the
28:44
Mike: lower
28:45
Mike: it's
28:45
Mike: expected
28:45
Mike: returns
28:46
Mike: are
28:47
Mike: over
28:47
Mike: time.
28:48
Mike: Which
28:48
Mike: is
28:49
Mike: exactly
28:49
Mike: what
28:49
Mike: you
28:49
Mike: would
28:49
Mike: expect.
28:50
Mike: You
28:50
Mike: can
28:50
Mike: imagine
28:50
Mike: that
28:51
Mike: if
28:51
Mike: I
28:51
Mike: have
28:51
Mike: an
28:51
Mike: investment
28:52
Mike: where
28:52
Mike: I
28:52
Mike: think
28:53
Mike: it's
28:53
Mike: gonna
28:53
Mike: make
28:54
Mike: 5%
28:54
Mike: a
28:54
Mike: year
28:55
Mike: but
28:55
Mike: then
28:56
Mike: instead
28:56
Mike: of.
28:57
Mike: Buying
28:57
Mike: it
28:57
Mike: when
28:57
Mike: it
28:58
Mike: implies
28:58
Mike: 5%,
28:59
Mike: I
28:59
Mike: buy
28:59
Mike: it
28:59
Mike: when
28:59
Mike: it
28:59
Mike: implies
29:00
Mike: four,
29:00
Mike: that
29:01
Mike: my
29:01
Mike: expected
29:01
Mike: returns
29:02
Mike: are
29:02
Mike: gonna
29:02
Mike: be
29:03
Mike: somewhat
29:03
Mike: less,
29:03
Mike: right?
29:04
Mike: So
29:04
Mike: if
29:04
Mike: you
29:04
Mike: pay
29:04
Mike: more
29:05
Mike: for
29:05
Mike: the
29:05
Mike: future
29:06
Mike: earnings,
29:06
Mike: then
29:06
Mike: your
29:06
Mike: return
29:07
Mike: would
29:07
Mike: necessarily
29:08
Mike: be
29:08
Mike: lower.
29:08
Mike: The
29:09
Mike: another
29:09
Mike: way
29:09
Mike: to
29:09
Mike: think
29:09
Mike: about
29:10
Mike: this
29:10
Mike: is
29:10
Mike: that
29:11
Mike: if
29:11
Mike: you
29:11
Mike: take
29:12
Mike: a
29:12
Mike: look
29:12
Mike: at
29:12
Mike: the
29:13
Mike: returns
29:13
Mike: over
29:13
Mike: the
29:13
Mike: last
29:14
Mike: century
29:14
Mike: or
29:14
Mike: so,
29:15
Mike: for
29:16
Mike: as
29:16
Mike: close
29:16
Mike: a
29:16
Mike: proxy
29:17
Mike: to
29:17
Mike: the
29:17
Mike: s
29:17
Mike: and
29:17
Mike: p
29:17
Mike: 500
29:18
Mike: is
29:18
Mike: we
29:18
Mike: can
29:18
Mike: create,
29:19
Mike: the
29:20
Mike: long
29:20
Mike: term
29:21
Mike: average
29:21
Mike: annual
29:22
Mike: return.
29:23
Mike: Is
29:23
Mike: in
29:23
Mike: the
29:24
Mike: mid-high
29:24
Mike: single
29:25
Mike: digits.
29:26
Mike: Now,
29:27
Mike: we've
29:27
Mike: been
29:27
Mike: getting
29:28
Mike: much,
29:28
Mike: much
29:28
Mike: better
29:29
Mike: than
29:29
Mike: that
29:30
Mike: over
29:30
Mike: the
29:30
Mike: course
29:30
Mike: of
29:31
Mike: the
29:31
Mike: last
29:31
Mike: couple
29:31
Mike: of
29:31
Mike: years.
29:32
Mike: But
29:33
Mike: realistically,
29:34
Mike: can
29:34
Mike: we
29:34
Mike: expect
29:35
Mike: that
29:36
Mike: rate
29:37
Mike: of
29:37
Mike: constant
29:37
Mike: price
29:37
Mike: appreciation
29:38
Mike: to
29:38
Mike: persist
29:40
Mike: from,
29:41
Mike: one
29:41
Mike: year
29:41
Mike: to
29:42
Mike: the
29:42
Mike: next
29:42
Mike: indefinitely?
29:43
Mike: Some
29:44
Mike: mean
29:44
Mike: reversion
29:45
Mike: is
29:46
Mike: to
29:46
Mike: be
29:46
Mike: expected.
29:47
Mike: The
29:47
Mike: US
29:47
Mike: economy
29:48
Mike: grows
29:48
Mike: probably
29:49
Mike: what,
29:49
Mike: three
29:50
Mike: and
29:50
Mike: a
29:50
Mike: half,
29:50
Mike: 4%
29:51
Mike: per
29:51
Mike: year
29:52
Mike: revenues
29:53
Mike: in
29:53
Mike: the
29:53
Mike: s
29:53
Mike: and
29:53
Mike: p
29:54
Mike: probably
29:54
Mike: grow
29:55
Mike: at
29:55
Mike: six,
29:56
Mike: six
29:56
Mike: and
29:56
Mike: a
29:56
Mike: half
29:56
Mike: percent.
29:57
Mike: And
29:58
Mike: the
29:58
Mike: compound
29:59
Mike: annual
29:59
Mike: growth
30:00
Mike: rate
30:00
Mike: for
30:01
Mike: adjusted
30:01
Mike: EPS
30:02
Mike: on
30:02
Mike: the
30:02
Mike: s
30:03
Mike: and
30:03
Mike: p
30:04
Mike: has
30:04
Mike: probably
30:04
Mike: been
30:04
Mike: close
30:04
Mike: to
30:04
Mike: 8%
30:05
Mike: of
30:05
Mike: late.
30:07
Mike: At
30:07
Mike: some
30:07
Mike: point,
30:09
Mike: it
30:09
Mike: would
30:09
Mike: be
30:10
Mike: realistic
30:10
Mike: to
30:10
Mike: assume
30:11
Mike: that
30:12
Mike: your
30:13
Mike: annual
30:13
Mike: returns
30:14
Mike: would
30:14
Mike: appreciate.
30:15
Mike: Possibly
30:16
Mike: with
30:16
Mike: the,
30:16
Mike: with,
30:17
Mike: the
30:17
Mike: average
30:18
Mike: rate
30:18
Mike: of
30:18
Mike: adjusted
30:18
Mike: EPS
30:19
Mike: growth.
30:19
Mike: That
30:19
Mike: would
30:20
Mike: make
30:20
Mike: sense.
30:21
Mike: And
30:21
Mike: if
30:21
Mike: that's
30:21
Mike: true,
30:22
Mike: then
30:22
Mike: 20%
30:23
Mike: a
30:23
Mike: year
30:23
Mike: is
30:23
Mike: probably
30:24
Mike: unrealistic.
30:25
Mike: And
30:25
Mike: if
30:25
Mike: you
30:26
Mike: are
30:26
Mike: looking
30:26
Mike: to
30:26
Mike: get
30:27
Mike: something
30:28
Mike: better
30:28
Mike: than
30:29
Mike: the
30:29
Mike: rates
30:29
Mike: of
30:29
Mike: return,
30:30
Mike: that
30:30
Mike: a
30:30
Mike: mean
30:30
Mike: reversion
30:31
Mike: would
30:31
Mike: imply.
30:32
Mike: It
30:32
Mike: probably
30:33
Mike: makes
30:33
Mike: some
30:33
Mike: sense
30:33
Mike: to,
30:34
Mike: to
30:34
Mike: spread
30:34
Mike: your
30:34
Mike: chips
30:35
Mike: around
30:35
Mike: a
30:35
Mike: little
30:35
Mike: bit
30:35
Mike: and
30:36
Mike: look
30:36
Mike: for
30:36
Mike: some
30:37
Mike: investments
30:37
Mike: that
30:37
Mike: pay
30:38
Mike: some
30:38
Mike: distributions
30:38
Mike: as
30:38
Mike: well.
30:39
Ryan: Yeah.
30:39
Ryan: Yeah,
30:40
Ryan: that's
30:40
Ryan: a
30:41
Ryan: great
30:41
Ryan: point,
30:42
Ryan: Mike.
30:43
Ryan: Let's
30:43
Ryan: go
30:43
Ryan: back.
30:44
Ryan: I
30:44
Ryan: mentioned
30:44
Ryan: at
30:44
Ryan: the
30:44
Ryan: beginning,
30:45
Ryan: I'm
30:45
Ryan: a
30:45
Ryan: little
30:46
Ryan: bit
30:46
Ryan: hesitant
30:46
Ryan: about
30:47
Ryan: some
30:47
Ryan: of
30:47
Ryan: these
30:47
Ryan: single
30:48
Ryan: stock
30:48
Ryan: option
30:49
Ryan: overlay
30:49
Ryan: strategies.
30:51
Ryan: talk
30:51
Ryan: about
30:52
Ryan: that
30:52
Ryan: for
30:52
Ryan: a
30:52
Ryan: second.
30:52
Ryan: What
30:53
Ryan: should
30:53
Ryan: financial
30:54
Ryan: advisors
30:54
Ryan: consider?
30:55
Ryan: Maybe
30:55
Ryan: they're
30:55
Ryan: like
30:56
Ryan: me,
30:56
Ryan: where
30:56
Ryan: they're
30:56
Ryan: a
30:56
Ryan: little
30:56
Ryan: bit
30:57
Ryan: hesitant,
30:57
Ryan: incorporating
30:58
Ryan: them
30:58
Ryan: into
30:59
Ryan: their
30:59
Ryan: client
30:59
Ryan: portfolios.
31:00
Ryan: I
31:00
Ryan: often
31:00
Ryan: talk
31:00
Ryan: a
31:01
Ryan: lot
31:01
Ryan: about
31:01
Ryan: MA
31:02
Ryan: alignment,
31:03
Ryan: making
31:03
Ryan: sure
31:03
Ryan: these
31:03
Ryan: products
31:04
Ryan: align
31:04
Ryan: with
31:04
Ryan: their
31:05
Ryan: client's
31:05
Ryan: objectives.
31:07
Ryan: What
31:07
Ryan: should
31:07
Ryan: financial
31:08
Ryan: advisors
31:08
Ryan: consider
31:09
Ryan: when
31:09
Ryan: thinking
31:10
Ryan: about.
31:10
Ryan: Incorporating
31:11
Ryan: these
31:11
Ryan: single
31:12
Ryan: stock
31:12
Ryan: option
31:13
Ryan: overlay
31:13
Ryan: strategies.
31:15
Mike: So
31:15
Mike: the
31:15
Mike: single
31:16
Mike: stock
31:16
Mike: options
31:17
Mike: overlay
31:17
Mike: strategies
31:18
Mike: are
31:18
Mike: basically
31:19
Mike: intended
31:20
Mike: to
31:20
Mike: be
31:21
Mike: a
31:22
Mike: replacement
31:23
Mike: for
31:23
Mike: affecting
31:24
Mike: an
31:25
Mike: options
31:25
Mike: overlay
31:26
Mike: on
31:26
Mike: that
31:26
Mike: stock
31:27
Mike: yourself.
31:27
Mike: So
31:28
Mike: essentially
31:29
Mike: I'm
31:29
Mike: going
31:29
Mike: to
31:30
Mike: allow
31:30
Mike: people
31:31
Mike: who
31:31
Mike: trade
31:31
Mike: millions
31:32
Mike: of
31:32
Mike: contracts
31:33
Mike: every
31:33
Mike: week
31:34
Mike: to
31:34
Mike: do
31:35
Mike: my,
31:36
Mike: covered
31:36
Mike: call
31:37
Mike: spread
31:37
Mike: strategy
31:37
Mike: on
31:38
Mike: Nvidia,
31:38
Mike: for
31:38
Mike: example.
31:39
Mike: So
31:39
Mike: if
31:39
Mike: you
31:40
Mike: don't
31:40
Mike: wanna
31:40
Mike: manage
31:40
Mike: that
31:41
Mike: strategy
31:41
Mike: yourself,
31:42
Mike: and
31:42
Mike: there's
31:42
Mike: a
31:42
Mike: lot
31:42
Mike: to
31:43
Mike: ma
31:43
Mike: manage
31:43
Mike: because
31:44
Mike: you
31:44
Mike: have
31:44
Mike: to
31:44
Mike: adjust
31:45
Mike: the
31:45
Mike: strikes
31:46
Mike: and
31:46
Mike: roll
31:46
Mike: those
31:47
Mike: positions
31:48
Mike: at
31:48
Mike: least
31:48
Mike: once
31:48
Mike: a
31:49
Mike: week
31:49
Mike: if
31:49
Mike: you're
31:49
Mike: using
31:49
Mike: weekly
31:50
Mike: options.
31:51
Mike: If
31:51
Mike: it's
31:51
Mike: a
31:51
Mike: call
31:51
Mike: spread,
31:51
Mike: that's
31:52
Mike: two
31:52
Mike: options.
31:53
Mike: And
31:54
Mike: it's
31:54
Mike: a
31:54
Mike: whole
31:54
Mike: lot
31:54
Mike: easier
31:55
Mike: of
31:55
Mike: course
31:56
Mike: for
31:56
Mike: a
31:56
Mike: lot
31:56
Mike: of
31:56
Mike: people
31:56
Mike: to
31:57
Mike: say,
31:57
Mike: you
31:57
Mike: know
31:57
Mike: what,
31:58
Mike: I'm
31:58
Mike: just
31:58
Mike: gonna
31:58
Mike: buy
31:59
Mike: Nvidia
32:00
Mike: rather
32:00
Mike: than
32:01
Mike: buy
32:01
Mike: Nvidia
32:02
Mike: and
32:03
Mike: manage
32:04
Mike: that
32:04
Mike: options
32:04
Mike: process
32:06
Mike: myself.
32:07
Mike: So
32:07
Mike: that's
32:07
Mike: really
32:08
Mike: who
32:08
Mike: that's
32:08
Mike: intended
32:08
Mike: for.
32:09
Mike: You
32:09
Mike: already
32:09
Mike: know
32:09
Mike: that
32:10
Mike: you
32:10
Mike: want
32:10
Mike: that
32:10
Mike: stock
32:11
Mike: and
32:11
Mike: you
32:11
Mike: already
32:11
Mike: know
32:12
Mike: that
32:12
Mike: you
32:12
Mike: wanna
32:12
Mike: run
32:12
Mike: an
32:12
Mike: option
32:13
Mike: strategy
32:13
Mike: on
32:14
Mike: it.
32:15
Mike: So
32:15
Mike: that's
32:15
Mike: really
32:16
Mike: who
32:16
Mike: the
32:16
Mike: single
32:17
Mike: stock
32:17
Mike: strategies
32:18
Mike: are
32:18
Mike: for.
32:19
Mike: One
32:19
Mike: of
32:19
Mike: the
32:20
Mike: things
32:20
Mike: that
32:20
Mike: I
32:20
Mike: sometimes
32:21
Mike: see
32:21
Mike: and
32:21
Mike: have
32:22
Mike: heard
32:22
Mike: people
32:22
Mike: say
32:22
Mike: is
32:23
Mike: they
32:23
Mike: will
32:24
Mike: just
32:24
Mike: comb
32:24
Mike: the
32:24
Mike: universe
32:25
Mike: and
32:26
Mike: say,
32:26
Mike: oh,
32:27
Mike: this
32:27
Mike: one
32:27
Mike: looks
32:27
Mike: like
32:27
Mike: it
32:27
Mike: has
32:28
Mike: a
32:28
Mike: big
32:28
Mike: distribution.
32:29
Mike: I'm
32:29
Mike: gonna
32:29
Mike: buy
32:29
Mike: that.
32:30
Mike: Looking
32:30
Mike: at
32:31
Mike: a
32:31
Mike: single
32:31
Mike: stock
32:32
Mike: options
32:33
Mike: income
32:33
Mike: strategy
32:35
Mike: product,
32:36
Mike: and
32:36
Mike: thinking
32:36
Mike: of
32:36
Mike: it
32:37
Mike: kind
32:37
Mike: of
32:38
Mike: the
32:38
Mike: way
32:38
Mike: you
32:38
Mike: might
32:38
Mike: have
32:39
Mike: historically
32:39
Mike: thought
32:39
Mike: about
32:40
Mike: a
32:40
Mike: mutual
32:40
Mike: fund,
32:40
Mike: that's
32:40
Mike: not
32:41
Mike: what
32:41
Mike: these
32:41
Mike: are.
32:42
Mike: These
32:42
Mike: are
32:43
Mike: strategies
32:44
Mike: on
32:44
Mike: stocks
32:45
Mike: that
32:45
Mike: you
32:45
Mike: can
32:46
Mike: deploy,
32:46
Mike: essentially
32:47
Mike: democratizing
32:48
Mike: a
32:48
Mike: strategy
32:48
Mike: that
32:49
Mike: logistically
32:49
Mike: would
32:49
Mike: be
32:50
Mike: too
32:50
Mike: difficult
32:50
Mike: to
32:50
Mike: affect
32:51
Mike: for
32:51
Mike: yourself.
32:52
Mike: So
32:53
Mike: if
32:53
Mike: you
32:53
Mike: have
32:53
Mike: that
32:53
Mike: stock
32:54
Mike: and
32:54
Mike: you
32:54
Mike: know
32:54
Mike: you
32:55
Mike: wanna
32:55
Mike: run
32:55
Mike: an
32:55
Mike: options
32:56
Mike: income
32:56
Mike: overlay
32:56
Mike: strategy
32:57
Mike: against
32:57
Mike: it,
32:58
Mike: the
32:58
Mike: ETF
32:58
Mike: might
32:59
Mike: be
32:59
Mike: a
32:59
Mike: better
33:00
Mike: solution
33:00
Mike: for
33:00
Mike: you
33:01
Mike: in
33:01
Mike: terms
33:01
Mike: of
33:02
Mike: much
33:02
Mike: e,
33:03
Mike: lower
33:03
Mike: complexity.
33:04
Mike: Perhaps
33:05
Mike: there
33:05
Mike: might
33:05
Mike: even
33:06
Mike: end
33:06
Mike: up
33:06
Mike: being
33:06
Mike: some
33:06
Mike: tax
33:06
Mike: efficiency
33:07
Mike: in
33:07
Mike: it
33:07
Mike: for
33:07
Mike: you.
33:08
Mike: And
33:08
Mike: it
33:08
Mike: trades
33:08
Mike: with
33:09
Mike: the
33:09
Mike: convenience
33:09
Mike: of
33:09
Mike: a
33:09
Mike: stock.
33:10
Mike: So
33:10
Mike: that's
33:10
Mike: really
33:11
Mike: who
33:11
Mike: those
33:11
Mike: are
33:11
Mike: for.
33:12
Mike: We
33:12
Mike: also
33:13
Mike: have
33:13
Mike: diversified
33:13
Mike: portfolios
33:14
Mike: though,
33:14
Mike: so
33:15
Mike: if
33:15
Mike: you
33:15
Mike: just
33:15
Mike: want
33:16
Mike: to
33:16
Mike: do
33:17
Mike: semiconductors,
33:18
Mike: then
33:18
Mike: you
33:18
Mike: would
33:18
Mike: do
33:18
Mike: something
33:19
Mike: like
33:19
Mike: a
33:19
Mike: chippy
33:19
Mike: or
33:19
Mike: a
33:19
Mike: soi.
33:20
Mike: If
33:20
Mike: you
33:21
Mike: were
33:21
Mike: looking
33:21
Mike: for
33:21
Mike: the,
33:22
Mike: large
33:22
Mike: cap
33:23
Mike: equities,
33:23
Mike: then
33:23
Mike: it
33:23
Mike: would
33:24
Mike: be
33:24
Mike: something
33:24
Mike: like
33:25
Mike: biggie.
33:26
Mike: And
33:26
Mike: that's
33:27
Mike: more
33:27
Mike: of
33:27
Mike: an
33:27
Mike: investment
33:28
Mike: in
33:29
Mike: the
33:29
Mike: strategy.
33:31
Mike: Pre
33:31
Mike: diversified,
33:32
Mike: whereas
33:33
Mike: the
33:33
Mike: single
33:33
Mike: stock
33:34
Mike: strategies
33:35
Mike: are
33:35
Mike: basically,
33:36
Mike: I
33:36
Mike: like
33:37
Mike: that
33:37
Mike: stock
33:38
Mike: and
33:38
Mike: I
33:38
Mike: wanna
33:38
Mike: run
33:38
Mike: an
33:39
Mike: options
33:39
Mike: income
33:39
Mike: overlay
33:40
Mike: strategy
33:40
Mike: against
33:41
Mike: it,
33:41
Mike: and
33:41
Mike: I'm
33:41
Mike: gonna
33:41
Mike: let
33:41
Mike: these
33:42
Mike: guys
33:42
Mike: do
33:42
Mike: it
33:42
Mike: for
33:42
Mike: me.
33:44
Ryan: Yeah,
33:44
Ryan: that's
33:44
Ryan: great.
33:44
Ryan: And
33:45
Ryan: a
33:45
Ryan: lot
33:45
Ryan: of,
33:45
Ryan: especially
33:46
Ryan: on
33:46
Ryan: the
33:46
Ryan: tech
33:46
Ryan: side,
33:47
Ryan: these
33:47
Ryan: tech
33:47
Ryan: companies,
33:47
Ryan: a
33:48
Ryan: other
33:48
Ryan: employees
33:48
Ryan: might
33:49
Ryan: have
33:49
Ryan: a
33:49
Ryan: overweight
33:50
Ryan: in
33:50
Ryan: their
33:51
Ryan: firm's
33:52
Ryan: employee
33:52
Ryan: stock
33:52
Ryan: option
33:53
Ryan: plan
33:55
Ryan: that
33:55
Ryan: I'm
33:55
Ryan: assuming
33:56
Ryan: these
33:56
Ryan: single
33:57
Ryan: stock
33:57
Ryan: option
33:58
Ryan: strategies
33:59
Ryan: can
33:59
Ryan: help
33:59
Ryan: hedge
33:59
Ryan: against
34:00
Ryan: that.
34:00
Ryan: There's
34:00
Ryan: some
34:00
Ryan: other
34:01
Ryan: strategies.
34:02
Ryan: There
34:02
Ryan: that
34:02
Ryan: can
34:02
Ryan: diversify
34:03
Ryan: that
34:03
Ryan: portfolio,
34:04
Ryan: maybe
34:04
Ryan: hedge
34:04
Ryan: against
34:05
Ryan: that
34:05
Ryan: single
34:05
Ryan: stock
34:06
Ryan: risk
34:06
Ryan: of
34:07
Ryan: having
34:07
Ryan: a
34:07
Ryan: portion
34:08
Ryan: of
34:08
Ryan: your
34:08
Ryan: portfolio
34:09
Ryan: in
34:09
Ryan: your
34:09
Ryan: company's
34:10
Ryan: stock.
34:12
Mike: Yeah,
34:12
Mike: it's
34:13
Mike: funny
34:13
Mike: that
34:13
Mike: you
34:13
Mike: should
34:13
Mike: mention
34:14
Mike: that
34:14
Mike: I
34:14
Mike: have
34:14
Mike: spoken
34:15
Mike: to
34:15
Mike: people
34:15
Mike: who
34:15
Mike: have
34:16
Mike: heavily
34:16
Mike: concentrated
34:17
Mike: core
34:18
Mike: equity
34:18
Mike: positions
34:19
Mike: that
34:19
Mike: want
34:19
Mike: to
34:19
Mike: use
34:20
Mike: options,
34:20
Mike: overlays
34:21
Mike: specifically
34:21
Mike: for
34:21
Mike: that
34:22
Mike: reason.
34:23
Mike: I've
34:23
Mike: spoken
34:23
Mike: to
34:23
Mike: people
34:24
Mike: who
34:24
Mike: have
34:25
Mike: worked
34:25
Mike: for
34:26
Mike: and
34:26
Mike: have
34:27
Mike: retired
34:27
Mike: from,
34:28
Mike: and
34:28
Mike: then
34:28
Mike: that's
34:28
Mike: an
34:28
Mike: important
34:29
Mike: point
34:29
Mike: I
34:29
Mike: would
34:29
Mike: make
34:30
Mike: because
34:30
Mike: if
34:30
Mike: you're
34:30
Mike: a
34:30
Mike: current
34:31
Mike: employee.
34:32
Mike: And
34:32
Mike: you're
34:32
Mike: receiving
34:33
Mike: RSUs
34:33
Mike: restricted
34:34
Mike: stock
34:34
Mike: units.
34:35
Mike: You
34:35
Mike: may
34:36
Mike: or
34:36
Mike: may
34:36
Mike: not
34:36
Mike: be
34:37
Mike: permitted
34:37
Mike: to,
34:38
Mike: to
34:38
Mike: trade
34:38
Mike: options
34:39
Mike: overlays,
34:40
Mike: but
34:40
Mike: I
34:40
Mike: have
34:40
Mike: spoken
34:40
Mike: to
34:41
Mike: people
34:41
Mike: who,
34:41
Mike: for
34:42
Mike: example,
34:42
Mike: worked
34:42
Mike: at
34:42
Mike: Nvidia
34:43
Mike: retired
34:44
Mike: several
34:44
Mike: years
34:45
Mike: ago,
34:46
Mike: held
34:46
Mike: on
34:46
Mike: to
34:47
Mike: some
34:47
Mike: of
34:47
Mike: their
34:47
Mike: stock,
34:48
Mike: never
34:48
Mike: realized
34:49
Mike: what
34:49
Mike: that
34:49
Mike: stock
34:50
Mike: was
34:50
Mike: going
34:50
Mike: to
34:50
Mike: do
34:51
Mike: and
34:51
Mike: have
34:52
Mike: generated
34:53
Mike: seriously
34:54
Mike: generational
34:54
Mike: wealth.
34:55
Mike: I've
34:55
Mike: directly
34:55
Mike: spoken
34:56
Mike: to
34:56
Mike: people
34:56
Mike: who.
34:57
Mike: Have
34:57
Mike: made
34:58
Mike: hundreds
34:58
Mike: of
34:58
Mike: millions
34:59
Mike: of
34:59
Mike: dollars
35:00
Mike: in
35:00
Mike: that
35:00
Mike: company
35:01
Mike: just
35:01
Mike: that
35:01
Mike: one.
35:02
Mike: And
35:03
Mike: now
35:03
Mike: are
35:04
Mike: aggressively
35:04
Mike: looking
35:05
Mike: at
35:05
Mike: options
35:06
Mike: overlay
35:06
Mike: strategies.
35:08
Mike: 'cause
35:08
Mike: they're
35:09
Mike: interested
35:09
Mike: really
35:09
Mike: in
35:10
Mike: two
35:10
Mike: things.
35:11
Mike: One,
35:12
Mike: they
35:12
Mike: want
35:13
Mike: to
35:13
Mike: generate
35:13
Mike: some
35:14
Mike: income
35:14
Mike: and
35:15
Mike: Nvidia
35:15
Mike: doesn't
35:15
Mike: pay
35:16
Mike: a
35:17
Mike: big
35:17
Mike: dividend.
35:18
Mike: So
35:18
Mike: they,
35:18
Mike: they
35:18
Mike: can't
35:19
Mike: just
35:19
Mike: hold
35:19
Mike: the
35:19
Mike: shares
35:19
Mike: and
35:20
Mike: wait
35:20
Mike: for
35:20
Mike: a
35:21
Mike: quarterly
35:21
Mike: dividend
35:22
Mike: to
35:22
Mike: support
35:23
Mike: their
35:23
Mike: lives.
35:23
Mike: And
35:23
Mike: in
35:23
Mike: many
35:24
Mike: cases.
35:25
Mike: As
35:26
Mike: their
35:26
Mike: net
35:26
Mike: worth
35:26
Mike: swelled
35:27
Mike: because
35:27
Mike: these
35:27
Mike: stocks
35:28
Mike: appreciated
35:30
Mike: so
35:30
Mike: too
35:30
Mike: did
35:30
Mike: their
35:30
Mike: lifestyle.
35:31
Mike: So
35:32
Mike: people
35:32
Mike: who
35:33
Mike: once
35:33
Mike: upon
35:33
Mike: a
35:33
Mike: time
35:35
Mike: might've
35:35
Mike: lived
35:35
Mike: on
35:35
Mike: $300,000
35:36
Mike: a
35:36
Mike: year
35:38
Mike: now
35:38
Mike: live
35:38
Mike: on,
35:39
Mike: I'm
35:39
Mike: not
35:39
Mike: kidding,
35:39
Mike: $300,000
35:40
Mike: a
35:40
Mike: month,
35:41
Mike: let's
35:41
Mike: say.
35:42
Mike: And
35:43
Mike: they
35:43
Mike: can
35:43
Mike: sell
35:44
Mike: off
35:44
Mike: shares
35:45
Mike: of
35:45
Mike: the
35:45
Mike: stock
35:45
Mike: to
35:45
Mike: do
35:45
Mike: that,
35:47
Mike: but
35:47
Mike: oftentimes
35:47
Mike: that's
35:47
Mike: not
35:48
Mike: what
35:48
Mike: they
35:48
Mike: want
35:48
Mike: to
35:48
Mike: do
35:48
Mike: because
35:48
Mike: it
35:49
Mike: has
35:49
Mike: a
35:49
Mike: tax
35:49
Mike: consequence
35:50
Mike: if
35:50
Mike: they
35:50
Mike: sell
35:50
Mike: their
35:50
Mike: shares.
35:51
Mike: And
35:51
Mike: secondly.
35:53
Mike: This
35:53
Mike: is
35:53
Mike: a
35:53
Mike: refrain
35:54
Mike: I
35:54
Mike: hear
35:54
Mike: all
35:54
Mike: the
35:54
Mike: time.
35:55
Mike: They
35:55
Mike: say,
35:56
Mike: every
35:56
Mike: single
35:56
Mike: time
35:57
Mike: I
35:57
Mike: thought
35:57
Mike: I,
35:57
Mike: I
35:58
Mike: should
35:58
Mike: sell
35:58
Mike: some
35:58
Mike: stock
35:59
Mike: and
35:59
Mike: didn't.
35:59
Mike: I'm
35:59
Mike: so
35:59
Mike: glad
36:00
Mike: I
36:00
Mike: did
36:00
Mike: not.
36:00
Mike: So
36:01
Mike: they've
36:01
Mike: actually
36:01
Mike: gotten
36:01
Mike: to
36:01
Mike: the
36:02
Mike: point
36:02
Mike: where
36:03
Mike: they
36:03
Mike: don't
36:03
Mike: know
36:03
Mike: what
36:03
Mike: the
36:03
Mike: stock's
36:04
Mike: gonna
36:04
Mike: do.
36:04
Mike: They're
36:05
Mike: afraid
36:05
Mike: to
36:05
Mike: sell
36:06
Mike: it
36:06
Mike: because
36:06
Mike: they
36:06
Mike: don't
36:06
Mike: want
36:07
Mike: the
36:07
Mike: tax
36:07
Mike: consequence.
36:07
Mike: And
36:07
Mike: also,
36:08
Mike: by
36:08
Mike: the
36:08
Mike: way,
36:08
Mike: Invidia
36:08
Mike: being
36:09
Mike: based
36:09
Mike: in
36:09
Mike: California,
36:10
Mike: if
36:10
Mike: you're
36:10
Mike: a
36:10
Mike: California
36:11
Mike: resident,
36:11
Mike: you
36:12
Mike: are
36:12
Mike: a
36:12
Mike: Cal
36:12
Mike: California
36:13
Mike: resident.
36:13
Mike: I
36:13
Mike: think.
36:14
Mike: You
36:14
Mike: might
36:14
Mike: be
36:14
Mike: on
36:14
Mike: the,
36:15
Mike: in,
36:15
Mike: in
36:15
Mike: Nevada
36:16
Mike: side.
36:16
Mike: I
36:16
Mike: am
36:17
Mike: in
36:17
Mike: California.
36:18
Mike: The
36:18
Mike: tax
36:18
Mike: laws
36:19
Mike: are
36:19
Mike: not
36:19
Mike: particularly.
36:20
Mike: Friendly
36:21
Mike: if
36:21
Mike: you
36:21
Mike: are
36:22
Mike: selling
36:22
Mike: appreciated
36:23
Mike: stock
36:24
Mike: because
36:25
Mike: they
36:25
Mike: don't
36:25
Mike: have
36:25
Mike: a
36:25
Mike: concept
36:26
Mike: of
36:26
Mike: long-term
36:26
Mike: capital
36:26
Mike: gain.
36:27
Mike: So
36:27
Mike: it's
36:28
Mike: not
36:28
Mike: tax
36:28
Mike: advice.
36:28
Mike: I'm
36:29
Mike: not
36:29
Mike: a
36:29
Mike: tax
36:29
Mike: lawyer
36:30
Mike: or
36:30
Mike: an
36:30
Mike: accountant
36:31
Mike: seek
36:31
Mike: your
36:31
Mike: own
36:31
Mike: tax
36:31
Mike: advice.
36:32
Mike: But
36:32
Mike: I
36:32
Mike: will
36:32
Mike: tell
36:33
Mike: you
36:33
Mike: that
36:33
Mike: I
36:33
Mike: do
36:33
Mike: know
36:34
Mike: a
36:34
Mike: lot
36:35
Mike: of
36:35
Mike: people
36:35
Mike: who
36:35
Mike: have
36:35
Mike: appreciated
36:36
Mike: stock
36:36
Mike: holdings
36:37
Mike: that
36:37
Mike: are
36:37
Mike: using
36:37
Mike: options
36:38
Mike: overlay
36:38
Mike: strategies
36:39
Mike: to
36:39
Mike: generate
36:40
Mike: distributions
36:41
Mike: off
36:41
Mike: of
36:41
Mike: their
36:42
Mike: core
36:42
Mike: holdings
36:43
Mike: without
36:43
Mike: selling
36:43
Mike: those
36:43
Mike: holdings.
36:44
Mike: And
36:44
Mike: in
36:44
Mike: some
36:44
Mike: cases
36:45
Mike: also
36:45
Mike: to
36:45
Mike: hedge
36:45
Mike: them
36:45
Mike: a
36:45
Mike: little
36:46
Mike: bit.
36:46
Mike: If
36:46
Mike: you
36:47
Mike: sell
36:47
Mike: premium
36:48
Mike: against
36:49
Mike: an
36:49
Mike: equity
36:49
Mike: portfolio,
36:50
Mike: you're
36:50
Mike: effectively
36:51
Mike: reducing
36:51
Mike: your
36:52
Mike: basis
36:52
Mike: through
36:52
Mike: the
36:53
Mike: course
36:53
Mike: of
36:53
Mike: time.
36:54
Mike: Is
36:54
Mike: that
36:54
Mike: a
36:54
Mike: complete
36:55
Mike: hedge?
36:55
Mike: No.
36:56
Mike: Does
36:56
Mike: it
36:56
Mike: mute
36:57
Mike: the
36:57
Mike: downside
36:57
Mike: of
36:57
Mike: it?
36:58
Mike: Yes.
37:00
Ryan: Yeah,
37:00
Ryan: Mike,
37:01
Ryan: that's
37:01
Ryan: great.
37:01
Ryan: I
37:01
Ryan: love
37:02
Ryan: that
37:02
Ryan: example
37:02
Ryan: too,
37:03
Ryan: because
37:03
Ryan: especially.
37:05
Ryan: with
37:05
Ryan: concentration
37:06
Ryan: risk,
37:06
Ryan: I'm
37:06
Ryan: sure
37:07
Ryan: a
37:07
Ryan: lot
37:07
Ryan: of
37:07
Ryan: portfolios
37:08
Ryan: out
37:08
Ryan: there
37:08
Ryan: are,
37:09
Ryan: heavily
37:09
Ryan: weighted
37:10
Ryan: to
37:10
Ryan: whether
37:11
Ryan: it's
37:11
Ryan: the
37:11
Ryan: MEG
37:11
Ryan: seven
37:12
Ryan: or
37:12
Ryan: the
37:12
Ryan: mega
37:13
Ryan: tech,
37:13
Ryan: or
37:13
Ryan: in
37:14
Ryan: your
37:14
Ryan: case,
37:14
Ryan: like
37:14
Ryan: we
37:14
Ryan: were
37:14
Ryan: talking
37:15
Ryan: about,
37:15
Ryan: just
37:15
Ryan: the
37:15
Ryan: individual
37:16
Ryan: stock.
37:17
Ryan: So
37:17
Ryan: great
37:18
Ryan: insight
37:18
Ryan: there.
37:19
Ryan: Lastly.
37:21
Ryan: Financial
37:21
Ryan: advisors
37:22
Ryan: go
37:22
Ryan: back
37:22
Ryan: to
37:22
Ryan: them.
37:24
Ryan: What
37:24
Ryan: do
37:24
Ryan: you
37:24
Ryan: tell
37:25
Ryan: them?
37:25
Ryan: And
37:25
Ryan: people
37:26
Ryan: like
37:26
Ryan: me,
37:26
Ryan: what
37:26
Ryan: do
37:26
Ryan: you
37:26
Ryan: tell
37:27
Ryan: them
37:27
Ryan: when
37:27
Ryan: they
37:27
Ryan: think
37:27
Ryan: these
37:27
Ryan: strategies,
37:28
Ryan: particularly
37:29
Ryan: the
37:29
Ryan: single
37:30
Ryan: stock
37:30
Ryan: option,
37:30
Ryan: they're
37:31
Ryan: just
37:31
Ryan: too
37:31
Ryan: complicated,
37:32
Ryan: too
37:32
Ryan: risky,
37:33
Ryan: implied
37:34
Ryan: volatility.
37:34
Ryan: Just
37:35
Ryan: another
37:35
Ryan: thing
37:35
Ryan: they
37:35
Ryan: need
37:36
Ryan: to
37:36
Ryan: think
37:36
Ryan: about.
37:36
Ryan: They
37:37
Ryan: have
37:37
Ryan: nav
37:37
Ryan: erosion
37:38
Ryan: they
37:38
Ryan: heard
37:38
Ryan: about,
37:39
Ryan: it's
37:40
Ryan: I
37:40
Ryan: don't
37:40
Ryan: wanna
37:40
Ryan: touch
37:40
Ryan: these.
37:41
Ryan: What
37:41
Ryan: do
37:41
Ryan: you
37:41
Ryan: tell
37:41
Ryan: those
37:42
Ryan: financial
37:42
Ryan: advisors
37:43
Ryan: about
37:43
Ryan: these?
37:44
Ryan: That
37:44
Ryan: maybe
37:44
Ryan: there's
37:44
Ryan: some
37:44
Ryan: misconceptions
37:45
Ryan: out
37:46
Ryan: there
37:46
Ryan: to
37:46
Ryan: get
37:47
Ryan: over
37:47
Ryan: 'em
37:47
Ryan: and
37:47
Ryan: that
37:48
Ryan: you
37:48
Ryan: know
37:48
Ryan: what?
37:48
Ryan: They
37:48
Ryan: are
37:48
Ryan: good
37:49
Ryan: strategies
37:49
Ryan: for
37:50
Ryan: a
37:50
Ryan: portfolio.
37:51
Mike: Yeah,
37:52
Mike: I
37:52
Mike: guess
37:52
Mike: I
37:52
Mike: would
37:53
Mike: say
37:53
Mike: a
37:53
Mike: couple
37:53
Mike: different
37:53
Mike: things.
37:54
Mike: First
37:54
Mike: of
37:54
Mike: all
37:55
Mike: number
37:55
Mike: one,
37:57
Mike: if
37:57
Mike: you're
37:57
Mike: looking
37:57
Mike: at
37:58
Mike: options,
37:58
Mike: income
37:59
Mike: strategies
37:59
Mike: in
38:00
Mike: general,
38:01
Mike: and
38:01
Mike: you're
38:01
Mike: not
38:01
Mike: a
38:01
Mike: stock
38:02
Mike: picker,
38:03
Mike: and
38:03
Mike: look,
38:03
Mike: some,
38:04
Mike: a
38:04
Mike: lot
38:04
Mike: of
38:04
Mike: investment
38:05
Mike: advisors
38:05
Mike: are
38:05
Mike: also
38:05
Mike: not
38:06
Mike: stock
38:06
Mike: pickers.
38:06
Mike: They
38:06
Mike: may
38:07
Mike: be
38:07
Mike: picking
38:07
Mike: stocks
38:08
Mike: or
38:08
Mike: they
38:08
Mike: may
38:08
Mike: have
38:09
Mike: stocks
38:09
Mike: selected
38:10
Mike: by
38:10
Mike: their
38:11
Mike: clients
38:11
Mike: who
38:11
Mike: say,
38:12
Mike: I
38:13
Mike: want
38:13
Mike: to
38:13
Mike: own
38:13
Mike: this,
38:13
Mike: I
38:14
Mike: heard
38:14
Mike: a
38:14
Mike: great
38:14
Mike: thing.
38:14
Mike: I
38:15
Mike: don't
38:15
Mike: know
38:15
Mike: whether
38:15
Mike: they
38:15
Mike: heard
38:16
Mike: it
38:16
Mike: at
38:16
Mike: the
38:16
Mike: barber
38:17
Mike: shop
38:18
Mike: or
38:18
Mike: they
38:18
Mike: heard
38:18
Mike: it
38:18
Mike: from
38:18
Mike: their
38:18
Mike: best
38:19
Mike: friend,
38:19
Mike: or,
38:20
Mike: they've
38:20
Mike: been
38:20
Mike: reading
38:20
Mike: the
38:21
Mike: paper
38:21
Mike: and
38:21
Mike: they
38:21
Mike: have
38:21
Mike: an
38:21
Mike: idea
38:22
Mike: that
38:22
Mike: they
38:22
Mike: want
38:22
Mike: to
38:22
Mike: be
38:22
Mike: in
38:22
Mike: a
38:22
Mike: certain
38:23
Mike: stock.
38:24
Mike: Sometimes
38:24
Mike: individuals
38:25
Mike: have
38:25
Mike: their
38:25
Mike: own
38:25
Mike: ideas
38:26
Mike: and
38:27
Mike: sometimes
38:27
Mike: they're
38:27
Mike: right
38:28
Mike: to
38:28
Mike: have
38:28
Mike: those
38:28
Mike: ideas,
38:29
Mike: and
38:30
Mike: if
38:31
Mike: they
38:31
Mike: have
38:31
Mike: selected
38:32
Mike: a
38:32
Mike: stock.
38:33
Mike: And
38:33
Mike: they
38:33
Mike: would
38:34
Mike: like
38:34
Mike: to
38:34
Mike: run
38:34
Mike: an
38:34
Mike: options
38:35
Mike: income
38:35
Mike: strategy,
38:36
Mike: then
38:36
Mike: the
38:36
Mike: single
38:37
Mike: stock
38:37
Mike: strategies
38:38
Mike: might
38:38
Mike: be
38:38
Mike: an
38:38
Mike: appropriate
38:39
Mike: case.
38:39
Mike: If
38:39
Mike: an
38:39
Mike: advisor
38:40
Mike: has
38:40
Mike: a
38:40
Mike: strong
38:41
Mike: conviction
38:41
Mike: in
38:42
Mike: a
38:42
Mike: given
38:42
Mike: underlying
38:42
Mike: stock
38:44
Mike: and
38:44
Mike: is
38:44
Mike: tracking
38:44
Mike: options,
38:45
Mike: prices
38:45
Mike: and
38:45
Mike: says,
38:46
Mike: I
38:46
Mike: like
38:46
Mike: the
38:46
Mike: stock
38:47
Mike: technically
38:48
Mike: right
38:48
Mike: here,
38:49
Mike: it
38:49
Mike: feels
38:49
Mike: like
38:49
Mike: it's
38:49
Mike: probably
38:50
Mike: gonna
38:50
Mike: be
38:50
Mike: range
38:51
Mike: bound,
38:51
Mike: but
38:51
Mike: the
38:51
Mike: options
38:52
Mike: premiums
38:52
Mike: are
38:52
Mike: high.
38:53
Mike: I
38:53
Mike: think
38:53
Mike: we
38:53
Mike: want
38:54
Mike: to
38:54
Mike: run
38:54
Mike: an
38:54
Mike: options
38:55
Mike: overlay
38:55
Mike: strategy
38:56
Mike: against
38:56
Mike: the
38:56
Mike: stock,
38:57
Mike: but
38:57
Mike: I'm
38:57
Mike: not
38:57
Mike: going
38:57
Mike: to,
38:58
Mike: I'm
38:58
Mike: talking
38:59
Mike: to
38:59
Mike: clients.
39:00
Mike: I
39:00
Mike: am
39:00
Mike: doing
39:01
Mike: a
39:01
Mike: lot
39:01
Mike: of
39:01
Mike: other
39:01
Mike: things.
39:02
Mike: I
39:02
Mike: can
39:02
Mike: buy
39:03
Mike: a
39:03
Mike: strategy
39:03
Mike: like
39:03
Mike: this
39:04
Mike: and
39:04
Mike: I'm
39:04
Mike: gonna
39:04
Mike: allow
39:05
Mike: people
39:05
Mike: who
39:05
Mike: do
39:05
Mike: a
39:06
Mike: lot
39:06
Mike: of
39:06
Mike: options
39:06
Mike: trading
39:07
Mike: to
39:07
Mike: manage
39:07
Mike: that
39:07
Mike: for
39:08
Mike: me,
39:08
Mike: I
39:08
Mike: think
39:08
Mike: that's
39:08
Mike: a
39:08
Mike: great
39:09
Mike: case.
39:10
Mike: I
39:10
Mike: think
39:10
Mike: also
39:11
Mike: it's
39:12
Mike: not
39:12
Mike: a
39:12
Mike: bad
39:12
Mike: idea
39:12
Mike: for
39:12
Mike: people
39:13
Mike: though
39:13
Mike: to
39:13
Mike: have
39:14
Mike: allocations
39:15
Mike: to
39:15
Mike: the
39:16
Mike: more
39:16
Mike: diversified
39:16
Mike: products,
39:17
Mike: the
39:17
Mike: ones
39:18
Mike: that
39:18
Mike: run
39:19
Mike: a
39:19
Mike: diversified
39:19
Mike: strategy
39:20
Mike: and
39:21
Mike: have
39:21
Mike: an
39:21
Mike: options
39:21
Mike: overlay
39:22
Mike: strategy
39:22
Mike: against
39:23
Mike: that
39:24
Mike: to
39:24
Mike: generate
39:24
Mike: some
39:24
Mike: income.
39:25
Mike: The
39:25
Mike: example
39:26
Mike: I
39:26
Mike: would
39:26
Mike: provide.
39:28
Mike: And
39:28
Mike: I
39:28
Mike: think
39:28
Mike: this
39:28
Mike: is
39:28
Mike: illustrative
39:30
Mike: is
39:30
Mike: that,
39:30
Mike: as
39:30
Mike: I
39:30
Mike: previously
39:31
Mike: pointed
39:31
Mike: out
39:32
Mike: something
39:32
Mike: like
39:32
Mike: our
39:33
Mike: large
39:33
Mike: cap
39:33
Mike: 50,
39:34
Mike: so
39:34
Mike: I'm
39:34
Mike: just,
39:35
Mike: I'm
39:35
Mike: going
39:35
Mike: to
39:35
Mike: u
39:35
Mike: use
39:36
Mike: my
39:36
Mike: Bloomberg
39:36
Mike: terminal
39:37
Mike: now.
39:37
Mike: I'm
39:37
Mike: just
39:37
Mike: gonna
39:37
Mike: compare
39:38
Mike: what
39:39
Mike: it
39:39
Mike: did
39:40
Mike: versus
39:40
Mike: the
39:40
Mike: s
39:41
Mike: and
39:41
Mike: p,
39:41
Mike: which,
39:42
Mike: is
39:42
Mike: essentially
39:43
Mike: gonna
39:43
Mike: behave
39:44
Mike: a
39:44
Mike: lot
39:44
Mike: like
39:44
Mike: it
39:45
Mike: last
39:45
Mike: year.
39:45
Mike: So
39:46
Mike: looking
39:46
Mike: from
39:46
Mike: December
39:47
Mike: 31st,
39:48
Mike: 2024
39:50
Mike: through
39:50
Mike: December
39:51
Mike: 31st,
39:52
Mike: 2025.
39:53
Mike: Okay.
39:54
Mike: And
39:54
Mike: if
39:54
Mike: you
39:55
Mike: look
39:55
Mike: at
39:55
Mike: that
39:56
Mike: so
39:56
Mike: the
39:57
Mike: s
39:57
Mike: and
39:57
Mike: p
39:58
Mike: saw
39:59
Mike: a
39:59
Mike: 16.35%
40:00
Mike: price
40:01
Mike: appreciation
40:02
Mike: from
40:02
Mike: December
40:03
Mike: from
40:03
Mike: the
40:03
Mike: end
40:03
Mike: of
40:04
Mike: 2024,
40:04
Mike: last
40:04
Mike: trading
40:05
Mike: day
40:05
Mike: of
40:05
Mike: 24
40:06
Mike: to
40:06
Mike: the
40:06
Mike: last
40:06
Mike: trading
40:06
Mike: day
40:07
Mike: of
40:07
Mike: 2025.
40:07
Mike: So
40:08
Mike: if
40:08
Mike: you
40:08
Mike: brought
40:08
Mike: spy,
40:08
Mike: let's
40:09
Mike: say
40:09
Mike: that's
40:09
Mike: probably
40:09
Mike: the
40:10
Mike: biggest
40:10
Mike: proxy,
40:10
Mike: everybody
40:10
Mike: knows
40:11
Mike: that
40:11
Mike: you'd
40:11
Mike: have
40:11
Mike: seen
40:12
Mike: 16.35%
40:13
Mike: price
40:14
Mike: appreciation,
40:15
Mike: and
40:15
Mike: your
40:16
Mike: total
40:16
Mike: returns
40:17
Mike: would've
40:17
Mike: been
40:17
Mike: higher.
40:17
Mike: You
40:18
Mike: would've
40:18
Mike: gotten
40:18
Mike: 17.72%.
40:20
Mike: What's
40:21
Mike: the
40:21
Mike: difference?
40:21
Mike: Remember
40:22
Mike: what
40:22
Mike: I
40:22
Mike: said.
40:22
Mike: The
40:22
Mike: s
40:23
Mike: and
40:23
Mike: p
40:23
Mike: is
40:23
Mike: giving
40:23
Mike: you
40:23
Mike: a
40:24
Mike: dividend
40:24
Mike: yield
40:25
Mike: of
40:26
Mike: about
40:26
Mike: 1%.
40:27
Mike: Now,
40:27
Mike: it
40:27
Mike: was
40:27
Mike: slightly
40:27
Mike: higher
40:28
Mike: last
40:28
Mike: year,
40:28
Mike: a
40:28
Mike: little
40:29
Mike: over
40:29
Mike: 1%.
40:29
Mike: So
40:30
Mike: the
40:30
Mike: difference,
40:31
Mike: 1.4
40:32
Mike: ish
40:32
Mike: percent
40:33
Mike: was
40:33
Mike: the
40:33
Mike: dividends.
40:34
Mike: So
40:34
Mike: you
40:34
Mike: bought
40:35
Mike: stock,
40:35
Mike: they
40:35
Mike: went
40:36
Mike: up
40:36
Mike: 16%,
40:37
Mike: and
40:38
Mike: then
40:38
Mike: you
40:38
Mike: got
40:38
Mike: a
40:38
Mike: little
40:38
Mike: over
40:38
Mike: 1%
40:39
Mike: in
40:39
Mike: dividends.
40:39
Mike: And
40:39
Mike: that's
40:39
Mike: a
40:40
Mike: great
40:40
Mike: outcome,
40:40
Mike: right?
40:41
Mike: But
40:41
Mike: for
40:41
Mike: some
40:42
Mike: people,
40:42
Mike: that
40:43
Mike: dividend
40:43
Mike: distribution
40:44
Mike: wasn't
40:44
Mike: sufficient.
40:45
Mike: Biggie
40:47
Mike: nearly
40:47
Mike: tracked.
40:48
Mike: Step
40:48
Mike: for
40:49
Mike: step
40:49
Mike: how
40:49
Mike: the
40:49
Mike: s
40:49
Mike: and
40:50
Mike: p
40:50
Mike: behaved,
40:50
Mike: because
40:51
Mike: 80%
40:52
Mike: of
40:52
Mike: it
40:52
Mike: is
40:52
Mike: the
40:52
Mike: exact
40:53
Mike: same
40:53
Mike: underlying
40:53
Mike: stocks.
40:55
Mike: So
40:55
Mike: you're
40:55
Mike: gonna
40:55
Mike: have
40:55
Mike: those
40:56
Mike: stocks,
40:56
Mike: you're
40:56
Mike: gonna
40:56
Mike: get
40:57
Mike: those
40:57
Mike: dividends,
40:58
Mike: but
40:58
Mike: then
40:58
Mike: additionally,
40:59
Mike: you're
41:00
Mike: selling
41:00
Mike: some
41:00
Mike: options
41:01
Mike: premium.
41:01
Mike: So
41:02
Mike: biggie's
41:02
Mike: price
41:03
Mike: appreciation
41:04
Mike: for
41:04
Mike: 2025
41:05
Mike: was
41:05
Mike: 4.5%.
41:06
Mike: Now
41:07
Mike: remember
41:07
Mike: what
41:07
Mike: I
41:07
Mike: said
41:07
Mike: for
41:07
Mike: spy
41:08
Mike: 16.3,
41:10
Mike: 16.4.
41:11
Mike: Biggie
41:12
Mike: appreciated
41:12
Mike: 4.5%,
41:13
Mike: but
41:13
Mike: your
41:13
Mike: total
41:14
Mike: returns
41:14
Mike: were
41:14
Mike: over
41:15
Mike: 19%.
41:16
Mike: And
41:16
Mike: that's
41:16
Mike: because
41:17
Mike: it's
41:17
Mike: been
41:17
Mike: paying
41:18
Mike: out
41:18
Mike: distribution
41:19
Mike: all
41:19
Mike: of
41:19
Mike: this
41:20
Mike: time.
41:20
Mike: And
41:20
Mike: that
41:21
Mike: distribution
41:21
Mike: was
41:21
Mike: more
41:22
Mike: than
41:22
Mike: 14%
41:23
Mike: of
41:23
Mike: your
41:23
Mike: initial
41:24
Mike: investment
41:24
Mike: throughout
41:25
Mike: the
41:25
Mike: course
41:25
Mike: of
41:25
Mike: the
41:26
Mike: year.
41:27
Mike: And
41:27
Mike: I
41:27
Mike: think
41:28
Mike: that's
41:28
Mike: really
41:29
Mike: the
41:29
Mike: point
41:29
Mike: that
41:30
Mike: I
41:30
Mike: would
41:30
Mike: make
41:30
Mike: for
41:30
Mike: people
41:31
Mike: is
41:31
Mike: that
41:32
Mike: you
41:32
Mike: can
41:32
Mike: choose
41:33
Mike: a
41:33
Mike: strategy
41:34
Mike: that
41:34
Mike: will
41:34
Mike: behave
41:35
Mike: more
41:36
Mike: like
41:36
Mike: the
41:36
Mike: underlying
41:36
Mike: stocks
41:38
Mike: or
41:38
Mike: almost
41:38
Mike: exactly
41:39
Mike: like
41:39
Mike: them.
41:40
Mike: Quad
41:40
Mike: D
41:40
Mike: will
41:40
Mike: behave
41:41
Mike: a
41:41
Mike: lot
41:41
Mike: like
41:41
Mike: the
41:41
Mike: stocks
41:41
Mike: and
41:42
Mike: get
41:42
Mike: a
41:42
Mike: little
41:42
Mike: bit
41:42
Mike: of
41:42
Mike: options
41:43
Mike: income,
41:44
Mike: or
41:44
Mike: you
41:44
Mike: can
41:44
Mike: get
41:44
Mike: something
41:45
Mike: that
41:45
Mike: behaves
41:46
Mike: where
41:46
Mike: your
41:46
Mike: total
41:46
Mike: returns
41:47
Mike: are
41:47
Mike: similar
41:47
Mike: to
41:47
Mike: stocks,
41:48
Mike: but
41:48
Mike: your
41:48
Mike: price
41:49
Mike: appreciation
41:50
Mike: isn't
41:50
Mike: gonna
41:50
Mike: be
41:50
Mike: as
41:50
Mike: much,
41:50
Mike: but
41:51
Mike: you're
41:51
Mike: gonna
41:51
Mike: get
41:51
Mike: regular
41:51
Mike: distributions
41:52
Mike: like
41:52
Mike: Biggie.
41:53
Mike: Or
41:53
Mike: you
41:53
Mike: can
41:53
Mike: just
41:53
Mike: say,
41:54
Mike: I
41:54
Mike: love
41:54
Mike: Nvidia.
41:55
Mike: I
41:55
Mike: wanna
41:55
Mike: run
41:56
Mike: in
41:56
Mike: options
41:56
Mike: income
41:56
Mike: strategy
41:57
Mike: on
41:57
Mike: that.
41:57
Mike: So
41:57
Mike: I'm
41:57
Mike: gonna
41:57
Mike: pick
41:58
Mike: something
41:58
Mike: like
41:58
Mike: NVD
41:59
Mike: and
41:59
Mike: that's
41:59
Mike: gonna
42:00
Mike: be
42:00
Mike: mostly
42:00
Mike: about
42:00
Mike: getting
42:00
Mike: distributions,
42:01
Mike: but
42:02
Mike: your
42:02
Mike: nav
42:02
Mike: is,
42:03
Mike: that's
42:03
Mike: the
42:03
Mike: trade
42:04
Mike: off
42:04
Mike: you're
42:04
Mike: making.
42:04
Mike: How
42:05
Mike: much
42:05
Mike: appreciation
42:06
Mike: do
42:06
Mike: you
42:06
Mike: want?
42:06
Mike: Versus
42:07
Mike: how
42:07
Mike: much
42:07
Mike: distributions
42:08
Mike: do
42:08
Mike: you
42:08
Mike: want?
42:09
Mike: The
42:09
Mike: more
42:09
Mike: distributions
42:09
Mike: you
42:10
Mike: want,
42:11
Mike: the
42:11
Mike: underlying
42:12
Mike: asset's
42:12
Mike: gonna
42:12
Mike: have
42:12
Mike: to
42:13
Mike: really
42:13
Mike: perform
42:14
Mike: well.
42:14
Mike: For
42:14
Mike: to
42:15
Mike: see
42:15
Mike: considerable
42:15
Mike: price
42:16
Mike: appreciation.
42:16
Mike: And
42:16
Mike: we
42:16
Mike: did
42:17
Mike: see
42:17
Mike: that
42:17
Mike: in,
42:17
Mike: in
42:17
Mike: semis
42:18
Mike: last
42:18
Mike: year,
42:19
Mike: but
42:19
Mike: that's
42:19
Mike: not
42:19
Mike: gonna
42:19
Mike: happen
42:19
Mike: every
42:20
Mike: year.
42:20
Mike: There's,
42:21
Mike: I've
42:21
Mike: never
42:21
Mike: seen
42:21
Mike: a
42:21
Mike: sector
42:22
Mike: that
42:23
Mike: goes
42:23
Mike: up
42:23
Mike: 50,
42:24
Mike: 60%
42:25
Mike: year
42:25
Mike: after
42:25
Mike: year.
42:26
Ryan: I
42:26
Ryan: wish
42:27
Ryan: there
42:27
Ryan: was
42:28
Ryan: Mike.
42:28
Ryan: I
42:28
Ryan: wish
42:29
Mike: Oh
42:29
Mike: yeah.
42:29
Mike: Wouldn't
42:29
Mike: that
42:29
Mike: be
42:29
Mike: great?
42:30
Ryan: it
42:30
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42:31
Ryan: be
42:31
Ryan: fantastic.
42:33
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42:34
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42:34
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42:34
Ryan: it
42:34
Ryan: was
42:34
Ryan: gonna
42:35
Ryan: be
42:35
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42:35
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42:35
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42:35
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42:36
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42:36
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42:37
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42:37
Ryan: Thank
42:38
Ryan: you
42:38
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42:38
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42:38
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42:39
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42:39
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42:39
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42:40
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42:40
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42:40
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42:40
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42:40
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42:41
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42:42
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42:43
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42:44
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42:44
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42:44
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42:45
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42:47
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42:47
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42:49
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