Latest / HPK Provident Advisors: The Weekly Bull / All-Time Highs, Soft Retail Sales, And A Plan For Risk

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All-Time Highs, Soft Retail Sales, And A Plan For Risk · HPK Provident Advisors: The Weekly Bull

• 0:03
  SPEAKER_01: Welcome to Friday Live.
• 0:04
  SPEAKER_01: Every Friday, the partners of HPK Provident get together and discuss what we're seeing going on in the markets, the economy, and tie in our financial planning blog posts.
• 0:12
  SPEAKER_01: So with me today, Mr.
• 0:13
  SPEAKER_01: David Harper.
• 0:14
  SPEAKER_01: One day, last day of uh 63.
• 0:19
  SPEAKER_03: 63.
• 0:20
  SPEAKER_03: You know, there's that great Beatles song from years ago, uh, when I was quite when I was a whole lot younger.
• 0:28
  SPEAKER_03: But you know, you guys know it.
• 0:30
  SPEAKER_03: You know, will you still need me?
• 0:32
  SPEAKER_03: Will you still feed me when I'm 64?
• 0:37
  SPEAKER_03: Yeah, I'll be 64 tomorrow.
• 0:40
  SPEAKER_01: Okay, any big plans for the birthday?
• 0:43
  SPEAKER_03: Well, I had thought of escape um and escaping to Disney, but it's just too dang hot.
• 0:52
  SPEAKER_03: Um when you when you start walking around Disney and you do walk, there are lots of lots of spaces that you that you walk, and you go a little slower past those open doors where the AC just pumps out through those doors, but still it's way too hot.
• 1:12
  SPEAKER_01: So well, is it as hot as the stock market is right now?
• 1:19
  SPEAKER_02: No, no, no, although what is though, Mike?
• 1:24
  SPEAKER_01: Although uh we're not having as much of a run-up as last week, it's still um marching ahead.
• 1:32
  SPEAKER_01: Um, as you can see here, we are right around all-time highs, down a little bit today, but not much.
• 1:39
  SPEAKER_01: Um so this is kind of a consolidation pattern, if you can see my arrow here.
• 1:43
  SPEAKER_01: This is what in the technical world you'd call like a flag pattern.
• 1:48
  SPEAKER_01: So this is the pole here, and this is the flag.
• 1:51
  SPEAKER_01: Um, so if we were to decisively break out to the upside, you pretty much take the price measurement of the pole and apply it to the top of the flag.
• 2:00
  SPEAKER_01: So, I mean, that would get us to about that 8,000 mark that a lot of um forecasters have been predicting, which isn't a huge jump, but it just shows that you know, we're in a pretty healthy bull market right now.
• 2:15
  SPEAKER_01: Um, you know, the economy is a little, a little more mixed.
• 2:21
  SPEAKER_01: As we referenced last week, we had the negative norm payrolls, but you know, um unemployment rate did continue to tick down to 4.1.
• 2:32
  SPEAKER_01: Uh wage growth wasn't great in that report, but in the ADP report, um, it seemed like the lower income cohort was really seeing the bulk of the wage gains, especially for um people switching jobs.
• 2:45
  SPEAKER_01: I think uh average switching cost for wages was about 7%, which is very strong.
• 2:51
  SPEAKER_01: Uh we did get a plethora of the, you know, probably more important data this week, the inflation data, because um the Fed seems to be pretty content with the overall employment situation currently.
• 3:05
  SPEAKER_01: So um overall, it it came in CPI.
• 3:09
  SPEAKER_01: We got on Wednesday, I believe, came in consensus for the core rating at 0.2%.
• 3:15
  SPEAKER_01: Um was in line with consensus, a little higher than last month.
• 3:21
  SPEAKER_01: Last month we were flat, but um it was enough to continue to put downward pressure on the headline number or on the annualized number at 2.5%, down at a tenth of a percent.
• 3:32
  SPEAKER_01: And I was looking at the three-month average, um, we're actually on the core rating about 1.7% annualized.
• 3:41
  SPEAKER_01: So I like to see that, but it's it's so volatile with the all the geopolitical tension going on.
• 3:48
  SPEAKER_01: Um, I mentioned a couple of weeks ago, I kind of see the line in the sand at$85 a barrel on crude.
• 3:53
  SPEAKER_01: Right now we're a little north of 80.
• 3:56
  SPEAKER_01: Um, so we don't have a Fed meeting this month.
• 3:59
  SPEAKER_01: We have the Jackson Hole symposium at the end of the month, and then um we'll get another set of CPI data, another set of core PC data, and then another employment situation.
• 4:12
  SPEAKER_01: So I really wasn't expecting big moves in the stock market based on this because we have some time until the next Fed meeting.
• 4:19
  SPEAKER_01: Um the headline number also came in line with consensus at 0.1%, is higher than last month's 0.4% decline.
• 4:27
  SPEAKER_01: A lot of that has to do with the oil as a reference.
• 4:30
  SPEAKER_01: But again, it was enough to put downward pressure on the headline number coming in at 3.4%.
• 4:36
  SPEAKER_01: And then PPI, which is more of the wholesale inflation data, um, came in a little better than expected.
• 4:43
  SPEAKER_01: So both good signs.
• 4:45
  SPEAKER_01: Um, not all good on the week.
• 4:47
  SPEAKER_01: Retail sales are pretty weak.
• 4:48
  SPEAKER_01: We came in at a negative 0.6% reading, which is the lowest reading dating back to, I believe, May of 2025.
• 4:58
  SPEAKER_01: Um you strip out uh X auto and fuel to kind of get that in some other categories to get the control group, which feeds into GDP.
• 5:09
  SPEAKER_01: We're at negative 0.44.
• 5:11
  SPEAKER_01: So also a big negative surprise.
• 5:14
  SPEAKER_01: Um, a lot of a lot of economists are kind of flagging this as a one-off just because of, I mean, they were expecting it with lower gasoline prices, um some seasonal dynamics.
• 5:26
  SPEAKER_01: Uh, they were expecting they they are seeing lower credit card data.
• 5:30
  SPEAKER_01: Um, but we'll get a we'll get a little bit of a picture of the retail um and consumer next week.
• 5:37
  SPEAKER_01: We'll have a lot of retail earnings coming out.
• 5:40
  SPEAKER_01: Uh, but so far, you know, the consumer's hanging in there.
• 5:44
  SPEAKER_01: I'm not too alarmed at this point with the economy.
• 5:46
  SPEAKER_01: I kind of think of it being more of a one-off here.
• 5:50
  SPEAKER_01: Um, but going to earnings, I this is as of last Friday.
• 5:56
  SPEAKER_01: And I was, I knew earnings were you know above 20% for the quarter, but as of last Friday, 49.3% earnings growth with an 85% beat rate and 15.2% revenue growth.
• 6:10
  SPEAKER_01: I mean, we haven't had revenue growth that high since uh fall of 2021, which, you know, I mean, 2022 wasn't a great year.
• 6:21
  SPEAKER_01: So maybe, maybe we're getting a little closer to to peak earnings.
• 6:25
  SPEAKER_01: And a lot of this earnings growth number is uh one-off things like investments in some of these AI companies, um, like the the mega cap tech investing in like you know, anthropic and open AI and all that, seeing good profit margins.
• 6:41
  SPEAKER_01: But you know, this is this is another very robust earnings growth season.
• 6:48
  SPEAKER_03: So we've had some fun doing some uh annual reviews, Mike.
• 6:53
  SPEAKER_03: Okay, and uh a lot of times I've been telling the clients, are you tired of making money?
• 7:00
  SPEAKER_03: Are you tired of making money?
• 7:02
  SPEAKER_03: And I was talking to um uh uh Ron Zucchelli uh earlier in the week, and uh, we were reminiscing about those early days in 2000, 2002, 2003, when we dreaded uh the quarterly statements that would come out from the mutual fund companies because the clients would get that as well.
• 7:24
  SPEAKER_03: They would call and say, Why am I losing money?
• 7:27
  SPEAKER_03: Why am I losing money?
• 7:29
  SPEAKER_03: Yeah, that's it's a total different scenario now.
• 7:33
  SPEAKER_03: Are you tired of making money?
• 7:35
  SPEAKER_03: Then they were tired of losing money, and our only response, poor Mike, you know, and and Ron is laughing because he's he remembers exactly what we would do.
• 7:45
  SPEAKER_03: Uh, we had we had a small office and we each had a desk, and we'd take these phone calls from the client and say, Why am I losing money?
• 7:52
  SPEAKER_03: And we said, and we would both say, Well, you your dividend bought you more shares at a lower cost, and you now have more shares, but I still have less money.
• 8:03
  SPEAKER_03: Okay, but when those shares come back up, you're gonna have that much more money.
• 8:08
  SPEAKER_01: And after the first two quarters, uh, third quarter, they got sick of hearing that line, huh?
• 8:16
  SPEAKER_02: That was that was a broken record.
• 8:19
  SPEAKER_03: That was a broken record, and if Rod and I were just dreaded when those quarterly segments come out.
• 8:26
  SPEAKER_03: Oh, but now, you know, going with the reviews now and say, Well, Mr.
• 8:30
  SPEAKER_03: and Mrs.
• 8:31
  SPEAKER_03: Klein, are you tired of making money?
• 8:33
  SPEAKER_03: Uh, you know, and there's a different mindset.
• 8:37
  SPEAKER_03: Well, and we'll get back to that mindset, Mike.
• 8:40
  SPEAKER_03: But um, I'm looking at these numbers and I said, dang, I wish I had these numbers and those those dregs of the early 2000s.
• 8:52
  SPEAKER_01: Yeah, and fortunately our structure now allows us to be pretty tactical and maneuver and try to limit some of those more extreme downside situations.
• 9:02
  SPEAKER_01: Um, like speaking of clients, like we have we've had pullbacks and near bear markets and bear markets in the last couple years.
• 9:10
  SPEAKER_01: And I I think the I think the client base is being more comfortable with the ad of protection on the downside.
• 9:17
  SPEAKER_01: We don't seem to hear as much panic these days.
• 9:21
  SPEAKER_03: No, uh, and I think a big difference, as you alluded to, Mike, is the ability to uh on the advisory platforms that we can be much more proactive on moving uh the pieces so that they don't experience those big drawdowns.
• 9:37
  SPEAKER_03: Back then you had brokerage accounts, uh straight mutual funds.
• 9:42
  SPEAKER_03: That uh how how can you move a mutual fund?
• 9:46
  SPEAKER_03: It wasn't it wasn't conducive to move out of a mutual fund into another one because you had to deal with all the all the capital gains, all the tax consequences, and then um the advisory platform is so much more flexible for us, uh so much able to help people uh in our estimation to grow.
• 10:09
  SPEAKER_03: And personally, as a group, um, we don't like doing commission-based brokerage accounts anymore because of of this of their restrictions.
• 10:20
  SPEAKER_03: Um, we are much better uh able to meet our clients clients' goals with the advisory platforms, yeah.
• 10:30
  SPEAKER_01: And I mean, it's just a different structure where you know we can give initial recommendations on a fund to buy in a brokerage account, but you know, it's we gotta have your permission, get you on the phone.
• 10:42
  SPEAKER_01: And uh it's just not a even in the retirement accounts where you're not dealing with taxes, it's still, you know, it's it's tough to call a thousand clients when we're having a a two-week market pullback and get them in a different holding or right before that occurs.
• 10:57
  SPEAKER_01: It's just it's just not feasible.
• 10:59
  SPEAKER_01: I know when I when we first started rolling out feebase, and uh, I guess when we started doing like the the equivalent of the SAM now, we did non-discretionary trading.
• 11:09
  SPEAKER_01: And I would just spend my whole day doing manual trades and then talking to David and having him call the client, get the permission to make those changes.
• 11:19
  SPEAKER_01: And by the time I finished the client base, it was time to do it again.
• 11:22
  SPEAKER_01: So it's it's a lot more efficient these days with being able to do models and having a model specific to a client's circumstance and making little tweaks and customizations here and there, uh, given the client needs.
• 11:35
  SPEAKER_01: But being able to trade on a bulk basis, you can't take advantage of these market swings without it.
• 11:41
  SPEAKER_01: It everything's so fast these days.
• 11:46
  SPEAKER_03: You know, we've we've uh progressed and our clients have progressed, and uh we go back to the adding, are you tired of making money?
• 11:56
  SPEAKER_03: Well, never we're okay.
• 11:58
  SPEAKER_03: We're we're never tired of making money.
• 12:00
  SPEAKER_03: Okay, that's usually the response we get.
• 12:02
  SPEAKER_03: However, uh the collary with that, Mike, is essentially I may get a little weary at some point.
• 12:10
  SPEAKER_03: Okay, that that takes a risk off the table because it's exactly uh take take the pan off the oven uh because it the water's boiling.
• 12:19
  SPEAKER_03: Okay, yeah, true.
• 12:21
  SPEAKER_03: Um but it uh I I think our general consensus, our general um uh consensus with all of our advisory counts is that we want to get in a position where we don't lose your money.
• 12:36
  SPEAKER_03: Um so if the market gets like you said, as the market gets too hot, let's take some risk off that table.
• 12:42
  SPEAKER_03: We can put it in cash, uh, protect it.
• 12:44
  SPEAKER_03: Um Mike, you called it right last uh last February and this February um the market was a little more hot than you cared for, so you moved some money in cash.
• 12:57
  SPEAKER_03: Typically, our portfolios have about two to four percent of cash.
• 13:00
  SPEAKER_03: I think we had up to 12 to 14 percent in cash in February of 2025 and February 2026, and then March happened.
• 13:10
  SPEAKER_03: Uh it was tariffs uh in uh 2025, and then it was the the war uh in 2026, and March was not was not pleasant, but we had that cash position.
• 13:24
  SPEAKER_03: Um, thank you, Mike.
• 13:26
  SPEAKER_03: Keep reading those.
• 13:27
  SPEAKER_03: Um, those some people would think there'd be tea leaves, but no, you put in the hard work and you read the the the economic reports.
• 13:36
  SPEAKER_03: Thank you, thank you.
• 13:36
  SPEAKER_01: They're not and the charts couldn't do it without the chart reading.
• 13:42
  SPEAKER_01: And we'll what and and we we are tactical, but we never go fully to cash.
• 13:46
  SPEAKER_01: I think the most we've ever done is about uh 20% ish allocation.
• 13:52
  SPEAKER_01: Yeah, and 2022 and 2020.
• 13:56
  SPEAKER_01: Um, because it it is, I mean, we like to do gradual moves and um because it is it it's hard to time the market.
• 14:03
  SPEAKER_01: I mean, you gotta make two right decisions when to get out, when to get back in.
• 14:08
  SPEAKER_03: Yeah, yeah.
• 14:10
  SPEAKER_03: So yeah, and this is a great segue, Mike, into one of our blog posts.
• 14:15
  SPEAKER_03: Um, did you have any more economic reports you you want to do?
• 14:19
  SPEAKER_01: Uh no.
• 14:19
  SPEAKER_01: And next we, I mean, we had some housing data which came in slightly better than consensus, but a deceleration from last month.
• 14:26
  SPEAKER_01: Um, next week it's pretty light on earnings, or well, it is light on earnings, but also light on economic data.
• 14:32
  SPEAKER_01: We do get the Fed minutes on Wednesday, but um, I think that's pretty much it.
• 14:38
  SPEAKER_01: So it's it's gonna be more what's going on with the headlines in the Iran, Ukraine, all that situation, and the effects it has on crude prices.
• 14:48
  SPEAKER_01: Um, it seems like we're gonna take more of a maybe an economic approach, is the latest rhetoric on Iran versus more attacks.
• 14:58
  SPEAKER_01: But I don't think the activity through the Strait of Hermoose has really picked up much.
• 15:02
  SPEAKER_01: So um we'll we'll be we'll be watching that closely and seeing if any changes need to be made.
• 15:10
  SPEAKER_01: But yeah, I mean it's been a nice broad rally so far here to date.
• 15:14
  SPEAKER_01: But yeah, take it away.
• 15:16
  SPEAKER_01: So our typical format is after we go in the economics and the markets, we touch on the blog posts we do for the week.
• 15:24
  SPEAKER_01: Um so which one you want to start with, David?
• 15:27
  SPEAKER_03: Let's do the the Tuesday one.
• 15:30
  SPEAKER_01: Is that the discovery?
• 15:35
  SPEAKER_03: This one here, yes, working life.
• 15:40
  SPEAKER_03: Which one is it?
• 15:41
  SPEAKER_03: Discovering your discovering your new life.
• 15:44
  SPEAKER_03: Okay.
• 15:45
  SPEAKER_03: Um when you have some free time, so sometimes you're so busy that you when you do have free time, uh sometimes you don't do anything other than barely get out of bed.
• 15:57
  SPEAKER_03: You sleep in a little bit longer, you're trying to catch up from all of life's hecticness um from the prior week.
• 16:04
  SPEAKER_03: Okay.
• 16:05
  SPEAKER_03: Um, Mike, I know a good hike is always invigorating, especially when you got two dogs that that like to go all over the place for you.
• 16:14
  SPEAKER_03: Um I think they're learning to hang around you that when you head to your truck, they better be in tow because they'll get left behind, right?
• 16:25
  SPEAKER_01: Yeah, and my older one doesn't stray too far from me anymore.
• 16:29
  SPEAKER_01: He's he's lost a little energy and gained a little weight.
• 16:35
  SPEAKER_01: But the other one, yeah, the other one's a roamer, a hunter, and she just meets me back at the truck.
• 16:43
  SPEAKER_03: Anyway, but but the the the whole idea is what do you do that to make your life enjoyable, not just an existence?
• 16:54
  SPEAKER_03: You know, life is there to be enjoyed.
• 16:56
  SPEAKER_03: Uh, we we like to talk about John 10 living, uh, for the book of John, chapter 10, voice uh verse 10.
• 17:04
  SPEAKER_03: It's uh you know, he came that you might have life, and not just life, but abundant life.
• 17:10
  SPEAKER_03: Um, and of course it goes into bounding the strong man right before, so that you you have your you have your ability uh to enjoy life.
• 17:22
  SPEAKER_03: What do you do?
• 17:24
  SPEAKER_03: Uh do you just sit in front of the TV and watch a watch a movie?
• 17:29
  SPEAKER_03: Uh hopefully it's a good movie.
• 17:31
  SPEAKER_03: Okay, but there's so much more to the world.
• 17:34
  SPEAKER_03: Do you interact with other people?
• 17:36
  SPEAKER_03: Do you like groups?
• 17:38
  SPEAKER_03: You know, and the whole idea of when you look at here, what so uh if that's what you're doing with your time with your time off, what do you do when you're preparing for retirement?
• 17:50
  SPEAKER_03: What do you do when you are in retirement?
• 17:53
  SPEAKER_03: So many of our lives are predicated on the structure that is provided to us.
• 17:59
  SPEAKER_03: Believe it or not, most people function much better when they have a structured um structured daily piece.
• 18:08
  SPEAKER_03: Okay.
• 18:09
  SPEAKER_03: It is not easy to have a blank calendar and say, okay, fill in the pieces.
• 18:18
  SPEAKER_03: What do you do?
• 18:19
  SPEAKER_03: Uh if you don't fill in those pieces, you might find um you wake up in the morning and you go to bed and you think, oh, what did I accomplish?
• 18:28
  SPEAKER_03: What did I do?
• 18:29
  SPEAKER_03: What is your purpose in life?
• 18:32
  SPEAKER_03: Is your purpose in life?
• 18:34
  SPEAKER_03: No, no, I can go to the Westminster Shorter Catechism, uh, my old uh theological training days.
• 18:42
  SPEAKER_03: And so, what is the purpose of man?
• 18:44
  SPEAKER_03: The purpose of man is to uh to live life.
• 18:47
  SPEAKER_03: That's there's 500 questions in this Westminster Shorter Catechism, I believe.
• 18:53
  SPEAKER_03: And if you remembered uh all of those 500 questions, maybe there's 250, I it's been a long time.
• 19:00
  SPEAKER_03: If you remembered all of those and recited those, you would get a 250 dollar uh scholarship.
• 19:08
  SPEAKER_03: That was a whole lot more money in 1980 than now.
• 19:12
  SPEAKER_03: But the first question is what is it?
• 19:14
  SPEAKER_03: What is the chief purpose of man?
• 19:16
  SPEAKER_03: The chief purpose of man is to enjoy life and enjoy his creator.
• 19:21
  SPEAKER_03: Okay.
• 19:23
  SPEAKER_03: What do you do to enjoy life?
• 19:25
  SPEAKER_03: And then when you're retired, when you're preparing for retirement, uh are you gonna like retirement?
• 19:30
  SPEAKER_03: It says 44% of retirees say that their enjoyment of life has only improved.
• 19:36
  SPEAKER_03: Only 44%.
• 19:39
  SPEAKER_03: And only 41% said that they're that they've increased their happiness.
• 19:43
  SPEAKER_03: There's so do you plan to work the rest of your life?
• 19:47
  SPEAKER_03: My father-in-law retired at age 85.
• 19:51
  SPEAKER_03: Okay.
• 19:52
  SPEAKER_03: And he says, Well, David, are you gonna beat my record?
• 19:55
  SPEAKER_03: Hell no.
• 19:59
  SPEAKER_03: Guys, I I I plan to, you know, I'm 64 tomorrow.
• 20:03
  SPEAKER_03: I plan to still work.
• 20:05
  SPEAKER_03: That's okay.
• 20:06
  SPEAKER_03: Um, I enjoy it, uh, but I don't see myself doing this up to age 85.
• 20:12
  SPEAKER_03: How about you, Mike?
• 20:15
  SPEAKER_01: I'm sure I'll be doing something investment-wise, maybe just personally at that point.
• 20:22
  SPEAKER_03: 85.
• 20:23
  SPEAKER_03: Okay.
• 20:23
  SPEAKER_03: Well, I think that's that that's a good point.
• 20:26
  SPEAKER_01: I mean, for a lot of people, the their current purpose in life is, I mean, at least occupied by their work life and work goals.
• 20:34
  SPEAKER_01: Um, so when you transition into retirement, trying to fill that with something else, um, whether it's doing charities, helping people, maybe working part-time, um, just joining different social groups.
• 20:48
  SPEAKER_01: But it's certainly important for you to find something to replace all that time that was consumed by work and and and all the things you had to do during your, you know, progressing career.
• 21:03
  SPEAKER_03: We really are social human beings.
• 21:06
  SPEAKER_03: Um, we're not hermits.
• 21:08
  SPEAKER_03: There are that few exceptions, people who are ultra-introverts that don't like being around people.
• 21:15
  SPEAKER_03: Okay, but that's the exception.
• 21:16
  SPEAKER_03: That's that's that's very rare that most of us thrive um by being around uh um being around people that we know.
• 21:26
  SPEAKER_03: There are some people that would prefer to be around people they don't know.
• 21:29
  SPEAKER_03: I'm okay, that they're extra extroverts.
• 21:32
  SPEAKER_03: Okay.
• 21:33
  SPEAKER_03: Um, but for the most part, we're social human beings.
• 21:36
  SPEAKER_03: Whether that you spent more time with family, uh you spent time with what like like you said, with charities or uh pursuits that that uh intrigue and add spice to your life.
• 21:50
  SPEAKER_03: Um there's a reason why we use spices in our food.
• 21:55
  SPEAKER_03: Sometimes our food can get bland, and sometimes it adds a nice little taste.
• 22:00
  SPEAKER_03: uh add a little oregano um garlic I like garlic but uh some other people don't so um use your use what you like what brings enjoyment to your life and uh there was an old uh boy Mike this this predates you I think um back in college there was uh there was a a group called last days ministries and it was started by Keith Green who has since passed away and I think they still have a ministry down in Texas um where uh they would write various different tracks and try to have people think about their lives and the one that came that brings to my mind is uh the one's this little track called you know will you be bored in heaven well if you think that your heaven's only going to be singing praises and going around um uh will there be golf in heaven um I don't have the answer to that I would assume I'd be better at golf in heaven than on earth but I can't say for sure yeah what you mean there isn't any shags or trail you know you hit that that shot up in heaven I don't know maybe there is that's that's part of the fun overcoming challenges yes yeah well uh I've heard several jokes about uh you know uh uh uh Jesus and God and golf and and and the priest but uh we'll save that one but like uh life is to be enjoyed we hope to take care of your financial pieces allow your money to work for you and you not work for your money we want to get you to the point where well we help you um manage your money so that it provides you with opportunity to enjoy life don't let the money control you don't let money um don't be a slave to your money you use your money for your benefit so um thank you mike for allowing us to do that all right well do you have anything else to add before we flip on the disclosures for the week and nope nope uh something that keeps in mind you know like we've been talking about before so I'll close with this Mike um uh I like that Stephen Covey quote that we've been talking about you know I am not a I am not a product of my circumstances I am a product of my decisions use that and then of course I got a quote from Henry Ford who is one of the most pragmatic men that I that I could think of Henry Ford says whether you think you can or whether you think you can't you're right so so don't be a circumstance don't be subject to the circumstance of your life rise above that and and make decisions for the betterment of your life and those around you okay well everyone have a good weekend and David have a nice birthday tomorrow and we'll be back next Friday by 1230 Eastern time.
• 25:23
  SPEAKER_00: Thank you LPL Financial LLC member FINRA and SIPC.org advisory services offered through LPL Financial LLC a registered investment advisor Brian Peluso Michael Kutch and David Harper are registered representatives of LPL Financial LLC content discussed is for informational purposes only and not intended as an offer or solicitation to buy or sell any security or investment strategy.
• 25:49
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