Latest / Winning With Winans! / Ken Winans on The Stealth Bull Market Nobody’s Talking About!
Transcript
- winning with winans: Well guess it's another time for an episode of Winning with Winans. Let's go. As I said in the old movies, make my day. And welcome to Winning with WineInns, Las Vegas' newest and coolest financial show. I'm your host, Ken Wineins. And for those of you who do not know me yet, I've been a nationwide financial commentator on radio and Forbes for over the last 25 years. Yes, I'm an old guy. I founded a top-ranked investment management firm in 1992. Today Wineins Investments is the only Morningstar top-ranked money manager based in Las Vegas. Over the next hour, we're gonna be covering important topics and events that will be coming up really in the near future. I am a total news junkie, so it's my job to actually go through the nine or 10 publications I do each and every week to see what's actually going on and to hopefully be able to connect the dots for you so we can see how can we make money as the markets go forward. Last but not least, big picture. A lot of shows just talk about stocks, they talk about bonds or real estate. I want to cover all of it, stocks, bonds, real estate, commodities, and even cryptocurrencies. Winning with One is truly different than mainstream media shows that we cover all these topics and try to put it all together. So let's get started. Boy, this week was a tough one. We had a lot going on, but let's jump into what the big headlines are all about, inflation. And look, I'm not surprised. I still drive a gas guzzling car and yes, prices at the pump, even in Las Vegas, it's shocking. But I'll tell you what, I'm glad that I'm here and I'm not in Los Angeles. Did you hear how much those folks are paying for gas there? But the sad part of it is we have that going on. It's directly reflecting what's going on in the Middle East. And you know what? At the same time, there's other data showing that people are actually out spending money. I don't know about you, this last week and I went down to the strip. There were a lot of people out there playing and having a good time. So the data is totally mixed. And it's gonna take time to see how this also plays out. But besides taxes, which we'll talk about here in a little bit, let's also talk about the month of April from an earnings standpoint. Folks, it's gonna be tricky. We're gonna have good, bad, and ugly this whole month when it comes to companies. And I think it's gonna be company to company, industry to industry, not just the market. So we're going to start off with the financial stocks. They're coming out all through this week, going into next week. And then I also have to say this, all the news about AI companies. And look, I know the rumors about AI, the reality about AI, but the simple fact of the matter is AI is going to be very costly to ever integrate it 100 % into our economy. Just this year alone, AI has cost Ready for this? 65 billion. It has cost Silicon Valley to try to put this in play. It took 4 billion to go on a trip around the moon. So believe me, we've got a long way to go on this whole thing. The one part I'd have to say that's kind of sad, I remember when earnings season used to be two weeks, we're done, time to go relax and enjoy the rest of the quarter. Not anymore. Really, since COVID, companies are now a lot more guarded on not only what they're reporting to investors, but then their guidance going forward. So it's going to drag on. I actually think earnings season probably is going to go well into May, which means then we jump right into what's also happening with retailer. You know, there's been a little bit of sad news and I know it doesn't make the headlines very often. It is ⁓ upper management threats, CEO threats. Now I know that we often hear about what's happening with politicians and sadly, we know that there's always threats on their life. But Bill Ackman, who's the open AI chairman, somebody actually threw a Molokov cocktail at this guy or his house. We're gonna have a lot more of that and it brings up the point about Las Vegas. One of the compliments I often hear about our great city is security. If you think about it, you can be a very wealthy individual and feel very safe when you're here. So just kind of keep in mind. Don't be surprised if you do see some celebrity CEOs roaming in and out of our fair city and they've got a military contingent with them. It's just the way things are. Hey, let's talk about some economic news that's coming out. I briefly mentioned in the last episode of Winning with Wine Inns that in spite of everything, ⁓ 178,000 jobs were generated in the month of March and a lot of them were healthcare and were also construction jobs, which is important for our Valley. But we just found out something that really kind of actually shocked me a bit. 62 % of Americans are working or seeking work. Only 62%. This is the lowest number since 1977. Look, the world changed since COVID and we did have an awful lot of people that lost jobs, changed jobs. You know, there's people who were retired, they're going back to work, but it does raise the issue. that when we talk about all this concern about AI is gonna be taking jobs away, if we have statistics like that stay in place, AI is gonna save a lot of companies and a lot of industries where we simply can't find the workers. And I know, look, the other part of this that we're gonna have to talk about, it's gonna be making political rhetoric all through this year, is how much that's also tied with the fact that, you know, the immigration issues. I don't think it necessarily is as important as we once thought it was. because the kind of jobs that primarily they were talking about there were a lot of the white collar type jobs in companies. Hey, another big piece of news, and this is interesting, we talk about commodities quite a bit on this show, but I can't remember the last time I talked about aluminum in the case of war and tariffs. ⁓ You go back to World War II, aluminum is one of the things that made us so formidable, especially with our aircraft. Well, aluminum today has come a lot further, but we do use a lot of it in the military and especially special allies. But whatever's happening, we have shortages of it right now. And it's also sending back some aircraft orders with companies like Boeing. So again, we have a lot of things happening in the supply chains that are beginning to remind me a little bit of what happened during COVID. Okay, this is very serious. Chocolate. ⁓ This is pretty funny. So we talk about the Maha movement. Well, Hershey's Company promises only to use real milk chocolate in their products going forward. That's a little bit of a surprise to me because I happen to love candy, and now I'm finding out that maybe a lot of the candies that I've eaten did not actually have milk chocolate in it. But it's also funny because here we just had a group of astronauts go around the moon and there was a big jar of Nutella floating around in the spacecraft, which by the way is probably given some of the best promotional materials that you could have imagined for any company with what went around the moon. And by the way, for those of you who like watches as I do, notice that the Omega Speedmaster watch, which is what they used on Apollo, they're running big ads showing the picture of the moon and the earth and they're doing it all over again. Space sells products. If for those of you old enough to remember Tang, just remember that. So listen, we're going to jump into a break here real quick to hear from our sponsors. And we will be right back to Winning with Winans. This is Ken Winans, host of Winning with Winans. In 1992, I left my successful career with Merrill Lynch and started Winans Investments with just seven clients. Everyone thought I was nuts, even my own dad. Well, that gamble did in fact pay off. Today, Winans Investments is the only Morningstar top-ranked investment manager based in Southern Nevada. If you are a CFP professional looking for investment management to provide your clients with performance, SubAdvisory can be a better choice than ETFs. Winans Investments has five strategies with various asset allocations approved on Schwab's extensive SubAdvisory programs. It's easy to think that all investment managers and financial products are the same. That is not true. Give wine as a try. You and your clients won't regret it. When with wine as investments. And welcome back to Winning with Winans Las Vegas news and coolest financial show. I am your host, Ken Winans. Yes, the finance guy with the cowboy hat who actually does ride horses, goes hunting, shoots and does all other stuff. But listen, in the last episode, ⁓ we talked briefly about just some of the crazy things going on in the world. And I ended on, I'm still laughing about the whole thing about how space sells. And you know what? It was so good to have that space mission because all the other news was dealing with what was going on in the war. So let's jump into the war news, because I think it is important that we have to look at this. Look, it's no big surprise to everybody. Oil prices, commodity prices have been volatile. Oil prices especially have been all over the place. So the other big thing that came out, no big surprise, the government's going to expect more money for the military. It's going to be interesting because we're going to start having more talk about budget fights, certainly in Congress, and what the cost of the war is actually going to be. expect all that going forward, it will affect a lot of the defense stocks. And the one thing I will tell you is that this week alone, I saw the defense stocks like yo-yos. They were all over the place. So the other big thing that did come out, it was a little surprising, and we don't even think about it, because I don't know about you, I see construction trains all over the valley, is that they're actually saying U.S. commercial construction is down, and they're actually blaming the war for it. So I did a little bit of homework on this. What they're claiming is that there are certain materials, and I didn't even think about it because when I started thinking about steel rebar, cement, and other types of construction materials, I often think that we have it all here, but I guess there are some materials that we import, and we're back to the COVID kind of logistical supply problems. So they're claiming that some commercial construction projects might actually be delayed going into this year. We'll have to see. The other thing, and I know it's a big deal for all of us who plan to do some traveling going through the summertime, ⁓ they're claiming that jet fuel prices and really any other type of oils used in aviation, we are in shortage of this stuff. Now, I'm trying to figure out is it because we're using so much jet fuel in our military operations or is this again tied to what's happening with the Middle East and certainly fuels coming out of the Strait of Hormuz. Whatever it is, The airlines have been largely saying without any hesitation or remorse that we should expect surcharges on bags, extra seats and all that kind of stuff as we start looking at flights throughout the year. Folks, I know you and me and everybody else, taxes. ⁓ It's been a very stressful week for me. You know, as a money manager, it's funny because, and people who I've known for years who are very, very organized together people, wait till the very last minute to call my office to get something for their taxes. You know, I've told people often, you know, I just filed an extension, you know, give yourself an extra month to figure it out. But the news that was coming out during tax week, I have to say there was some really good reporting, ⁓ some really interesting articles. I talk about a lot on the show. It has to do with the difference between blue, purple, red, and whatever the color states we want to talk about. But it's of no big surprise that the places with the higher taxes are watching their jobs leave. A couple of reasons for this, and I think again, you need to look at it from the employer's perspective and then from the employee's perspective. I can tell you this, that when I moved my firm from California, my withholding in my own paycheck went down dramatically. Things like, in the case of California, they actually have an ocious... that we have federal OSHA, know, occupation, health and safety. California has its own OSHA. So that means there were two deductions out of that paycheck. That leaves in this state. We don't have that. So the point is, all these articles are talking about that if we thought the migration of jobs is high now, now that people have actually seen what's going on with their taxes, there's gonna be a bigger push going through the rest of this year, certainly moving into next year. On a positive note, And in fact, President Trump is in Las Vegas today to talk about what came out of the big, beautiful bill on no tax on tips and certainly no tax on overtime. And then we often forget too, basically, Social Security has some tax relief too. By the way, I'm really bummed. I was hoping the president would stop by the studio and be my special guest. I actually had my mug already for him, but no, dude, the man's very busy. But anyway, it is important to note that There was a record amount of tax refunds. There were also a lot of people getting much more money back than they did last year. Those were all positives. Now, as we look going forward, I think the other thing we're have to kind of think about is this issue about America's middle class. I did talk about it on the last show. I'm gonna bring it up again, because the president is gonna be talking about this. Look, this is not meant to be a political fundraising show. This is meant to be a financial show. But I can tell you that I've actually looked at the economic data coming from the IRS, coming from the Federal Reserve, coming from the Department of Treasury. These tax cuts that were passed last year, yes, there were people, business owners that did get some benefit from them, but it's very, very clear that there were an awful lot of working families that ended up getting some pretty nice tax refunds. And that's hopefully a positive. as we go through the rest of this year. Now, I wanna jump into what I call the market scorecard and Wall Street headlines. So look, we talk about looking at the market, that the overall big picture of the stock market and the bond market and all these other things. So let's go ahead and get started. Now, I've mentioned before that in addition to me being a money manager, I've also written a lot of books, I write for Forbes, but I've also invented several market indices, stock market, real estate, preferred shares. I did a lot of that research actually for my books. But one of the things, and I've talked before about it in articles, and I would encourage people, and actually for that matter, a lot of other people are bringing it up too. And it is that what is the stock market today? I know many people talk about the S &P 500 and the Dow Industrial Average, but many of us who are in the industry are beginning to ask a simple question. Why do you guys keep changing out your components? of your indices as much as you do. I became very frustrated with it many years ago. I actually designed a stock index called the Winans Legacy Stock Index, which by the way is available at no charge on services like Morningstar. I think Bloomberg has it too. But anyway, I look at the older companies. You do not make my index if you have not been publicly traded at least 40 years. I'm talking about the capitalist hall of famers. That's what I want to see because they've been through good and bad times. They've been around for very long time. And by the way, I don't kick out a company for being bad or underperforming. It's all part of the market. But here's what's the good news. If you look at the data that's been coming out about the S &P and the Dow, they're flat on the year. Maybe they're up a little bit now. The older stocks, the old industrial stocks and all these old, your grandparents stocks. They're up 10 % on the year. So this has been a very stealthy bull market. It's moving ahead. It's being led by energy, commodities, and what I call old tech and electronic companies. And the shock of shock, utility stocks. Who would have ever guessed the stocks that we usually buy for dividends? They're one of the lead groups this year. And I talked about it on the last show from the standpoint of they are having to rebuild our grid in the United States. know, if you wanna switch to alternative sources of power, whether it's wind or solar, you need to have the lines that are able to handle the power. So again, these are all positives. The other thing that I would also wanna bring up, it doesn't make the news almost anywhere. And unfortunately, when it does make the news, it's because it's going down. We're in the middle of a military conflict. The dollar is actually up on the year. People are buying dollars. The dollar is no longer being feared. And we know that gold actually pulled back. Why is this important? Because now you have foreign investors who, quite frankly, many of them probably from the Middle East, they're saying, you know, I'm going to get my money. I'm going to go stick it back in the modern day Rome, better known as the United States. They're not sticking in Asia. They're not sticking in Europe. they're sticking it in the United States. That's gonna be demand for more US backed investments, including US stocks as we go through the rest of this year. Okay, let's jump real quick into real estate. I have a real estate index and certainly, and I also look at the sub component of the Winans Legacy Index. And I have 50 of the oldest real estate stocks that have been around. So we all hear about how mixed the economic data is on real estate, whether it's housing, agriculture, commercial, industrial. You can pick and choose your statistics. And I know there's a lot of talk about buildings being sold in old downtown areas at a reduced rate. But here's the thing, honestly folks, it's a missed bag. But if you're a real estate investor, I think you should be tracking the real estate stocks. They will tell you where things are and how they're moving. And you know what, what was real interesting when I went through my data, I find building material companies that are actually doing okay. It contradicts the data that you hear from the government about commercial projects being withheld. REITs, I mean, you know, and a lot of REITs pay some awfully nice dividends right now. Some are doing better than others, especially those in healthcare. REITs, they're doing very well. My point is real estate is still a very mixed bag. The good news is we're finally gonna get the government statistics on new home prices. is finally caught up from the government shutdown. That's coming out next week. We will get a clear picture of where we are, but I will just say, I will continue to say it, real estate is very regional. All you out in the audience know is location, location, location, and that that is so true when it comes to what's going on now. ⁓ The other thing that I would bring up is that we just keep hearing about material shortages. Again, I think some of these companies are catching up. We'll see how much more of comes on. Hey. Let's switch to boring bonds and preferreds. know, boring has been good so far this year, Corporate bonds, in spite of the dollar and all the other talk about private equity, private fixed income pools having liquidity problems, corporate bonds and publicly traded companies have actually had a stalwart year so far. So have preferred stocks, which I kind of call them bond cousins. because you own them for the income. And they're really doing pretty well this year. I've been real surprised. You can still find headlines that say, now don't throw away those junk bonds, those old industrial companies out in the Midwest that are gonna be benefiting from the re-industrialization of the United States. There's a lot of new issues coming out, especially finding articles about energy plays. There's a big article out about what we're calling the big summit carbon pipeline that's gonna be going through the fracking areas, they're actually gonna start capturing some of these greenhouse gases and hopefully turning them into something makes sense. What's important for you to know is that basically yields are still above 6 % and that's important to you. We need to take a quick break to hear from our sponsors. This is Ken Winans with Winning with Winans. We'll be right back. This is Ken Winans, host of Winning with Winans. I want to take a moment of your time to discuss the right way to select an investment advisor. Look, I know it can be real confusing and easy to think all investment advisors are the same. That is simply not true. Sadly, most wealth managers are employees of large financial institutions and are limited in the investment choices they can actually offer their clients. Today, Winans Investments is the only Morningstar top ranked investment manager based in Southern Nevada. Founded in 1992 by me, 100 % independent and veteran owned, Winans Investment offers a wide array of investment choices coupled with complimentary financial planning, not to mention outstanding customer service. Give Winans a try, you won't regret it. Give winning with Winans a try. and welcome back to Winning with Winans Las Vegas, newest and coolest financial show. I'm your host, Ken Winans, the finance guy with the cowboy hat. And you know what? I really do enjoy these hats. If you live in Las Vegas, trust me, and you haven't worn one in a while, you're gonna be glad. Go get one. So listen, let's talk about some of the things that we're finding in the fixed income space, because there's all this talk about volatility in the stock market. I talked about it in the last episode. And the surprising part, is that bonds have been quiet all year. It's one of the other reasons why I think the economy is actually in much better shape than most people realize. We're not gonna see interest rates drop anytime soon, and yet bonds are stable. ⁓ You can still find yields six to 7%, if you know where you're looking at. I would just say one thing though, especially to a lot of the folks that have recently moved to Nevada from California. I still see a lot of them have held on to their municipal bonds from California. Look, you left for a reason. You and thousands of other people are doing the same thing. There is gonna be a boomerang hitting a lot of the blue state municipalities going through the rest of this year, especially going, most of them have June year-end points. And I would just simply suggest this. You can find individual school districts. individual water districts, not the whole state, where these bonds get downgraded. When they get downgraded, prices drop immediately. You're going to want to take some time to meet with your advisors. And if you are now living in Nevada as a Nevada resident, I don't see any reason for you to own any California municipal bonds. hey, our state is AA plus rated. Stick with the state that's doing well. Don't stick with a state that has too much trauma tied to it. Hey, last but not least, all this talk about treasuries and can the treasury finance its debts? The answer is yes. Why? The dollar's actually strong. It's moving up this year. With that going on, you're gonna find treasury bonds will be just fine. The government will continue to be able to finance its debts and we'll move forward on that. Now look, one of my favorite areas, commodities. They're killing it this year. The metals are moving up, oil's been moving up. Everything seems to be doing well. But the real surprise has been when you look at soybeans, you look at wheat, you look at copper, these things are in rallies right now. Now, we can argue it can be tied to supply and demand disruptions because of the war. That is all true. But I think it's more than that. Some of these have been in multi-year bull runs, including cattle. Don't be surprised, and by the way, it's pretty funny because don't forget, Nevada is a huge cattle state. Go north, see what happens there. But just kind of keep that in mind as we move forward. ⁓ I do think that you have to think about commodities in a portfolio, whether you buy the commodity stocks or you actually buy commodity futures. But I think if you're not in this part of your portfolio, you are making a huge mistake. Okay, last but not least, crypto. Now, This is going to get a little James Bond-ish, but I want you to follow me on this. We have known for years that, and actually it's been rumored, that Vladimir Putin is the biggest holder of Bitcoin of anybody in the world. Not a surprise. He's probably seen of how what's happened is past czars in Russia and how they lost their fortunes when they eventually lost power. He's not a dumb guy. He's learned from the mistakes of others. But now... There's a lot of talk about and lot of articles talking about Iran's movement into what they call their crypto economy. So again, we have always had concerns about crypto being a way to let bad dealers navigate a world of regulation. But it does tell me that we might find it very, very hard on any kind of additional sanctions against any bad players, anywhere in the world, including Iran. Probably going to be a really tough time. This story is a little tough for me because I am a veteran, but this is a concern. People have been using crypto to bet. Gee, what a surprise. Go down to the strip, there's crypto machines all over the place. Here's my problem. I have a tough time when you use it to make wartime bets. So there was a story that came out this week that there's a polymarket jury, believe me, I'm not an expert here, even though I'm certified as a currency trader in crypto. But the problem was there was talk coming out about, I guess it was about basically the downed airmen. There were bets being made of who was gonna find the guy, the US or Iran. Personally, I think that's disgusting, but the simple fact of the matter is if you are somebody who believes in free market economics and you believe in the ability to make a bet, you should be allowed to do it. But again, I go back on this. We had the same discussion. during ⁓ when President Trump had his life being threatened, we've got to be very careful on how far we want to take these situations and betting. There is bad taste and there's just dangerous. And I think that's something we have to look at. Okay, ⁓ unfortunately, we were going to have a guest today. He's an elected official. I'm going to just hold off on his name. No, it's not President Trump. But I did want to jump into the next segment. which is, I'm still gonna talk about what's going on in Nevada and also another segment I'm now calling Crazy California, because there are a lot of interesting differences with the state. We know that, but it's also politically. So one of the things that we have to remember and why President Trump is here today is because we are an incredibly important swing state. We swing national elections, but more important than that, how we operate at the state level is radically different than it is in other places such as California or New York. So one of the big ⁓ articles coming out is a chance that we might be changing our spot in the 2028 primaries. It depends who you want to listen to on it, but it does mean that Nevada would take a more prominent role. I don't think that's a bad thing whatsoever. I endorse it actually. Let's see how it goes. But while we're on it, you all know who've been watching me for a while. I get annoyed and downright ticked off at how Vegas and Nevada keep getting dished. So last week we talked about how Barron's financial weekly, which I've been reading all my life, or certainly all my career, had a big headline article, Vegas Plays a Tough Hand. It talked about how virtually nobody's left on the strip, that all the Swartz bettors are not betting here. Anybody who lives here knows, yes, it's slowed down. but talk about melodramatic in a journalistic article, it was just crazy. Now this is where it gets funny. The Economist magazine, which is London-based Economist magazine, who doesn't particularly like America real well right now, they had a big, very complimentary article talking about Vegas and how that our economy always seems to adjust and finds ways to make money. Gee, what a surprise how true it is. Then literally, just got my new Barron's in the op-ed section, there was an article talking about how we're gonna run out of drinking water. You know what? In case the guy who wrote that op-ed piece is watching this show, first off, you might wanna do your homework. Why don't you go talk to the water board at the state or local level and find out that under our feet, unlike those people in Arizona, who've decided to drain the Rockwoffer, we haven't touched ours yet. In fact, we're putting water back in the ground. So you know what, get your facts straight, you know, or just don't talk about my state anymore. It just really torques me. Okay, so listen, let's also talk about some other fun things that are out there. I'm gonna call it California crazy. Now look, I'm trying to be humorous here, but we do need to stay in touch with our neighbors to the West, whether it's people coming to visit, whether it's our families that live there or many of us have interest out there. But here's the simple fact of the matter. Unlike us, they import 75 % of their crude from the Middle East. That is why their gas is at 10 bucks a gallon. That's crazy. And by the way, that was an actual fact at one station. So listen, you just got to be aware they have these problems. The fraud. The high speed rail, I wanted to ask our guest about this. Here's a situation that I worry about. That California high speed rail project that Gavin Newsom's train that cost something like $120 billion. Okay, it's fraud all over the place and yet we're gonna be doing a train deal with these guys on the Brightline train. I just wanna know that we are not gonna get sucked into California's fraud mentality that we protect ourselves. And then look, I have to leave on a funny note. I'm not kidding you. There was a report out that in Orange County, a dog was actually allowed to cast a vote. Yeah, I can't believe it. So clearly voter ID is needed out there. So listen, real quick, I had a couple of questions from my listeners and my audience. Everybody's asking about the Federal Reserve and the feud going on there. The Fed's gonna have a change shortly. It won't matter. The new Fed chairman will take over. Things will get back to normal. There's a lot of confusion out there about, ⁓ again, blue state versus red states. You need to talk to your accountants. The accountants that know the state laws, they're not all the same. Listen, we're just about out of time. I wanna thank our sponsors, Winans Commodities and Winans Investments. And if you are interested in being a guest or a sponsor on future Winning with Winans episodes, please email me at winningwithwinans.com. If you missed any of this show or you wanna share it with your friends and family, please download the podcast from winningwithones.com or go to any of the major social media outlets and the shows are listed there. ⁓ Please check out my latest Forbes article that I just talked about, Blue States Tax Rules Can Break or Break Your Investments. I think you'll find it interesting. Also, I'm a financial historian, we're in historic times, go buy my book. Investment Atlas 3, creating wealth using historical trends. You can find it on Amazon. Anyway, good luck next week with your investments. This is Ken Winans. Take care and good luck. This is Ken Winans, host of Winning with Winans. And before I started the Morningstar top-ranked investment management firm, Winans Investments, I worked on the floor of the Chicago Mercantile Exchange with commodity traders. And yes, I actually know what all those crazy hand signs mean. I'm sure you've heard about the eye-popping advances in gold and oil prices, but did you know that physical commodities like cattle, soybeans, copper have had powerful rallies far outpacing the stock market so far this year? If this is news to you, you are not alone. Sadly, most wealth managers are employees of large financial institutions and are limited on the investment choices they can offer their clients, including commodities. Why is commodities the only registered commodity trading advisor based in southern Nevada, founded in 2021, 100 % independent and veteran owned. While commodities trading is not for everyone, it is a time tested way to enhance the returns during uncertain times. Call us right now to find out if commodities can actually fit into your portfolio. Give Winans a try, you will not regret it. Win with Winans Commodities. Boy, that time went fast. I hope you had as much fun as I did during this segment of Winning with Winans. Make sure and tune in next week for another round of guests and interesting topics. And if you missed this, make sure and check us out on Spotify, YouTube, or go to our website, winningwithwineins.com, where there's a lot more information for you to follow. So good luck this next week. Look forward to seeing you then. Take care.