Latest / Brian Thomas / Money Monday

Transcript

Money Monday · Brian Thomas

• 0:00
  Speaker 1: It's 8.05 at 55 KRC Detox Station. Brian Thomas wishing
• 0:03
  Speaker 1: everyone a very happy Monday. Try to make it so anyway.
• 0:05
  Speaker 1: We're talking with State Representative Adam Burr at the bottom
• 0:07
  Speaker 1: of the hour about losing the supermajority in Ohio, but
• 0:09
  Speaker 1: still controlling the House and Senate. What can they get
• 0:11
  Speaker 1: accomplished before acting as governor? In the meantime, though, Brian
• 0:15
  Speaker 1: James out. He normally does Money Monday. He's a financial
• 0:18
  Speaker 1: planner with Allworth Financial, but taking his place today. Welcome
• 0:21
  Speaker 1: to the 55 KRC Morning Show, Certified Financial Planner Bob Sponseller.
• 0:26
  Speaker 1: It's great having you on today, Bob. Good to see
• 0:28
  Speaker 1: you as well.
• 0:30
  Speaker 2: Great to be with you, Brian. Happy Monday to you.
• 0:32
  Speaker 1: Phone ringing off the hook. We talk about it with
• 0:35
  Speaker 1: Brian all the time. You know, you got to be
• 0:37
  Speaker 1: a hand holder as a financial planner. You got to
• 0:39
  Speaker 1: keep people from jumping off the ledge, stop people from
• 0:41
  Speaker 1: making really stupid mistakes. And it's a challenging time when
• 0:45
  Speaker 1: the markets drop precipitously. I just want to get your
• 0:47
  Speaker 1: reaction to Wednesday. I mean, we knew at the result
• 0:51
  Speaker 1: of the election, but Wednesday the markets went up, and
• 0:54
  Speaker 1: that kind of surprised me. And then, no, it all
• 0:57
  Speaker 1: hits the fan on Thursday. Did it take the markets
• 0:59
  Speaker 1: that long to sort of judge the scope of the Democrats' win, Bob,
• 1:03
  Speaker 1: or what's your response?
• 1:05
  Speaker 2: Well, I'll try to keep politics out of it and
• 1:08
  Speaker 2: just do my best to call balls and strikes here, Brian,
• 1:11
  Speaker 2: which is what I always try to do. But I think— Wednesday,
• 1:15
  Speaker 2: the market does not like uncertainty. And any time you
• 1:17
  Speaker 2: go into an election, that's uncertainty. And I think we
• 1:20
  Speaker 2: got a little bit of a reprieve in the markets
• 1:22
  Speaker 2: on Wednesday because everybody took a big exhale and said,
• 1:26
  Speaker 2: all right, I'm not getting text messages every 30 seconds
• 1:29
  Speaker 2: on my phone. I'm done with all these crazy TV ads.
• 1:32
  Speaker 2: The election's over. We finally know what we're going to get.
• 1:35
  Speaker 2: Life's going to move on. The market took a big exhale.
• 1:39
  Speaker 2: And we had a nice up day. Now, then reality
• 1:42
  Speaker 2: started to hit. On Thursday, it takes all these money managers,
• 1:46
  Speaker 2: portfolio managers, a little time to kind of sift the
• 1:49
  Speaker 2: wheat from the chaff here and say, what is this
• 1:51
  Speaker 2: actually going to mean for specific sectors of the markets?
• 1:55
  Speaker 2: And as we all know, Thursday was a pretty ugly day.
• 2:00
  Speaker 2: Getting down to specifics, you know, the overall S &
• 2:02
  Speaker 2: P 500 fell about four and a half percent. But
• 2:06
  Speaker 2: the real damage was done in that semiconductor index, which
• 2:10
  Speaker 2: fell the big semiconductor stocks, the chip stocks, the Dells,
• 2:16
  Speaker 2: the Microns, all those household names that have been on
• 2:21
  Speaker 2: a tear, AMD, NVIDIA, Broadcom, Micron. That index, Brian, fell 12.2%.
• 2:28
  Speaker 2: in one day. And I think this is all about
• 2:31
  Speaker 2: data centers. We had 41 ballot measures across the country
• 2:38
  Speaker 2: in different states on Tuesday, 21 of which were in
• 2:43
  Speaker 2: the state of Ohio. And Brian, 40 of the 41
• 2:47
  Speaker 2: data center ballot measures went down to defeat. So, you know,
• 2:52
  Speaker 2: the best sense I can make of this, the best
• 2:55
  Speaker 2: analogy I can give you is let's say you and
• 2:58
  Speaker 2: I have season tickets to Ohio State football. We're going
• 3:01
  Speaker 2: to jump in the car every Saturday morning and head
• 3:03
  Speaker 2: up to Columbus to watch football. And we know that
• 3:07
  Speaker 2: the speed limit on 71 is 70 miles an hour.
• 3:12
  Speaker 2: I think after these elections on Tuesday, the speed limit
• 3:16
  Speaker 2: just dropped to maybe 45 to 50 miles an hour.
• 3:19
  Speaker 2: We're still going to get to Columbus. We're still going
• 3:21
  Speaker 2: to get to watch football. We're still going to have
• 3:24
  Speaker 2: data centers built. But the speed at which those data
• 3:28
  Speaker 2: centers are going to get built, I think it's safe
• 3:31
  Speaker 2: to say, are going to slow down a little bit.
• 3:33
  Speaker 2: And I think that's what happened to the markets on Thursday.
• 3:37
  Speaker 2: We got a little bit of a bounce on Friday
• 3:39
  Speaker 2: back up. Futures this morning are up. So I think
• 3:42
  Speaker 2: everybody is starting to settle down a little bit and
• 3:46
  Speaker 2: realize that this is not Armageddon. But the speed of
• 3:50
  Speaker 2: this AI build out is going to be a little
• 3:52
  Speaker 2: bit slower and a little more deliberate than people may
• 3:55
  Speaker 2: have priced into the market.
• 3:56
  Speaker 1: Well, reading tea leaf leaves, I personally got the impression
• 3:59
  Speaker 1: that it wasn't so much that the data centers were
• 4:02
  Speaker 1: noisy or use power, especially if you have both Republicans
• 4:06
  Speaker 1: and Democrats arguing that, well, no, we're going to require
• 4:08
  Speaker 1: them to bring the power. So if you take that
• 4:10
  Speaker 1: power consumption element out and higher energy bills out of
• 4:13
  Speaker 1: the equation, at least theoretically, there's nothing to worry about there.
• 4:16
  Speaker 1: I think most of the water issues were really truly
• 4:19
  Speaker 1: resolved and not a problem based on.
• 4:20
  Speaker 2: Closed loop systems.
• 4:21
  Speaker 1: So This to me is people's, I think, generally freaking
• 4:25
  Speaker 1: out and quite rightfully so about what artificial intelligence does.
• 4:30
  Speaker 1: But Bob, my position has all along been artificial intelligence
• 4:35
  Speaker 1: and what it does is not going away ever. And
• 4:39
  Speaker 1: that the control of it needs to be in our
• 4:41
  Speaker 1: United States hands versus obviously our biggest competitor in the
• 4:44
  Speaker 1: AI world is the Chinese Communist Party. But We're going
• 4:47
  Speaker 1: to have to get our hands around and people who
• 4:48
  Speaker 1: are concerned about what it can do. Do you want
• 4:50
  Speaker 1: a regulatory environment brought to you by the United States?
• 4:53
  Speaker 1: You didn't want one brought to you by the Chinese.
• 4:55
  Speaker 2: We got to have, amen. So that's right. This stuff's
• 4:58
  Speaker 2: either going to get built here or it's going to
• 5:00
  Speaker 2: get built in China. Um, and, and these things are
• 5:03
  Speaker 2: going to get built, but I think, you know, and again,
• 5:05
  Speaker 2: I'm trying to stay as neutral here politically as possible,
• 5:09
  Speaker 2: but the democratic party did a wonderful job of messaging
• 5:13
  Speaker 2: on this topic and And I would say these large
• 5:16
  Speaker 2: tech companies and the Republican Party did a horrible job
• 5:19
  Speaker 2: of messaging. I mean, just go up the road to Trenton, Ohio.
• 5:23
  Speaker 2: I mean, Brian, that was an 80-20 vote up there
• 5:26
  Speaker 2: to reject that data center. Obviously, those people up there
• 5:31
  Speaker 2: did not feel good about it because people did not
• 5:33
  Speaker 2: communicate effectively with them. And I think that's what you're
• 5:36
  Speaker 2: going to see change over the next 6, 12, 18 months.
• 5:40
  Speaker 2: It's going to get done. But these folks are going
• 5:43
  Speaker 2: to have to go in there and tell local citizens.
• 5:46
  Speaker 2: And Brian, I am a big state and local government guy.
• 5:50
  Speaker 2: I love local government, local people getting together and deciding
• 5:54
  Speaker 2: what they want and don't want. I think we need
• 5:57
  Speaker 2: to tune out all this noise and hearings and pontificating
• 6:01
  Speaker 2: from these federal government officials. This is these are state
• 6:05
  Speaker 2: and local issues. And I think the Amazons of the
• 6:08
  Speaker 2: world are going to have to go in there and
• 6:10
  Speaker 2: sit down with the local people and make it worth
• 6:13
  Speaker 2: their while to build one of these things in their community.
• 6:16
  Speaker 2: And I think they will.
• 6:17
  Speaker 1: I agree with you completely. It's just going to be
• 6:20
  Speaker 1: a little slower process, which is, I concede your point
• 6:22
  Speaker 1: on that. It's pretty obvious it's going to be a
• 6:24
  Speaker 1: slowdown in the processes here, which may be a good
• 6:26
  Speaker 1: thing overall, as long as people don't try to bring
• 6:29
  Speaker 1: it to a screeching halt, because I can't see that happening.
• 6:31
  Speaker 2: Anything else?
• 6:32
  Speaker 1: I mean, you mentioned, I think, when Trump utters anything
• 6:36
  Speaker 1: relative to the situation with the Iran's, I mean, he
• 6:38
  Speaker 1: can say we're going to bomb tomorrow or we're no,
• 6:40
  Speaker 1: it looks like we're going to enter into an agreement,
• 6:41
  Speaker 1: which is the most recent pronouncement. Doesn't look like he's
• 6:43
  Speaker 1: going to be dropping bombs. The markets do react to that,
• 6:47
  Speaker 1: whether it's right or wrong. The price of oil down
• 6:50
  Speaker 1: a little bit at the price of the pump, according
• 6:52
  Speaker 1: to gas buddy is now under $ 4, which is a
• 6:54
  Speaker 1: welcome relief. How long it lasts, how much is the
• 6:57
  Speaker 1: energy sector involved in the market fluctuations from last week?
• 7:01
  Speaker 1: And where do you see it going forward?
• 7:04
  Speaker 2: Well, you know, diesel fuel, the price of diesel fuel
• 7:07
  Speaker 2: matters a lot. And I think we're all used to
• 7:10
  Speaker 2: President Trump going on there and saying, yeah, I might
• 7:13
  Speaker 2: bomb them tomorrow. I might not. We have a deal.
• 7:16
  Speaker 2: You know, they want to make a deal and then
• 7:17
  Speaker 2: they don't want to make a deal. I think the
• 7:19
  Speaker 2: American public is used to that. I also think they're
• 7:22
  Speaker 2: tired of that. We've got to get diesel oil prices down.
• 7:28
  Speaker 2: Roughly 60% of all goods that ordinary citizens buy every
• 7:32
  Speaker 2: day travel by truck, which require diesel fuel. We got
• 7:35
  Speaker 2: to get that price down. We got to get that
• 7:38
  Speaker 2: blockade in the Strait of Hormuz settled. And we got
• 7:41
  Speaker 2: to get refined diesel fuel flowing again. Your guess is
• 7:45
  Speaker 2: as good as mine is when that's going to happen.
• 7:47
  Speaker 2: But broadly speaking, people are tired of inflation. President Trump
• 7:53
  Speaker 2: in his first term did a great job of making
• 7:57
  Speaker 2: life better from a cost of living standpoint for everyday Americans.
• 8:03
  Speaker 2: And he was rewarded for that. During the first two
• 8:06
  Speaker 2: years of this administration, he came in promising that he
• 8:10
  Speaker 2: would bring us off of this 20 plus accumulated inflation
• 8:15
  Speaker 2: under the last administration. And Brian, obviously it hasn't happened.
• 8:19
  Speaker 2: And the voters responded in kind last week.
• 8:23
  Speaker 1: And overwhelmingly so. And I guess I understand it on
• 8:27
  Speaker 1: a lot of levels. We can all draw our own
• 8:28
  Speaker 1: conclusions why he got such a thorough drubbing. But I
• 8:32
  Speaker 1: guess the response is, well, wait a second. Everybody wants
• 8:35
  Speaker 1: things more affordable. Donald Trump said he would bring prices
• 8:38
  Speaker 1: down and make them more affordable. next act is Democrats
• 8:42
  Speaker 1: delivering on their promise to deliver affordability. I've always viewed
• 8:45
  Speaker 1: that as an impossible task. There are so many forces
• 8:48
  Speaker 1: out in the world that have an impact on inflation
• 8:50
  Speaker 1: or affordability. How can any political party or one person
• 8:54
  Speaker 1: change the dynamic?
• 8:57
  Speaker 2: Well, that's, what's going to be interesting in 2027. Um,
• 9:01
  Speaker 2: you could talk about bringing prices down. And again, Brian, you're,
• 9:04
  Speaker 2: you're baiting me here and I'm probably going to swallow
• 9:06
  Speaker 2: the bait. Um, The thing that Democrats like to do
• 9:10
  Speaker 2: is spend money. That's what they're good at doing. And
• 9:14
  Speaker 2: when the government spends money, inflation tends to go up,
• 9:18
  Speaker 2: not down. So it's going to be very interesting to
• 9:21
  Speaker 2: see how affordability, in quotes, is going to become a
• 9:24
  Speaker 2: thing next year. I think it's all going to be
• 9:27
  Speaker 2: tied to when we get the price of energy down.
• 9:30
  Speaker 2: And President Trump and his administration is still running the
• 9:35
  Speaker 2: show in terms, like it or not, in terms of
• 9:38
  Speaker 2: this conflict with Iran. I think that's going to be
• 9:40
  Speaker 2: the real wild card here, because if you take away
• 9:43
  Speaker 2: energy prices, inflation really is fairly tame and getting a
• 9:49
  Speaker 2: little bit better in most sectors of the economy. We
• 9:52
  Speaker 2: just got to get this diesel fuel down. And again,
• 9:55
  Speaker 2: your guess is as good as mine as to when
• 9:57
  Speaker 2: that happens.
• 9:58
  Speaker 1: What's the likelihood that we build a new refinery, Bob?
• 10:02
  Speaker 1: You can hear the tone of my voice.
• 10:04
  Speaker 2: We haven't had a high capacity refinery built in this country, Brian,
• 10:08
  Speaker 2: correct me if I'm wrong, since 1977. And I think
• 10:12
  Speaker 2: that's the irony here is everybody complaining about the price
• 10:16
  Speaker 2: of gas is Politicians included, these are the same people
• 10:21
  Speaker 2: that did not want any refineries built. They closed some
• 10:25
  Speaker 2: existing refineries. We waged war on the coal industry. We
• 10:30
  Speaker 2: closed natural gas pipelines. Then when we tried to cut
• 10:34
  Speaker 2: a little bit of waste in government, we had people
• 10:37
  Speaker 2: firebombing Elon Musk's Tesla dealership. That's where I find the
• 10:42
  Speaker 2: big irony to be here is people that were harping
• 10:45
  Speaker 2: and harping about energy prices. literally because of oil and
• 10:50
  Speaker 2: gas is too high. I know. And this is a
• 10:52
  Speaker 2: commodity that they wanted to eliminate 100%. So that's politics
• 10:59
  Speaker 2: in 2026, Brian.
• 11:00
  Speaker 1: Bob, I've been talking that line for months and months now.
• 11:03
  Speaker 1: Don't you get it? The price of gasoline necessarily will
• 11:06
  Speaker 1: go up, said Barack Obama a multitude of times, and
• 11:09
  Speaker 1: that's exactly what they want. This is like the greatest
• 11:11
  Speaker 1: gift ever. If you want to get rid of fossil fuels,
• 11:14
  Speaker 1: then the price of gasoline goes through the roof. And Already,
• 11:17
  Speaker 1: I headlined Democrats planning to push clean energy to lower bills. Okay,
• 11:23
  Speaker 1: I can never figure out how that's going to work.
• 11:24
  Speaker 2: Don't go away.
• 11:25
  Speaker 1: We'll get away from real hardcore politics and find out
• 11:28
  Speaker 1: what the future looks like, at least in the mind
• 11:30
  Speaker 1: of Bob Sponsella from Allworth, financially certified planner. Don't go away.
• 11:34
  Speaker 1: I'll be right back after I mention Queen City painting
• 11:37
  Speaker 1: and decorating.
• 11:38
  Speaker 2: Outstanding.
• 11:41
  Speaker 1: It is 819 at the 55KRCD talk station.
• 11:43
  Speaker 2: It's Monday. We're doing the Money Monday thing.
• 11:45
  Speaker 1: All Earth Financial's Bob Sponseller taking over for Brian James today.
• 11:48
  Speaker 2: He's out.
• 11:49
  Speaker 1: He's a certified financial planner. He's trying to keep his
• 11:51
  Speaker 1: clients from doing.
• 11:53
  Speaker 2: The wrong thing.
• 11:54
  Speaker 1: Counselor in volatile times as well.
• 11:58
  Speaker 2: Where are we going?
• 11:59
  Speaker 1: Going back to the energy thing. Everybody knows that I'm
• 12:01
  Speaker 1: a huge fan of small modular reactors. And there's quite
• 12:03
  Speaker 1: a few companies, Bob, that are making these. It's sort
• 12:06
  Speaker 1: of off the shelf, one size fits all. You don't
• 12:08
  Speaker 1: have to do individual planning and individual... a factory or
• 12:13
  Speaker 1: power generating plants and need their individual approval. So once
• 12:16
  Speaker 1: one gets approved, like pick it off the shelf, just
• 12:19
  Speaker 1: plop it down and there's your energy. Very little to
• 12:21
  Speaker 1: no waste. It all sounds like a wonderful idea. Are
• 12:23
  Speaker 1: these companies publicly traded and are these small modular reactor
• 12:27
  Speaker 1: companies doing well? Is this an area that we can
• 12:30
  Speaker 1: be optimistic over, Bob? Because I think it's the future
• 12:33
  Speaker 1: for our energy needs.
• 12:35
  Speaker 2: I totally agree with you, Brian. Unfortunately, most of these
• 12:38
  Speaker 2: companies that are really killing it right now are privately traded.
• 12:40
  Speaker 2: So if you look on the private equity side of things,
• 12:44
  Speaker 2: that's definitely a space you want to look. Look in
• 12:47
  Speaker 2: the private equity world for firms that could get you
• 12:50
  Speaker 2: involved in some of these emerging, early producing alternative energy stocks.
• 12:57
  Speaker 2: I mean, the energy sector, earnings growth after the third
• 13:01
  Speaker 2: quarter earnings have just come out are up 151% year
• 13:05
  Speaker 2: over year this year. So that's definitely a place to look.
• 13:09
  Speaker 2: I think you're spot on there, Brian. Speaking of earnings,
• 13:12
  Speaker 2: I do think last week's overall market sell-off overlooks just
• 13:16
  Speaker 2: how broad corporate profit growth has been this year. Third
• 13:21
  Speaker 2: quarter earnings season is nearly complete now, as 88% of
• 13:25
  Speaker 2: the S & P 500 has reported. Third quarter profits
• 13:29
  Speaker 2: overall are up a third. Yep, 33% over the past year,
• 13:34
  Speaker 2: which is well above the 24.5% Wall Street was expecting.
• 13:38
  Speaker 2: But if you just strip out AI, you know, completely
• 13:41
  Speaker 2: eliminate it, the S & P 500 index X AI
• 13:45
  Speaker 2: stocks is still up almost 24%. So, you know, We
• 13:50
  Speaker 2: are getting an overall productivity boost across the economy due
• 13:56
  Speaker 2: to AI, and it is starting to show up in
• 13:59
  Speaker 2: sectors other than the tech space. And I think that
• 14:02
  Speaker 2: bodes well moving forward, as long as we talked about before,
• 14:07
  Speaker 2: our newly elected government officials do not overreach here and
• 14:12
  Speaker 2: get too involved in the markets.
• 14:14
  Speaker 1: Well, you mentioned the 12.2% sell-off at NASDAQ and all
• 14:17
  Speaker 1: the chips and related companies.
• 14:19
  Speaker 2: Just the stocks, not the overall NASDAQ. Okay. Yeah, just
• 14:23
  Speaker 2: the stocks.
• 14:24
  Speaker 1: Well, I have been listening to, and no financial planner
• 14:27
  Speaker 1: am I, and market forces can bewilder me and perplex
• 14:30
  Speaker 1: me from time to time, but the AI bubble that
• 14:32
  Speaker 1: is going to burst. I keep hearing that, hearing it.
• 14:34
  Speaker 2: We've seen it before.
• 14:35
  Speaker 1: We had the internet bubble burst and the real estate
• 14:38
  Speaker 1: bubble burst. Is there an AI bubble bursting, Bob, that
• 14:41
  Speaker 1: you can see? Does this slow down, maybe slow down
• 14:43
  Speaker 1: the reality of that happening? What's your tea leaf forecasting
• 14:47
  Speaker 1: on that?
• 14:48
  Speaker 2: I don't see any bubble at all. I mean, it
• 14:51
  Speaker 2: all defines how you define the term bubble. I mean,
• 14:54
  Speaker 2: for somebody that was dramatically overweighted in the semiconductor stocks
• 14:59
  Speaker 2: last Thursday and lost 12% of their money in one day, yeah,
• 15:04
  Speaker 2: they'll call that a bubble. I think the market is
• 15:07
  Speaker 2: an excellent pricing mechanism or discount pricing mechanism of where
• 15:11
  Speaker 2: it sees things six to 12 months from now. And
• 15:14
  Speaker 2: I think it's safe to say Things got a little
• 15:17
  Speaker 2: ahead of themselves in some of these AI names and
• 15:20
  Speaker 2: semiconductor stocks. And this is just a return to reality.
• 15:25
  Speaker 2: It's not a bear market. It's not a 78% collapse
• 15:30
  Speaker 2: in the NASDAQ like we saw in the dot-com era.
• 15:34
  Speaker 2: Stick with good quality companies. Remember back when the whole
• 15:38
  Speaker 2: thing fell out of bed in the early 2000s, we
• 15:40
  Speaker 2: were buying anything with dot-com behind its name. Yeah. Think
• 15:44
  Speaker 2: of like Pets.com, things like that. A lot of those
• 15:47
  Speaker 2: companies completely went out of business. That is not going
• 15:50
  Speaker 2: to be the case here in these large companies with
• 15:54
  Speaker 2: good balance sheets. It's just a pullback. And that happens.
• 15:58
  Speaker 2: I mean, people forget the market on average goes down
• 16:02
  Speaker 2: intra-year about 19% every year, at least one time. And
• 16:08
  Speaker 2: as we know, the market averages year over year, 9%, 10%.
• 16:12
  Speaker 2: So you got to build your financial plan accordingly and
• 16:17
  Speaker 2: get out in front of some of this volatility, which
• 16:20
  Speaker 2: always happens, always has, always will. And the money that
• 16:24
  Speaker 2: you're going to need to repave your driveway or replace
• 16:27
  Speaker 2: your roof or go on your vacation next spring is
• 16:30
  Speaker 2: should not have been in stocks in the first place
• 16:33
  Speaker 2: or technology stocks in particular. That's what good, sound financial
• 16:37
  Speaker 2: planning is all about. But Brian, our phones aren't ringing
• 16:40
  Speaker 2: off the hook. Our clients aren't panicking because we've been
• 16:43
  Speaker 2: talking to them about this stuff all year. And for
• 16:46
  Speaker 2: the people that listened, they were ready for this and
• 16:49
  Speaker 2: have done the appropriate rebalancing in their portfolio.
• 16:53
  Speaker 1: Amen to that. That's why I'm glad I have a
• 16:55
  Speaker 1: financial planner to keep me out of the mix, talk
• 16:57
  Speaker 1: me off the ledge, and keep me from doing stupid things,
• 17:00
  Speaker 1: which is what you guys are great at.
• 17:02
  Speaker 2: That's our job. It is. Keep people from doing stupid
• 17:05
  Speaker 2: things from which they can't recover. That's the whole reason
• 17:07
  Speaker 2: we have a job, bro.
• 17:08
  Speaker 1: And hopefully at the end of the year, show them
• 17:10
  Speaker 1: you have a really healthy return on the money invested.
• 17:13
  Speaker 1: Bob Sponseller, certified financial planner with Allworth. I appreciate the
• 17:16
  Speaker 1: time you spent with my listeners and me today. Really
• 17:18
  Speaker 1: enjoyable conversation, Bob. And thanks for Allworth for loaning you
• 17:21
  Speaker 1: out for this segment. Maybe you and I will get
• 17:22
  Speaker 1: to talk again.
• 17:24
  Speaker 2: I look forward to that. Thanks for the time, Brian.
• 17:26
  Speaker 2: Been my pleasure. Take care, Bob. Stick around, folks.
• 17:28
  Speaker 1: State Representative Adam Brown.