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What Caused The Market Selloff Today? · The Jon Sanchez Show

• Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez Show One News Talk 780K, which it's a pleasure to be with you this Wednesday. Unfortunately, not a pleasure to have to tell you the news that I have to tell you regarding the market. ⁓ my goodness. Worst day of the entire year for the Dow Jones Industrial Leverage. Tough, tough day. But as always, I like to say, we're going to make it through it. I promise you that. Most importantly, it's for you to have a great understanding as to what happened, why it happened, and most importantly, to have a playbook going forward. And that's what I intend to help you do. With it being Wednesday, as I always promise you, I try to cover an estate planning topic. and I planned on that. I prepared for that. And the title, of course, of today's show was When was the last time you looked at your trust? But I'm gonna kind of put it to the sides again because when I decided to have this as my topic today, that was well, of course, before the stock market started to have its problems. So, my number one priority, of course, with you this afternoon is to bring you up to date as to what happened. We had a Fed interest rate decision to go through the details there. We had big earnings numbers out of Microsoft as well as Meta after the close, on top of the market sell-off. So lots and lots of things to discuss on the market side. Again, my number one priority with you. And so time permitting, I'll try to get to ⁓ the estate planning issue. ⁓ if not, then ⁓ you know I will definitely tackle it ⁓ at a later time. Just quick reminder as estate planning topic is there. ⁓ ⁓ please join me for my webinar this evening. I can't wait to ⁓ be with you at six o'clock tonight. we're gonna be discussing is your trust outdated? Right. And it's not just about the date. We're gonna go through the things you need to look at ⁓ what we can show you with our software to do a full analysis of your existing estate plan. Is it what you want it to be? Right? Times change, your life changes. Let's highlight and make sure it's everything that you want. And so once again, in the ⁓ the offer for those that ⁓ want to join the webinar this evening. There's still, I think, two spots remaining those that join. If you have an existing trust, I will perform a free trust analysis for you ⁓ tell you exactly what's going on in your trust. And then you can make the decision once again ⁓ to whether or not it's it's doing what you want it to do. ⁓ Just to my website, specialized trust dot com, specialized trust dot com. Upper right corner, click on the Step Learning Institute. You'll see in excuse me, you'll see in the down webinars And ⁓ just click on that and you'll see the sign up right there. So again, 6 p.m. tonight from six to seven, the live webinar with myself. All right, let's get down to the stock market side of things today. So we knew it was gonna be a crazy day today, right? We knew we had two major earnings numbers come in after the close. We knew we're gonna deal with that. We knew we were gonna deal with, of course, the the Fed interest rate decision. But what we didn't know we were gonna deal with, of course, is late yesterday, it was long, pardon me. was not long after ⁓ the show ended where the headlines came across indicating that Iran decided to be real idiots and fire upon us. Of all to do. You know, we've had a nice, ⁓ quiet, roughly three or four day time period where where nothing really happened, right? the negotiations were going on. You heard the skepticism in my voice that the negotiations being led by Oman and backed by China. I was speculative of that from the beginning and I hate to be right in the situation like this, but it just had it on, you know, it didn't take a lot of common sense to realize that had nothing to do. It was nowhere. But yet the got excited about it, right? We had over a 500-point gain yesterday on the Dow, and ⁓ oil prices tumbled five bucks, and everything looked real good again until they decided to be idiots and launched missiles against us. And then of course they decide not only against us, but also Saudi Arabia. So We find ourselves back into a very interesting mess. you what we basically dealt with this morning was when the president, and Lord knows we don't blame him, he ⁓ was doing an interview with Fox News and he told the reporter that the US be hitting Iran hard. That's where his quotes hard in response to the surprise attacks on the troops in the Middle East. Soon as he said that, oil prices skyrocketed, stock market started to weaken. And then it continued a weekend and weekend and weekend. ⁓ we also had pressure. This was again one of those days. This is just the same routine we go through. We have a day or so of good days in the in the ⁓ chip sector, and then we have two or three bad days. And today was one of those bad days in the chip sector for no specific reason other than just a weak overall market environment. So we didn't have anything the street could really get excited about. So then we kind of languished. ⁓ We were down four five hundred points on the Dow. And then we had the Fed interest rate decision. As anticipated, as I've been saying all along, and I said it this morning on the stock updates, was a roughly a, I don't know, 70% probability the Fed was going to do nothing. And they did nothing. But once again, investors, large small, trying to get used it used to the mannerisms reading in between the lines of the new Federal Reserve Chairman, Kevin Wars. And I I I said this, you know, when when Pal had his last news conference. And I remember sitting sitting behind this microphone and saying, you know, it it takes a while, right? It's like like it's like we're in the dating phase at this point. We haven't married the chairman yet. We're dating. And you're just trying to learn his little in little nuances. And if he says this, what does he really mean? It takes a while, it takes a number of Fed meetings. And usually from what I recall, every time we get a new Fed chairman, it seems to take the street, you know. six months to a year before they really feel comfortable and really understand what what this Fed chairman's all about. And I think we find ourselves in that situation. the Fed did, as I said, did decide to leave interest rates unchanged, but the bond market rebounded with the 10-year yield jumping significantly, jumping seven basis points to 4.67%. The 30-year bond yield soaring 10 basis points to 5.2%, highest level we have seen in the 30-year dating back to the year 2007. So you see, the street's immediate interpretation was okay, interest rates left unchanged, but got a little problem. You see, we had three dissenters ⁓ the FOMC voters. Three dissenters. Nine voted to leave interest rates unchanged, three ⁓ to raise interest rates. And the street decided to focus in on the three because experience shows us that when there's three, Then sooner or later there's going to be five, and then maybe seven, and then maybe the entire quorum will decide that it's time to raise rates. The street is pricing in a September interest rate increase of a quarter percent. I said this on the show yesterday with Dwight and ⁓ and ⁓ and Corey. So that was really the takeaway that you know we find ourselves in at this point is all right, you got three dissenters where last meeting, his first meeting, it was a it was a full majority saying, nope, leave interest rates unchained. Now things are starting to weaken. The three officials that wanted a hike, again, worse the following I want to stress, of course, that decisions by this committee matter a great deal. And where necessary and appropriate, we will not hesitate to act. And then Jeffrey Gunlock of ⁓ Double Line, of course, very well respected Bond guru. He said on a CNBC interview if you really want to get to two percent, then that's he's referring to the two percent Fed mandate, I think you have to raise interest rates. He said ⁓ the long bond yield went up significantly after the press conference because the bond market vigilantes are saying if you really want us to believe your rhetoric, you've got to start acting. So now the street's kind of threatening the Fed to raise rates. So was really the the takeaway. and ⁓ time permitting, get into what the ⁓ exact statement had to say when they announced unchanged ⁓ decision. But the real takeaway was Let's tempt the Fed. Now, a term that we have not or I have not used in quite some time, number of years, matter of fact, is called the the the Fed interest rate temper tantrum. And this is where the street can do it two ways. They can do as they're doing right now, where they're taunting the Fed, I guess is the best way to put it. They're taunting the Fed to raise interest rates. The other times the Fed has rates high and the street's going, you need lower these. And if you don't, we're gonna sell the market off. Well, now they're using the excuse to sell the market off because they're taunting the Fed. the street usually gets what it wants if you think about it. Eventually the street usually gets what it wants. Usually the street is correct in what it wants. So we find ourselves in a very interesting situation right now. I think the president, to be honest with you, finds himself in a very interesting situation. And I think it's a good time to kind of go back to the reminder is what's going on in Iran. Does affect what the Fed is doing. And they even said so. And I'll again I'll share with you in the ⁓ in the minute in the ⁓ the Fed's statement. Because back to the analogy I've shared with you many times, and that is higher oil prices create higher inflation, higher inflation creates higher interest rates, pretty simple, and vice versa. So, unless the president can get this war situation under control and something you know significant and something that lasts can happen, i.e., a ceasefire. or some type of resolution, I think you're gonna see the bond market, you're gonna see the the oil market and the commodity market really continue to to ⁓ to play this game. But my what I don't like what I'm seeing this time around, and and I've been hinting about this, the rise in yields overall. You see, it's not this the 10 year, it's not just the 30 year, it's yields overall. And that gets things nervous because when you start to see a rising yield curve, right, where you have all the various maturities moving up in a very dramatic fashion. That just, to use my octopus analogy, that has tentacles that go into so many parts of not just our economy, but the global economy. So I think we got out lucky today, two basis point increase on the 10 year at 462, but that 30 year at a yield of 414, remember, we're now at levels we haven't been at in years. And when the war really, you know, picked up what, roughly a month ago, we were at 517 on the 30 year and the market didn't like it then. It's not liking it now to yield a 514 on the 10 year. to kind of run across the board, ⁓ interesting is the two year, which is very sensitive to what it thinks the Fed's going to do, the two year actually went down. So you would say, well, wait a minute. It lost four basis points on its yield to yield a 424. That's telling you the streets saying the Fed may cut rates. And yeah, that's kind of what the bond market in that sense is saying. You go to the five year, down one basis point, yield 435. And then that 30 year up five basis points at a yield of 514, as I said, and the 10 year up two basis points yield 462. to say the bottom market's confused would be an understatement. it was it was just one of those days where so many cross currents happened between the Fed decision, the president's comments regarding gonna gonna hit Iran hard, the rise in oil prices, and then of course, the apprehension ahead of the earnings numbers from Microsoft and Meta after the close. And I'll give you a little hint. One did really good and one's doing absolutely terrible in the after hours. So I'll tell you how those stocks are performing we continue our discussion on this Fed interest rate date. Back to the John Sanchez show on News Talk 780 KOH. All right, let's get the the the news I've been dreading to give you, but let's get it out of the way. We gotta talk about it if you already haven't seen. So again, unfortunately, this ended up being the worst day ⁓ performance-wise for the Dow Jones Industrial Average for all of 2026. Here's how we finished 1,153 point loss on the Dow, down 2.19%, with the Dow closing at 51,594. NASDAQ gave up 434 points, 1.74 percent. To close at 24,442. the SP 500 for the day, down 113 points, 1.52%. Finished day at 7,316. And I should mention the Russell 2000 lower by 1.61% or about 47 points. So yes, was a it was a tough one. Here's what happened on the oil side. We finished up five dollars and sixteen cents on oil, 8448 a barrel, and gold down ⁓ 140, excuse me, down a dollar, pardon me, down a dollar. So weird to say that. Down a dollar. To close at $4,036 and 90 cents. a few more comments ⁓ regarding, you know, the Fed side of things today. Again, they left interest rates unchanged. Kevin Warsh, of course, got a little testy a few times, as you wouldn't imagine. but he he he had comment, and and I'm I'm trying to find it in the yeah, here it is. he said the Fed didn't have a magical ability to bring inflation down quickly, quote. I hear from you what I hear more broadly from households and businesses, impatience. Deliver it already, he told a reporter. The suggestion that we're going to be able to do it with our magic wands is one I want to disabuse you and everyone else of. So he's recognizing the inflation, but he's saying, look, it we don't have a magic wand. Now remember, the last time the Fed got together, he was very indic ⁓ very ⁓ adamant. He's creating basically five subcommittees of the Fed to Look at interest rates. and I I ⁓ was kind of a smart elic, I'll admit it. when he said, you know, it is going to be no problem. We're not going to have any inflation in this country. And I'm paraphrasing, we're not going to have any inflation in this country in a year. And I said, Wow, that's a bold statement to make. So the only way in in reality, the only way that that can come true, the only way is if the Fed gets on very very aggressive interest rate increasing cycle. But of course, that compounds and brings all kinds of additional problems, right? We hate it as a consumer, the business community hates it. Everybody hates it except for those that, you know, earn a a yield on their savings accounts. But the other one that hates it, and you gotta think about this, our next Fed meeting is I think August 15th and 16th. The other one that's gonna hate it is the president. Why? Because midterm elections are right around the corner. And we all know how sensitive the president is to rising interest rates. We saw what happened with the criticism of Jerome Powell and some of the other Fed members and so on and so forth. But what's gonna be interesting is to see. Is he because he was very agnostic today. He did not put any pressure. He's still saying he loves Walsh and and you know what he's doing and all that. But we all know this guy, meaning the president, he is not gonna tolerate this for some time. And if he's fighting a war, which is weakening the equity markets, which is weakening the economy, which is driving oil prices higher, which means you and I are paying more at the pump, that could affect many people's ⁓ but also if they're seeing the four ⁓ one K's drop in value and their other investments, that also affect their checkbook and therefore their voting of who they want. So he's he's I be surprised, be surprised if some criticism does not come out against Kevin Morse, even though the president handpicked him at that August meeting where the street is anticipating a quarter percent increase. I'd be shocked if the president didn't come immediately out and criticize him. Now, The other way to look about it that no one's talking about, but this is just, you know, the John Sanchez theory, is the president could be telling all of his advisors, get this war over with as quickly as possible, at whatever expense, other than making me look bad. Because if he doesn't, if these oil prices continue to rise, and again we shot up and then we've had a nice pullback. Remember, we were down over sixty nine, we're a little below sixty nine dollars a barrel just a few days ago. And and once again, here we are, you know, knocking on the door of eighty-five dollar oil. But if he doesn't get these oil prices down, these inflationary reports, because you gotta you gotta remember this. The Fed basically has a month and a half of economic data to digest before their next meeting. If the economic data reflects intro ⁓ inflation increasing, they're gonna be very, very inclined, not just three voting members, but maybe the majority and maybe even the chairman himself. To give us that interest rate increase that so many on the street want to curb inflation. So it's it's a it's a quandary. It really is a quandary. And I that's why I wanted to spend a little bit of time, extra time with you explaining what what Wall Street is kind of looking at from this perspective. Because if this like I said, it gets extended and oil prices rise, it's gonna have an impact on inflation. Impact on inflation means the Fed will have no choice but to raise interest rates at that August meeting. But let's be optimistic, let's look at the other side. Let's say a ceasefire is reached, God willing, oil prices come down. Once again, we've got a month and a half of economic data for the Fed to digest. That could be enough time to start to get some of the inflationary down. The CPI, the PPI, ⁓ PCE, et cetera. All the all the Fed's ⁓ measures of inflation. So this, you know, essentially this next month and a half going to be very critical on the war front, gonna be very, very critical on the interest rate front. Now we come back. I want to ⁓ share with you what the ⁓ Fed did have to say at the ⁓ release of the ⁓ FOMC meeting, and then we'll move into Microsoft and Metaserne's numbers after the close. Jack. Back to the John Sanchez show on News Talk 780 KOHR once again. If you just joined us, bringing up to date on day that we had one thousand one hundred and fifty-three point decline on the Dow, two point one nine percent, ⁓ worst sell off of the entire year. We closed at fifty one thousand five ninety-four. NASDAQ gave up four hundred and thirty-four points, one point seven four percent, and the SP lost 113 points, ⁓ one point five two percent. All so we had ⁓ rising oil prices again, ⁓ oil shooting up over five dollars and six. Well, up five dollars and sixteen cents to eighty four forty eight a barrel. we had interest rates for the most part rise. We had a Fed interest rate decision where they left rates unchanged, which I'll share with you in just a moment ⁓ what they had to say at the meeting, which was literally identical in the in the the press release of the June's meeting. and then of course the anticipation of two major tech heavyweights reporting after the close. All right. So before I to Microsoft and Meta's earnings and ⁓ what what they're doing in the after hour session. Let me ⁓ quickly read to you what ⁓ the Fed did have to say today in the ⁓ in the meetings. the comments after the meetings. So, I said, it was ⁓ it was literally identical to what they had to say at the June meeting. The committee decided to maintain the target range for the Fed funds rate at three and a half to three and three quarters percent in support of the Federal Reserve's Federal Reserve's dual mandate. The committee is its policy of maintaining ample reserves in the banking system. Hmm. Is comforting to know. activity is expanding at a solid pace despite elevated uncertainties that owes, in part, to the conflict in the Middle East. There's my comment. Productivity and capital investments are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated to the committee's two percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The committee will deliver. Price stability. That's it. See how he's shrunk this thing down. ⁓ Kevin Morse. ⁓ like I said, this was identical to the ⁓ to the to the June's meeting. And once again, we had three dissenters ⁓ voting for a quarter percent increase. That was Beth Hammack, Neil Kashkari, and Laurie Logan from ⁓ from Dallas. So where are. We'll see. ⁓ you know, again, no time yet, by means, no time for panic. We will see what how the market reacts tomorrow to Give it a chance to digest situation with the Fed as well as what I'm about to share with you now, which is the ⁓ the earnings releases of Meta and of course of Microsoft. So we ⁓ we we find ourselves in a in a very interesting situation from standpoint of the loves AI, the market loves data centers, but they don't like the companies to pay for them. Plain and simple. Coming into this meeting, this was again one of those meeting or excuse me, coming into these earnings numbers, this was one of those everyone was very, very concerned in regards to the capital expenditures. So factors, I should say. The capital expenditures as well The cash flow. Now remember when Google reported last week, Google reported negative cash flow because of the amount of money they are spending. first time ever in history, negative cash flow. So that's why these two stocks were again skating thin ice. Okay, well, let's get the bad news out of the way, which is Meta. Microsoft doing pretty well. Meta having some problems in the after hours. So in regular session, Meta finished the day down $7.80, 1.31% to $585.61. After right now the stock ⁓ which when I started the show was down over, I think, $53, if I remember right. ⁓ Right it's down forty-four dollars and ninety-six cents, 7.68% loss to $540.65. So now you the streets reaction. So let's get down to the numbers. Big capital expenditure. I'll just kind of give you the warning there, but let's hit the ⁓ let's hit the details. Earnings came in only $6.18 a share. Street was $7.22 a share. Revenue was a slight beat, $60.8 billion. Estimates $60.17 billion. Meta said expect revenue this quarter of between $61 billion to $64 billion. So again, that'd be slightly higher than the previous quarter, or about $62.5 billion in the mid-range. Analysts were looking for a guidance of $63.15 billion. Now, the company said the guidance assumes a foreign currency or assumes foreign currency is an approximate 1% headwind to year-over-year total growth based upon the current exchange rates. Active People, or what they call DAP, came in at $3.6 billion, trailing Wall Street's estimate of $3.61 billion. DAP measures the number of users of Meta's family of apps. Now, to the granddaddy of the report, the capital expenditures. Meadow narrowed their guidance for the year to between $130 billion to $140 billion of capital expenditure from a prior range of $125 billion to $145 billion. So you see slight uptick. Meta pouring money into AI infrastructure, their free cash flow dwindled. This is a staggering number, folks. A year earlier, Meta's free cash flow was eight point five billion. Let me repeat that. Free cash flow, eight point five five billion. The company said now it is only seven hundred and eighty four million. Staggering. Coming into today's close, meta shares down about eleven percent for the year. And then of course we got this after hours going on, so that's gonna pressure that even more. Now remember, earlier this month, Meta debuted Muse Spark 1.1 model, which the ⁓ new AI chief Alexander Wang said represents the strongest model for agentic encoding work yet, and at a cheaper price than offerings from OpenAI and Enthropic. been aggressively invested in new AI strategies since hiring Wang back in June of 2025 in a deal that involved a 14.3 billion dollar investment in scale AI, which, ⁓ by the way, is Wang's startup. week, as I said, ⁓ Alphabet reported that free cash flow turned negative for the first time on record due to the internet giants hefty AI spending. But Alphabet, fellow hyperscalers like Amazon and Microsoft, Meta does not have a thrive thriving cloud computing business to kind of balance things out. Company could ⁓ be changing as Meta looks to lease out excess capacity to third parties. Zuckerberg said on the call, we're getting a lot of offers for compute at a significant premium over what we paid for it. On the call, Meta also announced a venture with BlackRock to create a $14 billion data center project in El Paso, Texas, just weeks after disclosing that its big Hyperion data center project in rural Louisiana would cost over $50 billion. this month, Meta revealed plans to build a $9 billion data center in Alberta, Canada. Meta said second quarter total cost and expenses came in at $42.03 billion, ⁓ an increase. Listen closely, folks. Of 55%. cost and expenses, increase of 55% from a year ago. That includes $2.4 billion of charges related to legal proceedings ⁓ and billion of severance expenses in connection with the company's layoff that began in May. The finance Susan Lee said on the call that excluding those charges, operating income would have increased 9% year over year. Net income for the period sliding to $15.85 billion. From $18.34 billion or $7.14 a share in the same period, or excuse me, in the same quarter a year ago. Reality Labs generated $4.6 billion in the second quarter operating losses or bringing in $40, $431 million in sales. Ugh, $4.6 billion in quarterly losses and only bringing in $430 million in sales. Wall Street was expecting that unit, which develops virtual reality and related AI-powered warble devices, ⁓ record a second quarter loss of five point zero seven. billion on revenue of 423.4. So a little bit of a miss there. right. So there's the situation on Meta. Now turn it over to the other big earnings release after the close, which of course was ⁓ Microsoft. let me tell you what the stock is doing currently in the after hours. First, how it did in the regular session. Stock finished down $2.81, 0.71% loss to $390.54. After hours right now, it is doing very well up $33.13 8.48% gain to an hour price of $423.67. doing very well there. now let's let's ⁓ kind of over to some of the details. So on the earnings share side, they came in at adjusted $4.74. That may not compare with the $4.24 expected by analysts. And I'm not sure why they're stating that, but big beat, but they're saying may not compare. Revenue for the quarter, 90.01 billion. Estimates were 87.62 billion. So a little bit of a beat there. revenue grew about 18% year over year in the quarter, which ended on June 30th. Net income of $35.77 billion or $4.81 a share increased from $27.23 billion or $3.65 a share in the same quarter a year ago. Microsoft a three point $3.2 billion from its investments in artificial lab anthropic. And lower than expected cost tied to its first ever voluntary retirement program. its Xbox gaming business receiving an impairment charge. As of the close today, the company's shares are up about 19% so far this year. SP, course, up about 7%. Meanwhile, Microsoft confronting some concentration risk with its open AI relationship, especially with the ascent of open source models. That's according to a Deutsche Bank analyst who recommended buying Microsoft stock in a note week. Microsoft said in January that around 45% of its $625 billion in commercial remaining performance obligations were tied to OpenAI. it comes to allocating competing capacity, their CEO, Mr. Nadella, has been trying to balance the needs of the Azure Cloud, which is theirs. Their research and applications, such as Microsoft 365 Copilot Assistant. If researchers get a hold of more AI chips for model training, that means fewer will be available for cloud clients. let's see, capital expenditures and finance leases for the quarter, $41 billion, an increase of 69%. Their finance Amy Hood reiterated plans for 2026 capital spending, ⁓ but the said it will lengthen the useful life of office and data center buildings. Hmm. Listen to this one. This is a little accounting maneuver here. So they're gonna they're gonna lengthen the useful And let me stop right there. Why what why is this important? Why am I laughing? This is the game a lot of these tech companies have been playing. I've covered this before. So instead of writing off a GPU, an office, a data center, et cetera, the IRS's recommended time period, they're extending it because they feel that it lasts. Wall Street, however, says, wait a minute here, technology's changing all the time. These data centers are not going to exist in I don't know, 10 years at the most, in my opinion. They're going to be probably many storage facilities because technology is going to change. We're not going to need data centers. So, so when you extend the life of them, what you're doing is you're decreasing the depreciation expense that you're going to take on your income statement. By decreasing the depreciation expense, it increases your earnings per share. Hence a little accounting game there. So back to what they said. Companies said they're going to lengthen the useful lice of office and data center buildings. To 25 years from 15. That is significant. And more future data center leases will change over to operating leases from finance leases. Another little balance sheet move. The adjustments are going to lead, here you go, to roughly $175 billion in CapEx spending. And finally, for the 20 2027 fiscal year, Amy Hood says she sees further growth in capital expenditures, pointing to quote, demand signals across our portfolio. Free cash flow, 19.64 billion, plummeting 23%. All right, so there's how we're doing. I'll tell you how the ⁓ market is performing in the after hour session as ⁓ futures started trading less than an hour ago. when we come back and then ⁓ we'll begin to wrap things up. Welcome back to the John Sanchez Show on News Talk 780 KOH. All right, one more time to get the ⁓ painful news out of the way. how we finished. 1150, a three point decline in the Dow. NASDAQ's future ⁓ lost four four four thirty-four. hurts to say that. And the SP lower by 113. But I've got little bit of bright news for you, and that is what we're seeing going on in the ⁓ after our session at this point. So let's hope this continues and builds overnight. Right now we're seeing the Dow futures up 128, NASDAQ Skating 103, and the SP is up 19. See, I told you not to panic. right. so once again, here we find ourselves at the end of the show. I want to give you a quick reminder of what I'm gonna be doing at 6 p.m. Cause I'd really love for you to join me. Once again, I'm be holding an educational webinar for you this evening at 6 And we're gonna be talking again something that I am seeing, and this is why I wanted to do this webinar, because I'm seeing this so very, very frequently. our new business, specialized trust and estate plans. And is people spent the time, the money, the energy, and thought they had peace of mind when they had their living trust created. But in reality, it may be a falsehood. so many people think that once they sign their trust, it's done. I never need to touch it again. I've literally had people show me their in their, you know, big fancy binder and they blow the dust off of it. I that's the way mine is or was. Literally. Had it shoved in a cabinet, never took a look at it, couldn't understand what was going on. Well, I fixed all that the way we've designed this business. But again, Once people believe that they've signed the trust, that they're finished, put it on the shelf, but it's not the case. Because the point I try to get across to people, and this is what I'm going to get into some great detail this evening at the the webinar, is the trust isn't just a legal document. It is an absolute reflection of your life and your family. And you can't tell me if we look eye to eye to one another that your life hasn't changed over the last six months, year, three years, five years, ten years. Or however long it's been since you had your trust created. Of course, your life has changed. Our lives change each and every day, basically. So there's a great chance that how you created your trust, it was perfect when you had it done originally, but your life has changed, but your trust hasn't. So therefore, you're gonna find yourself in situations where it hasn't kept up with the latest tax laws. You don't have the beneficiaries in there, you don't have the same people. That you've delegated to be your agents of your ⁓ directive and your financial power of attorney. Those people maybe died, moved out of town. And again, even your successor trustee, which is the one that you've entrusted to handle your estate when you're gone, they're no longer around. So again, ⁓ bones of the trust may be great, but your life has changed and the trust hasn't. And you're not gonna know until you're looking down from heaven and going, ⁓ my gosh, I have left my family a mess. I do not want to see that happen to any of you. So that's why I'm inviting you to join me at 6 p.m. tonight. can still make your reservation at specializetrust.com. just click on the Step Learning Institute in the upper right. This is where I have a bunch of articles and material for you. You'll see the webinars and just open down the drop-up, drop down. ⁓ And is trust outdated? You'll see the the sign up there. And ⁓ again, no charge, no nothing. ⁓ we are booked up on the number of people again that I've offered to do a free estate plan review for. I had that limited to 25 people, so ⁓ that's all taken care of. But I promise you, you're gonna walk away with a lot of information. I'll give you a little, just a little, a little, ⁓ a little taste of what what we're gonna be talking about. I'm gonna start things off by really talking about life doesn't stand still, and neither should your estate plan. I'll be talking about the biggest estate planning myth that is there. does your trust still reflect your wishes? And estate planning is really life planning. Just a few of the things I'll be discussing. ⁓ if you have an existing estate plan, not sure if it's, you know, still you want it to be, join the webinar. I'm going to give you a bunch of things that you can look at yourself and go, ⁓ this ⁓ this could be a problem. This isn't where I want it. got unfunded assets and so on and so forth. And then we can talk. Or you can go get it done on your own, take it back to your attorney, whatever you want. I just want you to have. An up-to-date trust that reflects you and your family's wishes. I'll see all of you at six o'clock once again. Go to specialized trust.com, click on Step Learning Institute, and sign up for the webinar. God bless. Have a great afternoon. We'll see you tomorrow on the John Sanchez Show.