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[SPEAKER_04]: On radio, on YouTube, streaming live on investtalk.com and for our podcast subscribers, this is Invest Talk.

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[SPEAKER_04]: Independent Thinking, shared success.

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[SPEAKER_04]: Invest Talk is made possible by KPP Financial, a registered investment advisor firm serving clients throughout the United States.

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[SPEAKER_04]: Here is KPP Financial Portfolio Manager, Luke Guerrero,

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[SPEAKER_02]: Good afternoon fellow investors and welcome back to Invest Talk.

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[SPEAKER_02]: My name is Luke Guerrero and it is Friday, October 24th, 2025.

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[SPEAKER_02]: Now today is one of my favorite days of the year.

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[SPEAKER_02]: It is the first game of the fall classic.

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[SPEAKER_02]: The world series starts in just about an hour now, but before I get to see that, before we all get to enjoy that, before we get to the weekend, we still got a bit of work to do, because October is almost done.

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[SPEAKER_02]: Over night temperatures may be getting chilly.

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[SPEAKER_02]: snow might start to soon fall.

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[SPEAKER_02]: And we are quickly moving through the fourth quarter onward to the holidays before you know it into 2026.

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[SPEAKER_02]: And we've seen it count this times this year.

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[SPEAKER_02]: How quickly things can change, which means, no matter what time of year it is, it's critical to remain focused.

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[SPEAKER_02]: And so each and every day of the week, Justin and I come here with one objective to help you become a better and more informed investor.

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[SPEAKER_02]: As always, we have a mixture of educational and actionable items to go over today, but most importantly, we have your finance and evaporation questions.

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[SPEAKER_02]: So before we get today's market performance and run down our show topics, let's tackle a call a question now.

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[SPEAKER_05]: Hey, guys.

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[SPEAKER_05]: Just calling and get your thoughts on booze Alan Hamilton, Pickerssemble B-A-H. Now, listen to your feedback on the podcast.

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[SPEAKER_05]: Thank you.

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[SPEAKER_02]: Booze Allen Hamilton, ticker B-A-H is a management consulting and tech engineering services firm.

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[SPEAKER_02]: They've had a bit of a rough year.

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[SPEAKER_02]: You did it down 28.98% down 20% in the past three months, down 45% in the past 52 weeks.

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[SPEAKER_02]: Now, it is a fairly large company, right about 12.3 billion

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[SPEAKER_02]: But revenue has not just stalled, revenue growth that is, it's fallen.

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[SPEAKER_02]: Going back five years, annualized revenue growth was about 9.9%.

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[SPEAKER_02]: Yet, this year, revenue supposed to drop from 11.9 billion to 11.8 billion at the same time.

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[SPEAKER_02]: Now, it income is supposed to fall from 930 million to 802 million in spite of 14.1% growth for most of the past five years.

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[SPEAKER_02]: Net margins slipping from 7.8% to 6.28%.

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[SPEAKER_02]: For real, to valuation perspective, it's pretty cheap near it's low.

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[SPEAKER_02]: About 15 times forward looking earnings, the low over the past five years is 13.2.

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[SPEAKER_02]: So why is this company, why they're not doing too hot?

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[SPEAKER_02]: Well, those Alan is highly exposed to US government, spending 100% of the revenue comes to the United States, 98%.

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[SPEAKER_02]: 98%.

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[SPEAKER_02]: of a revenue comes from US federal contracts.

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[SPEAKER_02]: And it's been a rough time for federal contractors, even before the government shut down.

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[SPEAKER_02]: The firm itself announced a workforce reductions about 7% of its employees because of the weaker outlook.

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[SPEAKER_02]: They signaled cost cutting across the board specifically in its civilian agency contracts.

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[SPEAKER_02]: And so in spite of its strong positioning and AI and cyber for government missions, they have over 200 active AI projects and 300 active cyber projects.

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[SPEAKER_02]: The name of the game is growth.

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[SPEAKER_02]: And so after spending about three billion in advanced tech innovation over the past decade, rubber starting to meet the road.

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[SPEAKER_02]: In my opinion, right now, those challenges seem to be too big, too big to overcome.

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[SPEAKER_02]: When 98% of your customer base is one customer, that is a lot of risk and it is not a great time to have your sole revenue stream be from federal contracts.

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[SPEAKER_02]: So, it may look like it's a good deal.

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[SPEAKER_02]: Relative strength is not very good.

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[SPEAKER_02]: Price is falling off of a cliff.

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[SPEAKER_02]: Maybe it's trying to find a bottom here, near its,

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[SPEAKER_02]: valuation lows, but what is going to drive it higher in the short term?

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[SPEAKER_02]: I don't think anything.

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[SPEAKER_02]: So for now, I'd keep my hands off of booze Allen Hamilton to your BH.

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[SPEAKER_02]: We've got a lot of ground to cover in the next 45 minutes or so and use a little bit of what we got planned.

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[SPEAKER_02]: My main focus point concerns this question is a securities-based line of credit, also known as an S-block, right for you.

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[SPEAKER_02]: We will explore the risks and rewards of an Espoca credit line secured by your investments.

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[SPEAKER_02]: In order to help you decide if it's the right financial tool for your liquidity needs.

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[SPEAKER_02]: Also, given that, we're not getting a lot of data from the government, we have to grasp on to anything.

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[SPEAKER_02]: So let's take a look at DeepDive of what we've seen out of earnings, how it's reassured markets and other state level data, how that's played into this waste land, this desert of federal data.

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[SPEAKER_02]: Most of the touch on inflation edged up a little bit higher, but less than expected, likely Fed is headed for another rate cut will dive into the ramifications of that.

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[SPEAKER_02]: Should we have time at the end of the show?

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[SPEAKER_02]: We'll touch on how the Fed is really putting a big wind column on the board for banks as they vote to advance a stress test overhaul.

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[SPEAKER_02]: What does that mean for markets?

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[SPEAKER_02]: What does that mean for credit?

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[SPEAKER_02]: What does that mean for you?

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[SPEAKER_02]: We also have some voice bank calls ready to play, including one on the concept of staying in the market, and another on a new month corporation, as well as maybe some questions that came in from the comment section of the Invest Talk YouTube channel and hopefully before we head off for the weekend some live calls from you all.

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[SPEAKER_02]: Now I think it's probably safe to say.

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[SPEAKER_02]: We'll be making several important investment decisions here in the fourth quarter, but before you do, I recommend that you look at our new, comprehensive 2025 Q4 economic and market outlook report.

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[SPEAKER_02]: Guess what?

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[SPEAKER_02]: It's a free read and it's posted now at invest.com.

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[SPEAKER_02]: As we're moving to break my phone lines are open, so give me a call at 888-99 chart.

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[SPEAKER_11]: Serious investors are certain to have, finance, and investment questions.

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[SPEAKER_11]: What do you think is a good price?

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[SPEAKER_01]: And the best person to ask your question in the right way is you.

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[SPEAKER_11]: and 24-7 rain or shine, Justin Klein and Luke Guerrero stand ready to provide their unbiased dancers.

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[SPEAKER_01]: But technically, right now, I like it, I like the momentum, but what's going to don't like those fundamentals?

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[SPEAKER_02]: Now, while gold is hitting these record highs, it's driven by these safe haven demand by central bank buying across the board.

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[SPEAKER_11]: Your participation makes an invest talk better.

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[SPEAKER_05]: I'm calling to ask about core in Maine.

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[SPEAKER_05]: This is Josh and North Carolina.

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[SPEAKER_05]: This is Marlow from George City area.

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[SPEAKER_11]: Let's take a live call, Sam from San Jose.

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[SPEAKER_11]: So don't forget to call, Invest talk.

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[SPEAKER_11]: Great advice, thank you.

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[SPEAKER_11]: 888-99 chart.

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[SPEAKER_11]: Millions of downloads have proved there's value in every invest talk podcast.

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[SPEAKER_11]: Call anytime 24-7, invest talk, 888-99 chart.

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[SPEAKER_02]: As always, before we dive deeper into some finance and investment questions, let's talk a little bit about the market.

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[SPEAKER_02]: U.S. stocks higher overall in Friday trading and in a bit off of their best levels.

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[SPEAKER_02]: But guess what, major indices all posted solid weekly gains for the week.

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[SPEAKER_02]: The Dow up 1.01% S&P 500 of 79 basis points Nasdaq up 1.15 Russell 2000 up 1 point.

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[SPEAKER_02]: to four.

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[SPEAKER_02]: So on a sector basis, big tech mostly higher Google on the back of a deal with anthropic, the best performer from that segment.

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[SPEAKER_02]: Other performers included semis, banks, investment banks, credit cards, tech hardware and utilities, relative under performers included energy,

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[SPEAKER_02]: On the bond side, not really that big of a move and spider some cooler than expected inflation data, treasuries unchanged to a bit firmer on the short end, the two-year-old down about one basis point on the day, while the dollar index, well, that finished flat.

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[SPEAKER_02]: Gold, however, retraced a little bit, finished down 20 basis points after a 2% bounce on Thursday and crude oil, settling down on the day down 50 basis points, still posting a solid weekly performance, actually it's best weekly performance since June, but this isn't spite of news of Russian oil sanctions.

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[SPEAKER_02]: Overall, what really tabbed a lot of this to the upside?

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[SPEAKER_02]: Well, I mean, we did get the latest batch of economic data to add a bit of support to the narrative that has really been going on, which is there is a bit of a solid macro backdrop, right CPI cooler than expected.

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[SPEAKER_02]: Flash PMI's and services PMI's, both stronger than expected.

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[SPEAKER_02]: But, you know, despite it, it's not really a big move in the treasury market that you'd expect.

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[SPEAKER_02]: The market's so pricing in 42 basis points of cuts.

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[SPEAKER_02]: through year-end, a little changed from prior reports.

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[SPEAKER_02]: And overall Q3 earnings metrics, well, remaining a bit elevated.

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[SPEAKER_02]: Let it growth rate already up 1% since the start of the earnings season.

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[SPEAKER_02]: And the beat rate running at nearly 84%.

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[SPEAKER_02]: Also a bit of positive sentiment surrounding trade.

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[SPEAKER_02]: The US confirmed that Trump and G's meeting next week is on with potentially some semblance.

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[SPEAKER_02]: I'll be at not much of de-escalation expected.

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[SPEAKER_02]: At the same time, the market ignored the president's announcement he has terminating negotiations with Canada.

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[SPEAKER_02]: On the day-to-front September, core CPI of 20 basis points, a bit below consensus, which was a 30, while annualized core of 3% also below the 3.1 consensus.

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[SPEAKER_02]: Point it readings mixed with services up and manufacturing down.

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[SPEAKER_02]: We also got the final October Michigan Consumer sentiment.

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[SPEAKER_02]: Marked down 1.4 points from the preliminary read of 53.6, the weakest level since May.

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[SPEAKER_02]: We also got the one-year inflation expectations unchanged at 4.6, so the longer term, the 5 to 10-year, marked up 20 basis points to 3.9% the highest level we've seen since.

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[SPEAKER_02]: June.

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[SPEAKER_02]: No feds speak this week, this upcoming week, ahead of the 29th of October, FOMC decision, where the Fed is widely expected to cut rates again by 25 basis points.

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[SPEAKER_02]: Also, maybe something we'd be looking for is the expectation for signaling and end for QE.

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[SPEAKER_02]: Other than that, where the government closed, not much in terms of data releases, so we will see what the market has to bring next week.

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[SPEAKER_02]: Now it is Friday.

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[SPEAKER_02]: I've said it a couple times and I briefly want to mention the newest KPP premium newsletter because it will be distributed tomorrow.

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[SPEAKER_02]: In the KPP Insight section, we touched on an important topic.

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[SPEAKER_02]: We mentioned it on the show the other day.

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[SPEAKER_02]: That is the wealth effect.

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[SPEAKER_02]: And with the wealth effect, very apparent.

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[SPEAKER_02]: What does that mean for growth?

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[SPEAKER_02]: What does that mean for inflation?

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[SPEAKER_02]: What does that mean for the economic environment?

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[SPEAKER_02]: Stock idea section, we mentioned a leading provider of identity and access management solutions, as well as a provider of support services for hospitals, senior care facilities, and health care organizations.

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[SPEAKER_02]: And in the portfolio management section, we touched on AI's next phase, profits over promises.

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[SPEAKER_02]: If you're interested in learning more, visit us at InVestalk.com and subscribe to the newsletter.

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[SPEAKER_02]: The newsletter will hit your inbox on Saturday afternoons.

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[SPEAKER_02]: All right, let's put it back to the InVestalk voice bank for a question that came in earlier.

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[SPEAKER_08]: Add a question.

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[SPEAKER_08]: You guys about the concept of staying in Martin.

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[SPEAKER_08]: You know, anytime you take profits on stock or each of the funds,

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[SPEAKER_08]: or maybe you go over an IRA or a 401K into an IRA where funds are traded from one week to one to another, you go to cash for a minute.

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[SPEAKER_08]: And then you are reinvested back in the market.

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[SPEAKER_08]: You talk to every time you do that, you're just getting back into the market again.

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[SPEAKER_08]: So I was wondering if you could touch your math, your philosophy and your ideas of staying in the market and what that means.

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[SPEAKER_02]: And I think it's open to interpretation, really.

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[SPEAKER_02]: I know that a lot of the big fund companies want to maintain pretty high exposure to the equity market, whatever asset class they are chasing.

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[SPEAKER_02]: So if you are a small cap fund and you get big applications, you have a lot of money, we're not just going to hold that in cash, you're not just going to hold that in a overnight money market sweep, you're probably going to equitize it with futures that are linked towards the asset class that you have maintaining that exposure over time.

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[SPEAKER_02]: Now, for individual investors, I think even a little bit different concerns, right?

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[SPEAKER_02]: What is a fund's primary concern?

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[SPEAKER_02]: Checking your relative to his benchmark.

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[SPEAKER_02]: As an investor, again, a little different.

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[SPEAKER_02]: I think of staying in the market as a mindset.

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[SPEAKER_02]: It doesn't mean that at all times you are 100% in the market.

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[SPEAKER_02]: You can be 0% in cash.

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[SPEAKER_02]: You can be 20% in cash.

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[SPEAKER_02]: But your mindset is such that you were always looking for opportunities to reinvest that money.

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[SPEAKER_02]: What is not in the market?

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[SPEAKER_02]: Selling out of everything and keeping it into money market fund.

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[SPEAKER_02]: That's certainly not in the market.

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[SPEAKER_02]: Now there are vehicles that you can use to maintain that 100% exposure.

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[SPEAKER_02]: You could buy some sort of derivative of the S&P 500 or the Russell 3000 or any sort

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[SPEAKER_02]: broad market index to keep your cash in.

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[SPEAKER_02]: Or instead of keeping it in a money market fund, but I don't think that is necessary for the everyday investor.

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[SPEAKER_02]: Yes, it is going to happen that there will be lags between when you trim and when you reinvest.

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[SPEAKER_02]: But if your mindset is such that you're always trying to find ways to stay exposed to the stock market to get those benefits of a long term compounding and a long investment horizon returns, then I consider you somebody who's staying in the market.

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[SPEAKER_02]: Moving into break, still to come, my main focus point.

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[SPEAKER_02]: Couple more stories, more answers to your questions, and hopefully some live calls.

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[SPEAKER_02]: I encourage you to call now.

15:28.868 --> 15:32.158
[SPEAKER_02]: You know the number, 888-99 chart.

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[SPEAKER_11]: In Vestock Innovators, Justin Klein and Luke Guerrero, Interview Company Leaders, Founders and Visionaries.

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[SPEAKER_11]: So head over to the In Vestock YouTube channel and look for In Vestock Innovators.

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[SPEAKER_11]: Luke Guerrero is here now and ready to answer your finance and investment questions.

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[SPEAKER_11]: Call In Vestock 888-99-Chart.

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[SPEAKER_02]: My main focus point today is about a tool, some people use for liquidity without having to sell down from their portfolio.

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[SPEAKER_02]: And that tool is called a securities-based line of credit or S-block, and it lets investors borrow against their portfolio without selling the assets.

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[SPEAKER_02]: The benefit of this being while you're preserving long-term investment, you still get those returns.

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[SPEAKER_02]: and you don't have to pay taxes.

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[SPEAKER_02]: Now, this type of line of credit is ideal for high net worth clients.

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[SPEAKER_02]: S-walks can fund opportunities like real estate purchases, like business needs, or large tax payments without triggering capital gains.

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[SPEAKER_02]: Lenders typically advance 50 to 90% of portfolio value, depending on the asset type.

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[SPEAKER_02]: Treasuries and cash equivalents are an higher advanced rates than equities.

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[SPEAKER_02]: Now, the key here, though, is that assets must be non-retirement holdings.

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[SPEAKER_02]: If you're getting some sort of tax advantage by the account, well, it doesn't qualify for this type of line of credit.

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[SPEAKER_02]: Additionally, leverage DTFs, illiquid positions, and penny stocks generally do not qualify.

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[SPEAKER_02]: Again, the idea here is this portfolio's collateral.

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[SPEAKER_02]: And if somebody's going to give you a loan,

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[SPEAKER_02]: They want to know that they can actually get their money back from the assets that they could seize.

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[SPEAKER_02]: Now, borrowers pled securities to a separate custodial account monitored by the lender to ensure adequate collateralization.

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[SPEAKER_02]: Unlike margin loans though, S-blocks precedes, per S-block proceeds cannot be used to buy more securities.

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[SPEAKER_02]: They're designed for external liquidity.

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[SPEAKER_02]: You can't use them to create leverage on top of leverage.

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[SPEAKER_02]: Now, upfront, costs are pretty minimal.

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[SPEAKER_02]: There's no application, there's no origination fees, but interest varies.

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[SPEAKER_02]: It's variable.

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[SPEAKER_02]: It accrues daily.

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[SPEAKER_02]: It's typically below credit card or on secure loan rates because again, there is collateral here, but it still is a cost.

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[SPEAKER_02]: So, what are the key advantages?

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[SPEAKER_02]: Well, liquidity?

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[SPEAKER_02]: flexibility, portfolio continuity, and tax efficiency since investors avoid realizing gains, which they would have to do if they want to sell assets to raise cash.

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[SPEAKER_02]: When would you want to use this type of vehicle?

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[SPEAKER_02]: Well, bridge financing, tax management.

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[SPEAKER_02]: You don't want to incur additional gains in order to pay off the taxes from your gains.

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[SPEAKER_02]: maybe incomes moving home renovations or other emergency, the quiddy.

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[SPEAKER_02]: Now, it's not gonna say if there are risks, the main risks include market declines, rising rates, remember the rates are generally variable.

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[SPEAKER_02]: Because if pledged assets fall in value, you could get margin-cult.

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[SPEAKER_02]: You could have to liquidate some holdings without any notice.

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[SPEAKER_02]: So what is the tip here?

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[SPEAKER_02]: If you're going to ask access, a next block,

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[SPEAKER_02]: Conservative borrowing, keep utilization well below limits and pledge your most stable assets that will reduce the risk of foreselling.

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[SPEAKER_02]: For affluent investors with ample collateral and repayment capacity, an S-block can be a powerful, low friction liquidity tool, but as with everything else, it requires a disciplined risk management.

19:46.141 --> 19:48.523
[SPEAKER_02]: It's keeping things moving and dropping another listener question.

19:49.010 --> 19:52.556
[SPEAKER_07]: call today about European on GDX.

19:52.576 --> 19:56.222
[SPEAKER_07]: I currently own it in my 403 and 407.

19:56.242 --> 20:01.270
[SPEAKER_07]: It's currently about three or four percent of my portfolio.

20:02.092 --> 20:09.003
[SPEAKER_07]: I wonder what you think of going up to five or six percent and what you think of GDX overall.

20:09.524 --> 20:10.225
[SPEAKER_07]: All right, thank you.

20:10.897 --> 20:14.821
[SPEAKER_02]: GDX is the vanic gold miners ETF.

20:14.841 --> 20:18.365
[SPEAKER_02]: I think it's one of the leading gold miners funds in the ETF space.

20:18.385 --> 20:19.947
[SPEAKER_02]: It's been around for a while since 2013.

20:20.547 --> 20:27.434
[SPEAKER_02]: And it originally started as U.S. gold miners, but expanded to track global gold companies.

20:28.996 --> 20:35.503
[SPEAKER_02]: As you'd expect, having a banner every year of 117.61 percent,

20:36.344 --> 20:47.265
[SPEAKER_02]: over the past 52 weeks, or rather year-to-date, up 72% over the past year at 46.76% on an annualized basis over the past three years.

20:48.026 --> 20:50.752
[SPEAKER_02]: It will do as well as gold does.

20:52.375 --> 20:59.348
[SPEAKER_02]: It has the names that you would expect it to have the highest weights, new Mount Corporation, Barric Mining, Anglo-Shanty.

21:00.408 --> 21:02.370
[SPEAKER_02]: These are some of the largest names in the space.

21:02.931 --> 21:10.759
[SPEAKER_02]: It also is a pretty diverse revenue stream, no single country makes up about 20% or makes up more than 20% of the revenue.

21:10.799 --> 21:13.983
[SPEAKER_02]: It's pretty well spread out on the size spectrum.

21:14.003 --> 21:16.626
[SPEAKER_02]: 68% large caps, 30% mid-caps.

21:17.286 --> 21:20.169
[SPEAKER_02]: And this excretion is not crazy, 51 basis points.

21:20.190 --> 21:21.831
[SPEAKER_02]: So the question here is, is this a good ETF?

21:21.851 --> 21:24.354
[SPEAKER_02]: Yeah, I like the CTF if you're trying to get exposure gold miners.

21:25.075 --> 21:26.536
[SPEAKER_02]: It's now a good time to be exposed to gold.

21:26.556 --> 21:28.018
[SPEAKER_02]: I mean, it's marched up.

21:28.117 --> 21:29.198
[SPEAKER_02]: in such a crazy way.

21:29.839 --> 21:32.121
[SPEAKER_02]: And yeah, we had a little bit of a pullback, we had some bounce.

21:32.802 --> 21:41.570
[SPEAKER_02]: But the reality is the conditions that have driven gold ever higher over the past 18 months are still out there.

21:41.590 --> 21:49.958
[SPEAKER_02]: And so five to six percent, I think is a perfectly reasonable allocation to half to gold or in this case, a gold proxy.

21:50.579 --> 21:51.220
[SPEAKER_02]: Great question.

21:51.460 --> 21:55.744
[SPEAKER_02]: That is the Vanic gold minus ETF, ticker GTX.

21:57.142 --> 22:03.091
[SPEAKER_02]: On the next invest talk, we'll look into this topic, generative AI and finance, five ways to budget plan and safe.

22:03.712 --> 22:14.487
[SPEAKER_02]: Discover the five key personal finance use cases for generative AI, including how to use it for creating personalized budgets, setting financial goals, and simulating debt repayment scenarios.

22:15.429 --> 22:23.200
[SPEAKER_02]: We'll talk about that on Monday, but for now, I'm Luke Guerrero and ready to take your calls at 888-99 chart.

22:37.810 --> 22:40.535
[SPEAKER_11]: The root game is here or almost here.

22:40.875 --> 22:45.844
[SPEAKER_11]: But you've got finance and investment questions, so step up and call in.

22:46.485 --> 22:47.627
[SPEAKER_11]: Invest talk.

22:47.647 --> 22:49.791
[SPEAKER_11]: 88899 chart.

22:51.895 --> 22:54.499
[SPEAKER_02]: It's good to Jerk calling in from Canada.

22:54.519 --> 22:56.683
[SPEAKER_02]: You got a question about PSM.

22:56.763 --> 22:57.605
[SPEAKER_02]: You own it, you're looking to buy it.

22:57.625 --> 23:02.974
[SPEAKER_00]: I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I,

23:03.410 --> 23:04.532
[SPEAKER_00]: Good, thanks.

23:04.772 --> 23:11.184
[SPEAKER_00]: I own PSN and just looking into potentially buying a bit more adding to my position.

23:12.086 --> 23:15.011
[SPEAKER_00]: That's a Parsons Corporation, PSN.

23:15.712 --> 23:23.166
[SPEAKER_02]: PSN, okay, that makes more sense than looking at this very small cap German media company, which is ticker PSN.

23:23.787 --> 23:27.173
[SPEAKER_02]: So we'll take a look at PSN, just give me a sec to load this up.

23:27.659 --> 23:38.180
[SPEAKER_02]: Okidok Parsons Corporation, headquartered in Virginia, is a mid-cap company about 9.4 billion at Operates via two major segments.

23:38.221 --> 23:47.760
[SPEAKER_02]: It's got federal solution, so it's defense intelligence and cybersecurity, and also critical infrastructure, thick transportation, water, and environment.

23:47.740 --> 23:51.685
[SPEAKER_02]: It's breaking down about 59, 41, between those two.

23:51.745 --> 24:02.440
[SPEAKER_02]: About 77% of its revenue comes from the United States, 16% from the Middle East, and then the other seven pretty much from other places within North America.

24:03.041 --> 24:09.389
[SPEAKER_02]: The key drivers, right, the demand for cybersecurity, for cyber-mission engineering, for infrastructure investment.

24:09.449 --> 24:13.815
[SPEAKER_02]: Think about the U.S. grid and how poorly managed it currently is.

24:14.723 --> 24:24.296
[SPEAKER_02]: But in spite of these things, it's down about 8.7% year to date down 19.39% over the past 52 weeks.

24:25.278 --> 24:26.339
[SPEAKER_02]: I think generally, right?

24:26.379 --> 24:35.652
[SPEAKER_02]: They do have a bit of secular tailwinds going on as I mentioned the infrastructure upgrading, a lot of defense spending, but they could be suffering from what a lot of other

24:36.712 --> 24:40.436
[SPEAKER_02]: public contractors, public solutions companies are suffering from.

24:40.496 --> 24:42.659
[SPEAKER_02]: That is an environment of cost cutting.

24:42.679 --> 24:47.825
[SPEAKER_02]: Now, they didn't look as bad in terms of its momentum as Boo's Allen Hamilton did.

24:48.306 --> 24:51.029
[SPEAKER_02]: From a technical perspective, it certainly looks far better.

24:51.810 --> 24:55.634
[SPEAKER_02]: But my big concern here is contract timing and backlog risk, right?

24:55.915 --> 25:00.060
[SPEAKER_02]: These government defense contracts often have very long lead times.

25:00.080 --> 25:04.525
[SPEAKER_02]: So budget delay, shifting priorities could lead to execution risk.

25:04.505 --> 25:15.540
[SPEAKER_02]: The evaluation perspective, it looks like it's trading at about 24.2 times price for looking earnings well above its average of about 29 and revenue growth is slowing.

25:15.901 --> 25:19.826
[SPEAKER_02]: It's actually supposed to lose some revenue from this year to next year.

25:19.846 --> 25:23.211
[SPEAKER_02]: 6.7 billion to a 6.5 billion net income.

25:23.591 --> 25:29.179
[SPEAKER_02]: Still supposed to grow a little bit means margins are expanding just slightly from 3.5% net margin to 3.8.

25:29.530 --> 25:33.515
[SPEAKER_02]: Now, from a debt perspective, it looks okay about 900 million to debt.

25:33.535 --> 25:34.796
[SPEAKER_02]: So I'm not worried about the leverage here.

25:35.417 --> 25:38.701
[SPEAKER_02]: The one thing that does concern me is the secular headwinds.

25:39.422 --> 25:50.796
[SPEAKER_02]: Government coming, cutting back, long lead time of contracts, only muddled by what's been going on with the US government shut down, and by the way, again, the US makes up 77% of its business.

25:50.776 --> 25:53.040
[SPEAKER_02]: I'm not seeing any warning signs to get out now.

25:53.120 --> 25:55.704
[SPEAKER_02]: I mean, over the past six month momentum has been better.

25:55.744 --> 25:58.849
[SPEAKER_02]: I just am not sure that I would throw more money into this.

25:59.450 --> 26:02.755
[SPEAKER_02]: Now, I would wait to see where getting earnings, November 5th.

26:03.436 --> 26:08.944
[SPEAKER_02]: Wait to see what guidance is, wait to see the reaction to guidance, and only then would I consider throwing more money in.

26:08.984 --> 26:12.330
[SPEAKER_02]: That is, Parsons Corporation, ticker PSN.

26:13.111 --> 26:13.592
[SPEAKER_02]: Thanks to the call.

26:14.773 --> 26:15.575
[SPEAKER_02]: So make it two in a row.

26:15.975 --> 26:17.037
[SPEAKER_02]: Tackle this question now.

26:17.978 --> 26:19.059
[SPEAKER_06]: Hi Luke and Justin.

26:19.360 --> 26:27.890
[SPEAKER_06]: Today I want you guys to look at Newmont, tickers, NEM, they had earnings, and then after hours, they were down a few percentage points.

26:28.691 --> 26:43.189
[SPEAKER_06]: It looks like earnings were good, but there were some guidance on maybe cash flows, not being as strong as the previous quarter, and potentially gonna be worse next quarter, and that's all in the midst of really high gold prices.

26:43.470 --> 26:47.935
[SPEAKER_06]: I bought it around 50, I'm pretty good now

26:48.522 --> 26:50.025
[SPEAKER_06]: Maybe trim a little bit.

26:50.405 --> 27:00.063
[SPEAKER_06]: I'm not overweight gold, so as far as my allocation, but would you sell to you switch this to a different type of gold or precious metal exposure?

27:00.644 --> 27:02.026
[SPEAKER_06]: What do you guys think about new amount?

27:02.327 --> 27:03.248
[SPEAKER_06]: I'll listen on the show.

27:03.268 --> 27:04.270
[SPEAKER_06]: Thank you.

27:04.840 --> 27:28.013
[SPEAKER_02]: Numa Corporation, very large company, $98 billion market cap company, is a minor, so they have gold properties, they got copper, silver, or lead, about 15% of the revenue comes to the United States, 16% from Australia, 14% from Canada, 44 from elsewhere, but a big 13% comes from the Nevada gold mines.

27:28.870 --> 27:45.230
[SPEAKER_02]: Now, Newman has been a big beneficiary of the rise of gold up 123.99% year to date of 69.28% it would pass up to you two weeks, despite of that down 6.23% today.

27:45.951 --> 27:46.972
[SPEAKER_02]: Now, our names are fine, right?

27:46.992 --> 27:52.178
[SPEAKER_02]: They did advise of some sort of cash flow issues.

27:52.158 --> 27:54.282
[SPEAKER_02]: That isn't really a problem though.

27:54.302 --> 27:58.148
[SPEAKER_02]: It has been increasing over the past five years, only sitting at about 8 billion.

27:58.168 --> 28:04.098
[SPEAKER_02]: It's certainly well covered by at least half covered by the cash in short-term investments.

28:04.118 --> 28:08.125
[SPEAKER_02]: We're sitting at $3.6 billion in cash.

28:08.105 --> 28:26.822
[SPEAKER_02]: What new mod does and what a lot of minors do is they offer leverage into the gold price Second one gold prices rise large producers can benefit through margin expansion and higher free cash flow You're seeing that free cash flow from 2.9 billion to 6 billion Not operating cash flow from 6.3 billion to 8.9 billion

28:26.802 --> 28:33.220
[SPEAKER_02]: Net margin up from 17.7% to 33.4%, but this is cyclical, and it is leverage exposure.

28:33.662 --> 28:41.925
[SPEAKER_02]: I think gold, as I said, and the question about the van at gold miners ETF, is a great position to have within your portfolio.

28:41.905 --> 28:44.409
[SPEAKER_02]: But there's a bit of a market signal here after earnings.

28:45.051 --> 28:45.792
[SPEAKER_02]: You are up a lot.

28:45.852 --> 28:47.094
[SPEAKER_02]: I wouldn't sell completely out of it.

28:47.475 --> 28:50.681
[SPEAKER_02]: Maybe start trim to take profit, diversify into other miners.

28:50.701 --> 28:53.566
[SPEAKER_02]: Just so you're not concentrated on their specific properties.

28:54.127 --> 28:56.010
[SPEAKER_02]: Still like the name, we have held it for clients.

28:56.291 --> 28:57.192
[SPEAKER_02]: Wouldn't sell out of all of it.

28:57.473 --> 28:59.897
[SPEAKER_02]: That is new month corporation, ticker and EM.

29:00.907 --> 29:04.054
[SPEAKER_02]: On Fridays, we'd like to run down if we can.

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[SPEAKER_02]: Couple key benchmark numbers, so let me hit you with that list right now.

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[SPEAKER_02]: The two-year treasure yield was at 3.484% today.

29:13.797 --> 29:19.911
[SPEAKER_02]: Last week, that number was 3.464, 199 weeks ago, 64 basis points.

29:20.920 --> 29:29.509
[SPEAKER_02]: The 10-year yield was at $4.003% today, last week that number was $4.001, and $197 weeks ago was $1.762.

29:32.032 --> 29:49.071
[SPEAKER_02]: Gold, $4,113 per ounce, a $136 decrease compared to last week, but guess what, 12 weeks ago that number was $3,348, and a $191 weeks ago, which feels like decades ago that

29:49.827 --> 29:58.588
[SPEAKER_02]: Silver today priced at 4860 per ounce, a 3.91 increase, 3.91 and increased compared to two weeks ago.

29:59.075 --> 30:02.080
[SPEAKER_02]: Sorry, that's a decrease compared to 2 weeks ago where the number was 51.91.

30:02.100 --> 30:07.409
[SPEAKER_02]: 89 weeks back, it was 2.280 and looking back 183 weeks, several was 23.94.

30:07.429 --> 30:18.968
[SPEAKER_02]: Oil, 61.50 per barrel, $3.76 higher compared to last week, 57 weeks ago, number was 67.79.99 weeks back.

30:19.048 --> 30:19.789
[SPEAKER_02]: That number was 74.30.

30:19.949 --> 30:21.732
[SPEAKER_02]: And how did 98 weeks go?

30:21.752 --> 30:24.036
[SPEAKER_02]: That number is 66.62.

30:24.218 --> 30:37.619
[SPEAKER_02]: The national average for a gallon of regular gasoline is $3.6 a 1 cent increased compared with one week ago, 125 weeks ago that number was 356 and 173 weeks back that number was 425.

30:38.320 --> 30:49.056
[SPEAKER_02]: California Gas 459 per gallon, a 5 cent decline compared with just last week, 103 weeks ago that number was 532 and 179 weeks back that number was 587.

30:49.957 --> 30:51.019
[SPEAKER_02]: For a comparison.

30:51.691 --> 30:52.953
[SPEAKER_02]: In the Sunshine State, Florida.

30:53.794 --> 30:56.016
[SPEAKER_02]: Gas is at the Sunshine State.

30:56.037 --> 30:57.178
[SPEAKER_02]: Jorge, can you check me on that?

30:57.218 --> 30:58.500
[SPEAKER_02]: Is Florida the Sunshine State?

30:59.641 --> 31:00.743
[SPEAKER_02]: Florida is the Sunshine State.

31:01.203 --> 31:03.326
[SPEAKER_02]: Didn't want to describe that to the wrong state.

31:03.987 --> 31:12.578
[SPEAKER_02]: Anyway, gas is averaging 294 per gallon today that is a $1.65 less than gas in California.

31:13.539 --> 31:15.661
[SPEAKER_02]: Double confirmed, Florida the Sunshine State.

31:15.682 --> 31:16.763
[SPEAKER_02]: All right, let's move things along.

31:17.524 --> 31:20.027
[SPEAKER_02]: And as I mentioned, government's closed.

31:21.003 --> 31:28.232
[SPEAKER_02]: There are a lot of ramifications of that, certainly more of which will be felt in November when money does actually run out for a lot of critical programs.

31:28.372 --> 31:30.615
[SPEAKER_02]: But it also means we don't get a lot of data.

31:30.675 --> 31:32.618
[SPEAKER_02]: And so the market's grasping.

31:33.078 --> 31:33.739
[SPEAKER_02]: We're grasping.

31:33.759 --> 31:36.863
[SPEAKER_02]: We're grabbing for anything that tells us anything about anything.

31:37.924 --> 31:42.370
[SPEAKER_02]: And one of the things that has steadyed jittery markets is strong corporate earnings.

31:42.586 --> 31:52.636
[SPEAKER_02]: They've offset a lot of investor anxiety over credit scares, the shutdown, tensions with China, now tensions with Mexico, or sorry, not Mexico, Canada.

31:53.697 --> 31:55.098
[SPEAKER_02]: And it's kind of across the board.

31:55.198 --> 31:56.460
[SPEAKER_02]: Coca-Cola was positive.

31:56.500 --> 31:58.001
[SPEAKER_02]: 3M was positive.

31:58.201 --> 32:00.384
[SPEAKER_02]: General Motors was positive.

32:00.404 --> 32:04.167
[SPEAKER_02]: All exceeding Wall Street's expectations Intel upbeat results.

32:05.529 --> 32:11.935
[SPEAKER_02]: 86% of the S&P 500 have reported that have reported

32:13.062 --> 32:18.208
[SPEAKER_02]: And so we've seen a bit of a positive week, in spite of not getting a lot of data that we are used to.

32:19.450 --> 32:27.740
[SPEAKER_02]: For better or worse, in a way, earnings have become kind of the de facto economic barometer.

32:28.982 --> 32:37.332
[SPEAKER_02]: They're filling the gap left by suspended government releases on jobs and inflation and being something that you can subscribe a direction to.

32:38.324 --> 32:49.363
[SPEAKER_02]: The rally this week further fueled by broader companies, Dally, Clause Vegas, Sands, all doing strong in earnings, outside of earnings, more optimism, housing data, added a bit of optimism.

32:49.423 --> 32:55.214
[SPEAKER_02]: September home sales hit a seven-month high, as buyers started to take advantage of bit of falling mortgage rates.

32:56.175 --> 33:00.062
[SPEAKER_02]: When you don't have federal data, what can we do while we look at state-level jobs data?

33:01.426 --> 33:04.009
[SPEAKER_02]: And at least on a state level, we're not seeing any surge in layoffs.

33:04.029 --> 33:09.276
[SPEAKER_02]: It's easing fears of a slowdown, even without that aggregated federal reporting.

33:10.217 --> 33:16.204
[SPEAKER_02]: But in spite of all this, there's still a bit of jitters in the credit markets after the bankruptcies of first brands and triaculate.

33:17.065 --> 33:17.966
[SPEAKER_02]: Are they do synthetic?

33:17.986 --> 33:19.468
[SPEAKER_02]: Are they business specific?

33:19.488 --> 33:20.369
[SPEAKER_02]: Are they systemic?

33:20.469 --> 33:21.370
[SPEAKER_02]: Only time will tell.

33:22.572 --> 33:29.340
[SPEAKER_02]: By still looking deeper into financial bank stocks, stabilizing of it, regional lenders are rebounding.

33:30.130 --> 33:36.665
[SPEAKER_02]: Now, on the bond side right, one of the ways you can take a look at how the market is interpreting all of these layers of risk is bond spreads.

33:37.246 --> 33:44.061
[SPEAKER_02]: High yield bonds spreads have widened just slightly, to about 3.04 percentage points, but that still remains near historic lows.

33:44.101 --> 33:49.253
[SPEAKER_02]: Suggesting markets aren't really pricing in major credit stress.

33:49.823 --> 33:51.005
[SPEAKER_02]: One strategy is put it this way.

33:51.065 --> 33:56.892
[SPEAKER_02]: The current market feels like a casino where the crab's table is closed, so everyone moves to blackjack.

33:56.932 --> 33:57.793
[SPEAKER_02]: Investors are adapting.

33:57.814 --> 34:00.517
[SPEAKER_02]: They're focusing more and more on different data points.

34:01.318 --> 34:08.347
[SPEAKER_02]: Just because we can't see one thing doesn't mean you can't focus in and try and decipher the signal from the noise.

34:09.088 --> 34:12.753
[SPEAKER_02]: Looks like we got time to roll in another caller question from 888.99 chart.

34:12.893 --> 34:17.940
[SPEAKER_09]: Add a question I've invested in a stock called Amzard.

34:18.055 --> 34:20.359
[SPEAKER_09]: that ticker is AMGA.

34:20.859 --> 34:22.702
[SPEAKER_09]: I had a couple of questions about this.

34:23.183 --> 34:25.987
[SPEAKER_09]: First of all, what's you all opinion on this stock?

34:26.568 --> 34:30.494
[SPEAKER_09]: As well, they are structured at the C corporate stock.

34:30.514 --> 34:38.687
[SPEAKER_09]: And I just want to know the ramifications behind taxes and other inside information on this that I don't quite understand fully.

34:39.508 --> 34:42.232
[SPEAKER_09]: Again, the ticker is AMGA.

34:42.593 --> 34:45.497
[SPEAKER_09]: Now is

34:45.848 --> 34:49.921
[SPEAKER_09]: and also thumbs up for thumbs down and Justin would say, have a great one now.

34:49.941 --> 34:50.743
[SPEAKER_09]: Thanks.

34:50.763 --> 34:56.601
[SPEAKER_02]: So what I'm seeing for AMZA is the Infra Cap MLP ETF.

34:57.357 --> 35:05.484
[SPEAKER_02]: And I'm seeing that it is a actively managed ETF investing primarily in midstream energy infrastructure MLP.

35:05.504 --> 35:16.314
[SPEAKER_02]: It's trying to get total work turned through income distributions and capital appreciation with a modest bit of leverage about 1.25 times leverage.

35:17.034 --> 35:20.898
[SPEAKER_02]: Now, if you're an income seeking investor, I think this makes some sort of sense, right?

35:20.918 --> 35:25.542
[SPEAKER_02]: They offer one of the highest yields in the energy MLP.

35:25.522 --> 35:53.672
[SPEAKER_02]: space, and mid-stream MLPs can give you relatively stable cash flows, especially if contracts are long-term, their less commodity price sensitive, could appeal during certain parts of the economic cycle, but because of its leverage, it's option strategies, it's focus on MLPs, there's an amplified whisper turn here, rather than some sort of conservative income fund.

35:53.753 --> 35:56.516
[SPEAKER_02]: I wouldn't consider it a focal point of my strategy.

35:57.378 --> 36:00.982
[SPEAKER_02]: I wouldn't have it be a main point of my strategy because you have that commodity sector risk.

36:01.483 --> 36:03.765
[SPEAKER_02]: You have interest rate leverage risk.

36:03.785 --> 36:08.511
[SPEAKER_02]: You have tax complexity because of the C corporation structure and different tax liabilities.

36:10.594 --> 36:11.836
[SPEAKER_02]: It's a lot more difficult to track.

36:11.856 --> 36:18.664
[SPEAKER_02]: You could have far different exposure than you would have if you just invested in a simple ETF.

36:20.062 --> 36:22.624
[SPEAKER_02]: Meaning maybe you want to hold it in a tax advantage to him.

36:23.585 --> 36:24.726
[SPEAKER_02]: What's its expense ratio?

36:24.746 --> 36:28.489
[SPEAKER_02]: I'm not seeing much in terms of expense ratio here either.

36:28.549 --> 36:30.371
[SPEAKER_02]: So I'm not getting a lot of visibility there.

36:30.851 --> 36:37.657
[SPEAKER_02]: But generally, I'd expect it to be on the more expensive side because of its niche because of its concentration.

36:39.119 --> 36:48.887
[SPEAKER_02]: Overall, I mean, I generally tend to stay away or suggest

36:50.032 --> 37:00.348
[SPEAKER_02]: leveraged, concentrated ETFs, they can be more of a headache than what they bring into your portfolio.

37:00.368 --> 37:01.930
[SPEAKER_02]: And so I'm going to stay in line with that.

37:02.751 --> 37:03.753
[SPEAKER_02]: I'm going to stay in line with that.

37:03.773 --> 37:08.460
[SPEAKER_02]: I'm going to say if you're an income investor, there's safer, more conservative ways to get income elsewhere.

37:08.820 --> 37:16.512
[SPEAKER_02]: If you're looking for appreciation, though this is probably not the sector

37:16.745 --> 37:21.980
[SPEAKER_02]: And if you're looking to have simple taxes, well, this is certainly not the way to go.

37:22.000 --> 37:27.075
[SPEAKER_02]: That is AMZA, the Infracap, MLP, ETF.

37:28.456 --> 37:33.503
[SPEAKER_02]: Now recently, and we'll do another one soon, but recently we did a webinar on AI.

37:33.563 --> 37:46.182
[SPEAKER_02]: We went beyond the traditional names that most people have been talking about and deeper into the picks and shovels into the energy and the industrial sector to find those beneficiaries outside of those big tech names.

37:46.222 --> 37:47.123
[SPEAKER_02]: If you missed it,

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[SPEAKER_02]: Well, it was a great time, but don't worry, we recorded it, and it is available over there on our Invest Talk, YouTube, you'll see our presentation, and you'll see many of the brilliant questions from listeners such as yourselves.

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[SPEAKER_02]: Head over to Invest Talk.com or head over to YouTube, actually, and search for Invest Talk with two teams.

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[SPEAKER_02]: As in Vestock, I'm Lou Greer, we have one goal here to help you achieve your financial freedom.

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[SPEAKER_02]: Our work continues after our final break, so get your questions in now, at 888-99-chun.

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[SPEAKER_11]: Every investor is working to build a secure financial future.

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[SPEAKER_11]: How they get there and when they get there, that depends on many variables.

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[SPEAKER_11]: The more you learn about how the market works, the better your chances.

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[SPEAKER_11]: So don't forget to call, Invest Talk.

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[SPEAKER_11]: 888-99, chart.

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[SPEAKER_10]: Hi, my name is Ernie and I'm calling from Lee Moore at Naval Base, Central California.

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[SPEAKER_10]: FQM, it's one of the largest lithium producers in the world, not the largest, and I want to know your thoughts on it and what's a good entry point.

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[SPEAKER_10]: I already have a half a position in and love the show.

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[SPEAKER_10]: Keep doing what you do.

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[SPEAKER_10]: Thank you.

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[SPEAKER_02]: SQM, Society of Cimica, E. Minera de Chile, and Apologies to All Spanish Speakers globally, is a large chemical company.

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[SPEAKER_02]: They have major operations in specially plant nutrition, iodine, and derivatives, potassium, and salts, but most notably, as the color mentioned, Lithium.

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[SPEAKER_02]: You need to date this company's up 25.28% up 12.8% over the past 52 weeks,

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[SPEAKER_02]: Size wise, midcap, 12.2 billion dollar market cap, revenue growth pretty stellar, really into the pandemic, into 2022, revenue grew from 1.9 billion to 10.7 billion.

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[SPEAKER_02]: Now, after that, it's fallen quite a bit.

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[SPEAKER_02]: It's been a pretty poor time for the lithium cycle, but in spite of all of this, right here today, this company's

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[SPEAKER_02]: up.

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[SPEAKER_02]: Now going back to 2022, they're at a high about 104.

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[SPEAKER_02]: It's been a slow downward climb ever since then, to about 45 55 per share.

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[SPEAKER_02]: Actually lost money in 2024 projected to make money in 2025.

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[SPEAKER_02]: Net margins said to be 14.6% net income about $656 million.

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[SPEAKER_02]: The trading of the average over the past five years, price for looking at earnings 15.2 times.

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[SPEAKER_02]: I think that you really nailed

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[SPEAKER_02]: This is gonna be about lithium.

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[SPEAKER_02]: Now the company has initiated a bit of workforce reductions with the lithium-market slump.

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[SPEAKER_02]: They've started to cost cut and scale a little re-scale a little bit better.

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[SPEAKER_02]: They do have some pretty solid long-term supply deals with automakers like Hyundai and Kia and help to, you know, for those lithium hydroxide EV batteries and that's reinforced the position in battery metals, but this is going to be exactly

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[SPEAKER_02]: predicated upon the lithium cycle.

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[SPEAKER_02]: And so if you want to hold lithium and this is a good, you know, a good name to hold if you're want to be exposed to lithium, so I got about 3.6 billion in debt.

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[SPEAKER_02]: It's growth has been solid outside of cyclically where lithium has been.

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[SPEAKER_02]: Just understand that I wouldn't want to be too exposed to this commodity in particular.

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[SPEAKER_02]: So maybe start to rethink what a full position means to you

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[SPEAKER_02]: Especially as there may be some cutbacks on companies investing in EVs, the demand for lithium, and the cycle may not turn as soon as we like it to.

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[SPEAKER_02]: Either way, it's a solid company.

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[SPEAKER_02]: I would just rethink how much exposure you might want.

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[SPEAKER_02]: That is SQM.

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[SPEAKER_02]: Thanks for the call.

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[SPEAKER_02]: Now quickly let's go over the numbers we got today inflation picked up slightly in September rising at 3% year over year a notch above August 2.9% but below that expectations of 3.1.

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[SPEAKER_02]: Cornflation, excluding food and energy, came in at 3% matching the headline rate and signaling that price pressures remain broad but contained.

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[SPEAKER_02]: The report gives the Fed pretty clear path to another rate cut.

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[SPEAKER_02]: But tear-related costs are still creeping into categories.

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[SPEAKER_02]: You saw it in a peril in furniture and sporting goods.

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[SPEAKER_02]: For now, firms are finding ways to resort.

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[SPEAKER_02]: Or avoid the higher levies, but that can only last for so long.

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[SPEAKER_02]: The US has collected 30 billion in tear-free revenue in September, yet overall consumer prices showed only mild upward pressure.

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[SPEAKER_02]: Elsewhere, that energy prices rose sharply led by gasoline while food costs climb more slowly, helping to offset a higher prices elsewhere.

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[SPEAKER_02]: Housing costs, a key driver of cornflation, rose modestly helped by soft rents, and economists say that the report underscores a shift in Fed focus from that inflation towards that employment, as hiring slows and the low-higher low-fire job market.

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[SPEAKER_02]: We get it!

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[SPEAKER_02]: Margaret Rallyed on the news, betting the Fed will cut rates again next week, as inflation pressures although ever present.

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[SPEAKER_02]: seeming to cool just enough to keep the easing cycle alive.

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[SPEAKER_02]: I'm Lou Guerrero, and this completes another episode of Invest Talk.

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[SPEAKER_02]: Justin and I thank you for listening and encourage you to tell your friends and family members about our free podcast downloads, which you and they can get, iTunes and Spotify.

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43:26.324 --> 43:35.676
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