[SPEAKER_06]: This is Invest Talk, from KPP Financial, helping investors make sense of the markets one day at a time.

[SPEAKER_06]: Here's your host, Justin Klein.

[SPEAKER_04]: Good afternoon fellow investors and welcome back to in Vest Talk.

[SPEAKER_04]: This is our Friday Friday.

[SPEAKER_04]: We made it to Friday Friday August 21st, 2026 edition of Invest Talk and we have an exciting show for you today.

[SPEAKER_04]: We're going to talk all about how this markets reacted this week.

[SPEAKER_04]: It was quite the week.

[SPEAKER_04]: Some big headlines, some big moves, especially in gold, which we'll talk about a little bit later.

[SPEAKER_04]: I've been talking about kind of hammering.

[SPEAKER_04]: I've been pounding the table for last three, four years now, but

[SPEAKER_04]: Some people listen to me, some people haven't, but it's never too late.

[SPEAKER_04]: We're going to talk about that in much, much more during this hour.

[SPEAKER_04]: Most importantly, we will be your live calls, your questions, eight, eight, nine, nine charts.

[SPEAKER_04]: How you get through an answer question on every investor or after hours, 24 hours and a seven days a week.

[SPEAKER_04]: You can leave your message.

[SPEAKER_04]: We'll answer it on a future show.

[SPEAKER_04]: We have some topics that we'll bring that I think are great, but most importantly, they can set whatever is on your mind.

[SPEAKER_04]: We are here for it.

[SPEAKER_04]: So let's close out the week strong.

[SPEAKER_04]: Now, just a bit.

[SPEAKER_04]: We'll talk about today's mark performance and run down the show topics for the hour.

[SPEAKER_04]: But as usual, we'll tackle this first call a question now.

[SPEAKER_08]: Hello, Investor.

[SPEAKER_08]: I had a question on ETFTX.

[SPEAKER_08]: It's gold miners from my understanding.

[SPEAKER_08]: It's not invested in gold.

[SPEAKER_08]: It's basically they owns the miners that

[SPEAKER_08]: probably produce gold.

[SPEAKER_08]: So I was wondering if that's a good exposure to gold.

[SPEAKER_08]: I have none in my portfolio and was looking to get into some.

[SPEAKER_08]: And if I do, I was looking to sell some cash to your puts to see if I get assigned.

[SPEAKER_08]: I don't know what you guys thought about GX.

[SPEAKER_08]: Thank you.

[SPEAKER_04]: Yeah, this kind of links with what I said before, which is you should own gold.

[SPEAKER_04]: We own it through the miners.

[SPEAKER_04]: We buy individual miners, but if you don't want to do the research, you want to just own some of the large miners that are out there.

[SPEAKER_04]: This is a good

[SPEAKER_04]: collection of them.

[SPEAKER_04]: The top-holding is Econico Eagle, then Numa, Barric, Ween Pruscious Metals, Franklin Nevada's in there, Ken Ross Gold.

[SPEAKER_04]: Some of the bigger names with market caps in the tens if not hundreds of billions of dollars.

[SPEAKER_04]: So, yes, I think this is a good way to get exposure.

[SPEAKER_04]: If you such if you have none, now should you do cash-to-care puts?

[SPEAKER_04]: Well, the issue with that is that, you mean like a sign, unless it's a large pullback in,

[SPEAKER_04]: gold and gold miners, which certainly can happen.

[SPEAKER_04]: We've had a good run as of late to hit support back in July, early July, what do we bought him out of about $70 per share?

[SPEAKER_04]: Now we're already up to 102 in change, and that's just in the past few weeks.

[SPEAKER_04]: So if a little bit of our bond in the short term would like to see a bit more

[SPEAKER_04]: bit of volatility, a bit of pullback just to get back in.

[SPEAKER_04]: But once again, are you going to get put it exactly?

[SPEAKER_04]: I don't know if that's really going to happen.

[SPEAKER_04]: So I think adding cash to Kurt's puts is not a bad idea, but I wouldn't use that as a sole way to get in because you may not get assigned.

[SPEAKER_04]: And, you know, yeah, you'll keep a little of that premium on the put, but, you know, you want upside.

[SPEAKER_04]: That's what this is about.

[SPEAKER_04]: There's a lot of volatility.

[SPEAKER_04]: You have to know that you have to know that volatility

[SPEAKER_04]: the name of the game.

[SPEAKER_04]: In the minor in the gold minor world, any of the commodity stocks, they have high volatility, you have to be comfortable with that.

[SPEAKER_04]: But if I remember like this, where the basement is the name of the game of our financial system,

[SPEAKER_04]: There's the right tail of that volatility that is being experienced right now.

[SPEAKER_04]: And the right tail is the positive outcome.

[SPEAKER_04]: Most people in the here volatility think left tail is negative, but this is the right tail and things are looking up for the space.

[SPEAKER_04]: They made a great show yesterday.

[SPEAKER_04]: Luke, Luke, looked into the dollar slide and what it does to your foreign holdings.

[SPEAKER_04]: He explained what currency moves quietly drive a large share of international fund returns and whether hedge or unhedge exposure makes more sense.

[SPEAKER_04]: He also answered a question about zootus, ZTS, and if you have a miss it, go check it out.

[SPEAKER_04]: You can get every investor podcast wherever you get your project.

[SPEAKER_04]: Now, a lot of ground to cover over the next 45 minutes or so in time permitting, we'll get to all of it.

[SPEAKER_04]: Our main focus point is Jackson Hole, the symposium coming up here in what about a week is about the dynamics of the Treasury market.

[SPEAKER_04]: Because we know the Treasury market was linked to the Treasury market and that is the crypto market.

[SPEAKER_04]: So, they're talking about financial innovation, what they mean is stable coins, and that whole evolution of the $370 billion stable coin market.

[SPEAKER_04]: So, we'll bring down what tokenized money is, instant payments, what does it actually change about the plumbing and the financial system, what investors should read into it, or not?

[SPEAKER_04]: So, look at that.

[SPEAKER_04]: We have other topics as well.

[SPEAKER_04]: We're going to look at a study that went back over a hundred years that tells you a lot about what stocks work, what companies work, what companies create value, what type of companies, what do you need to look for?

[SPEAKER_04]: Large cap, small cap, are you looking at revenue growth, profitability, et cetera.

[SPEAKER_04]: And then tax sheltered accounts.

[SPEAKER_04]: So everybody wants an IRA, a 401k et cetera, but

[SPEAKER_04]: What if you need money or about liquidity?

[SPEAKER_04]: We're going to look at what are the options, what are the types of accounts that you can actually tap into?

[SPEAKER_04]: We also have voice bank calls.

[SPEAKER_04]: One is on the Vanguard FTZ Develop Market ETF VA. And then I'm X Corp, I'm AX.

[SPEAKER_04]: And of course, questions that came in via the comment section on the Invest.YouTube channel.

[SPEAKER_04]: Now we're going to head to a quick break.

[SPEAKER_04]: Please, but you can call anytime and leave your question on the Invest.Voyce Bank.

[SPEAKER_04]: If you're listening via our live stream, or possibly an AM1220 in the Bay Area, you can call right now at 888-99 chart.

[SPEAKER_04]: But next, I will comment on today's market activity.

[SPEAKER_06]: It's official.

[SPEAKER_06]: Total lifetime downloads for the Invest Talk podcast are now more than 63 million.

[SPEAKER_06]: Justin Klein is here now, taking your calls live.

[SPEAKER_06]: Invest Talk, 888-99 chart.

[SPEAKER_04]: It didn't 99 chart, it didn't 99 to four, two, seven, eight.

[SPEAKER_04]: So I could throw and ask your question on today's show.

[SPEAKER_04]: So quick, look at the market today and really four of the entire week.

[SPEAKER_04]: We had a little bit of a bounce back today with the S&P up 33 points, about a little less than a half a percent.

[SPEAKER_04]: But if you look at the week as a whole, it was still in negative territory.

[SPEAKER_04]: I really was driven by the decline in a lot of the hardware names, AI, related names, and video was down 5.3% for the week, Metadown 7.9, Broadcombedown 10.5, Intel down about 14, Dell down about 11.

[SPEAKER_04]: So that was really the, what, what dragged the, the broader market down, you know, Apple of the next set was really the, the strong performer up 1% on the week Google Microsoft down as well.

[SPEAKER_04]: So that was, the overall that was dragging down the market.

[SPEAKER_04]: You still have some strength that have health care.

[SPEAKER_04]: We had the big short succubing rally over Moderna.

[SPEAKER_04]: earlier in the week, but for the week, names like Mark were up 14 percent.

[SPEAKER_04]: The retail side, though, that was on the weaker side, Walmart down 10 percent for the week, so the retail sector, certainly struggling a bit, utilities were down as well because of higher interest rates.

[SPEAKER_04]: And those higher interest rates precipitated the treasury buyback announcement that really

[SPEAKER_04]: And the basement trade is back, and this is a long-term trend.

[SPEAKER_04]: This is why I keep pounding the table that everybody is.

[SPEAKER_04]: This is a new era.

[SPEAKER_04]: This isn't your 80s.

[SPEAKER_04]: This isn't your 90s.

[SPEAKER_04]: You have to look at the bigger picture, the broader cycle that we are in, which is, this is a read the fourth turning.

[SPEAKER_04]: This is the time where,

[SPEAKER_04]: chaos ensues.

[SPEAKER_04]: And then after we rebuild something that's bigger and better, more sustainable, both from a, I think a financial situation as well as a political situation as well.

[SPEAKER_04]: So while seems crazy right now, there is light at the end of the tunnel, but in the meantime, you have to adjust your portfolios.

[SPEAKER_04]: Accordingly, that's why money keeps flowing into gold.

[SPEAKER_04]: for thousands of years from millennia going back, God knows how long, gold has been the core.

[SPEAKER_04]: And every time you go to Fiat, well, you have politicians like we have now that will spend because there's no stopping them.

[SPEAKER_04]: There's no gate, there's no limit.

[SPEAKER_04]: until the market's screwed to limit, and that's what we're starting to move up against.

[SPEAKER_04]: Doesn't mean that governments can't do things about it, but the release valve will be the currency and ultimately all Fiat will continue to decline against the dollar.

[SPEAKER_04]: That is a situation we are in, and that's why, despite the pullback in gold and gold miners earlier near, you need to say,

[SPEAKER_04]: I needed this refresh, it needed to reset for that next like higher and it seems like we're at least at the beginning of that and this was that week where it really all kicked off in earnest.

[SPEAKER_04]: What else do we have today, dollar next was flat overall, but once again, gold finished up 2.4% silver up 2.1% on the day, just today, Bitcoin up 6.3.

[SPEAKER_04]: So Bitcoin, how do nice week up 23% really waking up for a slumber?

[SPEAKER_04]: I didn't think it would truly bottom until next year, but maybe it could be wrong with the way the treasury has advanced there.

[SPEAKER_04]: their programs in, and it's time when it really isn't needed.

[SPEAKER_04]: Yeah, rates are going up, but the moving next isn't going crazy.

[SPEAKER_04]: So a lot of things think is a bit political, but clearly these this government wants to.

[SPEAKER_04]: keep those rates under a certain level.

[SPEAKER_04]: They didn't want the 10 year, I think, above five.

[SPEAKER_04]: So I think that's what we're working there working on.

[SPEAKER_04]: WCI was up 0.3% on the day.

[SPEAKER_04]: We continue to grind higher in oil.

[SPEAKER_04]: That's another kind of headwind going forward as we head into the back half of the air and the election.

[SPEAKER_04]: We're only about what three, yeah, two and a half months until the midterm.

[SPEAKER_04]: So a lot to discuss on that front.

[SPEAKER_04]: I think I was it.

[SPEAKER_04]: That was the week.

[SPEAKER_04]: That was a very, very interesting week.

[SPEAKER_04]: But now we're going to pivot over to a YouTube comment question and says, what do you thought's on sand?

[SPEAKER_04]: It's revenue so as to grow next year.

[SPEAKER_04]: And they have very little debt.

[SPEAKER_04]: There are also implementing a new business model to move away from being sick.

[SPEAKER_04]: Oh, go on.

[SPEAKER_04]: Cute.

[SPEAKER_04]: That's so funny.

[SPEAKER_04]: I mean, it's, it's, it's clear they know, right?

[SPEAKER_04]: The, the average investor, the average retail best,

[SPEAKER_04]: You have no clue about what, about the cyclicality of, especially the memory market.

[SPEAKER_04]: The chip market is cyclical as it is, but the memory market, oh my God, go look at the history of Western digital, and sand disc, and micron, and you what you'll see is a business that is extremely up and down, okay?

[SPEAKER_04]: And so the leaders of these companies, they know, they're not stupid, they know exactly.

[SPEAKER_04]: the cyclicality of the industry and the fact that all of them are trying to add capacity right now.

[SPEAKER_04]: Okay.

[SPEAKER_04]: So that's a tell.

[SPEAKER_04]: That's not a plan.

[SPEAKER_04]: That's a tell that they know that this is going to be very short lived.

[SPEAKER_04]: So you have to

[SPEAKER_04]: Remember, they're incentivized to give you the story.

[SPEAKER_04]: But what is it?

[SPEAKER_04]: What is that story?

[SPEAKER_04]: What is that plan?

[SPEAKER_04]: I don't understand how that what you can't plan for other companies to bring on new capacity.

[SPEAKER_04]: That's how it works in this industry.

[SPEAKER_04]: So, across this space, this is by far the risk is part of the market right now.

[SPEAKER_04]: And I would run far, far away and then you look at the chart.

[SPEAKER_04]: The chart, yeah, we got the bounce.

[SPEAKER_04]: This is a brat bounce that everybody is selling into.

[SPEAKER_04]: Everybody's selling into this.

[SPEAKER_04]: So now, I think this says much lower to go.

[SPEAKER_04]: These are the type of names that look the cheapest at the top and look the most expensive at the bottom.

[SPEAKER_04]: Simple as that.

[SPEAKER_04]: Never a few years ago, because of all bad the industry is, how sick of the industry is.

[SPEAKER_04]: They know this, you should do.

[SPEAKER_04]: Now, our 24-7 investment, Best Talk Voice Bank never closes, you can leave your finance to invest in question anytime on 8-899 chart, and then work it to use it after this break.

[SPEAKER_06]: Every investor is working to build a secure financial future.

[SPEAKER_06]: How they get there and when they get there, that depends on many factors.

[SPEAKER_06]: The more you learn about how the market works, the better your chances for success.

[SPEAKER_06]: So don't forget to call, in Vestark, 888-99 chart.

[SPEAKER_04]: Let's talk about how do I identify winning stocks.

[SPEAKER_04]: There's a great study that was published in 2017, but it's been recently updated.

[SPEAKER_04]: And what it really found was that most stocks aren't worth owning.

[SPEAKER_04]: Here, most stocks do not outperform the treasury market, for example, this looked at over a hundred years of data.

[SPEAKER_04]: So the overall stock market has generated good returns, but most individual stocks have not.

[SPEAKER_04]: I was mentioning is that only 46 firms, account for about half of the total creation, wealth creation.

[SPEAKER_04]: That's kind of skewed in the past number of years because of the big tech names,

[SPEAKER_04]: because you didn't use to be the high, so you were more around 100 individual names.

[SPEAKER_04]: But what's interesting is that it's not 100 names that were bought when they're large caps.

[SPEAKER_04]: It was actually those that were mainly bought when they were small caps.

[SPEAKER_04]: While small caps are riskier, they have more volatility.

[SPEAKER_04]: The upside is much, much greater.

[SPEAKER_04]: So you get a lot of skew, they call it skewness, in both directions.

[SPEAKER_04]: Then another question is, okay, we know smaller cap names, tend to do better over the long term.

[SPEAKER_04]: I'm really looking at how to pose yours.

[SPEAKER_04]: What fundamental factors explain companies with great returns?

[SPEAKER_04]: And you might call them growth docs, but not in the traditional sense.

[SPEAKER_04]: Usually, those are companies that are growing their top line.

[SPEAKER_04]: They tend to trade at high price the book.

[SPEAKER_04]: But that's not what creates a great company that creates a lot of wealth for the shareholders.

[SPEAKER_04]: But it's growth in things like assets, cash flow, profitability, and revenue.

[SPEAKER_04]: is income growth.

[SPEAKER_04]: Bottom line.

[SPEAKER_04]: income growth.

[SPEAKER_04]: So we say earnings matter the most.

[SPEAKER_04]: And guess what, a lot of those also have a lot of volatility.

[SPEAKER_04]: So for example, some of the biggest wealth creators in history are Apple and Amazon.

[SPEAKER_04]: Both at drawdowns about 90% when the dot

[SPEAKER_04]: Could you hold through that?

[SPEAKER_04]: Odds are low that you did.

[SPEAKER_04]: They're also shows you is, you need a handle of volatility and you need to focus on the fundamentals of the business.

[SPEAKER_04]: As long as that's strong, your term volatility, the craziness and the economy politically, et cetera, doesn't matter.

[SPEAKER_04]: It's about that bottom line income growth.

[SPEAKER_04]: Let's go pivot to a best talk of voice bank question from 8.899 chart.

[SPEAKER_10]: Hiya, Justin and Luke, this is Jay from Salt Lake City.

[SPEAKER_10]: I've been trying to compare two companies and I was wondering what your thoughts were.

[SPEAKER_10]: The first is a new core, the ticker is NUE, the second is still dynamic, and the ticker is STLD, how I'd love to know your opinion about it.

[SPEAKER_10]: Thanks again, keep the great work throughout the week.

[SPEAKER_04]: Ah, looking at a steel producer, NUE and steel dynamics.

[SPEAKER_04]: because I've done multiple rounds of analysis, and a lot of people look at US steel, which is simple simple X. I don't think I bought out, but that was around for a long time.

[SPEAKER_04]: But ohies, I go back to these two.

[SPEAKER_04]: Steel, Dynamics, STLD, and New Corps.

[SPEAKER_04]: Both are by far the best steel companies in America.

[SPEAKER_04]: when it comes to from an investment standpoint.

[SPEAKER_04]: Now, which ones better, I always go back and forth to be honest with you.

[SPEAKER_04]: Because they both have, you know, for a business that is, tends to be very cyclical.

[SPEAKER_04]: Just look at what's through dynamics is, like I said, one of the better ones.

[SPEAKER_04]: with new core, their business is up and out, 2019 may 305, then 284 and 2020, then $16 and 2021, then 222, they may $226, then down to 14, then down to nine, then down to seven, now back up to 16 and then 19 next year.

[SPEAKER_04]: That's a very cyclical business.

[SPEAKER_04]: That is up and down.

[SPEAKER_04]: And new core is not really any different.

[SPEAKER_04]: They have the same general trajectory from year to year.

[SPEAKER_04]: So it's hard for me to say, oh, this one is way better than the other, because once again, it's kind of splitting here.

[SPEAKER_04]: Now, if you go look at the long term trailing returns for new core, the 10 you return is 17.8, 15 you return is 15.3, what are we for, steal dynamics?

[SPEAKER_04]: Yeah, 15 years, 22.6, so it's much better for steel dynamics.

[SPEAKER_04]: And that's why I've always leaned a little more steel dynamics, so I've never actually looked at those numbers.

[SPEAKER_04]: But if I'm going to pick on, we'll pick one.

[SPEAKER_04]: I'm just going to go with the one that has the better long-term performance, and that's going to be steel dynamics.

[SPEAKER_04]: The next and best talk, we're looking to the story.

[SPEAKER_04]: Regulation catches up to digital assets.

[SPEAKER_04]: We'll walk through a regulatory framework.

[SPEAKER_04]: would actually change for ordinary investors.

[SPEAKER_04]: That story is for Monday, but for now, I'm Justin Client, Rade's If You're Calls Any Time, and 8-8-9-9 chart.

[SPEAKER_04]: At KPP Financial, Accountability means more than advice.

[SPEAKER_04]: It means we invest alongside you through our parallel investing approach.

[SPEAKER_04]: When we recommend an investment for clients, one or more KPP principles invest their own capital at the same time.

[SPEAKER_04]: Same day, same price, same percentage.

[SPEAKER_04]: If your portfolio moves, ours does too.

[SPEAKER_04]: That is alignment.

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[SPEAKER_04]: That is the KPP Difference.

[SPEAKER_04]: Visit www.investalk.com to get your free portfolio review.

[SPEAKER_04]: It did 99 chart, it did 992, 4, 2, 7, 8.

[SPEAKER_04]: So you can do an answer question on today's show.

[SPEAKER_04]: Let's talk about the Jackson Hole Symposium.

[SPEAKER_04]: This is pretty much the biggest event of the year for the Federal Reserve.

[SPEAKER_04]: And just central banks around the world that gets together in Jackson Hole.

[SPEAKER_04]: They talk about what's going on in their broader economy and financial system.

[SPEAKER_04]: and they usually some sort of theme in the theme this year's financial innovation, implications for payments and policy.

[SPEAKER_04]: I really what they're talking about is the stable coin market that is now about three or seven billion dollars in size and how major corporations are integrating these networks into the systems, treasuries, other Federal Reserve's addressing these technologies and how this overall rewire the plumbing of the financial system if it continues to grow.

[SPEAKER_04]: So let's talk about how it differs from the current system.

[SPEAKER_04]: Now for a long time, the粉 system is relied on a corresponding banking model, where there's the series of ledgers, each bank has its own ledger, and money kind of floats.

[SPEAKER_04]: You know that.

[SPEAKER_04]: If you make a transfer, it goes from out of your bank and it might land in the other bank in a day or two, instead of instantly.

[SPEAKER_04]: I know and a chase does, I have a little, I think it's 25,000 is the limit.

[SPEAKER_04]: You can do instant transfers of them that before.

[SPEAKER_04]: So, there, traditional baking model is working on this, but it's not seamless, whereas crypto or some sort of tokenized asset can move instantly, 24, 7365, mainly using smart contracts.

[SPEAKER_04]: So what impact would this have on banks?

[SPEAKER_04]: Well, if people are transacting more using stablecoins, banks will lose that money in their bank as banks will not be able to earn money on the float.

[SPEAKER_04]: They need to manage money in real time requires reserve buffers.

[SPEAKER_04]: So that's something that they'll have to deal with.

[SPEAKER_04]: The good news for the treasuries that the stablecoins are back by treasuries.

[SPEAKER_04]: And so you have dollars going to the treasuries instead of commercial bank deposits where the commercial bank is benefiting from the source of that capital.

[SPEAKER_04]: So commercial banks would lose the cheapest source of funding.

[SPEAKER_04]: Think of the money and you're checking a capital, not earning any interest.

[SPEAKER_04]: And so multiple parties would be working on the same ledger.

[SPEAKER_04]: same infrastructure instead of their own proprietary ledger and how they're keeping track of assets and liabilities.

[SPEAKER_04]: The issue though is that it turns the risk of settlement from the banks to cybersecurity and protocol risks for you, the individual.

[SPEAKER_04]: We've heard about people's crypto wall, it's getting hacked and thousands and hundreds of thousands of dollars being stolen.

[SPEAKER_04]: Then

[SPEAKER_04]: Vulabilities in the protocol, who maintains that?

[SPEAKER_04]: These large banks have their own cyber security vision that maintains their systems and make sure there aren't threats.

[SPEAKER_04]: Not to say it's full proof, but at least there's so many monitoring.

[SPEAKER_04]: They're cost money.

[SPEAKER_04]: So who's doing that?

[SPEAKER_04]: So overall, this is creating a shadow banking system.

[SPEAKER_04]: It's gonna help fund the government, but I think that's a little bit overblown.

[SPEAKER_04]: But it would starve, if it grows, starve to additional banks with cheap capital and make them less profitable.

[SPEAKER_04]: So think headwinds for smaller regional banks and even the large banks that have a ton of deposits, think JP Morgan, they don't pay me another deposit because they don't, they don't want more money.

[SPEAKER_04]: They have plenty of deposits.

[SPEAKER_04]: So if more money eventually flows there, well,

[SPEAKER_04]: That's going to make their net interest margins smaller because they're going to have to raise their rates to compete for capital.

[SPEAKER_04]: So it is bad for banks and that's why I think it's been been dragging this regulation.

[SPEAKER_04]: And I think on the crypto side, there's not a lot of comfortability with the protocol with the safety.

[SPEAKER_04]: Who benefit anything along the infrastructure layer of that type of transaction?

[SPEAKER_04]: What's interesting is that everyone would think that this would be negative for the dollar because money would be flowing into stable coins, but the reality is actually a lot of foreign individuals are moving their money out of their banking system that tends to be much riskier than the US banking system into stable coins, which effectively then go by treasuries and go by dollars.

[SPEAKER_04]: So in the near term, it's actually good for the dollar.

[SPEAKER_04]: But in the long term, if we do eventually move to this type of financial system consistently, and this is the majority of the way that we transact, suddenly, yes, that would be a negative on the dollar.

[SPEAKER_04]: So it's good for the dollar, the short term, up to 0.

[SPEAKER_04]: So we'll see how this evolves.

[SPEAKER_04]: I think it's going to be slower than most people.

[SPEAKER_04]: players that are not just out for making a buck.

[SPEAKER_04]: There's only a handful.

[SPEAKER_04]: I think if people left in the industry that really wants a build real value with the technology as opposed to just extracts as much money as they can from other investors.

[SPEAKER_04]: Let's move back to the best stock voice bank at 8.89 chart.

[SPEAKER_07]: Hi, good day Justin and Luke.

[SPEAKER_07]: Long time listener from the Midwest.

[SPEAKER_07]: I have a quick question for you, gentlemen, please.

[SPEAKER_07]: Her just in the other day talking about international stocks and investing in those.

[SPEAKER_07]: I have a couple of funds that I was wondering if they would make good international investment choices, VEA, and also VEU.

[SPEAKER_07]: I was wondering what you guys thought of these two choices if you give you the one of them

[SPEAKER_07]: Holdings for stocks and my portfolio for a long term.

[SPEAKER_07]: Thank you for your time.

[SPEAKER_07]: Look forward to hearing your answer.

[SPEAKER_07]: Have a good day.

[SPEAKER_04]: Are looking at two Vanguard funds, low-spenser ratio.

[SPEAKER_04]: One is the Vanguard Fuzzy Develop Market Index, ETFVA, that is VU, which is the Vanguard Fuzzy All-World XUS Index.

[SPEAKER_04]: So just by the name of it, no, let's look at the regions, but by the name of it, the main difference I would imagine is that VU,

[SPEAKER_04]: includes emerging markets, because VA is just talking about the developed markets, right?

[SPEAKER_04]: So VA is, yeah, 38% developed, whereas VA is only 28.

[SPEAKER_04]: It's VA's 50% Japan, well, VA's 20% Japan.

[SPEAKER_04]: Oh, where's the difference here?

[SPEAKER_04]: Okay, okay, there we go.

[SPEAKER_04]: Yeah, so in VU, about 13% is in emerging.

[SPEAKER_04]: Asian emerging, excuse me, 2% Latin America, VA basically has no exposure there.

[SPEAKER_04]: So, it's really that emerging market.

[SPEAKER_04]: There's some Africa Middle East exposure as well in VU.

[SPEAKER_04]: A 3% VA is only 1%.

[SPEAKER_04]: So that's definitely the difference here.

[SPEAKER_04]: Is you're getting a lot more emerging market exposure

[SPEAKER_04]: I like that.

[SPEAKER_04]: I rather have the emerging market exposure.

[SPEAKER_04]: So if I'm picking one or the other, I'm picking V, E, U.

[SPEAKER_04]: That's the Vanger.

[SPEAKER_04]: I've put the All World X U S index ETF.

[SPEAKER_04]: Now, it's a large cap.

[SPEAKER_04]: Much rather more midcap, small cap.

[SPEAKER_04]: But, quick and between the two, VU is the name.

[SPEAKER_04]: Then on Friday's, we didn't genuinely make time to finish a quick rundown of some key benchmark numbers for the week.

[SPEAKER_04]: So let's do that now.

[SPEAKER_04]: Last week it was 4.16% interesting, just to think move higher on the 2-year, which generally the short term rates, but definitely sold off as the supply of short term bonds, like to increase with these Treasury Buy Bank Foundation, more short term and buying the

[SPEAKER_04]: Even in long-term bonds.

[SPEAKER_04]: In fact, you continue to see a sell-off last week.

[SPEAKER_04]: We ended the 10-year at 4.69.

[SPEAKER_04]: This week, we end with F4.73.

[SPEAKER_04]: So rates continue to go higher, gold, 46-13 announced.

[SPEAKER_04]: It's $239 increase from last week.

[SPEAKER_04]: So, great week for gold and the gold miners, as I said earlier,

[SPEAKER_04]: Silver is 69.55 an ounce per ounce at the end of this week that's up $4.87 from the prior week.

[SPEAKER_04]: Silver also getting the notice of debasement from the Treasury Secretary, oil selling

[SPEAKER_04]: I continue to think oil is going to grind higher.

[SPEAKER_04]: And so is the price of gas.

[SPEAKER_04]: We're at $410, $410 since national average for gasoline up three cents from last week.

[SPEAKER_04]: Here in California, we're up to $559 a gallon, a two-cent increase from last week.

[SPEAKER_04]: And over in Indiana, they're doing much better, $3.55 a gallon, it's over $2 less than you see here.

[SPEAKER_04]: No reason to stop now, let's drop in another fresh listener question now.

[SPEAKER_02]: IMAX, the big IMAX tier, which IMAX has been doing quite well sold out, and their profit sheet looks a lot better, a lot more stable.

[SPEAKER_02]: But the question is, for a small amount of money, some of those would be kind of a second of play going in, and IMAX would be a spectrum player as well, because I may have already missed the boat on that one.

[SPEAKER_02]: Anyway, to find get your opinion for those two that really appreciate it, look at the on the podcast.

[SPEAKER_04]: All right, this is a very interesting little battle that you can use to.

[SPEAKER_04]: Because I see the value in both of them.

[SPEAKER_04]: First off, I have some sonos devices.

[SPEAKER_04]: I think they have great products and they're kind of ecosystem where you can build a sound system throughout your house and run it on your Wi-Fi system and it's just really easy to use.

[SPEAKER_04]: They have great sounding products.

[SPEAKER_04]: I think it's a

[SPEAKER_04]: a great company with actually a pretty good value here enterprise value is only around nine you have a turn equity around 14% that's pretty good free cash flow continues to go higher I'm sure they got a big refund check from the tariffs as well but if you're looking at the earnings growth it's been

[SPEAKER_04]: It's exploded this year.

[SPEAKER_04]: They lost money the last three years.

[SPEAKER_04]: So it's been 64 cents this year, but then only 26 cents next year.

[SPEAKER_04]: So that's my kind of issue with it is that it's pretty up and down.

[SPEAKER_04]: The charts kind of middleing, but I do like the projects.

[SPEAKER_04]: I think they're building something good long term.

[SPEAKER_04]: I once again, they're free cash flow at $124 million on a $1.7 billion enterprise value.

[SPEAKER_04]: That's a $6.3 billion, that's pretty good.

[SPEAKER_04]: Now, I'm acts on the other hand.

[SPEAKER_04]: That's historically also been a bit up and down, but it's up right now.

[SPEAKER_04]: Maybe because something that I'm doing tonight, I am actually finally going to see the Odyssey.

[SPEAKER_04]: With some friends in IMAX, I waited.

[SPEAKER_04]: They, I waited for, I bought them three weeks ago, took a while to get a plan it out.

[SPEAKER_04]: But that's pushing their earnings up considerably to $1.77 this year, to go to next year.

[SPEAKER_04]: If you look at their profitability, that's about 11% return of equity.

[SPEAKER_04]: They have a similar free cash flow of 122 million to send us, but their valuation is almost double, but they also have a technology that's a little more defensible.

[SPEAKER_04]: Right there IP, just the way I, you know, all the IMAX heaters installed.

[SPEAKER_04]: And that's how life you want to see movies now, they want the full experience, not just the traditional movie theater, they're gonna pay up for them.

[SPEAKER_04]: I think my tickets were $35 something like that.

[SPEAKER_04]: So certainly expensive, the technicals are good for IMAX, definitely better than Sonos.

[SPEAKER_04]: So I like what you're looking at both of interesting names, but I'm gonna have to pick IMAX

[SPEAKER_04]: I think their vote is more defensible.

[SPEAKER_04]: You already have the install base and thousands of theaters throughout the country, moving makers at a lot of experience and shooting in IMAX films, creating IMAX films.

[SPEAKER_04]: So there's a built-in knowledge base there that I don't think is going away.

[SPEAKER_04]: And customers like it, people want to go see the biggest best movies in IMAX.

[SPEAKER_04]: And so long term, I just think that cash flow will continue to grow.

[SPEAKER_04]: I think they will continue to gather buying back shares.

[SPEAKER_04]: They're free cash flow right now is 122 million, trillion, 12 months, but that is a year and all time high.

[SPEAKER_04]: And I think I had a higher, I think short term.

[SPEAKER_04]: You know, there might be a cooling off period because maybe that I see was just kind of a short-term boost to the business.

[SPEAKER_04]: But I think there's some long-term secular tailwinds to the IMAX format.

[SPEAKER_04]: So I'm picking IMAX over Sonos, but I kind of like both of them for their own reasons.

[SPEAKER_04]: Now we're heading into a break.

[SPEAKER_04]: It's Friday.

[SPEAKER_04]: Let's celebrate.

[SPEAKER_04]: I'd love to hear from you.

[SPEAKER_04]: We have one last segment on the show.

[SPEAKER_04]: So give anything on your mind.

[SPEAKER_05]: In Vestock is ready 24-7 for your finance and investment questions.

[SPEAKER_00]: I'm hoping you'll give me your cake on Oremat Technologies ORA.

[SPEAKER_03]: Is it a good idea to sell your losses in a raw IRA and just use whatever you have left to reinvest in the better stocks?

[SPEAKER_05]: Don't forget to call.

[SPEAKER_05]: In Vestock, 888-99, chart.

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[SPEAKER_06]: Justin Klein and Luke Guerrero.

[SPEAKER_06]: So when you've got finance and investment questions, don't forget to call in Vestock.

[SPEAKER_06]: 888-99, churned.

[SPEAKER_09]: Hey guys, thanks for Knoxville, Tennessee.

[SPEAKER_09]: Colin in about KRE State Street Regional Banking ETF.

[SPEAKER_09]: I started a small position over the past few weeks with the average of 7635 a share at around 6% of my portfolio.

[SPEAKER_09]: I wonder what you guys currently think about regional banks as well as this fund.

[SPEAKER_09]: I didn't have any exposure to financials, and this was the start.

[SPEAKER_09]: So with the recent pullback,

[SPEAKER_09]: hold in watch or cut with a small loss.

[SPEAKER_09]: Thanks.

[SPEAKER_09]: Hope to hear the answer in the show.

[SPEAKER_04]: All right.

[SPEAKER_04]: Um, banks that are rough week overall.

[SPEAKER_04]: I'm starting to see some real has been the performance.

[SPEAKER_04]: We just talked about the potential problems, the stable coin industry could cause these regional banks

[SPEAKER_04]: The economy overall is slowing, and they have a lot of exposure.

[SPEAKER_04]: It's a kind of mental market thanks, or a mental market, kind of companies excuse me.

[SPEAKER_04]: So, you know, I just don't think this is not the exposure we have in the financial industry.

[SPEAKER_04]: We own broker-chirms, we own insurance companies.

[SPEAKER_04]: We, what else are they kind of,

[SPEAKER_04]: financials.

[SPEAKER_04]: We have some thin tech companies.

[SPEAKER_04]: So those are the names that we want.

[SPEAKER_04]: We don't really own any banks.

[SPEAKER_04]: They're done recently, well recently, but I'm not really seeing the earnings growth.

[SPEAKER_04]: I'm not seeing the catalyst here for really a great business.

[SPEAKER_04]: And I think there's going to be a lot of consolidation within the industry.

[SPEAKER_04]: So,

[SPEAKER_04]: Yeah, if I'm just getting exposure to financials, I rather own like XLF than the carry.

[SPEAKER_04]: Let's talk about taxable accounts.

[SPEAKER_04]: Everyone wants to talk about a 401k or an IRA or a Roth, but there are some big benefits of just straight up taxable accounts.

[SPEAKER_04]: Taxable brokerage accounts, especially in today's age of technology tools,

[SPEAKER_04]: I think everybody needs to add the taxable account to their tool kit.

[SPEAKER_04]: Not just those that only turn into it after maxing out their IRA or 401k, etc.

[SPEAKER_04]: And there are a lot of reasons for this.

[SPEAKER_04]: Number one is that there's limit on those other accounts.

[SPEAKER_04]: There's no limit to taxable money.

[SPEAKER_04]: No structure on how you can withdraw the money, etc.

[SPEAKER_04]: You can use it for a down payment of the house, emergency fund, whatever you want.

[SPEAKER_04]: So that's number one, liquidity and no limits on how much you can have.

[SPEAKER_04]: And you can still compound and grow your money in those accounts, the math still works the same.

[SPEAKER_04]: And based on a compared to history, they're actually relatively tax-efficient.

[SPEAKER_04]: Long-term capital gains is,

[SPEAKER_04]: For most people, if they're not earning over $545,000 or $613,000 for married couples, your tax that usually 15%.

[SPEAKER_04]: Until you get over that, where you tax the 20%, it's a relatively low rate.

[SPEAKER_04]: Same with the income that you get in qualified dividends.

[SPEAKER_04]: And you can actually do tax loss harvesting.

[SPEAKER_04]: And off, offset up to $3,000 an ordering and come per year.

[SPEAKER_04]: You can do that with an IRA, or Roth IRA, or 401K, et cetera.

[SPEAKER_04]: And it creates diversity.

[SPEAKER_04]: You want money across, go tax deferred accounts, like IRAs and 401Ks, as well as Roths, and taxable money so that you can each year, you can take money out based on your financial situation and your tax rate from different accounts.

[SPEAKER_04]: Maybe a little here, a little there, one year, it's more in this account,

[SPEAKER_04]: And then, push something we do for clients is we do direct indexing, we're buying individual names, we're still tracking in particular index, maybe it's a global index or something like that, and making sure that it's limited to very little if any gains each year, and then you can actually have that money pass on to your hairs, and you get the step up in basis, and it basically jumps.

[SPEAKER_04]: all of, you know, gets rid of all the tax break without your lifetime when it goes to your ears.

[SPEAKER_04]: So don't ignore your tax will broker check out and be a very great tool in your arsenal.

[SPEAKER_04]: Well I'm just inclined to remind you about KPP financials parallel investing and make a trade for ourselves.

[SPEAKER_04]: big trade for our clients, we can same trade for ourselves, same day, same price, same percentage, no front running, no special treatment.

[SPEAKER_04]: We invest right alongside our clients, we share the same risk and potential for success and you can learn more by heading over to investtalk.com, please tell your friends a family about a free podcast downloads, wishing many times with iTunes or Spotify.

[SPEAKER_04]: and check out our videos on YouTube as well, be sure to rate and review our items.

[SPEAKER_04]: Independent thinking, sure it's success.

[SPEAKER_04]: It's the best talk.

[SPEAKER_04]: Enjoy your weekend.

[SPEAKER_05]: Invest talk is a trademark of KPP financial, because of the nature of the interactive dialogue inherent in the format of this program.

[SPEAKER_05]: It's important for the listener to understand that not all comments made will apply to them.

[SPEAKER_05]: Specifically, nothing said she'll be taken to be investment advice.

[SPEAKER_05]: or shell statements on this program be considered an offer to buy or sell security.

[SPEAKER_05]: Because such advice is rendered solely on an individual basis, and at times will require that the investor review a prospectus before investing.

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