Mr. Money Talk

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Episode Transcript

(00:10):
This is Josh Arnold, mister moneyTalk with Judd Arnold here to answer your
questions on stocks, bonds, mutualfunds. Now, you should position your
investment dollars, including your IRA infour oh one K. Don't hesitate to
give us a call at nine fivetwo nine two five five six oh eight.

(00:34):
That's nine five two nine two fivefive six oh eight. You always
get straight talk, not your codedadvice. Before we begin, do recognize
that all the opinions that are sharedon this program our hours and hours alone.

(00:57):
Past performance is no guarantee of futureresults. Any stocks or bonds or
mutual funds that we mention on thisprogram may or may not be suitable for
your situation. Please contact your financialadvisor before you go go ahead with any

(01:29):
any investment decision. And now webegin. It has been a very very
interesting twenty twenty three, and Ido believe that twenty twenty four will be
just as interesting, and maybe evena little bit more so given an upcoming

(01:57):
presidential election cycle. So not onlydo we have the election coming up,
not only are there hostilities taking placein different corners of the world, and

(02:19):
we also have to be present aboutthe Federal Reserve and questioning whether or not
they are going to be cutting ratesin twenty twenty four, as many strategists,
as many analysts are predicting that theFED could cut cut rates six times

(02:47):
or nine times or more than that, and that has I'll say that belief
he has filtered true not only tothe bond market as bond prices have gone

(03:07):
up and yields have come down,but also has filtered into the stock market
as interest rates have come down.Is given a boost to the overall stock
market. So you still have thatmacro you know, some macro events that
will color what happens to individual stocksand bonds and the market overall in twenty

(03:37):
twenty four, just as it hasin twenty twenty three. Then there's going
to be the focus on corporate earnings, that being the micro that we tend
to look at as we look forcompany with both growing sales and then growing

(04:05):
earnings over a period of time,and particular in industries or we'll say,
sectors of the market that we feelthat we can understand and also provide some

(04:26):
value to. Now, going goingforward, I have focused primarily on investments
in the internet, leisure related businesses, China related businesses without necessarily having to
invest in China real assets such asreal estate, And we do a bit

(04:50):
of short term trading, trying totake advantage of some we'll say situations that
I and we feel could merit asmall investment for a short term trade.

(05:11):
Some of these trades work, somedo not, and sometimes some of the
trades eventually will lead to longer terminvestments. But I do believe that twenty
twenty four will be as interesting andin some ways as volatile as twenty twenty

(05:38):
three was. I do caution thatin any given year, the market will
have three to four, five toten percent pullbacks. Not suggesting that you
do any timing this as a strategy, but know that this is this has

(06:04):
happened in the in the past andcould probably well happen again in twenty twenty
four. Typically some of these pullbackstake place in February, in early March,
again in April prior to tax taxselling, then a little bit in

(06:29):
May, and then in late summer, and this summer could could be a
little bit more volatile just ahead ofthe election in early November. Then after
the election, well it will bewe'll say this, We'll say decisions will

(06:56):
be made in terms of who thenext president is going to be, and
then with that certainty, typically themarket will finish strong in November and into
December. So just be aware ofsome of the ups and downs that are

(07:19):
typically going to be happening next year. That said, I am of the
belief that unlike many I'll say manystrategists, many analysts who are looking overall

(07:39):
for the Fed to cut interest ratesand be aggressive in their cuts, I
do not believe that the Fed isgoing to cut at least before the election.
They'll probably cut once, maybe twice, and that will be because they're

(08:01):
noticing the trend or the inflation trendmoving closer to their target of two percent.
I am I do not believe theeconomy is going to necessarily go into
a recession. Though we could havea slowing of certain sectors in the economy,

(08:24):
and that could cause many strategists analyststo start pushing the Fed to cut
rates, or maybe even that becomesan impetus for the Fed to initiate their
first cut. Well, typically,if the Fed is going to be cutting

(08:48):
or cuts aggressively, that to mewould indicate that the economy is slowing a
lot faster than the had FED hadanticipated, and they want to keep some
measure of we'll say equilibrium in theeconomy. So I think the FED will

(09:15):
continue to talk tough with higher forlonger mantra continuing, but they probably will
not be aggressive in any rate cuttingunless that inflation target ticks down closer to

(09:37):
two percent. Bonds, well,I've not been a bond investor, other
than maybe for a short term trade. I don't see that changing. If
interest rates remain static, bond bondprices should also remain static, or if

(10:03):
yields, particular in the long endstart falling more on a market basis,
and yields did fall a bunch overthe last few months, where the ten
year Treasury went from five percent todown to three point eighty six percent,

(10:28):
and bond prices correspondingly moved moved up. That's a very significant drop and yield
and boosting price. I don't seethat happening again unless the economy slows precipitously,

(10:48):
and again, I don't see thathappening. When we come back,
talk a little bit more about thedirection of the bond market and my views
of the stock market and some individualstocks. As we continue this is Josh
Arnold, mister money talk with jutArnold always here to help you. Give

(11:09):
us a call. Nine five twonine two five five six oh eight.
This is Josh Arnold, mister moneytalk with jut Arnold here to answer your
questions on stocks, bonds, mutualfunds, how you should position your investment
dollars including your IRA in four ohone, K, don't hesitate to give

(11:33):
us a call nine five two ninetwo five five six oh eight. That's
nine five two nine two five fivesix oh eight. When we begin two
thousand and twenty three. Uh,the view, I'll say, the view
from the Pew, but not ourPew, the view from the Pew's most

(11:56):
market strategists, many animals us,were of the opinion that the place to
be was bonds, as the FEDwould finish with their rate heights in twenty
twenty three, and that would institutea recession. Once the recession hit,

(12:18):
the FED would start cutting aggressively andthat would boost bond prices. Well,
the Fed did not cut interest rates. We did not have a recession in
twenty twenty three. Indeed, theGDP numbers were pretty pretty strong. Inflation

(12:46):
and many sectors came down, camedown pretty pretty well. The price of
energy continued to fall, both atthe gas pump, though the price at
the pump is still higher than itwas in two thousand and nineteen. Natural

(13:15):
gas prices fell, so that's goodfor heating and cooling. Energy fell,
so that's kind of reduces a lotof inflationary expectations. Home prices and mortgage
equivalent rents seemed to flatten out,and wages did go up, and I

(13:43):
do believe there's still going to besome wage growth continuing to happen, just
in terms of demand for labor andunion wages are have also gone up.

(14:03):
But overall, I think the inflationcould get closer to the FEDS two percent
target, maybe by the end oftwenty twenty four than it was at the
beginning of twenty twenty twenty three.But bonds. Bonds, in my view,

(14:31):
were not the place to be intwenty twenty three, though that's where
most strategists had suggested you put yourmoney, and they also said sell stocks,
and stocks at the beginning of twentytwenty three were just off their low

(14:52):
point, and I know a yearago at this time I was probably crying
my beer, particularly over the performanceof my two favorite stocks, Apple and
Amazon, which had Amazon in particularhad dropped in twenty twenty two, you

(15:16):
know, about fifty percent, andI thought that was excessive given what their
business was and the business prospects.The same would be said of Apple,
but Apple was only down a littlebit more than the S and P was

(15:37):
down in twenty twenty two, whichwas nineteen nineteen and a half percent.
But twenty twenty three proved proved abig, big change. As large capitalization
stocks, and in particular in thetech sector, these companies became known as

(16:00):
the Magnificent seven. Apple, Amazon, Microsoft, Alphabet also known as Google
Meta or Facebook, Navidia, andTesla moved up and definitely powered the S

(16:21):
and P up to finishing twenty twentythree up twenty four point three percent.
That's very significant. The Dow wasup thirteen point seven percent, and small
companies represented by the IWN the RussellRussell two thousand, that was up fifteen

(16:49):
percent. So overall, say thatwas a tricky good year. Bonds chick
me, the long long bond representedby TLT was down for the year about
one and a half percent, whichis a lot better than being down fifteen

(17:11):
percent where it was in October.So that's a big change. The proprietary
client portfolio, which is a realmoney portfolio that I run, focusing in

(17:33):
on some longer term holes which includesApple and Amazon, and then smaller positions
in leisure stocks, China related companies, some real assets, and then also
keeping some cash. That portfolio netafter fees was up forty two point two

(17:57):
five percent, So that was avery very nice comeback from twenty twenty twenty
two. So we could say wehad a very good year and I was
happy, definitely happy with that.But going back to the S and P,

(18:22):
the focus on these large capitalization companies, the Magnificent seven really powered the
S and P, which is amarket market cap weighted fund, the equal
weighted S and P fund, Ithink jud judge, yep, yep,

(18:48):
Okay, the equal weighted S andP was up what about ten and a
half eleven percent? Yeah, sothere were It's a year for big caps
as it's been since since the levelfinancial crisis, and they're in the we'll

(19:08):
say the laggards of that four hundredand ninety three stocks and even the smaller
companies you know, are starting toperform a lot better than the larger companies,
and that might continue as going intotwenty twenty four, as strength in

(19:33):
the overall market continues. Now,I am of the opinion that after a
very strong run in the overall market, in the S and P index,
particularly in the last two months ofthe year, you could see some early
selling. And I do emphasize couldsee some selling. This isself just say

(20:00):
the standard thing. Every year,what do we tell you meet with us,
every client, every meeting. Here'sthe stats. Every year the market
goes down at least five percent onaverage three to four times and at least
once goes down ten every year.Is that's that is true? I'm just
saying after we have all and Iwould use some of that selling, Judd

(20:26):
to be a buyer next sure,next week. Sure, we've had a
big run. Typically the January effectplays out until the second or third week
in January. We have had anextraordinary run in risky assets. Just to
put it in context, the ARCFund, probably one of the highest risk
assets in the market, was upfifteen percent year to date mid mid October,

(20:49):
ends the year essentially up seventy percentseven zero. You put up fifty
five points of performance in two monthsunbelievable. Yeah, there's a there's a
lot of a lot of volatility therethere no but like the S and P
five hundred finishes the year up twentyfour percent, it was only up nine

(21:11):
in the middle of October. Thesewere huge. We've had a huge run.
The market needs to probably consolidate alittle bit. I really loved talking
about macro because we don't make ourdecisions based on macro. We take what
we're doing. Now. When wecome back, Jud, we'll talk.
We'll talk some micro and some individualnames or individuals or sectors that could be
good in twenty twenty four. Thisis Josh Arnold, mister money talk with

(21:36):
jud Arnold. We are always hereto help you with your investing, whether
inside or outside your retirement account.Don't hesitate to give us a call.
Nine five two nine two five fivesix oh eight. This is Josh Arnold,
mister money Talk with Judd Arnold,here to answer your questions on stocks,

(22:02):
bonds, mutual funds. You shouldposition your investment dollars, including your
IRA in four O one k.Don't hesitate to give us a call two
nine five six oh eight. Youalways get straight talk, not your Code
of Advice jud disclaimer. Some areall of the securities we discussed in the

(22:22):
show may or may not be suitablefor individual investors. Everything we discussed on
the show is for our discussion purposesonly. Nothing should be considered an investment
advice. Please consult investment advisor beforemaking any investment decision. Investing in the
stock market contains a series of risk, including the risk of loss. Good
Now, there did not seem tobe a lot of risk of loss this

(22:47):
year in the Magnificent seven, atleast as the as the year progressed,
And definitely one of the themes thatreally pushed up the Magnificent seven was generative
artificial intelligence, and that could bea theme into twenty twenty four. Oh

(23:15):
yeah, I mean, I don'tknow if it's a theme as much.
It's just a continuation as tech continuesto involve. It needs more and more
stuff, stuff being chips, software, all sorts of fun stuff like that.
The need for tech. It's wehave had market leadership from you know,

(23:37):
some version of the Magnificent seven.That's Apple, Google, Amazon,
Meta, which used to be Facebook, Tesla in video, I'm forgetting one
Microsoft, Microsoft essentially since the globalreally since twenty eleven, and that's going
to continue for a while. Theseremained the best business out there. There's

(24:00):
a few other businesses on par withthem that should frankly be considered part of
the magnificent seven United Healthcare, JP, Morgan Blackstone, and there's a few
others that fit that bucket of thingsthat have gone up essentially twenty times your
money since the global financial crisis.But you know, the best businesses continue

(24:22):
to be the best businesses. Okay, until that changes, we're gonna have
a big gap between the S andP five hundred market cap weight and equal
weight, and away we go.But that's going to continue to be a
theme. Energy is a big question. It had a tough year this year.

(24:42):
On a three year basis, it'sout performing absolutely everything. Healthcare had
a flat year. That's going tobe an open question. Well, but
healthcare, we're always going to bean open question, particularly with anything related
to the pharmaceutic given you have theupcoming election, and that is a question.

(25:07):
Jeez, you know, what canwe do to limit uh price increases
in pharmaceuticals? You know whatever?Like, look, we don't do a
lot in healthcare, and it's ahard sector. You know, most people
like as I mentioned, would befine just buying United Healthcare and closing their
eyes. Drug companies are typically prettybad businesses for everyone that you get right,

(25:30):
you get a few wrong. Youcan look at the chart of Pfizer,
which has done absolutely nothing for twentyfive years and really scratch your head.
So we like growth. That's thebiggest thing. We like growth.
Growth, Growth pays, it's thebest it's it's the best thing. Down.
If your stuff keeps growing, it'stypically going to be undervalued. If
not this year's going to be undervaluednext year of the year after. So

(25:53):
growth is good. Well, we'veseen also that this year, particularly at
the end of the year, someof the small small caps you know,
really accelerating in their in their movement. Well, small caps have chronically underperformed
for a couple of years. Now, Yes, you're one hundred percent domestically

(26:17):
focused. The negatives is the negativesare number one. About twenty percent of
the small cap indices are banks.Banks have had a dreadful year. They
finished on a good note, buta pretty dreadful year and that should continue
for some time because of the issuesaround Silicon Valley Bank and interest rates,
and they are what I would callasset log Now, we could do an
entire show about white banks are indeep trouble and they're tough investments, but

(26:41):
we don't need to. We'll justsay avoid banks. But that's a big
piece. About fifteen to twenty percentof the MidCap small cap indicies are also
unprofitable companies, and they're a differentkind of unprofitable than tech unprofitable. So
people are okay with a cloud companybeing unprofitable. With an industrial company,
you're a little bit less willing todrink the kool aid, so to speak,

(27:02):
if it can't make money when you'remaking widgets. And then lastly,
small cap companies tend to have moredebt. It tends to be floating rate.
As interest rates rise. That hasput a huge pressure on companies that
finance VI a debt, and toomany companies finance be a debt because of
historically low interest rates for thirteen yearsnow post the FED pivot official pivot,

(27:25):
we're going to say in mid December, a couple of weeks ago, small
caps have gone on about a thirtyfive percent run in a month. It
has been a historic move. OrI stay two months historic move, there's
still on a five year basis notdoing much. And with small caps,
we really, you know, we'renot big ETF people. We buy around

(27:48):
cooking and we buy individual stocks.If we worry TF people, we would
say you can buy an ETF withbig caps. With small caps, you
really can't do it because you youdon't want to own the men. You
need to find individual stocks. Ifocus more on the small and MidCap stocks.
I will tell you you have tremendoussuccess in some and you have tremendous
failures and other ones. I've hadenough of them go to zero that you

(28:12):
know you just have to raise yourdiscount rate a lot. Now. The
ones that work end up paying extraordinarilywell. Our biggest winner this year in
my small cap investments has been theOncology Institute, which was a former SPAC.
It bottomed this year at wait forit, thirty five cents a share
and went public at ten bottom tothirty five cents to share Midsummer, and

(28:33):
we end the year at two dollarsand five cents. If you do that
math on thirty five cents, that'sa huge, huge return. But there's
tremendous amount of risk as you said, in a huge company. Now this
is this is what we look for, a very dislocated stock day on seventy
five cancer treatment centers where you getyour contruder and your other cancer therapy drugs.

(28:59):
And it was a what I wouldconsider to be a baby out with
the bathwater from the spac boom.A little bit of complexity, but oh
boy, until you know that stockhad mightily struggled. So other ones have
done less well. You know afew of our legacy investments we had to
take the l on and that wastough Care Max probably being the biggest one,

(29:22):
which after doing quite well initially,you know one to two years ago,
that stock is looking like it maygo out of business next year.
Flip side of that, you know, we'll give you another winner, which
was zimb which is another big winnerof ours. This was a spin spin
up from zimmer Biomet. Stock cameout at twenty five a share about four
years ago. In the spinoff,it bottomed all the way down at five

(29:48):
dollars a share. This in March, I think it was March this year
we got involved. Stock Ramms twelvecame back to seven and finishes the year
at seventeen fifty as they sell offtheir twenty percent of the business was a
spine business. Now they're going tobe a pure played dental business. We
have high hopes for that. Onceseventeen bucks, if it trades it ten
times cash flow, it's worth aboutthirty two thirty three bucks, and that's

(30:11):
where it should trade. Great managementteam. So that's been a pleasant surprise.
But it's a while here. We'regonna people people call, they asked,
what are you thinking for twenty twentyfour, and I'll just sound like
a broken record, as will you, which is Marcut's going to go up,
er down, or it's going togo down five percent at least three
to four times during the year.Expect volatility. We don't know when it's

(30:33):
gonna come. Like what you own, have a big cash balance and be
ready to deploy that cash balance intostuff and play offense. Politicians are going
to do yep, politicians are goingto do silly stuff. It's an election
year. They do silly stuff.Every year. They talk about silly stuff.
Companies are going to spin off,go public, go bankrupt, merge

(30:53):
with each other. All sorts ofthings are going to happen, and ultimately
what we're looking to do is getinto stuff at what I would call a
value price, and as time andcomplexity decrease, to sell at a speculative
or growth price to somebody else.All you can do in this business when
it works well and when it doesn'tsell quick sell often. That's pretty good.

(31:21):
That's pretty good, and I thinkthat's that's one of the reasons that
we keep a pretty good cash cashbalance. Typically in our asset allocation model
we keep up to thirty percent incash, both for safety and for opportunity.
The balance is invested primarily in growthcompanies and we go go from there.

(31:45):
And as I said earlier, theproprietary client portfolio did very well this
year, up forty two point twofive percent after then after fees, and
that's a real money portfolio. Andand just on that we would point out

(32:07):
the outperformance on a five year basisversus literally every benchmark is extraordinary. You
can comment to the S and threefive hundred or the nas SEQ one hundred,
but come talk to us. We'llgive you all the disclaimers and we
can show it. You can have, you can hold it and look at
it. You can look at whatwe've done. We are the biggest investors
in what we do. We area family business. So but what that

(32:27):
will be right back? This isJosh Arnold, Mister money Talk with Jutt
Arnold here to answer your questions onstocks, bonds, mutual funds, how
you should position your investment dollars.Give us a call two nine two five
five six oh eight. This isJosh Arnold Minster Money Talk with Jut Arnold

(32:52):
sper answer your question on stocks,bonds, mutuol funds. Have you should
position your investment dollars including your IRAfour oh one k do give us a
call nine five two nine five fivesix oh eight. That's nine five two
nine two five five six eight.You always get straight talk, not sure
coded advice. When you're looking atthe at the market, jud right now?

(33:20):
Uh, are there any sectors thatthat stand out to you that you
really want to go go look at? Ah now, I I think we're
just waiting for things to fall outof bed. We like what we own
a lot. Markets are on alot. It's usually a bad idea to

(33:42):
get to overly trade on the wayup when the way up, and I
think we're still on the way up. Yeon what you own? We look
to do a few small trades,but generally speaking, on what you own,
I'm going to make a decision torotate or not rotate later in the
later in the year, or sorry, later in January. But I think

(34:05):
one thing that I do feel stronglyabout we avoided energy for about ten years.
Everybody's shooting down about five percent energybecause it is showing to be inversely
correlated to everything else, and itis a nice edge. Beyond that,
I don't feel super strong. Fivebusinesses that can pound I think the lesson
in my investing life is certainly andone that you gravitated to as well,

(34:30):
which is growth wins and you justtime in again. I look at what
worked from the global financial crisis,and I was in a really great seat.
I was at a stressed debt fund. We made money in O eight.
I had a pile of money innine and I started deploying it.
And I think about how easy itwould have been just to buy the obvious,

(34:51):
really you know, premium businesses andwhere they turned out. So good
stuff is probably going to keep workingif you can get it at a reasonable
price and the to hold it fora long long period. One of my
better friends was a banker at JPMorgan Chase for years, and I'll tell
you what. You look at thatstock from the global financial crisis, you
may never need to sell it.Three percent of in a yield. Still

(35:15):
to this day stocks at an alltime high. Every sale since Jamie Diamond
came in, I want to saysix has been a bad sale of that
stock. And when the London whalething happened where they had a rogue trader,
and I think that was twenty elevenor twenty twelve, the stock went
down to thirty bucks. Buffett saidhe owned one or two million shares in

(35:36):
his personal account. You sit heretoday, you think of all the stuff
that's gone bad in banking and wherewe are stocks one hundred and seventy bucks
and still cheap. That's what youwant to find a franchise. Things.
You got involved with clients in Applein after the iPod wasn't in four h
five. Oh yeah, after theiPod was two thousand and four. It's

(35:57):
when your sister graduated from high schooland you and your brother got her an
iPod as a graduation gift. AndI looked at that and said, this
thing is a razor. And theysell razor blades, and kids like music.

(36:21):
People like music, and they're goingto keep buying it. And Apple
gets thirty cents a song. We'rethirty cents out of each download. And
I said, they also sell computers, and they're gonna have they're gonna sell
games, they're gonna have other things. Them happened, and initially we made

(36:47):
some Well, I'll just as youcould have bought this thing at nine for
about six bucks this year. It'sunbelievable. So compounders keep working. I
read a pitch on in Video fromtwenty from two thousand and two recently,

(37:09):
so he sent it to me whenin Video is a two billion dollar company,
it's over at trillion a day,talking about Jensen Wong and how great
everything is. And you find growthearly, and that's that's what I try
to do, find growth early andthen ride it. And as Charlie Munger
used to say, the value isin the holding, so well he did

(37:34):
very well. It's in the holding. And if you've got if you have
growth, and you have some time, and I definitely have, you have
to have patience to deal with allthe ups and downs. Because the times
that I've owned Apple and Amazon aswell, they have dropped numerous times fifty

(37:54):
percent in value, only to comeback and come back stronger. And when
they sell off, as long asthat business is still still good and you
can still see some growth, that'sthe time to buy some more shares,
not the time to sell and thenride that ride that back up correct.

(38:15):
Well, Look, it's not acontroversy. It's not a controversial call.
I think the market's going to dojust fine next year. I think we
transition to a new market phase withthe FED pivot, and I think EMINE
is going to accelerate. I thinki pos are going to accelerate, and
I think that's going to be anice little boost boost for the market.

(38:36):
I unclear what happens in the world, as it always is hard to figure
out these things, but I thinkthe best business has remained very well positioned,
and you've got a lot of upand comers as well, so well.
I think just focusing in on someof those businesses he has like to,

(39:00):
you know, talk about and lookat, you know, the broad
picture some of the macro macro events, because that does have an impact,
at least very short term with whatgoes on in the market and our individual
companies. But looking at you know, the individual companies and some of the
areas of growth have brought up artificialintelligence, which really boosted i'll say the

(39:29):
Magnificent seven starting last last May andfocus I mean that's focus in on artificial
intelligence. Now. To make thisstuff work, you definitely need good information
and not not anything else. Butnot only do you need the good information,

(39:51):
you need good software, you needgood data data storage, and additionally
you'll probably need some cyber security tokeep keep away some of the bad actors
as this is this is UH goingon. So those types of companies that
that fit in those segments, UH, you know, could do well to

(40:15):
talk about you need data, datastorage and fast fast chips. Well,
that's going to continue benefiting companies likeNavidia A m D to some extent,
Micron the people who make make thechips, Taiwan Semiconductor, or arm Arm
Holdings, just a few there.Uh. The UH cyber security names UH

(40:43):
companies like UH crowd Strike, UHcyber cyber arc, UH pala Alto networks
you know, fit fit in intothat than the companies that are actually doing
some of the artificial intelligence or orleading the charge there, whether it's a

(41:07):
Microsoft, Google, Amazon, Apple. I think those are those names you
know, could could do do verywell. You have some other you know,
competitors, and we'll say in Chinathat you know have that are going

(41:30):
to compete, but I don't knowwhether they're going to compete on a worldwide
basis, but definitely compete in inChina and there's a big population there.
But do be cautious with investments inChina because of you know, more of
the government issues which can throw areal wrench into any any stock just with

(41:57):
a quick change in regulation. Uh. That said, it is twenty twenty
four is going to be interesting.Make sure you have some cash available to
take advantage of any of the pullbacksthat take place. Any questions at any
time, don't hesitate to give usa call. Nine five two nine two

(42:21):
five five six eight. We wishyou a very happy, healthy, and
prosperous twenty twenty four and we're alwayshere to help you. Nine five two
nine two five five six oh eight. I am Josh Arnold, mister Money
Talk with Judd Arnold. Josh ArnoldInvestment Consultant is a registered investment advisor located

(42:45):
in the state of Minnesota. Allsecurities discussed are for informational purposes only.
Investment contains risk, including risk ofloss. Consult your investment professional before making
any decisions about your investment portfolio.