#42 – The Dow Goes High, New 401(k) Limits, And Closer Look At Private Equity

Connor Miller [00:00:57]:
It’s just beautiful out.

Wes Moss [00:00:58]:
I mean, it’s awesome though. I love it.

Connor Miller [00:01:00]:
Yeah, we were looking at the next seven to ten days before we got on air. I mean, this is, if you could pick any days out of the year, this is what you’d pick. A little bit cooler in the morning.

Wes Moss [00:01:11]:
This is where you want to be.

Connor Miller [00:01:12]:
Mid seventies, sunny in the afternoon.

Wes Moss [00:01:15]:
So we’ve got a string of gorgeous weather, a nip in the air, which I love. It feels like fall. In completely unrelated news, private equity is buying up every home service you can possibly imagine. The trades h vac, heating, let’s see, h vac is heating, air conditioning, what’s the v h vac. What’s the v in h vac?

Connor Miller [00:01:42]:
Ventilation.

Wes Moss [00:01:43]:
Ventilation, yeah. Heating, ventilation, air conditioning, plumbing, pest control. And it makes sense. These are, if you really think about, and the Wall Street Journal did this great story. And the reason I bring this up is that I go on to, I usually am a guest on the von Hessler doctrine every week or so. And von Hessler can’t stand private equity. He thinks it’s literally ruining America. It’s the worst thing ever.

Wes Moss [00:02:07]:
And I don’t think it’s the worst thing ever. I get his point that it really kind of pushes out to some extent, push out the middle class. And more and more and more businesses are getting bought up by just a few giant, multi billion, multi hundred billion dollar hedge private equity funds. So I get that sentiment. And for the folks though, in any sort of profitable business, what I’ve seen over the years is you think of private equity buying a billion dollar business, trying to turn it around to make it a two or $3 billion business. And that’s the size they operate in. Some are even bigger than that, of course. And they take companies public for 1020, 50 billion.

Wes Moss [00:02:47]:
And then you’ve got this, let’s call it the $100 million private equity or the $200 million, but it doesn’t stop there. Wherever there’s profitability and there’s the potential for growth, private equity now is going all the way down to a plumbing company that might do a million bucks in total sales. It might be 30% profit margin, which is fantastic for any business. You don’t have to make software. You can be in a service and have. You can have great margins. Doesn’t mean every company does. But wherever there’s profit and there’s the potential for growth and efficiency, private equity is going to go.

Wes Moss [00:03:23]:
And they have gotten to the point where now they’re buying up really small businesses that are a couple people, one or two person owners. They may have ten or 15 employees. And pedest is going in because they are profitable. And the private equity company feels like they can go in, make it more efficient, maybe bolt on a couple other acquisitions. Instead of one plumbing company that does a million, they roll up ten plumbing companies, and now you’re doing 10 million efficiencies for the whole group. Now the collective value can be worth even higher than when they started. That’s the idea of private equity. And the people that do, of course, benefit the owners, the owners of these companies.

Wes Moss [00:04:03]:
I mean, this is a story. It was Aaron Rice who the Wall Street Journal profiled. This guy has two logos tattooed on his left leg. One is the plumbing company. I guess it’s like the logo of his plumbing company. And the other one is for the private equity backed company that recently bought them. Those are his two tattoos. And so this is a guy.

Wes Moss [00:04:30]:
Talk about the american dream. This is why I love this story. This is a guy who battled addiction, spent five years in prison for selling meth before turning his life completely around. In 2012, found a business partner, started a plumbing company, and he was doing sewer inspections, sewer repair. Nobody wants to go there. He’s going there. By the time they sold to this PE firm, they had 18 employees. They’re doing 3 million in annual revenue.

Wes Moss [00:04:57]:
So what do you think he got for that company? He probably got. So that’s the total revenue, and usually it’s a multiple of profits. He probably got 3 million, maybe more than that for this company. This guy was in prison. Now got a $3 million exit and a lot of cases. Connor, these company owners will stay at the company. They won’t sell 100% of it. They’ll sell 50, 60, 70%.

Wes Moss [00:05:21]:
They’ll stay, and they’ll help the company continue to grow.

Connor Miller [00:05:24]:
Yeah, and look, admittedly, private equity does get a bad rep sometimes. But looking at it from that standpoint, if you’re a small business owner, if you’re an entrepreneur now you have this exit plan, this gold mine that you’ve built as a company to now be able to exit and sell it and make a pretty penny.

Wes Moss [00:05:43]:
It is a giant part of the investment ecosystem we here on money matters are always talking about. We’re talking about the publicly traded markets. XYZ company, the banks, they reported earnings this week. How did the banks do it? How do the bank stocks do? How do regional bank stocks do? How do utilities do, how does technology do? What’s healthcare happen? That’s all in the public markets you see a real time barometer which is a stock price right in the markets in general when you’re in the private equity space. These are private companies that are usually owned by a couple of folks. They may have 18 employees like this plumbing company example. They may have 2000 employees. And there’s a huge amount of statistic.

Wes Moss [00:06:26]:
I don’t have it in front of me but I believe is 99.9% of businesses in the United States are private businesses. If you think about it, there are only a couple, you know, there’s five hundred s and P. Five hundred, that’s it, 500 total. And there’s a couple other thousand publicly traded companies. But the other million plus companies are privately owned.

Connor Miller [00:06:45]:
And the sheer number of public companies now today is significantly less than was 20 years ago. 20 years ago I think it was over 8000 public companies. Today it’s less than 4000.

Wes Moss [00:06:56]:
Where we, I remember we spent a whole year on this. I remember when I found this out, the trend of, I think the Russell, was it the wheel share 5000 which is supposed to have 5000 stocks at one point had something more like 3000 stocks. And I remember reading about that thinking where did all the publicly traded companies go? And the answer is a couple of things. We’ve gone from 8000 to call it 3000. And it’s because of mergers. See two big companies get together now it’s one giant company or you have three companies now altogether. Now they’re one, that’s one. So consolidation two, you have companies that have chosen to stay private longer and they don’t go public.

Wes Moss [00:07:39]:
So we haven’t had nearly as many ipos, let’s call it as of late. And then we’ve even seen some companies go from publicly traded to private. X is the latest example of that. Big publicly traded companies, stock traded. And then now there’s no ticker symbol because it’s just owned by individuals and investors on a private basis.

Connor Miller [00:07:59]:
And the reason is because the capital is there today. 2030 years ago, it was just a much smaller piece of the market. It was a lot harder to access that capital. That’s the reason why companies went public, to get that big share of capital. Today you can do it in the private markets and still get just as much money.

Wes Moss [00:08:17]:
And there was a big conference this week that was all about private equity, and there was a bunch of coverage on it throughout this past week. And there are more and more companies that are trying to bring. So you may be thinking, wait a minute, okay, I’ve got everything in publicly traded companies, stock indices, ETF’s. Then I’ve got my bond indices and ETF’s and mutual funds. But what if I want to get private access and the walls are coming down and I don’t have. There’s not one particular perfect answer for this, and I don’t think it’s going to be available. I think there’s some versions of this, even in its 401K choices, that may be quasi private, but there’s still only recently you’re seeing companies try to go in and say, how can I get the public access to some of these private equity investments? Now you still, in most cases, you still have to be an accredited investor to have a certain income amount or a certain net worth in order to sign off to say, yes, I’m accredited and I can invest in this. But it is interesting.

Wes Moss [00:09:25]:
I think what we’re going to see over the next five years is more and more companies come to the table and make it available, make private investing available for a much larger public base as opposed to a couple thousand super rich individuals.

Connor Miller [00:09:41]:
Yeah, in the past, I mean, you.

Wes Moss [00:09:43]:
Think that would make Eric von Hessler happy, or do you still probably hate.

Connor Miller [00:09:45]:
This to be determined? You know him better than I do. But yeah, in the past you’d have $50,000 minimums, $100,000 minimums. Today you’re seeing more avenues where you can invest less and less in terms of the minimum.

Wes Moss [00:10:02]:
As far as this home service space, which is to me five years ago, well, I guess I’m not, never surprised at private equity, where there’s profit, you will find private equity trying to buy a chunk of that profit. But since 2022, so we’re talking really just the last two years, private equity firms have bought nearly 800 H VAC companies, plumbing companies, electric companies. Some of these are selling for as little as a million bucks, and some are up to $20 million. These transactions. But it’s not just tech startups making headlines. I think the headline this week was something like the new millionaire next door. It’s not people saving and getting to a point. And it’s not just tech who have the big exits.

Wes Moss [00:10:49]:
It’s plumbers. It’s h vac entrepreneurs. And I think that’s a good story. Now the downside will be that those owners now lose control. They’ve got a giant company now owning what used to be maybe a family owned business. There is thought that the employees do end up making more money under private equity, and that’s not been my experience. What I’ve seen, they may make more money early on and then longer term maybe make less. So there’s definitely downsides to this, no question about it.

Wes Moss [00:11:21]:
It just depends on how pervasive this gets. But I, I don’t know how much further wider of a circumference you could see private equity do. One of my kids sports leagues is owned by a private equity company, and almost all the other leagues that I see us playing are owned by the same private equity company. And again, these are micro businesses. A team or a league might be $100,000, 200, $300,000 businesses, but you put 20 of them together now you’ve got a pretty big business if you own that many. So that’s the direction the world is going. Stay tuned for more on if it becomes easier to access. I’m sure we’ll be talking about that over the coming months and years.

Wes Moss [00:12:07]:
Dow crossed 43,000 this week for the first time. Was this the first time or just another time?

Connor Miller [00:12:14]:
For the first time, we’re setting new.

Wes Moss [00:12:15]:
Highs and then we have 46, 47 all time new highs on the S and P 500. The consumer seems to be in good shape. Conor Miller retail sales up, what, four tenths of a percent for the past month. The consumer seems to not be slowing down. Now, according to the National Federation of Retailers, we’re looking at a slower holiday boost, but still growth in holiday sales of two and a half to three and a half percent. That’s going to be almost, these numbers are, they’re almost hard to conceive. Between 980 to 990 billion. So a trillion dollars in total holiday spending in November and December alone.

Connor Miller [00:13:00]:
I mean, just coming off a massive base, too. I mean, we saw 9% growth in 2020. We saw 12.5% growth in 2021.

Wes Moss [00:13:09]:
Incredible growth.

Connor Miller [00:13:10]:
So it’s natural to see these numbers slow down, which they have the last couple of years and are expected to slow down a little bit this holiday season as well.

Wes Moss [00:13:18]:
It looks like we’ve essentially, if you go back 20 years, and this is the NRF, National Retail Federation, that tracks holiday spending, this is November, December, this is the height. Now, granted, it seems to be pulling towards October, but if you go back 20 years, overall spending has increased and even during COVID every single year except one. And that year, I would have guessed would have been Covid. But we had already, later in the year, we were getting some unlocking and people still bought even more. But really it was 2008. There was a financial crisis. The only year that we saw a decline in holiday sales, down about four and a half percent. So retail sales that we just got this past month, this is the October number.

Wes Moss [00:14:05]:
But for September, retail sales up by four tenths of percent. Expectations were for a 10th of a percent. So that you just can’t slow down the us consumer. Conor Miller it can’t be rates just yet. Rates are still barely down.

Connor Miller [00:14:20]:
Look, I think we’ve talked about this a number of times. It’s the consumer is getting a real wage increase, meaning they’re getting a raise in excess of the rate of inflation. And so as long as they’re employed, as long as they’re getting those raises, we’re going to continue to spend.

Wes Moss [00:14:36]:
Right? That’s true. We’ve now seen what, a year to year and a half of real, quote, real wage gains, which again are if we have 10% inflation and you get an 8% raise, you still got a real negative 2% because everything’s 10% more expensive. You’re only making 8% more. The us labor force has gotten a real raise now for, call it the better part of a year and a half or so. That’s part of the reason why I think we’re going to continue to see gains in retail sales during the holiday season to the tune of almost a trillion dollars in two months. When we get back, Universal’s epic universe theme park, which. That sounds new to me. You’re a Disney dad, Brandon.

Wes Moss [00:15:23]:
Plus some new ways to get to the front of the line if you’re at Disneyland. Connor Miller, I’d say you’re a resident expert on that. We’re going to talk about that when money matters returns. If you’ve ever done a Jane Fonda workout, or if you remember as a kid rocky running the steps, and if Michael Keaton is still Mister mom to you, then guess what? It’s officially time to do some retirement planning. It’s wes moss from money matters. Weren’t those the good old days? Well, with a little bit of retirement planning, there are plenty of good days ahead. Schedule an appointment with our team today@yourwealth.com. dot that’s your, yourwealth.com dot what do we got on tap right here? We’ve got Disney and a new lightning pass.

Wes Moss [00:16:13]:
We’re going to talk Dow 43,000. We’re going to talk markets at hitting another all time high, maybe the election. And I’ll start with something quick and easy, 401k limits for 2025. And the exact, I’m just gonna copy out this. We don’t know the exact number here because it’s based on somewhat of a formula. But if you look at the, where are we for this year? If you’re 50 and older, remember that the employee contribution is 23,000. That’s for, well, 50 and younger. But if you’re 50 and older, you can do the 23,000 as a maximum 401k contribution plus a catch up of $7,500.

Wes Moss [00:16:53]:
You put those two together, you’re talking about $30,500 in 2025. There’s a new twist on this because of the Secure act. I think this is Secure Act 2.0, but the base contribution in 2025 for another age bracket, age 60 to 63. I don’t know why it’s 63 and not older, but again today it’s still $7,500. But the new Secure Act 2.0 increases the catch up portion for that new age group, 60 plus. So either it’s going to be the way it’s listed out in the article that I read about this, either $10,000 or 150,150%, the existing catch up limit, whichever is greater. And maybe this is because it was written several years ago, but if you look at where we stand today, the catch up is $7,500. 150% of that would be $11,250.

Wes Moss [00:17:52]:
Probably starting next year, the catch up will be for 60 plus or 60 to 63. Conor, it looks like it’ll be a little over eleven grand. So you could, if you think about 23 plus eleven 250, you’re looking at over $34,000 for that contingent to really try to catch up and save for retirement. Tax deferred, too. It’s a big number.

Connor Miller [00:18:18]:
Look, it’s never too late. Right now you’ve got this catch up.

Wes Moss [00:18:21]:
So as interesting as that was, that’s just, that’s tactical financial planning. These are good rules. They’re important, but it’s not as interesting as this. Universal epic universe theme park. Flash pass, lightning pass. I’m always confused with Disneyland, you’re a dad. You take your kids there every other month. What does all this mean?

Connor Miller [00:18:43]:
Look, you know, we’re a big Disney family. So first I feel like I need to caveat. We’ve got two different things going on here, right? You’ve got one at Disney World, and then you’ve got one at Universal studios. So two separate theme parks down in Orlando.

Wes Moss [00:18:56]:
I’m still confused. What do you mean two separate? What’s the epic universe thing?

Connor Miller [00:19:00]:
That’s the universal park. So really Universal Studios and Walt Disney world are rivals, right. One is owned by Comcast NBC, and the other’s obviously owned by Disney. So two different theme parks down in the Orlando area. Universal is opening its fourth theme park, and then we’ve got this new feature that Disney is rolling out. If you want to get to the front of the line.

Wes Moss [00:19:24]:
What’s that look like? I could change my tune around Disney.

Connor Miller [00:19:27]:
So we’ll start with the Disney front. So we all know we talked about consumer spending, how, you know, hopefully the consumer’s in good shape. They’re going to need it for this, especially if you want to get to the front of the line. So we already know how expensive Disney is. It’s, it’s somewhere between, call it $130 and $200 just to get in the door. Right. One day per person.

Wes Moss [00:19:48]:
Nothing to do with what you spend. And the hotels and everything, these are just the ticket passes now.

Connor Miller [00:19:53]:
They’re rolling out this thing called the Lightning lane. Premier pass, isn’t there.

Wes Moss [00:19:58]:
I remember there always being when back in my Disney days there was the fast pass. Is this going to replace that or is this like a premium? Premium.

Connor Miller [00:20:06]:
That was like ten years ago and.

Wes Moss [00:20:08]:
They don’t even have that anymore.

Connor Miller [00:20:09]:
They don’t have the Fastpass now they have the lightning lane and they’ve had this genie plus program. I think they’re still going to have that. But essentially this lightning lane pass, if you buy it, which they’re saying pricing will be variable, ranging from one twenty nine dollars to four hundred forty nine dollars per person per day. You buy it and for the whole day, basically you get to go to the front of the line.

Wes Moss [00:20:33]:
What if ten people buy it and they’re all on the same line?

Connor Miller [00:20:38]:
It’s ten people of the same family or just ten people in general.

Wes Moss [00:20:41]:
Ten different families, yeah.

Connor Miller [00:20:43]:
Well, they have their own separate lane. They have their own lightning lane for each ride.

Wes Moss [00:20:47]:
Got it.

Connor Miller [00:20:48]:
And so you just get, you get relatively to the front of the line.

Wes Moss [00:20:51]:
Right. Okay. It’s not exact. Okay. It’s not guaranteed. So if you have ten other families that also have the lightning pass, you’re still gonna have to wait, but not with the masses. That might have to wait 45 minutes.

Connor Miller [00:21:01]:
Exactly.

Wes Moss [00:21:02]:
So it could be up to over $400 to do this.

Connor Miller [00:21:05]:
And they already do this with their ticket pricing, where they’ll have surge pricing and peak pricing. So, like, if you go in the summer, it’s probably gonna be dollar 400 if you go during a downtime. It may be.

Wes Moss [00:21:17]:
Imagine, though, for a family of five, mom, dad, three kids, we were talking about two grand extra for a day to be able to get to the front of the line. I think that that seems like a rare family that would spring for that. You gotta be pretty.

Connor Miller [00:21:35]:
It’s a no for us, for sure. That’s pushing it over the line a little bit.

Wes Moss [00:21:39]:
It really is. And then. Okay, so what is this other universal studio new thing so quickly again?

Connor Miller [00:21:46]:
Disney’s rival universal, they’ve got their fourth theme park opening. They’ve been building it for the last several years. They just announced last Thursday. You should have seen my family text chain was just blowing up.

Wes Moss [00:21:57]:
Oh, you guys were so excited.

Connor Miller [00:21:58]:
Trying to plan the next.

Wes Moss [00:21:59]:
You guys did a whole family. You did a Disney cruise too, didn’t you?

Connor Miller [00:22:02]:
We did, yeah, last year. And we’ve been to the parks a number of times. And so they’ll have the wizarding world of Harry Potter, the Ministry of Magic, Super Nintendo world, how to train your dragon. So a bunch of fun stuff that’s going to open its gates May 22 of 2025.

Wes Moss [00:22:18]:
Universal Orlando’s was the newest. So it’s a whole new theme park or it’s just within.

Connor Miller [00:22:23]:
In entire new theme park.

Wes Moss [00:22:26]:
Epic Universe is its own brand new.

Connor Miller [00:22:29]:
Park and gonna be one of the biggest theme parks there is.

Wes Moss [00:22:33]:
Wow. That might thin out the crowds a little bit more. A whole nother place to go. Did they build a bunch of hotels around it or. The hotel’s gonna be.

Connor Miller [00:22:42]:
I think they’re building one hotel attached to it. So we’ll see. It may bring in a whole new suite of people to come in.

Wes Moss [00:22:48]:
That’s actually kind of exciting. I’m gonna talk to my kids about that, see if they wanna go with their mom and their grandparents. Actually, it’s been long enough. I would go back. I would go back to Disney or this brand new place. Where are we going next? We’ve got so all time highs. I want to revisit Connor for our listeners. Maybe we’ll just start with all time highs in general, we’re taught to buy.

Wes Moss [00:23:16]:
As the great Ryan Doolittle says, everybody knows to buy low, sell high. Isn’t that the way we’re supposed to do it? Buy low, sell high, buy low, sell high. And then you get to a year like this and it’s not that abnormal that we see this, but it does go in fits and starts. So we’ll have years where you don’t see any all time highs. There’s zero all time highs booked and zero all time highs booked. And then all of a sudden, when the market starts moving, every time it creeps up, even by half a point, it can be a new high and a new high and a new high. And we’ve seen almost 50 of them this year. And it kind of makes me nervous.

Wes Moss [00:23:51]:
My gut reaction to that is, ooh, all time high. That’s not when I want to be putting money to work, ooh, all time high. I mean, that’s a time to sell, not to be buying in. And again, I’ve been doing this for a living for almost two and a half decades plus. And that’s even my human gut reaction to markets doing really well. It’s okay, it’s done well. So there’s research around this and we’ve talked, I think when we had 25 all time highs, we brought this up on money matters because that was a lot. Now we’re at almost 50 and I still get that same little question mark.

Wes Moss [00:24:26]:
But the research around this is really helpful because it kind of tells the real story historically, what happens post all time high.

Connor Miller [00:24:37]:
And to touch on the nervousness, I think that’s just a natural feeling that we all have, right? We all ask the question, we’re like, what if this is the peak? What if this is February of 2020 or October of 2007, which was the two previous peaks in the last two bull markets. We never want to invest in the peak. We came across a study, recreated it, our investment team, essentially, the study was extremely simple. All we did was say if you invest in the market during any normal day, so just any, any normal Monday through Friday, and then compare that to if you only invested on a day that set a new all time high, what would your experience be? And I think logic would tell you, well, you’re probably not going to do as good investing when you’re setting an all time high. Right?

Wes Moss [00:25:26]:
I would have, before doing this study, my gut would say, you’re probably better on any other day versus nailing the top.

Connor Miller [00:25:34]:
So the data actually speaks counter to that. And so we ran this on a six month, one year two year, three year and five year basis going back how far?

Wes Moss [00:25:44]:
How many more?

Connor Miller [00:25:45]:
Going back to 1988. So about, what’s that, 45 years?

Wes Moss [00:25:50]:
Don’t date me. That’s 35 years.

Connor Miller [00:25:52]:
35 years. Oh, gosh, missed. Added a whole decade in there. When you look over the last 35 years in each period, you find that investing at new all time highs actually does better than just investing in any other day.

Wes Moss [00:26:08]:
Quote, any other day.

Connor Miller [00:26:09]:
So on a one year basis, investing at new highs does about 13.5% versus 12%. Investing any day. Going out to two years, 29% versus 25%. And all the way out to three years, 48%. And these are cumulative returns, 48% versus just 40 investing on any day. So again, counter to that natural feeling that we all get of we don’t want to invest in the peak. Usually when you’re setting new highs, you’re doing it and the market has some momentum behind it. And for every market peak day, there’s another day that’s really just the next step in the markets move higher over the long run.

Wes Moss [00:26:47]:
And the explanation behind it, because, again, intuitively, you’d think the opposite. Here. Your explanation around this.

Connor Miller [00:26:56]:
Yeah, look, I think the market, like I said, the market generally moves with momentum. You can see it whenever you count up how many highs you set in a year. You see it in bull markets.

Wes Moss [00:27:07]:
Right, and bull markets. So let’s talk about the average length of bull markets. I know you’ve written it. You were writing about that this past week.

Connor Miller [00:27:16]:
Yeah. So another study that we came across, look, we just set the two year anniversary for the market low in 2022. We’re about two years into this current bull market and we wanted to address the question, well, how much steam could there be left? And what we found is the average bull market, there’s been about 15 of them going back almost 100 years on average. Bull markets last about five years, 60 months on average. And we’re only two years into this thing. And so if history is.

Wes Moss [00:27:48]:
And the longest was what we really, an eleven year was one of the longest.

Connor Miller [00:27:53]:
Yeah, one of the ones that we just came out of from 2009 to 2020, really right before COVID took it out. And there’s some that are shorter. There’s some that are about two years and there’s some that are much longer, but on average, about five years.

Wes Moss [00:28:04]:
And this has been a really good year and it’s been a broadening of markets. The Dow’s done well. The S P has done well. Dividend indices that lagged behind a little bit last year, they’ve caught up and done very well, but it’s still coming off two years of flatness. We have to remember October of 21st, it took over two years. It wasn’t until November of 23 that the market went up at all. So we had over two years of no new highs or flatness. Flatness.

Wes Moss [00:28:29]:
And now we’ve seen a bunch of them as the market is.

Connor Miller [00:28:33]:
Yeah, I think we kind of forget about that period because things have been so good this year and last year to a certain extent, you kind of forget how painful and really frustrating is probably a better word for 2022. But here we are.

Wes Moss [00:28:46]:
You’re right. Last year was making up for about 23, was making up for about 22. We got back to even, but here we are.

Connor Miller [00:28:53]:
You know, the Dow keeps setting these thousand point milestones. I mean, for me what sticks out is just the quickness that it’s done it. To go from 42,000 to the most recent 43,000 only took 25 days quick. I mean, it’s less than a month to do so. We talked about the S and P 500 setting nearly 50 50. New record closes this year. And so it’s really just been this broad bull market which has been going on for about two years now.

Wes Moss [00:29:21]:
The first second thousand point move from 1000 to 2000 took over 5000 days. Now again, that’s a double. These moves now 1000 points is only two and not even two and a half percent. So it’s a big, it’s obviously mathematically and percentage, which is a very big difference. But it certainly shows the momentum that we’ve seen this year after a rough 22, a comeback 23 and now plowing new ground in 2024 years, not over yet. Conor Miller hopefully we still have some.

Connor Miller [00:29:53]:
New highs in store for us.

Wes Moss [00:29:55]:
We’ll see. We’ve got election coming up in now. We can start talking about days, not weeks and months. We’re talking about days and we’ve talked to, about the election. We’ll certainly talk election next week as well. But with that, thank you. So, hey, Connor, thank you for being here, my friend.

Connor Miller [00:30:12]:
Absolutely. Thank you as always.

Wes Moss [00:30:13]:
Great to have you. And you can find me and Connor Miller easy to do so at yourwealth. That’s your, Yourwealth.com. have a wonderful rest of your day.

Mallory Boggs [00:30:28]:
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Mallory Boggs [00:31:16]:
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