#61 – Market Volatility Unmasked: Strategies to Help Protect Wealth and Seize Opportunities

Wes Moss [00:01:08]:
I know investors are nervous. I’ve gotten emails from folks and calls and I know that producer Mallory said that some of her friends in their 40s or 50s are just really uncertain. What what should I do? There was a study from Empower I I saw this week is a big 401k company or retirement plan company. There’s 19 million participants and they’ve seen trading volume double or triple. So people are moving their 401ks. People are moving out of US stocks. That’s the biggest out category into stable value. So you know I we see statistically just in the last couple of weeks some very real action and response to markets being uncertain and they’ve continued to be even more uncertain.

Wes Moss [00:01:52]:
You wrote an amazing piece this week called Candy vs. Spinach which is a really interesting way to explain what’s happening policy wise and coming out of Washington and how that is impacting markets. So I want to go into Candy. Spinach is a really good explanation of where what’s happening. But we also have a trove of statistics that go back in history which you like to do. Let’s be rational and rely on economic history. Here’s what we do. We’re students of the market to help just give us perspective to not be that unsettled.

Wes Moss [00:02:30]:
Even though I know the headlines are unsettling, I’m not that unsettled. But I will also love to go back and look at some of this economic data. So Connor, we’re going to go into how often does a correction turn into a bear market? How often do we get 5 to 10% declines? What’s the average rate of return following the last 21 corrections of 10% or more? How many bear markets have we had per Decade S&P 500 returns, an entry year peak trough to down drafts. What did those look like and how quickly And I’ll start with this and then I’d love to bring you in here. I’m gonna let you talk once and I wanted you to talk most of the show this out of the last 20 market corrections again, 10% or more, 20 of them, we’re going all the way back to 1950. This is number five. It’s the fifth fastest 10% correction that markets have seen in 70, 80 years.

Connor Miller [00:03:26]:
Well that’s a great lead in because it not only does it feel like is we are the speed of information today is moving so fast not just in terms of the overall market sell off, but just the headlines alone. I mean you got to think back. President Trump’s only been in office now for 55 ish days. Even before the inauguration. We had the deep Seq AI breakthrough out of China which was a threat to a lot of the names at the top of the market. We’ve had some inflation prints, we’ve had comments from the Fed. And then just in terms of policy alone, you’ve had the introduction of the Department of Government Efficiency doge, you’ve had tariffs, you’ve had geopolitical disputes. Basically anything you could name under the sun, we’ve seen just in the last two months alone.

Connor Miller [00:04:17]:
And then you pair that with where the market was or coming off of the last two years of really, really strong returns. Remember, Even with this 10% pullback that we saw last week, we’re still up about 10% over the last year, over.

Wes Moss [00:04:31]:
The last 12, over the last 12 months.

Connor Miller [00:04:34]:
And so we’re just, things are just moving very fast. And so I think that’s where you get some of the unsettledness in the market.

Wes Moss [00:04:41]:
Yeah, it really is. It’s a Fast and Furious headline. It’s monster scary headlines really goes into the theme that we’ve, we’ve talked a little bit about this. It’s just we’ve been in an environment of nerve wracking headlines since COVID and that was a very real scary time. We had zero precedent for shutting down an economy that that was the most nervous I have been in 25 years was February of 2020 when we shut down the economy. That was truly unprecedented. Wait a minute, how do you, how do you account for this? Then we’ve gone through recession, recession, recession. Then we went through Fed cut, Fed cut, Fed cut.

Wes Moss [00:05:18]:
Now we’re in tariff terror 2025. It’s just rolling. Okay. Uncertainty. So I don’t discount the nerves that are getting created from the news cycle right now. But it’s also, to me, this is to me, after doing this, being in markets for 25 plus years, this is garden variety scary. This is not. We’ve never ever.

Wes Moss [00:05:43]:
This is not in the. We’ve never, never seen this before. We’ve never experienced this before. There’s no historical precedent of the before. I don’t discount it. And I understand that markets are down 10% and I understand that that makes people nervous. Hey, can I still sleep well at night? I’ve had that exact question this past week and my answer is yes, because first of all, this, a lot of this uncertainty is, it’s, it’s being manufactured, right? It’s literally being created. Hey, we’re going to do something new.

Wes Moss [00:06:14]:
This is not self imposed, meaning it didn’t happen to us. It’s happening because the new administration is saying, hey, this is the direction we want to go. They could at any time make this more clear. Every day there was three, four, five different headlines. Double the tariff. Reduce the tariff. The tariffs now on Canadian energy. No more tariffs of Canadian energy.

Wes Moss [00:06:37]:
Tariffs on whiskey coming from Europe. Now we’re going to tariff everything from 200% for champagne from France. I mean, again, does the market need to be that worried about champagne tariffs? But I get it that it’s this spaghetti sticking to the wall and that’s the, that’s the methodology of how this is happening. We’re seeing the negotiation unfold and the sausage getting made and just look, nobody likes it. So let me start with a couple of these statistics. How often does a market Correction so down 10%. How often over the course of history does it turn into a bear market?

Connor Miller [00:07:18]:
So really, when you go back throughout history, you know, since the start of World War II, we’ve had 48 corrections. 10, 10% corrections or more in the market. The good news is that only 25% of those actually turn into bear markets, which are defined as market sell offs of more than 20%. So 75% of the time the market goes down 10, maybe a little bit more, maybe 15, 16, 17, but doesn’t actually turn into a full blown 20% bear market.

Wes Moss [00:07:52]:
All right, how about this? Let’s start with the frequencies. We obviously have had a 5% decline. We’ve obviously had now a 10% decline. JP Morgan does this great chart. Well, I don’t know if it’s great, it’s an informative chart, but it just shows every year since 1950 what markets did ultimately for the year. But there’s a little red dot at the bottom, always negative of the pullback of that given year. There’s a pullback in every given year. There’s no escalator market.

Wes Moss [00:08:17]:
So every year there’s obviously a pullback. The average one of those pullbacks is down, call it around 16%. Now here we are, we’re aligning with history. So we’re getting close to that average pullback in any given year. But let’s talk about frequency. If we looked at five tens, 15s and 20s negatives, how often historically, how frequently do we deal with them?

Connor Miller [00:08:43]:
Yeah. So going back to the 1950s, breaking this out by 5, 10, 15, 20% drawdowns. We’ll just start with the 5% drawdowns. We get about 3 of those per year. So we already hit that. We got one of those last year, one or two last year, 10% or more, which is where we are today. About once, one, one to one and a half times per year. Average length is about 110 days.

Wes Moss [00:09:08]:
And that is market days, or that’s just count. That’s probably calendar days.

Connor Miller [00:09:13]:
That I believe is calendar days. And then as you go out, you know the obvious, that’s that’s they last.

Wes Moss [00:09:19]:
Three to four months on average.

Connor Miller [00:09:22]:
Yeah. And as you go out, the further the drawdown, the bigger the drawdown, the less frequently they get. So 15% drawdown, get one of those about every three years. And then the 20% bear market, only one of those about every six years. So those are even less frequent. And I think that backs up the data that we were just talking about. That 75% of the time. Even if you’re down 10, it doesn’t turn into that full blown bear market.

Wes Moss [00:09:47]:
Now what about average returns S&P 500 following? And we’re going back to 1980 here. There’s been 21 corrections of 10%, again, 10% or more since 1980. What do returns look like a month or out into the future on average?

Connor Miller [00:10:04]:
So this is where the data really gets nuanced because this is where you almost have to predict whether or not the economy is going to go into recession or not. On average, if there’s no recession in sight, you don’t get the two consecutive quarters of negative GDP growth. The skies are clear. Six months later you’re up about 10%. Twelve months later you’re up about 12%. It’s really where you get that recession within the next 12 months that the data gets a little bit choppier to where sometimes you get a much bigger drawdown. And over a 12 month period the market is about flat when you, when you take the averages there.

Wes Moss [00:10:44]:
And again we have obviously no way of knowing if, if we’re going to be in a recession or not. The Atlanta Fed does GDP now we’ve cited that for years and years. This is the first time we’ve seen it go negative in a very long time. However, if you really read the nuances around this forecast that they do, it’s an interesting nuance and the nuance comes with because of the tariffs and because we are a net importer, not exporter, the GDP equation actually goes down when we import more. So it’s, it’s. We have consumer spending, government spending, business investment spending and then net exports because we import more. We saw a little bit of a surge of imports because of the tariffs and just because that company’s essentially saying hey, I’d rather buy today than buy when it gets 10% more expensive there. I think there’s a little bit of a nuance there.

Wes Moss [00:11:41]:
There was also some impact from gold coming into the country and the Atlanta Fed even put out a note that said this is somewhat of a nuance and that’s why it reduced their GDP forecast to slightly negative. You actually look at the impact of the gold imports, it’s barely negative, so it’s still not great. I like to see it at 3 or 4% positive but it’s also not.

Connor Miller [00:12:06]:
Dramatically lower at all, which again if you follow this closely, that would be more of a one time hit to gdp. And for a recession you need those back to back quarters of sustained negative growth. If it’s just a one time import to get ahead of the forecast of tariffs. That would only be isolated to this.

Wes Moss [00:12:25]:
1/4 inflation numbers too. We got CPI this week too.

Connor Miller [00:12:29]:
Yeah, a little bit better than expected.

Wes Moss [00:12:31]:
So under 3% still much better. 2.8% CPI year over year. Again, we’d like to see it more like 2, but it’s not above 3. I put that in comfortably in the Goldilocks camp and that’s right where we want it. We’re talking about markets and turmoil is probably an over exaggeration. We’re in a stock market correction. We deal with these frequently. They’re just painful when we’re living through them.

Wes Moss [00:12:59]:
I said markets in turmoil mostly because that is something that CNBC frequently does. If the market is down up, the dow is down 100 points. You’ll get a breaking news red headline. Scary. But there is a statistic around that. I don’t know if we have that or if it’s official, but essentially there’s some statistic around whenever they have a special quote. Markets in turmoil. We’ve been able to look at forward returns.

Connor Miller [00:13:26]:
I think the first markets and turmoil they did was probably in 2009, at least that someone had been keeping track of a lot of them during the COVID 19 pandemic. Like more than half.

Wes Moss [00:13:36]:
So it started at 09 at least.

Connor Miller [00:13:38]:
Yeah. More than half of the data set actually comes from 2020. So again, loads of nuance there. But there is a stat whenever CNBC does a market’s in turmoil, the market’s up something like 40% over the next year because usually it’s around the time that the market starts to bottom peak.

Wes Moss [00:13:56]:
Fear peak, ratings peak. Let’s go put this on tv. And again, usually that’s the best time to invest. And that’s an interesting data set. We’ll take it with a grain of salt because it’s only from it’s not a full 20 years, but it is interesting. I think what people want to know today is hey, we’re down, we’re down 10%. Does it get worse? That’s really what people want to know. And we don’t know, we can’t say for sure when it’ll get better.

Wes Moss [00:14:24]:
But I do. There’s a couple of things. One, there’s a really interesting historical corollary that goes back to the last almost 50, 55, 0 10% pullbacks all the way since World War II. And what are the statistics around that again?

Connor Miller [00:14:41]:
Yeah, so again, the last 50 pullbacks of 10% or more, 75% of the time, those don’t actually turn into full blown bear markets.

Wes Moss [00:14:51]:
So they never get to down 20, never get to down 20, 75% of the time.

Connor Miller [00:14:54]:
And that’s usually when you get to down 20. Oftentimes that’s associated with a, an economic recession. That’s when you get the down 20s, 30s. That’s really when the fear starts getting into the market. And so that would be in the minority of the data set.

Wes Moss [00:15:11]:
So we’re going to leave it with that. More money matters. I’m your host Wes Moss along with Connor Miller. Straight ahead. 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 Mr. Mom to you, the 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.

Wes Moss [00:15:37]:
Well, with a little bit of retirement planning there are plenty of good days ahead. Schedule an appointment with our team today@yourwealth.com that’s y o u r your wealth. Com. Connor, you did a wonderful note. I worked on a little bit with you but I give you most of the credit for this. I want to go into that trying to assimilate all the things that are happening in the headlines. Again we’re talking about tariffs, administration, what’s happening and it really you equate this to an analogy you can’t not get. And I know you’re going to use fast food and home cooking but instead.

Connor Miller [00:16:15]:
You used candy versus spinach.

Wes Moss [00:16:18]:
We’re going to get to that in one second. I wanted to do one more statistic here we didn’t get to in the first half hour and that’s bear markets per decade for the s and P500 and explain what this means normally. Connor, how many bear markets do we have in any given decade?

Connor Miller [00:16:36]:
So yeah, we found this great data set and I think we have about on average what one bear market per decade going back to the 1950s. Some have, you know, more than one. We’ve had a couple that haven’t had any.

Wes Moss [00:16:51]:
Right. Even though we hit a 20% correction on average every five or six years. We’re, we go the timing of this you’re saying per decade. If you were to look at the number because we had three during the 60s and two during the 80s, but zero, how great were the 90s? Zero bear markets and the 2010s and the 2010s. Zero bear markets for 10 straight years. It’s incredible. Now we’ve already had two and your.

Connor Miller [00:17:16]:
Statistic is we’ve never had a five year period where we’ve had three starts of a bear market. So we had one started in the very beginning of the 2000 and twenties in February of 2020. We had one in 2022 and again today we’re down about 10%. Bear market would be down 20. We went down 20. That would be an unprecedented event because we’ve never had three different starts of a bear market in a five year span.

Wes Moss [00:17:49]:
Candy versus spinach. Take us through this. And this goes, and I’ll preface this by saying we’re talking about policy and we’re talking about the four year presidential cycle and correct me if I’m wrong, we’re not looking at this exact data here but the worst year for stocks historically if you stacked up all year, 1234. 1234 for every presidency. Typically the worst average rate of return is the second year of the presidency, the midterm year.

Connor Miller [00:18:25]:
Yeah, it gets extremely bad. Rep. For having the worst returns in the market, actually by quite a bit. We know that election years are historically pretty positive. Midterm years are the exact opposite. And one of the reasons for that is you do get a lot of uncertainty. We don’t know what the makeup of the House and the Senate is going to be. And so there is an element of, okay, what policies do we think will be passed into the future? The other nuance there that I think is often missed is it’s that second year when the cornerstone legislation of an administration has historically gotten passed.

Connor Miller [00:19:05]:
And so you think that, so wait.

Wes Moss [00:19:06]:
So a president comes in first term, they usually do what they don’t. If it’s gonna be a yeoman’s work and lots of change, they usually don’t do it right away.

Connor Miller [00:19:17]:
They give you the candy first. Right. It takes no convincing to give a kid candy. You don’t have to lobby with them at all. It’s immediate gratification. It tastes good to eat.

Wes Moss [00:19:28]:
Those are things like that happen in the first year. Typically.

Connor Miller [00:19:31]:
Typically, yeah.

Wes Moss [00:19:32]:
It’s like, what’s an example of candy?

Connor Miller [00:19:35]:
It, you know, besides Skittles. It could be government stimulus, it could be tax cuts, things that no one would be opposed to receiving or few people.

Wes Moss [00:19:44]:
There’s always people opposed to everything.

Connor Miller [00:19:46]:
Few people would be opposed to receiving because it’s going to end up with probably more money in your pockets. But while they lead to maybe immediate gratification in the long run, and again, I’m not saying that tax cuts are a bad thing in the long run, but they may not be as impactful to long term growth as we know that eating your spinaches again may not taste great in the short run, in the long run, it’s gonna lead to a healthier lifestyle.

Wes Moss [00:20:12]:
Right? It should lead to a healthier lifestyle. So the dynamic we have here is that usually we get in the early goings of an administration, we get candy first, spinach later.

Connor Miller [00:20:22]:
I like to think of this as a president wanting to make a good first impression. Right. Those are things that are universally loved. Usually those happen within the first hundred days in office. A lot of times that’s what they campaigned on. It’s somewhat of low hanging fruit that can be passed to boost your approval rating a little bit.

Wes Moss [00:20:43]:
However, this is very different. So the administration, the starting gate for what we’re seeing today is not typical of the past administrations. Even Trump’s last time in office. Right.

Connor Miller [00:20:57]:
Complete opposite.

Wes Moss [00:20:58]:
And so walk us through the last couple of administrations and sure enough, the spinach came in year two and the equity markets reacted negatively. So what are those examples?

Connor Miller [00:21:11]:
Yeah. So go back to 2010. That’s when the Affordable Care act was passed. In President Obama’s first term, second year in office, we got a pretty substantial drawdown. Maybe not as a direct result, but certainly correlated with when that was passed. Passed in March of 2010. We got a pullback from April to July of that year, about a 16% drawdown. Fast forward to President Trump’s first term in office.

Wes Moss [00:21:37]:
This was a bad, that was another tariff turmoil.

Connor Miller [00:21:40]:
Yeah. And so started with the tax.

Wes Moss [00:21:42]:
I remember Larry Kudlow being on saying one thing and then maybe he changed. Trump changed his mind later and it was in the same day. It was a tough job.

Connor Miller [00:21:52]:
Well, and that, that just like it is today, that all started with the Tax Cuts and Jobs act, which was really the cornerstone legisl of his of his first term. That was passed in late 2017. Sure enough, January of 2018 through February of 2018. That coincided with some of the tariff activities beginning as well, got about a 10% drawdown. And then even in President Biden’s first term, the Inflation Reduction act, which again was the key legislative item, this one was actually to the date it was passed on August 16th of 2022. That was the exact day that the market peaked within that cycle.

Wes Moss [00:22:32]:
And then we had a correction.

Connor Miller [00:22:34]:
It was in the middle of a correction, but we bottomed out in October of that year. So that was about a 17% pullback within a broader 25% pullback.

Wes Moss [00:22:42]:
All the consternation around the Affordable Care act and whether it was going to be passed and how bad it was going to be and that all led to this uncertainty, led to a market pretty relatively substantial pullback. So really let me summarize this is that we’re worried about tariffs, we’re worried about uncertainty. Usually a brand new administration delivers candy right out of the gate. It’s free Skittles and everyone’s happy. It’s stimulus, low hanging fruit and then they do the spinach later. That’s why the second year of the presidential cycle is usually the worst of the four. But here we have a very unique situation where essentially you are saying President Trump is just fast forwarding. He’s going right to the kind of thing you would do in year two.

Wes Moss [00:23:30]:
Instead of starting out with easy, he’s going right to the spinach.

Connor Miller [00:23:34]:
When think about what happened between the period of the election to the inauguration, the market was up 5, 6%. And so I think even the market had this wrong, that it was anticipating the candy coming first as it did in its first term. Not the spinach like we’re seeing today. Because he still, he still campaigned on all these issues, on tariffs, on some of the geopolitical issues, on immigration. I think just, we’re starting to see that first. The good news with that is there should be candy coming down the road probably later this year with the tax cuts and Jobs act getting extended. A lot of the deregulation that was talked about, which could lead to some more M and A activity as well.

Wes Moss [00:24:20]:
Well, that’s another statistic which is interesting. President Trump and the administration really campaigned on lower regulation, more business friendly climate. You’d see M and A activity. However, it hasn’t happened yet. The M and A activity is actually as the month of January was as slow as we’ve seen in 10 years. Now we saw a couple medium to smaller sized deals this week happen. Maybe that’s changing a little bit. But so far there has not been a whole lot of M and A activity.

Wes Moss [00:24:51]:
And that’s a question of uncertainty. Right? Two companies have to get together. Both CEOs have to think, well, it’d be good to partner up with this. We’re worth 10 billion and they’re worth 10 billion. It’d be good for us to be one big $20 billion company. And you got to have a lot of confidence in order to sit there, think that through and then say, let’s do it. You’ve got to have some level of certainty about the regulatory environment, the economy. In fact, you go into a recession, you see M and A activity gets postponed or canceled.

Wes Moss [00:25:22]:
Even a stock market correctional will impact tax policy.

Connor Miller [00:25:26]:
Tariffs are a big factor there with supply chains being all over the globe today.

Wes Moss [00:25:31]:
So it’s kind of an interesting situation that we have seen even less. But it’s because right now we are in a world of uncertainty.

Connor Miller [00:25:40]:
And I think the, you know, the reason we bring this up is, is really just to say one, volatility is a normal part of stock investing. There is a reason that stocks go up over time that you get paid to own them because they are a risk asset. They, they produce volatility during times like these. The other thing is if, if stocks.

Wes Moss [00:26:01]:
Are easy, they wouldn’t average 10%.

Connor Miller [00:26:03]:
Exactly. The other thing is, while it feels a bit unprecedented because of the news flow, we talked earlier in the segment about how fast, how fast the news was coming in it, yes, it does feel unprecedented. But when you put it in the context of these other legislative items that were passed with Republican and Democratic presidents, it starts to normalize things. That, yeah, volatility is just a part of digesting policy into the stock markets. Because whenever you’re changing something, like we said before with the M and A activity, businesses have to adjust around that. And I think the market is doing that today.

Wes Moss [00:26:45]:
Well, I think that goes back to a perennial theme here on Money Matters, which is just the army of American productivity, meaning that companies and people, we go to work every day. We’re 170 million plus people headed to the office or working from home and we’re trying to keep our jobs at the least. At the most, we’re trying to make an impact on the world. And all of that is a positive momentum and positive force to make the company you’re working for a little bit better. And even though it’s indistinguishable to see in any given day multiply a little bit of progress by 170 million times seven days a week, times 365 days a year, you start to have this really difficult force to stop or slow down. And that force includes adjustments and companies have to deal with the cards they’re dealt. If you think about what you’ve already seen and these are just easy, very clear examples, Hasbro, the big toy company used to make everything in China. What did they do? Well, they’ve shifted their supply chains to go to other countries because of the tariffs.

Wes Moss [00:27:51]:
Apple’s mentioned that. Home Depot, Walmart, these are companies that are saying, hey wait a minute, this is. If it’s going to be this way, maybe we have to go make our product somewhere else. So companies adjust, people adjust. And that’s part of this army of American productivity. The army of American productivity does not get scared when markets have a stumble. Keep going. Maybe we’ll say it this way, the army of American productivity doesn’t panic and neither should you.

Wes Moss [00:28:21]:
Connor, what are your conversations been like this week? People nervous.

Connor Miller [00:28:25]:
We’ve got a few emails that have come in. Part of the reason why we wanted to stay in touch with the families we work with. Candy Spinach letter Candy Spinach LETTER A lot of it has really been headline driven. Times appear to be scary. Are we making any changes in the portfolio? How are we doing? And the good thing about this has been being a diversified balanced income investor. Those types of stocks, especially the dividend growth oriented stocks, have held up much better than volatile this year.

Wes Moss [00:29:06]:
It really has been, it’s almost surprisingly divergent because the s and P500 is so heavy in the trillion dollar names. Those are the ones that have gotten hurt really significantly.

Connor Miller [00:29:19]:
And that’s not a new phenomenon. I mean that is usually the nature of those types of companies that they may not outperform the market in big up years, the big bull markets, but on the downside they tend to do a lot better. And what we found particularly for the families that we work with is that is the right mix of growth and balance that helps just a little bit get you through these periods of volatility by not being down as much as the market.

Wes Moss [00:29:48]:
It really does. I know it helps the folks we work with. It really helps helps me psychologically get through these tougher times knowing that balance is our friend, diversification is our friend. And dry powder has worked really well too. Meaning that dry powder. We talk about that these are your safety assets. They’re not. It doesn’t mean just cash.

Wes Moss [00:30:09]:
Dry powder to us is anything that is stable, stable oriented. That’s fixed income gov. That means government bonds, high quality corporate bonds, municipal bonds. And because of the relationship of interest rates to price and rates, interest rates have come down this year. And not only have you been getting paid on your fixed income, paid on your bonds, we’ve seen a little uptick in price again inverse of what’s happened. So the stable investment side of the market, the dry powder side is actually had a little bit of a gain.

Connor Miller [00:30:41]:
One Think of it this way. At minimum you have enough cash flow to get you through those volatile periods that you don’t have to touch any of your principal, you don’t have to sell any of your stocks that are down if you have a couple years.

Wes Moss [00:30:53]:
Worth of at least three years worth of dry pound.

Connor Miller [00:30:56]:
Exactly. And in the best case, maybe you have a little bit left over that you can be opportunistic and actually come into the market at lower prices.

Wes Moss [00:31:04]:
Well, you, you read a. You had written or you wrote a quote this week about a. A market. You remember it?

Connor Miller [00:31:13]:
I don’t.

Wes Moss [00:31:13]:
Oh, you don’t. You. You wrote this. It was. I don’t remember who it was from, but.

Connor Miller [00:31:18]:
Oh, the. Oh yeah.

Wes Moss [00:31:19]:
The stock market is the only market.

Connor Miller [00:31:24]:
The only market where when things go on sale the customers run out of the stock.

Wes Moss [00:31:28]:
That’s exactly right. That’s. I thought it was a great quote.

Connor Miller [00:31:31]:
I guess you one one of my favorite quotes. I Sorry I misunderstood you and I.

Wes Moss [00:31:35]:
Feel better sitting across the studio chatting with you about this. I hope our Money Matters listeners do as well. You can find Connor Miller, you can find me and our whole team. It’s easy to do so. You could do so@your wealth.com that’s y o u r your wealth.com Connor thank you for being here. Thank you for tuning in and have a wonderful rest of your day.

Disclaimer [00:32:04]:
This is provided as a resource for informational purposes and is not to be viewed as investment advice or recommendations. This information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. The mention of any company is provided to you for informational purposes and as an example only, and is not to be considered investment advice or recommendation or an endorsement of any particular company. Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. There is no guarantee offered that investment return, yield or performance will be achieved. The information provided is strictly an opinion and for informational purposes only, and it is not known whether the strategies will be successful. There are many aspects and criteria that must be examined and considered before investing.

Disclaimer [00:32:52]:
This information is not intended to, and should not form a primary basis for any investment decision that you may make. Always consult your own legal tax or investment advisor before making any investment, tax, estate or financial planning considerations or decisions. Investment decisions should not be made solely based on information contained herein.