Пълният препис на We Unpack Rising Yields And The Real Risk Behind The Headlines

00:05:39.120 --> 00:05:53.120 We are seeing Dow futures down about 245 points, SP futures dropping 27, NASDAQ futures down about 180 points, all of this relative to the massive run-up that we have seen in interest rates. 00:05:53.120 --> 00:06:03.120 Let's use the 10-year treasury as a as a yardstick, and we saw the 10-year Treasury shoot through the 5% bogey, and here we are this morning. 00:06:03.120 --> 00:06:06.319 We're up about three basis points on the 10-year to 521. 00:06:06.319 --> 00:06:07.839 This is something of concern. 00:06:07.839 --> 00:06:24.800 Rising interest rates do create a headwind for companies that are investing in their future, especially here in our future, where we're seeing investments in AI infrastructure data center build-outs, and the cost of building those is increasing with the treasury yields rising. 00:06:24.800 --> 00:06:30.319 Of course, the impact is not just restricted to the technology sector, but to virtually every American company. 00:06:30.319 --> 00:06:43.040 And we also know that when interest rates rise, future earnings aren't worth as much, so earnings have been increasing, , but we are experiencing this headwind of higher interest rates, so this could also impact the equity market. 00:06:43.040 --> 00:06:48.160 And of course, as we've talked about before, higher interest rates create a substitution effect. 00:06:48.160 --> 00:06:59.199 Investors may say to themselves, , you know, , I'm not as comfortable investing in equities when I can invest in a two-year treasury and get almost 5%. 00:06:59.199 --> 00:07:06.800 So we'll see how all those dynamics interact and how this all plays out going forward in the future. 00:07:06.800 --> 00:07:09.040 We'll talk about Dan Fusts. 00:07:09.040 --> 00:07:12.879 Some consider him the the guru of the fixed income market. 00:07:12.879 --> 00:07:14.160 He's 93 years old. 00:07:14.160 --> 00:07:19.120 We'll talk a little bit about his views and insights on the market, and then we will talk about the U.S. 00:07:19.120 --> 00:07:25.360 debt to GDP ratio, which as we know is reaching near all-time highs, including during World War II. 00:07:25.360 --> 00:07:39.439 And we'll talk about how that compares to a historical parallel to the British Empire in the 1800s and how that worked out for the British and perhaps give us some historical context. 00:07:39.439 --> 00:07:42.959 So the weakness that we're seeing this morning is as the U.S. 00:07:42.959 --> 00:07:47.519 and Iran have failed to come to any sort of agreement. 00:07:47.519 --> 00:07:52.639 President Trump rejected Iran's ceasefire proposal. 00:07:52.639 --> 00:07:53.199 U.S. 00:07:53.199 --> 00:07:59.759 officials say that the two talks are continuing, the two sides are continuing to talk but remain far apart. 00:07:59.759 --> 00:08:03.439 Mentioned oil is up almost $3 a barrel this morning. 00:08:03.439 --> 00:08:14.240 We're seeing oil West Texas

Intermediate up over $95 per barrel, and that arguably is one of the reasons we're seeing those treasury yields higher. 00:08:14.240 --> 00:08:20.240 Last week's action, as I mentioned, featured a big backup in treasury yields, although the major U.S. 00:08:20.240 --> 00:08:20.480 . 00:08:20.480 --> 00:08:30.879 Strength across mega cap tech stocks helped offset broader weakness with the Nasdaq climbing over 2%. 00:08:30.879 --> 00:08:42.240 That NASDAQ rise was fueled in part by Meta and the launch of their Muse AI agent, causing Metestock to propel higher. 00:08:42.240 --> 00:08:44.799 We are seeing a little bit of a pullback in Meta this morning. 00:08:44.799 --> 00:08:46.240 Also saw it on Friday. 00:08:46.240 --> 00:09:03.440 Barons over the weekend out cautious about Metestock, although certainly optimistic about Meta's long-term future, just suggesting that after the significant appreciation, that a lot of the easy gains have been realized, at least in the near term for Meta. 00:09:03.440 --> 00:09:08.320 Perhaps that sentiment being carried forward here into markets this morning. 00:09:08.320 --> 00:09:26.480 Wall Street Journal reporting that open AI agents accessed the government websites, so another example of AI being able to penetrate and perhaps not follow the instructions of the people or the humans that are directing them. 00:09:26.480 --> 00:09:34.240 We also had news over the weekend from Boeing that they discovered a 737 max software issue that stocked down five points. 00:09:34.240 --> 00:09:43.120 Boeing had been weak because there was no major announcement about any sort of jet purchase from the Chinese going into the summit. 00:09:43.120 --> 00:09:49.519 There were some hopes that there would be some sort of announcement with the Chinese purchasing some Boeing aircraft. 00:09:49.519 --> 00:09:52.240 One stock bucking the trend this morning is NVIDIA. 00:09:52.240 --> 00:09:55.200 It's up about $2.40, a little over 1%. 00:09:55.200 --> 00:10:06.480 They authorized an additional $150 billion to its share buyback, and they also announced a software program aimed at keeping AI agents from misbehaving. 00:10:06.480 --> 00:10:21.440 Overseas, Asian markets finished mostly lower as technology shares weakened following limited progress at the Trump Z summit, while Hong Kong fucked the broader regional pressure, and the Heng Sing was up about one half of 1%. 00:10:21.440 --> 00:10:34.080 European markets are trading modestly higher despite renewed Middle East tension and broader pressure on technology shares, this largely being driven by oil prices and oil-related stocks. 00:10:34.080 --> 00:10:44.000 Chevron in the news this morning reports in the Wall Street Journal that the Pentagon is backing an oil company that looks to challenge Chevron's position in Venezuela. 00:10:44.000 --> 00:10:49.440 Reports that President Trump plans to reverse Biden-era fuel economy standards. 00:10:49.440 --> 00:10:52.799 Wall Street Journal talking about the negotiations between the U.S. 00:10:52.799 --> 00:10:56.960 and Iran and negotiators insisting here in the U.S. 00:10:56.960 --> 00:10:59.840 that Iran makes nuclear concessions. 00:10:59.840 --> 00:11:03.840 With respect to energy prices, there's been reports that the U.S. 00:11:03.840 --> 00:11:09.360 is considering a considering a diesel export ban or some sort of restrictions on diesel export. 00:11:09.360 --> 00:11:14.639 Bloomberg reporting that President Trump is looking very seriously at doing that. 00:11:14.639 --> 00:11:20.159 And today at 2 p.m., President Trump is expected to make an announcement from the Oval Office. 00:11:20.159 --> 00:11:23.200 It's on his White House schedule. 00:11:23.200 --> 00:11:39.039 Some other companies in the news this morning, Newmont Mining, the gold miner falling more than 4%, as prices of the precious metal of gold have declined about 3% overnight as interest rates have continued to climb. 00:11:39.039 --> 00:11:46.000 Energy stocks are moving higher with the increase in energy in oil prices. 00:11:46.000 --> 00:11:55.120 On the flip side, higher oil prices are sending major airlines lower as investors digest the implications for jet fuel costs. 00:11:55.120 --> 00:12:01.120 Other company in the news this morning, something to look out for is SpaceX. 00:12:01.120 --> 00:12:08.240 They are planning to launch their massive Starship rocket into into orbit this morning. 00:12:08.240 --> 00:12:17.279 According to SpaceX's website, the 75-minute window launch begins at 8 15 a.m. 00:12:17.279 --> 00:12:26.480 Eastern time or 7 15 local time, so that's going on right now, and that's taking place from the Starbase Texas location. 00:12:26.480 --> 00:12:40.000 This is going to be the 14th test flight of this Starship, and it is attempting to be the first ever orbital test flight of Starship, which is significant. 00:12:40.000 --> 00:12:58.879 This will be the first time that it it goes into orbit, and they are doing this with a payload of 26 next generation Starlink V3 operational satellites, so this is not just a mission that is testing the boundaries, but is inclusive of these satellites. 00:12:58.879 --> 00:13:06.799 So SpaceX truly putting their money on the line along with this launch with those satellites on board. 00:13:06.799 --> 00:13:18.080 We're expecting the starship to have six full orbits around the earth, and this will be the first big test of the heat shield on the starship. 00:13:18.080 --> 00:13:22.559 It's going to be entering the earth at over 17,500 miles per hour. 00:13:22.559 --> 00:13:25.440 We could get temperatures up to 2,500 degrees. 00:13:25.440 --> 00:13:36.559 So this is a significant milestone launch here, and we wish Starship much success, and this would be a big positive here for the U.S. 00:13:36.559 --> 00:13:43.840 space program

and certainly for SpaceX if and we hope all goes well during this launch. 00:13:43.840 --> 00:13:46.720 Today, talk about here what's going on. 00:13:46.720 --> 00:13:48.240 Today, relatively quiet. 00:13:48.240 --> 00:13:55.759 tomorrow the Federal Reserve Bank of Australia comes out with their interest rate decision, and we'll have eyes on the U.S. 00:13:55.759 --> 00:13:59.200 Consumer Confidence Index coming out here in the United States. 00:13:59.200 --> 00:14:16.159 On Wednesday, the Fed's preferred inflation gauge, the PCE price index, , has markets on high alert because this is a potential catalyst to move bonds and stocks and expectations about future interest rate moves. 00:14:16.159 --> 00:14:19.440 So lots of attention Wednesday on the PCE. 00:14:19.440 --> 00:14:24.480 And the other big economic event is on Friday, where we get the U.S. 00:14:24.480 --> 00:14:26.480 September Employment Report. 00:14:26.480 --> 00:14:35.679 This jobs report will heavily shape whether the Federal Reserve holds steady or pulls the trigger on future policy shifts in interest rates. 00:14:35.679 --> 00:14:37.440 All right, let's change gears. 00:14:37.440 --> 00:14:40.960 Let's move on over to the bond market. 00:14:40.960 --> 00:14:47.600 As we have talked over and over again, bond market, stock market inextricably linked together. 00:14:47.600 --> 00:15:06.480 We've seen a significant rise in the bond yields, but to date has not had a significant impact on equities like we've seen in the past, and we will obviously continue keeping a vigilant watch out and see if this this disconnect continues or if there is more of historical parallel that takes place. 00:15:06.480 --> 00:15:21.440 Barron's had a discussion with what they call the Buffett of bonds with Dan Fuss, Vice Chairman of Loomis Sales, who still is an active participant in decisions at Loomis Sales. 00:15:21.440 --> 00:15:29.600 Barron saying he seemed as sharp as ever when they caught up with him last week, just before his 93rd birthday. 00:15:29.600 --> 00:15:44.320 And with respect to recent activity in the bond market, Dan Fuss saying that crash is no exaggeration in describing the jump in yields and responding plunge in prices that have taken place recently in the bond market. 00:15:44.320 --> 00:16:01.440 he said while most news accounts emphasize the rise in the 10-year benchmark yield past the 5% mark and the 30-year long bond hitting 19-year highs, he says it's important to note that the carnage has extended across the yield curve to the usually less volatile short to intermediate maturities. 00:16:01.440 --> 00:16:04.480 So how should a bond investor proceed in these turbulent times? 00:16:04.480 --> 00:16:05.120 And what Mr. 00:16:05.120 --> 00:16:08.000 Fuss says is avoid long-term bonds. 00:16:08.000 --> 00:16:15.519 He says the risk of rising yields is too great given the massive fiscal deficit at home and the geopolitical uncertainty globally. 00:16:15.519 --> 00:16:24.080 At this point, he said only institutions that have to fund ultra-long-term liabilities, such as pension funds, he said, should continue to buy long-term bonds. 00:16:24.080 --> 00:16:29.840 He went on to say powerfully, it would take a team of oxen to make me buy a 20-year bond. 00:16:29.840 --> 00:16:30.399 What Mr. 00:16:30.399 --> 00:16:34.399 Fuss says investors should do is follow a middle course quite literally. 00:16:34.399 --> 00:16:37.679 So he is not negative on bonds, he's negative on long-term bonds. 00:16:37.679 --> 00:16:51.360 He is positive on intermediate treasuries doing five to seven years, which he says provide nearly as much return as longer-term bonds with much less risk, either from rising risks, rising yields, or credit risk. 00:16:51.360 --> 00:16:57.840 He notes that the five-year treasury hit five percent this week for the first time since 2007. 00:16:57.840 --> 00:17:06.480 So he said the five-year provides 97% of the yield of the 10-year with only 55% of the duration. 00:17:06.480 --> 00:17:07.519 Now, what is duration? 00:17:07.519 --> 00:17:11.279 Duration is the measure of a bond's price sensitivity to yield change. 00:17:11.279 --> 00:17:14.000 So think of it as bonds potential volatility. 00:17:14.000 --> 00:17:21.119 So you're getting 97% of the return with only 55% of the volatility. 00:17:21.119 --> 00:17:28.880 So he feels that that is the section of the yield curve that investors should focus on. 00:17:28.880 --> 00:17:32.000 Now, clearly he's concerned about the rising deficit. 00:17:32.000 --> 00:17:40.799 He's concerned about how much debt the United States has relative to our gross domestic product, he's concerned about the amount of supply of bonds that are coming into the marketplace. 00:17:40.799 --> 00:17:55.519 But I want to also point out here a historical parallel to the United States and the run-up of our amount of debt to gross domestic product and take us back to England or the United Kingdom in 1815. 00:17:55.519 --> 00:18:20.000 And if you go back to 1815 and you're sitting in the UK, well the smoke is finally cleared from the blood-soaked fields of Waterloo, Napoleon has been defeated, the British Empire is victorious, but back home in London, the mood isn't necessarily celebratory, people are literally shell shocked because Britain has financed the generation of war by borrowing an astronomical sum of money. 00:18:20.000 --> 00:18:35.680 So the national debt in Great Britain at that time, this may sound like a low number, but if you go back to 1815, it was almost incomprehensible, 850 million pounds, and that pushed the debt to GDP ratio in the UK to over 240%. 00:18:35.680 --> 00:18:39.680 Here in the United States, we are currently concerned that we are over 100%. 00:18:39.680 --> 00:18:51.920 So if you take a look at this and you feel crushed by the weight of it, well, it may sound familiar because today we are looking

at massive national debts and deficits dominating headlines. 00:18:51.920 --> 00:18:56.880 Many wonder if our country can survive these obligations. 00:18:56.880 --> 00:19:02.000 But if you look at post-Napoleonic Britain, you discover a profound truth. 00:19:02.000 --> 00:19:07.039 A sovereign superpower doesn't necessarily need to pay off its mountain of debt to survive. 00:19:07.039 --> 00:19:10.559 It just needs to honor its word and outgrow it. 00:19:10.559 --> 00:19:13.519 So optimism here for us here in the United States. 00:19:13.519 --> 00:19:23.519 So if you think a debt to GDP ratio of 240% would trigger a complete collapse of confidence, keep in mind that's almost double what we're experiencing here in the United States. 00:19:23.519 --> 00:19:32.960 There was certainly a tremendous amount of debate and political panic in the UK back in the 18 15 time period. 00:19:32.960 --> 00:19:37.759 But there was never a institutional fear that the British would default. 00:19:37.759 --> 00:19:38.319 And why? 00:19:38.319 --> 00:19:46.079 It came down to two things unmatched credibility and an absolute obsession with taxation to pay off the debt. 00:19:46.079 --> 00:19:56.240 So unlike the monarchies of France and Spain, which routinely stiffed their lenders, Britain had spent over a century building a pristine credit track record since 1688. 00:19:56.240 --> 00:20:06.319 And the backbone of the British financing system was a bond called the Console, which was a perpetual bond that paid three percent interest. 00:20:06.319 --> 00:20:10.960 Investors knew Parliament would remove heaven and earth to keep those payments coming. 00:20:10.960 --> 00:20:17.279 So even during peacetime, the government maintained a system of taxation. 00:20:17.279 --> 00:20:30.480 They were taxing at the time salt, soap, leather, and beer, and they kept the wartime income tax alive, so they kept an additional tax going to make sure the bondholders got paid. 00:20:30.480 --> 00:20:43.920 Now, a lot of this incentive came because the British British elite and middle class were also big bondholders, so defaulting on that debt would have meant fit financial suicide for the country's ruling class. 00:20:43.920 --> 00:20:46.799 Now, avoiding bankruptcy didn't mean avoiding pain. 00:20:46.799 --> 00:20:51.119 Servicing the massive interest bill consumed nearly half of the government's budget. 00:20:51.119 --> 00:20:57.119 Here in the United States, we're less than 20% and very concerned, so it's been done before. 00:20:57.119 --> 00:21:04.880 To make matters worse, the 19th century post-war era entered a period of long-term deflation. 00:21:04.880 --> 00:21:13.359 So Britain returned to the gold standard, and the central bank squeezed the money supply to restore credibility, and prices actually fell. 00:21:13.359 --> 00:21:27.519 And ironically, this period of deflation, and I again keep in mind this is a period of deflation occurring when people are fearful of the amount of debt that the government has, and yet we are seeing falling prices and falling interest rates. 00:21:27.519 --> 00:21:36.640 But that did make those consoles paying 3% a prized asset as interest rates declined in Great Britain. 00:21:36.640 --> 00:21:43.039 So how did Great Britain eventually dig itself out of that 240% debt to GDP hole? 00:21:43.039 --> 00:21:48.960 Obviously, we just talked about keeping the taxation going, but that wasn't in of itself enough. 00:21:48.960 --> 00:21:59.599 What the British had at their backs, it turned out, they didn't know it at the time, and perhaps we have similar wind at our backs in this in this time period, but the British had the Industrial Revolution. 00:21:59.599 --> 00:22:00.799 Taking off. 00:22:00.799 --> 00:22:04.799 Steam power, factories, railways transformed the local economy. 00:22:04.799 --> 00:22:23.119 So while the debt stayed flat, so they weren't adding to it, something we lesson we may need to focus on, the economy grew so massively that the debt to GDP ratio fell from over 240% to about a century later at the eve of World War I down to 30%. 00:22:23.119 --> 00:22:30.000 Now you may say to yourself, well, how did the equity market perform during this time period? 00:22:30.000 --> 00:22:59.440 Well, as the state stopped issuing war debt, capital spilled out of government bonds because there was not a lot of new supply coming, and it moved into private enterprise, fueling what some call the London Stock Exchange Golden Age, where they were building out their railways and global trade was exploding, and we had a period of prosperity, not just in the UK, but in a lot of the rest of the world, as the UK was the reserve currency at the time. 00:22:59.440 --> 00:23:14.880 So there is a historical, arguably parallel, things rhyme, they aren't identical, of a situation where a company incurred significant debt, a lot more debt than we have here in the United States, and was not only able to survive, but to thrive. 00:23:14.880 --> 00:23:25.119 All right, let's move on and let's talk about two individual equity ideas that the Barons discussed over the weekend. 00:23:25.119 --> 00:23:32.480 Both of these, some might suggest fall in the more discounted or valuation asset class. 00:23:32.480 --> 00:23:38.079 The first of which is a company called Brookfield Corporation. 00:23:38.079 --> 00:23:39.920 The symbol is BAM. 00:23:39.920 --> 00:24:01.359 Imagine finding a world-class luxury asset, something managing over a trillion dollars with a track record that some would say is comparable to Berkshire Hathaway in terms of beating the SP 500, and you discover it's trading at a 45% discount. 00:24:01.359 --> 00:24:05.680 That's the situation that Baron says is unfolding right now with Brookfield Corporation. 00:24:05.680 --> 00:24:14.880 It is based in Toronto, it manages everything from renewable energy and infrastructure to prime Manhattan real estate and

a massive insurance platform. 00:24:14.880 --> 00:24:17.759 Brookfield flies under the radar compared to U.S. 00:24:17.759 --> 00:24:23.119 giants in the asset management and the alternative space like Blackstone or KKR. 00:24:23.119 --> 00:24:30.400 Yet its market value tops $90 billion and its shares have recently dropped about 20% to around $37 per share. 00:24:30.400 --> 00:24:31.920 So why the disconnect? 00:24:31.920 --> 00:24:37.519 Well, Wall Street's alternative asset sector has hit a rough patch amid high interest rates and cautious sentiment. 00:24:37.519 --> 00:24:43.359 Brookfield's own management puts its net asset value at about $67 a share. 00:24:43.359 --> 00:24:46.240 That's about double where it trades today. 00:24:46.240 --> 00:24:51.680 Even conservative Wall Street analysts peg it more comfortably in the mid-50s. 00:24:51.680 --> 00:24:53.359 Where does the book value come from? 00:24:53.359 --> 00:24:54.880 Well, it's the sum of the parts. 00:24:54.880 --> 00:25:06.160 The parts are stakes in publicly traded affiliates like Brookfield Asset Management, a booming wholly owned insurance company, and prime commercial real estate in London in New York. 00:25:06.160 --> 00:25:13.039 On top of it, Brookfield has scored some big wins lately, like a nuclear services stake in Westinghouse. 00:25:13.039 --> 00:25:19.920 They own almost 50% of Westinghouse, the nuclear company building nuclear power plants. 00:25:19.920 --> 00:25:33.759 And they have invested about $325 million in SpaceX, that's worth north of $1.25 billion, which has given them a fourfold return on their SpaceX investment. 00:25:33.759 --> 00:25:36.000 And management isn't sitting still. 00:25:36.000 --> 00:25:40.400 They're planning to re-domicile to Bermuda, shift to Gap Accounting next year. 00:25:40.400 --> 00:25:50.240 This move could clear the path for Brookfield to enter the S P 500 index by 2028, which would pull it into the radar of millions of U.S. 00:25:50.240 --> 00:25:52.319 equity index funds. 00:25:52.319 --> 00:26:04.160 While CEO Bruce Flatt faces questions for favoring internal investments over heavy stock buybacks, the long-term track record speaks for itself, compounding earnings for decades. 00:26:04.160 --> 00:26:13.119 So for investors hunting for deep value, Brookfield might just be one of the more compelling bargains that is hidden in plain sight. 00:26:13.119 --> 00:26:15.839 But keep in mind this is educational. 00:26:15.839 --> 00:26:17.279 Do your own research. 00:26:17.279 --> 00:26:24.640 Whether or not this investment is appropriate for you and your portfolio is something for you and your financial advisor to consider. 00:26:24.640 --> 00:26:33.519 Next up, let's talk about what the oracle of Wall Street, what his firm is doing. 00:26:33.519 --> 00:26:44.319 Warren Buffett recently stepping down from the chairman role, now chairman emeritus at Berkshire Hathaway, so we don't know how active a role he's been playing in their recent investment decisions. 00:26:44.319 --> 00:26:47.359 Berkshire Hathaway nevertheless has not been quiet. 00:26:47.359 --> 00:26:54.400 When the rest of Wall Street runs away from a beaten-down sector, well, Berkshire Hathaway sometimes quietly moves in. 00:26:54.400 --> 00:27:07.680 And that classic playbook is back in action with Berkshire piling more than $200 million into stock known as Lenar, symbol is L-E-N, Lucky Eddie November. 00:27:07.680 --> 00:27:10.880 They are the country's second largest home builder. 00:27:10.880 --> 00:27:22.160 So Lenar has faced some heavy metaphorical weather, tumbling significantly from past peaks amid high interest rates and affordability concerns surrounding the housing market. 00:27:22.160 --> 00:27:29.359 But while other investors have panicked, Berkshire has boosted its stake by 81% over the last quarter. 00:27:29.359 --> 00:27:34.799 They have pushed their total ownership of Lenar up to the 10% threshold. 00:27:34.799 --> 00:27:39.039 So why is Berkshire buying when everyone else is avoiding the stock? 00:27:39.039 --> 00:27:42.319 Well, you could argue it's textbook value investing. 00:27:42.319 --> 00:27:48.000 Lenar was trading below its book value, even though it boasts a fortress balance sheet minimal debt. 00:27:48.000 --> 00:27:54.480 To Berkshare's value-oriented managers, temporary sector pain equals long-term opportunity. 00:27:54.480 --> 00:27:59.119 It mirrors how they scooped up home builder Taylor Morrison earlier in the year. 00:27:59.119 --> 00:28:11.599 Berkshire is not looking at next quarter's headlines, they're looking out multiple decades and seeking out quality assets that they feel are attractively priced. 00:28:11.599 --> 00:28:19.759 Whether Berkshare eventually tries to buy the whole enterprise or just sits tight on its massive stake, the message to individual investors is clear. 00:28:19.759 --> 00:28:25.920 When quality stocks are thrown out with the bar bathwater, the smart money goes shopping. 00:28:25.920 --> 00:28:29.119 Well, that's all I have for this morning. 00:28:29.119 --> 00:28:31.519 I appreciate everybody listening. 00:28:31.519 --> 00:28:37.039 We will resume the call next week where we enter the fourth and final quarter of the year. 00:28:37.039 --> 00:28:58.160 Next week, October 5th, will be just about one month out from the midterm elections, which will have significant implications not only for the political scene here in the United States and for all of those of you who watch all the political pundits, but will have significant implications for the financial markets as well. 00:28:58.160 --> 00:29:00.319 And we'll be talking that over the next few weeks. 00:29:00.319 --> 00:29:10.000 And of course, after the elections, we will dissect the results and try to provide insights on what that may or may not mean for your portfolios. 00:29:10.240 --> 00:29:11.440 That's everything I've got. 00:29:11.680 --> 00:29:13.279 Thank you for listening to Mr. 00:29:13.279 --> 00:29:14.319 Keith Lanton. 00:29:14.319 --> 00:29:21.039 This podcast is available on most platforms, including Apple Podcasts, Spotify. 00:29:21.039 --> 00:29:29.200 For more information, please visit our website at www.heroldlantern.com. 00:29:29.599 --> 00:29:34.240 Opinions expressed herein are subject to change and not necessarily the opinion of the firm. 00:29:34.240 --> 00:29:37.440 Past performance is no guarantee of future results. 00:29:37.440 --> 00:29:44.640 The information presented herein is for informational purposes only and is not intended to provide personal investment advice. 00:29:44.640 --> 00:29:50.240 It is important that you consider your tolerance for risk and investment goals when making investment decisions. 00:29:50.240 --> 00:29:59.039 The material does not cost investment advice or trade recommendations.