552 Variable Annuity - expense ratios - CSI CON - Ioniq 9

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It's time for the Phil Ferguson Show.
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This is Phil Ferguson, and you are listening to the
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cleverly titled The Phil Ferguson Show. I mentioned a few
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episodes back that I lost an earbud went on a
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plane flight, and then that sends me into a spiral
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of research and mathematical calculations that sometimes is on the
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edge of debilitating. I probably watched fifty hours of videos
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about headphones, noise canceling headphones, in ear headphones, over the
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ear headphones, on the ear headphones, Sony, Sindheiser, Bows, and
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fifty other companies trying to figure out which one is
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the best. And you know, I probably got what I'm
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probably ordered because they haven't arrived yet, but I've probably
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ordered what is the best, at least best for me.
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But would I have been perfectly happy with another reasonably
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good choice if I spent a whole lot less time
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doing the research. Maybe I don't know. So it's one
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of those things that because my mind is always trying
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to figure out the combinations, the calculations, the performance, the numbers,
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it can be problematic in something in that regard. But
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that's also I think part of what has helped me
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do so very well in investing. So I guess there's
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trade offs and on the whole it's worked out pretty well.
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Oh but in case you cared, it's Bows. I ended
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up with the Bows, and right after I ordered them,
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I saw that there's a new Seinhauser Sendhauser. Oh my god,
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I wish I knew how to say it work correctly.
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That could be better.
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Watch the video about it and I'm like, no, did
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I buy the wrong headphones? And the guy who's an
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expert at headphones, Yes, there are people who are expert
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at headphones, said that these other headphones, not the Bows ones,
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were the absolute best in the last year, with one exception.
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If you really value noise cancelation, and there you have it,
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so and if you said it that's what you value,
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then the Bows are the better ones. It's the Bows
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Quiet Comfort Ultra two or second generation. Because for me,
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I'm not walking around or jogging with them on, so
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I don't need jogging headphones. I'm primarily using them, almost exclusively,
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using them on an airplane, and so I want something
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that's relatively light, something that fits really well and has
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to have a big enough of a cushion to take
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into account with the little stems the temples for my
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glasses and have the best noise cancelation. And the Sony's
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were also a choice, but the ones that I wanted
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to get. Sony has brand new ones, but they're several
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hundred dollars more than the Boeze ones anyhow, more than
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you ever wanted to know. So I'm anxiously in my
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office doing this recording, watching the window, waiting for probably
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ups to deliver my new headphones. In this episode, I've
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got a lot of stuff and it just so worked out.
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A lot of little ideas, a couple of emails, client questions,
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things that came up so in this show, and no
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particular order because I don't even know how I'm going
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to mix the show yet. Just making this intro segment,
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I have a very short piece segment. I guess I
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don't wanna use the same word twice on CSI conference
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that's the Center for Skeptical Inquiry coming up in just
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a week or two, So if you're looking for something
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to do in the near future, check out that part.
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I'm also going to talk about leasing a new EV,
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in this case the Ionic nine. I also recently went
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and saw in concert Laura Pausini Laura Palsini in Orlando,
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talk about that concert. Had a question about municipal bonds
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or Muni's a real short response to that, not really
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a thorough thought out segment, but just something thoughts on that.
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And then a nice segment on how much extra and
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expense ratio would I be willing to pay if the
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fund could give me higher returns? So I think you'll
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like that. That's that's kind of in my wheelhouse. And
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then a proverbial favorite proverbial is that the right thing
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to say? A fan favorite topic? A variable annuity? Yes, again,
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someone has sent me some information, and so I have
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a segment on variable annuities and how they work or
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don't work in this case, which is almost all cases.
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So there's a lot, a lot, a lot a lot.
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I'm getting read ready to do some traveling. Oh for
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the car, I did get a plug in refrigerator. The
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only thing, of course, is that it won't run. Even
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though there's a ginormous freaking battery in the car. It
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won't run. When the car is off, I can put
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the car and you mode like if you're camping, and
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then have the cooler run while we're in the car.
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But if I leave the car whilst in utility mode,
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I can't lock the car because I guess the code
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from the designers is they don't want you to put
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it in utility mode and lock it and walk away,
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because utility mode does drain the battery like one percent
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every couple of hours, so if you left it for
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a week, you could have a problem. But if you
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want to go camp somewhere, and the Ionic nine is
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big enough that we might buy an air mattress or
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something and throw it in the back just as an experiment,
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and if it totally sucks, we won't do it again.
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But it would be kind of nice to sit by
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a camp far call it a night climb in the
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Ionic nine, which is genuinely the closest thing I could
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find to a minivan in an EV without getting crazy expensive.
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Because if money was not an issue, and it always
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say is the lucid gravity, I would buy one of
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those because the space inside is just phenomenal, the range
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is phenomenal, the charging speed is just unparalleled. But that
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would be like one hundred to one hundred and ten
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to one hundred and twenty thousand once you get some
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features added to it. So I'm just not ready for that.
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So that's why I got this car, the Ionic nine.
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Big big car, big ev great range, great charging speed,
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and maybe I'll do some road trip videos with that.
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But anyho, a lot of stuff coming up. Let's take
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a quick break and get on with the show.
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As you get over, you just ditch certain things as
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you get older, and it's a pleasure to do.
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Right.
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I mean, for example, right, religion is a very good
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app I wouldn't be a very spiritual man, right, I
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don't believe in God?
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Right, stilly comnic.
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There's nothing you can do when you're Catholic once you've
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started Catholic. Frankly, there's no real way to stop being Catholic.
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Even not believing in God isn't regarded as sufficient reason
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to get out as the Capitolic. You think it'd be
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fairly fundamental to the whole thing. But no, Catholics, of
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the stickiest, most adhesive religion in the world, there's no
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website you can d register online. You've put up your
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members your card in front of a priest to go
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feck your I'm out.
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Of here and walk away.
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You could join the Taliban, you would merely be regarded
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as a bad Catholic. I'm presuming a large chunk of
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you probably.
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Were raised Protestant gimmature.
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If you would any positive up, bring it up a
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fair fear of you right now when you do the
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wait for take right and take the hopes or whatever
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it think it represents the body of Christ.
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It's a metabook.
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It's a symbol of the.
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Body of Christ when you're Catholic.
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When you're Catholic, because he is the body of Christ's
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actually believe that it turns into the flesh of Christ
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in your mouth. Nobody he explained this to me as
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a child, I would have spotted the floor relatively quickly.
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In that I would be going to hang on.
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I might be eight.
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But he eat enough burgers, chicken McNuggets right, fish fingers
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and rashers to know there is no animal flesh in
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the world that jams itself to the roof of your mouth.
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And fevers all of.
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The moisture out of your body until they're looking at
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your mother going can I hang it down? My finger's
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gonna move in my mouth, and you want to not
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take it down your finger.
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It's a body of Christs sport Is and they can.
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Show me in the churching me from the.
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Desiccated.
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By the way, this is gonna be the last segment
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I'm able to record before I go to cs ICON
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by the Center for Inquiry and the Center for Skeptical Inquiry.
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I hate their naming convention. They've got too many acronyms,
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too many letters. But go check it out. You can
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go to CSI conference dot org. I think there's still tickets.
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It is June eleventh, twelfth, thirteenth, and fourteenth, so it's
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coming up pretty quick, right at the same time, roughly
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as the two hundred and fiftieth Celebration or won Ring
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Circus I like to call it at the White House.
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But there's going to be a lot of people there.
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The biggest name probably is Bill Nie. My good friend
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Leanne Lord is going to be there, Skeptics Guide to
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the Universe. Let's see who else? Who else?
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Come on?
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Oh it doesn't let me click through? Okay, well fuck it.
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A lot of us wait here. I'm gonna go to
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the speakers category, just going to pick a few that
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I happen to know. Evan Bernstein, good friend of mine,
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also on Skeptics guide Kenny Biddle talking about skepticism. Robin Blumner,
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the president of Center for Inquiry. I think that's the
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right title. Brian Dunning done a lot of skeptical stuff
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over the years. Oh, Susan gerbickways always the best. High
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Susan Occasionally she listens to my show. Oh George Rob,
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Oh my god, George George is gonna be there. A
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great MC. I don't know if he's MCing or not,
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but also a brilliant fucking musician. So if you get
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to hear any of his music, so many people, Oh
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my god, I can't even believe it. I don't even
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know how to pronounce everyone's names, So forgive me. You're
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gonna have to just go look. Rob Palmer, Hi, Rob.
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Rob occasionally listens to the show. He's gonna be there,
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does skeptical stuff online, and I've been on his show,
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and he's been on mine. Kara Santa Maria, good friend
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of mine. Eugenie Scott. You know what I keep forgetting
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to get Eugenie Scott on here. She was the former
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executive director of the National Center for Science Education and
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fought for years, if not decades, the battle against creation
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Eddie Tabash, who has been preaching the gospel for decades
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about the coming storm if we allow Republicans to put
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too many people on the Supreme Court, and here we are,
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all right, I'm gonna stop looking. Oh wait, no one.
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Richard Wiseman. I love Richard Wiseman, so many more. I
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didn't even name a third of the people that are
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going to be there. So money well spent. Go check
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that out if you can, Like I said, that's a
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June tenth, eleventh. Oh schedule, schedule, backup the schedule June
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eleven through fourteen in Buffalo, New York. Oh shit, downtown
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Buffalo Convention Center. So yeah, Buffalo, New York. So if
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you can afford an air ticket, or if you're anywhere
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in the Northeast United States, Midwestern United States, Central East
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United States, whatever those states are called, you could drive there.
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Of course I am going to be there, My wife
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is going to be there. We're going to be driving
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over from Chicago. And just wanted to let everybody know
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that that conference is coming up, and if you're looking
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for something to do this summer, that it probably going
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to be in a relatively cool area. We hope in
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Upstate New York. Please look for me and say hello.
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You're listening to the Bill Ferguson show.
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Well, just a year ago, I talked to you about
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leasing a car for the first time in my life,
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because historically I've told people not the lease, it's not
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a good investment, it's a bad investment. But then I
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leased a Hyundai Ionic five to go with the Hyundai
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Ionic six that I bought a couple of years earlier.
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And the lease for the Hundai Ionic five was a
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comically fantastic deal for me because I couldn't qualify for
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the seven tax credit, and the tax credit was going
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to go away. But if you lease the car, you
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can get it even though you don't qualify for the purchase.
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So everything kind of lined up, and that the amount
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I'm paying for that car to use it, to borrow it,
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to lease it for two years, compared to the price
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of purchasing it is a lot smaller. Matter of fact,
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if I could continue to do that, I could upgrade
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or renew and get a brand new Ionic five every
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two years and do that for a period of ten
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years and probably not be out more than three to
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five thousand dollars over the cost of buying the car
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and paying all the payments and the interest in the
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tax on the vehicle, and then the depreciation on the vehicle.
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I'm still out a little extra money, but it's so small,
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and for the perk to be fair, when you get
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a perk, you should expect to pay more for it,
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the perk of having a new car every two years. Now,
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I don't know that I'm going to be doing that.
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I might get something else. I've looked at a lot
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of cars. As a matter of fact, I have recently
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got something else. We went and got a lease again,
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not anywhere near as good as the lease on the
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Ionic five, to be fair, But we've leased a Ionic nine.
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It's a three row suv so that we can take
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a few extra people with us, and my wife and
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I are thinking that we might take some longer trips
250
00:15:22.879 --> 00:15:25.639
throughout the United States and be good to have some
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extra room. And I bought a cooler that you can
252
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plug into a DC outlet and or an electrical outlet,
253
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which the car has both in the back as well
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as the DC plug upfront, conventional for most cars, including
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electric cars. And I'm about to order a portable battery
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that has it's two kilowat hours, or they like to
257
00:15:50.759 --> 00:15:53.919
market them as two thousand what hours. Okay, it's two
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kilo what hours. But that's so that we can use
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or leave the cooler in the car, or if we
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stay in a hotel and the cooler can just stay
261
00:16:02.960 --> 00:16:06.080
in the car and run off the battery and keep
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some sandwich, meats or cheese or mostly drinks bottles of
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water cold. And this thing uses three hundred watt hours
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over a day, so about the amount of energy to
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00:16:23.360 --> 00:16:26.039
run one hundred watt bulb for three hours. That's how
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00:16:26.120 --> 00:16:29.840
much this electric refrigerator uses that we can store in
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the car. And the part of the reason I need
268
00:16:33.159 --> 00:16:37.279
the extra battery thing is that when the car is
269
00:16:37.320 --> 00:16:43.879
off off, the internal outlet and DC connector don't provide
270
00:16:43.919 --> 00:16:46.720
power to stuff, so you can't leave the cooler. You'd
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have to carry it into the hotel, and that's kind
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of a buzz kill. It's kind of heavy, and I
273
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don't want to put ice in it, which I could
274
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get from the hotel, but it kind of defeats the
275
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purpose of having a nice refrigerator and the cool The
276
00:16:59.720 --> 00:17:03.600
car has a utility mode where you can go to
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00:17:03.679 --> 00:17:07.599
a campground and you put the car in utility mode
278
00:17:07.839 --> 00:17:10.519
and you can plug in the car to the campground electricity,
279
00:17:10.799 --> 00:17:14.920
and you can sleep inside of the EV and you
280
00:17:14.920 --> 00:17:17.160
can run the radio, you can play music, you can
281
00:17:17.240 --> 00:17:21.240
run the air conditioning or heating. And this car, in particular,
282
00:17:21.319 --> 00:17:24.039
if you fold down the third row and the second row,
283
00:17:24.079 --> 00:17:25.960
which I can do with the push of a button,
284
00:17:26.200 --> 00:17:29.079
well four buttons for each one of the four parts,
285
00:17:29.839 --> 00:17:32.160
you could put an air mattress on that and maybe
286
00:17:32.160 --> 00:17:35.240
a little bit of support structure in between the two
287
00:17:35.799 --> 00:17:38.240
captain's chairs that are in the second row, and you
288
00:17:38.319 --> 00:17:41.799
have a great big bed, so you could sleep in
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00:17:41.839 --> 00:17:44.880
this thing, and in utility mode you can continue to
290
00:17:44.960 --> 00:17:47.480
run the lights of the music that like I said, heating,
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00:17:47.559 --> 00:17:50.200
air conditioning, whatever temperature you want, and you're right there
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00:17:50.240 --> 00:17:54.039
on campsite and you're getting electricity from the campsite. That
293
00:17:54.160 --> 00:17:57.920
is fantastic. The only downside that that has is that
294
00:17:58.559 --> 00:18:03.039
you can lock the car from the inside, which can't
295
00:18:03.079 --> 00:18:06.480
lock it from the outside. So I can't leave the
296
00:18:06.519 --> 00:18:09.519
cooler overnight and leave the car in utility mode and
297
00:18:09.599 --> 00:18:13.000
have it run without locking the car. I mean, I
298
00:18:13.000 --> 00:18:15.440
can't lock the car, so I don't want to leave
299
00:18:15.480 --> 00:18:19.480
the car unlocked overnight at a hotel. So the extra
300
00:18:19.559 --> 00:18:22.160
battery that we're gonna buy will sit in the car
301
00:18:22.160 --> 00:18:24.880
as well, and it will be plugged into either the
302
00:18:25.359 --> 00:18:28.799
electrical outlet or the twelve volt DC outlet, and it'll
303
00:18:28.880 --> 00:18:30.839
charge whenever it needs to, and it'll be full, and
304
00:18:30.880 --> 00:18:34.240
when the car turns off, the refrigerator, which is plugged
305
00:18:34.279 --> 00:18:37.519
into the battery pack will just keep running even when
306
00:18:37.519 --> 00:18:39.720
the car is off or even when the car's charging.
307
00:18:39.920 --> 00:18:42.759
So anyway, more than you ever needed to know. But
308
00:18:42.960 --> 00:18:45.440
like I said, the lease on that was not anywhere
309
00:18:45.480 --> 00:18:48.000
near as good as the IONK five, but it worked
310
00:18:48.000 --> 00:18:52.279
out that over the next nine years it's a three
311
00:18:52.319 --> 00:18:54.680
year lease, I could lease it three years, three years,
312
00:18:54.680 --> 00:18:57.319
and three years three different times. And the amount of
313
00:18:57.359 --> 00:19:00.160
money I would be out over that nine year period
314
00:19:00.920 --> 00:19:04.599
in comparison to buying the vehicle, is about twelve to
315
00:19:04.599 --> 00:19:09.960
fifteen thousand dollars, So maybe twelve to fifteen hundred dollars
316
00:19:09.960 --> 00:19:14.160
a year, again for the privilege of having a not
317
00:19:14.200 --> 00:19:17.079
having a vehicle that depreciates because I'm leasing it, and
318
00:19:17.160 --> 00:19:20.119
every three years I could get a different vehicle because
319
00:19:20.160 --> 00:19:23.599
the battery technology is changing and matter of fact, you
320
00:19:23.599 --> 00:19:27.680
know they're currently not allowed in the United States. But
321
00:19:27.799 --> 00:19:32.680
the Chinese cars are amazing and coming from Europe because
322
00:19:32.960 --> 00:19:41.559
most American automakers aren't doing this. Not Pollstar, Lucid, thank you,
323
00:19:41.640 --> 00:19:45.440
thank you. Lucid cars are very fast charging. Hyundai and
324
00:19:45.480 --> 00:19:49.440
Kia cars are very fast charging. But outside of Hyundai,
325
00:19:49.480 --> 00:19:51.680
in Kia and maybe Genesis, you've got to pay a
326
00:19:51.720 --> 00:19:54.119
whole lot of money to get really fast charging car.
327
00:19:54.119 --> 00:19:57.359
I mean even a lot of money for a car
328
00:19:57.440 --> 00:19:59.720
for a new car. Not not thirty or forty thousand,
329
00:19:59.839 --> 00:20:02.640
or fifty or sixty thousand, but ninety or one hundred thousand.
330
00:20:02.680 --> 00:20:06.559
That's what Lucids can cost very easily. The Rivians, to
331
00:20:06.640 --> 00:20:08.400
my knowledge, even the new one that's coming out, the
332
00:20:08.519 --> 00:20:12.680
R two, is four hundred volt architecture, so it can
333
00:20:12.720 --> 00:20:16.680
charge pretty fast, but not really fast. But within the
334
00:20:16.720 --> 00:20:21.559
next few months coming from Europe is a brand new BMW,
335
00:20:21.839 --> 00:20:26.200
a brand new Volvul, and a brand new Mercedes mid
336
00:20:26.359 --> 00:20:29.680
size SUVs. The BMW is the one I've looked at
337
00:20:29.720 --> 00:20:34.400
the most. It's the IX three. It can charge four
338
00:20:34.519 --> 00:20:39.279
hundred kilowot. My Hyundai cars plus or minus around two
339
00:20:39.279 --> 00:20:41.920
forty two fifty two to sixty, depending on the specific model.
340
00:20:42.519 --> 00:20:44.519
But these can charge at two forty. And it's not
341
00:20:44.559 --> 00:20:46.920
just a spontaneous peak of two forty for a minute
342
00:20:47.000 --> 00:20:49.839
or two and then it falls. It goes to forty
343
00:20:50.160 --> 00:20:52.720
and stays up there, and goes to three fifty and
344
00:20:52.759 --> 00:20:54.519
stays up there, and goes to three hundred and stays
345
00:20:54.599 --> 00:20:58.519
up there. It charges so fast that in ten minutes
346
00:20:58.839 --> 00:21:01.640
you can add more than two two hundred miles of range.
347
00:21:01.759 --> 00:21:07.160
So three plus hours of high speed interstate driving with
348
00:21:07.240 --> 00:21:10.440
a ten minute stop. Now people will say I'm not
349
00:21:10.480 --> 00:21:12.240
going to get an electric car until i can do
350
00:21:12.279 --> 00:21:15.839
that in five minutes. Okay, you do, you boo whatever
351
00:21:16.000 --> 00:21:19.160
fucking floats your boat at your money. But I'm telling you,
352
00:21:19.920 --> 00:21:24.240
with rare exceptions, even if you're doing gas, unless you're
353
00:21:24.240 --> 00:21:26.599
doing some kind of weird cannonball run and peeing in
354
00:21:26.640 --> 00:21:31.400
a bottle kind of shit, you're not stopping in much
355
00:21:31.519 --> 00:21:34.359
less than ten minutes. I've timed it.
356
00:21:34.440 --> 00:21:34.680
Now.
357
00:21:35.279 --> 00:21:38.960
I'm not the quickest stop person. But if you pull
358
00:21:38.960 --> 00:21:41.039
into a gas station and you can get gas in
359
00:21:41.079 --> 00:21:45.160
two to three minutes, cool, unless one person's watching the car.
360
00:21:45.839 --> 00:21:47.880
Once you get done with gas, you've got to move
361
00:21:47.920 --> 00:21:50.680
it to park it in a parking space, because I'm
362
00:21:50.720 --> 00:21:53.559
assuming you're not an asshole and you're not gonna leave
363
00:21:53.559 --> 00:21:55.039
it to block other people that want to get gas.
364
00:21:55.400 --> 00:21:57.440
So you're gonna get your gas, and then you've got
365
00:21:57.440 --> 00:21:59.759
to park the car, and then you got to walk inside,
366
00:22:00.000 --> 00:22:02.480
and then you gotta go to the bathroom. Then you're
367
00:22:02.480 --> 00:22:04.880
gonna walk around a little bit, stretch your legs. You're
368
00:22:04.880 --> 00:22:09.640
gonna buy a drink. You're gonna buy a snack of candy, chips,
369
00:22:09.720 --> 00:22:11.440
all the shit you shouldn't get. Maybe a slice of
370
00:22:11.440 --> 00:22:15.480
pizza quasi healthy, I don't know, and then you're gonna
371
00:22:15.480 --> 00:22:17.519
have to eat that food. Maybe you hop in the
372
00:22:17.519 --> 00:22:19.759
car and you eat it while you start driving. But
373
00:22:19.880 --> 00:22:22.000
for us, even in a gas car, even though the
374
00:22:22.200 --> 00:22:25.920
gas is two to three to four minutes, when you
375
00:22:25.960 --> 00:22:28.720
park and then walk inside and come back out, we
376
00:22:28.839 --> 00:22:33.799
average nine minutes, maybe ten minutes anyway. So if the
377
00:22:33.839 --> 00:22:36.119
car can charge in ten minutes, the beautiful thing is
378
00:22:36.359 --> 00:22:38.559
you pull up and you plug it in, and more
379
00:22:38.720 --> 00:22:42.920
and more chargers are going in the gas stations, truck stops,
380
00:22:43.319 --> 00:22:48.119
fast food restaurants, Starbucks.
381
00:22:47.640 --> 00:22:47.839
You know.
382
00:22:48.000 --> 00:22:49.920
So you pull into a place, you plug in the car,
383
00:22:50.200 --> 00:22:52.559
you walk inside, you order your food, you eat your food,
384
00:22:52.599 --> 00:22:55.200
you go to the bathroom. The car, if it's an
385
00:22:55.200 --> 00:22:58.200
eight hundred volt architecture like the Hyundai and the Kia R,
386
00:22:58.880 --> 00:23:02.920
the car is probably to go before you are. It
387
00:23:03.000 --> 00:23:05.440
is not a problem.
388
00:23:05.920 --> 00:23:06.200
Now.
389
00:23:06.559 --> 00:23:11.000
If you buy a four hundred volt architecture car like
390
00:23:11.119 --> 00:23:14.160
something like the Chevy Equinox that has a peak charging
391
00:23:14.160 --> 00:23:16.720
speed of one p fifty, going from ten to eighty
392
00:23:16.759 --> 00:23:21.519
percent might be thirty five to forty minutes. Okay, that's
393
00:23:21.519 --> 00:23:24.920
going to slow you down. Hopefully you understood that when
394
00:23:24.960 --> 00:23:27.720
you bought the car, And for most people that's still
395
00:23:27.759 --> 00:23:30.319
going to be fine because most people aren't doing giant
396
00:23:30.400 --> 00:23:32.799
road trips like I am, or like you might be doing.
397
00:23:33.799 --> 00:23:37.319
If you go over five hundred miles once or twice
398
00:23:37.359 --> 00:23:42.200
a year, whatever you've got to stop, maybe you do
399
00:23:42.279 --> 00:23:44.519
a fifteen minute and a twenty minute stop because you
400
00:23:44.559 --> 00:23:47.599
don't charge to full. I just recently had a drive
401
00:23:47.720 --> 00:23:51.240
in the Ionic five, and it was to a destination
402
00:23:51.319 --> 00:23:54.400
and back that we could totally reach. Matter of fact,
403
00:23:54.440 --> 00:23:56.880
when we got to our destination and drove around for
404
00:23:56.920 --> 00:23:59.319
a couple of hours, we still had fifty three percent
405
00:23:59.319 --> 00:24:02.440
of the battery left. Getting back was not going to
406
00:24:02.480 --> 00:24:05.359
be a problem. But on our return trip a big
407
00:24:05.400 --> 00:24:09.279
wind kicked up twenty five thirty miles an hour, and
408
00:24:09.319 --> 00:24:11.839
it was a headwind. Apparently we had a nice tailwind
409
00:24:11.920 --> 00:24:14.680
going the first part of the trip, but coming back
410
00:24:15.119 --> 00:24:17.960
and even then we thought, oh, you know what, I
411
00:24:18.000 --> 00:24:20.279
think I can make it. I think I can make it.
412
00:24:20.599 --> 00:24:22.839
And it was just me by myself. I might have
413
00:24:22.920 --> 00:24:25.720
tried it, just because like a gas car, even when
414
00:24:25.720 --> 00:24:29.440
the battery says empty, there's probably some more miles. But
415
00:24:29.519 --> 00:24:33.160
you know what, I didn't have to do that. I
416
00:24:33.680 --> 00:24:38.079
stopped at an IONA charger, ran in and used the bathroom,
417
00:24:38.160 --> 00:24:41.480
came back out four minutes. I was there four fucking minutes,
418
00:24:41.640 --> 00:24:44.559
went from twelve percent to twenty six percent. Now I
419
00:24:44.599 --> 00:24:47.559
got to my destination, which, by the way, I would
420
00:24:47.559 --> 00:24:50.200
have made it, but I didn't know at the time.
421
00:24:50.720 --> 00:24:54.279
But I spent four minutes, took a courtesy break, put
422
00:24:54.319 --> 00:24:56.440
electricity in for four minutes, and then got back to
423
00:24:56.480 --> 00:25:01.440
the house and then bought more electricity about one fifth
424
00:25:02.200 --> 00:25:07.279
the price of gasoline. So anyway, I'm perfectly happy to
425
00:25:07.319 --> 00:25:09.759
talk about electric cars all the time. If you have
426
00:25:09.839 --> 00:25:12.359
questions about electric cars, what to look for what to
427
00:25:12.359 --> 00:25:15.599
buy pros and cons because they're not perfect for everybody.
428
00:25:16.599 --> 00:25:20.519
And I am always stunned when I have these online arguments,
429
00:25:20.559 --> 00:25:23.480
which maybe I just shouldn't do with people. One of
430
00:25:23.559 --> 00:25:26.000
my classic favorites. Someone will say, well, if I get
431
00:25:26.039 --> 00:25:28.440
an electric truck and I pull a horse trailer, how
432
00:25:28.519 --> 00:25:31.279
much will my range be reduced? And then I would
433
00:25:31.279 --> 00:25:34.000
say something like, well, how often are you pulling a
434
00:25:34.000 --> 00:25:36.039
horse trailer? And I so, well, I've never pulled a
435
00:25:36.039 --> 00:25:39.440
horse trailer in my life. Well then shut the fuck up, right,
436
00:25:39.640 --> 00:25:42.880
I mean, if you're pulling logs or horse trailers, get
437
00:25:42.880 --> 00:25:45.920
a diesel fucking truck and leave me the fuck alone.
438
00:25:46.319 --> 00:25:50.319
But for the vast majority of people that buy a truck,
439
00:25:51.160 --> 00:25:54.799
they're generally not going that far. They're generally not pulling
440
00:25:54.839 --> 00:25:57.319
that much. If you're pulling a fifth wheel, get a
441
00:25:57.359 --> 00:26:00.319
diesel truck. It's fine. I'm okay with that. Pick the
442
00:26:00.319 --> 00:26:03.160
equipment that's best for your needs. But like I said,
443
00:26:03.400 --> 00:26:06.359
for most people who are buying trucks, they probably don't
444
00:26:06.359 --> 00:26:07.720
even need to be in a truck. But if you
445
00:26:07.720 --> 00:26:10.279
want to have a truck, get a truck. The range
446
00:26:10.319 --> 00:26:14.119
is gonna be fine, and occasionally you carry extra people
447
00:26:14.279 --> 00:26:17.880
or occasionally you help somebody move almost always, just like
448
00:26:18.000 --> 00:26:21.160
every other vehicle you're going to be driving around town.
449
00:26:21.720 --> 00:26:25.240
So anyway, enough of that. If you have electric car
450
00:26:25.440 --> 00:26:29.559
electric car charging questions, I'll talk your ears off. Oh
451
00:26:29.680 --> 00:26:31.119
I kept meaning to bring this up, so I'm going
452
00:26:31.200 --> 00:26:33.359
to do it. There is a new company, well it's
453
00:26:33.359 --> 00:26:36.039
not brand new, but they're new to the EV charging
454
00:26:36.079 --> 00:26:41.119
game and they have made commitments. Their plan by twenty
455
00:26:41.200 --> 00:26:44.359
thirty is to have about as many chargers as Tesla
456
00:26:44.440 --> 00:26:49.279
has today. Now, of course, by twenty thirty, Tesla will
457
00:26:49.279 --> 00:26:52.440
have more chargers than they have today, but they're hoping
458
00:26:52.480 --> 00:26:56.319
to do in less than five years what took Tesla
459
00:26:56.400 --> 00:27:01.799
thirteen years. Now, Tesla the beginning, they were the shit.
460
00:27:02.359 --> 00:27:05.119
They had the charges that nobody else had. They're still
461
00:27:05.160 --> 00:27:10.119
the single largest charging network, but they're no longer even
462
00:27:10.200 --> 00:27:15.559
fifty percent of total ports, and almost all of their chargers,
463
00:27:16.160 --> 00:27:20.119
with the exception of a few brand new V four chargers,
464
00:27:20.559 --> 00:27:23.599
less than one percent of their network. The vast majority
465
00:27:23.599 --> 00:27:26.680
of their chargers are two hundred and fifty or lower
466
00:27:27.319 --> 00:27:30.799
and often struggle with eight hundred volt cars or have
467
00:27:30.920 --> 00:27:33.680
put it out a slower speed for them. Their equipment
468
00:27:33.759 --> 00:27:37.440
is older. The network is older. Yes, it has a
469
00:27:37.680 --> 00:27:41.799
historical reliability perk, and sometimes people use it, and the
470
00:27:41.880 --> 00:27:45.200
prices are pretty reasonable. I get that it's a great network,
471
00:27:46.039 --> 00:27:47.960
but when people talk about it now, you have to
472
00:27:48.039 --> 00:27:50.880
keep in mind that they are no longer even half
473
00:27:52.119 --> 00:27:56.039
of all charging ports, and when you look at charging locations,
474
00:27:56.599 --> 00:28:00.519
because Tesla charging locations tend to have more ports, but
475
00:28:00.559 --> 00:28:04.119
they tend to have fewer locations, they are now about
476
00:28:04.119 --> 00:28:07.680
twenty five to thirty percent of the high speed charging
477
00:28:07.720 --> 00:28:11.440
locations and almost all of the others. And I'm not
478
00:28:11.559 --> 00:28:14.559
talking about the free ones at the movie theater or
479
00:28:14.599 --> 00:28:18.200
ones at car dealerships. I'm excluding all of those. Virtually
480
00:28:18.240 --> 00:28:21.599
all of the other chargers are so narer one to fifty,
481
00:28:21.680 --> 00:28:24.000
but there's a lot of three fifties and four hundreds.
482
00:28:24.720 --> 00:28:27.319
So the vast majority of the other brands that aren't
483
00:28:27.359 --> 00:28:31.039
Tesla are faster and more powerful and can do a
484
00:28:31.039 --> 00:28:34.359
better job with more cars than the Tesla chargers. For
485
00:28:34.440 --> 00:28:38.240
the first quarter of twenty twenty six, twenty six percent
486
00:28:38.599 --> 00:28:41.240
of all new charging ports that went in were put
487
00:28:41.240 --> 00:28:46.079
in by Tesla. Clearly the market leaders still but now
488
00:28:46.119 --> 00:28:49.680
at twenty six percent of the ports, not ninety percent
489
00:28:49.759 --> 00:28:52.160
or ninety five percent like they used to be. Twenty
490
00:28:52.240 --> 00:28:56.839
six percent behind them is Iona Electrify America charge Point
491
00:28:57.160 --> 00:28:59.279
and then this new company, which is like seventh for
492
00:28:59.319 --> 00:29:01.440
this last quarter, they're going to jump up to be
493
00:29:01.519 --> 00:29:04.279
number two behind Tesla, and I think in a year
494
00:29:04.640 --> 00:29:07.720
they're going to be putting in more charges per month
495
00:29:07.759 --> 00:29:12.000
and per quarter than Tesla. They boast that ninety percent
496
00:29:12.039 --> 00:29:15.000
of Americans live within ten miles of one of their facilities.
497
00:29:15.880 --> 00:29:19.039
They already have the land, they have the parking space,
498
00:29:19.119 --> 00:29:21.079
they have the services where you can come in and
499
00:29:21.079 --> 00:29:24.720
get almost anything you would ever want. Now, you might
500
00:29:24.759 --> 00:29:27.720
not want to go into their store, but they're there.
501
00:29:27.839 --> 00:29:31.279
It's Walmart. You can get in food, you can get drinks,
502
00:29:31.319 --> 00:29:34.559
you can use the bathroom. And if you're local and
503
00:29:34.559 --> 00:29:37.119
live in an apartment, more and more chargers are going
504
00:29:37.160 --> 00:29:41.319
in everywhere. And the Walmart pitch is, hey, do your
505
00:29:41.359 --> 00:29:44.119
grocery shopping once a week with us. Bring over your
506
00:29:44.160 --> 00:29:47.880
electric car, plug it in, go inside, do your shopping,
507
00:29:48.119 --> 00:29:52.359
come out to a fully charged car. Your net charging
508
00:29:52.559 --> 00:29:56.720
time in that scenario is zero minutes per week because
509
00:29:56.720 --> 00:30:00.079
you're already doing your shopping anyway, Like I said, if
510
00:30:00.119 --> 00:30:03.000
you have questions about EV charging, let me know. But
511
00:30:03.079 --> 00:30:07.400
it's a whole new world, faster charging cars, bigger batteries,
512
00:30:07.480 --> 00:30:11.440
better network. It's just getting better by leaps and bounds.
513
00:30:11.559 --> 00:30:14.000
And when I talk to somebody that complains about how
514
00:30:14.000 --> 00:30:17.559
they're not enough chargers or Tesla's the only charging network,
515
00:30:18.079 --> 00:30:21.079
their data is three to five years old or older.
516
00:30:21.400 --> 00:30:25.000
It is amazing out there. Anyway, Let's take a break.
517
00:30:31.440 --> 00:30:34.480
The Pope discussing the existence of God with an out
518
00:30:34.480 --> 00:30:39.960
and out atheist starts off very correctly discussion, and as
519
00:30:40.000 --> 00:30:41.720
the hours go by, it gets more and more heated,
520
00:30:41.720 --> 00:30:43.720
and eventually the Pope turns to the man and he.
521
00:30:44.039 --> 00:30:52.559
Dumb mom, got dam mom, and you come in here. You
522
00:30:53.000 --> 00:30:58.119
are like a man who is totally blind folded in
523
00:30:58.160 --> 00:31:02.319
a dark room looking for a black cat that is
524
00:31:02.519 --> 00:31:06.359
not today.
525
00:31:07.519 --> 00:31:09.839
Of all respect your holiness, I think there's a great
526
00:31:09.839 --> 00:31:14.599
similarity between us both. Do you mean similarity, you said, well,
527
00:31:14.640 --> 00:31:17.079
as far as I am concerned, you are like a
528
00:31:17.079 --> 00:31:20.119
man who is blindfolded in a totally dark room looking
529
00:31:20.160 --> 00:31:21.839
for a black cat that isn't there.
530
00:31:22.599 --> 00:31:24.640
The only difference is that you founded.
531
00:31:29.559 --> 00:31:32.279
Joy listening to the Bill Ferguson show.
532
00:31:32.240 --> 00:31:38.039
I have a little update on the Laura Pausini concerto.
533
00:31:38.200 --> 00:31:42.119
Concierto depends which language you want to use. Laura Poussini
534
00:31:42.480 --> 00:31:49.799
in English, very very famous Italian female singer, pop star,
535
00:31:50.359 --> 00:31:53.839
I guess, I don't know, huge in Italy and many
536
00:31:53.880 --> 00:31:56.200
many years ago. She's been doing this for like thirty
537
00:31:56.920 --> 00:32:00.799
maybe thirty five years. Her first hit when she was
538
00:32:00.839 --> 00:32:03.880
eighteen in Italy, eighteen or nineteen, and she's been putting
539
00:32:03.880 --> 00:32:08.319
out albums every couple of years since and decided many
540
00:32:08.359 --> 00:32:12.039
years ago, probably two decades ago, to also put out
541
00:32:12.079 --> 00:32:15.319
the album at the same time in Italian and Spanish.
542
00:32:15.880 --> 00:32:21.759
And last I looked, she was the fourth highest sales
543
00:32:22.160 --> 00:32:25.720
of Latin America, in Latin America in Spanish of any
544
00:32:26.000 --> 00:32:29.799
woman of her history. So she's the fourth largest number
545
00:32:29.799 --> 00:32:33.000
of sales in Latin America. Well, she had a concert
546
00:32:33.079 --> 00:32:36.599
in Orlando. She's going around the United States. Maybe you
547
00:32:36.640 --> 00:32:39.920
could still see her, but we went to see that
548
00:32:40.160 --> 00:32:45.880
in the Quia Center in Orlando and had so much fun.
549
00:32:45.880 --> 00:32:49.839
I did, and I was super extra special excited because
550
00:32:50.319 --> 00:32:54.519
me being me, and I've been studying Italian for well,
551
00:32:54.559 --> 00:32:57.039
I don't know, fourteen fifteen years and Spanish for three.
552
00:32:57.920 --> 00:32:59.960
I thought there'd be a good chance that I could understand,
553
00:33:00.039 --> 00:33:04.599
and a lot of the lyrics in Spanish, in Italian
554
00:33:04.640 --> 00:33:06.880
and a few of the songs in English, and I was.
555
00:33:06.960 --> 00:33:07.839
I was so excited.
556
00:33:08.240 --> 00:33:11.359
She would often talk between songs, It's just part of
557
00:33:11.400 --> 00:33:13.759
her style, and she would talk to the audience in
558
00:33:13.759 --> 00:33:16.359
Spanish and then in French, and then in English, and
559
00:33:16.359 --> 00:33:20.799
then in Italian and then Portugueze. What a great fun,
560
00:33:20.920 --> 00:33:24.839
what a great that energy, that global feel that you know,
561
00:33:24.880 --> 00:33:27.839
we're kind of all we're all in this together from
562
00:33:27.920 --> 00:33:30.160
all over all different parts, not the whole world, but
563
00:33:30.240 --> 00:33:33.519
many different parts of the world. And she really knew
564
00:33:33.519 --> 00:33:36.559
how to play that up and talk to the different
565
00:33:36.640 --> 00:33:40.279
parts of the audience in different languages. She's fucking brilliant,
566
00:33:40.279 --> 00:33:41.599
by the way, if you ever get a chance to
567
00:33:41.599 --> 00:33:45.400
see her do an interview. And in anticipation of this,
568
00:33:45.480 --> 00:33:49.480
I downloaded from Amazon Music, Oh, I don't know about
569
00:33:49.599 --> 00:33:53.960
fifty of her biggest songs in Spanish and studied them
570
00:33:53.960 --> 00:33:56.039
and practiced them and that paid off. That was really
571
00:33:56.079 --> 00:34:00.279
good fun. And I also used that oh when we
572
00:34:00.319 --> 00:34:02.839
showed up at the arena, I guess that's what you
573
00:34:02.880 --> 00:34:05.640
call it. There were people outside. We were there early,
574
00:34:05.799 --> 00:34:07.799
and I wanted to go early because I thought it
575
00:34:07.880 --> 00:34:09.440
might be a chance where I could talk to people
576
00:34:09.960 --> 00:34:12.760
in different languages. And I walked up to these young
577
00:34:12.840 --> 00:34:16.639
ladies and they had some flags and one was from
578
00:34:17.000 --> 00:34:20.079
I think it was Cuba, and the other one was red,
579
00:34:20.079 --> 00:34:23.679
green and white, which could be either Italian or Mexican.
580
00:34:23.960 --> 00:34:25.599
But they didn't have a symbol in the center in
581
00:34:25.639 --> 00:34:29.320
the white part, so it was Italian I think theoretically right,
582
00:34:29.599 --> 00:34:31.320
but I didn't know at the time. I walk up
583
00:34:31.360 --> 00:34:35.480
to them and just played my old white dude card. Hey,
584
00:34:36.360 --> 00:34:39.320
excuse me, sorry to interrupt, but I was just curious,
585
00:34:39.599 --> 00:34:43.440
why do you guys have flags? And they looked at
586
00:34:43.480 --> 00:34:46.480
me strange, and I found out that they spoke virtually
587
00:34:46.519 --> 00:34:49.840
no English at all, and so I'm trying to talk
588
00:34:49.840 --> 00:34:52.840
to them in English. They're trying to answer or say
589
00:34:52.880 --> 00:34:55.440
that they don't understand. And then one of them says,
590
00:34:56.159 --> 00:35:01.039
do you speak Spanish able Espanol? And I said, see
591
00:35:01.119 --> 00:35:07.320
claroblol Spanol, and they just got bug eyed and looked
592
00:35:07.320 --> 00:35:10.239
at me, and we started talking in Spanish, and I
593
00:35:10.280 --> 00:35:13.000
asked about the flag in Spanish, and they said, it's
594
00:35:13.000 --> 00:35:16.639
from Cuba. I think I was in Cuba. And we
595
00:35:16.639 --> 00:35:18.039
were talking about the flag, and then I said the
596
00:35:18.079 --> 00:35:21.480
other flag, is it Mexico or is it not Mexico.
597
00:35:21.559 --> 00:35:24.280
Is that Italy? And this is all in Spanish. And
598
00:35:24.320 --> 00:35:27.239
then the one girl says, yes, it's it's it's a
599
00:35:27.360 --> 00:35:29.800
flag of Italy. I'm from Italy and this is all
600
00:35:29.800 --> 00:35:33.679
in Spanish. And then I asked her, do you speak
601
00:35:34.119 --> 00:35:37.559
any Italian? And she said yes, and so then I
602
00:35:37.599 --> 00:35:39.719
started speaking to her in Italian and my Italian is
603
00:35:39.719 --> 00:35:43.239
better than my Spanish, and they were just their minds
604
00:35:43.239 --> 00:35:46.079
were blown. And I mean I played the situation a
605
00:35:46.119 --> 00:35:49.599
little bit by going up and starting with English.
606
00:35:50.119 --> 00:35:51.800
But not a.
607
00:35:51.880 --> 00:35:55.039
Large percentage of Americans that are native to the United
608
00:35:55.039 --> 00:35:58.639
State of America speak a second language. Sure, many people do,
609
00:35:58.960 --> 00:36:02.360
I get it. But to be able to speak Spanish
610
00:36:02.400 --> 00:36:05.280
and Italian to these different people who are waiting for
611
00:36:05.320 --> 00:36:08.559
the concert, we had a great time. We talked about
612
00:36:09.079 --> 00:36:12.159
different parts of Latin America. We talked about different cities
613
00:36:12.159 --> 00:36:15.280
in Italy, where or she's been to, where I've been to,
614
00:36:16.320 --> 00:36:19.639
all the different foods. Oh, I was so happy. We
615
00:36:19.679 --> 00:36:22.239
go inside, we get our seats or some other people
616
00:36:22.280 --> 00:36:24.559
that are early and they're trying to take pictures, and
617
00:36:25.039 --> 00:36:28.639
I just start asking people in Spanish, can I take
618
00:36:28.679 --> 00:36:30.039
your picture? Do you want me to take your picture?
619
00:36:30.079 --> 00:36:32.039
Do you want to help with that? And just the
620
00:36:32.039 --> 00:36:32.960
looks on their faces.
621
00:36:32.960 --> 00:36:33.920
That's why I do it.
622
00:36:34.000 --> 00:36:37.719
I mean, aside from the great joy I get from
623
00:36:37.760 --> 00:36:41.320
the fact that I don't, I'm not broken. I mean
624
00:36:41.360 --> 00:36:43.119
I thought I was broken because when I had French
625
00:36:43.159 --> 00:36:46.079
in high school and college, in the classroom setting, I
626
00:36:46.119 --> 00:36:48.800
failed miserably. Well, I didn't fail. I got a lot
627
00:36:48.800 --> 00:36:50.519
of ce's I barely got by.
628
00:36:51.360 --> 00:36:52.000
It sucked.
629
00:36:52.159 --> 00:36:54.639
I hated it, and part of it was me. I'm
630
00:36:54.639 --> 00:36:58.800
the problem. It's me. I fought it and now I'm
631
00:36:58.800 --> 00:37:00.559
not fighting it. And now I'm just spending a lot
632
00:37:00.559 --> 00:37:04.559
of time, a lot of free time, because I really
633
00:37:04.559 --> 00:37:10.320
don't watch much news anymore because that's too upsetting. I
634
00:37:10.360 --> 00:37:12.639
can't help but hear some of the things that Trump
635
00:37:12.679 --> 00:37:14.960
is doing, the fuckery that he's doing. I don't know
636
00:37:15.039 --> 00:37:18.159
if you've seen his one ring circus fuckery the White House.
637
00:37:18.199 --> 00:37:24.400
Oh my god. Anyway, So the concert went great, absolutely fantastic,
638
00:37:24.679 --> 00:37:31.239
great light show, spectacular, the music, the musicians and all
639
00:37:31.280 --> 00:37:35.079
of it was primarily targeted the Latin American audience, a
640
00:37:35.119 --> 00:37:39.360
lot of Latin American classic songs, music, the sounds. It
641
00:37:39.400 --> 00:37:42.360
was a great party, and after about three hours of
642
00:37:42.360 --> 00:37:46.639
the concert, there was a fire alarm and everybody had
643
00:37:46.639 --> 00:37:49.239
to get the fuck out of the arena. We didn't
644
00:37:49.239 --> 00:37:51.519
know if they would ever let people back in, and
645
00:37:51.719 --> 00:37:53.679
how would that work. How do you let twenty or
646
00:37:53.719 --> 00:37:56.280
thirty thousand people back in after they've all been kicked
647
00:37:56.320 --> 00:37:59.079
out of the building. So we assumed that it was over.
648
00:37:59.679 --> 00:38:01.480
When it turned out to be that was the case,
649
00:38:02.159 --> 00:38:04.119
But at that point we had already had three hours
650
00:38:04.119 --> 00:38:07.199
of concert. There was probably another twenty or thirty minutes
651
00:38:07.199 --> 00:38:10.119
of the show left that no one got to see
652
00:38:10.280 --> 00:38:14.320
because of the false alarm that went off. But had
653
00:38:14.360 --> 00:38:17.679
a great time. If you speak any Spanish, any Italian,
654
00:38:18.320 --> 00:38:20.000
or even if you speak English and you don't know
655
00:38:20.559 --> 00:38:25.320
any Laura Pausini, I highly recommend you checking out some
656
00:38:25.400 --> 00:38:29.239
of her music. Yeah, it's just a little share about
657
00:38:29.519 --> 00:38:31.239
the story and going seeing that concert.
658
00:38:41.239 --> 00:38:44.119
You go online and in a Google search you type god,
659
00:38:44.159 --> 00:38:47.119
God's worshiped by humans. There's a tally of all the
660
00:38:47.119 --> 00:38:49.719
gods ever worshiped by humans in the history of civilization
661
00:38:50.159 --> 00:38:53.440
and it just goes screen after screen after screen after screen.
662
00:38:53.679 --> 00:38:54.840
So he said, you believe in God?
663
00:38:54.960 --> 00:38:55.440
Is it?
664
00:38:55.480 --> 00:38:55.960
Which God?
665
00:38:56.000 --> 00:38:56.159
Is it?
666
00:38:56.239 --> 00:38:56.559
Zeus?
667
00:38:56.880 --> 00:38:59.920
Is it Poseidon? Is it the Jewish God? Is it
668
00:39:00.039 --> 00:39:02.800
the Christian God? In my studies of the universe, I
669
00:39:02.880 --> 00:39:07.079
value evidence and I don't see evidence for any kind
670
00:39:07.400 --> 00:39:12.039
of active intelligence or power over anything. Yeah, and if
671
00:39:12.039 --> 00:39:16.320
you had that evidence showed to me.
672
00:39:13.079 --> 00:39:25.320
I had another listener email about municipal bonds muni bonds
673
00:39:25.360 --> 00:39:28.400
as they're called. I don't have a full segment worked
674
00:39:28.480 --> 00:39:30.079
up on it, so this is going to be very short.
675
00:39:31.119 --> 00:39:38.559
But municipal bonds generally pay significantly lower interest rates yields
676
00:39:38.840 --> 00:39:44.320
bond yields, and they're often put up by municipalities, city, county, state,
677
00:39:44.800 --> 00:39:47.519
and they can be secured by the ability of those
678
00:39:47.559 --> 00:39:51.199
municipalities to collect taxes. They can be secured by tolls
679
00:39:51.199 --> 00:39:54.199
for like a highway. They can be connected to the
680
00:39:54.280 --> 00:39:57.000
value of the property, of the equipment associated with the stadium,
681
00:39:58.079 --> 00:40:00.280
all kinds of things. But they they have have to
682
00:40:00.320 --> 00:40:03.400
be involved with government, and like I said, they pay
683
00:40:03.760 --> 00:40:06.239
lower interest rate. And one of the perks of them
684
00:40:06.320 --> 00:40:10.679
is that you don't then pay state income tax on
685
00:40:10.719 --> 00:40:14.079
the yield that you make when interest rates are low
686
00:40:14.679 --> 00:40:18.280
and the municipal bond rates are even lower. I'm not
687
00:40:18.320 --> 00:40:22.119
really interested. Matter of fact, for the vast majority of
688
00:40:22.119 --> 00:40:25.199
people in the United States, if you live in a
689
00:40:25.239 --> 00:40:28.639
state with a zero or one or two or even
690
00:40:28.639 --> 00:40:34.000
three or four percent state tax rate, the lower amount
691
00:40:34.039 --> 00:40:36.840
of interest that they're paying versus the amount of taxes
692
00:40:36.880 --> 00:40:40.480
that you can avoid is probably not going to be
693
00:40:40.519 --> 00:40:43.000
worth it. But if you happen to live in a
694
00:40:43.039 --> 00:40:46.239
particularly high tax date like California, maybe it's something you
695
00:40:46.239 --> 00:40:49.800
could check out. It's not something I'm particularly interested in,
696
00:40:50.079 --> 00:40:53.400
and maybe I'm missing something I can see if I
697
00:40:53.400 --> 00:40:55.880
can find the time to do some more research, But
698
00:40:55.920 --> 00:40:58.559
I haven't done that yet, but just wanted to share
699
00:40:58.599 --> 00:41:02.000
that thought and let the listener know that I received
700
00:41:01.440 --> 00:41:07.280
that message. And that's real quick, real quick thoughts on it,
701
00:41:07.559 --> 00:41:09.360
and I'll have to do more research to give you
702
00:41:09.360 --> 00:41:10.199
more details later.
703
00:41:17.840 --> 00:41:19.719
Why do we have religion in the first place? Why
704
00:41:19.719 --> 00:41:22.360
are we having this discussion? Because we are patterns seeking mammals.
705
00:41:22.400 --> 00:41:25.199
It's part of our revolution. We look for patents, We're
706
00:41:25.239 --> 00:41:27.679
designed to look for them. And if we can't find
707
00:41:27.719 --> 00:41:29.559
a good explanation we'll come up with a bad one
708
00:41:29.639 --> 00:41:31.840
rather than none at all. Most people would rather have
709
00:41:31.880 --> 00:41:35.159
a conspiracy theory than no theory. It's very observable that
710
00:41:35.280 --> 00:41:38.320
there's a lot of junk science around before good science arives.
711
00:41:38.400 --> 00:41:42.199
Before we have astronomy, we have astrology, before we have chemistry,
712
00:41:42.239 --> 00:41:44.960
we have alchemy. All of these things are derived derivatives
713
00:41:44.960 --> 00:41:47.360
of religion. Because in a very sinister verse of the
714
00:41:47.360 --> 00:41:49.119
Bible that used to upset me when I was being
715
00:41:49.159 --> 00:41:51.119
forced to listen to it as a little boy, it says,
716
00:41:51.280 --> 00:41:54.760
seek and ye shall find. Yes, that's exactly right, Seek
717
00:41:54.800 --> 00:41:57.400
and you will find. Seek for an explanation of volcanic
718
00:41:57.599 --> 00:42:00.239
eruptions when you're living in a primitive society, so you'll
719
00:42:00.280 --> 00:42:03.559
think they're probably a visitation from an angry deity. And
720
00:42:03.639 --> 00:42:06.000
if you're told you can postpone the next eruption by
721
00:42:06.000 --> 00:42:08.519
throwing a few live babies into the lava down the crater,
722
00:42:08.679 --> 00:42:12.639
that's what you'll do. Religion has just started. Religion has
723
00:42:12.719 --> 00:42:13.199
just begun.
724
00:42:15.800 --> 00:42:24.440
But e lungavita, lungavite prosperita. The Phil Ferguson Show is
725
00:42:24.480 --> 00:42:26.920
for educational and entertainment purposes.
726
00:42:27.320 --> 00:42:27.719
Only.
727
00:42:28.400 --> 00:42:31.760
Nothing said on the show should be interpreted as personalized
728
00:42:31.840 --> 00:42:36.199
investment advice. Investments should be based in your personal situation,
729
00:42:36.800 --> 00:42:40.519
and you, of course should consult with your financial advisor
730
00:42:41.159 --> 00:42:46.199
or tax professional before taking any actions. I have a
731
00:42:46.280 --> 00:42:51.039
listener email hypothetical question. They said about trying to decide
732
00:42:51.079 --> 00:42:56.199
between two funds in the same segment. They have two
733
00:42:56.199 --> 00:43:01.960
different expense ratios. One is zero point zero three, so
734
00:43:02.440 --> 00:43:06.840
very likely an index fund. Another one is zero point
735
00:43:07.199 --> 00:43:16.480
nine zero so point eight seven percent higher, or one
736
00:43:16.519 --> 00:43:21.599
could say thirty times, so you're going from three points
737
00:43:21.639 --> 00:43:25.760
to ninety points thirty times more expensive as far as
738
00:43:25.800 --> 00:43:28.519
the expense ratio, and of course this doesn't take into
739
00:43:28.559 --> 00:43:33.679
account any possible other expenses that are not in the
740
00:43:33.719 --> 00:43:37.880
expense ratio. A word of warning to people that the
741
00:43:38.000 --> 00:43:41.800
expense ratio does not include all fees and expenses that
742
00:43:41.840 --> 00:43:44.280
you pay. It only includes the things that are legally
743
00:43:44.280 --> 00:43:47.480
required to be put into the category of expense ratio.
744
00:43:47.880 --> 00:43:51.519
Because if you're a mutual fund company, why would you
745
00:43:51.519 --> 00:43:55.519
put in expenses to show a higher expense ratio if
746
00:43:55.559 --> 00:43:57.960
those don't have to be in there, because everybody's looking
747
00:43:57.960 --> 00:44:00.679
at these to compete, So you only put in what
748
00:44:00.760 --> 00:44:04.360
you have to put in By law. A couple of examples.
749
00:44:04.960 --> 00:44:08.880
Trading costs are not part of the expense ratio. Of course,
750
00:44:09.320 --> 00:44:13.320
your tax consequences if they're trading more quickly and more
751
00:44:13.360 --> 00:44:16.360
of your gains are short term versus long term, have
752
00:44:16.480 --> 00:44:18.679
nothing to do with the expense ratio or expenses of
753
00:44:18.719 --> 00:44:23.159
the fund. That's what you get to keep. So ignoring
754
00:44:23.480 --> 00:44:26.800
all of those extra things which I don't think you
755
00:44:26.840 --> 00:44:30.320
should do just for the sake of the discussion. The
756
00:44:30.440 --> 00:44:34.320
question is that, but what if that fund with the
757
00:44:34.519 --> 00:44:39.639
nine tenths of one percent instead of three hundreds has
758
00:44:40.480 --> 00:44:46.360
better returns over one, three, five and ten year historical
759
00:44:47.039 --> 00:44:49.760
And of course the person writing this is I understand
760
00:44:49.840 --> 00:44:53.920
past performance is no guarantee of future results. Truth, right,
761
00:44:54.599 --> 00:44:59.719
But at what point does one say, if the fund
762
00:44:59.800 --> 00:45:03.360
is winning one, three, five and ten years, is point
763
00:45:03.440 --> 00:45:06.760
eighty seven too much? You know, what is the right amount?
764
00:45:06.800 --> 00:45:12.000
What is the percentage extra you would be, should be
765
00:45:12.119 --> 00:45:17.599
could be willing to pay to get that better performance,
766
00:45:17.840 --> 00:45:22.039
at least historical better performance. So since they're asking me,
767
00:45:22.639 --> 00:45:27.360
and I'm the one doing the segment, there is no
768
00:45:27.519 --> 00:45:32.639
percentage better. Ignoring other things that aren't expense ratio items,
769
00:45:32.840 --> 00:45:37.280
ignoring the tax consequences of a fund that trades more often,
770
00:45:38.599 --> 00:45:41.920
why would you pay extra? And, as the author of
771
00:45:41.920 --> 00:45:45.920
the email correctly pointed out, past performance is no predictor
772
00:45:45.920 --> 00:45:50.239
of future results. But what is a good predictor of
773
00:45:50.280 --> 00:45:54.400
future results based on historical data is that the vast
774
00:45:54.840 --> 00:46:00.639
majority of mutual funds actively managed mutual funds will not
775
00:46:01.639 --> 00:46:06.440
outperform the particular particular index that you're comparing them to.
776
00:46:07.400 --> 00:46:10.920
Some do, some do each year, Some even do it
777
00:46:10.960 --> 00:46:14.519
over three or five or a few percent, one or two,
778
00:46:14.840 --> 00:46:17.440
three percent, five percent. I don't think it's that high.
779
00:46:18.199 --> 00:46:21.119
Might do it over ten years. And here you might
780
00:46:21.159 --> 00:46:25.039
have a situation where someone has done that in the past.
781
00:46:26.000 --> 00:46:30.119
Every time someone has done an analysis using past performance,
782
00:46:31.159 --> 00:46:38.239
like say from two thousand and six to twenty and sixteen,
783
00:46:39.039 --> 00:46:41.559
and then looking out all of those funds to see
784
00:46:41.559 --> 00:46:43.960
how they do in the next ten year period two
785
00:46:44.039 --> 00:46:48.880
thousand and sixteen to twenty and twenty six, the percentage
786
00:46:48.920 --> 00:46:52.840
of funds that beat during the second ten year period
787
00:46:53.519 --> 00:46:56.920
is incredibly small. The percentage that beat in the first
788
00:46:56.960 --> 00:47:00.199
ten year period is incredibly small. And even if you
789
00:47:00.559 --> 00:47:04.800
only start with a subset of the funds that beat
790
00:47:05.599 --> 00:47:09.400
their comparative index in the first ten years. Only an
791
00:47:09.480 --> 00:47:13.679
incredibly small fraction a few percentage of them do better
792
00:47:14.000 --> 00:47:17.639
than the index over the preceding ten years. So what
793
00:47:17.719 --> 00:47:22.119
you have basically here is a coin flipping contest. If
794
00:47:22.119 --> 00:47:25.280
you line up one hundred people in a row and
795
00:47:25.320 --> 00:47:28.519
they flip a coin, and you count the people that
796
00:47:28.599 --> 00:47:30.920
get heads as winners and the people that get tails
797
00:47:30.960 --> 00:47:35.039
as losers. One hundred people flip the coin, fifty of
798
00:47:35.079 --> 00:47:38.719
them get heads. Let's say they beat the market.
799
00:47:39.400 --> 00:47:39.679
Yay.
800
00:47:40.280 --> 00:47:43.440
Now they do it a second time. Twenty five of
801
00:47:43.480 --> 00:47:45.440
them have done it a second time. You do it
802
00:47:45.440 --> 00:47:51.199
a third time, it's twelve four times, it's six five times,
803
00:47:51.239 --> 00:47:57.239
it's three six times, it's one and a half seven times,
804
00:47:57.960 --> 00:48:02.159
it's seven tenths of a percent. So you could send
805
00:48:02.239 --> 00:48:07.199
say that person is really really good at flipping heads,
806
00:48:07.639 --> 00:48:10.000
and I'm going to put one hundred thousand dollars on
807
00:48:10.079 --> 00:48:14.440
their next coin flip. I'm telling you the odds that
808
00:48:14.440 --> 00:48:20.639
their next coin flip is heads is fifty fifty. Assuming
809
00:48:20.679 --> 00:48:24.639
we don't count some kind of esoteric on edge balancing
810
00:48:24.760 --> 00:48:28.679
thing or we have some kind of weird off balance quarter,
811
00:48:29.280 --> 00:48:32.880
all things being normalized, just a standard conventional quarter fifty
812
00:48:32.920 --> 00:48:37.920
percent heads fifty percent tails. It does not fucking matter
813
00:48:38.800 --> 00:48:43.800
that they got heads seven times in a row. The
814
00:48:43.880 --> 00:48:49.239
odds are the next flip is fifty fifty mutual funds
815
00:48:49.320 --> 00:48:53.599
that beat the market. Almost all of them that do
816
00:48:53.639 --> 00:48:57.800
it over any long period of time are within the
817
00:48:57.840 --> 00:49:01.000
margin of error or within the probably ability one would
818
00:49:01.000 --> 00:49:07.360
expect given chance. There is a chance that any given
819
00:49:07.440 --> 00:49:10.800
year a fund will beat the market because they happen
820
00:49:10.880 --> 00:49:14.079
to pick one or two hot stocks. What can be
821
00:49:14.159 --> 00:49:17.599
really fascinating if you look at the data. If you
822
00:49:17.760 --> 00:49:20.000
go to a fund that's been around for ten years
823
00:49:20.519 --> 00:49:22.840
and you look at their first year when it was
824
00:49:23.000 --> 00:49:26.480
really small, and they happen to pick four or five
825
00:49:27.079 --> 00:49:30.639
magnificent stocks in that first year and they just crushed
826
00:49:30.719 --> 00:49:34.280
the market. The money could pour into that mutual fund
827
00:49:35.079 --> 00:49:38.599
and it could be that for the next nine years
828
00:49:38.960 --> 00:49:42.159
they underperformed the stock market, but their ten year performance
829
00:49:42.760 --> 00:49:45.440
still beats it. Now in this case, in the theoretical
830
00:49:45.480 --> 00:49:48.280
they have one, three, five, and ten year performance above
831
00:49:48.800 --> 00:49:55.440
the respective index. It can happen, it doesn't happen at
832
00:49:55.440 --> 00:49:59.880
a probability greater than what is expected by chance. Using
833
00:50:00.000 --> 00:50:04.800
and that data to then select a fund that you
834
00:50:05.000 --> 00:50:12.360
think might beat the market going forward is statistically insignificant
835
00:50:12.440 --> 00:50:16.800
probability that you will be right. It could happen. But
836
00:50:16.840 --> 00:50:19.280
if you take all the funds that have these criteria
837
00:50:19.360 --> 00:50:22.280
and buy them and then look forward or look at
838
00:50:22.280 --> 00:50:24.480
the data over the next one, three, five, and ten years,
839
00:50:25.519 --> 00:50:28.719
they don't beat the market really any better than chance.
840
00:50:29.119 --> 00:50:32.719
And if they do outperform their brethren the other funds
841
00:50:32.800 --> 00:50:35.599
a little bit better than chance, they don't beat the index.
842
00:50:36.239 --> 00:50:41.599
So there is no amount of extra expense that I
843
00:50:41.760 --> 00:50:46.480
want to pay for a managed fund over an unmanaged fund.
844
00:50:46.639 --> 00:50:50.760
There is no magical cutoff level that I look at
845
00:50:50.800 --> 00:50:54.400
to say this fund is worth the extra expense because
846
00:50:54.639 --> 00:50:58.400
they have historically beat the market, and therefore you have
847
00:50:58.480 --> 00:51:02.480
to assume that they in the future it could happen.
848
00:51:03.000 --> 00:51:07.159
The probabilities, the odds are not in your favor. They
849
00:51:07.480 --> 00:51:09.480
are not going to be in your favor. They're never
850
00:51:09.519 --> 00:51:12.039
in your favor. When you look at thirty or forty
851
00:51:12.079 --> 00:51:16.119
thousand different mutual funds, and you can get databases that
852
00:51:16.199 --> 00:51:20.440
do this, I used to do this twenty plus years ago,
853
00:51:21.320 --> 00:51:24.960
and you can look at who beats the market over
854
00:51:25.000 --> 00:51:28.079
all kinds of time periods, and you can pick those
855
00:51:28.119 --> 00:51:29.800
funds thinking you've done your research.
856
00:51:30.519 --> 00:51:30.880
You've not.
857
00:51:31.400 --> 00:51:36.039
This is historical data. It is I don't know. You
858
00:51:36.039 --> 00:51:39.159
can pick the time and the date of the data.
859
00:51:39.519 --> 00:51:42.159
There's all kinds of reporting quirks. And keep in mind,
860
00:51:43.039 --> 00:51:45.239
all of the mutual fund data that you're looking at
861
00:51:45.639 --> 00:51:48.440
has a thing that's a very very big thing called
862
00:51:48.639 --> 00:51:55.239
survivorship bias, a generous portion of all funds every calendar year.
863
00:51:55.440 --> 00:51:59.320
And I'll have to look in my favorite book, Common
864
00:51:59.320 --> 00:52:02.440
Sense on Mutual Funds, book four of my four book
865
00:52:02.480 --> 00:52:05.039
reading list, and I do insist that you read it
866
00:52:05.239 --> 00:52:09.199
fourth because you need to have the foundational understanding of
867
00:52:09.239 --> 00:52:12.000
the first three books. And since I've mentioned them, okay,
868
00:52:12.679 --> 00:52:16.800
here we go. Book one, Richest Man in Bobbylon, Book two,
869
00:52:17.719 --> 00:52:22.000
A Random Walk Down Wall Street, Book three, Winning the
870
00:52:22.039 --> 00:52:27.480
Loser's Game. Book four, Common Sense on Mutual Funds. None
871
00:52:27.480 --> 00:52:32.000
of these books are particularly new. The two middle ones
872
00:52:32.079 --> 00:52:35.599
often have updated versions every three or four or five years.
873
00:52:35.880 --> 00:52:39.440
The fourth one was updated once, it hasn't been updated since.
874
00:52:39.599 --> 00:52:41.360
So you do want to get the updated version of
875
00:52:41.400 --> 00:52:45.679
the fourth book. If you know an awful lot about investing,
876
00:52:45.719 --> 00:52:47.280
you can grab the fourth book and just go to
877
00:52:47.320 --> 00:52:51.880
that most people don't. Most people need the first three books.
878
00:52:52.079 --> 00:52:54.840
It's not an attack or an insult on your intelligence.
879
00:52:55.360 --> 00:52:59.159
You just have not studied this part of the world,
880
00:53:00.280 --> 00:53:05.519
the foundational words, the basic understanding. As an example, if
881
00:53:05.559 --> 00:53:08.119
you don't know the difference between an opened end and
882
00:53:08.199 --> 00:53:11.960
the closed end fund, you definitely need to read the
883
00:53:11.960 --> 00:53:17.440
second book. Right If you don't know why index funds
884
00:53:17.800 --> 00:53:20.280
tend to be managed funds, you definitely need to read
885
00:53:20.280 --> 00:53:24.199
the third book. And the fourth book goes through the mathematics,
886
00:53:24.280 --> 00:53:28.599
the statistics, the data, the table's showing you how it works,
887
00:53:28.760 --> 00:53:33.679
and the probabilities. I am playing a probability game. Will
888
00:53:33.719 --> 00:53:38.159
there be some people that pick managed mutual funds in
889
00:53:38.239 --> 00:53:40.880
the same categories of the index funds that I'm using
890
00:53:41.400 --> 00:53:47.119
and outperform what I've selected. Yep, It's gonna happen. Just
891
00:53:47.360 --> 00:53:50.800
like I tell people at any point in time, if
892
00:53:50.840 --> 00:53:53.039
you look at all the different funds that I use,
893
00:53:54.119 --> 00:53:57.559
you can find the fund that has done the best
894
00:53:58.159 --> 00:54:02.079
over the preceding ten years and say, oh my god,
895
00:54:02.159 --> 00:54:03.880
if I had just put all my money in that
896
00:54:03.920 --> 00:54:07.880
ten years ago, I would have way outperformed Phill's portfolio
897
00:54:08.000 --> 00:54:13.920
or the Polaris Plan A fact, absolutely fucking true. If
898
00:54:13.960 --> 00:54:16.920
you had that knowledge ten years ago, that would have
899
00:54:16.920 --> 00:54:21.199
been a great choice. You didn't. You didn't have that
900
00:54:21.239 --> 00:54:23.400
information ten years ago unless you had a time machine.
901
00:54:23.840 --> 00:54:25.800
If you have a hot tub time machine, let me know,
902
00:54:26.119 --> 00:54:30.400
we can talk. But using historical data to pick which
903
00:54:30.400 --> 00:54:34.360
funds to buy going forward, I think is a fool's
904
00:54:34.480 --> 00:54:40.400
Errand the historical data, the patterns, the statistics, the probabilities
905
00:54:40.800 --> 00:54:44.679
all show that it doesn't work. The single biggest influence
906
00:54:44.880 --> 00:54:49.559
on your performance outside of picking a category like bonds
907
00:54:49.599 --> 00:54:55.000
versus stocks, us versus demeric, international, small cap versus large camp,
908
00:54:55.519 --> 00:55:00.119
the next biggest factor that is incredibly highly correlated with
909
00:55:00.159 --> 00:55:04.719
your performance is the expense ratio, And the higher the
910
00:55:04.719 --> 00:55:10.119
expense ratio, the lower performance. On average. Can a high
911
00:55:10.159 --> 00:55:13.119
expense ratio fund from time to time beat the index
912
00:55:13.639 --> 00:55:17.320
of course over years. Of course, when you have thirty
913
00:55:17.400 --> 00:55:20.159
thousand or more funds to pick from, there's going to
914
00:55:20.239 --> 00:55:23.400
be a few that have done it. But how did
915
00:55:23.400 --> 00:55:27.159
you know ten years ago to buy the five or
916
00:55:27.159 --> 00:55:29.159
six or ten or twenty funds out of thirty or
917
00:55:29.199 --> 00:55:32.199
forty or fifty thousand that we're going to beat the market.
918
00:55:32.760 --> 00:55:36.199
You didn't have that information, then you do not have
919
00:55:36.280 --> 00:55:41.280
that information today. So hopefully that is a helpful explanation
920
00:55:41.320 --> 00:55:45.239
of my thoughts on that subject of using historical data
921
00:55:45.360 --> 00:55:50.960
to pick managed funds and the amount of extra expense
922
00:55:51.039 --> 00:55:53.360
ratio that you could or should be willing to pay
923
00:55:53.880 --> 00:55:57.480
to get that higher performance. There is none higher expense
924
00:55:57.559 --> 00:56:03.880
ratio that I want to pay. That's my thoughts.
925
00:56:07.480 --> 00:56:11.599
This is eighte's a minute nutshow. You say there's a god.
926
00:56:12.320 --> 00:56:15.440
I say, can you prove that? You say no, I say,
927
00:56:15.440 --> 00:56:18.599
I don't believe you. Then, so you believe in one god?
928
00:56:18.639 --> 00:56:21.360
I assume, uh in three persons?
929
00:56:21.440 --> 00:56:25.039
But go ahead, Okay, so you believe okay, So but
930
00:56:25.159 --> 00:56:27.920
there there are but three thousand to choose from that
931
00:56:27.960 --> 00:56:30.039
have been you know, people believe in the reading.
932
00:56:30.119 --> 00:56:30.679
Yeah okay.
933
00:56:30.880 --> 00:56:36.360
So so basically you deny one less god than I do.
934
00:56:36.599 --> 00:56:39.679
You don't believe in twenty nine hundred and ninety nine gods,
935
00:56:40.239 --> 00:56:43.039
and I don't believe in just one more right.
936
00:56:45.360 --> 00:56:49.800
The Phil Ferguson Show is for educational and entertainment purposes only.
937
00:56:50.440 --> 00:56:53.800
Nothing said on the show should be interpreted as personalized
938
00:56:53.880 --> 00:56:58.239
investment advice. Investments should be based in your personal situation,
939
00:56:58.880 --> 00:57:02.599
and you of course, should consult with your financial advisor
940
00:57:03.239 --> 00:57:09.239
or tax professional before taking any actions. I have an
941
00:57:09.280 --> 00:57:15.639
annuity segment for you. The regular listeners listener to the
942
00:57:15.679 --> 00:57:20.639
show sent me an annuity. They were presented by an
943
00:57:20.639 --> 00:57:26.239
annuity salesperson. And keep in mind that annuity salespeople are
944
00:57:26.280 --> 00:57:32.880
paid generous commissions to promote and or sell products to you.
945
00:57:33.760 --> 00:57:37.880
Their job is not necessarily in your best interest. It
946
00:57:37.960 --> 00:57:40.400
is in their best interest to make a commission. Now,
947
00:57:41.000 --> 00:57:44.679
I'm not saying that those two things cannot line up.
948
00:57:45.199 --> 00:57:45.960
It's just that.
949
00:57:46.559 --> 00:57:52.559
Often they don't, or if they do, its accidental, incidental,
950
00:57:53.039 --> 00:57:57.159
those kind of things. So I have a specific annuity
951
00:57:57.280 --> 00:58:02.199
to talk about. This is called this is from Jackson.
952
00:58:02.400 --> 00:58:06.400
I think it's just Jackson Insurance Company. It's called Perspective
953
00:58:06.480 --> 00:58:13.079
to Variable and Fixed Annuities. And just for legal protection,
954
00:58:13.880 --> 00:58:17.239
I am not saying that this is a complete and
955
00:58:17.280 --> 00:58:21.840
total piece of shit. Okay, good now that we got
956
00:58:21.880 --> 00:58:25.880
that out of the way. This was recommended by an advisor,
957
00:58:27.079 --> 00:58:32.079
and the context that started with from the listeners that hey,
958
00:58:32.960 --> 00:58:38.360
this thing makes fourteen percent a year and it's not
959
00:58:38.719 --> 00:58:46.400
a projection, it's real data. What how is that possible?
960
00:58:47.239 --> 00:58:50.119
Thankfully they sent me information so that I could look
961
00:58:50.119 --> 00:58:55.400
at it for myself, and this would be a variable annuity,
962
00:58:55.440 --> 00:58:58.000
even though it's a variable slashed fixed annuity. I don't
963
00:58:58.039 --> 00:59:02.400
see any details about any fixed portion, but they do
964
00:59:02.519 --> 00:59:05.920
have the variable part where they're projecting that if you
965
00:59:06.079 --> 00:59:10.960
put in one hundred thousand dollars at the end of
966
00:59:10.960 --> 00:59:16.639
this illustration some sixteen years later, you could have nine
967
00:59:16.719 --> 00:59:25.079
one hundred thousand dollars. What well, that sounds fantastic. Is
968
00:59:25.119 --> 00:59:29.719
it too good to be true? He asks knowingly. Wink wink, nudge, nudge.
969
00:59:30.400 --> 00:59:35.440
It's not radically wrong. It is overstated. Oh and I forgot.
970
00:59:35.559 --> 00:59:37.760
There was a couple things where they sent me some
971
00:59:37.920 --> 00:59:43.599
email communications and then email communications they had phrases like
972
00:59:45.199 --> 00:59:51.760
tax advantages. This annuity would provide tax advantages. Keep in mind,
973
00:59:51.840 --> 00:59:57.000
this money is in an IRA currently, and they would
974
00:59:57.000 --> 01:00:02.119
be buying an annuity in side of the IRA. Although
975
01:00:02.719 --> 01:00:08.840
insurance companies never, well not to my experience, never look
976
01:00:08.880 --> 01:00:11.360
at it that way. They say, you have an annuity
977
01:00:11.880 --> 01:00:14.840
with an IRA inside of it. It's not how it works.
978
01:00:15.119 --> 01:00:18.079
The federal regulations are about account types, and the account
979
01:00:18.079 --> 01:00:22.079
type is an IRA, and you're buying an annuity in it.
980
01:00:23.559 --> 01:00:28.679
If if an annuity provided any tax advantages. Let's just
981
01:00:28.880 --> 01:00:32.639
pretend for a moment that it might. If the money
982
01:00:32.679 --> 01:00:37.800
is already inside of an IRA, it provides no extra
983
01:00:38.559 --> 01:00:43.679
benefit at all. So to tell somebody that if you
984
01:00:43.760 --> 01:00:47.400
take money from your IRA and put it in this annuity,
985
01:00:48.159 --> 01:00:50.800
an annuity IRA, or whatever the insurance company wants to
986
01:00:50.800 --> 01:00:53.119
call it, they're selling you an annuity inside of your IRA,
987
01:00:53.760 --> 01:01:05.000
there is zero tax advantage added to your investment. So misleading, uneducated, fraudulent,
988
01:01:05.679 --> 01:01:08.440
I don't know, it's salesperson, right, Maybe they just make
989
01:01:08.480 --> 01:01:11.639
an honest mistake because they don't understand the difference. But
990
01:01:11.800 --> 01:01:18.159
bad form. Let's see here. Funny thing is on the
991
01:01:17.800 --> 01:01:22.559
what do they call this thing? Hypothetic, historical and hypothetical illustration,
992
01:01:22.719 --> 01:01:25.079
So they got themselves covered. It's historical and it's all
993
01:01:25.159 --> 01:01:29.320
hypothetical all at the same time, found a little footnote
994
01:01:29.360 --> 01:01:34.079
that said tax deferral offers no additional value if an IRA.
995
01:01:34.719 --> 01:01:37.360
All right, so it's not just me making it up.
996
01:01:37.440 --> 01:01:43.199
The actual formal document from Jackson says there is no
997
01:01:43.239 --> 01:01:48.760
fucking benefit, But in the information sent to the Perspective shopper,
998
01:01:49.360 --> 01:01:52.719
it says there's tax advantages in this no, there aren't.
999
01:01:53.320 --> 01:01:59.199
Jackson fucking knows that it's in the footnote. Okay, let's
1000
01:01:59.199 --> 01:02:02.280
see here. Another thing that was in the email is
1001
01:02:02.280 --> 01:02:09.320
that this will provide creditor protection. I'm gonna say false
1002
01:02:09.440 --> 01:02:13.599
again for the same reason. The annuity will not provide
1003
01:02:13.760 --> 01:02:17.199
any creditor protection. That is, in addition to what is
1004
01:02:17.280 --> 01:02:22.519
already in the IRA. IRA accounts provide a lot of
1005
01:02:22.639 --> 01:02:26.840
creditor protection for bankruptcy and a whole bunch of other things.
1006
01:02:28.199 --> 01:02:31.039
Taking that IRA money and putting it in an annuity
1007
01:02:31.280 --> 01:02:35.920
inside of the IRA does not add a single fucking
1008
01:02:36.239 --> 01:02:40.280
creditor protection, not one dollar. Now, I allow for the
1009
01:02:40.320 --> 01:02:43.760
possibility that I'm wrong. I'm pretty sure I'm not in
1010
01:02:43.800 --> 01:02:50.039
this case. But to claim that there's creditor protection is yeah,
1011
01:02:50.079 --> 01:02:52.400
because it's already in an IRA. But the implication is
1012
01:02:52.440 --> 01:02:54.559
that if you take your money out of the in
1013
01:02:54.639 --> 01:02:57.480
from the IRA and whatever investments that you have and
1014
01:02:57.519 --> 01:03:00.920
put it into the annuity, it's gonna credit or protection
1015
01:03:02.519 --> 01:03:06.559
no more than it had a moment earlier. So, of course,
1016
01:03:07.159 --> 01:03:11.039
multiple times in this document it has the infamous phrase
1017
01:03:11.199 --> 01:03:17.440
past performance provides no guarantee of future results, no fucking shit.
1018
01:03:18.119 --> 01:03:23.239
It also has a very interesting comment a highly rated carrier.
1019
01:03:24.119 --> 01:03:26.679
A lot of times people don't know this. You'll hear
1020
01:03:26.760 --> 01:03:30.960
about insurance companies being a rated, double A rated, triple
1021
01:03:31.000 --> 01:03:36.199
A rated, and often people don't know what that means
1022
01:03:36.280 --> 01:03:39.320
other than triple A is better than A, which it is.
1023
01:03:41.039 --> 01:03:45.000
If you buy an annuity and the annuity invests in something,
1024
01:03:45.960 --> 01:03:48.320
not only do you have the plus and minus of
1025
01:03:48.400 --> 01:03:55.559
that underlying investment, but you have fees, expenses, overhead, et cetera, YadA,
1026
01:03:55.760 --> 01:03:59.960
YadA YadA. But at the end of the day, you're
1027
01:04:00.000 --> 01:04:05.280
our money is not invested in your name directly in
1028
01:04:05.320 --> 01:04:10.079
an index fund, It's invested with the insurance company. If
1029
01:04:10.159 --> 01:04:15.119
the insurance company lacks the ability to pay you back
1030
01:04:15.239 --> 01:04:17.960
your money at some point in the future due to
1031
01:04:18.119 --> 01:04:24.800
financial distress, you could lose a significant portion of your money,
1032
01:04:24.840 --> 01:04:27.840
not because the investment went up or down, but because
1033
01:04:27.880 --> 01:04:32.760
the insurance company doesn't have your money. They don't have
1034
01:04:33.239 --> 01:04:37.239
money to pay you. That's why it's so critically important.
1035
01:04:37.679 --> 01:04:39.440
If you were to buy something like this, you do
1036
01:04:39.519 --> 01:04:42.719
want a highly rated insurance company, and they tell you that,
1037
01:04:43.320 --> 01:04:45.519
but they never go into the details of why that
1038
01:04:45.719 --> 01:04:51.320
really matters. It is not frequent, but from time to time,
1039
01:04:51.480 --> 01:04:58.039
insurance companies do become insolvent, and insurance companies companies that
1040
01:04:58.119 --> 01:05:03.880
selinuities do pay into programs that help protect investors. Where
1041
01:05:05.039 --> 01:05:07.400
likely you might get seventy or eighty percent of your
1042
01:05:07.400 --> 01:05:10.159
money back, but you might only get thirty forty percent
1043
01:05:10.360 --> 01:05:13.719
of the money and it might be a reduction from
1044
01:05:13.719 --> 01:05:15.679
what you put in. It might be a reduction from
1045
01:05:15.719 --> 01:05:21.760
what you theorically gained. So that's something to know that
1046
01:05:21.760 --> 01:05:24.800
that's an extra layer of risk that you're taking on
1047
01:05:25.880 --> 01:05:28.960
when you actually are thinking you're getting an extra layer
1048
01:05:29.000 --> 01:05:34.079
of protection. So anyway, just a side thing. It turns
1049
01:05:34.079 --> 01:05:39.599
out that they're modeling this performance of this variable annuity
1050
01:05:40.119 --> 01:05:43.320
to an underlying index, and it just so happens that
1051
01:05:43.320 --> 01:05:49.159
that underlying index is the Nasdaq one hundred roughly one
1052
01:05:49.280 --> 01:05:54.239
hundred stocks. And in the illustration, they have the magical
1053
01:05:54.280 --> 01:05:58.840
ability to illustrate any time frequency that they happen to
1054
01:05:58.960 --> 01:06:03.280
want to illustrate, and this is often called cherry picking
1055
01:06:03.320 --> 01:06:08.480
the data. They could have picked different times, but they
1056
01:06:08.559 --> 01:06:11.559
choose not to. This goes from twenty ten to twenty
1057
01:06:11.599 --> 01:06:15.360
twenty five. They did not include twenty twenty or two
1058
01:06:15.360 --> 01:06:19.559
thousand and eight when the Nasdaq lost Let's see here,
1059
01:06:20.920 --> 01:06:23.920
what did it lose in two thousand and eight, forty
1060
01:06:23.960 --> 01:06:28.599
two percent in one calendar year. They don't include that year. Well,
1061
01:06:28.679 --> 01:06:31.079
you don't want to start an illustration with a fucking
1062
01:06:31.159 --> 01:06:34.559
forty two percent loss. And even if you started three
1063
01:06:34.639 --> 01:06:38.159
or four years before that, the games were next to nothing.
1064
01:06:38.320 --> 01:06:42.880
What what were the games before that? Okay, set twenty
1065
01:06:43.000 --> 01:06:47.159
seven nineteen percent, but six percent one and a half percent, right,
1066
01:06:47.800 --> 01:06:51.159
and you definitely, definitely, definitely, definitely don't want to go
1067
01:06:51.280 --> 01:06:55.480
back to calendar year two thousand because the Nasdaq lost
1068
01:06:55.559 --> 01:06:58.519
thirty seven Nasdaq one hundred lost thirty seven percent in
1069
01:06:58.559 --> 01:07:01.519
two thousand, lost thirty three percent in two thousand and one,
1070
01:07:01.960 --> 01:07:04.599
lust another thirty eight percent in two thousand and two.
1071
01:07:05.199 --> 01:07:08.079
You might think, wait a minute, all of those add
1072
01:07:08.119 --> 01:07:10.880
up to more on more than one hundred. It's a
1073
01:07:10.920 --> 01:07:15.320
percentage for that given year. The actual loss by the
1074
01:07:15.400 --> 01:07:19.679
Nasdaq one hundred over those three calendar years after the
1075
01:07:19.760 --> 01:07:25.159
dot com crisis was about eighty one percent. That is
1076
01:07:25.199 --> 01:07:29.920
what you're investing in. So if that investment has if
1077
01:07:29.920 --> 01:07:33.039
that part of the market has a problem and maybe
1078
01:07:33.079 --> 01:07:35.920
it's overpriced now and it goes down, you could lose
1079
01:07:35.920 --> 01:07:39.360
a shit ton of money because they're tying your annuity
1080
01:07:40.199 --> 01:07:44.280
to a specific index. It is tied to the Nasdaq
1081
01:07:44.320 --> 01:07:48.039
one hundred, which is about one hundred stocks, very concentrated,
1082
01:07:48.559 --> 01:07:55.239
very volatile over the last sixteen years, has done magical.
1083
01:07:55.840 --> 01:07:58.800
But they do this presentation and here it says the
1084
01:07:58.920 --> 01:08:04.039
average annual return and was fourteen point seventy three percent. Okay,
1085
01:08:05.199 --> 01:08:10.119
that's using their specific fund that tracks the Nasdaq one hundred.
1086
01:08:11.239 --> 01:08:13.960
The actual return on the nas Deck one hundred was
1087
01:08:14.280 --> 01:08:20.680
sixteen percent, so their fund underperformed by about one point
1088
01:08:20.800 --> 01:08:26.199
three percent per year. Now, getting fourteen point seventy three
1089
01:08:26.239 --> 01:08:29.119
instead of sixteen percent, you could still make a lot
1090
01:08:29.119 --> 01:08:32.520
of money, a lot a lot of money, so it's
1091
01:08:32.560 --> 01:08:37.399
still a pretty good return. But the way it's presented
1092
01:08:37.439 --> 01:08:40.520
also is that's what you're going to get. And then
1093
01:08:40.560 --> 01:08:45.520
I find another footnote. It's always in the footnotes, quote
1094
01:08:46.520 --> 01:08:52.840
the above average annual return and average wait, I'm going
1095
01:08:52.920 --> 01:08:56.960
to start that over, quote the above average. I'm sorry,
1096
01:08:57.039 --> 01:09:01.319
I'm doing this terribly. The above annual return and average
1097
01:09:01.319 --> 01:09:08.039
annually turn is based on non standardized average annual total returns,
1098
01:09:08.760 --> 01:09:15.159
which are net of the total annual fund expenses, contract charges,
1099
01:09:15.479 --> 01:09:20.439
and benefits if applicable. The annually turn does not reflect
1100
01:09:20.439 --> 01:09:23.840
the distribution of withdrawal charges except where the schedule withdrawal
1101
01:09:23.840 --> 01:09:29.840
makes them applicable. Okay, so I'm not one hundred percent
1102
01:09:29.880 --> 01:09:33.920
sure which fees and charges are not covered and which
1103
01:09:33.960 --> 01:09:39.359
are covered. Best case scenario, they underperform by one point
1104
01:09:39.399 --> 01:09:43.319
three percent per year. Worst case. Some of the expenses
1105
01:09:43.319 --> 01:09:46.920
and fees that aren't accounted for in the illustration further
1106
01:09:47.000 --> 01:09:49.680
reduce your return. You could have still made a lot
1107
01:09:49.720 --> 01:09:54.000
of money, to be fair, But again the classic phrase
1108
01:09:54.079 --> 01:09:59.000
past performance is not indicate future results. As an example,
1109
01:09:59.119 --> 01:10:02.359
I just looked at last year's numbers for twenty twenty five,
1110
01:10:02.880 --> 01:10:05.880
very easy to have, it's in the illustration, and they
1111
01:10:05.920 --> 01:10:09.680
say that the last year performance was seventeen point zero
1112
01:10:09.800 --> 01:10:14.640
six percent. However, the index went up twenty point one
1113
01:10:14.800 --> 01:10:21.039
seven percent, a three percent loss. HM, and it could
1114
01:10:21.079 --> 01:10:22.560
be worse. It's not going to be better than that,
1115
01:10:23.039 --> 01:10:28.319
but a three percent loss. So it's just one of
1116
01:10:28.359 --> 01:10:33.279
those things that it's not horrifically bad. But why now
1117
01:10:33.399 --> 01:10:37.199
this has step up information where you can lock in
1118
01:10:37.239 --> 01:10:39.960
the price increases. I think there's an extra fee for that.
1119
01:10:41.359 --> 01:10:43.199
It does have some places here with the fees, but
1120
01:10:43.239 --> 01:10:49.479
it doesn't show if they're cumulative. For example, core contract
1121
01:10:49.560 --> 01:10:55.039
charge one point three percent, and then portfolio expense range
1122
01:10:55.680 --> 01:10:59.279
from point sixty one to point sixty three percent, and
1123
01:10:59.319 --> 01:11:02.880
then there's an additional possible charge for the flex plus
1124
01:11:02.920 --> 01:11:07.479
of one point seven percent a year, which might be
1125
01:11:07.600 --> 01:11:09.920
something you have to pay to be able to lock
1126
01:11:10.000 --> 01:11:14.279
in that return every so often. So the net result
1127
01:11:14.920 --> 01:11:18.840
is that you make dramatically less of a fantastic number.
1128
01:11:19.000 --> 01:11:22.039
Don't get me wrong, but the fantastic number is an
1129
01:11:22.079 --> 01:11:27.760
illustration of real numbers. But that's not necessarily what's going
1130
01:11:27.840 --> 01:11:30.600
to happen going forward. So if you want to take
1131
01:11:30.680 --> 01:11:33.800
that risk, and particularly if your money is already in
1132
01:11:33.800 --> 01:11:38.000
an IRA, just invest in a Nasdaq one hundred. Not
1133
01:11:38.479 --> 01:11:41.359
a recommendation, but if you wanted to take that kind
1134
01:11:41.399 --> 01:11:45.560
of volatility risk, well I involve the annuity at all.
1135
01:11:45.880 --> 01:11:46.520
It just.
1136
01:11:48.199 --> 01:11:50.039
I don't know, it just doesn't make sense to me.
1137
01:11:50.560 --> 01:11:54.960
There's four or five more pages of footnotes and disclaimers
1138
01:11:55.159 --> 01:11:58.760
and definitions that I'm not reading through because I've already
1139
01:11:58.760 --> 01:12:01.520
spent way more time I'm on this that I wanted.
1140
01:12:02.479 --> 01:12:07.920
But it's just another example of how one someone, a salesperson,
1141
01:12:09.520 --> 01:12:12.199
an annuity company, an assurance company, can put together a
1142
01:12:12.239 --> 01:12:16.239
packet that makes something look really really good, and it does.
1143
01:12:17.039 --> 01:12:20.720
To be fair, it does look really really good, but
1144
01:12:20.800 --> 01:12:27.279
without the annuity you would have done much better. And
1145
01:12:27.319 --> 01:12:29.920
then of course there is the compounding effect of the
1146
01:12:29.920 --> 01:12:33.399
communication with the salesperson or a clerical person who is
1147
01:12:33.439 --> 01:12:35.159
telling you all the perks and the benefits that this
1148
01:12:35.199 --> 01:12:38.600
thing may have that it doesn't or at least it
1149
01:12:38.640 --> 01:12:42.600
doesn't add any benefit from what you already have inside
1150
01:12:42.960 --> 01:12:46.880
of an IRA. So that's just another example of an
1151
01:12:46.880 --> 01:12:51.479
annuity product and how it is pitched, how it is marketed,
1152
01:12:51.520 --> 01:12:54.479
how it is glossified and sent to you, how they
1153
01:12:54.479 --> 01:12:57.920
get the cherry pick the timeframe. They don't pick really
1154
01:12:57.960 --> 01:13:00.720
bad years like two thousand and eight and include the
1155
01:13:00.760 --> 01:13:04.800
dot com crisis in the late nineties two thousand. They
1156
01:13:05.279 --> 01:13:07.279
pick a really good time period where it went up
1157
01:13:07.279 --> 01:13:11.399
a ton show you performance that looks and is phenomenal,
1158
01:13:12.039 --> 01:13:15.520
but is below what you would have gotten just doing
1159
01:13:15.760 --> 01:13:24.039
the investment on your own. So that's some thoughts on annuities.
1160
01:13:26.560 --> 01:13:29.800
Once again, thank you very much for listening to the
1161
01:13:29.880 --> 01:13:34.039
cleverly titled The phil Ferguson show. I am honored that
1162
01:13:34.079 --> 01:13:36.399
you would show up. I'm honored by the people that
1163
01:13:36.560 --> 01:13:40.840
listen a couple of times, and especially people that listen
1164
01:13:40.960 --> 01:13:44.399
a whole bunch of times. It's very, very heartwarming, and
1165
01:13:44.439 --> 01:13:47.520
I do occasionally, of course, I get reviews, which I
1166
01:13:47.600 --> 01:13:49.760
have to go do that maybe in the next episode.
1167
01:13:49.840 --> 01:13:52.000
But I also do get emails from people that say
1168
01:13:52.039 --> 01:13:55.600
things like, hey started listening to you like ten years
1169
01:13:55.640 --> 01:14:00.399
ago or longer, and it's made a material difference and
1170
01:14:00.479 --> 01:14:05.760
my understanding and ability to invest and the money. They'll
1171
01:14:05.760 --> 01:14:08.560
tell me stories about the money that they've made per
1172
01:14:08.640 --> 01:14:12.960
year since then versus what they made before then, totally different,
1173
01:14:13.399 --> 01:14:16.319
and now they can retire and they have a financial future,
1174
01:14:16.359 --> 01:14:22.239
and fuck me, that's fucking awesome. I I just can't
1175
01:14:22.239 --> 01:14:25.800
get over it now. Part of it is, to be fair,
1176
01:14:26.600 --> 01:14:31.520
a effect of exponential growth. Because if you're in your
1177
01:14:31.520 --> 01:14:34.079
twenties and you save one thousand dollars and you have
1178
01:14:34.119 --> 01:14:36.560
a year where the market goes up twenty percent, at
1179
01:14:36.600 --> 01:14:38.279
the end of the year, you have one thousand, two
1180
01:14:38.399 --> 01:14:43.800
hundred dollars and who you made two hundred dollars not impressive,
1181
01:14:44.439 --> 01:14:46.640
But if you've been investing for years and years and years,
1182
01:14:47.000 --> 01:14:49.760
and you have a million dollar portfolio and the market
1183
01:14:49.760 --> 01:14:53.439
goes up the same twenty percent. Now you make two
1184
01:14:53.560 --> 01:14:58.680
hundred thousand dollars, And it can be awesome. It can
1185
01:14:58.720 --> 01:15:02.800
also fuck with your head. We haven't had a big
1186
01:15:02.840 --> 01:15:05.359
market correction in a while, so hopefully I'm not jinxing myself.
1187
01:15:06.199 --> 01:15:09.000
When the market goes down a bunch, people do freak out.
1188
01:15:09.079 --> 01:15:13.319
Sometimes when the market goes up a bunch, people can
1189
01:15:13.319 --> 01:15:16.800
also freak out because in that scenario, if you had
1190
01:15:16.800 --> 01:15:19.279
a million dollars and you made two hundred thousand and
1191
01:15:19.319 --> 01:15:21.520
the most you've ever made in your working life is
1192
01:15:21.600 --> 01:15:27.239
eighty thousand, it can really screw with your perception of reality.
1193
01:15:27.399 --> 01:15:31.479
How do I deal with the fact that I made
1194
01:15:31.520 --> 01:15:36.119
two hundred thousand dollars doing very little work, A couple
1195
01:15:36.159 --> 01:15:40.520
adjustments to tweaks, rebalancing, monitoring your account, making sure you
1196
01:15:40.560 --> 01:15:44.119
don't do anything stupid, and suddenly you made two hundred
1197
01:15:44.119 --> 01:15:51.079
thousand dollars where an entire year of labor your gross
1198
01:15:51.119 --> 01:15:54.439
wages is eighty thousand. It can mess with your head.
1199
01:15:54.479 --> 01:15:58.000
And of course, sometimes easy come is easy goal, So
1200
01:15:58.039 --> 01:16:00.760
don't get too excited about a couple of good years,
1201
01:16:00.800 --> 01:16:04.920
because sometimes the market does correct and go down. But
1202
01:16:05.880 --> 01:16:08.760
it's just a different way that people see things. And
1203
01:16:09.239 --> 01:16:11.399
I'm honored when those people send me those emails to
1204
01:16:11.479 --> 01:16:13.640
say that I've been in helpful in some small ways.
1205
01:16:13.640 --> 01:16:16.760
So I do appreciate those. Thank you very much. But
1206
01:16:17.039 --> 01:16:19.199
I guess that's it for now. I've got to go
1207
01:16:19.239 --> 01:16:24.000
finish my packing. Got quite a bit of traveling to
1208
01:16:24.439 --> 01:16:27.960
coming up, so hopefully I can get the next episode
1209
01:16:27.960 --> 01:16:30.560
out in two weeks. But if it's a couple of
1210
01:16:30.600 --> 01:16:33.920
days late, don't worry. I'm just busy. A lot of
1211
01:16:33.960 --> 01:16:36.000
stuff going on, and I can talk about more of
1212
01:16:36.000 --> 01:16:39.680
it later. But talked about one piece the Center for
1213
01:16:39.720 --> 01:16:44.720
Skeptical Inquiry CSICon. Go check that out CSI Conference dot
1214
01:16:44.720 --> 01:16:47.880
com or CSI Conference twenty twenty six. If you want
1215
01:16:47.880 --> 01:16:51.279
to Google it or use some other search engine or AI,
1216
01:16:51.880 --> 01:16:53.560
you can go to the website. I think there's still
1217
01:16:53.640 --> 01:16:57.239
tickets available. But anyway, I'm going to sign off. I
1218
01:16:57.279 --> 01:16:59.159
do hope to see you out there in the world
1219
01:16:59.279 --> 01:17:02.880
in person. Until then, Audios.
1220
01:17:52.239 --> 01:17:55.439
Stop, don't stop there this is I don't know where
1221
01:17:58.880 --> 01:18:01.000
s there this is?
1222
01:18:01.239 --> 01:18:02.199
I know no sweat.
1223
01:18:08.680 --> 01:18:12.600
The sexual advances are not the feeling. In fact, I'm
1224
01:18:12.640 --> 01:18:16.119
starting to get the old feeling, and my Mama sent
1225
01:18:16.199 --> 01:18:19.399
my special parts of just for me. So why in
1226
01:18:19.479 --> 01:18:21.399
the world are you trying to creep?
1227
01:18:25.359 --> 01:18:25.680
Stop?
1228
01:18:26.039 --> 01:18:33.520
Don't be there. This is I don't swear stop, don't there.
1229
01:18:33.720 --> 01:18:35.479
This is I know no sweat.
1230
01:18:41.840 --> 01:18:43.960
To try and touch my square, it takes a lot
1231
01:18:44.000 --> 01:18:48.079
of nerves. Do you think you are? You freaky dicky purse.
1232
01:18:48.239 --> 01:18:51.359
There's a dude with some candy and a shady old van.
1233
01:18:51.760 --> 01:18:54.479
I think he wants to mess with my puigy plan.
1234
01:18:58.439 --> 01:19:05.359
Stop, don't be there. This is I don't know swem stop,
1235
01:19:05.720 --> 01:19:06.600
don't tech street there.
1236
01:19:06.840 --> 01:19:15.479
This is I do no sweat, I square that a
1237
01:19:15.479 --> 01:19:17.600
circle bowl period old got This is my w little
1238
01:19:17.600 --> 01:19:19.239
period holds firmy.
1239
01:19:18.640 --> 01:19:20.720
Little dirty little hands off me while won't. It's back
1240
01:19:20.760 --> 01:19:22.840
my privacy. I just want to be up all the
1241
01:19:22.960 --> 01:19:25.239
Longso step off me and go back home. I'll tell you.
1242
01:19:25.439 --> 01:19:27.760
And if you're not aware that this is my own no,
1243
01:19:27.760 --> 01:19:28.479
no square.
1244
01:19:28.319 --> 01:19:31.880
Stop, don't touch there. This is my do no spet stop,
1245
01:19:32.199 --> 01:19:34.840
don't tech three there. This is I don't know smeets
1246
01:19:34.880 --> 01:19:37.680
stop don't tex s three. This is I don't know
1247
01:19:37.800 --> 01:19:39.680
sweat stop, don't tread.
1248
01:19:39.960 --> 01:19:41.600
This is I know, no sweat