On this week’s show, Karl discusses the volatility that investors have experienced lately and whether or not it’s extreme or normal.
Hey everybody. Welcome to The Eggerss Report. It is yourinvesting playbook. My name is Karl Eggerss. I’m your host. Every week at thistime, which is really whenever you want to play it because we release it onSaturday mornings. Of course, you may listen to it right when it comes out. Youmay listen to it on Saturday night, which hopefully you’re not doing that.Surely you have better things to do than listen to a podcast on Saturday night.But you may be listening to it on Sunday, or maybe even waiting until the newweek begins. But each and every week we try to update you on what’s going onwith the markets, the financial markets. Try to help you just think about themarkets in a different way, to really help you become a better investor, helpyou not make silly decisions with your money, and also to grow your wealth overthe long term and try to preserve it as well.
If you want to reach us for anything, (210) 526-0057. Our website is eggersscapital.com, E-G-G-E-R-S-Scapital.com. Lots of stuff onthere. You’re going to find our podcasts. You’re going to find articles. You’regoing to find all types of information that we feel is important to give toyou. We also have a YouTube channel, so make sure you go toyoutube.com/karleggerss. You will find that we have a Twitter handle. We’re oniTunes as well. You can get the podcasts on there. So lots of ways to get ourinformation. We put it in a lot of different formats, and a lot of peopledigest information differently, so that’s why we do it in all those differentformats. Well, let’s jump right in. We’ve had really another volatile week, butwe’re going to explore, “Is the volatility unusual, or is it typical, oris something else going on?”
Let’s get right into it. For the week, the Dow fell about 4.5%. Pretty nasty week, and of course, we had the unusual day Wednesday when the markets were closed because of President Bush’s national day of mourning. So Monday we came in, and it was I guess a typical day. Opened up, and kind of faded. I remember it started out higher because of the G20 meeting that took place last weekend. It was a positive meeting, but as I saw the headlines come out, “We’ve made progress. We have a truce. We’re not going to jump up to 25% on the tariffs. We’re going to keep it at 10%, but we’re going to have this 90-day truce,” and all these different things. The futures were up 400 points, and I thought that was about right.
I didn’t think it was going to be a 1,000-point move or anything, but I felt like it was more PR than anything. Right? I mean did you expect them to come out and say something negative? Or did you expect them to say, “Yeah, productive meeting. We both want a deal to get done, and we’re going to come out there, and say we do.” So markets went up, but they faded a bit. It again, kind of made sense. It was an up day, but not that strong. But what we did get that day also was the inversion, the yield curve inversion. So essentially, you know this, but I’m going to tell you anyways, because we have all types of listeners with different levels of sophistication when it comes to the financial markets, the longer you go out for a bond, whether you’re borrowing or lending, the interest rate typically is higher. Right?
You borrow money for three months, you shouldn’t pay as much as somebody borrowing money for 30 years. Well, what’s been happening lately is the shorter maturities are actually higher than some of the longer ones, so the 3-year bonds, treasury bonds, the U.S. Treasury bonds, actually have a higher interest rate than the 5-year, and the 2-year also had higher than the 5-year. That was part of the reason that it kind of faded Monday. You may say, “Well, so what? What’s the big deal?” Well, the big deal is usually when that happens, it leads to a recession. It tells you something is wrong with the economy when people aren’t willing to do business on a 20 or 30 year time frame in terms of the borrowing and lending, but they’re doing it on a shorter time frame.
We come in Tuesday, very light volume day, kind of felt like maybe people were anticipating the markets were going to be closed on Wednesday, but the Dow dropped 800 points, and it was officially the day we saw the 3-year to 5-year inversion, and a 2-year to 5-year inversion. Basically, if you looked at the yield curve instead of going from the lower left to the upper right, like a traditional curve, we had these kinks in it. It wasn’t quite normal. We had this massive down day. I mean it was an ugly, ugly day. It kind of felt like it was getting worse simply because we did see that Wednesday the markets we’re going to close, so it almost felt like a weekend where people were saying, “I don’t want to own stocks going into the weekend,” or traders were.
But now we’ve had just as many 2% down days in 2018 as what we saw all of ’15, ’16, and ’17. We’re going to talk about the volatility in a minute, but we’ve had some bigger moves here recently. Now of course Wednesday the markets were closed for the national day of mourning. Then we saw on Thursday the arrest where Canadian officials, I’m going to botch the name, arrested Huawei CFO basically for violating U.S. sanctions with Iran. The U.S. had pushed for this, so people thought, “Uh-oh. This is going to mess up all of the work that’s been done on trade, and all the progress, and China’s furious.” So at one point on Thursday, the Dow Jones was down almost 800 points, and it looked like another really nasty, nasty day. Well, lo and behold, you look up a little while later, and the market had recovered. Pretty amazing, and it was only down 70. What happened?
Well, it was a Fed rumor. Wall Street Journal said that the Fed was going to go with more of a, “We’ll pause, and we’ll see how it goes,” mentality, as opposed to just raising rates. So the market rallied on that. Then after the bell, Trump tweeted that he thought a deal with China could be done in 90 days, and so everybody said, “Okay. Maybe that was the worst of it.” Then we come in on Friday, and the markets were weak, and then just got weaker throughout the day, and finished down almost 600 points, another 2% day. What’s going on? Well, if you look at it, and I sent to our clients this week, I sent our market update in a video format. I basically was showing that the average volatility since 1990 is around 19. Okay? It’s the level of the VIX. When I was writing that, we were around 19 or 20.
The point was, is that the volatility that we’ve been experiencing, while a little on the high side, is still pretty average. The reason why it’s freaking people out is because 2017 was unusually low, so everybody got lulled to sleep. Almost every asset class was up in 2017. We fast-forward to 2018, and almost every asset class is down. I mean diversification is not working in the traditional sense. I mean bonds aren’t working. Stocks aren’t working. Commodities aren’t working. Foreign’s not working. You name it, it’s not going up this year, and it’s the complete opposite. So we’re getting more volatility. But again, if you look at the percentages, we are having a little more volatility than maybe what we’ve been used to recently, but it’s still not out of the norm like, “Oh my gosh, what’s going on?” Okay?
It does make sense why the markets have all of a sudden been a little more jittery in the last few months. I mean if you think about it, and it’s not that we, “Boy, we have a lot to worry about. We have a lot to worry about now and more than we ever have.” That’s not it. We’ve always had things to worry about. What it is, is it’s pretty simple. We have an economy that was recovering, doing well. We had tax cuts. We had earnings going up really fast. Inflation pretty low. Full employment. Everything was kind of chugging along, and the Fed says, “Okay. We’re taking the training wheels off, and we’re taking one off, and now we’re going to take the other off, and we’re actually going to let go of the bike.” And they keep raising. They keep raising, and then they communicate that they’re going to keep raising. Right?
Remember Jerome Powell a couple of months ago? “We’re way below the neutral rate.” He didn’t say “way below”, but he said, “We’re a ways below the neutral rate.” Something to that effect. Basically indicating that they need to raise rates some more to get to where they are neutral. Nobody knows what that is, but they said, “Oh no.” So the stock market goes down. Then we get Trump basically threatening more tariffs, and we get Navarro talking about it, and Wilbur Ross. So the markets are jittery because, hey, we don’t want to throttle this thing back. And there’s people that are arguing, “Why keep raising rates instead of letting this … Like when we start to grow, we haven’t had growth in so long, once we start having it, why do you want to choke it off?”
Remember their goal is to prevent and reduce inflation as much as possible, and full employment. So they’re worried about inflation, and they are trying to normalize, trying to raise rates to get back to normal, and they’ve been doing that. But here’s what’s interesting. What’s a little I guess concerning is the fact that now Jerome Powell says, “You know what, we’re really close to neutral.” So it’s as if all this pressure from the president the last few months, saying he should have hired somebody else, he should have appointed somebody else for Fed president, Fed Chair, all this stuff. Is it working? Did he capitulate? The markets rallied when he sounded like that, and you keep hearing more and more Fed Governors coming out saying they’re going to be data dependent, which means they’re going to take a wait and see approach.
Now they’re probably still going to raise in December here. The odds have gone down, but they’re still, think 66% last time I checked. They were 99%, something like that. So they’re probably going to hike, but then will they pause? So that was a bit of good news, right? That gave a relief rally, and then we hear out of the G20 that, “Hey, things are moving along with China, and China’s starting to do the stuff we requested.” So why isn’t the market just taking off? Why isn’t it? Well, because we have this other side which is, growth is slowing down now. I mean there’s a reason why the Fed is now starting to say, “We’re going to be data dependent, and we’re close to neutral,” because things are starting to slow down. But as I have pointed out many times, a
Slow down is not a recession and a recession’s not a financial crisis. So I do think we are getting a slow down, and it is something that could it turn into a recession? Sure, but keep in mind that when the yield curves have inverted in the past, and they’ve even lead to recessions, we’ve had about two years before those things have taken place.
So again, and I pointed this out many, many weeks ago, maybe it wasn’t many, many, but it was many weeks ago that Stanley Drunkenmiller, I think summed it up perfectly. He said, “When you have a situation like this where the market’s throwing this temper tantrum, at some point the Fed stops raising rates, and the markets recover and then the rate hikes that they had already put in actually kick in and slow the economy down and then you have the recession. Then you have the trouble.” And I think that’s right.
That’s why I think we will resolve ourselves to the upside, but we need some clarity. We need, maybe it’s the earning season kicking in again and having good earnings. I don’t know what it will be, probably that, but earnings are going to be a little lower, maybe lower than expected, but they’re going to be lower. We’ve had a strong dollar, and we’ve had the economy slowing a bit, so that’s why the market’s been jittery, right. But this isn’t crazy volatility, but we’ve had some areas get hit harder than others. But it’s been about a 10% pullback. I mean, you should expect that each year. That’s why over the longterm people get compensated more in stocks than they do in other instruments over the real longterms because you do put up with that volatility.
Now, as I mentioned, I mean the areas that got hit the hardest this week, small-caps down 5 1/2%, just a really tough, tough, tough week. S&P 500, 4 1/2%. As far as the sectors are concerned, the areas that got hit the hardest, financials down 7% this week. Utilities were up, they were the strongest, up 1 1/2%. Industrials got hit hard, information technology. I mean it’s the recession trade. I mean consumer staples held up relatively better than everything else. Utilities and rates were up, that’s the recession trade, right?
And when you look at the bond market, interest rates went back below 3% on a 10 year treasury. So bonds made money this week for the first time in awhile. But what I want to talk about today is this volatility, because none of us like volatility. We’re not at astronomical levels on the volatility as I mentioned, but it’s higher than what we’re used to. It’s no fun and we don’t know when it’s going to end, right? It’s like a bumpy ride.
But what’s interesting to me is what volatility does to people’s emotions and people make really bad decisions when it comes to the markets. I’m starting to hear stuff like … I have overheard people saying things like, “It’s going to be worse than ’08. They said so,” and I’m thinking, “Who’s they?” Right.
But then in the same breath, people are wanting to … they are wanting information on pot stocks. They’re wanting to buy more Bitcoin even though they’re down 90% on their Bitcoin, right? I mean, they don’t have any confidence in an American company that is making profits every year, pays a dividend and is cheap, but yet they have confidence in the cryptocurrency like Bitcoin or a pot stock that could go to zero. And with all the legislation problems.
And look, let me be clear, I don’t know what the future holds for Bitcoin or any other cryptocurrency, and you don’t either and neither does anybody else. They don’t know that. They think they know that, but they don’t know that. And I don’t know that. Those things could go up 1000% from here. I have no clue, and same with the pot stocks. But to think that those are safer and a sure bet more than the stock market, especially some stocks that already down 20 or 30 or 40% off their high that are good quality companies. No Way.
But I also am hearing people say, “I know it’s going to go down. I know it is. Everybody knows it is.” Nobody knows that. Where are people getting this information from? Because I’d like to get it and if you’re so sure you have to put your money where your mouth is. Go buy puts on the market, right? If you’re so sure, you go bet against it so you can make a ton of money. So nobody knows that.
I remember back in 20 … I think it was the beginning of the 2014, remember interest rates had risen in 2013 and in 2014 they interviewed, I think it was 60 economists and every single one of them said rates were going to rise. That year, which I believe was 2014, they went down. Every economist, there wasn’t one that thought rates were going to go down. So not everybody knows everything and that’s why, and it sounds cliche, but that’s why we diversify, right? That’s why we have things that move differently than one another because we don’t know.
But here’s the thing. Even if, and this is important, even if the market were to go down 30%, 40%, if it did that, if you have an allocation that has … Let’s say you’re going to need that money over the next two to three years, then yes, that could be a problem, but if the stock portion of your portfolio, you’re not going to touch for five years, 10 years, 15 years, that’s the portion that even if it went down 30%, 40%, it would be fine, because we’ve gone through.
In other words, if you go back and look at the stocks and the funds and some of the things you’ve held since the nineties, if you have, they were at an all-time high just a few weeks ago, right? Even through two 50% drops, so it’s all about when do you need the money. That’s why for somebody in their twenties or thirties, they have time on their side if, again, if they’re not going to use that money they should have all of their money in stocks. Why? Because we have proof. We have evidence that it’s been the most productive thing you could do with your money besides, obviously you could start a business and do very well and there’s lots of things you could do better.
But in terms of the financial markets, the stock market has led the way. It’s been bumpy rides, it’s gone a long time without making money at times, but if people have had time on their side and added to it when it fell. See that’s the other thing. Can you add to it? And if you say, “Well no, I may need some of that money in the next four or five, six years,” that’s the portion that needs to be in something else that does not move like the stock market.
But here’s the other thing. So that’s just asset allocation, right? That’s just asset allocation. But the other thing about it is when you go into that asset allocation, what are you doing within there? Are you trading? Do you have some things that move differently in the market? Do you know on Tuesday when the Dow was down 800 points, that was a day we actually were very pleased with because we had some things that were green on our screen. Commodities were up on Tuesday. They were in the green, so if you own commodities, they did well. International outperformed. We had one of our funds was short that day in one of our strategies.
So it was one of those days where depending on what you own really mattered. Did you have some cash? Remember I told you a few weeks ago that we had raised some cash in our growth strategy because one of our longer term indicators was negative and we just followed our discipline. We didn’t know it was going to fall back down, but we followed our discipline and here we are. So what we’re looking for now is a panicky type low that we could maybe average into or that indicator to resolve itself and for things to calm down a bit. So it’s following a discipline.
So again, within the asset allocation you can still do some things, but what’s important is not to get too cute with it. It’s really interesting to hear people and you got to remember I meet several people every week that I’ve never met before and I talk to them about their background, their upbringing of what do they know about dealing with money, what do they know about investments and everybody has a very, very different background. Some are really sophisticated and some are not. And the ones that are sophisticated, they’ve been through. They’ve been through some of these things before and so they kind of know the power of adding to things when they’re cheap. They don’t sell when there’s a panic going on.
But the ones that aren’t sophisticated, it’s not because they’re not smart people, they just haven’t dealt with this a lot and they really, some of them feel like you could just, “Well, when things are good, you just, you’re in there and then when things are going to get bad, you just take it all out and put in the money market. And then when things are going to get good again, you put it back in.” That would be awesome. We all want that. It doesn’t work that way.
So what you have to do, I believe, is you kind of have your core allocation, right? I mean, again, that’s where it really starts. It starts with figuring out what do you need to earn between now and for the rest of your life, based on your assets, your income coming in, what you’re trying to do with your expenses, what do you need to earn, build a portfolio around that and then make tweaks and make modifications based on changes in your life, but also based on what’s going on in the market. So this is a market that look, for clients of ours that aren’t going to need the money for awhile, we don’t get too cute and go, “Oh, we need to go to 40% cash because we think the market’s going to drop for the next three weeks.” Right? We don’t do that. We’re looking for opportunities to buy more.
But for clients who really couldn’t stick with it, for clients that may need the money in a shorter duration, those are the ones that we have a strategy where we’re a little more risk averse at times. So again, I’m talking to a really broad audience here and it’s easy to say, “What do you think the market’s going to do?” But it’s really not about that because every situation is different.
I’m talking to you. Excuse me. Your situation is very different than the other person that I’m talking to right now. So I can’t blanket answer what to do in your situation. So every client we work with, we really specifically sit down and figure out what’s going on. But again, when markets are volatile, I start to hear and see people do some really silly things with their money. So none of us know what’s going to happen. I wish I did. So what we do is we use a lot of models. We use a lot of experience, we use a lot of different indicators and then we make adjustments, right? Adjustments.
But I know this, over the long term the stock market does very well, right? Could it go 10 years without making any money? Yeah. It very well could. It’s done that before. But even if, and I’ve mentioned this a few weeks ago, even if you would have bought at the peak in ’07, the peak before it went down, you would be much higher now. So even going through that if you didn’t even do anything. So the volatility is not fun. Nobody likes to see a down week, a down month, maybe even a down year. But it is part of the game and it’s something that, again, you make modifications. And here’s the thing. Sometimes people will want to sell, right? I want to sell
And then when things quote on quote calm down, I’ll get back in. And by that time it’s high, you end up literally buying back higher than where you had sold it. So you saved yourself some grief, but you literally cost yourself some money. And that’s what we’re trying to avoid. And so, again, I would love to give you a blanket answer on where I think the markets are going. As I’ve said, I don’t believe we’re in a bear market right now. And starting a bear market. I think we’re going through a correction that looks like a garden variety correction. But the numbers are big nowadays, right? 500, 600, 700, 800 points. Those are big numbers. But the percentages of one, two, and on a really bad day, 3% are things we’ve seen before.
If you recall, in 2011, and I think it was July or August. I think it was August of 2011, the US had lost its triple A rating. And the Dow Jones at the time was around 10,000. And it was moving over 400 points a day for four days in a row. That’s a 4% move. 4%. So that would be the equivalent of 1000 points four days in a row now. Now remember, we were just coming off of the financial crisis. We were starting to recover in ’09, but nobody believed it. 2010, people were still very scared, very skeptical, very conservative. And then 2011 comes. The S&P fell 21% from enter day high to enter day low. 21%. That’s twice what we’ve gone through so far. And we had four 4% days back to back to back to back.
And yet, it was rolling over. And yet we recovered. And everything was okay. So we’ve gone through stuff like this since the financial crisis. We’ve gone through … I mean, late 2015, early 2016 when oil was down at $26 a barrel, you could argue that may have been a little mini recession. We went through significant slow down at that point. Stock market was really struggling. And we went up.
Now, what’s different now than then? What’s different now is that the fed is not there anymore. Are they? Or are they? They’re not there in terms of quantitative easing. In fact, they may be doing quantitative tightening. In other words, they’re trying to get undo all of the stuff that really was the support for the last few years. So now the economy is on its own. And I still think the economy’s good. I just think it’s going through a slow down. So an adjustment where the economy is slowing, we still don’t know if the fed’s tightening, and we have really all the stuff up in there about trade, it kind of makes sense why we’re having this going on in terms of the volatility. Again, it’s no fun. Nobody likes it. But we do understand why it’s happening.
But I think one thing we need to be cautious of is the market should, hopefully, investors should take some of these comments with a grain of salt that come out of fed governors and that come out of the Trump administration because it’s very clear that they’re puppeteers and they want certain interactions. Especially the president. He wants … If something’s going bad, he wants to tweet out something that is good so that things will improve. He watches the stock market very closely. And the market’s starting to get numb to it, I believe, where … Hey, things are going great in China. And maybe a month ago, that would’ve rallied really hard. And now it may rally for a few minutes and then fade. Because it’s kind of like, “Okay, you need to show us proof now that a deal’s getting done.
And again, I think this is going to take time. I’ve been saying that. This is going to take a lot more time than people believe. But it’s not going to get done in 90 days. I do think there’s going to be some progress. I think we’ll continue to see progress, but we need to have some significant progress soon to get some of that certainty back. And then I think on top of that, some clarity out of the fed. And I don’t mean clarity meaning one of these fed governors at a dinner saying something off the cuff. But when the fed raises or doesn’t raise at the end of this month, and they probably will raise, they need to come out and say, “We are done for a while. We’re done for a while. And until we see evidence that we need to be there again.” But they can’t talk in riddles and rhymes. I mean, I do think it’s interesting that … And I’ve mentioned this before.
If you look at the Taylor Rule, the interest rates should be higher right now. The economy should be able to withstand higher interest rates, right? For the people who are saying, “This economy’s great. It’s awesome,” then it should be able to withstand interest rates higher than 2.5%. So to me, that’s an issue in and of itself. But it’s the path to get there. In other words, to get from 0% interest rates to raising them to two and a half in a straight line, that’s what the market doesn’t like. That’s what they don’t like. They probably should have started raising interest rates sooner. And now, they’ve waited a little too long and now they’re having to cram in a little more. They haven’t gone super fast. They’re doing a quarter point here and there.
But again, when you go 10 years at zero interest rates, 0% interest rates, 10 years, a lot of things happen. Bad habits, people borrowing money because they don’t owe much interest on it. Right? But you also have people getting used to a fed that’s there that’s not going to raise rates. And now they are. And they are committed to doing so. And when the fed raises rates, stock markets struggle more. That’s just a fact. When rates go down, the stock market likes that. So it should be turning around here. But in the mess of this … Again, I’m talking to two different batches of people. For those of you that don’t use stocks, you’re one group of people. For the people that use individual stocks. There are some great deals out there. And there’s a lot of deals that weren’t there literally two months ago that are there now. So this is the time to take advantage of some of those deals. And you won’t get rewarded next week maybe. Maybe you don’t get rewarded next month. But there are some really good deals that will reward you over time.
So I don’t know when the volatility’s going to end. And like I said, it’s a little higher than normal right now. But keep in mind, in February, the volatility index got up to 50. On Friday it closed around 23. And the long-term average since 1990 has been around 19. So we’re not much higher than normal. But what was unusual was 2017 when we had a volatility index … Excuse me, that was around 10. That is unusual. So we’ll see what happens. I think there are some things interesting right now. Some of our strategies we in gold and gold miners. Those are doing well. Had a really good Friday. And also just commodities in general. I mean, we’re starting to see these things outperform. We’re starting to see international slowly outperform a little bit. But it’s interesting, again, to watch bonds because all the money flowing out of bonds in the last few weeks … And I tweeted, that may have been a construing indicator. And sure enough, we start to see interest rates come down this week.
So we’re sitting here now. The volatility index has literally doubled this year. Right? It was averages in the tens and now it’s up at 23 like I said. So it’s up about 110%. But this year has been interesting so far because you have things like natural gas up 56%. But the stock market and especially international and domestic are down. In the red for the year. But so are bonds. They may be … Actually, bonds may be up a hair now. No, they’re still down for the year. The bar cap agg is down. So bonds and stocks down this year as I mentioned. It doesn’t really matter what kind. It has been a really tough year. But given what we’ve had to deal with, I think turning around here. But it’s amazing for folks that don’t watch the markets, you would think the market was down 30% the way some people are acting. So I think we have to get used to some volatility.
And I think at times, you can take advantage of it. For most people, it doesn’t make sense to do that. But if you’re in there doing a little more trading when things are euphoric, you could take some off the table. And when there’s outright panic, which we still haven’t had that yet. But we’ve definitely had some really nasty, nasty days. Then you add to some positions there. So there is some trading that can be done if you’re so inclined to do that. But as I mentioned, there are some days where depending on what you own and how it’s positioned, you could be having some good days. Especially on a relative basis, right? On a day where the market’s down 3% it’s really hard to be up. But there are some days where you could easily be down less than a percent, less than a half of a percent because of the positioning of what you have. So every day is different. But we’ll see next week what happens again.
The next big thing, we got the jobs report on Friday, which was weaker than I expected. So of course, the market kind of liked that. Which is another sad commentary that are we back to bad news is good news? Right? Because it takes the fed out of play. But it didn’t last long. Market popped in the pre-market and then faded a course and then down five, 600 points on Friday. So we’ll see. But the next thing that’s going to happen is we’ll continue to get more stuff on trade, we’ll continue to … As the fed gets closer, what are they going to do here? But there’s no question that they have changed their tune. When you hear … On balance, most of them have said a lot of different things. But the general theme has been data dependent now, right? That’s been the theme. So that gives them an out to say, “Well, the data wasn’t as strong as we thought so therefore we are not going to raise for a while.”
But the little bit of news coming out of the G20 and the news from couple of weeks ago and the market still hasn’t really recovered is something that maybe we’re not done yet going down. I really think that the earnings are going to give clarity because if the earnings still come in okay, I think we’ll be fine. But if the earnings get weaker and downgraded, that’s what’s happened. And really. I mean, look at the PE level that everybody was so worried about has gotten a lot lower now. Right? Market’s gotten a lot cheaper. So it is discounting earnings that aren’t going to grow as fast as they were because they were growing really fast for a few quarters there.
Alright, guys. That’s a lot. And if you have anyquestions, never hesitate to email me. You can always go to our website,eggersscaptial.com. You can go to our YouTube page. You can go to our Facebookpage. Our Instagram page. And we’re on iTunes. We appreciate it. And if youneed any help, please let us know. Take care everybody.
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This show is for entertainment only. And informationprovided by the host, guest, and this station should not be deemed as advice.Your investment decisions should be based on your own specific needs. You shoulddo your own research before you make those decisions. As president and CEO ofEggerss Capital Management, Karl Eggerss may hold securities mentioned in theshow for himself and his clients. Just don’t buy or sell anything based on whatyou get from radio or TV. Use your own judgment or get yourself a trustedadvisor.