Talking Turkey

On this week’s show, Karl discusses why the problems in Turkey affect your portfolio.  Also, Elon Musk had the tweet heard around the world this week.  CEO communication to the public will never be the same.

Transcription:

Hey everybody. Welcome to the podcast. This is the Eggerss Report. It’s your investing playbook. Thanks for joining me, appreciate it as always. And listen, if you want to get ahold of us, 210-526-0057, 210-526-0057. Our website, EggerssCapital.com, E-G-E-R-S-S-Capital-dot-com.

We are expecting, we thought it would be this week but it’s probably going to be next week that you’ll see some changes on the website, I think for the better. We’re going to continue to improve it, and of course we always want your feedback. If ever just want to email me, it’s Karl with a K, K-A-R-L-@Eggersscapital.com, which a lot of you have been doing, both questions, needing help with different things going on in your life. And I’m always amazed at all the different … It seems like there’s infinite situations going on out there that need our guidance in some form or fashion. It could be inheritance. It could be education planning. It could be investments. Just a lot of different things going on. Estate planning. Had somebody this week that inherited some investments and so forth, and having to look at that and reallocate that according to their needs as opposed to the person who just passed away recently.

All those different things are things we do at Eggerss Capital Management, but what we do on this podcast is really just try to bring some of that world into this. We write about what’s going on in the financial markets. We talk about it and we try to tell you our thinking. What’s meaningful and what’s not, and how you can benefit from it. And then we take these what I call case studies of people I meet with, and I’ve probably met with 10 new people over the last couple of weeks so people have all these different situations, and bring them into this world and share them with you so that you can benefit and say, yes, I’m going through the same thing and I never thought of that, and you benefit from it. So that’s kind of the idea of telling you about some of these case studies as I call them.

I would say it was a pretty quiet week. It’s really easy to come on here each week and say, boy, it was a busy week, because usually it is. It’s very news-driven most of the time, and this week seemed like it was not so much that way until really Friday. Before we kind of get into what was going on this week, let me run down what some of the winners and the losers were for the week.

The big winner was volatility. Now keep in mind volatility yesterday was up 17%, but it was up 14 for the week so all the week’s gains came in one day. But it did lead the way, up 14% for the week. Aluminum actually was up this week. The telecoms had a really good week. Retail had a good week. Pharmaceuticals had a good week. And of course, we saw things like Treasury bonds do well.

Home construction, which has been under I would say a little bit of pressure, had a good week; up about 1%. And as far as the major indices, they were kind of flat. The NASDAQ was up 35 basis points. The S&P was down a quarter of a point. The Dow Jones was down .6%. But the things that got hit the hardest of course was Brazil. We usually don’t talk about the Turkish lire, which we will in a bit, but a lot of foreign markets were down. Brazil, down 10% this week after a really nice run from the end of June all the way until recently. A really big, strong move in July, but giving a lot of that back.

Russia, down almost 8%. RSX is the ticker symbol for Russia ETF. We saw Bitcoin down about five and a half percent. Really, the cryptos got hammered. Steel stocks down about four and a half percent. Of course, more tariff talk. Mexico down, so you get the flavor here of what’s going on. Some of the grains were down, especially a lot of that coming again on Friday. In fact, the grains were up all week until Friday.

Gold miners down, so you get the sense here of what’s going on. We had a lot of international things, a lot of really … Tariff and anything affected by that had a pretty rough week. But on balance, I would say probably the majority of things were down; not a huge negative but had a definitely negative tone to it. And it really started off on Monday. We kind of came in and we saw this quote by Jaime Dimon where he said, “Interest rates should be at 4%,” he was talking about the 10-year I believe, “should be at 4% and probably going to 5%.” We’re at three, having trouble getting over 3%, so that’s what he said.

We have to kind of start thinking about what would happen if we went into that world because our research shows when we’ve looked back that the stock market tends to have trouble once the 10-year Treasury bond goes over 5% and stays over. That’s when it really starts to have trouble. Obviously as it’s going up, you’re going to see things struggle a little bit and so it depends on how fast it’s going up, but 5% seems to be the tipping point.

Tuesday, that was a interesting day, right? Midday Tuesday, and I was giving a speech in Houston on Tuesday morning, but Tuesday afternoon we got this word that there was basically some foreign money that had been investing in, taking a big stake in Tesla. So Tesla stock went up; not a big deal because stocks tend to go up when some big investor says they’ve established a position. But shortly after that, it was the tweet heard ’round the world and maybe the most expensive tweet ever. And it was the most expensive primarily for the shorts that day. So in my opinion, Tesla is the most polarizing stock out there. I don’t think there’s any question that, at least to me, it’s the most polarizing stock out there.

People either love it or they hate it. Nobody really hates the cars. But in terms of the stock, they love it or hate it. And in fact I mentioned doing the speech Tuesday morning, and a lot of the questions I received after the speech had to do with how long can some of these companies that lose money or burning through cash but they receive this very high valuation, how long can that last?

And I said I don’t know; that’s the thing we don’t know. We can avoid them, though, if we think they’re expensive. And I posed this question to some of the people in the room. I said, “Look, many of you own your own business, and if somebody came to you and was going to give you 20 or 30 times the revenue that you receive or that you make each year and you’re not making a profit, you would be selling your company. You would say I’m done. And yet investors go and buy that, and you have to put it in that perspective when you’re looking at this.”

But putting that aside for a moment, the tweet that was heard around the world was Elon Musk, founder of Tesla, CEO coming out and saying “You know” — and you know as he does, kind of glibly — “You know we might, we should …” I don’t remember the exact phrasing but, “… take our company private and at $420 dollars per share.”

Now the stock at that time was trading, I think it was trading around $330 when he said that, and remember this is only about an hour after we heard news that there was a big investment I believe out of Saudi Arabia. And when he said this, of course people wanted to verify was this really him saying this because that’s kind of odd for a CEO to say stuff like that on Twitter.

Now we know Twitter — which full disclosure we own Twitter in our aggressive strategy and we have for awhile, and actually sold some about a month ago at a really good price, and of course it has fallen since then so we still have a piece of it, so that’s full disclosure — Twitter has changed the way we are getting communication. We know the President communicates very differently than any other President we’ve ever had because of Twitter, for good or bad, whether you agree or disagree with that.

And Elon Musk is no different. He taunts the short-sellers of Tesla. He taunts the analysts that don’t like his stock. So he came out and essentially said, yeah, we may go private. But he got specific; we may go private at $420 per share. And then he said, “And we have the funding secured.” And the idea was that hey, you know what, if you want to come with us — in other words, existing shareholders — come along. We’re going to go private and we don’t have to mess around with this stuff.

And what do I mean by stuff? Elon Musk has a huge ego, right, like a lot of these guys do and he’s tired of people betting against him, he’s tired of getting questions on the conference calls after earnings and having to answer stuff that he thinks is silly and ridiculous when they’re just doing their job. He actually apologized to one of the analysts this quarter because last quarter he basically just chastised the gentleman for asking some questions that he thought was stupid. So he doesn’t want to deal with the public markets anymore basically. And so he’s said he’s secured funding.

So immediately, their stock went from $330 or 40 dollars up to about $390. And in the last couple of days, Thursday and Friday it pulled back and it settled the week around $355. So it’s kind of in the middle now where if none of this happens, it’s going back down to $290 where it was really last week. And then if it does go private at $420, it’s going to shoot back up, so it’s in the middle. A lot of people are playing the middle not knowing what to do, and if you own this stock, I don’t know what to do.

Firstly, we have no position in it either way. It’s an interesting situation, though, because then on Friday we saw that some information came out that maybe the SEC was looking into this because when you say something like that, normally you’re going to halt the stock. You’re going to call the SEC, whoever they call and say halt our stock — the New York Stock Exchange, the NASDAQ, whoever; Tesla is traded on the NASDAQ — and you say halt our stock, we have some news. And then you come out with a press release that, yes, we have secured funding. We are going to take the company private at $420 per share.

Now if they did that, that’s huge. You’re talking like, I don’t know, $80 billion. So could he really round up that kind of money that quickly? And then it comes off the heels of Saudi Arabia saying that they had a big stake in Tesla. It was very strange. And so now everybody’s saying wait a second, there’s no way he could have done this that quickly. And if he didn’t, then he’s lying or he said something that he can’t really live up to and the stock is all over the place. It’s just not …

And he’s been around awhile, right? Founder of PayPal, and it’s not like this is his first public company and he doesn’t know any better. I think these are somewhat calculated moves. But it’s interesting, I don’t know what’s going to happen, but it just snowballs into this, again, this is what is I consider the most polarizing stock out there. Now keep in mind that interest [inaudible 00:13:41] from a technical perspective, Tesla couldn’t get back above the old highs from 2017, so it’s bouncing all over the place. But remember, this stock earlier this year was down around 240 bucks and it’s at 355. So people that are betting on it, this was their worst nightmare this week because they got blown up. So it was an expensive tweet is why I said that. So we’ll see how this plays out going forward. But you know it does open up I guess Pandora’s box in terms of regulation and what CEOs are allowed to do from a communications standpoint because can you tweet something and then say “Nevermind. I thought I had the funding for this but I’m not going to be able to do it. I was just saying I wish I could do that.” I don’t know. I don’t know what comes of this. It’s just very unconventional. But as I said if we were to go back five or ten years ago we would have never thought we would be negotiating a trade war on Twitter as we are. That’s what our president does. And it’s refreshing in some respects because we kind of know what they’re thinking, it’s more off the cuff, it’s not so reading the teleprompter. But it causes people on both sides of the aisle, on both sides of the transaction, what have you, to become more emotional than they normally would which in turn affects stock prices more than it normally would.

So I don’t know where this will lead but it does seem like we’re in a new era of communication because again this is very unconventional to do this. And eventually the stock was halted for a while and then opened up again I believe with about 30 minutes left to go in the trading day and it went up and again as I said pulled back a little bit as the next couple of days came in and the words S.E.C. were thrown around that they may look into this. So very very interesting. So that was kind of a big thing on Tuesday. It was kind of quiet up until that time but market was pretty strong that day, trying to trade it at new highs. And then Wednesday we saw China saying hey we’re going to kind of … it’s like the boxer, we punched them down and then they bite our ankle. You know they come back and say we’re going to put down additional tariffs of 25% on 16 billion worth of goods. Well President Trump’s been talking about 500 billion of tariffs on Chinese goods and this was in retaliation to the extra duties from the U.S. on Chinese products that are supposed to kick in on August 23rd.

Then Thursday the U.S. announced new sanctions on Russia in response to the March 4th nerve agent attack in the U.K. And again the ruble fell, Russian ruble. The Russian ETF for their stock market fell, huge volume.. And by the way if you noticed, going back to China, China is having to kind of give in on oil here due to the imports and exports and the supply, demand and the oil flowing from one country to another and who relies upon whom for their oil. The U.S. is in the driver’s seat now that’s becoming clear. And as I’ve been saying the last couple of weeks it seems as if you’re starting to see … again we saw the EU deal talk about that with the U.S. about two or three weeks ago. It seems like NAFTA is very close. And then China’s still barking but they seem to be fighting amongst themselves now from what I’m hearing. And because there’s probably some saying “Look our stock market is down 23%, let’s make a deal because the U.S. will deal and we know the U.S. will deal. President Trump will deal. But they have to give.”

TurkeyAnd it seems like we’re starting to gain a little bit of advantage with China. And again the president said. Look our stock markets held in very well. Look at Chinese stock market. I mean the market’s speaking who’s going to win this trade war potentially. So that looks like the view from the 30 or even 40 thousand foot view. Friday, you know we’ve been seeing this Turkish lira. So the currency of Turkey had been falling for a while. No big secret there, had been falling for quite a while. And but we saw this massive massive drop yesterday and not only did Turkey’s stock market drop 14-15% but their currency fell 20%. And as it’s falling because of their economy, because of everything going on President Trump says we’re going to put more, we’re going to cut more tariffs, we’re going to double the tariffs. I mean kick them while they’re down.

And now you may be asking yourself “That’s fine Karl but what does that have to do with me?” This is really important because this seems like something we’ve talked about numerous times for different countries. Greece, remember the island of Cyprus, all these things we’ve talked about over the years it always seems like there’s some country, in the 90s it was the Thai baht. There is some country that starts having issues. They could be political. Remember Turkey had a coup several months ago. But remember we had all kinds of things going on so it could be political, it could be economic. But what happens is these currencies of these other countries start to get weaker and their people and people that own those currencies start to flee to other currencies. So the U.S. dollar went up and this is where it comes into play in your portfolio. As the Turkish lira falls and money goes into the U.S. dollar it’s a chain reaction of what starts happening. International stocks will fall. U.S stocks that have big exposure to other currencies, large cap, mega cap stocks fall which is what we saw on Friday. The Dow Jones down 200 points.

Because not only are those companies more susceptible to currency fluctuation. In fact if you look at it, on Friday the Dow Jones was down 0.77%, almost 200 points. The S&P was down 0.71 and small caps were only down 0.28. So I find that interesting because what’s happening is the market’s saying small cap, small companies they’re somewhat isolated because they don’t deal in currency fluctuation very much. Some might. But for the most part not as much as the very large companies and so money didn’t leave the small cap area. It left the large cap area. So obviously when this happens international stocks go down, commodities go down because the dollar going up hurts commodities. So commodities had a rough day on Friday.

But if you think about it what’s happening overseas, international stocks especially in Europe, they start to look more attractive because their currency is weaker which helps their large companies. That’s why our companies in the U.S. benefit when our currency goes down. And so if you’re a European company and your currency goes down you benefit. And that’s what’s happening right now. So there could be an opportunity in Europe. And we still like international stocks. In fact, had a listener email me on Friday. And if you’d like to e-mail me ever, karleggerss@capital.com. And basically he said Karl I have trimmed some positions this morning, this was Friday morning, trimmed some positions this morning; oil stocks and ETF plus some emerging markets and international markets. Getting a little nervous with all this ratcheting up of tariffs by our president. Going to see more volatility for the next couple of months. Maybe, maybe not. I think we’re entering a seasonal time where we’ll probably see more volatility. I think that we know that it’s been a pretty lackluster year just overall and we might be seeing some volatility pick up.

As far as trimming those things it’s a hard thing to answer and it wasn’t really a question that he sent in but it was more about wanting confirmation I suppose. I did post a picture the other day of oil and I think oil’s very susceptible here, it held in there on Friday. In fact the oil fund, the USO which is the ETF for that, bounced about 1.5% on Friday, it’s real close to breaking an uptrend. And if you want to follow me on Instagram at Eggerss Capital Management page on Instagram we had a chart of oil and showed that it’s very vulnerable here. We also posted it on Twitter, @KarlEggerss is my handle, @ETFcharts as well. And we posted this picture. So oil’s susceptible so I like the idea of trimming some of the energy stocks, oil stocks.

Emerging markets, international markets. I personally would not be trimming. In fact I would be adding to them. Now I say that not knowing how much you have. If this particular gentleman had 70% of his portfolio in international stocks maybe he should be trimming them right now. But if you’re like most Americans who have very little in international stocks I would not be trimming them. A) they’re beaten down and B) they’re very very volatile. And what’s interesting about the international stocks and this was part of my speech on Tuesday morning in Houston was discussing the fact that we’re sitting there with markets that are getting stretched in different directions. Because if you look at international versus U.S. It’s really interesting. The last time something like this happened coming into the late 90s the S&P growth, that specific area, not just the S&P 500 but the growth companies. Sound familiar? Four years in a row they were the strongest area. ’95, ’96, ’97, ’98. Up 38%, 24%, 36%, 42%. And during that same time the emerging markets were down and they were the worst performing thing four out of five years in a row. And again that was in a period that was 1995 to ’98.

Now if you fast forward all the way to 2003 the S&P growth area for about four years in a row and starting in ’01 became one of the worst areas to be in for four years in a row. Guess what the best was? You guessed it, emerging markets. Listen to these returns. The MSCI which is MSCI, it’s an index, the MSCI emerging markets basket of stocks was the best performing area for five years in a row starting in 2003 all the way until 2007. Listen to these returns. These are annual. 56%, 26%, 34.5%, 32.5% and 40%. Those were the returns back to back to back to back five years in a row with unbelievable returns.

And as we sit here and we can think of all the reasons why the U.S. should be outperforming the emerging markets and should be outperforming international. They all make sense and they’re all valid. But what’s in the stocks now, what is baked in? The risks of these currencies having this, where a currency can move 20% in one day like it did on Friday with the Turkish lira. That’s why international stocks are volatile. We know that they have political risks, they have all kinds of stuff and we know the U.S. economy is doing really well. It came out of a recession faster than anybody else. It took a while. So we’ve kind of led the way but now we go what’s next. OK our Federal Reserve in the United States is raising interest rates. They still appear that they’re going to do it twice more this year. So they’re trying to put the brakes on, they’re tapping the brakes. Taking the training wheels off, tapping the brakes.

International markets. Hit with tariffs, still trying to provide stimulus because they’re not where the U.S. is. But cheaper stocks haven’t gone up and frankly emerging market stocks haven’t gone up in let’s call it 10 years for all intents and purposes. So there’s a huge opportunity there if you’re a long term investor. If you’re trading it, good luck. Maybe go into some country specific ETFs as we’ve mentioned on this podcast before but if you’re a long term investor you’ve got to be looking at the international markets and if you’re somebody that wants to be aggressive you can go heavy in there because, I feel like these things take a while to turn but they turn. So, I would not be … And again, unless I’m overexposed. I would not be reducing my international stocks. I would be increasing my international stocks and my international bonds. So, that’s my thought on that. And as far as, do we get more volatility in the next couple of months? I don’t know, your guess is as good as mine. I think, probably we do, given that we’re going to be coming into the midterm. And if we still don’t have some of these tariff things cleaned up and deals done. And we keep having big massive currency fluctuation and all of that. And some economic indicators start to slow down, we’re going to have more volatility.

And so, that’s kind of the thing that I wanted to talk about, a little bit, spend a few minutes on it is, What are you doing to plan for when volatility returns? Because, I’m starting to see and again, because I meet with a lot of people and I talk to them. I’m starting to see some complacency and that complacency, I don’t know if it’s from an inexperienced investor or it’s just, yeah we’ve had a long run here from 2009. And we’ve had some big hiccups along the way. I mean, 2014 and 2015 and early 2016 were no picnic. And 2011, getting our debt, Triple A rating stripped away was no picnic, right? And coming into the election, no picnic. And tariff talk in 20 … Early 2018, no picnic. So, we’ve had some issues but we’ve had a long bull market here. And I’m not sure if people just, are looking at as just buy the dip, buy the dip. Or they just started investing during the bull market, which is quite possible. But volatility is part of the game.

And yes, over the real long-term the stock market goes up. But volatility is part of the game. So, you have to determine right now, what am I going to do when volatility returns? Am I going to ride through it? Which is fine. Am I going to sell as it’s happening? Which is not a good idea. Or do I have something’s or some triggers in my portfolio to take advantage of volatility, which would reduce my overall volatility in my portfolio? In other words, do I have something’s in there that … Do I want to buy? Are there some signals that would allow me to buy volatility, to protect myself and insulate my portfolio a little bit? And every person’s different. But, I’m talking in generalities. This is probably the time to start looking that way. And again start … And we’ve spent many weeks on here talking about start to look what the next thing is. Not what’s done well because, what’s done well is becoming a popularity contest.

And, what’s done well doesn’t mean it’s going to continue to do well. So, where are the opportunities going forward? And as I just mentioned, I think international stocks are but it’s not a trade, okay? Listen to me carefully, it’s not a trade. Sometimes I mention things in this podcast, and have people come back and don’t understand or don’t hear exactly what I’m saying. If it’s a trade, where I think it’s going to be a good three week or four week or two month situation, I’ll tell you. An international deal is a multi-year investment as is commodities. I think there’s some really killer stocks out there that are cheap. And there’s some stocks that were cheap and now are not a little more expensive. One of the things we did this week in our Dividend Plus Strategy, was we sold Tractor Supply. And Tractor Supply was a company that, if you recall, it was a … It was pretty much a beast during the … Really for many, many years. 2010, ’11, ’12, ’13, ’14, ’15, and we started to look at this back then and we owned it for a little while. More of a shorter term trade, then what happened was we were like. “You know? This thing has been so consistent and the earnings are so consistent. Something’s got to give here.”

And, sure enough, it did and it was in ’16 and the stock went way down. And so, we started to watch it and as it got cheaper and cheaper and it went into ’17, along with the whole retail route. Which we’ve talked about numerous times on this podcast how we were in there buying retail. We were buying grocers, we were buying you know, specialty realtors like Tractor Supply. And because we kept saying. “Retail is not going away, it’s changing.” And so what happened was, Tractor Supply just got hammered. I mean, this stock guys, went from in 2016, this was a $58.00 … Excuse me, a $94.00 stock and by the middle of ’17, it was down to $65.00. So pretty big move down. And when that happened, actually I’m sorry, it went down to about $50.00 during that time. So, pretty much got cut in half, within a year.

Well then it got our attention. Then we were like, “Okay now, this is interesting.” So, we’ve owned Tractor Supply, made a really good profit on it, a big chunk of money over the last year, year and a half, whatever it’s been. And we kind of feel like now not only technically, but fundamentally it’s fairly valued. It’s not overvalued and we don’t hate it. But, we want to sell it, lock in profits, and now say. “Can we go buy something else with those dollars that is undervalued?” And we didn’t do that this week. We sold it and we’ve been sitting in cash with that chunk of money. So, we have a buy list of things we’re looking at it. But coincidentally, there’s another retailer we own that we’re close to selling, as well. So coincidentally, you’re seeing retail we kind of bought it when it was depressed and now we kind of feel like it, some of these retailers are fully valued. And there’s some other areas we like.

So, you know I think, in this market you have to do those types of things where you’re taking advantage of value, what value is out there. But getting back to what I was mentioning earlier about this volatility picking up. If you don’t do stocks, individual stocks, that’s okay. We have strategies, we have a lot of strategies and some of them don’t use individual stocks and some do. But in the ones that don’t do individual stocks, there’s still ways that we would reduce volatility and look for opportunity. And of course, I mentioned international but, can we buy volatility when we think it’s going to pickup? You know, can we have some things that can go to the money market and sit on the sidelines? Do we have some triggers that would let us reduce risk? Yes. So we can still manage risk without having to use individual stocks.

Now, if you’re somebody that says. “Hey, I’m a long-term investor. I’m going to keep adding to this.” Great, just do it in the best way. You may not want to keep cash at times. But you maybe look and say. “I’m going to average in.” That’s great. That’s a great plan. But also, start looking at. “What am I averaging into? Am I averaging into the S&P 500? Or am I averaging into maybe, a basket of stocks that are more of a better deal?” Right, so there’s lots of different ways to invest in the market. Some are long-term, some are short-term but everybody could have some protection in some form or fashion. And it may not be in a specific account. You may have a specific account you keep all invested, all the time. But what else do you have? Do you have some income producing securities? Do you have some real estate? Do you have some private equity? And all those types of things? That’s a diversified portfolio.

So, that in a nutshell, was this week. So, it wasn’t a really big news week, except for the Tesla news and then this Turkish Lira, which both of those to some extent may not impact you. The Turkish Lira, I don’t want to diminish it by any means, and I also don’t want to make a bigger deal than it is because, we go through one of these every few years. It seems like some country’s currency blows up, right? It happens all the time, and everybody says. “Oh my gosh, it’s going to be the end of the world.” What about Greece, you remember that? Remember how big a deal that was? And we’re at near all-time highs. Remember Cyprus? Oh my gosh! And here we are, near all-time highs. And now, it’s Turkey.

So … But I also don’t want to completely say, “it doesn’t matter” because it does affect your portfolio through your other types of investments as we mentioned. So, it does have ripple effects and, one thing I didn’t mention was, when something like this happens with currencies or some big movement that most people didn’t anticipate. It exposes whose exposed. So what that means is, there’s some banks. There’s some people that have investments that, if the Turkish Lira falls, they could be wiped out. So, you know, we’re going to find that out over the next few days. And depending on who it is, it could have other ripple effects. You know, that’s really what happened in ’08, was we started to see who was exposed and people would panic. And then it would cause other people to be exposed and it was a domino effect. So, that’s how these things can affect you. So, let’s not make too big of deal about in terms of, how big this is and how much of the economy it is. I mean, Turkey’s like … Oh, I don’t know. I think it’s half a percent or one percent of some of these emerging market funds. So, not a big deal, but it’s not something we should just ignore either because it does impact you and really, currencies play a bigger part in your portfolio than maybe, you think.

So anyways, hey guys don’t forget, eggersscapital.com. Our telephone number is 210-526-0057. And don’t forget, if you can do me a favor. If you’re listening to this on iTunes or even, if you’re not. Go into your iTunes podcasts section, it’s probably an app that is preloaded. I don’t even think you have to download the podcast app. But if you can do that, go find the Eggerss’ Report and leave a rating on there. That would be great and you can share also, the podcast with friends, you can forward the email. Tell them to signup, we’d appreciate it. We put a lot of work into it, we’re getting a lot of feedback. And we thank you for the feedback that we always get and the questions, as well. So, don’t forget to have a good weekend. Try to relax. I know mine was … This was a really, really busy week.

So, I’m going to go enjoy the weekend now and try to exhale a little bit. So, have a wonderful weekend yourself and we appreciate you always listening to us. Very, very … I would say the most loyal podcast listeners on the planet. And that’s probably not an exaggeration to be honest with you, if you were to see some of the … how long some people have been with us and how many people listen to it each and every week. We don’t have a massive audience, but the audience we have is … I mean, it’s amazing how consistent you guys listen to this program so, I appreciate it. Take care guys, bye bye.

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This show is for entertainment only and information provided by the host, guests and this station should not be deemed as advice. Your investment decisions should be based on your own specific needs. You should do your own research before you make those decisions. As President and CEO of Eggerss Capital Management, Karl Eggerss may hold securities mentioned in this show for himself and his clients. Just, don’t buy or sell anything based on what you get from radio or TV. Use your own judgment or get yourself a trusted advisor.

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