#101 – Making Sense Of Inflation, Employment, And Markets—With History As The Guide

Jeff Lloyd [00:00:23]:
1, I’m more excited about Christmas this upcoming Thursday than I am about the jobs report or inflation report.

Wes Moss [00:00:29]:
But I’d say I’m almost as, just as excited with the economic data.

Jeff Lloyd [00:00:34]:
I’m actually really excited about that inflation report that came out this past week.

Wes Moss [00:00:39]:
You know the other thing that just occurred to me is we’ve been talking about inflation and we just, so here are the numbers. 2.7% CPI. And you brought in a really fascinating chart. We talked so much about the 2% level for inflation. The Fed wants us to be at 2%. Yet if you go back over the last 50 years, we’re, we’re barely ever at 2% and we’re almost always higher than 2%. It’s amazing. Let’s look at it per decade.

Jeff Lloyd [00:01:06]:
It’s kind of, it makes you question like where did this 2% target really come from? Because I’m looking at who’s so keened in on 2, I’m looking at US inflation by decade. And this is going back to the 1950s, 60s, 70s, 80s, 90s, 2000, 2010s and the first five years of this decade.

Wes Moss [00:01:25]:
So the 2020, the Fed wants a nice easy 2% inflation.

Jeff Lloyd [00:01:28]:
2%. So out of those, I guess call it eight decades. We just mentioned how many times do you think inflation for the decade has been under 2%?

Wes Moss [00:01:39]:
It’s only, only one of eight decades.

Jeff Lloyd [00:01:41]:
Only one of eight. And we saw that in the 2010s.

Wes Moss [00:01:43]:
Kind of an amazing way to really look at it.

Jeff Lloyd [00:01:45]:
So in the 1950s, so glad we.

Wes Moss [00:01:47]:
Have you here on the show.

Jeff Lloyd [00:01:48]:
1950S, 2.2% for the decade. The next decade, two and a half percent. Now the 70s, we all know the.

Wes Moss [00:01:55]:
70S, 7.4% on average per year inflation.

Jeff Lloyd [00:02:00]:
1980S over 5%, 5.1, the 90s, 2.9.

Wes Moss [00:02:05]:
Talk about wilting dollars.

Jeff Lloyd [00:02:06]:
The 2000s, 2.5 like we said 2010, 1.8. Okay, we’re below 2% target.

Wes Moss [00:02:12]:
There’s the one time and then the.

Jeff Lloyd [00:02:14]:
First five years of this decade it’s averaged 4%.

Wes Moss [00:02:17]:
Okay. So the other thing that struck me though this week when we, we’ve got the latest CPI data, inflation data, remember we had a very strange period of time where we were in essentially flying blind with Economic data because we had the government shutdown was a month and a half and normally we’re getting data several times a week from the Bureau of Labor Statistics from some federal government agency. We’re getting official data now. We still had ADP employment data, we sold private data from research companies. But there was a pretty big void there for a while. And then here we are in late December, I mean it’s almost Christmas and we just got a CPI report for the last, for the fall. Basically you said that we got there was zero inflation in October because we.

Jeff Lloyd [00:03:08]:
Didn’T get a report because of the government shutdown. There was no October. So it’s just blank. If I’m looking at the table, it’s just blank.

Wes Moss [00:03:15]:
But what strikes me though is that we, even though we had that donut hole of that period of time where we didn’t know, now we do. We know. I think it’s an important number to know that over the last year we have CPI running at 2.7. But whatever happened to all the inflation from tariffs that was supposed to take inflation through the roof? That never happened.

Jeff Lloyd [00:03:37]:
If you remember back in March and April, everyone’s saying, well, the tariffs are inflationary, it’s just going to come later in the year. Well, well here we are later in the year and we just haven’t seen that.

Wes Moss [00:03:46]:
And I was wrong about this. You hear a commentator that says, well, we don’t think inflation tariffs are going to be inflationary. How could they not be? I thought that was almost crazy talk. Yet in the end it hasn’t happened. Now it doesn’t mean that those tariff people were right. It just means that the collective confluence of all the other economic data, productivity going up and a slightly weaker job market which slows down wage inflation, that that all contributes to the actual inflation that we just have seen now over the past year, which is a pretty benign 2.7%. What does this mean though? It means that the Fed, well before we get to the Fed, the second most important, I’d say the most important economic data we got this week was the jobs data. That was another catch up period of time.

Wes Moss [00:04:31]:
Economic data doesn’t stop. It just got caught at the dam and it was building up and building up and then the dam opened. Over the last two weeks we’ve gotten tons of economic data. Now we’re essentially caught up. Where are we from a jobs perspective? On the surface doesn’t necessarily look great. We saw the unemployment rate go up and your favorite rate, the employment rate did go down. We’re at 4.6%. That’s up.

Wes Moss [00:04:54]:
It was earlier this year. We were at 4.24.3. It’s up now. Ticking up a little 3, 10 of a percent. So we’re at 4.6. On the surface. We lost 105,000 jobs in October and we only gained 65,000 jobs or 64,000 jobs in the month of November. So we’ve played catch up.

Wes Moss [00:05:15]:
Okay, well, there are multiple ways that we get these employment reports. We get something called the establishment survey. That’s the one that gets the headlines. X amount of jobs were added over this past month. In this case it was over the past two months. And then there’s another survey that’s actually, it’s called the household survey. It comes out at the same time as the establishment survey. And this one shows us the unemployment rate.

Wes Moss [00:05:39]:
That survey is when the government essentially surveys and polls humans, 60,000 households. So it’s much more sensitive to things like self employment, people taking contract or gig work, people that are either newly entering the labor force and then think about transitions between part time and full time jobs. So it’s arguably it covers some of the things that the establishment survey, which is a payroll survey which surveys 119,000 businesses which says, think about with that. It’s either I hired people or I fired people or I was neutral. So it is two different ways of looking at the labor market and the household survey. Because there was a big influx of people now newly in the labor market. That’s part of the reason why the unemployment rate went up. Oh, we had a whole bunch of influx of people now looking for jobs newly and they haven’t gotten jobs yet, so they’re counted as unemployed.

Wes Moss [00:06:37]:
Part of that is that we saw the unemployment rate from the household survey go up. There’s one more that one of my favorite economists wrote about this past week that I one more way to look at the jobs market. And it may be the most common sense way to look at. And that’s called the epop. And we’ve never talked about EPOP here on Money Matters. I don’t know why, but EPOP is essentially what stands for the employment to population ratio. And primarily it’s the prime age employment to population ratio or those in America who are age 25 to 54. That’s a group that could, should and probably should be working.

Jeff Lloyd [00:07:18]:
Right?

Wes Moss [00:07:19]:
That is the prime working age. Now there are going to be some early retirees in that group if there are going to be some folks who stay at home and choose not to work. But out of that entire group, the ratio is essentially how many of these people are working. And that has been a reliable economic indicator over the last 20, 30, 40 years. It is how many people in America in those productive working years are actually working. And we want that to be as high as possible. It’s actually a Jeff Lloyd number. It’s an employment rate that, that’s why I think I really like this today.

Wes Moss [00:07:57]:
The EPOP ratio, which you’d call that an employment rate, is 80.6%. That means that almost 81% of the entire population aged 25 to 54, they’re working.

Jeff Lloyd [00:08:11]:
When we pulled this data, first off, when you said epop, I thought it was a genre of music. But then diving into it, it’s like, okay, we’re talking about prime employment population.

Wes Moss [00:08:22]:
Yeah, it’s Korea. Epop.

Jeff Lloyd [00:08:24]:
I like this metric a lot better than maybe just the general unemployment. You know, I don’t like the unemployment rate, I like the employment rate. But this is prime age working population and it’s over 80%. And if you look at that trend line that we’ve seen going back 30 plus years, because in at that 80% level is remarkable.

Wes Moss [00:08:47]:
It really is good. So think about, you get kind of competing numbers here. Unemployment rate going up, the EPOP ratio staying pretty solid. And if you go back now, of course, anytime you’re looking at a recession, you’re seeing EPOP that has been well below the level of 80. I mean, if you go back to the financial crisis, it was only 74 and 75% of that entire swath of folks were working. And it took a really long period of time after the financial crisis for that to get back to the 80% mark. And then it happened right before COVID And then of course, wham, that number went down.

Jeff Lloyd [00:09:25]:
EPOP popped again, epopped the air out of the bubble.

Wes Moss [00:09:28]:
It went all the way down to 70, so only 70% of people working during that period of time. And then it slowly came back over the last several years and has been around that 81 level for several years now, but it’s holding in there pretty well. It’s still at 80.6. So if you’re really trying to get a sense of the job market, there’s a lot of different metrics to look at. We’ve got the household survey, the payroll survey, and we’ve got the employment to population, prime agent employment to population. And that number is really hanging in there. So I don’t think that the job market is in bad shape at all. I really don’t I think it’s still in decently good shape.

Wes Moss [00:10:07]:
We’ll call it another Goldilocks report. I always love when, when Goldilocks joins us here in the studio. That means the economic data is not too hot, it’s not too cold, which is as an investor, that’s, I love being in that range.

Jeff Lloyd [00:10:19]:
And also one thing, when we’re talking about employment or unemployment, we always talk about the army of American productivity. Productivity levels continue to increase as well. So even as unemployment may be ticking up productivity, we’re still seeing gains in that metric.

Wes Moss [00:10:35]:
Part of, part of the reason we’ve seen a relatively benign inflation number and we’re going to talk about what the new Fed expectations are now that we’ve finally kind of played economic catch up on the data. But this is meant again, the year’s not over, but a pretty good year. Yeah, we had that 20% correction. If you go back to, if I’m looking at a chart, I go back to April. Markets kind of started to melt down a little bit in March knowing that tariffs are coming. Then when we had the big tariff announcement, S&P 500 within the matter of a month was down 20% and the NASDAQ was down even more than that. At one point the Nasdaq was down.

Jeff Lloyd [00:11:13]:
It was almost down 30, 30% and.

Wes Moss [00:11:15]:
The S&P 500 was down 20. The NASDAQ was down 30. And that’s a bear market. So that happened in April. And then once we realized the world wasn’t going to fall apart and that the tariff announcements were more negotiation than they were etched in stone and we knew there would be some compromise, which we did ultimately see markets really rebounded. But it’s been a nice year for not just the S&P 500 and not just the Nasdaq. But dividend paying stocks also have kept pace with the more tech heavy S&P 500. And we’ve seen fixed income do really well depending on the category, up 5, 6 and 7% total return, which I like.

Wes Moss [00:11:58]:
It’s good news for balanced diversified investors. Let’s talk inflation numbers.

Jeff Lloyd [00:12:03]:
You know, we brought up the year over year inflation number was 2.7.

Wes Moss [00:12:08]:
Okay, okay. Which I think is great and benign.

Jeff Lloyd [00:12:11]:
Yeah, that rate is slowing. But what we did was take the inflation data and just expand it a few years. Well, what has aggregate inflation look like year over year over year over year? Compounding. What has compounding inflation, which is really what matters.

Wes Moss [00:12:26]:
Which it’s not just the 2.7 we just got. It’s, it’s that stacked on what was last year, stacked on the year before, etc.

Jeff Lloyd [00:12:32]:
So like I said, over the last year it’s been 2.7. Over the last two years in aggregate, about five and a half percent. But over the last five years, if you go back to 2020, when we really started seeing inflation in aggregate, prices are up 25%.

Wes Moss [00:12:50]:
So the five year change, it’s the rate has slowed down dramatically and we’re back to a spot where we think the Federal Reserve is going to calm down, very likely be able to lower rates again next year. If these economic numbers stay where they are, meaning that we have a slightly stable to cooler job market, we have lower inflation, that means maybe they can lower rates a little bit, not dramatically. But the other thing about inflation is that there is a real elixir for that and it’s called dividend growth. And where how does dividend growth stack up to inflation over that same period of time?

Jeff Lloyd [00:13:30]:
So we looked at the S&P 500 dividends per share and just looking at aggregate growth and the dividends paid out by S&P 500 companies, dividend growth over the last year is over 5%. So it’s almost double the rate of inflation over the last year. If you look at that, over the last five years, dividend growth has been 33%, which outpaced inflation, which was 25% over that same time period.

Wes Moss [00:13:59]:
Tough to be able to battle inflation if you don’t have rising dividends. So last year, if you go back, we rewind an entire year. We said that the 60:40 balance portfolio wasn’t dead. That was first on our list for this past year. That was a year ago we said that. And guess what? We just went through the numbers. S&P 500 up high double digits and fixed income up high single digits, confirming at least for 2025, the balanced portfolio is anything but going away. More money matters straight ahead.

Wes Moss [00:14:39]:
Our team’s 2025 study of retirees found that happy retirees are two times more likely versus unhappy retirees to simply have a written retirement plan. Just think you may be able to double your likelihood of happiness by simply taking an hour to sit down and put pen to paper. If you’d like a financial advisor to help you tackle the trickier questions that need answers, reach out to our team@yourwealth.com that’s y o u r wealth.com.

Disclaimer [00:15:10]:
The.

Wes Moss [00:15:11]:
Thesis for 2026 what are we seeing for the upcoming year? This is a note we’ll be sending out to the families that we work with in great detail relatively soon. But we’ll do a little bit of a preview here.

Jeff Lloyd [00:15:25]:
JEFF LLOYD yeah, just a little sneak peek. Can’t give away the whole thing yet.

Wes Moss [00:15:28]:
I would say that there are six slash I don’t mean to say this six to seven themes here, but you’re.

Jeff Lloyd [00:15:35]:
Doing it with your hands, so you kind of do mean to do it.

Wes Moss [00:15:37]:
So number one, I think it’s always worth saying that nobody knows. We don’t know what’s going to happen in any given year because the calendar arbitrarily falls on the day it falls and market news happens on the day it feels like happening. So if we had ended the year at the end of April, it would have been a really terrible year to date. Number because we were in the middle of the tariff tantrum and markets were down 20%. The Nasdaq was down 30%. So if the year had arbitrarily ended at the end of April, we would have had a terrible year. Turns out time typically helps when it comes to markets. And we ended up we’re not finished here.

Wes Moss [00:16:17]:
We’re pretty close to the end of the year but we’ve had a mid teen rate of return for almost any different metric. You look at S&P 500 dividend stocks, the NASDAQ and many sectors. We’ve had a really good year for the vast, vast majority of the 11 different sectors in the S&P 500. So we’re we can’t in a short period of time know what the market’s going to do. But and I’ll go to number three on this list and just talk about can the bull market really continue? And the bull market or this is really one of our main themes of the entire outlook for 2026. And the answer is we don’t know that either. However, if you go back and look over the course of history, JEFF Lloyd, the average bull, once we’re running, once the bulls are out and you’ve been to Pamploma, it’s tough to stop them to some extent. How long do they typically run before.

Jeff Lloyd [00:17:12]:
You I have run with the bulls.

Wes Moss [00:17:14]:
You literally have.

Jeff Lloyd [00:17:15]:
And when you run with the bulls, you better keep running. And so what this data shows is that historically bull markets have lasted on average about 5 years, 58 months to be exact.

Wes Moss [00:17:29]:
We are and for a total rate of return of about 170. 175% on average.

Jeff Lloyd [00:17:36]:
On average. And the bull market a couple of months ago just turned three and we are 39 months into the current bull market for call it about a 90% return thus far in this current bull market.

Wes Moss [00:17:52]:
If that plays out, then mathematically on average we have another 80%, another 80% to go. Which sounds crazy to say, but if you had two more really good years, then, well, even in two years that seems next to impossible. But directionally we like that. If you’re an equity investor, that is the kind of historical data that you’d like to have at your the wind at your back. Number two on this list is that we’ve had a nice recovery since a very volatile spring. And it has felt to some extent like every time we’ve had a pullback because this has happened every time we got down 2 or 3% or 5% at some of the bigger, let’s call them mini corrections, buyers stepped back in and markets came back higher. So we have not had a big bout of volatility since all the way back in March, April. So I think it’s good to remind investors that a normal intra year drawdown is 15%.

Wes Moss [00:18:51]:
It’s been a while since we’ve seen that, so let’s not be shocked to see that again. Next on this list, the top of the market and those multiples are elevated still. However, the Mag 7, they’ve at least contracted to some extent, so they’re not as richly priced as they were a year ago on an earnings perspective basis. We’ve also continued to see the market broaden out and I think that’s a positive sign and that should play into 2026.

Jeff Lloyd [00:19:21]:
I thought this was an interesting stat. Looking at the performance of S&P 500 stocks, you actually have 50% of the stocks in the S&P 500 that are up double digits for the year. So that’s showing good broader participation.

Wes Moss [00:19:38]:
And you’re saying about a third of stocks have outperformed the market itself. A third of the constituents within The S&P 500 have done better than the S&P 500 on average this year. Now that’s an improvement over the last couple of years. If you go back to the when Mag 7 was the only game in town, really that was two years ago, was the only game in town. It was 20, it was less than it was called. Around 25% of stocks beat the average. But we do have the long stretches like look leading up to the 2000-2001-2002-2003, et cetera, we saw 60, 67, 61, 54% of stocks do better than the market in 2009 and 10, almost 60% of stocks did better than the market. So we still have a ways to go and we’ll see if we continue to get broadening.

Wes Moss [00:20:28]:
I can see we’re getting broadening, which leads me to the AI theme is that AI now has been. Has it been three years or two years?

Jeff Lloyd [00:20:36]:
Three. When did ChatGPT launch?

Wes Moss [00:20:38]:
Was that 22, 23? Yeah, it’s been three. So we’re coming up on the next phase of not just, oh, this is fun, this is neat. Then we moved into, we got to dump hundreds of billion dollars into making this, continue to work through AI data centers and companies spending hundreds of billions of dollars on these build outs to, let’s see the efficiencies that it really brings to the table. And that is not a technology story, that is a productivity story that we will or will not see play out. I think we’ll absolutely start to see it play out. And that means that the efficiencies come in all the sectors. There’s no reason that you don’t see efficiencies because of artificial intelligence, the next generation of, let’s call it the largest innovation and the most impactful innovation since the World Wide Web was introduced. But I think the spillover now is going from just the technology companies that are doing AI or making the chips to do AI to the multitude of sectors and subsectors all throughout the economy that’ll be using this for efficiency.

Jeff Lloyd [00:21:54]:
I’ve seen this visual and it’s. Have you seen the like champagne fountains where it’s like champagne glasses stacked on top of each other?

Wes Moss [00:22:01]:
Did he come up with that or did Connor Miller come up with that?

Jeff Lloyd [00:22:04]:
He talked about it, but yeah, Mallory.

Wes Moss [00:22:08]:
He actually came up with this visual. He probably used AI to do it.

Jeff Lloyd [00:22:11]:
Because it’s fascinating, the champagne effect.

Wes Moss [00:22:13]:
So it’s like, reminds me of a Great Gatsby party.

Jeff Lloyd [00:22:15]:
You’re pouring the champagne into the top of the champagne pyramid and it fills up, you know, the AI like that’s the first, that’s the sector to really benefit.

Wes Moss [00:22:25]:
But then you have star on the.

Jeff Lloyd [00:22:27]:
Champagne, you have this flow over effect that flows into different sectors of the economy. So you got, you know, power and utilities that are going to benefit from this. You got industrials, you got cybersecurity, real estate. So all these other champagne glasses are filling up as well. And it’s a champagne trickle down effect.

Wes Moss [00:22:47]:
It’s a ship. It’s funny, I don’t know, something about champagne makes it seem as though it’s fly by night, but I don’t think it is because we’ve gone from the direct artificial intelligence plays. Those are the folks that are selling the pickaxes, then the semiconductors, those are the direct plays, the cloud infrastructure companies. Then you mentioned all the adjacent industries. Connectivity, cybersecurity, power utilities. And then the third tier is really the entire economy. It should be healthcare and financial services and consumer products, legal and professional, retail, insurance, manufacturing. I don’t see how those larger sectors don’t have efficiency gains.

Wes Moss [00:23:36]:
Time will tell. We don’t know. I think back over the last year, how have we gotten more productive and what has that meant for our lives? And the answer is we’re still working the same amount, but I think we are producing more. We’re being able to be more in depth than we’ve ever have been. From a financial planning perspective. As an example, the ability to be able to really integrate planning and tax and estate altogether together, even helping families with healthcare. I don’t remember five years ago being able to do it that comprehensively and that holistically in that amount of time. So I think that we are seeing productivity gains in financial services and not to mention what I think are somewhat table stakes, artificial intelligence helping manage portfolios.

Wes Moss [00:24:33]:
At least from a perspective where you’re making sure portfolio portfolios are in balance. Artificial intelligence makes the ability to look at a larger data set and identify what needs to be rebalanced when. So there are a lot of efficiencies that have already been put in place. And I can’t say that we’re able to be working less, but we’re able to produce more and I think make a greater impact. And if you think about it economically, that is productivity that should lead overall to GDP growth, which is. It’s another one of our theses of 2026 is that all of that spending and and again fiscal stimulus that we’re going to see in the early part of next year because of tax stimulus on the way, tax refunds should be close to 520 billion in the first quarter of 2026, up from about 350 billion. Imagine that’s a almost 50% jump in tax rebates or tax refunds. And what do we know about tax refunds? They get spent, they go directly back in the economy.

Wes Moss [00:25:35]:
So if you look at that plus AI spending, fiscal stimulus, put it all together, really tough not to see 2 and a half to 3 and a half percent gross domestic product growth for next year here for the US Economy.

Jeff Lloyd [00:25:51]:
Now, like you said, you have the over half a trillion dollars coming back into the US economy and like you said, when people see that additional money come and hit their bank account, they’re going to go out and spend it.

Wes Moss [00:26:04]:
Then we also take a look at. Here’s the other catalyst that we don’t know when this is going to happen and I don’t see this happening necessarily next year. I still think it’s a while for housing to take off. We’re at the lowest rate of housing move we’ve essentially seen on record. It was something like only 11% of people moved last year, which is an all time low. The expectations for the Fed lowering rates, it’s not that dramatic. There’s still some rate cuts that are priced in. Will that translate to a lower mortgage rate? The jury’s still out on that.

Wes Moss [00:26:36]:
So we don’t know that just yet. So I don’t see housing taking off just yet in 2026. New Year’s resolutions. Jeff Lloyd, you put a lot of stock into those things.

Jeff Lloyd [00:26:48]:
I don’t usually. I can’t even remember what my resolution was in 2025, which tells me I probably didn’t have one.

Wes Moss [00:26:55]:
I remember that what you like to say is that you’re going to play more golf and you end up playing less golf. Maybe you should do adverse psychology on yourself and say you’re going to play less golf and maybe you’ll play more golf. Because you’ve said that like the last three years to me. I don’t even think you touched a golf club this year.

Jeff Lloyd [00:27:12]:
I probably played 18 to 27 holes somewhere. Not two full complete rounds. Probably that 1827 range.

Wes Moss [00:27:19]:
It doesn’t forget that I was like 18 holes, holes not enough.

Jeff Lloyd [00:27:24]:
So I will, I guess reverse psychology. I’ll play less golf in 2026. But I do want to more core pursuits. I want to travel more. And I’m not just saying this. I want to volunteer more, give back to the community more. How about you? I.

Wes Moss [00:27:40]:
Because I’ve been writing, I wrote the retire sooner method this past year and it’ll be coming out in 2026. I tend to because I’m always writing about this stuff and it’s reminding me of all the habits of the happy retirees which apply to people that are not retired. Like I’m not retired yet, but it still applies. And a lot of the habits of the happiest retirees, they’re already in the flow of doing these happy retiree habits before they stop working. So I’m constantly reminded about the research around it and it’s to me, I want to continue to do those five core things that are in the retire sooner method. The first one is a multi layered, I call it the financial green zones. But that is important to always be looking at. One of the main secrets of happy retirees and folks who are able to retire a little sooner has to do with core pursuit.

Wes Moss [00:28:43]:
So I’m always looking to expand that list just like you. And socialization is another huge component of a happy retirement that takes some effort, it takes some work. You’ve got to be willing to show up and if you don’t, if you’re not showing up, it’s not good for socialization, which is not only is it a happiness piece of the equation, but it’s a longevity piece of the equation when it comes to retirement. So those are just a couple of the core components of the retire sooner method. We’ll talk a lot about next year and the book will come out sometime in 2026 and I’m always writing about that. So I’m kind of always kicking myself to do these categories a little bit better every single year and I’m going to try to do that again. So it’s kind of, I have the, I kind of these rolling resolutions to get better at and we’ll see. But I’m going to say less golf this year too.

Jeff Lloyd [00:29:41]:
Me and you, less golf. And hopefully less is more every time.

Wes Moss [00:29:45]:
We’Re going to be play if we, if we ever play it’ll be like wait a minute, we supposed to be less golf. This we’re reverse psycholog ourselves.

Jeff Lloyd [00:29:53]:
But we did, we did get around in together this year.

Wes Moss [00:29:55]:
A huge thank you as we wrap up here to our Money Matters audience. If you’re headed to church or brunch or headed to see family or just on a drive and I’ve heard from a lot of people over the years there. Maybe you work nights and you’re driving home in the morning and you’re listening to Money Matters and WSB here on a Sunday morning. So God bless you for that. We wouldn’t be here without a listener base, so I’m so appreciative for that and I wish you a wonderful holiday season, a Merry Christmas and you can find our team of course easy to do so@yourwealth.com it’s Y-O-U r wealth.com enjoy the rest of your day and make Merry Christmas.

Disclaimer [00:30:41]:
This is provided as a resource for informational purposes and is not to be viewed as investment advice or recommendations. This information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. The mention of any company is provided to you for informational purposes and as an example only and is not to be considered investment advice or recommendation or an endorsement of any particular company. Past performance is not indicative of future results. Investing involves risk including possible loss of principal. There is no guarantee offered that investment return, yield or performance will be achieved. The information provided is strictly an opinion and for informational purposes only and it is not known whether the strategies will be successful. There are many aspects and criteria that must be examined and considered before investing.

Disclaimer [00:31:29]:
This information is not intended to and should not form a primary basis for any investment decision that you make may make. Always consult your own legal tax or investment advisor before making any investment tax, estate or financial planning considerations or decisions. Investment decisions should not be made solely based on information contained herein.