#105 – From Wall Street to Youth Sports: Markets, Money, and Modern Costs

Wes Moss [00:00:33]:
Youth sports. There’s legislation proposed around funding for youth sport as a tax incentive. Credit the tomorrow investors, a recap of the last couple of decades. National championship ticket prices tomorrow, the Verizon outage. Let’s just start there for two seconds. I don’t have Verizon, but I know people were just incensed this week.

Jeff Lloyd [00:00:59]:
I do have Verizon and I was with producer Mallory and walked into our office and was like, my phone’s not working. And she’s like, you know what? I’ve been trying to make a phone call for 15 minutes. And we both made the connection. Yeah. And tried to like turn our phone on and off again because sometimes that fixes glitches with technology. And we kept getting the same SOS message for about 10 hours. My phone was, can you hear me now? I can hear you now, but I could not hear you on Wednesday afternoon from about noon till 9, 9:30.

Wes Moss [00:01:36]:
And they’re going to compensate. Folks, think about how complicated that’s.

Jeff Lloyd [00:01:39]:
Each account they get 20 bucks.

Wes Moss [00:01:42]:
Is it going to be $20?

Jeff Lloyd [00:01:43]:
Not per line, per account.

Wes Moss [00:01:45]:
Do we know how many?

Jeff Lloyd [00:01:47]:
I’ve seen varying reports. I saw one and a half million customers, but I thought like it would be a lot more than just one and a half million customers. I hadn’t seen a final number.

Wes Moss [00:02:00]:
Most of the Northeast, the Southeast. So here’s one of my favorite charts that you printed this week. This just annualized returns of various asset classes from 1928 starting at the Depression to the year 2025. Inflation has averaged over that long period of time right on the dot at 3%, 3.0%. Interesting that the target for the Fed.

Jeff Lloyd [00:02:25]:
Not the 2% target, maybe it is.

Wes Moss [00:02:28]:
That they say 2, but they, they’re okay with a little higher than 2. Cash returns, which I would imagine is the short term treasury rate, has averaged 3.4%. So cash has beat inflation by a very small amount. Housing in America, Tom, has crept up even higher than that. 4.2%. Again, this is annualized average returns of compounded over time. Bonds have been four and a half percent. Gold at 5.6%.

Wes Moss [00:02:58]:
And then US equities right at an even 10%. Next chart. I love the the percentage of years the s and P 500 has drawdowns of certain categories. Minus 5 or worse, minus 10 or where’s minus 20 and this is just a great reminder. Minus 5% in any given year almost 95% of the time, 95% of all years, 10% drawbacks or worse 63% of the time and 20% drawbacks. Call those bear markets 26% of year. So one in four years on average we have a full blown bear market US Inflation category all items last report this is this was last week, not this past week but the last week the numbers came in. I would call this a Goldilocks report all in at 2.7% for all items.

Wes Moss [00:03:58]:
And it’s so we the Fed has inflation at least now under control to some extent. I looked at the month over month and the year over year numbers but as far as year over year really it’s electricity is the standard electricity and then gas and natural gas. So it’s the cost of energy. Now ironically gas prices are down 3 almost 4% over the past year. But the category itself is up because of the offset of gas only 2.3%. That’s inflation for the whole energy category. But if you’re using natural gas it’s up 11% over the past year. And then I think this obviously is the data center impact.

Wes Moss [00:04:44]:
I got a data center in my backyard. My electricity builds up almost 7% year over year and then pretty much everything else is I would say in line where you’re going to see. I think this is something that Americans feel because we all have to get repairs on our cars, whether it’s a tire or brakes or even an oil change. All of that just continues to go up Maintenance and motor vehicle repair five and a half percent. So continues to outpace inflation.

Jeff Lloyd [00:05:15]:
Speaking of motor vehicle repair, this happened to me after last Sunday Kate’s my wife’s car hit a deer deer through the windshield. So I will report back when we get an when we get an estimate back for motor vehicle repair.

Wes Moss [00:05:32]:
So we will have suv one of the big American suv.

Jeff Lloyd [00:05:35]:
She had a little sedan she was driving that’s scary that we were going to give to my daughter in six weeks when she turned 16. So I’m going to report back on the used in new car price inflation as well as motor vehicle repair. We will get some real time data here in the next couple of weeks.

Wes Moss [00:05:54]:
But the windshield stayed attacked just broke. It just it didn’t completely didn’t come through. That’s scary.

Jeff Lloyd [00:06:00]:
And the deer lived for those wondering.

Wes Moss [00:06:03]:
And ran away.

Jeff Lloyd [00:06:04]:
And ran away.

Wes Moss [00:06:04]:
Okay.

Jeff Lloyd [00:06:05]:
Flipped over the windshield, over the car and ran away.

Wes Moss [00:06:08]:
That was my first accident in my life. Was a deer on the backwoods of Pennsylvania going, you know, 16 years old, not really thinking about deers, and just went, yeah, it was, it was rough. I don’t think that deer walked away. The average 30 year fixed mortgage rate. This is great news for home buyers. That continues to come down. It was the last week was 6.1. Now it’s 6 point, almost down to 6.

Wes Moss [00:06:34]:
So that is some relief right now. The average 30 year fixed in America, remember, was well over 7% not very long ago, 7 and a quarter it got to 7 over 7. Almost, almost 8%. And today we’re down to just over 6%, which is a little bit of relief in the housing market. So you weren’t here last week, Jeff Lloyd, but Connor and I talked about all these new initiatives from the Trump administration. The 10% on credit card capping credit card rates at 10%. Again, it remains to be seen if this gets implemented, but this is certainly in the vernacular right now that this could be something happening. And maybe it’s easy to pick on the banks right now because we had a bunch of bank earnings this past week and these banks are earnings from these banks.

Wes Moss [00:07:25]:
Not all of them beat their earnings reports, but revenue and earnings still have gone up tremendously. Net interest income up 7% year over year for JP Morgan, their trading revenue up 7%. Citigroup, the net interest income up more than 14% year over year. M&A fees up 30%. Goldman Sachs 12%. Overall earnings up 12%. Morgan Stanley, same thing, 50%. Surge in investment banking.

Wes Moss [00:08:01]:
These banks are doing really well. Bank of America profits up 12% year over year. Net interest up 10%. So financials have had a, had a really good year last year.

Jeff Lloyd [00:08:11]:
In addition to the actual earnings reports from the banks, it’s also interesting to hear management commentary when they talk about the U.S. economy and specifically the U.S. consumer. And one of the recurring themes in listening and reading to these earnings transcripts and reports was the US Consumer is still on good footing and really seeing no signs of slowing down.

Wes Moss [00:08:38]:
All right, well then you just gave me a cue to where we’re headed next. I know you want to get to youth sports. I know you do.

Jeff Lloyd [00:08:45]:
I’m chomping at the bit.

Wes Moss [00:08:47]:
You want to get to youth sports. And I do too, because I want to go on this. This is I’m going to try to keep it. Not a tirade, but I almost a tirade. Where we’ll go next then? And we’ll just skip over. Well, there’s, there’s not much to say here. But the, the national championship game tomorrow, $3,000 for the cheapest ticket. If you want to go down to Miami and watch Indiana play Miami, well.

Jeff Lloyd [00:09:13]:
Of course you have a home team that’s playing in the venue. You have the Miami Hurricanes playing at Hard Rock Stadium in Miami. So you’re going to get increased demand.

Wes Moss [00:09:22]:
And Those tickets are 10, 5.

Jeff Lloyd [00:09:25]:
Yeah, I’ve seen some 20,000 plus. What’s also funny is a ticket in the inflation report. One of the line items is admission to sporting events. And the last report said that ticket prices were down 7.3% year over year.

Wes Moss [00:09:45]:
That’s going to change next point. That number is going to be very different.

Jeff Lloyd [00:09:48]:
They aren’t factoring in that national championship game tomorrow.

Wes Moss [00:09:51]:
They’re not at all. So speaking of the consumer, and this is a larger story about it, so it just doesn’t surprise me, you continue to hear the consumer is in pretty good shape. Yet you also hear that we’re in a K shaped economy and affordability in the United States is probably the biggest political word right now. Both parties are trying to figure out how to solve affordability because the world does feel pretty unaffordable yet. Wait a minute. But why do people continue to spend, where is the money coming from? And the reality here is that if you look over the last couple of decades, the middle class has technically shrunk. But what’s interesting, if you really look at the numbers, and this is new research out by, ironically, both a Democrat and a Republican. Now, it doesn’t say that, but you can tell, you look these guys up, Steven Rose and Scott Winship.

Wes Moss [00:10:48]:
One is clearly right of center, one is clearly left of center. And they both study social and the labor markets, social class research. And I would say they have a really good eye on essentially what counts as low income, middle class, high income or wealthy. And they make a very, very strong and compelling case that yes, middle class is shrinking, but it’s not because people are getting poor. It’s because people are getting richer in the United States. And this is even on an inflation adjusted basis, the middle class is shrinking because people are moving up into the upper middle class at record rates. So Here are the numbers. 19, this is from 1979 through 2024.

Wes Moss [00:11:39]:
Back then, 10% of families were upper middle class and 54% or below the core middle class. Today, 31% of families are in upper middle class. So it’s tripled. 31% of families are upper middle class. And I think the reason we ended up on this topic is that we’re saying the consumer seems to continue to plow forward even though affordability is a problem in America and we all feel it and we’ve seen our electricity bills go up literally 7 to 10% over the past one year. It feels like funding a 529 plan if you need to fix anything on your car. So the world is expensive. But here are the definitions of what this research paper did, by the way.

Wes Moss [00:12:24]:
A Democrat studying social utility and social class and a Republican together. They published it together. So that’s why I put some.

Jeff Lloyd [00:12:33]:
So we can call this nonpartisan.

Wes Moss [00:12:34]:
I’d call it nonpartisan. It’s for the, it’s American Enterprise Institute. Say what you will about their leanings, but this to me, these are two real researchers. So here are the categories poor is under. This is a household family of three is what this is defined as the poor or near poor, $40,000 or under. Then the lower middle class they define as 40 to 67,000 a year. The core middle class in America, 67,000 to 133, I think it’s hard to argue that number. And then the upper middle class, 133,000 a year, up to 400,000 per year.

Wes Moss [00:13:13]:
Again, that makes sense if you’re making 150 grand, which is the low end of that range. There’s a lot of things you can do with it in America. You, you’re not, you’re not living paycheck to paycheck. And that’s a big range, 133 to 400 and then over 400 is considered. That’s the wealthy group. Well, here are the numbers though, again comparing where we were almost, let’s call it, what, 45 years. 45 years to today. By 2024, 31% of families are upper middle class.

Wes Moss [00:13:45]:
So that is up from 10. So that’s triple, which is a very big number. The core middle class shrank from 36 down to 31. The poor or lower middle income class shrank even more than that. And the upper middle class, the 133-400K that is exploded. Now here’s the other question, and I know affordability is a problem in America or that gets headlines. But if you look at real, which means inflation adjusted income, this is considering inflation. There are big gains across the entire income distribution.

Wes Moss [00:14:23]:
Even Lower income families are 30% better off they were in 1979. Median family income again adjusted for inflation, up 52% since 1979. If you look at even a more realistic picture of inflation of what people can really afford, looking at utility of what people can afford today, median income Is up nearly 80% inflation adjusted over that period of time. The middle class is shrinking. It’s because people are getting, they’re earning more and they’re moving up more. Money matters straight ahead. 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.

Wes Moss [00:15:19]:
If you’d like a financial advisor to help you tackle the trickier questions that need answers, reach out to our team@your wealth.com that’s why you are wealth.com for our listeners, we’re starting with a spinach, then we’re moving to the candy. You know we mean by that is that we’re going to start with a bunch of numbers for folks who want to get deep down and what markets are doing. Then we’re going to get a little lighter spinach. Maybe we go to a creamed spinach and then we go to dessert when we talk about youth sports. So first, this is something that is very much, it’s happening today and just year to date and still a very young year. But if you look at where markets are right now, there’s been a big difference between small caps and large caps this year, meaning that if you go back over the last three years, large caps have been the place to be. The S&P 500, which is very, very large cap 80, about 80% over the last three years. And the Russell 2000 index, which is that’s a small cap index, is up only about 40.

Wes Moss [00:16:23]:
So large cap companies have almost doubled the return of small caps. Now over time, we know if you look over the long arm of history, small caps have done even better than large. And that has not been the case over the last couple of years. But all of a sudden now here we are in 2026 and small caps are up 6 and 7% s, and P500 is more like 1 to 2%. So now that’s, it’s very early and I don’t know if we can call that a trend just yet. But this year that’s a big difference between those two categories. What’s also fascinating and probably not a shock to folks is that what actually constitutes a small mid and large cap company is very different today than what it used to be. If you go back over, let’s call it 10 years and I’m looking at the S&P 500, which is large cap, and then the Russell 2000, which is, which is a small cap index.

Wes Moss [00:17:20]:
The average market cap has. Well, at least today, let me go back and let me find last year. Well, 10 years ago, median S&P 500 stock was 18 billion. Today it’s 35 billion. 10 years ago, the average S&P 500 company average again, that skews higher, 50 billion. Today the average S&P 500 company is 100 billion. So here are, I would say the new categories and this has changed over time. But small caps have really are the 5 billion and under 5 billion to 500 million.

Wes Moss [00:18:02]:
Mid is 5 billion to 25 billion. Large cap is 25 to 300 billion. And what’s still in the large cap category, I would call this mega cap is the 300 billion to over 3 trillion. And the reason this is important is that we all have. If you Open up your 401k account and you have, you look at the choices, you’re probably going to have a large choice, one that’s small, one that is mid. And I think it’s just a reminder to investors, just because we’ve seen really great performance over the past three years for large relative to small doesn’t mean that small caps are down on the mat and are never going to come back on a relative basis. And that’s partially what we may be seeing this year, is that they have a lot of room to play catch up. Valuations for small companies were lower going into this year.

Wes Moss [00:18:50]:
They’re not as richly priced as the giant large caps. So it’s important to understand that there is a big difference between the two right Now. S&P 500 Again, average market cap is 100 billion. The average market cap for the Russell 2000, it’s about 5 billion. Very different profile companies. That doesn’t mean they’re not relatively high profile. I look at Jeff Lloyd. Do you know the Keurig Dr.

Wes Moss [00:19:16]:
Pepper? Have you ever heard of that company?

Jeff Lloyd [00:19:18]:
I’ve had a few Dr. Peppers myself, so yes, I’m familiar with the company.

Wes Moss [00:19:22]:
Have you had a Dr. Pepper? Those are this like, tastes like syrup to me. I cannot drink a Dr. Pepper.

Jeff Lloyd [00:19:27]:
My kids love it too, so we keep it handy in the house.

Wes Moss [00:19:31]:
The reason I picked this it is if you Pull up a list of the S&P 500, which I did the other day and you go to the 250th stock, smack dab in the middle. It’s Keurig Dr. Pepper. It’s a massive company, but when it comes to actual size it’s only 37. Only.

Jeff Lloyd [00:19:50]:
Only 37.

Wes Moss [00:19:51]:
$37 billion. This is a company that’s Dr. Pepper, Canada Dry, Mott, Snapple, AW7UP, Sun Kiss Squirt, Hawaiian Punch, Yoo, they do Yoohoo, Vidic Vita Cocoa. And of course the Keurig side is the little coffee cups that we all know, that we the world knows. Then you look at Microsoft, which is I think number three. Microsoft is about three and a half trillion. So that means that it is 100 times larger than Keurig Dr. Pepper, by the way, smallest company.

Wes Moss [00:20:28]:
And again, this can change in any given day. But number 500 on the list when I was checking the Campbell’s company again, another national and global brand, Campbell’s Soup is the smallest company in the S&P 500 at a measly 8 billion. 8 billion.

Jeff Lloyd [00:20:45]:
That’s really wild when you just think of the size and scale of some of these mega caps. Microsoft is a hundred times the size of Kerad Dr. Pepper. That’s wild to think.

Wes Moss [00:20:57]:
And it’s not that these are unknown companies in the Russell 2000. If you look at some of the names in the Russell 2000, Carvana, Rocket Labs, some of the big defense companies are again, by market standards they’re small defense companies. Bloom Energy, Abercrombie, everyone knows Abercrombie and Fitch. So these are Guardian Health. These are not small companies. They’re just small on a relative basis. And I just wouldn’t ignore them in our diversified planning over time. That’s the new version of large caps.

Wes Moss [00:21:35]:
Much bigger from them when I entered into this business. The next topic here, I don’t know if we’re going to have a lot of time with you. Sports, Jeff Lloyd.

Jeff Lloyd [00:21:46]:
It could be a whole series on money matters.

Wes Moss [00:21:48]:
We could could be a whole hour. But here we are in the beginning of the year. What is helpful to investors. We are bombarded daily and it’s news I would say is 99% negative. There’s no reason to even put good news out there. So it’s nobody’s read. Nobody reads it. So everything we read is negative.

Wes Moss [00:22:09]:
And I get it if I were a reporter, same thing you report on house fires you don’t report on. Look how great this lawn looks. The guy bob down the street just mowed his lawn. It’s beautiful. Today nobody even cares about Bob’s lawn. People want to know about the fire in the neighborhood, and that’s the financial media. And I get it. So we’re bombarded minute by minute and we rarely take a step back and look at the bigger picture, the longer arm of history, the army of American productivity.

Wes Moss [00:22:39]:
And that is the most important thing to recognize as an investor makes us way better investors if we can zoom out. So if you just take here, we just finished up 20, 25, you look back at, let’s call it decade mile markers 75, 85, 95, 05, and last year, you get a sense of the progress that we’ve seen in the United States. God forbid this is good news. But if you just look at the population of the United States, the production of GDP, prices of the S&P 500, and then paychecks, dividends. So people, production prices, paychecks, and you check in every decade, you can’t not see the progress.

Jeff Lloyd [00:23:19]:
You’re not checking in every hour, every day, every week, or even every year. You’re taking a little bit longer of a viewpoint.

Wes Moss [00:23:26]:
This is Rip Van Winkle. He’s asleep for 50 years. He opens up his eyes, looks at the world for 10 minutes and goes back to sleep. So Wink wakes up in 75. US population’s about 215 million people. I’m rounding here world the 215 million GDP of five and a half percent or five and a half trillion. So still a trillion dollar economy. Back in the 1970s, the S&P 500 was at 90.

Jeff Lloyd [00:23:52]:
Jeff Lloyd when we saw this number, we were like, is that looks like a type 90?

Wes Moss [00:23:57]:
90. The dividends of the S&P 500. Just shy of four bucks for the total aggregate dividends for the S&P 500. And again, same things. Inflation back in the 70s, Vietnam just ended, political turmoil, oil shock, etc. A lot of bad things happening. Wasn’t necessarily the golden age, but you get to 1985, Rip Van Wickle opens the eyes. Okay, how we doing? Well, now we’re at about 240 million people.

Wes Moss [00:24:21]:
GDP is now at almost at 8 trillion from 5 and a half. The S and P is now at a whopping 210. Now dividends are 8 bucks in aggregate. So we went from 4 bucks in dividends to $8 in dividends in just that one decade. Now we got, is there more progress by 1995? Of course, now we’re 265 million people. Real GDP is at 10 trillion in the United States. Now we’re getting somewhere. S&P 500 at 600, about 615.

Wes Moss [00:24:52]:
Dividends now at $14. Remember, we were at 4, then we were at 8. Now we’re at $14 in aggregate. Now we’re going to 05. We go to 2005. Now. US population hits just shy of 300 million. GDP at almost 15 trillion.

Wes Moss [00:25:10]:
Now we’re at 1250 on the S&P 500, and dividends are at $22.

Jeff Lloyd [00:25:16]:
Jeff Lloyd, still going in the right direction.

Wes Moss [00:25:20]:
2015. And this is what happens between 05 and 15. The great financial crisis. It was a disaster. The worst economy we’ve had in the last, call it 50 years, but the population still grew three and a quarter. 325 million people. GDPs at 19 trillion. S&P is at 2000.

Wes Moss [00:25:42]:
So wait a minute. Does that mean it went up? Absolutely, it went up. Dividends now at $43. And that is through the dark days, the very long period of time. That was the great financial crisis. So the question then is, where do we. If we’re still zooming out, we get to 2025, where we are now. Now we’re at 343 million people in the United States.

Wes Moss [00:26:12]:
We’re at GDP at $24 trillion in the United States. S&P flirting with 7,000 on any given day of the week. And dividends about $80 per year. We started at 4, 4 and now we’re at 80. So just think about that growth over that period of time. The army of American productivity. From 75 until today, the world population doubled. US population up about 60%.

Wes Moss [00:26:41]:
The economy more than quadrupled. So productivity had to go up dramatically. Stock market up about 75 fold. Dividends 20x or 20 fold. And just let that breathe for a second. That’s serious progress. That’s the army of American productivity. That’s the kind of thing you want to be thinking about when you’re putting new money to work over time.

Wes Moss [00:27:10]:
Is this thing going to grow? Is this apparatus going to keep getting bigger? I wouldn’t bet against it. Youth sports has made it to Congress. Youth sports made it into the Moss household long before that. And I know that the Lloyd household as well.

Jeff Lloyd [00:27:29]:
Youth sports has made it to the Lloyd household as well and has been there for years.

Wes Moss [00:27:34]:
Some of my favorite videos are when I see, you know, Hunter hitting a home run, like once in a while, there’s a highlight. I love seeing those. And I’ll. I’ll show you. I’ll give you a highlight.

Jeff Lloyd [00:27:45]:
I’ve seen a couple of Jake on the lax field.

Wes Moss [00:27:49]:
Yeah, it’s, it’s pretty funny. And this maybe I’ll sum it up for. And if you’re a parent or a grandparent. Both. We all know this now in the, in the family and your grandkids, your kids are playing sports. They maybe have been playing some rec ball, but they’ve probably been pushed into travel ball, elite ball. Here’s what you would hear in 1990. Yeah, my kids play rec ball.

Wes Moss [00:28:13]:
Yeah, they play rec ball over here in 2005. If your kids play recall, what do you say? They just play rack. It’s just rack. It’s not travel. That’s. That is the difference between today, in the good old fashioned 1990s, youth sports in America and now supposedly to here’s what’s happened, that it’s become a business. It’s always sports, always been a business, but it is now a $40 billion industry in the United States. And we have seen the migration from less and less opportunities within rec sports because the enterprise of sports is a profitable entity and it’s become travel sports.

Wes Moss [00:28:58]:
And there’s real money that gets made there. Private equity funds own travel teams. They do that for a reason. Private equity funds don’t buy crappy businesses. They buy great businesses with huge profit margins. So that’s all you need to know that you know it’s a good business if private equity is buying it. If you have two kids and they’re playing organized youth travel Sports today, minimum five grand. It’s probably 10 grand just on your annual fees, tournament fees, uniforms, coaching, registration, you start adding in hotels, travel costs, flights, all of those things, you’re talking another 10 or 15 grand.

Wes Moss [00:29:33]:
So you’re 25. If you have a couple of kids doing this, you’re 20, 25, $30,000 a year for sports. And Congress thinks that’s a problem.

Jeff Lloyd [00:29:44]:
I’m laughing because that estimate includes uniforms. My son has a baseball team. Do you know how many different uniforms they had for one season?

Wes Moss [00:29:53]:
Oh, really?

Jeff Lloyd [00:29:54]:
This is no, 10. 10. 10 different jerseys and pant combos. Four different hats too.

Wes Moss [00:30:02]:
So here are the stats and this is why Congress is incensed about this. Now, in fairness, I don’t. I didn’t do a super deep dive on why they’re talking about it. Meaning who pushed them to talk about. Could be my initial thought was a dad was just mad about this. Or it could be the sports lobby that’s saying we want more funding from Congress for youth sports. 70% now of kids quit organized youth sports by the age of 13. Participation among kids 16 to 17 is now 55%.

Wes Moss [00:30:35]:
It was 61% six years ago. That’s a giant, giant number. And it’s because costs have exploded. The pressure of the play has exploded. Early specialization. Hey, kid, you got to pick a sport by third grade if you want to be in this travel league and pay three to five grand a year before travel. So now there’s the proposal. It’s called the PLAY Act.

Wes Moss [00:31:00]:
Proposed youth sports expansion where families would get four grand for their first kid playing and up to seven grand for two kids as a tax, some sort of tax credit if they’re spending money on sports. I wish we had more time on this. I think it’s going to make the problem even worse. It just means more money is going to go into esports and everything’s going to end even more expensive. And that would be a shame. That would mean less kids playing, not more. We got to wrap it.

Jeff Lloyd [00:31:28]:
Well, we don’t have time. I. I have to go to the gym for a volleyball tournament, so. Travel tournament.

Wes Moss [00:31:33]:
You sports. All right. You’ve been listening to Money Matters. You can find me and Jeff Lloyd. It’s easy to do so at your wealth. That’s why wecom. We’d love to hear from you. Have a wonderful rest of your day.

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