#74 – From Will Ferrell to Wall Street: What 2025’s Wild Financial Headlines Could Mean for Your Money

Connor Miller [00:00:53]:
Yeah, man, thanks for having me on. It’s great to be on, great to be in. Summer days by the pool, lake days.

Wes Moss [00:01:01]:
That’s all it is, just hanging out.

Connor Miller [00:01:04]:
I’m so envious of my kids.

Wes Moss [00:01:05]:
I know it’s, it’s pretty, it’s got to be good. I don’t know if I’ve told the story on Money Matters, but I have. I have not. It’s the last. It was last weekend I went to the driving range at Bobby Jones. I’ve told you the story, right?

Connor Miller [00:01:19]:
Yeah, yeah.

Wes Moss [00:01:20]:
The just. It’s most interesting because I’m so interested in how uninterested my teenager was about this. My 13 year old was. We’re trying to find a bay up at the, this Bobby Jones big public golf course. And they have a great driving range, but it’s always super crowded. You can never get a bay. And we’re kind of lingering behind people waiting for the finish. And this guy and a hat and sunglasses and a kind of a sagging knee brace that’s falling down, goes, hey guys, you can come, hey guys, you can come over here.

Wes Moss [00:01:52]:
He points to my 13 year old, brings him over to the bay. And so my son goes over and starts getting set up. He’s just so excited to have a bay. And meanwhile the guy, as he’s walking out, he kind of, he looks at me and I was like, oh, hey. I was like, oh, hey, hey, bud. And I didn’t say, I know you, but I just awkwardly said, wow, hey, how you doing? And he goes, I was wearing one of those cricket polo shirts. And he goes, well, I love these cricket shirts. And I said, well, they’ve got great marketing because this guy does marketing for cricket shirts.

Wes Moss [00:02:26]:
And so then we started chatting a little bit about golf. And then I said, I said to my son, I said, come on, come here. And like just, you know, I’m like, do you know what this is. He said, oh yeah, that’s Connor Miller, isn’t it? Was he somebody from your work or one of your buddies or whatever? And after about two seconds he realized, wait a minute. Oh, that’s Will Ferrell. And I probably told everybody in the office this one. But throughout the week, and I, and I later this week, I said, Jake, did you, how many did you tell your buddies? We ran and chit chatted with Will Ferrell. He goes, no, I never told anybody.

Connor Miller [00:03:01]:
They don’t care.

Wes Moss [00:03:02]:
I don’t care. I don’t know what that is. I was like, I see him in the movies. I mean, what’s the big deal?

Connor Miller [00:03:07]:
I’m thinking, like there’s fewer people who you would rather run into than Will Ferrell on the driving range. Correct. Gotta be one of the coolest, funniest guys.

Wes Moss [00:03:16]:
It is. And he was super nice. And the, and I can just imagine what it would. It just the. Now granted, he had been there probably for a while. And I asked the guy next to us, did you know that, well, this is just Will Ferrell. And he said, I had no idea. And the guy had been, you know, banging balls for probably 45 minutes, had no clue.

Wes Moss [00:03:38]:
So maybe he can go 45 minutes at a time without getting pulled over and recognized. But anyway, we, we got a lot to talk about. Speak. That was my story of the summer. Is nice. It’s great to be able to go and play a little golf. My kids have been doing that. So Anyway, I’ve got 10 headlines this week we need to cover.

Wes Moss [00:03:56]:
Not all of them are great, so they’re mostly economic related. And then we, we can talk about housing because it really ties into the theme around inflation. First time home ownership is getting harder and harder. And then home inflation, because we just got an inflation report on Thursday, is always one of the biggest variables. It’s about a third of overall cpi. So we’ll start with this. And then this relates back to the political savoring between President Trump and Fed President Powell. But here’s the first headline.

Wes Moss [00:04:28]:
Trump calls Fed Chief Powell numbskull as he urges interest rate cut. I think it’s the best. That’s the funniest headline of the week. So we’ve seen this all year, really, where the White House wants lower rates. Trump’s a real estate guy, so he wants lower rates, naturally. And Powell, chairman of the Fed, just says, look, I’m not gonna, I’m not gonna lower rates until I, I think we, I need to. And you brought up the really interesting point. This week that without the tariffs, Powell probably would be lowering interest rates.

Connor Miller [00:05:04]:
I mean, that’s the irony of all this.

Wes Moss [00:05:06]:
Even though, even though the inflation numbers are really benign, they came in at 2% this week or 2.3%, which is really not that bad, 2.3%.

Connor Miller [00:05:14]:
I mean, my takeaway from all this is now we’ve gotten a few really good inflation prints and really for the last year, inflation has been pretty tame, at least on a year over year basis. Is that absent the conversation around tariffs being implemented, the Fed is probably cutting right now because inflation has given them enough cover, probably to be cutting. What they’re waiting for is really to see what the effects of tariffs are going to be on prices.

Wes Moss [00:05:42]:
Yeah, the proponents that are saying, sure, CPI was only 2.3%, which is low. What the inflation hawks are saying is that, well, the tariff numbers really haven’t materialized just yet. It’s still a little too early. Here we are in June, it’s probably a little early to see the impact on prices, but tariffs, that’s been a couple of months. So it’s not as though we haven’t been collecting tariff revenue. So that’s our first line headline. Maybe I go right to the last headline because Wall Street Journal had an interesting article this week that talked about how much money the US has brought in from, or at least the government has brought in from tariffs. So US tariff revenue over the last two months has been almost $40 billion.

Wes Moss [00:06:31]:
Connor, 37.8 billion in April and May. It started to ramp up in April 5, almost $16 billion in tariff revenue. Then in May, $22 billion, which is a 42% increase from April. So this is real money that’s going into the coffers of the US Government. And even though the Wall Street Journal breaks it down by country, so it says the primary sources of tariff revenue, China, which is a huge, huge piece of this. So out of the 37 some billion, they’re 23 billion. China, Hong Kong on newer tariffs, 7 Mexico only 2.9. Steel, aluminum, 2 billion automobiles 1.2.

Wes Moss [00:07:11]:
So if you, if you’re looking at where it’s coming from, I think it’s wrong to say it’s coming from China because it’s really US importers paying the tariff.

Connor Miller [00:07:21]:
Right.

Wes Moss [00:07:21]:
The goods are coming from these countries and then it’s the US importer that is having to pay that, that tariff.

Connor Miller [00:07:28]:
And remember this lines up with what we’ve been saying now for a month or two is that you slap a 10% universal tariff on we import about $3 trillion worth of goods. It’s about $300 billion worth. And so you’re starting to see that money come through, which also means that.

Wes Moss [00:07:45]:
Prices overall would go up not 10%, but 10% of that 3 trillion, which then in the course of a $30 trillion economy, that’s how economists are getting to that. Well, Maybe tariffs add 1%, 1 to 2% to CPI, which is, is a big number when the Fed’s really trying to keep it at that target rate of 2. We’re still floating a little higher than that. So the second headline again is the May 2025 inflation breakdown chart. And this one’s really interesting too. And I think that there, there’s some problems with this. It’s funny, I’ve been reading different economic reports over the last week that like to talk about the problems with data collection and that the US labor market is, we’re not getting the right, we’re not getting enough survey data back to get accurate job reflections. Again, this is coming from Don, economist Don Rismiller, who’s been saying that the number of respondents and the people that are answering the phone and I don’t know exactly how these do they do these surveys.

Wes Moss [00:08:45]:
I know they do it via phone, but do they, I don’t know if they do it via text as well. But it’s still, the BLS is still reliant on calling and saying, hey, do you have a job? If you don’t, do you want a job? Are you looking for a job? And the numbers have gotten smaller and smaller of people responding. So you can argue that the margin of error in these job numbers that we’re getting would, would be going up. I would argue that the inflation numbers, I don’t know how accurate they are because here we get a print of 2.3%. Shelter supposedly is about a third of all CPI consumer price index and inflation shelter supposedly is up 3.6% year over year. Yet you bring up the point, Connor, that we can look at rents, we can look at Zillow and really BLS is looking for rental data because it’s owner equivalent rent. And what are, what are rents in the last two to three years?

Connor Miller [00:09:43]:
So it really depends. Yeah, it’s flat. If you look at Zillow, you look at apartment list, it’s basically flat. Whereas the way the Bureau of Labor Statistics does it, again, it’s very survey based. They ask, they ask homeowners, how much do you think you could rent out your house for? And that’s how they get the year over year change there.

Wes Moss [00:10:01]:
And in fact Zillow rental prices are even down year over year. Last year they were at 2100 for the average rental property. Now it’s down to $2,100. So it’s gone in the going in the opposite direction of inflation. And even if you look at the case Shiller Home price index, which measures home prices, again, ironically, inflation doesn’t measure the actual price increase of homes, but that’s only at about 3.4%. So how can rents be flat to negative? And housing prices are not even up 3.6% yet the whole sector supposedly is contributing that to inflation. It just seems 3.6% for shelter seems way off to me. But look, I’m not at the bls.

Wes Moss [00:10:48]:
I’m just saying I think the inflation numbers, even though they say Overall we’re at 2.3% could be even lower than that.

Connor Miller [00:10:54]:
And historically that is a, it’s a lagging index. It’s not just a current phenomenon. You go back and look at the data the way that the BLS does, it usually lags the real time data by about a year and a half. Six like 16 to 18 months.

Wes Moss [00:11:09]:
The usual suspects, food at home. Number three on the list, uncooked grand ground beef. Number two, roasted coffee. And number one on the list with a 41% increase year over year. I thought this, that eggs were calming down.

Connor Miller [00:11:27]:
I thought so too.

Wes Moss [00:11:28]:
Number one still eggs, 41% year over year.

Connor Miller [00:11:33]:
They just went up so much that even them coming down over the last couple months, I guess they’re still up 41%.

Wes Moss [00:11:39]:
That has been happening, right? The food away from home. Number one on the list, vending machines, 5.4%. And let’s see here, they’re measuring school food here too. So it looks like food at school is up almost 4%. Do you ever use a vending machine?

Connor Miller [00:11:57]:
I was just thinking about it. I can’t remember the last time I used a vending machine.

Wes Moss [00:12:00]:
It was funny. Was it? I can’t even remember. This was in. I was in Rhode island or some lacrosse travel trip and we were at the rental car line forever. Which by the way I learned this. I probably should have known this from Clark Howard, but if you book within 24 hours at a place like Enterprise, you have to stand in line and check in. If you’re before the 24 hour period, you don’t have to check in. You can just do it through the app and go right to your car.

Wes Moss [00:12:27]:
Anyway, so I’m standing there forever and there’s this vending machine that is covered, wrapped like a bus with an advertisement. It’s super healthy food. This is breakfast and it’s joy and it’s health, nutrition, clean. And I thought, oh, interesting. I wonder what’s in there. Twix, Skittles, you know, minute made juice. It’s 99% sugar. Anyway, no such thing as clean vending machine food.

Wes Moss [00:12:58]:
Number four on my top news headlines are number three. Welcome to the start of a bull market.

Connor Miller [00:13:06]:
New bull market.

Wes Moss [00:13:07]:
Yeah, A new. Welcome to the start of a new bull market. According to the Carson Group, Tom, they’re saying that because we’re up 20% from the lows of the recent sell off, this is now the onset of a new bull market. What do you, what do you think about that? Because I, I’m in the camp that I. We had a bear market which would, I would agree with Carson because we got into a bear, now we’re up 21. Now we’re in a new bull.

Connor Miller [00:13:34]:
Remember not to harp on this. We only, we didn’t hit 20 as of the close, it was only intraday.

Wes Moss [00:13:40]:
We were down almost 21.

Connor Miller [00:13:41]:
Technically speaking, we didn’t hit the bear market.

Wes Moss [00:13:44]:
You’re saying we never got into a bear market?

Connor Miller [00:13:46]:
I would say we are still in the bull market that started October of 2022.

Wes Moss [00:13:53]:
You think we never left?

Connor Miller [00:13:54]:
Never left.

Wes Moss [00:13:54]:
It was a, it was. Plus big air pocket.

Connor Miller [00:13:57]:
Even if we did, it’s, it’s a technicality. We were down that much for one day and then a couple days later we had, we had the tariff pause.

Wes Moss [00:14:06]:
When it comes to market stats, technicalities are all we have. Isn’t that true? I agree with you. But what I think is most interesting here is when you’re looking at the length of bull markets. Well, we look at the length of both and I think that what is instructive for investors is to understand and particularly what you have the last couple weeks, really. May was such a good month for markets. One of the best Mays we’ve ever seen. We’ve had several. June has been pretty solid.

Wes Moss [00:14:35]:
Lots of really lower volatility. A lot of up a little bit days, which I love. Just up a little bit. Up a tenth of a percent, up a quarter of a percent. But I think that naturally investors start to think, wait a minute, we’ve had quite a rise. Is it gone on too long and you’ve got some statistics around that.

Connor Miller [00:14:55]:
Yeah. And so just to put this in context, the current bull market, if we are still in a current. In the same one, we’re up about 69, let’s call it 70% off the low in October of 2022. So we’re about a little over two and a half years.

Wes Moss [00:15:11]:
People tend to forget that we had a bear market in 22 because we had a really bad bear market in 2020.

Connor Miller [00:15:16]:
Right. But we were down 25% and so we’re up 70% since the low. What really helps is putting this in the context of other bull markets. Historically, bull markets have lasted anywhere from two years to call it 11 years. But the average is about five years and over that time markets return about 175%. And so I don’t think it’s out of the realm of possibility to say that this bull market could continue to have legs from here. In fact, history would indicate that, that there’s a good likelihood of that.

Wes Moss [00:15:51]:
How far in are we? Are we two and a half years in.

Connor Miller [00:15:56]:
Yeah, two, two and a half years would have been April. So into.

Wes Moss [00:15:59]:
So a little over two and a half years into what Connor Miller says is still a bull market, not a new bull market, which over the course of history on average 5. That means there could really be some time as Connor says history would suggest there’s more time to go and there’s more room for the bull to run. More money matters straight ahead. Hi, it’s Wes Moss. May’s mayhem is behind us and June is in full bloom. Spring brings milestones like graduations, weddings and even new homes. It’s also a time when you might be thinking about retirement. If that’s you, visit our team at Capital Investment Advisors.

Wes Moss [00:16:44]:
We’ll work with you to craft an income focused portfolio designed to deliver a reliable paycheck in retirement. Get started@your wealth.com that’s y o u r wealth.com Connor. We were talking during the break a little bit about power and one of the headlines. We’ll get to our next headline. We’ll come back to the Jaws headline because I know you want to talk about that but so this is a headline. Equity signs a 10 year gas deal with Duke and Southern. So what is this about? This is about one of the largest US gas natural gas producers just did a deal with signed two massive 10 year supply agreements to deliver one point and this, I never really can visualize what this means, but 1.2 billion cubic feet per day of gas to Duke and Southern starting in 2027.

Connor Miller [00:17:37]:
Well, yeah, and we’re Duke and Southern.

Wes Moss [00:17:38]:
It’s looks like a big number Duke.

Connor Miller [00:17:41]:
And Southern, Southeast kind of all the way up, halfway up the Atlantic towards the Virginia area. What’s driving this?

Wes Moss [00:17:47]:
So the article says that we’re talking about a. A broader shift in utility infrastructure to meet escalating electricity needs in the Southeast, which is. That includes us here in Georgia, Alabama, South Carolina, North Carolina. So we’re seeing one of the most stable charts you’ll ever look at is the growth of energy needed in the United States. It’s uncanny at how placid that is. And I remember this. One of the more shocking statistics, but not shocking, but shocking because it wasn’t shocking, is that power usage in the United States actually went down. I think it was something like 2% or 11 1/2 percent.

Wes Moss [00:18:29]:
It’s the first time we’ve seen that. It’s just because it’s this remarkably steady, on average, the amount of power we use every day over the course of time, or particularly over, call it a full month. And we’ve got this really low growth rate. It’s 1, 1.5%, 2% power growth per year for years. And now all of a sudden, we’re starting to see that accelerate in a meaningful way for the first time in a very, very long time. Barron’s had a. I think we started talking about this maybe last year where Barron said that we could see nearly double the growth in power needed in the United States. And it’s hard to fathom that until you look right in front of you and you realize that there’s 8, 9, 10 different machines in this studio, and they’re all computers, and all those computers need electricity and they need power.

Wes Moss [00:19:23]:
And a Google search uses 0.3 of a. I guess a WH is just a watt, so it’s a, let’s say 3 watts. But an AI search, whether it’s AI, Google, or a GPT search, utilizes anywhere from 10 to 30 watts. So you’re talking about anywhere from 10 to 30 times more power that’s needed. So 10 to 30 times more electricity needed. So I’m sorry, so 0.3 of a watt versus 3 to 10 watts, right?

Connor Miller [00:19:57]:
Kilowatt hours.

Wes Moss [00:19:58]:
And imagine if every single computer in your life, all around the studio, all around your house, all around the country, all of a sudden a little muffler on it and it starts just putting out a little emission, because that’s the reality is that these things, you don’t see it, you just feel a little heat on the back of your computer. But now the world has this massive jump of the utilization, and it’s maybe not coming directly from your computer but it’s going back to the data centers where all that work is being done obviously comes back to you here on your PC. But that’s I guess this has to be a massive part of the increase in demand and need for power growth and we’re seeing it in real life.

Connor Miller [00:20:44]:
I was going to say you put in the, you know the, the query or the chat GPT search on your computer goes to this big AI data center that’s got a bunch of Nvidia chips in it that requires significantly more power than what we see in a Google search. A lot of those are being placed in the Southeast in around Virginia, around Washington D.C. and as of now there’s only a few ways to generate that power and natural gas is one of those.

Wes Moss [00:21:16]:
So natural gas, coal. There’s still coal.

Connor Miller [00:21:19]:
Yeah. And a lot of coal plants are being transitioned to natural gas facilities. Actually that was in the article was they were transitioning coal powered plants to the gas fired generation plant generating plants.

Wes Moss [00:21:31]:
This is something else you mentioned in the break. What’s the cheapest energy source? I guess where it’s available.

Connor Miller [00:21:39]:
Right.

Wes Moss [00:21:39]:
Which makes it an easier question and.

Connor Miller [00:21:41]:
That gives it away a little bit. But this blew me away. It’s actually the wind that would which.

Wes Moss [00:21:45]:
Seems expensive with the giant towers and the transmission and you can’t really store that power. Right.

Connor Miller [00:21:50]:
Right.

Wes Moss [00:21:51]:
So you have to use it. So it’s not as convenient. But I guess when there’s wind like wind costs any and the way they.

Connor Miller [00:21:57]:
Do those estimates is based on when it’s actually putting out the power if you have to factor in storage and batteries and it gets a lot more expensive. But it is, it’s wind, it’s solar Natural gas is not far behind. And then the hope is that one day nuclear can can complement and supplement some of that power generation as well.

Wes Moss [00:22:17]:
Moving to our next headline Cotter Miller Fidelity Q1 2025 retirement analysis. Evidently retirement savings rates reach record highs while average account balances are lower in the first quarter which makes sense because we had a rough first quarter in market so you’re going to see balances come down a little bit. But overall it’s just the when you look at these numbers first of all the average 401k balance as the end of the first quarter 2025 average 401k balance. Now this is according to plansponsor.com and I believe they’re talking yeah and they’re talking about The Fidelity based 401k plans balance average balance $127,100. So it’s a, it’s like just a couple percentage points lower from 2024. But looking across the board in all 401k plans as people continue to, to contribute and more plans are open here we are at a brand new record high. So similar for 403B balances. 115,000 is the average 403 balance.

Wes Moss [00:23:23]:
Average IRA account balance stood at 100. Let’s call it round this. $122,000 down just a little bit of course from the end of last year. That’s again due to markets before we get into housing. Connor, can we at least just reflect on jaws 50 years later? This is the headline of the Wall street journal. Jaws. 50 years later. I still can’t get over, quote, Jaws, how a faulty mechanical shark.

Wes Moss [00:23:51]:
That was that faulty and an astute young director transformed Hollywood and our relationship with water.

Connor Miller [00:23:58]:
So a lot of people may not know this. I wasn’t fully aware of this. They actually had planned on having the shark in more scenes. But when you go back, you go back and watch the movie and think about it, there’s only four minutes of total runtime where they actually show the shark. The problem was when they built the shark, they designed it to be in fresh water. As soon as they put it in the salt water, it started malfunctioning for Spielberg to improvise and it ended up leading to one of the greatest movies of all time.

Wes Moss [00:24:29]:
That’s wild. That is incredible. It was a saltwater issue. They did design it to be in the water. Obviously. I thought you were gonna say they designed it just to be in a studio. But that was long before the days of good CGI. It’s not like they had that in the early 70s, right? Or mid, I guess it was 1975.

Wes Moss [00:24:48]:
50 years. They didn’t have any of that. So they couldn’t just say, let’s build this and then let’s pretend. Then we’ll AI around it. Water that didn’t exist back then.

Connor Miller [00:24:57]:
It was really the power of suggestion and it was the haunting from our own imagination is what really caused that movie to be so terrifying.

Wes Moss [00:25:07]:
This is slightly before my time, but you can’t tell me that in 1960, if you’re on the beach, nobody worried about sharks. That was not a thing you think it was.

Connor Miller [00:25:21]:
I bet if you look at a chart, it was about 1975 when everyone really started getting worried about sharks in the water.

Wes Moss [00:25:26]:
Fear of sharks really only came to pass since 1975. I think you’re right. If we were to chart that out. Home sweet regret. This is pretty interesting. And if you own a home, you, I would think you would probably as a listener relate to some of what homeowners and home purchasers are feeling right now. So there, there’s a new report from. Let’s see, who is this from? It’s one of my favorite research companies.

Wes Moss [00:25:58]:
They actually do a really good job. It’s the American 2025American Homebuyer Report. Clever Real estate. And they surveyed a thousand, almost a thousand American adults who purchased a home in over the last couple of years or actually most recently the last couple of months. So 44% of buyers say their overall happiness improved after buying a home. I guess that leaves almost 60% of their happiness went down. 46 say the quality of life improve. 29% reported better mint.

Wes Moss [00:26:30]:
That’s interesting. 29% for better mental health. Huh. Probably because the home buying process is so stressful and it takes a while. When it’s over, you think, who Gosh, it’s so nice to just be done with this. 50. This is first time homebuyers who struggle the most. 58% of first time homebuyers found the process more stressful than expected.

Wes Moss [00:26:55]:
73% of first time buyers have regrets. Well, of course there’s always something that went wrong and not necessarily regrets that they bought the house, but regrets around they spent more than they thought, their interest rate was higher than they thought and of course they’re not buying the house that they had thought that they would have wanted. They’re not being able to get their dream house. And it leads to this. 94% of folks who were first time home buyers would change something about the home buying experience. And a lot of it’s about affordability and that’s a growing concern. So really 2/3 of folks, this is everybody, not just first time were aiming to buy a home under 400k. Now the median target for people that are out shopping was 310,000.

Wes Moss [00:27:44]:
Problem is the national media and during that period of time was almost call it 415,000. That means that 38% of folks exceeded their budget, 37% said they overpaid for their house and 59% did this with a couple 71% shared expenses. It’s just gotten so expensive that it’s really hard to do this on your own. And that’s why still the cycle of what seems like 1950s America, maybe even more true here in 2025. Get married young, buy a house, two people. Seems like it’s even more Needs to be that way today just so you can afford a home. How old were you? Do you remember when you first bought. I don’t even remember how we were.

Connor Miller [00:28:30]:
We were young. We got really lucky. We were 24. I. Yeah.

Wes Moss [00:28:36]:
Married.

Connor Miller [00:28:37]:
We got in. We got in at the right time.

Wes Moss [00:28:39]:
You’re doing exactly what we need for the demographics in this country. Get going, buy a house, get married, have a kid. All of a sudden. You cannot hide from being a grownup at that point anymore. And it’s good for the economy. I think the most interesting takeaway from today, or what stands out for me, Conor, is the discussion around 1. Are we in a new bull market or not? You and I agree that we’re not, meaning we’re still in a bull market that really started two and a half years ago. A little more than two and a half years ago.

Wes Moss [00:29:11]:
But maybe more interesting are the statistics around how long bull markets typically go. And maybe. So let’s discuss that one. Just give us the statistics around that one more time.

Connor Miller [00:29:22]:
So. So going back, really, as far as the data will go, you know, call it 1928, there’s been 15, technically. Technically, there’s been 15 bull markets that have ranged anywhere from about two years, really. Actually, the shortest one we’ve ever had was coming out of the pandemic from 2020, March of 2020 to 2022, which was just shy of two years, all the way up to nearly 11 or nearly 12 years, which was the one right before that, from 2009 to 2020. And so they come in all different shapes and sizes and lengths and how much they return, but on average, they last about 60 months or five years and return about 175%.

Wes Moss [00:30:04]:
I think that’s a staggering statistic. 175% rate of return. And again, as soon as there’s a bear, we’re restarting right in history. So as soon as you’re down 20, that bull is no longer, and we’re moving on to the next, and we’ve got to go back up another 20% before we can restart. And that’s. I guess the dynamic is that we had this technical nuance in the month of April where really, from the February highs, we. We ended up down 20% during one of the trading sessions. And then that was one of the days things really started to turn and we.

Wes Moss [00:30:43]:
We never revisited that low or had. We haven’t revisited that low. So it technically was a bull market, but it wasn’t. It was technically not because it didn’t close down 20 so to your point, this bull is still alive and still run. And it had a, it had a really rough patch and it ran into a big ditch, but it kept kind of got through it. And now here we are today and I think investors think, wow, when you have a long stretch and it’s even a good week and another good week and a good month, you start thinking, wow, this is going on for a little while.

Connor Miller [00:31:16]:
How much further can I go?

Wes Moss [00:31:17]:
Can’t keep going. And that’s why it’s really nice to zoom out and look at history and say, well, we’ve been in this two and a half years or so. Normally these things last five on average. So I think it’s just a nice perspective for us to think about.

Connor Miller [00:31:32]:
And I mean, it doesn’t mean that, that there’s an absence of volatility. You think about the longest bull market, we had a 19% pullback, 15%, an 11%. So you’re going to get that along the way, but over time generally works in your favor.

Wes Moss [00:31:47]:
If you would like to find Connor Miller along the way, easy to do so@yourwealth.com where you’ll find me as well. We would love to hear from you. You have questions, need some help on working something out. We’re here to help with that as well. Our team based in Atlanta and A thank you for being here, Connor Miller. Thank you and B I wish you a wonderful rest of your day.

Mallory Boggs (Disclaimer) [00:32:16]:
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Mallory Boggs (Disclaimer) [00:33:04]:
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