Episode Transcript
Speaker 1 00:00:05 This is annuity straight talk since 2008. Your host Brian Anderson has helped clients nationwide navigate the complex market for annuities with Brian's assistance. Hundreds of clients have achieved a profitable and secure retirement. I would know because Brian has answered many of my questions concerning annuities and retirement planning so that you can benefit as well. Let's get started. Here's Brian.
Speaker 2 00:00:49 Hello and welcome everyone to the annuity straight talk podcast, episode number 46. My name is Brian Anderson, founder and creator. And I have had a just heck of a good time talking to John bomber, coming to us from Southern California. Why don't you say hello to everybody? John.
Speaker 3 00:01:09 Brian, how are you? Good to see you again. My friend, I, um, quarantining here in Southern sunny, Southern California, that you maybe can tell the audience about my ordeal over the last two weeks. It's been a bad timing and a little bit of isolation.
Speaker 2 00:01:28 <laugh> you? Uh, John was supposed to be here today and he's not because he is COVID positive. <laugh>
Speaker 3 00:01:37 That's right, but I am feeling better.
Speaker 2 00:01:39 You look great. And I will tell you, we should have flipped the recorder on about 30 minutes ago, cuz we've been shooting bull here for a while and boy, is it hilarious? But for this podcast, he was kind enough to join me. I needed a little bit of motivation to get this topic out and it happened to be perfect timing for this information. So no loss unlimited upside potential limited growth. I don't know, John. Maybe you can tell me, is there a way to get <laugh> all of the market upside with no loss,
Speaker 3 00:02:15 Tough to call? If you maybe if you live in fantasy land, I don't know. Um, no, of course not. That's the, the hardest thing to do is to tell people and give them the reality. Check that if you want you won't big upside, you've gotta be ready to take big, big downside. And uh, you know, that's not what we try to do here. I know Brian, you and your audience know what you do think I've been on here a couple times. Some people know what I do, but yeah, you it's all about risk management. So
Speaker 2 00:02:46 I thought it was funny that I got an appointment request with those notes in it. And what's funny about it to me is that, uh, obviously we're talking about bond replacement, safe money, this, this, all the security provided and some people will come in and say, well, I sure like the idea of an index annuity, but I want to have all of the market with no loss potential. And I never told you this before John, but I had a guy several years ago who it was a very wealthy guy and he called and said, and he was trying to get me to explain the annuities. And he said, okay, well I, I thought, okay, I get it. That makes sense. And he said, I kind of do that in my portfolio already. And he has a series of stop lost call provisions, put some calls and all that stuff, right?
Speaker 3 00:03:30 Oh yeah. Fun stuff.
Speaker 2 00:03:32 And he said, it cost him 12% of his portfolio value to put every protection in place. And he believed that he was getting all the upside. Right. Anyway. So even if it is possible, it's extremely expensive. And what kind of expertise does it take to make that happen?
Speaker 3 00:03:48 To have all of the upside and no downside with a 12% cost?
Speaker 2 00:03:54 Yeah. Is it even possible?
Speaker 3 00:03:56 This is for informational purposes only, but we do have some managers and some strategies that we can hedge portfolios, but, and that's a big, but is that it's very cost prohibitive to do so. So unless you watch prior episodes of the annuity straight talk podcast where we kind of called this market decline, you really wouldn't know when to put on those hedges. And you know, it's like having fire insurance or buying fire insurance when your house is already on fire, it'ss really, really expensive. So you either gotta think about it well in advance or you have to think about other ways to reduce your risk, particularly when it becomes to your retirement income. Wouldn't you agree?
Speaker 2 00:04:50 I, no, I totally agree. And that's kind of, this is, uh, you say for informational purposes only I consider this to be for entertainment purposes only. So let's keep a lightheaded approach about this. And I'm being fairly sarcastic when I say, oh, no loss unlimited upside. It is not possible. And if you don't trust an index annuity, that's guaranteed to protect your money, but you're gonna trust some guy that charges you 2% to spend 12% of your portfolio just to set up puts and calls and all sorts of hedges and all sorts of things. And I mean, like people have told me the level of trust, it would take to believe someone who says that's possible is it's impossible. Nobody has that. Right. Nobody has that level of trust to say, yeah, spend all this money and do all these things. And you want to understand the put and the call and the timing and all of these different elements that would go into creating a hedge portfolio like that. I'm telling you, if you don't trust the insurance company, who the hell can you trust to ever get that done?
Speaker 3 00:05:53 Absolutely you can't. And you know, there's, uh, it's crazy though, that there are people out there that will, uh, listen to whether that be a social media advisor, fin TWI people on YouTube that have absolutely no idea what they're doing. Have no regard for risk management, have no regard. There's no consequences from any regulatory, uh, regulatory bodies. And you have a lot of people on, uh, what I call, uh, the cartoon network, CNBC, just going out there and getting people to speculate and gamble with their money. That's a bad idea.
Speaker 2 00:06:36 Right? And so again, this is when you know, the chickens come home to roost, so to speak. So we're talking about this today. My appointment request came up last Thursday or Friday, I thought, oh, I'm gonna do a little blurb on that and I'll talk about it and then turn into to today before I could get it done. And on my first phone call this morning, I looked, I pulled up Bloomberg and sure enough, the S and P was down three and a half percent. And it's like, ouch, but I've immediately thought of John. That's why I texted you this morning. Right. And said, Hey, do you wanna do a podcast today? And the reason I had you on here is because I recognize something unique in you. And I've had lots and lots of people tell me, they appreciate what you're saying. And so any opportunity we can have to kind of go over again, your analytics, get everybody to understand it.
Speaker 2 00:07:26 I mean, this is, I can say probably the best time in my career because rates are going through the roof and you've look at a traditional portfolio of stocks and bonds. And it's a double whammy cuz rates are going up, which means bonds are getting smashed and the market's dropping. So you've got losses on both sides of it. Anybody who bought an index annuity from me in the last three or four or five years now is the time when that's of true value to you. I had someone, I had an annual review with three days ago and his index annuity in that contract, he replaced the bonds in his portfolio with an index annuity. And he made about 1.3%, which I consider an extremely huge win. Considering that if he had not done anything, then he would've got clobbered on that and lost 15% on his bonds probably in value. Right?
Speaker 3 00:08:22 Yeah, absolutely.
Speaker 2 00:08:24 So you look at the double man. I, I mean years past I did bonds plus index annuities are bonds plus bonds, plus liquidity, bonds, bonds plus yield bonds, free of interest rate risk. And right now is a time when you have to be really careful about watching what your portfolio does. Right?
Speaker 3 00:08:41 I would definitely agree using that strategy, using an indexed annuity or a combination of fixed insurance products to replaced fixed income in a rising right environment was a prudent move. I mean, if you take a look at the Barclays aggregate bond index, I think it's down 12% year to date or 15% year to date historically bonds. Aren't supposed to lose money. That's why I have a 60 40 portfolio. I'll tell you it's not working anymore. You have to find something that's going to work. And if you're not working with an advisor, who's going to be creative for you. You're gonna end up losing a lot of money.
Speaker 2 00:09:24 That is, uh <laugh>. Well, and
Speaker 3 00:09:27 That's just a lot of conviction. I mean, I can, I don't know what else to say.
Speaker 2 00:09:30 Okay, we're done. Yeah. We're signing off now. We're done. No, we're not done, but no, but you're right. As, as complicated as everybody wants to make it, John, everybody wants to dig into the weeds and get technical about certain aspects of it. But the principles are pretty simple and it's not that hard to understand. I mean, what do you in retirement? What do you want to deal with?
Speaker 3 00:09:53 I want safety and security and an income that I can outlive. That's what I want. I, I don't necessarily.
Speaker 2 00:10:01 And the reason I ask you honestly, is because you, you don't necessarily, I do. I deal strictly with retirees or pre-retirees and you deal with different people. Of course, your own portfolio is another example. And we're gonna cover that. We're gonna talk about a couple of his good clients who do everything he says, when he comes up here, we're gonna do that one today. And this is a different one, right? So, but when you get over your COVID, you seem fine to me. But when you get over, COVID you're coming to Montana two weeks from today or yesterday,
Speaker 3 00:10:34 Two weeks from yesterday. So coming up on the 26th, spend some time in the beautiful outdoors, get a podcast or two done
Speaker 2 00:10:43 Flying into Kalispell, Montana. Oh yeah. Good times. Grilled burgers, smoked burgers. I say some steaks for you. So
Speaker 3 00:10:52 Thank you. <laugh>
Speaker 2 00:10:54 Okay. So what, what do you see as far as like, again, the topic, no loss unlimited upside, not possible. If you wanna reduce risk, then you've gotta, you've gotta concede to lower yield in some ways. But then again, the lack of volatility in those lower yielding products will produce, can produce a very similar result in the long run. And retirement is a long run, but again, this hit me this morning. This was very, it was very last minute, but you had, you know, you want to talk about what's going in the markets right now, John.
Speaker 3 00:11:29 Yeah. It's been a very difficult and uh, it's been a, a tough tape, uh, as they would say, there is, um, a ton of volatility. Um, I'm not sure what the VIX got up to today, probably low thirties and was able to maintain that we had several different gap downs over the last few days. So, you know, they're really kind of letting you take two steps up and then they're gonna slam you back five steps. You know, if we just kind look at it, we were just talking about the Barclays aggregate bond index. And if we, if we kind of look at that, we, what does that show us? If we go year to date?
Speaker 2 00:12:08 Yeah. Show share your screen, share your screen. Let's see it.
Speaker 3 00:12:11 What, what do we say? Bonds? Aren't supposed to lose money. So here we are today. Uh, bonds are down in aggregate, uh, 12%, 12.6%. Let me share my screen for you.
Speaker 2 00:12:25 Yeah. Do that.
Speaker 3 00:12:27 This here's the, um, obviously, you know, again, informational purposes only, uh, consult your advisor or talk to Brian. You can reach me through Brian if you'd like,
Speaker 2 00:12:40 Uh, hold on a second. Real. Before you start explaining that John, I'm the gatekeeper. You don't just get to call John bomber. I worked for 20 years to establish myself as a expert in my field. And only then did I get an opportunity to meet John? We've become friends over the past year or so, and yeah, you are not allowed to bug him. <laugh> you call me if you wanna talk to him. Thank you. And I will, I will personally determine whether it is appropriate that he spent his time helping you and answering your questions. But for here, be grateful that he has been a, uh, willing member of the, or willing co-host or guest on the podcast. So go ahead, John.
Speaker 3 00:13:20 Thank you, Brian. I love your podcast. It's been great. I just I'll show the audience here. I mean, this is basically the Barclays aggregate bond index year to date. I'm gonna get rid of the volume here. You can see, we are in a defined down trend versus an up trend that we had for the last 30 years. So remember when rates go down, bond prices go up and the inverse is true as well. So when rates start to go up the prices of the principle value of your bond falls and it can fall precipitously. So we've seen that here. This is the iShares us core aggregate bond index, formerly known as the Lehman brothers aggregate bonded index or the, I think they call it the Barclays ag. Now since 2008,
Speaker 2 00:14:11 What's the starting value ending value. What are we down?
Speaker 3 00:14:14 So
Speaker 2 00:14:15 The numbers are kind of are kind of small.
Speaker 3 00:14:17 Yeah. The numbers are small. We started the year at $113 per share ended the day today at 99 60. If I just take that as a measured move, I'm gonna calculate what that draw down is that draw down is, you know, roughly 12.4% year to date. So that's a year to date number. Remember, bonds are supposed to be the bellwethers in your Mar in your portfolio. They're supposed to buffer any volatility. The problem is, is that bonds just aren't working, right? So there's a lot of different types of bonds out there. There's us treasuries. There's corporate bonds. There's floating rate bonds, there's municipal bonds, but those that are interest rate sensitive and Barclay's aggregate bond deck, uh, index is just that an aggregate of all types of bonds. You can see that being down 12% in your bond portfolio is just probably, if you're a conservative investor, probably not a good place to be.
Speaker 3 00:15:18 So what are the alternatives Brian and I have really been talking about for the last going on six months, uh, index annuities as an alternative to fixed income or as an alternative to bonds. Cash is also a fairly good place to be right now. People can make the argument about inflation and how it's 8% and how cash would be losing money. And we're not talking about storing your cash for the next 30 years, you know, in a money market fund, we're talking about preserving your capital and then being opportunistic when the time presents itself to purchase things that have been really, really beat up. So those are bonds. I can go into the stock market, the S and P 500. I can go into the NASDAQ. We can go into, you know, whatever you'd like to go into Brian.
Speaker 2 00:16:08 Yeah. Well, what do, what do you wanna do? I mean, what do you want people to see? It's interesting cuz a number of people have mentioned, oh, well John said S and P 3,500. And so I'm waiting for that. Like, I mean, people are listening to you and I'm not gonna ask you. I know you maybe changed your target a little bit, but I'm not gonna ask you to put yourself out there like that you do what you want as we record this it's live and John can say whatever he wants to say, it's nothing is scripted here. So again, like I talked about safe money radio where they're reading the sheet, do do, do do do no, no, no, no. We're, uh, a couple of free men recording a podcast and saying whatever the heck we want to say,
Speaker 3 00:16:51 That's right. So let's just take a look at the S and P 500 as a proxy. I use the see state street, uh, spy, ticker symbol S P Y. This is let's just take a look at the long term chart here, going all the way back to 2008. And see you're probably way back here. And this kind of gives you little long term focus. So if you were a long term investor, you can ride out a lot of these bumps you get here. Here's a March of 2020 pretty precipitous drop, 7 trillion of liquidity goes into the market and you get to the point where we were in November, December of this year, Brian, you and I kind of had a podcast right around Thanksgiving about talking about when is the market gonna crash?
Speaker 2 00:17:46 Yes we did. And anybody who's listening to it for a while means that we've been talking about this volatility because I mean a year back, you know, people say what's gonna happen in the market. And I think, uh, from a, a pretty rigid perspective, people will think, oh, the market's gonna drop and then it's gonna come back. And I said, no, I think there's gonna be a whole lot of volatility. We started talking about it and you kind of agreed with me, but also offered the technical backing for that. So go ahead and, and, and remind everybody.
Speaker 3 00:18:16 Yeah, absolutely. So, you know, we had really a V-shaped recovery and you can, you can kind of see that here. I mean, you and I talk about it quite often, you know, you have a V-shape and you have, you have another V-shape here and boom, there you go. There's your V-shaped recovery. Okay. That's all good. But what happens when you have, you know, record high inflation? I don't know what was the print last week on Thursday? And that's what kinda really got this going, was the price of diesel fuel. I know Brian, you drive a diesel truck. I drive an UN unlimited gas vehicle. I don't have an electric vehicle. Uh, even if I did my power's gone up by almost 25%, because what people don't know is that most power generation in the us is, you know, comes from power plants that are fired by natural gas and coal so much more or less coal, but a lot of natural gas.
Speaker 2 00:19:18 I think the people that li listen to this podcast know that
Speaker 3 00:19:22 Yeah,
Speaker 2 00:19:23 I'm given props to our subscribers and our audience, and they're smarter than average <laugh> so,
Speaker 3 00:19:31 Yeah, absolutely.
Speaker 2 00:19:32 I fill, I filled up my tank yesterday. I paid 5 86, a gallon for diesel, and it was 129 bucks.
Speaker 3 00:19:41 Wow.
Speaker 2 00:19:42 To fill up my truck. And I thought, ouch, I hurt for, for people on fixed income. You know, I make a good living. I can afford to do that, but I'm not saying I like to, because that was about twice what it was a year ago. And it's gonna make a difference for people. Difference for me is I drive, I, I drive around a lot. I cover miles I'm in Montana. So anything I have to do is at least 10, 15, 20 miles away, I'm driving 50, 70, 80 miles on a regular basis. So anyway, that's a total tangent, but
Speaker 3 00:20:16 6 59 is what I paid for 87, yesterday, 6 59. I I'll have to find the picture, but during the pandemic, I think I snapshotted, uh, $2 and 39 cents for the same gallon of gas. So our gas is, you know, tripled. It's almost, you know, I've seen as high as $9 here in California, but that's beside the point. That's, what's driving a lot of the inflation that we have, if we can get rid of, uh, or if we can lower energy prices that will help curb a lot of things. And, and no, I don't think it's all Putin's fault.
Speaker 2 00:20:51 <laugh>,
Speaker 3 00:20:52 That's, that's another story, but let's go into this. We had a really terrible inflation print, 8.5 or 9% on Thursday that caused the market to sell off pretty significantly here. And I'm just gonna kind of zoom in here. Maybe not so much there. Uh, you can see here, Brian, that we had this whole area. See if I can just draw this, uh, right here, this nice circle. That was Thursday. We had, what's called a gap down Friday. So that continued. And my favorite stock DocuSign was down 24%, uh, for maybe the third or fourth time this year because of missing earnings,
Speaker 2 00:21:39 Ramen noodles for you,
Speaker 3 00:21:41 Ramen noodles for me, for sure. And then, uh, today, you know, that just momentum continued, uh, of poor inflation numbers, poor economic numbers, and just an overall sense of desperation. We had another gap down in the market today and it was gap and go gap and go gap and go. This is some pretty significant moves. You, you ended Thursday last Thursday at $411 per share on the S P Y. You finished today at 3 75. That's a pretty significant drop. If I just get rid of these drawings, I'm gonna give you a measured move on this particular, uh, fun stuff. I'm gonna give you a price range. So from Thursday to close of business today, the market is down almost 10% in three days.
Speaker 2 00:22:38 That's insane.
Speaker 3 00:22:41 So where do we go from here? I like to use what's called a measured move. Uh, and certainly we have hit not coincidentally, a little bit of support right here. So this support line here, there's probably no coincidence that it can go all the way back to right here. So you can see that right here, you have some pretty strong support here. The problem is, is that the economy's not doing really well. It's getting worse. People are starting to feel it particularly with the price of gas, all the trips people were taken, you know, they paid four months ago when the price of jet fuel hadn't tripled, things like that. I think that, uh, you know, we see some continued downside and I think what, when we talked, what maybe in January, what was my price target on the S and P 500 was maybe 3,300.
Speaker 3 00:23:37 I kind of revised that to 35 and I was being very optimistic. Maybe raised it to what, 38 50. Well, where are we right now? We're at 3 75, which is, you know, 37 50 on the S and P 500. It's, uh, I think I have a new price target here, and I'm just gonna take it down and I'm gonna move it to the pre pandemic high. And I think I'm gonna give you that new price target of 3 38 on the S P Y or 33 80. I'm gonna move it back to my original price target, uh, probably within the next, the next six to nine months. So that is a, if I take a look at it and we could give it another measured move here, that is a move of another 10% in the market, another 9.8% in the market. And it's, it's no coincidence here that you have this move. And if I just copy this and I paste it and move it down here top to bottom and just stack these, it's no coincidence that these are virtually the same move. So another 10% down move in the market that would put us at what, down 30% on the, uh, S and P 500 for the year. Probably much more so on the NASDAQ. And that's just getting back to the me reset this, the pre pandemic high. So an entire two years.
Speaker 2 00:25:16 Yeah. I want you to go back to that, uh, at some point, but go ahead and finish.
Speaker 3 00:25:21 You had an entire, uh, two years worth of, uh, gains and pretty significant once. I mean, just think if you were buying above, uh, you know, August of 2020, you're basically giving everything back. I mean, we have some certain stocks. I talked to my, one of my friends, who's a, you know, very talented former portfolio manager. And we talk about some of the stocks that are, you know, if you bought Disney five or six years ago, you you've lost money five or six years. That's just destruction of capital. It's terrible.
Speaker 2 00:25:55 And that's not. So if you, if you look back at like, uh, September, October last year, if you just move your cursor over there, like, that's where, I mean, I like, I, I should have pulled it up and yeah, go back there. And like, that's where we had the first podcast where, you know, like marker crashes coming. And again, just reading charts. So people know what to expect as you're trying to make plans. It's not to freak anybody out again for entertainment purposes only, but we look at what's happening right now. And I wanna know that we've kind of been here every step of the way. This is our fourth market based podcast. Is it not?
Speaker 3 00:26:36 Yeah, absolutely.
Speaker 2 00:26:38 Where we've kind of talked about it. And, you know, I talked to a couple, be couple people today, cuz rates are up and, you know, people are locking into mys and all that stuff. And anybody right now, I'm saying, you know, just hold, hold off and wait till the end of the week and just see what happens, right. Because who knows what's gonna be out there. And, you know, the market and interest rates are doing are going in two different directions, which is not something that happens very often. I don't disagree with you. It, it could go even lower to be honest with you. I mean, the two and 10 was about to invert two year, 10 year treasury.
Speaker 3 00:27:12 Yeah. The move on the two year has been just astronomical in the last, you know, five, six days. You know what? I want to kind of point out to people who we do end up getting a rally and maybe we get a rally for the rest of the week because we've kind of hit a couple key support levels. You know, remember during the 2000 to 2002 bear market, we had almost 10 or 15 counter trend rallies of 10% or more so to have moves like this here up a rally bear market rally bear market rally. You had one just last week, bear market rally was like 7% in a week. And bam, you get slammed back down, probably have another rally slam back down. So this does not go down in a straight line, although I wish it would. So we could get it over with this could play out, you know, way out into, you know, middle of next year, depending upon when the recession comes. And, you know, I don't know what they keep saying on the cartoon network, but I do believe we will have a recession. People are gonna start to lose their jobs. It's just, it's inevitable. It's inevitable. You know, you've already seen a lot of the tech sector, which is a huge part of our economy starting to slow down and you're starting to see layoffs already or hiring freezes already.
Speaker 2 00:28:33 The sentiment on Bloomberg today, I was watching it before we, uh, flipped this on very different sentiment. It was more of a frantic idea of like looking at all the factors and all the things that are going wrong. And again, cooler heads prevailed. So we're sitting here just kind of methodically, chipping along, thinking about what, how do you make good decisions based on the information available in the current markets and all that. So right now is a really good time to get into, uh, fixed products for retirement purposes. Only if you're 30 years old and throwing money into the market, you probably find to stick it out and you'll do, you'll do great over the long run, but anybody who wants to preserve capital now is the time you should pay attention. In my opinion.
Speaker 3 00:29:21 Yeah, I'd agree. Brian, you know, you know, we have a lot of different alternatives that we can offer people first and foremost, if you're looking to protect your retirement income or your nest egg, uh, you don't want to have volatility like this 20 down 20% or down 4.6, 5% on the day, uh, which is a lot of money, you know, it's, I think people should start giving you a call and talking to you about some of the risk management techniques that you can offer. Maybe some of the things that, that I offer that are alternatives to volatility in the open market.
Speaker 2 00:29:55 Yep, exactly. And plenty outside there as well. No such thing as no loss unlimited upside, but I think, uh, we drove the point home and today was the day to do it. So you've got, and again, this is a, you know, episode 46, this one's time sensitive. If you're watching this in year from now, we don't mean the same thing, but again, that's why we share the charts and show you time sensitive information. Things are gonna be different in a couple of weeks. Maybe John will actually be here. We're gonna do something else. And maybe talk about one of the portfolios that he manages. Anyway. Any closing thoughts, John?
Speaker 3 00:30:33 Yeah. Just, uh, you know, let's, let's mark it now, you know, similar levels to watch we've already, but have 3 38 is kind of maybe my next target, uh, ultimately before, you know, if this Washe is out, but, uh, if things get really, really bad, remember we saw trillion of retail money come into the market last year. We've only seen 40 billion of it outflow. So retail investors have yet to start to panic Excel, not to say that they will, or they will not, but I'm just gonna mark a line here on my chart. You and I can talk about it later. That's uh, 2 92 on the S and P 500. That's another level. And ultimately I'm going to mark right here, right around 2 28, uh, as potential levels of interest that, uh, the markets could get down to over the next, you know, year and a half. So this is gonna be a long, long, you're gonna have to play the long game, be patient. You know, a lot of people talk to me all the time, like, Hey, I'm sitting on a 25% loss. Why would I sell now and locking that loss? Well, it could go down another 50%.
Speaker 2 00:31:38 Yeah. You just never know. So eliminate that for at least a part of your portfolio, if you can.
Speaker 3 00:31:44 Yeah. First and foremost, risk management is something that you and I talk about all the time. So mm-hmm
Speaker 2 00:31:49 <affirmative>. Yeah, no, thank you. I, I appreciate you explaining it to everybody and anybody who wants to talk to John, you gotta go through me. This has been episode 46, no loss unlimited upside. It's a fairy tale. We're not talking in fairy tales. We're talking about real numbers and how you can make a real difference in your retirement plan. Brian Anderson, if you wanna schedule a call with me or with John, you can schedule on the website, the top right corner, schedule a call call (800) 438-5121 to get ahold of me rings right here on my cell phone. And if I like you, I'll give you my cell phone. You can even text me <laugh>. So, anyway, John, thank you so much for doing it. I don't wanna scare anybody by any means, because again, like we said, the last time we talked about this, if you're adequately prepared, none of this stuff should bother you. And that's what we do. We set up for the top side, we protect the downside and that's why we make a good team. So, John, thank you so much.
Speaker 3 00:32:44 All right. Thanks for having me again. Didn't mean to hijack most of the episode, but appreciate you having me on again. Look forward to seeing you in about two weeks.
Speaker 2 00:32:54 <laugh> you gotta, I, uh, I did my fair share of talking, so it doesn't matter. I don't feel bad if you wanna steal the show. That's who everybody came to see. Anyhow. So anyway, annuity straight talk episode 46. We're off for now. Thank you so much for joining us and have a great day. Okay, bye.
Speaker 1 00:33:21 You have been listening to annuity straight talk. The proceeding information is informs, does not represent the views expressed by guests on this program, their own, and do not necessarily reflect the views on the ministry. No information presented should be acted important that it is importants.
