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INVESTING WITH THE BOYS
Recorded: April 11, 2025 Duration: 1:03:27Space Recording
Short Summary
In a volatile market landscape, discussions centered on macroeconomic trends, potential recession signals, and strategic pivots towards bonds over equities. Key insights included the importance of monitoring economic indicators and the resilience of certain sectors, such as biotech, which may influence crypto investments moving forward.
Full Transcription
Thank you. What is up, everyone?
Happy Friday.
Happy Green Friday right now.
As I look around the markets, it's time for Investing with the Boys, our Friday afternoon show.
I see a couple of the boys here. We'll see. I wonder what's on everyone's minds.
I see that Investing with the Boys account got them up here as well.
Sam, how's it going?
I hope Sam got rugged when I said hello. Let's get him back up here.
Let's try this again. I don't know. That was weird. I just got kicked off.
Right before I was going to speak too. It's as if I wasn't meant to speak. But anyways,
let's see what happens. But today was, it seemed like a pretty big choppy day in my opinion.
But today was, it seemed like a pretty big choppy day, in my opinion.
Donald Trump came out, obviously, and took us up a little bit, urging CEOs that there's a, I don't know.
You know, to be honest, whenever I see these type of posts, it looks like the market doesn't really believe it.
For me, I've been cautious ever since that pullback yesterday, but continue to be cautious in this environment. I don't have
that much cash left, probably just like a few percentage points, but at the same time, I am
long TLT with some leads positions and continue to stay along the companies that I own and looking
to buy if we possibly get another pullback or if not, you know, then it'll be great. Let's go up.
But at the same time, you know, I think this morning we got rates coming down quite a bit.
TLT hit a low around the 85s and the market wasn't really looking so good.
And then now rates are back up. So I think it's pretty clear that right now the market is looking at the bond market.
Or generally the equities market is looking at the bond market.
And seeing that yields almost hit 3% in the third
year and 4.5% in the 10 year, I think the market got a little cautious, but now we're kind of
pulling back away from that. We've got a few Fed speakers that spoke this morning.
Williams spoke and I forget the name of the other president that spoke as well,
saying that they got a whole basket of tools ready to go, ready to deploy, just all that stuff.
Seems pretty dovish in my opinion, but also puts the market a little bit at edge because then it's like wait so what
are you saying like there's gonna be a recession or something you know that sort of thing it's
it's very difficult to kind of think about what the narrative of the market is uh because it's
mostly dictated by price action and also positioning. But at the same time, on a micro scale,
we haven't seen any downward guidances or anything like that.
JP Morgan did come out this morning.
JP Diamond did say this morning earnings that he's,
there's like a 50-50 chance of getting recession.
You know, but of course,
JP Diamond's always going to say that.
He always has that cautious outlook almost all the time.
I don't think he's ever been considerably bullish,
but generally speaking, he likes to keep a neutral stance a little bit to the bearish
territory. But the other CEOs of the mega cap stocks, that's going to start in a couple of
weeks. We got ASML next week. That's going to be an interesting one in terms of the demand in the
chips market. Probably going to hear some positive feedback from China because ASML does sell to
China. And that was actually impacting them downwardly in previous quarters. So let's see if that turns up the next few quarters.
The rest of the banks and financial institutions are next week and so on. Next week isn't really
a huge week, in my opinion. The big week starts a couple of weeks from now. I think that's,
let's see here. Yeah, that's the following Tuesday, I think. But yeah, I mean, just keeping
it tight, have some cash ready in case we get a little bit of a sell off after those earnings come out and, you know, hanging tight. What do you think, Logical?
So I've been thinking about this for days now, and I've been getting a better grasp of everything.
And I guess what I'll say is, you nailed it with the bond market.
I think that's the thing that was breaking.
So essentially, and again, I'm not a bond market expert.
I think everyone on Thin Twitch just tries to be.
But all I am saying, I'm not an expert by any means, but I am just trying to wrap my head around what's been going on and the things that could break.
And I mean, it is no coincidence that basically there was a Trump pivot on some of the tariffs and the pause earlier this week, given that the overnight market for the bonds was absolutely awful.
And, you know, yields, when they spike like that, it's unsustainable.
Our economy cannot run like that. And so, you know, it's potentially our trading partners dumping treasuries. And when
they dump treasuries, they like imagine, you know, they sell, you know, TLT or whatever,
that means that the yield for those bonds go up. And when the yield for those bonds go up,
it just, it has like this essentially trickle effect
but uh i think the bigger problem is that there's a lot of leverage in the bond market and so when
people start selling bonds aggressively it drives the price down of those bonds and people are
forced to be lever so there was a lot of force selling in the bond market and you know it's
even u.s investors so it's like the foreign investors dump,
but then you get the US investors having to unwind.
So it's like for selling entirely,
which made me think that, you know,
TLT wouldn't really be getting down to these levels
unless there was like some sort of horse liquidations,
which is why I think it makes it compelling long
because look, we know that the US economy
cannot run at those high rates, especially when we are essentially running into a slowing economy.
We got PPI this morning. I mean, essentially showing that we're probably in a recession already.
And so in a situation where we're in a recession, really bonds should be doing well and equity should be doing bad.
And so for now, I'm personally of the stance that I am not
chasing equities until there is a deal done with China and obviously hopefully favorable terms that
are not too bad for the backdrop so I guess where I'm netting out is bonds are an easier place to
belong right now than equities because like let's say people are forced selling the bonds
and the rates are going up because of it, right?
Then we have a Fed that basically recently lowered their QT,
which means how much bonds are issuing to very minimal amounts.
Very easily that scale can tip the other way. And we can have QE,
which is when the Fed starts buying bonds to stabilize the price of the bond market.
Knowing that if they don't buy bonds, people keep selling them, rates will keep going higher.
It's just unsustainable. So I almost feel like the Fed pivot is there and it can be there
very quickly. I feel like it's possible it's already happening as we speak.
Bonds definitely bottomed.
It feels like today.
And yes, I long some PLT calls for May.
I think that that's going to I think it has to work because, again, you have the Fed
put and so they're going to buy bonds, they're going to stabilize rates.
And so it just feels like a trade where you're kind of swimming with the tide because they're not going to let this thing collapse.
And ultimately, you had the Fed president come out and say, we are ready to support the bond market.
They know they have to. They've been forced into this corner. It's not a good thing. It's actually a pretty bad thing.
And, yeah, I don't know if necessarily that means rates get cut, but we know that there's QE.
And so there's increased liquidity in the system for now. So yeah, that's my thought why I'm bullish
bonds is because there's a backstop there. But as far as equities, I mean, the trade war with Russia
could finish by this weekend, or it could take three months. We don't know. And we don't even know what the resolution will look like, which means that if
there's high tariffs from China still to stay and, you know, we're doing all this stuff with
tariffs, it's going to raise prices. It's still going to make uncertainty for businesses. So we
don't really know the full effects until everything's said and done. So in the meantime,
I think equities probably tread water. And I've seen a good amount of bullish flow coming in options flow, like selling puts on Apple buying calls on JP
Morgan, you know, further out. But my thought there is, you know, people are potentially
front running that a deal will get done. And that's fine, if that's your style. But on the
off chance, I mean, unless you have some sort of insider information, you know, somebody at the
White House, like, you don't know when that deal is going to get done. You don't know if it I don't I doubt it escalates from here. I think Trump knows he's in trouble. But do we know that it's necessarily going to deescalate? And when does that deescalation happen?
happen. So, you know, you're basically trying to call the bottom on stocks when there's this
looming threat and uncertainty for the economy. And again, we're already seeing that in the PPI
that we're probably headed into a recession. And so the question now becomes like, how bad does
the recession get? And that's the question you have to answer, which I don't think anybody has
the answer to, but that's why it's possible that, you know, we've definitely priced in the slowdown at this point, economic slowdown.
But if this thing drags on, then we probably aren't at the lows yet for equities.
So I actually have been, you know, I was pretty quick on Wednesday to buy back some equities.
But after I sat with this for a couple more days, and I know i've been very like back and forth with my long positioning um one thing i've never cut is my biotex and xbi is
up the most today out of all the uh major indexes it's up 3.5 love to see that i've been very early
to that trade and sometimes when in investing it's you know being early is often similar to being wrong so um yeah i mean i i
think i'm pretty all in on the recession trade at this point um it's clear and anything else that
has like real uh economic like it needs the a strong economy to do well like i cut a lot of my
ads names i still hold Pubmatic and Magnite
in small size. I even trimmed those down because they still have like some catalysts for the year.
But I mean, yeah, I sold off software. I still think tech is, it's tough to know, right? Like
these, we were coming into this slowdown, this tariff uncertainty when a lot of tech was at
premium valuations. So now you have a double whammy, you come in with high valuations and
your earnings are probably going to fall off a cliff. Potentially. We're still trying to figure
out what that E looks like in the next 12 months. So it's like the opposite is going to happen.
You know, like, like the bad things are going to happen. It's like a double whammy compression.
know, like, like the bad things are going to happen. It's like a double whammy compression.
So, um, yeah, I mean, I, I picked up TLT today. I picked up TLT, uh, calls for May today. I,
I decided, you know, you know, I was a little scared and I was trading in and out of rocket,
but I felt like, Hey, if you're bullish TLT, you gotta be bullish rocket. Cause it's kind of like
a high beta TLT. So I re-entered TLT today, rocket today at like 1110.
And that thing has recovered to 1172, almost green on the day.
But I mean, what isn't really bouncing today?
I think a lot of equities are.
But in terms of like broad market equities, SPY, Qs and all that stuff,
I am not sold on those until we get a deal with china now if you're like a
long-term investor i know i know sam is i know shy is and you know you're seeing good prices
on stocks that you like by all means you know you dca don't don't blow it all at once but you know
because you might get lower prices and you might get higher prices and this might have been the
lows so best thing to do is DCA and hedge yourself.
And you should be happy that you're getting lower prices.
But yeah, I mean, the question then,
like right now, the billion dollar question is like, you know, how long does this drag
out, how much is that going to affect the earnings of these companies?
How much have we priced in or not priced in?
And so I'd prefer to wait for some sort
of resolution before I get aggressive on the equity side.
And yeah, otherwise, you know, I have about like 60% of my portfolio in biotechs. I think that biotechs will do well in this environment because one, they're starting, it's the opposite of tech.
They're starting from much, much lower valuations.
Two, they're going to keep growing.
There's nothing that's going to stop these companies.
Like if they were growing 50% quarter over quarter,
I don't think that stops.
If you were buying eczema cream or something,
like you're still going to buy eczema cream.
But, you know, when it comes to advertising companies
like Google Meta,
if you're a business that's spending money with them
and you have uncertainty in your end consumer,
you might pull back your advertising spend.
So I think those are the real risks to a slowing economy.
And for the time being, I'd rather be in a place where you're going to actually be able to find growth.
People think that, you know, if you look in a bear market, like everything's down.
I think recently everything's been selling off, including biotech, which is why I've been wrong.
I'm still going to hold on to my conviction that, you we've gone pretty i mean biotech isn't like a depression
and i think that this upcoming environment could be very conducive for biotech um yeah it hurts
because i i it's been getting sold off just like every other equity it's just acting like every
other equity but i think at some point there will be a bifurcation. Even in 2022, you had inflation rising. So you had basically commodities and
energy working, kind of an opposite scenario there. Where I think right now we're in a place
where inflation is dying. We got that cold CPI print this week. We got dying PPI print, just literally like very bad deflation month over month, I think.
So yeah, I mean, not a place where I think inflation is going to be an issue.
I think it's going to be economic growth.
And the longer we have this trade war, the more severe it could be.
And so I don't really want to touch anything until, yeah, there's a resolution there.
So I think the recession trade works, work they're supporting the bond market the the
fed QE pivot is much closer than the China deal it's more certain than the China deal I don't
even know if you necessarily need uh rate cuts but um yeah I think yields just generally come
down with more QE and stabilization of the bond market after all these for selling. So and again, if you think TLT works, then rocket companies probably work because, you know, it's kind of based on the same thing.
Yields coming down.
Yeah, I mean, those are kind of the more conviction bets that I have at this point.
You know, I think housing could potentially get better in terms of activity, not necessarily saying that housing
prices stay up. But if you own a rocket companies, it's not necessarily too bad of an issue for
you. Assuming that now you don't get a bunch of mortgage loan defaults, given that, you
know, we might have a recession and they acquired the Cooper Group, which services mortgages.
So we'll have to see. But I would just say it's time to be pretty
selective on what you're buying, be a little bit more careful. If you look at past sell offs,
we're talking 2018, 2020, 2022, 20. I think those are the main years, you can see that we actually
bottomed at the 15 month moving average, which is sitting around 460, 465. I think that'd be a pretty
logical place that we would end up touching in this kind of bear market. Much below that. I don't
know. It really just depends on what that China deal is. But anyways, I talked a lot. It's all
passed the book. That's all good. I actually got a chart that I do want to share with the crowd.
Michael Batnick from Rithick from uh ritholtz uh
ritholtz wealth management they they originally posted this but um the the point of this chart
is to say that you know not necessarily the market doesn't bottom when when you know as
we're continuing to get bad news and stuff the market usually bottoms before the worst stuff is
actually priced in and uh well, not necessarily priced in,
but the market tends to bottom
when things are at their worst.
And I do feel like it's possible
that we might've already seen that.
We saw the worst.
We saw max uncertainty, max fear
when Sunday futures opened.
We also saw it again on Tuesday
before everything ripped up
after Trump literally told us now is a
good time to buy, which I was actually just talking to someone earlier. And I'm just like,
I don't know how this president gets away with this. Like, is this even insider trading? Like,
I don't even know what this is. But at the same time, you know, I think the market was just
literally caught off sides at the beginning of the year, even back in February. And everything
dropped very quickly. We never officially closed in bear market territory yet, but definitely traded there
intraday on the futures and also overnight. But at the same time, we still are, I believe we're
still in a correction right now, still in the correction territory. But at the same time,
we're still in the bull market and the bull market doesn't actually end until we are in the bear market, which we still are not. So, you know, I'm not, I'm not going to
say that we're going to go back to all time highs at the same time. I'm still extremely cautious.
I'm not planning to sell anything, maybe a little trims here and there, but besides that, I,
I not, I usually don't go more than 10%, max 15% cash. And I'm definitely not there right now.
I'm definitely not near 15
percent at all in terms of cash position. More in the long term perspective, like Logical was saying.
And still to this day, I do think that the the AI evolution is still here. I think we're still
very early in the innings of it. I think there's just a lot of sentiment as far as the macro goes,
thinking that the whole thing is over. But just a few months ago, people were considering buying everything and chasing all
these prices and now people are chasing the prices down. So I think now is actually a good time.
You need to kind of stay level-headed. Coming into this entire correction, this entire pullback,
you should have had a list of stocks that you wanted to buy. For me, I had a list, but I was quickly
trying to brush up on the research and the due diligence as things were coming down because I
wanted to double check, triple check, quadruple check, everything that I wanted to buy as the
market was coming down. And I had to reconsider, what am I going to be able to hold in cheaper
prices? Am I going to be okay buying more of this company if it gets cut in
half and so on? The market can certainly go lower than we all think. But at the same time,
we need a lot more uncertainty to see that happening. So still being cautious today,
definitely happy with the Amazon position that I have on today. Saw some pretty good prices. It
was like the low 160s. It was even sub 160s
Sunday evening, but we did get that opportunity again on Tuesday. But to be honest, I mean,
today, like Amazon's almost back at 190 on the back of positive news from Trump. And we were
just there above 190 on Wednesday near the close. So, you know, it's getting a little tough. The
good prices are starting to disappear.
I would even argue that some,
for some of the stuff that's still out there,
the riskier stuff, the prices are still good.
But at the same time, like that, that's,
that's low prices still for a reason.
Generally, the defensive stuff,
the defensive companies, the mega caps,
those generally bottom a lot quicker
than the market bottoms.
And then once the market starts
to see
a bit more confidence, that's when you start getting people buying into the smaller cap stuff.
And not to say that all small cap stuff is risky, but generally the riskier stuff,
the stuff with low float, the stuff that are much smaller market cap, those are the ones that tend
to follow as soon as we see more clarity in the market. So certainly if those are the companies that you're a fan of,
these are still good prices to buy for these companies.
But generally speaking, the mega caps usually do bottom
a lot sooner than the entire market.
In fact, there's actually other companies,
especially in the cybersecurity sector,
where CrowdStrike actually bottomed
before the market even bottomed.
And when the market even bottomed,
CrowdStrike was trading higher.
So it is a bit difficult of an environment to find things to invest in, especially when,
if I were to sit here and I would wait till I get more clarity as a long-term investor,
by the time we do get that clarity, the market probably already made its lows and we're already
at 50% retrace. Actually, as a matter of fact, we're close to a 50% retrace of the 20% drawdown of the market. So a lot of it really has to do with being patient, having some cash on the side in
terms of a long-term perspective, and then executing on that and knowing exactly what
you're buying with the conviction that you do have before you buy it. Because if you buy something,
and Warren Buffett always says this, if you're not willing to hold a stock when it drops a lot,
or if you're not willing to hold a stock for more than a couple of months, then you shouldn't even
buy it at all. And this is just from a long-term perspective, right? If you're buying Amazon for
10, 20 years, then I see no reason to not have bought the pullback. But if you're planning on
You're planning on, if you want the best prices, you know, and so on, then, you know, that's your prerogative.
buying, if you want the best prices, you know, and so on, then, you know, that's your prerogative.
That's how your, what your models tell you and so on.
But for me, I bought these companies when they had to pull back.
I don't know if I'd want to buy Amazon today.
It's rallied quite a bit.
It's already near 190, near where it was before the Q3 earnings.
We're still waiting for earnings to come up.
We can definitely see Amazon below 160 again.
We can see Amazon at 120, like you were saying, logical. I don't know. And I think a lot of people just, we don't know what's going to
happen in the market. It pretty much is a coin flip for the most part on a long-term perspective.
But then there is that strategical and tactical moves you can make during the day or even on a
few weeks on end. But generally speaking, no one knows where the market's going to go. The best
thing we can do is see the data that's presented to us. The retail data that came in this morning from Michigan was pretty bad. It
looks like the consumer is curling over. It also looks like there's a lot of back and forth between
China and the US as far as the tariff goes. I mean, Trump just made it, what did he make it,
like 125%? Why did the dude make it out 200%? Why not 250%? Do it. We know those tariffs are not
going to stick.
But at the same time, I think the question is, what else is going to come from this?
We saw that China is already talking to Spain, another European, a lot of EU companies regarding about starting trade with them and basically starting a globalization or actually steering away from trading with the US so that way they can get better tariffs on their products.
Obviously, there's still going to be tariffs
no matter where they trade.
But at the same time,
if they can negotiate a better deal
versus 125% tariffs,
they might end up taking that.
And as a result of that,
supply chains need to change.
That's not something
that's just going to happen overnight.
That's going to take a lot of time to change, right?
And we haven't seen the repercussions of that.
That's what Dan Ives was saying on the call. We had an interview with Dan Ives last
Friday. Amazing call. Really appreciate Wolf and Evan bringing him on. And for the first time in a
couple of years, Dan Ives was bearish, right? That really caught me off guard. However, at the same
time, we did Vaughn shortly after that. So always take this advice with a grain of salt.
Always do your own due diligence.
But most importantly, know what you're going to buy before you buy it.
Because if you buy it out of emotion or out of fear, whatever it is, it's very likely you're going to get shaken out and not be able to hold on for the long run.
Yeah, I think what I was going to just add on to that is like, basically, this has been a crazy volatile market.
Basically, I have finally decided that I am done chasing this chop.
Every, you know, you buy on up days this is gonna be the bottom
yep nope next day you're down next day you're up i mean it's just so difficult to know it'll
destroy you like people are probably looking at today's action like oh this is bullish it's like
okay is it let's see right like you need follow through and i think more importantly than anything
you need follow through of with some news
that backs it.
And so until we get something that actually changes in the backdrop, I would say that
any sort of update down day is just chop volatility.
Pray for no escalation, which would probably send us lower.
If this drags out, probably sends us lower.
That's how I kind of look at it. A swift
resolution is the best case scenario for bulls to reverse from here. And I would even, you know,
I would chase on something that's like, China deal looks great. I would go lever long. But I
think I've realized that I'm playing too much of like this all in, all out, all in, all out.
This is a very tough market. And I think that, you know, even though I was calling
economic slowdown, I was talking about the end of cyclicals
and data center names back in January.
And, you know, even though I knew the answers,
I think knowing something and executing it well
are two completely different beasts.
So that's something I can totally improve on i think
moving forward is you know execution like cool dude like you knew that how did you capitalize
right like i think i did definitely sidestep a lot of things i didn't dip by on a lot of things
so i can pat myself on the back of that but man i was like you know what's gonna work is this other
thing and it's like you know you buy biotech. And guess what?
Biotech has probably capitulated more than tech.
So it's like execution and conviction and all that stuff.
It's really rough in a market like this.
So I think you said it perfectly. Like if you like things long term, you're DCAing, you know, this volatility up 10%, down 10%.
That's not going to shake you out.
Think about like you're riding like a bull, like real life and that thing is just going crazy are you going to be able to hold
on right and that's what i realized is that like i was picking up names i have you cannot hold low
conviction names in this kind of chop and this kind of volatility in this kind of down market
like those are the first things that need to go. Lowest conviction, things that you think
have probably the most downside.
I mean, you have to think like, I don't know,
quote unquote, smart money.
These guys were dumping and deleveraging early on.
I mean, even when, you know, Spy was at 600,
there was several days over that,
the course of a few weeks where you can see
just big volume red days where
you felt like it was distribution and those people kind of like exiting a lot of these
tech names and NVIDIA and such like that.
So those were, I would say clues.
And yeah, you know, so if you're thinking, hey, I don't really care about this tariff
stuff and I'm managing money for 20 years from now and I have an IRA and a retirement account
401k. I don't care, right? That's great. Keep buying more every two weeks, every paycheck, boom.
For me personally, I am trying to optimize year to year. I have most of my assets in the taxable
brokerage account. I am doing my best to prevent drawdowns as much as I can. And I need to be very comfortable in whatever I am holding.
You know, that all said, like, I'm sitting at probably, I don't know, 10% cash right now. So
I still have a lot of money invested. But again, the things that I own are, you know, recessionary,
I would think. But again, I've been very early to that thesis and being early sometimes is very
similar to being wrong. And so I've definitely suffered a drawdown as well. It has not been
easy to navigate this market. Anyone who says they're banking every day, like, okay, sure,
you're a short-term day trader. Like, yeah, there's volatility. Volatility is great. You
can ride the trends, be catch by the end of the day sure um you know that's cool right everyone's going to have an environment where they thrive
i think that if you're looking you know if you're listening into this uh space you might be in that
camp or you might be somebody who's you know buying equities because you love these businesses
and you want to be holding them for long term and build wealth that way i think that you know
while day trading can be profitable uh endeavor in specific periods, I think over the longer period, it, you know, it just makes a lot more sense.
The numbers show it that, you know, being more of a longer term oriented person.
And that doesn't mean that you can't wait for the right environment to swing heavier, even as a longer term investor.
Like, it doesn't mean that you can't sell things after a two year period.
Like I sold Amazon between 230 and 240.
You know, like, you know, when you feel something gets extended,
just because you're a long term investor
doesn't mean you can't sell something
and look for a better entry point
after it gets overextended.
Like everyone has a different style.
Some people are never sell
and you know what, they're probably gonna do
amazing long term, maybe even, you know,
beat people like me who are trying to time markets.
That stuff is hard.
Everyone has their own style.
Just be comfortable in what you do.
Again, for me, I know what my goals are.
My goals are to avoid drawdown as much as I can,
try to be positioned into what I think could be the better theme of the year.
And I'm kind of getting to that point now.
Whereas, you know, Sam and Shai,
they focus more on like these long term
business winners, secular growth trends, stuff like that.
So just know what you're interested into and what kind of investor you are.
I think this is the kind of market where you really have to look at yourself in
the mirror and know, hey, this is good.
This is this is not who I am.
I can't keep doing this.
Like this is a market where, dude, I even felt like capitulating. and I, you know, that's saying a lot. That's the bottom. Yeah. You know,
it's so funny. I posted that two days ago on XBI. I literally have a post. If you look through my
timeline a couple of days ago, cause XBI went to, it was down like 5% again, like every day it's
down 5% of fricking index. And I look at the levels.
I'm like, let me just look at the monthly chart.
And it was the same lows that we revisited in October, 2023, October, 2022, COVID, 2020,
2018, 2016 is the same exact level.
And guess what?
We bounced immediately.
And I wrote in my post, like, I feel like literally capitulating.
And then we ended up bouncing and that was at $66.
And now XBI is at 74.
So that's a, let's see, what's that?
So XBI is up 11% since two days ago.
I mean, that's not nothing.
I don't think SPY is up 11% in two days.
Oh, it's about like, oh shit, it's actually up 9%.
So maybe XBI is not that great, but either way.
I don't know, how much is it down from all-time highs then?
XBI is down like 60%.
No, no, sorry, Spy.
Spy from highs?
That's a good question.
So three months.
Right now it's at like minus 13% drawdown something like that maybe it's a little
off i'm just on the apple that's crazy man that's crazy like i feel like we've down so much since
the lows and what's spx at right now because i you know what i don't use spy use spx because
spy has a lot of the dividends and it pays and everything goes gets adjusted spx is 53 68 the high the closing high was 61 44 yeah
wow we are almost 13 down from the all-time high still and it feels like we've bounced so
much but honestly i'm looking at my watch list here and dude crowd strike is near 400 again
amazon is near 190 like i said rubric is almost at 60 bucks again. And those are some names we're buying.
Robinhood is at 45-ish.
I mean, a lot of these names bounce hard.
Robinhood was just below 30 on Sunday night.
And I, you know, honestly, I bought so much more Robinhood during that time.
At the same time, it's like, now it's back at 45.
Like, you know, the way that I kind of look at-
It's a 50% move.
It's a 50% move.
It's crazy.
It's a 50% move.
The way that I look at some of these companies, like, you know, I know, like, remember when
Hems was 72 bucks or 79 or even 80 bucks or something?
It was 75, yeah.
Yeah, 75.
And you look at Hems today, it's below 30 bucks, I think.
Let me check over here.
Yeah, it's at 27 right now, right?
And then the way that some people think that I don't necessarily agree with, and this isn't
anything to knock people, because honestly, I think Hems is't necessarily agree with. And this isn't, this isn't anything to knock people because honestly, I think him is going to do well. And I was a handful for a little bit.
And then I trimmed as it started rallying and then, you know, obviously found other things to
invest in. But at the same time, it's like, if I were to buy him today, I wouldn't be like, well,
this thing's going back to 75 in this year, right? Like, no, I don't think that's going to
have the likelihood of that happening is very difficult. And I'm not saying Hams is the same as certain companies that made their peaks in 2021, but
it is very possible that you might not see the return that you expect on some of the things that
you invest in for years out. So that's why if you're going to buy something today that you plan
to not trade, okay? So that timeframe could be whatever length. But when I say not trade. Okay. So that, that timeframe could be whatever length,
but when I say not trade, I mean like you don't plan to sell it. Right. So,
or at least not sell it based on price action. But if you buy things that like him's today,
I would not expect it to reach 75 for at least a few years from now.
If the market is balls to the wall, bullish all over again, the fed is pumping money, to the market, cutting rates, the tariffs are all good, Trump's having a cool lotto with President Xi and whatever it is, maybe we'll get there.
But guys, let's be completely honest.
The consumer sentiment is deteriorating.
Inflation is disinflating, which is good news.
The Fed has said continuously, and even Powell just said last Friday,
we're going to take our time. We're going to wait for the data to come in. Unemployment is still
low. So if things were to materially pull back as far as GDP goes, the Fed has two mandates.
They're fighting inflation, and they're also preventing unemployment from skyrocketing.
If unemployment stays where it's at and GDP falls off a cliff, but inflation is still
sticky, the Fed might not cut as much as you think.
And the likelihood the Fed is going to go to 0% is very low.
So that's why if you're investing for the long term, you have to be in businesses that
are doing really well, especially ones that have powered through multiple downturns, multiple
recessions, and so on.
I know I keep saying it all the time, but Amazon is my largest position for that very reason.
They've been through so many downturns.
There was a point in the 2000s where Amazon was down like 90%.
And then Jeff Bezos comes on and he says like, there's a pretty good chance we're going to lose all our money, guys.
And look where Amazon is today.
It is up multiple of thousands percents from that. And I'm not saying that that's going to happen
tomorrow. That took over 20 years to happen. But this is what happens when you invest in things,
when you buy businesses for the long-term perspective, you might not need to pay attention
to certain macro events that's going on right now as much because you just need to focus on the
macro. However, with that being said, I'll admit everyone became a macro expert overnight. I'm certainly not
a macro expert, but I feel like everything that we talk about, especially in the recent episodes,
and by the way, guys, we just recorded that episode on Tuesday. We just released it this
morning. Let's get that back up there in the nest if someone can do that. I'll do it. Yeah, that's cool, man.
Honestly, it's great because when we recorded that episode,
the release of this episode, the release of that episode that came out,
we were sounding kind of like iffy and bearish and everything
or a little cautious.
And the next day we had the largest day in the S&P 500.
And then we kind of pulled back to that.
So it's like, wow, thank God the episode came out today
and didn't come out on Thursday morning
when the market is up like 10 from where you bought it but at the same time
the fundamental thesis for a lot of the companies still stands but it is with caution because
earnings might come up and they might pull back guidance they might not even have guidance which
is a lot worse than lowering guidance in my opinion, because now you just threw more uncertainty in the market. So I would just say, hang tight. I don't think there is any rush to
go all in on the market. It's okay to deploy some cash, and it's okay to not have that much cash.
I know there's a lot of people on Finz with saying like, I got 20% cash right now. I'm like,
that's cool. That's how they want to play it, and that's totally fine. Or maybe they see something
for their specific companies that makes them not want to hold on to the positions and so on. Maybe they're seeing something that I don't see. But at the same time, I think you need to know exactly who you are as an investor or a trader. And you need to know that that's who you are and you need to be okay having big swings in portfolio. But if you're someone who would prefer to not buy and hold,
but buy and continue to listen to earnings calls and so on, all that stuff, then there's no reason
to go all in. There might be a reason to kind of edge in a little bit, but there's no reason to go
all in in the market because we could easily be down 5% on Monday. Easily. We could be limit down this Sunday in
futures because maybe Donald Trump says like, oh, we had a nasty meeting with China and Xi,
and then Xi is already making deals with Spain and whatever. That's going to be the worst case
scenario, right? So that's the risk that we're in, in this current market. I don't think that
we're in a market where there's nothing to worry about.
It's green skies every single day.
We got a president in our office that literally could have one tweet to bring the mark down 10%.
So, you know, that's just something to be concerned about.
It went a little bit of banter there.
But yeah, Logical put the episode up in the nest.
That episode was recorded on Tuesday evening.
Wednesday.
Still relevant today.
Wednesday.
My bad. My bad. Wednesday. Oh, yeah, that's right. Oh Tuesday evening. Wednesday. Still relevant today. Wednesday. My bad.
My bad.
Wednesday.
Oh, yeah, that's right.
Oh, wow.
Totally wrong.
My bad, guys.
Well, it's a big deal, right?
Because if we did it Tuesday, it would have been death and despair.
Yeah, it would have been death and despair.
And then we still look like idiots probably, but that's okay.
Yeah.
This market's making a fool of bulls and bears alike.
I don't care for anyone to think that this is simple stuff.
And you mentioned the point about everyone's a macro expert overnight.
You know what?
If you're a long-term investor and you plan to be involved in the markets for the long
haul, it's moments like this that, you know what?
Screw the people who are talking crap about, oh, everyone's a macro expert.
It's like, dude, you know what?
Maybe this is a good opportunity to learn in real time what the hell's going on and why it matters.
And that's nothing to be frowned upon.
That's something that like, okay, now we're learning about bonds.
People are like laughing at that.
It's like, okay, dude, like, aren't we just trying to be better investors?
Isn't it better to understand how the bond market works when the fed steps in why these things
matter because they do drive a lot of the market you're telling me right now if the fed wasn't
planning to do some sort of qe and stabilize the bond market that has no effect on your investments
there's no effect on what you're thinking it is driving a lot of my thought process right now.
And why is that wrong?
People are underestimating what you need from a macro backdrop, an investment backdrop to get good returns.
Like there are hard dollar situations and there are easy money environments.
And right now is not an easy money environment. We want to be, you know,
trying to make as much out of those easy money environments as we can. And, you know, most good traders realize that, you know, nothing good happens below the 50 day. In terms of the trend,
it gets, you know, basically halted for the time being. And so that's when you want to, as a, you
know, somebody who's like managing their portfolio, if you care about reducing volatility, reducing downside, having better risk reward, you know,
that these are signs for you. Okay. You know, first line of defense was breached on this uptrend.
You know, you don't, you're still above the 200 day. That's fine. But once you start breaking
below the 200 day, that's something to know. And it's like, dude like dude people who if you don't use every bit of information
that you have access to um to make the best possible decisions what are you even doing like
yes i can't wait for the day that we go back and ignore all this noise and go study companies and
earnings calls and those things to pick our investments but for the time being does it
matter if you're you're the company you like time being, does it matter if the company you like
reports good earnings? Does it matter? No, you don't have to get a bid. So there's powers that
be that are much more important. So I think having an understanding of macro, having an
understanding of technicals, having an understanding of fundamentals, you combine all this information
and you become a better investor and trader because of it so don't let
people you know clown on you or whatever you're doing even if you're just trying to understand
things because long term that's what's going to matter dude i used to look at charts all day i
had no idea what i was looking for i have like so many trading books on my shelf and they're all
collecting dust because i think they're super boring for me personally on the technical side
i learn the best when i'm looking at charts, understanding, learning from traders on Twitter.
What are they posting? Oh, look, this stock had a low volume pullback to this moving average.
Okay, that's probably a good spot to take a bid. And if it falls below that, you can always take
it off. Technical analysis works for a couple of reasons. One of them, the most important reason
being because other people also believe that it works that is like a religion and because of that it will continue to work two it tells you behavior
of people buying and selling like there was a day i think it was a week before liberation day
and i always give this example because it's perfect and we basically had this big red bar
on a spy and what that was kind of showing me you know I had a buddy tell me
oh you know it was a red day uh but it was a low volume red day and I looked at the size of the
candle and I was like dude a low volume red day wouldn't have tanked us two three percent like
what that is signaling to me is that there is no liquidity nobody wants to buy anything right now so if
you try to sell you're going to overwhelm the people buying and that's what drives the price
further down and that's i mean we're now down 60 points below that so people didn't want to buy at
570 560 they did not want to buy these things and so i i think there's clues that you can pick up
along the way and i don't know what the best practice is.
I think if I've learned anything in this, it's like, sure, you know, go read your five,
10 investing books.
I have like 50.
I've read probably 20 of them.
After your fifth book, it's time to get out there and go get experience.
And it's time to listen to earnings calls, read the earnings
transcripts, look at the press releases, look at their financials. That's how you learn fundamental
analysis. And you compare companies within a specific industry group and be like, oh, look,
this one trades at this valuation versus the other one. And it's growing faster. Oh my goodness,
this looks like a great buy. So there's things you could do, but you have to go out there and
study. Same thing goes for technical analysis. Go look at 100 charts. Go look at your favorite
names. Oh, look, this one lost the 50 days. Oh, that doesn't look good. Oh, I looked at the
chart. Damn, this one is holding it. If you look at it, there's a reason why Robinhood's
bouncing so hard. There's a reason why some names are doing so well. It's because they're holding
their 200 day. A lot of other names aren't. So
when traders look at this action right now, they're going to flock to the leaders. And so
there's stocks that are showing strength. If you think that that stuff doesn't matter, I mean,
it does. Simple. And that's all. And now, you know, I mentioned fundamentals, I mentioned
technicals. Every time we have some sort of issue
in the macro you learn a little bit more about the macro again things that you can't really learn in a book maybe you can um but you know you learn it a lot more when you're going through it
studying it and understanding like our yields going up what what has to happen what's this
gonna break you have to be in the situation, just like
you have to be listening to an earnings call, or you have to look up all these different charts,
you have to do things. So, you know, don't ever stop sharpening your skills. That's the only way
that you can have, you know, well-researched opinions. And that's how you can have higher
conviction in certain things you're doing. And, you know, over the years, you're just going to get better and better.
And that's what we can do, right? Like, uh, I'm 31 years old now.
I have to think about that. I think so. Um, and I think that,
you're 31 dude. Yeah. 31. Oh my goodness.
Yeah. And I mean, my thought is just like, look,
I want to be doing this when I'm 60, God willing, you know, and beyond. And so could you imagine if I'm able to do these things now in my low 30s? Like, imagine the compounding of knowledge that I'm going to have experience if I do this every single day. And I think the, you know, if you're listening to this podcast right now, you know, you're obviously taking it upon yourself to be very active in your learning approach and you're you're willing to listen to others and learn and i think that's very key
because i did the same things and um always welcome other perspectives but keep trying every
day and yeah this is a tough environment but you know if you studied market history because you
know i haven't lived through every single drawdown on earth or in history. But if you study that, then you know that, you know, markets typically make new all-time
highs at some point.
You know, understanding, you know, how bad is this drawdown going to be to the past ones?
You know, questionable still, obviously, jury's out.
But, you know, SPY, look at that chart over 50 years.
You don't think it's going higher?
It's going higher.
So at some point, I don't know how much lower it's going, but that's why we study market
history so that we can put things in context for example like spy was down
i think 21.5 uh peak to trough recently i mean the 2022 bear market was a minus 27 correction
peak to trough so i mean put that into context it was a grueling year it was a very bad it was a uh
i said grueling i think I meant gruesome, whatever.
You know, put it in context, bad year and horrible year, I would say 2022.
And many things were down much, much more than that.
You know, we had way more problems back then.
We had, we were in zero interest rates.
We were trading at a hundred times sales across the board.
Some, some things didn't even have sales like preclinical biotech companies going
public,
SPACs galore.
We went from that, 0% interest rates,
to the fastest rate hiking cycle in history
with the highest offside valuations.
Money sloshing around to M2 supply coming down
means less liquidity.
I mean, it was a lot worse situation.
And guess what?
The max drawdown was 27%.
So, I mean, let's just put things into context we're down 21 um and this is
a like you know obviously there's other issues at hand but a lot of the issues the tariffs i mean
are man-made and so a lot of them could be potentially reversed so you know you don't
want to get too ahead of yourself one way or another you know if i was to say which which
way is the risk skewed i would say the risk is skewed to the upside from here
um I'm still gonna try to be a little bit more tactical about what I think that risk because
I do think we could have another 10 to 15 percent downside from here I could see that um and so I'm
just being a little bit more cautious about what I'm owning in this moment but I'm not I mean I
still own things that I think can do well, that have good value.
Just, yeah, I don't even know where I'm going with this, but put things in context, do more work.
You know, these are the times to be locked in.
There's a lot of opportunities out there.
I mean, Spy's down 20%, but your favorite name is down 60, right?
And obviously, if the max drawdown ends up being 70, 75, you're going to be down a pretty penny,
which is why I'm trying to avoid that
and maybe buy rather on the way up
after we get some confirmation and resolution.
But my point is like,
what's the upside versus downside risk from here?
If you're DCAing, I don't blame you at all.
That's all.
Yeah, that's interesting. I didn't even know you're
31 years old. I thought you were like mid thirties, man. I I'm only 30 years, 38 years old, but I feel
old compared to you guys. But at the same time, I think our retirement age is probably like 30 years
from now. I don't mind doing this stuff when I get older, just not to this extent. Definitely
don't want to be working when I get older either.
But I mean, in times like these guys, this is the time when you slowly edge into your investments.
I mean, queues were under 400 Sunday night. A lot of people were buying. I think from a long-term perspective, you think queues are going to go down to 300. Okay. Well then there's a possibility you'll lose 25% of your
buy. But from a long-term perspective, Q's are going to be going to a thousand, probably not
in the next year or two, probably not in the next decade, but at some point in the next 30 years or
whatever, when you retire, it'll probably be up there. Maybe a little excessive, but I'm exaggerating
a little bit. At the same time, if this is money you're going to retire with, that's why you have 401ks.
That's why you don't touch your 401ks.
That's why you don't sell or liquidate your 401ks for that very reason, because money just compounds over time.
Compounding is really where the true value of investing is.
If there was no such thing as compounding or if money didn't compound in the first place, I don't think people would be investing at all. But to go on to your point
regarding the key for investing, because you're talking about books, I think one of the books
that really changed my mentality of how I see markets is Trading in the Zone by Mark Douglas.
And it's funny because I invest for long-term, but
I think this whole stock market, it's not about knowing the best companies, when to buy them.
It's not about greeting charts or whatever. It's all a mind game. It literally is a mind game.
Do you think that when people were buying on Sunday night, they were just like, hey,
this is great. Let me just buy these prizes. This is gonna be what no that was scary that was scary hitting the buy button was scary on sunday was sunday night when
those when those robin hood overnight prices open there were some really low prices but i was i i
was like very hesitant to get scared you know and set some limit orders as well and like the good
thing those got filled but like same time like it is not supposed to be a fun, easy road.
If this game was so easy,
no one would ever be rich.
In fact, I don't think the market would go anywhere
if it was that easy because it's a bottom seller.
Yeah, go ahead.
Could you imagine two years from now
when this looks like a blip on the radar
and people are like,
do you remember everyone panicking?
I don't know two years from now. I mean, like, I don't want to say anytime so soon, but at the same time-
But you get what I'm saying.
Yeah, I hear you. I hear you.
And also, here's something else to consider. It's typically the longer, like the prolonged
bear markets, like a 2022, which honestly was still pretty short in nature. It was only 10
months. I think past bear markets are usually like, I don't know, 18 months or so on average.
So even that was pretty short.
And guess what?
We made new highs before you knew it.
But my point is like sometimes the best buys that you're making don't feel like it at the time.
And so, you know, it feels sick to your stomach.
You're down a lot.
Yeah, I mean, just hang in there.
But I think, yeah, again, referring to that long-term spy chart, like things go up over time.
But unless, you know, we're entering a new regime of, you know, the end of U.S. excellence, which it could be.
But I think we're pricing quite a bit of that in now, especially at the individual name.
So and I think to your point is like, yeah, some of these stocks are bouncing a lot.
I think we're still kind of in a lot of uncertainty, but generally speaking, when we do have market downturns, you typically have the growth stocks and they're the ones that died first before the index.
You know, I think we're still kind of in a lot of uncertainty.
They start moving because I mean, they were like falling off a cliff like 30, 40 percent in mid February.
You know, SPY didn't really crack till weeks later and it didn't really drop hard until a month or so later, right? A month and a half. So sometimes the individual name is bottom first. And then they
also, you know, they go down first, but they also bottom first and then they recover first.
And then the index typically follows that action. So, you know, maybe, you know, and I'm seeing a
lot of bullish options come basically like flow all over Twitter, you know, buying JPM calls,
selling Apple puts, buying this calls, whatever, whatever. There's just a ton of that going around
too. Maybe people trying to front run a China deal or something like that. But my point is like,
maybe people are looking ahead and, you know, they're thinking, you know, maybe we bottomed
on some of these names and, you know, it won't be obvious to hindsight, but, you know, they're thinking, you know, maybe we bottomed on some of these names and, you know, it won't be obvious to hindsight.
But, you know, there's people clearly out there trying to call bottom right now.
And I'm not I don't want to be a hero.
That's fine.
Just because I know my time horizon is not 30 years.
But, you know, again, I don't blame people for trying to buy things when they're down 60, 70 percent at this point.
Yeah, I mean, who knows what's going to happen this weekend um i'm actually kind of surprised we're not up like five percent
on the back of what trump tweeted uh regarding um i forgot exactly what it was but um a deal
underway or something like that like considering that we rallied like 10 off the 90-day tariff push pretty much having a deal coming in or underway quote-unquote underway
is something that i was i'm surprised to mark that up a little bit more i think the market is a bit
cautious because they don't know um we don't even know what that deal is regarding is that deal
regarding other countries or is it regarding china because Because China really is in the radar. Someone actually did put
in the chat earlier that I'm baffled by the amount of people saying that this was all part of a deal
and shows China's a bad actor and so on. I mean, you know, it's very difficult to even know what
it is. I think a lot of people can put a narrative on it and guess what it is, but no one actually
knows. Generally speaking, I think price is going to go wherever it goes, no matter what. And then narrative is just going to follow. That's generally
what it is. Like when people come on here and people, when you read books or when you read
articles, whatever, like those are just done based on research and based on correlations and based on
pinpointing what things happened in the past and relating that to today. So whenever you read
something, that doesn't mean that it's true. Generally speaking,
price is going to do whatever price does. And then the narrative will just generally follow that.
That's why when the market drops five or 10%, you see the markets in turmoil after that. You don't
see it before that. You don't see the reason why it's going to drop before that. You generally see
it after that. Because guess what? If it doesn't happen, you're not going to see that headline.
It's not going to make the money and so on. So you know, a lot of things to really think about with that. No one knows what's actually going
to happen. No one knows what is happening. And the best we can do is just, well, for me, buy
companies, buy wonderful companies when they're a fair price and avoid buying fair companies when
they're a cheap price. Because generally speaking, a company that is less than fair will probably
stay pretty low and won't rally and that
will be something very difficult to hold on to you if the market pulls back a
lot more so I'd say everyone hang tight keep your eyes open I'm pretty calm you
know I was gonna add on to what you just said dude I'm a small cap investor at
heart because I do feel like that's where the 10 baggers are like it's
really tough for me to see any sort of like large cap, you know, be a 10
bagger right from these levels because there are a large, large companies, a lot of them.
But, you know, that said, you know, they're clearly like the liquid leaders.
Like if you're thinking about you're an asset manager and a lot of these stocks are down
very similarly, like, you know, the trade desk is down 60% or whatever it is.
You know, I could totally see that leading or Reddit leading over some of the small caps.
I have like Magnite, especially out of this.
And, you know, that's something that I have to come to terms with is like, sometimes I buy a lot of good value in small cap land.
The relative valuations are so much better, but, you know, people just want to buy the winners and they want to buy the big guys.
And, you know, I've learned that coming out of several drawdowns at this point is that, you know, the small caps eventually get a bid,
but it's just, it is a lot easier to ride the large caps because that's where most investors
and market participants are paying attention to. Like they don't really care about, you know,
small caps. They know that, you know, those are less resilient businesses, generally speaking.
So, yeah, I totally get your point, man.
It's rough to be a small cap investor, especially because, you know, I would say generally they've
been lagging on uptrends and lagging on downtrends and lagging on recovery.
So, you know, I totally am more open to the idea of going into more liquid leaders, at
least especially right out of some of this correction stuff.
And then maybe as we get
more fair valuation re-ratings for some of those large caps, then rotating back into the small
caps in size in case they haven't moved quite yet as much, right? Like if there's relative
outperformance in large caps first, and then moving back to the small caps, I think, you know,
I might try something like that this time around.
I hear you,
man.
I hear you.
So it looks like we're at the top of the hour.
Emp,
you around?
You guys are talking.
I'm always around.
Hell yeah,
man.
Do we need to make a shout out or anything?
As far as I know,
I think we're, we're good from what I know on my end.
But hey, I enjoyed this.
Coming into this with all the uncertainty, I thought y'all handled this perfectly.
Listening to both of your thought processes and just the way you guys are processing as we get new information like every other day right now.
I thought this was a fantastic conversation. Honestly,
I personally really enjoyed it.
Cool.
Cool.
Yeah.
So everyone,
thanks for coming on.
I hope you're going to enjoy your weekend.
If you haven't checked out the episode,
it's a pin up in the nest over there.
You could also follow the investing with the boys accounts.
That is where we post all of our episodes and all of our content.
The episode is available on YouTube and Spotify. So if you want to listen to it on the run or anything, I would highly
recommend you use YouTube or Spotify, one of those platforms, whichever is your choice. Twitter is
great as well if you want to watch the video, but they are available in video on the other two
platforms as well. Really excited to see what's going to happen next week. Earning season is continuing
to kick off. And yeah, let's just go check it out. Any last words, Logical?
Yeah, I mean, again, I think the Fed pivot is much closer than the China deal, although we
could be happily surprised as soon as this weekend, who knows. I think that, you know, bonds make a lot more sense here than equities,
just to reiterate that, until we get a China deal with some clear details
and trying to understand what the, you know,
because clearly we're headed into a recession if we're not already in one.
The question then will be like, you know, how fast can we get to a resolution?
How deep or mild will this recession be?
Because ultimately, if we are in recession,
we get some trade deals to come down.
We don't get reflation due to price increases.
And obviously, people argue with me that that's,
you know, tariffs are going to be deflationary
because they slow the economy.
And I agree with that.
But initially, there will be some sort of pressures
to the upside on prices.
So yeah, I mean, I think right now,
the Fed pivot is probably here already,
potentially. We got that news today. And so I like those kinds of trades. I like the
recession kind of trades, like biotechs and stuff like that. Today had a very special day,
I would say, of almost 4% on the day, I think. Let me see. XBI plus 3.8% today definitely
outperformed all of this so it's nice i think
sooner or later once this i mean i think the ppi today was our first recessionary signal
um so yeah um yeah just like what you own um if you're dcaing that's perfectly a good strategy and
um you know look forward uh this doom and gloom stuff doesn't last forever typically speaking
uh but you know do we have another 10 15 down maybe uh do we rip back to the highs if we get You know look forward this doom and gloom stuff doesn't last forever typically speaking
But you know do we have another 10 15 percent down maybe
Do we rip back to the highs if we get a resolution over the weekend? Maybe
But just be prepared for whatever that scenario is and your time frame and how you feel comfortable I know I didn't feel comfortable in some things so I ended up be levering and
Only being allocated with what I had higher conviction in so stick stick to your highest conviction, as Sam was saying earlier, and that's all.
Okay, cool. Take it down now.
All right, gentlemen.
I really enjoyed the conversation, as always.
Every Friday right here at Power Hour, a great way to finish my week.
I'm excited to get into the weekend.
And the first thing I'll do every weekend on Saturday morning, I wake up and I check that investing with the boys.
Honestly, I'm usually in the kitchen making some breakfast for the kids. Sam knows the drill
Saturday mornings. You know the drill. And while I'm doing that, I throw in the podcast. And I
listen to you guys every Saturday. Make sure you check that out. Follow that investing with the
boys account so you're up to date of when those episodes get released.
We appreciate it.
Definitely check it out.
If you prefer YouTube, prefer Spotify, one of these other platforms, it's all available for you guys.
All right, guys.
Hope you had a great week in the stock market and hope price went wherever you wanted it to go.
And we will see you guys next week.
Don't miss the podcast dropping first thing tomorrow morning.
And take care, everyone.
Have a great weekend.
Hey, actually, sorry, just to correct me.
Yeah, clarify.
We dropped the episodes now on Friday morning.
So the one in the nest is actually dropped already.
Oh, this is the live one.
Why I missed this update.
Yeah, we moved everything up one day.
So you can actually go listen to it as soon as this space is over.
So enjoy.
Have a nice weekend.
I can throw it on right now.
Yeah.
And yeah, have a nice weekend, everybody.
Take it easy.
We're going to need it, right?
This is a crazy market.
So take some time to yourself.
Touch grabs.
Boom.
There it is.
Episode already out.
Hey, that was news to me.
I'm excited.
Now I have something to throw on while I get some work done.
All right, everyone. Take care. Enjoy your weekend. We'll catch you guys next week. .
