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2019 vs. 2020 Stock-Market

The Steve Noble Show / Steve Noble
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January 22, 2020 8:29 am

2019 vs. 2020 Stock-Market

The Steve Noble Show / Steve Noble

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January 22, 2020 8:29 am

2019 vs. 2020 Stock-Market

Today, Steve Lewis of LA Capital Advisors joins to compare and contrast 2019 and 2020's stock market. Plus, help explain in layman's terms stocks and economic numbers for 2020.


Here at The Steve Noble Show, we wish to spread the good news of the Gospel to all nations through the airwaves. This mission, like other missions, requires funding. The main funding of the show and this mission is from donations of listeners. So, we prayerfully and humbly ask to donate if you are so convicted to -

Thank you and God Bless


Wake up everyone time for this noble show where biblical Christianity meets the everyday issues of life in your home, at work, and even in politics. Steve is an ordinary man who believes in an extraordinary God is on a show, there's plenty of grace and lots of true sacred call Steve now 634 true 866-34-TRUTH or checking out online now here's your host noble in January 22 for me think of Pearl Harbor and of course that's certainly true, but Pearl Harbor nor World War II carnage that we have seen, as a result of the passage of the Roe versus Wade argument at the US Supreme Court. That was January 22, 1973 and since then north of 60 million children have lost their lives to cortical legal abortion and so that's why sent today life Sunday just occurred and sanctity of human life day which the president released I shared on Facebook released a proclamation which was great very strongly worded and certainly appreciate that and everything Trump administration is done on the life issue. So today is day at the day that's you memorializing that's not an anniversary. You can use that term loosely, but you need to memorialize the fact that his January 22, and even when you look back. I look back earlier at some of the headlines of the day and some of the major papers and so on. It wasn't even the lead story was on the front page of the above the fold, but it didn't have kind of a World War II end-of-the-year type heading to it.

It was just like a you know, the US Supreme Court overturned state abortion restrictions now is legal throughout the land that was 47 years ago today. So just wanted to mention that and then the course. My good friend Steve Lewis LA capital advisors is in the house we don't do this all that often, but whereas when we talk to David Fisher. He really comes at it from a precious metals angle and banking understanding that side of it. Steve forte is on the other end of that which is the stock market and has been a great friend and friend of the show for years as well as he and his wife. You are great friends of Gina's and mine to connect it's an act is not really heartfelt, not really. It's just to further whatever we can do for you. We just like you that you're probably not the first person ever said that I don't even know you're still on my mind so much. Now it's not even on and this is the way our relationship goes what fundraiser I sat there on the cookie crumbles some kind of sponsor. I got my T-shirt yeah my shoes on my belt. My hat that the tie on the wall right on the is is what this is. This is what I got a happy new year. Good to see you coming today well ads as the father of 12 kids 10 by birth from your wife to buy adoption. Note that seven Evan Keys in Winston-Salem. Okay both of you guys edit that out. Yeah okay so 12 kids and obviously you love the Lord and in pro-life but when you think about the fact that were 47 years on the site were to talk about stocks of what would happen last year in my old you're only 47 this year. No. 47 years ago today was Roe versus Wade lying on their know about my age. No, I'll be 54 next month, so from from that perspective.

I mean how do you how you look at this when we got plenty of time to talk with stock market. Let's talk about the first one, especially from a perspective Roe versus Wade 4011 years ago as a father with 12 kids will I think I'm the shock that here we on this end of the law the years and we have these little baby steps, working in our favorite right now. Supreme Court supported the ultrasound law have Kentucky I think that'll start. Hopefully this there's still some people you have some guests on here who are saying that we not enough.

You sure a lot of churches still kind of believe in abortion because of all these other little things but these little baby steps help and I know when Trump will appoint another justice. If assuming he gets elected or even if he doesn't get elected one will be appointed to fill in for the walking dead person the Ginsburg Ruth Bader Gifford who I think Satan himself is keeping her alive is that they've always ask the question, especially to the conservatives Roe V Wade precedent law and I don't think any law which is is precedent.

We've seen things reversed all the time with no evidence in the way so I would love to know know back in 73 if they had a little video of an ultrasound of light ready to begin when they been able to bring themselves rather overturned state restrictions on the right coming the beginning of unplanned did it for me what your first six minutes eight minutes you I looked over my shoulder watching were at Providence yeah Providence Baptist Church over my shoulder and he could hear a pin drop your lot of people wiping their noses in that alone wiped me out. Yeah why what if that was shown in 70 face-to-face that we have new technology to track people thought it was just a simple, let's remove the appendix. Let's remove this statistic here that it's the same thing and it is not know and that's a great point you bring up DNA evidence. We use DNA evidence now to throw out all kinds of court cases decided court cases people that were found guilty better than later exonerated by the DNA evidence because we were willing to look at the scientific facts now have the scientific facts, they didn't really have a 1973 and will see God willing that'll get before the Supreme Court and I agree with you.

I'm not a there are there abolitionists out there that will not agree to any incremental steps in the in the fight for life and overturning Roe versus Wade. I disagree with them vehemently and I think every one of these steps is like pulling out another another brick from the wall that eventually is going fall I believe. But let's make sure the church is ready when we got all the sudden, legally they don't have the option for abortion in many places because I think it will become a states rights issue before but swing back to a federal issue. The church is getting ready when you get what you guys adopted two children. Why did you do that only needed a home but a question I have for you. Maybe I'll be wrong on this. I know during the Trump debate question came about abortion and the question was about it being a human and Hill respondent Roe V Wade settled that came up in the in the transcript of the Roe V Wade hearing humanness. No yes they did, so it didn't settle anything except thing you could do it. Yeah yeah know she was totally wrong there right because no liberal really wants to deal with reality.

There was a guy have been talking about this for about six months now. There's a guy that was a PhD student in his final PhD dissertation at the University of Chicago took my five years to write it in a reason that it was slow down, it's because he surveyed. He actually got surveys back from almost 6000 PhD level biologists from around the world and one of the questions he asked them is when does human life begin in about 94% of them respond that responded 94% of them set will clearly begins at conception human life begins at conception of the all the ones which was several thousand that responded that were in the United States over 80% of them self identified as registered Democrats and pro-choice, yet they were willing because they're not science deniers because her scientific were willing to say yeah you know what the reality is human life begins at conception okay. End of story. That's a human was asked that question when we were trying to explore Mars and I settle anything with a DNA pattern is live his life. Imagine that you worked on Mars but it doesn't work here. That's because we don't have liberals on Mars in the snow yet. This is noble with people as Raven was on remove right that's true. So I don't know the thought were to talk about 2019 stock market in 2020 stock that speaks for table come back noble to see the noble show. Turning the corner. We are talking about the day today generally 22nd 47 years ago is when rover is Wade. I turned over all the state restrictions and made it the wild wild West in terms of abortion. So we should all take a moment when we finished show today on Facebook live will pray about that pre-over nation pray for our nation and all of those involved in abortion about sized issue. So let's make sure we keep that in mind, of course, the Senate hearing is continuing the impeachment of Donald Trump. I was watching that is much as I could stomach. It's basically a replay right now. Everything that happened in the house except for the people like Jay Sekulow who gets to step up to the plate and fire back so it's it's far more interesting once you get into the rebuttal portion is far more interesting three days of that then then then trying to work out some rules and they want have other witnesses that connect fight their way through it.

I don't think this a lasting more than two weeks and I don't expect it to end in anything other than an acquittal unless something bombshell comes out and who knows, because Mitch McConnell, even though the Republicans have a majority of 54 in the Senate he can lose three or four. Those votes easily and you might have John Bolton coming in and I think John Bolton is gunning for Donald Trump. So this thing is don't assume for one second. This is all over because it isn't. We live in a broken world and and highly politicized everything. This whole thing is been weapon I sell this is and can I go down without a fight, so will will be talking more about, especially on Friday will get to that. It's good to be there waiting for us. But today talking our good friend Steve Lewis LA capital is the website LA capital so you guys when when we talk to David Fisher I David Fisher helps us understand things from that particular perspective and David Fisher helps the noble family on precious metals, but Steve Lewis helps the noble family when it comes to the actual stock market and so these are not people that I just recommend you guys willy-nilly. This is who helps us and that's why would if they didn't didn't trust him.

Did no one didn't like him, he wouldn't be here, but you are here what you can build which it cleared up that you can acquire gold and portfolio yeah sure you can't get it in this form of a fund right so there is no way to live a silver gold. The palladium copper exposure. You can get through the exchange traded fund world and if you want to carry the physical stuff so it's it's a Lotta option lot about which is important okay so let's talk up stock market 2019.

It was a killer year really it was but it was highly deviated the chart that you have been up and down, up, down, highly deviated. We got a great start, and in January, down from February all the way through to mid July. It was just hold your breath and so until we broke loose from tail end of July did we see anything smooth but still a lot of sectors to go up and down and but at the end of the day it was positive and so it's no it were all very concerned right now that the profit makers have are well past the 200 day moving average with haven't taken any profits. There isn't one person on squawk know anybody that I know personally who are like the sound of that type of correction is that what that mean well, it's a temporary correction profit takers sell profit take yourselves not because of earnings or anything like IBM or Boeing. For example, got downgraded today if that was a typical stock market day. It was that would've been enough. 15 years ago to pull the whole downtown, but it's not the Dell was fairly flat today after announcing that the 737 Max is pretty much going to go to the website and in the 777 got announced yesterday delayed because of technical problems. No one will ouch no one is disclosing with the technical problems are that's major good news so IBM came way up overestimates is been relative of the Dell 30.

It was one of the lowest performers last year that pays a terrific dividend and but it's it's moving into the hybrid cloud space Tesla up 6% again today, two days in a row market Broke 100 billion or because I only read some a company like Tesla test is been highly backed government dollars and there over its lifespan, but you look at a company like Tesla you look at you look at the owner of the cars haven't been moving that well they want to come and would let lower expensive cars and now there's competing battery resources that are out there right now most of all the cars use the same lithium battery just a matter is it in a Toyota resident of these different makes right now right and Tesla just seem to have a whole package.

The car he been in a test. I've been and I I've been in one.

Once isn't it amazing as it is amazing. It's totally amazed you. It's just something that you can't think of that the tires are different and I sit there at a temperature when you get in the car. You don't start yes is not really for someplace. This combustion engine that might be started and then you don't hear the engine right is also in your moving along like something I guess there's some game that gets her some rides at theme parks that are kind of like that you really hear anything. Also in your moving.

It's bizarre, then you have essentially what is a large-screen Apple product right by the looks of it is your dashboard and that's it and they can troubleshoot the car from remote yet crazy no going through the diagnostics of the computer and here's what's going so are you bullish on the company like Tesla long-term. Or that's the only people coming in the current units find we have it in our portfolios. In certain places, but it's not something that will it could fall real fast. You see, so we can get what we call seeking Alpha will get affected returns are asked to return the higher-than-expected and the multiple different ways more favorable, more consistent, more predictable than Tesla for sure, but you know you got no IT is is running the roost again right now. As of this morning of the S&P up about 3% medications is up six technologies up six utilities are up 3 1/2 and was industrials words last year we ended the year IT number one communications number two industrials number three in discretionary. So overall, what was the overall like thou in an NASDAQ last year was her overall game well your you have to define what gayness member. I mentioned out that the recap that 10% on January 1.

It's on 15% on December 31.

I look at that go that's a 50% gain 50% over what it was when it started right doesn't mean you made 50% because it depends on what you got in and out well. All member losses are linear growth is logarithmic, so if I lose my lose 20% on 100 on down to 80,000 right right I need about a 25% gain to get the 20 get back got so all what you see on charts like Yardeni. What you see on Yahoo or CNNMoney or or anything like that. A prospectus given you from a broker about a fund are all point-to-point point January 2 to December. Whatever the end of the year trading day was and then it's a point-to-point money doesn't move this way. People are very much suede will do what you say. That is Evie doing that at a convenience or partner.

Do you think that's deceptive.

It's both drive.

I'm trying to sell you will find but that you know we hear on the radio by certain radio personalities that this was average 10%.

It has not.

If you go back to January 2000 through December 31 of this past year.

The annualized return was in the recap. No just under 5% annualized annualized so why would somebody like Dave Ramsey saves 10% every year he's taken a point-to-point and if you state poignantly to take a point-to-point from January 2000 to December 31, 2019. Divide that by the 20 year so yeah there you go, and there's your 10% a year, but money does not post your account annually. It's a daily player and that's really that's what heart I wrote a Forbes article on revenue Forbes article breaking running a couple weeks and so it's that's probably the biggest problem I have been hearing people talk about games you play using these charts like it's overly simplistic. Yes it doesn't account for the deviation from the only good thing it is for you can see print patents you don't don't get hung up on on the uptown percent plus why we need help. That's like something like you comes in here to help the rest of us understand ever talking to Steve Lewis LA capital advisors about the stock market last year. This year, what we have to look forward to what's going on there. LA capital advisors.the normal showing here today with the Lewis father extraordinaire. Why would I say that LA capital by always city's website. LA capital I say father extraordinaire, not one not do this every time. Not one, not two, not 394-567-8910 1112 children.

How many still in the home nine so big deal was like a vacation. That's an talking Timothy is next man that wanted a boom, not announcing an amount Timothy is not sooner leg. Do you have some kind of a postnuptial agreement with your kids that one pay their own and have to take care of you guys how collectively it shouldn't be difficult for me. Got online in the water. I don't know I should assigned a prenup with water. You should catch them but if I can post date something she will listen.

This suggests that Chucky cheese in Santa Barbara might be listening.

She might feel I should tell her I would like something yes he is to stop now and is not to be responsible for any of that stuff. Anyway, it's great to have you come in and so 2019. Overall, is it in a is an A- to be how I would give it a B+.

A lot of brick-and-mortar's announced closures Pier 1 400 stores brutally skip and live Pier 1 blaming wayfarer not blaming Amazon blaming wayfarer interesting. So think of talking your sister Catherine about it on the phone a couple weeks ago on the purchase from waiver and so yeah it's going to stores expense. Very yeah, I mean this now you can buy it online and buy for less. I don't go anywhere.

How does copulating on it will come most like, perfectly, yet most of us are over that you make a big deal out of it, so B+ is Evie said 2019 B+ in an and what do you think 20/20 will be all the same or better.

I think what concerned us a little bit in 2019 is the consumer discretionary sector to be had materials and manufacturing were down last year. Very little bit nervous. Hence the US MCA. Hence phase I of China, so the materials lacked a lot, but the discretionary sector came on back, but the specialty stores were negative. Department stores were down 29% 29% yes so it's not just an online thing on lines killing the big box stores and that's just the way it goes. Yeah, it's not can change.

I think I think that's good. Yeah, companies that want to carry the real estate. I was apprised I don't Macy's here in Raleigh wasn't one that Sue scheduled to close yeah the Pier 1 in Holly Springs of the skills or carry scheduled to close, but a lot of them are a lot of brick a lot of jobs gonna share all absolutely right. So if you know it wasn't all roses for sure if you if you glean through this and if anyone wants a PDF of 90. How can I get that.

Just email me through the website, contact, and all will PDF you 2019. This whole thing if you like the look of your do-it-yourselfer. The kind gives you pattern again go on every day on the website. This is updated daily sign on tomorrow morning will get today's month to date, and budget LA capital right and under the resources tab. Yet all that something you can think you can see, highly deviated with no within every step given industry. So you have 11 sectors 11 to the whole economy and then you have 88 industries underneath those sectors so you start getting into the weeds.

Yeah, you see some industries that could be are very volatile, very volatile as a sham. Looking from S&P 500. This is from last year and so get consumer Staples sector. Go okay. We got underneath that consumer Staples sector brewers, soft drinks, tobacco, household products, personal products and drug retail so there's a lot going on and drug retail -14 she that's brutal but personal products 62 what give me an example of a personal products owner and gamble, so personal product is. It's a staple toothpaste, shampoo rocks that they use around the house okay you think Folgers coffee, things like that. This is theirs is the Staples but but but the drug was down. That was interesting and drug retail was down any any particular sectors of the economy this year that either are make would make you nervous or would make you optimistic row retail. I'm assuming you're a real estate and asserted go away last year and all utilities utilities is always shorter were in the winter utilities right there up in the then milk flatten out in on this go down it's it's a cycle you know discretionary is the train that that pilot very calm and its people spending money on a lot of things. It doesn't require materials so material is more manufacturing.

It is always a John Deere Caterpillar host of things buildings and so forth and homebuilding quality of those homes are really questionable in the internal data that we see there very close together. I got several clients who actually are inspectors now there hired by the home was that matter to us as investors.

Why do I care what I care of the house is any good enough. If the seller to make money in the stocks going up. This document is a copy of the homebuilder ETF did well, but it but it really had a dark spot earlier in the year last year so it's all about returns and numbers and continuing to do so because now at a point where did you did you beat last court to be the cortical for what your estimates now. Did you make those so when they missed them. They re-correct them intentionally lower right.

So trying to manage target. Helen Keller could be that the next court right yeah it's crazy so they can beat that. So that that's all intentional, like IBM, you know, did nothing special but they beat it because they did some cutting and did some hardhearted software is right now and IT is the place of software. What about the Trump factor in all this. The impeachment factor in China factor known what you mean no one, not no one cares what was going on the impeachment side.

I will get nothing. Burger in terms of the market, the, the face to of the China deal is really where admonition mentioned that last week you get a good Q&A could load it.

A true always does great Q&A's hello it is it his capital now you his economic advisor.

Yet he is so much fun he can swim market in the 30 minute you just keep you have a trunk and sway market with one tweet.

Yeah, and he hasn't swayed lately. He hasn't done that so and the fence laid off interest rates were well and I think we just kind of just let them play but your healthcare is rising up in the last 30 days. What about all the money that the feds pumping into the economy that do you think like that does a dozen investment advisor dealing with the stock market. Think about all the propping up that our federal governments doing because it's essentially QE for the just not: while the labor numbers are based on nonfarm payrolls so it's trying to be as transparent but it does include government hired Jeff, but he has set according to some sources, not all of that he has retracted the employment by consolidating agencies so it doesn't doesn't move these too much good numbers last last month and was 244 for Bill it was above expectations there talk about job number job number. So what about the Fed pumping money into the economy that that's the key is the end style mean Reagan was about a 50-50 use. Big laugh or laugher were kind of like a free market, but were also monkeying with the market. Oh yeah, you can manipulate it.

We don't live in a free market society not really know you can the government can put money in and grossly affect the true numbers by general infrastructure if they pass an infrastructure bill yeah trillion dollars.

The answer highways and everything that will just be huge.

That would be huge, huge, in what direction for the stock market on wall employment.

The numbers will just get even know the participant you hire in on what going to help the sectors that are involved in the community is suspicious to the Midwest. A host of things like that and you know with an asset manager you don't worry about what you're asking me you were about the trends that we see yeah a buy-and-hold person has to worry about US equipment test living long-term. Okay, this is no we don't believe in long-term you know us, we move our turnover ratio is quite high so we were looking for trendlines and we don't care what the symbol is yeah are what the you know the ex dividend, as you just want the trendline to get that that looking at hard numbers, nonemotional decisions, yet we don't do you care about the national debt from an investment perspective, no yeah because everything's more short-term and as long as we continue to print own correct and just to clarify you care about the national debt is a Christian and as a no-show citizen of the country. But when it comes to buying and selling commodity stocks ETF's. Whatever tool you want to use then it's it's really not a factor. No is you're dealing with the immediate, not the long's not what I watch on squawk. I just find a lot of waste of time.

Love these publications we get.

We subscribe to comes in the office every day and along the Wall Street Journal's of Elvis.

It doesn't really matter to us because were looking for trendlines and we don't care about what the companies doing and we know what it will announce earnings. We look at those types of things depending on were going to buy in on that are or so forth were trail stops in all right here going to be planted at this literature.

This unites us talk about that work at work and I had a break in about 30 seconds because I want to have everybody understand, some of the terminology trail stop is if the stock goes down 5% in any given day. I mean it's built into the system. That little cell.

Whatever the client wants to retain as an attorney. So in this this client here, can put it on the screen. They want a 5 to 7% retention over there willing to lose 5 to 7% on that stock, so we would I start going south of 5 to 7%.

I want out. It's already gone yeah and it's in the cash position right so Ms. read it yet, so we'll talk a little bit of stuff that more in terms of kind of strategies and then will continue to talk about what's going to happen here in 2020, and how we react to that as regular investors as most of us are nearly as expert Steve Placer to Steve Lewis LA capital advisors the Steve Noble plus in my problem. There is no longer magnolia over it where I was like what I do in your eyes to see the rapture, and I'm and I'm not at a campus on the laptop using Baptist theological seminary, and I better run around campus and since I missed the rapture. I better not find many people here on campus is the rep I think that you believe in the rapture are you are you a preprint guy I was back to seeing you moment ago you were those the poster. Wow. Oh my goodness, you can roll right into theology Thursday wind line LA capital alleyway does not show yes or so it LA capital with my good friend Steve Lewis who helps the noble family when it comes a regular stock type investments and so we been friends for years and she's been in this industry for a while and your 17 year 18 this way smarter than the average bear half the time that I'm talking on a clue what you're saying but that's that I don't have to because I trust you and we've done just fine. Please, but like you lost me lots me you lost me, but is not what we learned from that it should. We should stop if you got it, investment advisor, broker, whatever. If you don't understand what they're telling you we should probably stop and ask should we do think we need to be more involved in our investments today really worked up 15 years ago. Why well I know a lot about. I kind of one of the Forbes piece that has I have coming out kind of alludes to a portion of, but title for that piece that Forbes piece they are not official yet, but but it's just versus asset manager versus acid gather is the gatherers that we have a problem yeah and and my industry. It's unfortunate and it could be another is the industries that if it's legal. It's ethical then they do a lot of double dipping out there.

We see a lot of double dipping.

I find double dipping. Oh, a financial consultant can wear many different hats, i.e. their licenses, they can do a lot of things but they don't tell the client when they're taking off at one putting on have to what is very common now is the hybrid where they are in advisor may where they can charge hourly bill you for services got everything's financial planning services and then take those assets because you like me so much and I put on a broker platform and I got a commission on on all those perches you get asked that question. How does your so I advisor, broker may, charging you 1% run on the assets and play in the plan, which is a lot and I'm getting paid commission on the same assets over here Jeff so you have two regulators overseeing this person so it is audited by one they will look at the other side and on the other so not look at the other side and that's that. Registrations of 333% in five years really and and people tell me I challenge.

And why doing and I get the same what they tell you it's easy money while so he wrote that in the peace and not necessarily at all good for the client notebook. The client doesn't know. I think they're only getting charged financial planning when in fact he's getting hope for 1% more on the nose or up how much in the last five years, 333% of people that are unfettered. Signing up and getting really caring a broker license in advisor Leonard advisor ICS to play both sides labels. Wow, it's legal.

That's the problem. Which means it's fine right like killing baby correct. I mean if you're if he's getting commission, the clinic should be free is really nothing the plan we have the software you do your taxes right now you use answer these questions you hit print this right beautiful downside of being better, but now looks like CPA did listen, I met I was so intimidated just adding capital gains or losses in, but now it TurboTax it connects with TD Ameritrade and I just I just get the login information correct poles at all. And then whammo it's there literally in a couple of seconds. It's all there.

The bottom line up or down might will. I remembered years and years ago doing that by hand right getting all these different reports in and then Citgo cares. This holding audit sold the conditioning again this shows a loss.

Now it's just me. So now you're saying planning is kind of like that what we answer the questions ago the nice linen paper on an embroidered little binder that looks great and some are charging 3500 bucks up front for the while, or the charge 1% a year for what percentage of people that you talk to client Weiser's that there also normal investors outer mean normal people. What percentage of us are clueless when it comes a second stuff going on just a guess. I'll probably close to 90% almost everybody's clueless you wow III met with the guy who was largest dating wanted to review it. I took it to our affiliated firms also. So three of us looked at the you get the same answer. He was getting hoodwinked for about $83,000 additional fees and he's just it will, this guy would do that and you still and what he want me to understand the thing that I teach in both my government class in my ethics class for high school students starts with this. It ends with this and this shows up. All throughout is called human depravity right a lot of that note the higher net worth receives after not even allow the login and see their stuff to get statements every month from all these different right fun players and it's by design my upper down.

That's what they're looking at right and so they have to put their own stuff and their Excel spreadsheet so they can see if you're up or down by some give give everybody listening a couple of questions that we should be asking our broker/advisor right up the bat to find out whether were being hoodwinked total expenses that I am going to be paying directly or indirectly.

Total expenses I'm paying right directly or indirect, so if you have a mutual fund and it's going to charge an annual expense of .8 but the advisor is going to charge you 1.35 on managing a group of mutual funds that are averaging a .8 internal fee.

Do the math on that that's over 2%.

Yeah, that's what you need to know. Ouch.

So, but they don't tell you what the expense of the fund is all my management fees 1.3. It sounds pretty good to is well below average but getting kicked you know that's why the ETF exchange. When I last when you asked him that question. Are they obligated by law as your advisor, broker yes to answer that. I say ask it, you have to answer now if investment advisors have to disclose all of that brokers do not have to disclose insurance agents do not have disclose with the commissions are. They don't have to tell you the any conflicts of interest, so it is there an incentive for me to put you in this fund wasn't there a legislative issue along along these lines a couple years ago Dave Ramsey was involved with that in the Department of Labor was going to mandate any consultant that consults on an entire retirement plan will be a Roth or any IRA or anything they do must act in the client's best interest well fiduciary fiduciary standard. The only ones legally are the investment advisors they have to but brokers do not. So if if an insurance guy Sony and annuity is going get him a trip to Rome and or three that are far better for you.

Yeah, he doesn't have to disclose the information that that's what sat in. And it's good. Rick didn't enjoy my room and I correctly, did the Godfather come out against that that when I say Guffey restructured the way he works with his eel piece because that's his network of investors. The LPs had to pay him that he recommends had to pay him.

So now he's charging his eel piece and mark a monthly marketing fee as an expense and it ranges from type for a talk to one, 2 to 6 or $700 a month nipple to get leads from the shell so it would it would appear that for you and this is deftly true for me that Dave Ramsey is not the fourth member of the Trinity know. But the thing is is that he he is not a financial he's never been a financial right, yeah, but those who work with the LPs would have to disclose sure that a portion of these fees go to Ramsey and American funds that he said he really supports his immensities growth stock mutual it's American funds American funds would have to disclose the relationship with Ramsey as well boys and everything would have to be disclosed yeah so everything was. I don't want them to reach it right and whether partner labor lost because they're not the oversee overseer of IRAs. Anyway, only for one case or 3B plans into corporate plants so we knew out of the gate. Now there are not the regulator so but it was a good attempt. It's one thing I plot of the Obama ministration on because there's not enough disclose yes so much done very little transparency yes which is kind of scary. Okay, so we got about about two minutes left. So in terms of 2020, looking for the rest of the year not coming back until 2021. No you come back soon. Just ask doesn't take a lot. Consider a way for me to ask you right I would like to feel one. You are 16 okay the question come over for my wife's enchiladas, but I can't quit you the best thinking and Uranus go up when I'm here 50 times when I'm on I need to remember that okay answer the question please let 2020. The rest of the year pitfalls things that will what should be our base. We still leaving Cynthia look at trendlines with labor coming from me 3% of all the unemployment radically low full employment. I think I think the wages are slowly they're even going up since he started the left will say they're not good enough, but of course are going up.

I think wages need to continue to go Eli Lilly announced a big project to employ 400 jobs here in North Carolina and the average salary be about 72,000 wow. That's a big deal so that that's pretty cool.

That's a good wage boost for the state and for the country.

I would look at waitress continued employment numbers. Really, the discretionary sector. We always look at first words were wearing that you know and there's that's telling us how people are spending our money where there's 23's industries and that's that while we really want to know are people comfortable spending but this appeals are getting fidgety about layoffs and little bit insecure these ill things I since they're going just about buckle up and not spent and then tells again.

What's the easiest way to get that information with Yardeni and everything really get that underway LA capital LA capitalized over the right resources tab in Ulster. It will follow the drop down and then going to the bottom of the Giardini researcher phone numbers there. Your email is there. And then the other thing you can do a what's the report of MorningStar MorningStar report in the how much charge if they want us to run when on what they have. We can email just basically a report which will also then tell you how much he what you're paying and where you currently in the market super important LA capital LA capital which I highly recommend, and that's what

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