Something About That Turkey!

Daren:
[0:00] Well, Chris, we're back. We made it through Thanksgiving. Hope all your family had a good time. I hope all the politics were a minimum. And I was really, really hoping that Bitcoin was going to hit 100,000 during Thanksgiving. I was watching it throughout the day. It didn't, but boy, does it look close.

Chris:
[0:22] Yeah.

Daren:
[0:23] So that's exciting. So we'll see maybe this weekend it does it. It's looking that way. Um, anyhow, I mean, I don't know what else you can say other than risk on. And we titled today, um, you know, something about that Turkey and, uh, you know, kind of, I've always find it funny during Thanksgiving. It's like, we all try so hard to make Turkey taste good. Um, I know there's recipes that make it taste good, but it's like, it's a bird. That's like, you have to really work to figure it out. um but yet it's become the staple of all our gratitude celebrations here in the united states and um i always thought that to be kind of paradoxical in some way but i mean like why can't we just do like steak or you know or like some type of meat even chicken it's like easy to make taste or like you know serve cod where you just put some butter on it and that's it it's great um or crab or whatever but um i don't know about you but we tend to do a lot of crab and oysters being that we i grew up in petaluma it's kind of the

Chris:
[1:35] I don't know.

Daren:
[1:35] By the sea kind of thing.

Chris:
[1:37] Not the family. Not the family.

Daren:
[1:40] For your family, Chris.

Chris:
[1:41] Definitely no seafood. That's, I married into a family that is not about seafood, unfortunately.

Daren:
[1:50] Well, you guys, I mean, you're both, your families are from Ohio, right? So.

Chris:
[1:54] Yeah. Yeah. Well, their, their, their religion is part, you know, where they don't eat certain types, a lot of types of fish um or pork so yeah so it's a big no-no um.

Daren:
[2:10] As that was the case i thought fish was like the good one i knew pork

Chris:
[2:14] Yeah maybe that's yeah uh so but i was just thinking yesterday how, you only eat certain things like basically one time a year at least i do stuffing for example i'd never eat stuffing except for thanksgiving that maybe christmas it might come around uh but Thanksgiving is pretty much it for stuffing cranberry sauce, an amazing thing to add onto your plate, but we just never have it other than Thanksgiving.

Daren:
[2:40] Um, and it's actually really easy to make, right? Yeah.

Chris:
[2:44] Yeah. You would think.

Daren:
[2:46] I love, man. Stuffing is like one of my favorite go-tos.

Chris:
[2:50] It's a good one. Uh, that green bean casserole with the like onion thing on top of it. Also something that's great. Just never hardly ever have it. so it's a very.

Daren:
[3:03] Super easy too it's not like you could easily make it for dinner but i guess it's a side right so you wouldn't like like hey guess what's for dinner tonight green bean casserole oh yeah dad that's awesome you know yeah but definitely classic i i'm actually a big fan of pumpkin pie yes

Chris:
[3:24] I'm with you there absolutely.

Daren:
[3:26] I think most people can test that but um Um, uh, that's always one of my favorite go-tos. Uh, well, anyway, there's, um, I guess lots to talk about as always, uh, markets just continue to rally and, um, you know, we'll dig into some of why that is, uh, today in today's show. Um, but kind of a quieter week, I guess in all just because of the holiday and kind of, You know, most people were done working mid-afternoon, mom Wednesday. They didn't work yesterday and only a few were working today. So markets are still open. But anyhow, we're going to wrap it up in this episode.

Music:
[4:11] Music

Daren:
[4:47] All right. Well, Chris coming in with the meme today.

Chris:
[4:51] Yeah, I thought that was pretty funny. A lot of a lot of unexpected things happening in the markets. Heck, even the Detroit Lions are good. I mean, we're we're living in a time where Bitcoin might hit 100,000. Things are just weird. So you never know when you when you look at the forecast and things that used to you think, no, there's no way that'll ever happen. And, you know, Thursday's temp 350, huh? Expect the unexpected, right?

Daren:
[5:24] Yeah, for sure.

Chris:
[5:28] No, this chart was from Jeffrey Kleintop at Schwab. And I'm sure you saw bunches of these going around the cost of Thanksgiving dinner, you know, going down a little less expensive this year. Now, my bone to pick with this index is it says the weight of the various goods, they've got 50% on turkey. Now, we were just talking about what's on your plate, and I don't know anybody that puts 50% of their plate in turkey, right? For all the reasons that you just talked about, it's a traditional bird. It's not the best tasting bird. So, no way half of your plate is turkey. and only 20% potatoes. I think that ratio is flipped. So the index may be a little off, the index weightings.

Daren:
[6:21] Well, like any type of inflation measure, it's a function of your particular basket of goods, right? So CPI, consumer price index, You know, my inflation is not your inflation. And everybody experiences inflation different, which makes it such a difficult, I guess, barometer of economic health. And it's difficult to measure it, and it's difficult to control it, which I think politicians to their shammies struggle with.

Chris:
[7:01] Yep. Yep. Now, this meme is admittedly very nerdy. The price-to-earnings ratio, this is referring to the price-to-earnings ratio, the S&P at 30, price-to-earnings, and then Europe at 15. And if you're just a financial person looking at the value of stocks, is the discounted future cash flows of those stocks, then you shouldn't really care where those companies are based.

Chris:
[7:34] And, you know, when you're going into that purchase, you know, that's where you make your money, right? And currently, everyone is piled into the U.S. And we're getting into that time of year where you're getting projections for the upcoming year. And boy, oh boy, are they rosy right now. Um, and I haven't listened to one prognosticator say that they're not overweighting the U S um, you know, and, and again, right. And this is in contrast to, uh, you know, the end of 22 really where everybody was calling for a recession. I feel like we're on the flip side of that now two years out where there's nobody, nobody calling for a recession, nobody calling for S and P correction. Um, it's, it's pedal to the metal, uh, blue skies and, and smooth sailing ahead. And, um, you know, I think there's, there are some deals to be had out there, but it's, it's a weird thing because, you know, talk about going to buy Turkey and let's say one grocery store had, had it for, you know, $30 a pound and one had it for $15 a pound and everybody rushed to the $30 a pound because it's like, well, it's more expensive. It's got to be better.

Chris:
[9:01] And it's going to have to feed more people and be a bigger hit. People don't do that with anything else. But with investments, we chase whatever's been doing well lately and we pile in with everybody else. It's much more comfortable for us to be in line with everybody else than to be the sole person at the window and you're going something wrong with me here.

Daren:
[9:27] Yeah.

Chris:
[9:34] So you look at the U.S. stock market concentration last month, according to Bank of America, we hit a record. And the top 10 companies as a percentage of the S&P 500 market cap. So for 24, that's Microsoft, Apple, NVIDIA, Alphabet, Amazon, Meta, Berkshire Hathaway, Eli Lilly, J.P. Morgan, and Broadcom. And you can see the other times that we've been this high. Actually, the other one that we also thought was extreme was 2020, and here we are four years later, even more extreme than we were in 20. But the previous extreme, at least according to this chart, was in 2000. And I saw another chart that goes back even further, and really the only other time that rivals this was in the 60s. And this far exceeds even the concentration that we saw in the 60s. So it's interesting that we're kind of in this time period of monopolies and market concentration and dominance by just a few. And if that continues four years from now, or we get the mean reversion.

Daren:
[10:54] Did you see that tweet I sent you that Bob Elliott posted? you know like it doesn't pay to be diversified

Chris:
[11:02] Yeah he said something like you know for decades and decades prudent asset management was was you know the smart way to go and it hasn't been for like i don't know how many years now um yeah it's it's nice to hear someone as smart as him say that because you're like you have to pinch yourself sometimes and say is this reality like is dogecoin really worth bazillions of dollars is dogecoin.

Daren:
[11:34] Really worth more than ford motor

Chris:
[11:35] Corp like that's just yeah man you know and and a lot of the etfs that are getting flows are literally you know just leveraged bets on single stocks so you know all these crazy things that are happening and i don't know if you saw that next etf company that's coming out that with one that is, basically taking the return stacked concept that Corey Hofstein originated and they're going to apply it to you can buy the Nasdaq and Bitcoin one-to-one in a leveraged ETF. Yeah. Anyway, people are...

Daren:
[12:19] And I think this will probably be true. I don't know about you, Chris, but I've been kind of Starting to think a lot more about, okay, what are the realities of the next administration? What are they going to attempt to do? Which I think one of the biggest, and I think probably why the market's behaving a lot of the way it is, is the potential deregulation coming.

Daren:
[12:46] And if you think about it, why wouldn't there also be deregulation in financial assets? And we, I think like Elon called for the CFB, is it CFB, the Consumer Protection Finance Board to be basically wiped out.

Daren:
[13:06] And given that every time I see a party going down at Margo Largo, I see Elon Musk hanging out with Trump. I have to believe that Trump's going to do some things that Elon says, you know, and so it'll be interesting because a lot of these more kind of, let's call it less domesticated financial products will probably go through an era of boom here, which will also set up a situation for buyer beware, right? You have to be really careful because consumer protections will probably take a hit and really understand and know what you're buying, which is always a good practice anyway to actually understand what you're buying. Um but uh i was listening to um uh what was it was the discussion with um on um they were talking about uh what is it it's um on macro voices i don't know if you heard that one this week on macro voices where he talked about um he was talking about how few people even understand when they buy gold what's actually the gold they're buying where it's actually yes you know and then i was thinking

Chris:
[14:22] Yeah jeff curry this week yeah.

Daren:
[14:25] And i was thinking about it for like crypto and those everyone's like well you nobody knows what they own in crypto i'm like no one even knows what they own in gold like how many times you heard people come to you be like yeah i bought gold from this blah blah blah person like yeah you own a gold in a vault somewhere that if you ever really needed it, you're not going to have access to it. So it is just interesting. And I think we're entering an era where the buyer really needs to understand what they're buying and protect themselves because I think there's going to be less government regulation to do that.

Chris:
[15:00] Absolutely. Yeah. So sentiment indicators this week, we've got the AAII. And this is interesting to me because we had quite the drop off. Look at where we were mid-November, pushing 50% on the bullish side. We dropped down to 37. Still elevated relative to where it's been historically. Um but a big a big drop in bullish sentiment and a big increase in bearish sentiment now that's that's the one where they just ask people how they feel right but then you look at the cnn beer and greed index which is more how people are positioned that jumped up to 66 greed which was up from 60 greed last week so not like an extreme territory but still on the greedy side i think it's interesting when these don't align because that could be showing uh you know a shift in the tides in the undercurrents you know um because usually they do align they usually kind of line up um but but they're not this week and then you've got bitcoin uh at 78 extreme greed which is quite the drop from 94 which is not surprising given that you know we almost did 100 000 and i I think it quickly dropped to 90-ish and then popped back up again.

Chris:
[16:22] Again, Bitcoin's doing Bitcoin things. If nothing else, there's a lot of action there. If you're seeking action, it's the place to be, good or bad.

Chris:
[16:36] Anyway, the sentiment indicators, it's interesting. I think I've note that we've dropped quite a bit here in the last couple of weeks in terms of the feels or the vibes, not yet in the positioning, but in the feels.

Chris:
[16:54] So got a series of real estate uh slides you know maybe the topic of conversation at your thanksgiving was bitcoin topic of conversation in our thanksgiving was housing, and real estate and just, you know, how crazy the prices are on things, um, to, you know, if you're going to build a house, the conversation was, how do you, if you build the house, how do you possibly get your money back out? Uh, the values are just, it doesn't seem to be recoverable basically.

Chris:
[17:35] Um, and how much you get for a house that's already in place versus, you know, a new one that you're going to replace. So things like a driveway, uh, insanely expensive to, to put one in versus what you pay for it. If it's already there, which is basically nothing, you know? Um, and so, uh, the real estate market is still very strange right now. And there's a lot of good reasons for that. And this is from Rick Palacios, who's a great follow if you're interested in the real estate industry. So this is showing the new homes for sale as a percentage of the total. So this would have been home builders that really ramped up production in the last few years here. And he says, New homes are 26% of all for sale housing supply today.

Chris:
[18:30] Twice the industry norm of 13%. Back in 21 to 22, this chart was one of the first signals housing was entering an abnormal phase as existing owners sat tight on rock bottom rates and home builders gladly stepped in with supply. As 25 approaches, I'd expect this chart to slowly normalize. Resale supply should continue itching its way higher, regaining some of the ground that ceded to homebuilders, especially if homebuilders dial back their starts should mortgage rates stay around 7% approaching spring.

Chris:
[19:06] Homebuilders have done a lot of discounting on those rates to try to get people enticed, but that's been happening for going on two years now. And there's only so long that that financially just doesn't make sense anymore, those discounts, right? So it's interesting to see what will happen with this chart so far above the historical average, which is kind of in a snapback correction from the drop we saw in 2012. Look how low it was in 2012, which was kind of the bottom of the housing crisis. There just was no inventory being built by these new home builders. So very interesting.

Chris:
[19:47] Now, we've got a series of charts coming up from Logan Modashami, and he's an analyst for HousingWire. And he's got, this one was very interesting, the National Home Equity Distribution by Loan to Value. That's what LTV stands for there, Loan to Value segment. and his comment was, did you know that 40% of homes are entirely mortgage-free? So we've already talked about that, which is mind-blowing every time I think about it. Four in 10 homes in the United States are mortgage-free. Homeowners are in a strong position with the average loan to value ratio under 50%, meaning that they owe less than 50% versus what the house is worth. Plus we're seeing the lowest percentage of underwater homes in history this housing market is built differently uh says logan so if you're kind of waiting on you know uh homeowners to feel stress to to make a move it's going to be a long time because they've got a very very very strong position um from a lending standpoint on their home well.

Daren:
[21:11] I think that's a big part of why we haven't seen any real weakness per se in the housing market, maybe some price drops. I think, yes, in Florida and Texas where you have, you know, a lot of people have moved there in the last few years and really ran up the prices. You're seeing some of that, but I think in general across the real estate markets are pretty healthy and pretty strong because there's so many people with paid off houses and where are they going to move if they sell it? Yeah. Nobody wants to go take out a 7% mortgage right now.

Chris:
[21:46] Right. Yeah. And building, again, building is just like, where's the value, right? When you're paying so much per square foot to build the same thing that you're just going to be topping out on value somewhere. So this is also from Logan Motoshami showing the loan to value ratio for U.S. Mortgages just continue to drop. And he says, to provide some context, this was operating near 85% in 2008. So we're below 50% now. So if we're going to see a correction in home prices this time around, it definitely will not be from the fact that homeowners and or the financial apparatus around those homeowners is stressed because it's anything but. This is about the strongest position the U.S. housing market's been in in a very long time. So interesting, interesting charts there. Thank you.

Chris:
[22:55] Oh, this did make it in. Hard left turn. Hard left turn this slide. I should have bumped it up to the discussion on the European stocks. But the good news is, Daren, nobody cares about European stocks. So nobody's going to care about this slide. And therefore, nobody's going to care about it being out of place. But uh this is showing that every sector uh in europe is at a bigger discount, than than history history uh europe versus the u.s 12 month forward price to earnings premium or discount this is the data over the last 20 years so you can see that um currently you know just on average, the market is about 42% discounted relative. So when you're comparing those two price to earnings ratios, right? So the price per pound of that turkey, how much are you paying per pound for that turkey? Well, it's almost twice as much in the US. So is that turkey you going to be twice as good?

Daren:
[24:05] It better be not. It better be because it's,

Chris:
[24:11] It's priced that way. Right. So, um, but look at these discounts. I mean, real estate energy, uh, you know, more than, more than half. So, um, Who knows? We might look forward five years from now and be like, well, it was obvious. What'll be nice is it'll be obvious either way, Daren, because we'll look back and we'll go, well, of course, Europe outperformed. It was so obvious that it was so cheap back then. And wow, what an easy call. or the U.S. Continues to outperform and PEs are, you know, 40, five years from now. And people are like, well, duh, the U.S. is way better than than Europe. No, you know, obviously it was going to do better. Nobody would bought Europe five years ago. So the good news is either way, it'll be obvious. Right. In hindsight.

Daren:
[25:05] Yeah. Speaking of obvious in hindsight, Bitcoin.

Daren:
[25:11] You know the back when over 16 000 again in 23 everyone was calling it going to zero and now you look at it i'm like yeah of course it's just it accumulates goes up accumulates goes up accumulates goes up so what should we expect right here accumulation and um i did see some good news the other day um i saw a tweet that some guy posted where he said hey just so everybody knows i set a buy an automatic buy at one cent for bitcoin um so bitcoin will never go to zero because i'm going to buy it all at one cent if it's it's one cent so people can have some hope that they're going to be zero. But yeah, I mean, you're watching kind of that accumulation build, accumulation build, and it's really hard to buy things when they're lower, much easier to pile in right here.

Daren:
[26:17] But yet, Right here might be this moment in time or similar to where it's going to go higher. Who knows? I would say with the accumulation dynamics that are happening in Bitcoin, remember, there's only ever going to be 21 million of them. And relentless buying is happening all over the place especially when you see

Daren:
[26:43] BlackRock right in there they have an ETF IBIT that just buys consistently and now price is always set on the margin but just that strong demand that's in the market now I think is going to support it and the fundamentals look pretty strong as do the technicals. But it wouldn't be surprising to get some accumulation, hang out round down into the 90s range, and then move higher above the 100. Albeit, if you look at it right now, today, you can see this is that trend line right here that it's working up against and got rejected at 100, and then it went out and tried it, it got rejected. But one could argue is just working its way up and accumulating. So keep an eye on that over the weekend. That should be interesting. Chris, I don't know if you saw that the SEC approved extended trading hours for the New York Stock Exchange.

Chris:
[27:46] I did not see that, no.

Daren:
[27:48] Yeah, so for those who have been watching Bitcoin and other coins for a while, they're used to watching the markets kind of on the weekends. But there's going to be extended hours now for trading the SPY, etc. And that will change the dynamics of the markets. I certainly believe it will change, at very least, the technicals and how we read the technicals. So that'll be interesting to watch. You know, we're moving pretty steadily higher right now. Looks like we're going to close out today. We'll see there's still some time yet left in the markets on Friday, the 29th of November, to see if we close out at an all-time high. But that looks very probable at the moment. You've got strength in the SPY. You've got strength in the RSP, so the equally weighted index. Both just flirting with the fact that they might close at an all-time high today.

Daren:
[28:44] On top of that you've also got egg doing quite well nice reversal in the egg right um you know things were looking kind of dire and then boom it just bounced and bounced hard and now we're above all these critical moving averages um which bonds with bonds going up why well the 10-year we were talking about this last week in this resistance line it failed it broke out and then failed down. And so now that it failed, I think this trend is down, is still in place. There's going to be a lot of support right where it's at, and then also right down here at four. To me, it looks like this is going to work itself into the four range, and we'll want to kind of watch that. If rates are going down, that's overall positive for real estate market. It's positive for the economy, but it's about the way in which they go down. If they go down too fast, then that usually means that something's not right. But one of the big pieces of news this week, or maybe it was late last week,

Chris:
[29:50] President Trump's treasury appointee.

Daren:
[29:54] Who is an actual trader and is very involved with the markets his whole life, seems to be pushing for a weaker dollar. And we've talked about this in the show many times. And you actually want a weaker dollar that allows our manufacturing to compete more effectively globally. And that seems to be one of the things that he's really interested in making happen, which would be good for Chris if we had a weaker dollar for your and we have rates going down. Boy, those value stocks, they would be looking really good in that environment. So we want to watch that. Interestingly enough, gold is also going up now. But I wouldn't say from a technical perspective that it's doing anything but just continuing to trend down. You could probably put a trend line somewhere around there. Until it breaks out of, let's call it this range here, 2,680 an ounce. I don't think we're going to do anything other than just trend down for the moment we've talked a lot about oil and oil

Daren:
[31:20] Really basing here at $68 a barrel wanting to watch that if it falls through $68 then something's likely happening here we'll have a more of a sessionary environment potentially um so we'll see how it goes speaking of oddities chris did you see all the posts about people seeing these ufos all over the place yeah i'm like what is going on i'm like did the conspiratorial theories just absolutely taken over or is that why all the politicians are like literally like why are all the politicians talking about ufos all of a sudden you know i always ask myself why are we seeing what we're seeing right now because yeah like what what's the purpose like what what is the wag the dog here remember

Chris:
[32:14] What ben franklin said you should only believe half of what you see and nothing of what you hear yeah.

Daren:
[32:22] Exactly but it is rather interesting that you have like all over social media there's these posts there was one over the capitol building and there was like these lights that were like well spaced out you know and then you have all these things have these uh testimonies happening with these various military individuals coming in and telling Congress that emphatically there's UFOs. It's kind of interesting.

Daren:
[32:52] I still don't know why they're showing us that right now, but it's interesting that they are. Why are they choosing that topic of all the things they could talk about in Congress and be dealing with in Congress? we're going to waste everyone's time with UFO testimony it's just kind of interesting let's take the VIX so the VIX is a measurement of the complacency of those who trade the S&P 500 on the futures market and they're pretty complacent right now which that's telling you that likely we're going to float higher we're going to hit some all-time new highs typically when it spikes that means we're going to see markets sell off and we're not seeing that over the next 30 days so that's interesting to watch

Chris:
[33:43] You know hypothetically UFOs are confirmed what do we say the S&P is up or down and if so by how much because I feel like in today's world S&P up close to 2%.

Daren:
[34:00] Yeah right

Chris:
[34:05] I don't know that makes sense right.

Daren:
[34:07] You know i feel like at this point they talked about ufos so much that like if they're confirmed everyone's just like yeah okay whatever just

Chris:
[34:14] Yeah exactly that's what i'm saying plus two percent.

Daren:
[34:17] Positive you

Chris:
[34:19] Know possible alien invasion plus two percent.

Daren:
[34:24] I think chris we've won't all watch enough marvel movies growing up now like We just expect that there's a low-key and a Thor out there somewhere. We just don't know where. That's just a reality.

Chris:
[34:40] Maybe they can teach us some way to make turkey taste good.

Daren:
[34:44] Yeah, that's right. No, they're just not dumb enough to eat turkey.

Chris:
[34:49] You're like, gross, you eat turkey?

Daren:
[34:51] Yuck. Why do you eat that, John? I saw this meme earlier today And it showed these aliens And they were invading earth And they said last month they were lobotomizing pumpkins Now they're shoving bread up a turkey This planet has issued Earth Anyway we digress Before we undigress Chris I just had to see if this works See it does See look at that See the doge dancer.

Chris:
[35:27] Oh my gosh.

Daren:
[35:29] I just had to show you that. Like when the doge comes out. Right. And now for those listening and think that this doesn't matter at all, it is kind of interesting. Right. Because, um,

Chris:
[35:40] President no for those thinking that you are correct this does not matter at all.

Daren:
[35:45] Well but it sort of does chris and here's the argument it's why it sort of matters because it is interesting that elon musk is spending all his time at margo largo and uh hanging out with trump saying these things he's going to do economically and these different groups he's going to get rid of and he's been appointed the doge master with vivek and the doge masters the department of government efficiency um they came out this week and said they're going to audit the irs uh which that'll be interesting uh so it where it does matter is doge is a meme coin but it's just kind of funny that it's that it's also those is the department of government efficiency that Elon's running and Elon really likes Dogecoin apparently with all his posts. So of course, after Trump won, Doge went to the moon and has been doing well. So it doesn't matter, but it does, right? It's like in some way, like it's part of this new economy that we're in, right? It's part of this new world we're in and this new reality that I think all of us have to embrace and accept that you have people running this country now who are very or soon to be running are very, very, very pro new asset class, let's call it.

Daren:
[37:14] Um, so it will matter and it will impact all of our bottom lines. Uh, NVIDIA finally getting a little bit more of life. Um, it's been selling off over the past little bit and we're watching that closely because NVIDIA was just such a big part of this run up in stocks. And the question is, can the market continue to go higher if NVIDIA stops going higher? And it did find support on this moving average here, this 100 day moving average of the green. And so that's I think positive and we'll see if it can continue with any type of follow through in any meaningful way I don't know if you saw the headline this week that department

Daren:
[37:52] Is it commerce I forget which department is looking at breaking up Microsoft for monopoly like well that's not going to last because we all know that Trump is not interested in going after monopolies considering that he made one of the biggest financial monopolies ever by allowing Schwab to buy TD, which was not a good thing for the independent advisor space because it consolidated most independent advisors into one of two or three brokerages. And Apple taking on all-time new highs, which is interesting and continuing with higher. So all in all, I'd say on its face, you look at the market, it's positive, things are moving higher. I think we float higher into the end of the year. i think we see fairly calm markets over the next three weeks barring some kind of nuclear bomb right or some ufo show we

Chris:
[38:48] Already had we already had a nuclear threat and the market.

Daren:
[38:51] Was i guess we

Chris:
[38:52] Already had a.

Daren:
[38:52] Threat but more than an empty threat i think the market went down it's pretty much an empty threat uh yeah but who

Chris:
[39:02] Knows the teflon the teflon market man the teflon market.

Daren:
[39:06] At the end of the day, Chris, if they're going to keep printing, it's pretty hard for the market to not bring in, but migrate up. And I think that's what you see. And I think they're going to keep printing because I don't think they have a choice.

Daren:
[39:18] We should actually, before we sign out for the day, just check on the U.S. Debt calculator and see where we're at. And we are sitting at $36 trillion in debt. Um, that's our spending folks. So pretty much has to keep going until it can't go any longer. Anyway, we're going to leave it there for the week and hope everyone has a good Thanksgiving weekend and we'll be back next week. Take care.

Music:
[39:52] Music