Did The Bubble Just Pop?

DANO WEIR: Happy Friday. It's November 7th, 2025, and you're about to go On The Markets with Sonoma Wealth Advisors, the Fermata Advisors family of brands. This week, we are asking the question, did the bubble just pop? Interesting activity in the market this week that we're tracking. The dude from The Big Short is back and he's betting against two huge tech darlings.

DANO WEIR: So he made a proclamation this week. Also, a quick refresher on the K-shaped economy, which we seem to be moving further down each escalator. Foreign Central Banks are stockpiling gold and not U. S. Treasuries. Just passed a key point there. Was this week the start of a downturn or should we not believe the hype? And this is just a natural correction. Let's find out right now On The Markets.

SPEAKER 2: The stock market, the economy, your money. What's the latest? And what could be next?

SPEAKER 2: Find out now with Fermata On The Markets. Straightforward financial market updates for the brands of Fermata Advisors, Sonoma Wealth Advisors, Fermata 401k and Fermata Tax. On The Markets starts now.

DANO WEIR: Bring them into the show here at Chris Sipes CFP. Daren Blonski, CFP there. You're managing principals of Fermata Advisors. Our private wealth brand is Sonoma Wealth Advisors. Guys, an interesting week as we end in the market this week.

DANO WEIR: Daren, some people are claiming doom and gloom. Others are saying it's just a natural correction. Do you have anything you want to show us in your slides a little bit later? Are you excited to look at some stuff?

DAREN BLONSKI CFP®: I've got a lot to show today. I don't think it's anything what the media is going to tell you, but certainly looks like we've got support and the beat goes on.

DANO WEIR: I got two things I want to shout out before we get into the show today. We have two episodes. It didn't mean for it to drop at this specific time, but it's kind of interesting timing. We dropped two specials this week on both this podcast On The Markets and our other podcast. It's all money. I just want to point to those real quick. Because we've been mentioning it on the show for a couple of weeks.

DANO WEIR: Our gold episode has finally dropped on It's All Money. We sat down with Jason Bowman, who is the owner of Napa Gold And Silver, and talked about what he's seeing come across his desk over on Jefferson Street in Napa and in the gold market at large. So that is available on It's All Money. And I sat down with Chris and Meb Faber from Cambria Funds to talk about 351 exchanges.

DANO WEIR: Which if you don't know what those are briefly, those help you unwind concentrated risk. If you're in a really concentrated position, like say NVIDIA, and you're a little freaked out about activity. So that is available, on the, On The Markets podcast feed, both are available on our YouTube channel and check those out. Chris, I'm looking at a giant K shaped escalator. What is this again?

CHRIS SIPES CFP®: Well, I think somewhere along, in our shows, Dan, you asked, what do you mean by K-shaped when you say K-shaped economy? And that's really the talk of the financial world right now. And it's been so for the last few years, really, where you have some that are doing really well, we've covered that, some that are doing very poorly.

CHRIS SIPES CFP®: And if you look at that as, you know, some people are moving up, some people are moving down, that's where you get this K-shaped economy. And I think when you look under the hood in a lot of different areas, I sent you a whole bunch of charts earlier just so you could kind of see some of these different areas that illustrate this K-shaped situation that we have going on.

CHRIS SIPES CFP®: And so many indicators are kind of doing things that they haven't done ever or haven't done in a very, very long period of time. And so it feels like things in the system kind of everywhere you look. Just continue to build the pressure. The pressure continues to build. The equilibrium is getting stretched in every in every way, societally, you know, financially, politically, all across the board.

DANO WEIR: And it just as an example, so we're in a period of kind of stratification where the upper is getting more upper and the lower is getting more lower, it seems, although you can slice things a million ways, that it would take something like just as an example.

DANO WEIR: A 9-11 where that brought everybody together suddenly in a lot of different ways, right? So not saying that that should happen, certainly, but that's an example of us feeling maybe more together across a lot of different categories rather than the separation which is happening now.

CHRIS SIPES CFP®: Yeah. And I should say that illustration was from Peter Atwater, who is a professor, who's also a financial commentator, and he's got a lot of great material on, you know, kind of reading the current zeitgeist. So if you're interested in that at all.

CHRIS SIPES CFP®: You know, the government has been shut down for what seems like quite a while. We're going to see here later. I believe that this is the longest government shutdown.

CHRIS SIPES CFP®: Now we're starting to see some of the effects of that happening in everyday life, where this was posted by United Airlines saying that, look, we're going to start having to reduce flights. All the airlines are going to have to start reducing flights starting November 7th, which is today. I wonder if this is something that will start to catalyze an agreement or, you know, reopening because.

CHRIS SIPES CFP®: This will start affecting business. This will start affecting people's lives more closely. And we've already seen things like with the SNAP benefits and other such items. But you just wonder what is the inconvenience that people are finally going to say, okay, we need to do something here. This is too much.

DANO WEIR: When the lobbyists can't get from the private island back. Back to DC. Suddenly all of the problems are solved.

CHRIS SIPES CFP®: Problem solved. That's right. So we, we.

DAREN BLONSKI CFP®: I think it's Buffett. Wasn't it Buffett that said, I know the fastest way to end one of these government shutdowns.

CHRIS SIPES CFP®: Yes.

DAREN BLONSKI CFP®: Tell Congress they're not getting paid.

CHRIS SIPES CFP®: Yes, that's right. It was, it was, it was, it was Buffett. It only seems fair that that would be the case.

DAREN BLONSKI CFP®: Isn't that crazy though, that they're legitimately getting paid while they're can't do their jobs. I mean, I guess if someone could argue they are doing their jobs, that's why it shut down.

DAREN BLONSKI CFP®: But I think their job is to reach consensus and democracy too, right?

CHRIS SIPES CFP®: Yeah. It seems like when everybody else's benefits are getting cut, they should stop getting paid as well. But what do I know? So some cracks in the dam this week. I think it was this time last weekend where... Sam Altman from OpenAI was on the podcast that the person, and I feel like I talked about this on last week's show, so maybe it was already out.

CHRIS SIPES CFP®: But the podcast interviewer was sort of like, hey, there's all these people saying there's no way you could ever meet all your obligations. You only have 13 or 14 billion in revenue and like 1.4 trillion in commitments at this point.

CHRIS SIPES CFP®: Like, what do you say to those people that. Say that, Hey, this just doesn't add up. And then Sam Altman, who's the head of open AI just went off on the guy was basically like, look, if you want someone to, you know, buy your shares, I've got a line of buyers for you.

CHRIS SIPES CFP®: And, you know, it was very like defensive, like, Whoa, dude, you know, like it was, it was, it got them under the, you know, a little hot under the collar and, and everybody was sort of like, Whoa, you know, Should I be worried? Because I wasn't worried until you told me I shouldn't be worried, right? You know? Yeah, it was the.

DANO WEIR: Chris, it was Brad Gerchner on the BG2 pod, whatever that is. But I saw the clip too, and it was definitely a clap back.

CHRIS SIPES CFP®: Yeah, it was a strong. Anyway, so some signs that people are starting to question these assumptions around the AI build out. And we saw some weakness in the stocks. Of course, today's sell-off really, we'll see when we get to the charts, there was a pretty decent sell-off until around lunchtime or so, West Coast time, and then it just recovered.

CHRIS SIPES CFP®: And so most of the assumed growth in earnings is assumed to be growing in that top 10 stocks that's really been driving the performance of the S&P for quite a while. So if something, if those assumed.

CHRIS SIPES CFP®: Earnings start to get questioned, right? That's, I think, I think some, the narrative start to shift. And so then anyway, the Wall Street Journal came out with this headline that OpenAI wants federal backstop for new investments.

CHRIS SIPES CFP®: Now, to be fair, I think if you look back at, say, World War II, there's plenty of examples of the government getting involved in private industry in order to. Beef up defenses. Right. And I think that's sort of the direction that they were coming at this with was like, look, this is a national security.

CHRIS SIPES CFP®: You know, issue. And therefore the government should be willing to help with the build out, backstop the loans and everything. But a lot of people saw that and they were like, wait, why would the government need to backstop the loans?

CHRIS SIPES CFP®: I thought you guys said you've got this covered through your immense never ending cashflow and, and record setting profit margins for as far as the eye could see, like, why would you need the government to back you? So the way it was received was a little, was a little off. I think compared to what they were trying to communicate.

DANO WEIR: And they ended up walking this back. So Altman and others and Sarah as well were like, oh, I didn't actually know. Actually, I didn't actually. But she absolutely said it to begin with, which I was trying to conceptualize this.

DANO WEIR: This is very similar to when taxpayers pay for sports stadiums, which is that the team doesn't really have the money. But they're like, nah, but we really need this and you really need us. So you should pay for it. We're going to take all the risks. We're going to make all the decisions, but you take all the risk.

CHRIS SIPES CFP®: That's right. You want to talk about this one, Dan? Did this come through your Instagram feed that's suddenly become much more financially oriented?

DANO WEIR: It's somewhere between. Yeah. So the algo has me pinned at like Tron, 49Ers And Finance News. So I don't know what the robots think about me. But yes, this week, if you've seen the film The Big Short, or if you've just heard that someone shorted the mortgage, the back securities market in 2008, his name is Michael Burry.

DANO WEIR: He is famous because of that film and because of that crisis for basically predicting the housing crash in 2008 and made a bunch of money for his hedge fund. He is back after a long layoff and made a prediction this week and shorted NVIDIA, Palantir and a few others and tweeted about it.

DANO WEIR: His tweet said, sometimes we see bubbles, sometimes there's something to do about it. Sometimes the only winning move is not to play. So that caused a flurry of activity this week. And all of a sudden people are like, he's back, he's got a new prediction. And then... I wanted to make sure because we love talking out of both sides of our mouth this week, and I've heard this from Darren before.

DANO WEIR: Darren, I asked AI, I said, has Michael Burry ever been wrong? And then proceeded to list about six other times where he made similar predictions in 2015, 17, 19, and 23 that didn't end up coming true. So that did hit the feeds this week is that Michael Burry is back.

CHRIS SIPES CFP®: That's right. That's something to consider. Like, look, even the best, we talk about this a lot. You listen to somebody like Stan Druckenmiller or Warren Buffett, Howard Marks, some of the best investors of all time. They'll tell you, look, I'm only right maybe half of the time. And so you got to take this stuff with a grain of salt.

CHRIS SIPES CFP®: The other thing is, and I'm blanking on the guy's name. Do you guys remember the other investor in the Big Short, not Michael Burry, but... I want to say it's like eyes, Eisenhorn or I know now it's not David Einhorn. It's, I'm blanking on it, but anyway, I've seen him several times on CNBC over the last few months and he's as bullish as can be.

CHRIS SIPES CFP®: Steve Eisenman. Yes. I haven't seen him, you know, very recently, but, you know, he was in the Big Short too. And, you know, at least a few months ago, he was very, very bullish on the market. So take it with a grain of salt.

CHRIS SIPES CFP®: There was a lot of talk about Buffett and his cash, pile at Berkshire. Well, I guess it's not Buffett anymore since he retired, but, Berkshire's cash pile reaching close to 30%, which is elevated relative to history. So, you know, you, you can't follow these people, you know, a hundred percent, you never know what the full picture is.

CHRIS SIPES CFP®: Right. But I think you can take a little wisdom from that. And like Hey, look, if, if you're feeling like I've done really, really well, things feel kind of, you know, the best of all worlds coming together here recently, maybe I should take a little off the table and, and reduce my risk.

CHRIS SIPES CFP®: If you're feeling a little, you know, if you were feeling a little quiz queasy back in the spring, right. That, that's an example of like, well, this is a gift. You, you have time to, to de-risk a little bit.

CHRIS SIPES CFP®: This was very interesting. This is one of those charts, and this is from Charlie Bielo, where... If I didn't see it, I wouldn't believe it. And if it wasn't from Bielo, I probably wouldn't believe it either. And he says the Fed's balance sheet has shrunk 24% over the last three years, while the S&P 500 has advanced 90%, dispelling the myth that the stock market is dependent on quantitative easing to rise.

CHRIS SIPES CFP®: So I think that's food for thought for anyone who thinks. Hey, the market falls. Okay. I'm not worried because I know the Fed, the government insert both will bail the market out.

CHRIS SIPES CFP®: How much is the market really driven by those two forces? Maybe less than we think. I don't know, but I thought this was interesting that that narrative could be at least challenged in this way.

DANO WEIR: Darren, do you believe this chart? I don't believe this chart, Chris?

CHRIS SIPES CFP®: I had to look it up myself and I was going to put my own in there, but I was like, you know what? Credit to Charlie because he, he brought this up. So I didn't want to put it in there off of Y charts, but, yeah, it's, it's, it's hard to believe. Right now, if you zoomed out and you saw the massive ramp up from COVID, it'd be a little different. Right. But it is, it is a little bit of a snapshot there.

CHRIS SIPES CFP®: So K-shaped economy, percent of balance is 90 days delinquent by loan type. Now, for those that don't know, never been involved in like banking or lending or followed it very closely, usually 90 days is the time period where you start to sweat it a little bit. You're like, okay, it didn't get lost in the mail. They didn't just forget to make the payment. Like something's up.

CHRIS SIPES CFP®: Like if you're 90 days, you're three months behind. Your three payments behind. I don't know the exact percentage, but a lot of these go into full-on default in loan world. So when you get to 90 days, people start to worry. Now, look at credit cards. We're obviously elevated. We're back close to where we were in the great financial crisis, student loans.

CHRIS SIPES CFP®: We had the huge drop-off when nobody had to pay them, of course, But now that those are back.

CHRIS SIPES CFP®: Those those delinquencies are elevated again auto loans up there again the only one of these that are really nowhere close of course because the housing market is this is so messed up is the mortgages and home equity lines so i guess from that standpoint this is a good thing because obviously this time it's not affecting people's homes like it did in the great financial crisis but these other areas of lending People are definitely showing signs of stress relative to history.

CHRIS SIPES CFP®: And that's more and more.

CHRIS SIPES CFP®: Oh, sorry. I went to the wrong chart on my side. So we've got the sentiment indicators for AAII. We're kind of back down to normal after a little bit of a sell-off this last week. We got very elevated in bullishness, went 44 at the end of October there.

CHRIS SIPES CFP®: We talked about the extreme positioning in the market, a little bit of jubilance, seeing a little bit of a sell-off since then. Now, CNN fear and greed index is down at 26, which is just dipping into the extreme fear zone from 36 of fear one week ago.

CHRIS SIPES CFP®: That one is measuring the seven positioning charts, and that one is showing people are positioned in a fearful way, borderline extreme fear. And Bitcoin, same thing, extreme fear. We saw a couple, I feel like, I don't want to call them flash crashes, but the Bitcoin price dropped down into the 90s a couple of times.

CHRIS SIPES CFP®: It's popped back up and seems to be okay. But Bitcoin continues to show that it's sort of the tip of the risk spear. Some say it's a measure of liquidity in the markets. More liquidity is in there, the more you're going to see Bitcoin doing well and vice versa. When liquidity is coming out of the markets, it tends to struggle.

CHRIS SIPES CFP®: But we saw some kind of sell-side volatility, let's say, in Bitcoin over the last week, which has driven that asset into extreme fear. Now... For those of you that follow those sentiment indicators and look at those as a contrarian indicator, your antenna probably should be going up. Anytime you see extreme fear, typically that's a contraindicator.

CHRIS SIPES CFP®: So what did the market see and what has the market seen over the last months that maybe the rest of us have missed? Well, it could be this, that the Supreme Court is likely to rule against Trump's tariffs. It looks like there's only a 23% chance, according to the betting markets. This is as of yesterday.

CHRIS SIPES CFP®: I'm not sure where it's at today, but as of yesterday, Kalshi has it at about a 20, call it. A one in four chance that the Supreme Court will uphold the tariffs. And so if they get repealed, there's likely to probably be some sort of, you know, refund mechanism where these businesses will have to be given this money back.

DAREN BLONSKI CFP®: I thought the Supreme Court already ruled this down. Did that not? I thought I saw a headline that they ruled in favor of Trump on this one.

DANO WEIR: Well, there was that there was the some court I've never even heard. Heard of like four months ago the kangaroo it was like it was it was literally like the international Trump court of tariffs or something like that no i've never heard of they're like the tariff court said no but is there another one you saw recently.

DAREN BLONSKI CFP®: Supreme i thought the Supreme Court ruled in favor of Trump yesterday in the evening oh here we go let's see No, maybe not. No, it's still pending. No, here's this.

DAREN BLONSKI CFP®: This is Polymarket. So for those who don't know, I'm going to, there you go. Polymarket is just basically you can bet on anything out there. Chris and I have used this for many years now whenever we get into election cycle. And you hear all these polls about who's going to win or not win. And the polls have been consistently wrong. The betting markets have been consistently right.

DAREN BLONSKI CFP®: Mostly because in real time, Polymarket can adjust, right? People will change. And this is where people put their money where their mouth is versus polls. Anyone call them, say, how are you going to vote? And they can say whatever. And there's no consequences. But they say, but here, this is driven by how are people voting. So this is interesting. Supreme Court rules in favor of Trump tariffs. They're saying 24% champed.

DANO WEIR: Yeah, so that's the same as the quote. You just pulled up the same chart. We're on the same page, right?

DAREN BLONSKI CFP®: Yes, but I know that it popped up today, so there must have been some shift last night. But anyway.

DANO WEIR: Bro, real quick, check on Phoenix. What's the high in Phoenix? Can we bet on that, dude?

DAREN BLONSKI CFP®: What are you talking about?

DANO WEIR: Can we bet on the weather in Phoenix, bro?

CHRIS SIPES CFP®: He's talking about the commercial for, I forget which betting market it was. It was Kalshi.

DANO WEIR: It was a Kalshi commercial, yes.

CHRIS SIPES CFP®: Two younger guys sitting on the couch next to each other with their phones, and they're betting on what the temperature is going to be in some city. And it's wild. I mean, it's wild, the level of gambling that's going on out there.

DAREN BLONSKI CFP®: Hey, but I appreciate the fact that we have real-time information out there now, right? Because we're in the game of trying to speculate in a sense and figure out where things are headed. And now there's a way to see it in real time where people aren't just answering stupid polls that no one cares.

CHRIS SIPES CFP®: Absolutely. Yep. Yep. Agreed. So the shutdown is now officially the longest in history, according to the Daily Shot. And, you know. We talked about going into this, that markets perform in all different ways during shutdowns, and there's not really a correlation one way or the other. So at least so far, that's been, that's been the case.

CHRIS SIPES CFP®: The market's actually done pretty well. And, and, and I don't think that you would say, Hey, the market's done X or, or Y or A or B based on what the government's been doing. So it looks like, again, that. This is one of those things where you got to trust the data, even though going into it, it feels scary because it feels like it's never happened before.

CHRIS SIPES CFP®: But it has. And that the markets oftentimes don't respond to things the way that we think they do and or they've already priced it in. By the time you're thinking about making a move on it, the market, going back to the betting, the market is just millions of people around the world.

CHRIS SIPES CFP®: Putting their money into places where they assume things are going in the future, right? And it's the hive mind. It's the science experiment of the teacher that brings the the jar of gumballs into the classroom. And when they ask the students, hey, write down what you think, how many gumballs are in this huge jar, right? And then you plot it out.

CHRIS SIPES CFP®: The bell curve tends to be pretty close to the total numbers. It's wild how the hive mind can work. Now it can work in the opposite direction. People get overly excited, they get overly depressed, and we do so in huge groups as well.

CHRIS SIPES CFP®: But most of the time, the markets are extremely efficient. And in things like Darren was just referencing with real-time information, it's usually It's usually extremely efficient to have the hive mind results.

DAREN BLONSKI CFP®: But you guys, there's only a 2% chance that there's a U. S. National Dogecoin reserve in 2025. I just want you to know that.

DANO WEIR: Do aliens. Do aliens next.

DAREN BLONSKI CFP®: Let's see.

DAREN BLONSKI CFP®: What's this comet that came near our?

DANO WEIR: Three I or something. Can you do aliens?

DAREN BLONSKI CFP®: Let's see if we can do aliens. Aliens confirm aliens exist. We have a 4% chance. This, the interstellar object confirmed aliens.

CHRIS SIPES CFP®: Wow.

DAREN BLONSKI CFP®: Should send this to Russell and that.

CHRIS SIPES CFP®: Okay. Well, it's a good, it's a good thing that, we have equal odds of aliens or a doge coin reserve that. Makes me feel better.

DANO WEIR: That should tell you something.

CHRIS SIPES CFP®: Yeah. Okay. So median age of first time U. S. Homebuyers. I think this is a bigger deal. I mean, people have probably heard this before, but the first time homebuyer in 2025, average age is 40, is just as close in time to the age when they can begin early social security withdrawals at age 62.

CHRIS SIPES CFP®: As they are to their high school graduation at age 18. Guys, as somebody who's turning 43 in a couple of weeks, that is very depressing. Very, very depressing. But I think this is just one of the data points societally that I think we should all be kind of concerned about.

CHRIS SIPES CFP®: Speaking as someone who's over 40, 40 is no spring chicken to be getting your first time, you know, your first house. And it's something, you know, anyway, it's a wild thing that we're now in the 40s, which is comfortably above really look at what it was back in the early 90s. Basically, it's been 30 for many, many years. And now it's increased by about 10 years on the average.

DANO WEIR: So and look at the only time it goes down even just slightly and is in 2008 which is sad that it takes something that and that was basically cataclysmic short of an actual like natural or war disaster but it's a financial disaster it's sad that it takes that type of thing to you know get prices back down to earth for lots of things and and and this number going up in some ways is just a measure of stability almost yeah and i i think that.

CHRIS SIPES CFP®: That type of angst is what's driving people betting on weather, people driving meme stocks to the moon. It's like, look, I don't have time to build wealth over, you know, over the, over, you know, a reasonable period of time. I feel so far behind that. I feel like my only way to, to catch up is via extreme bets. Right.

CHRIS SIPES CFP®: And you look at things like Palantir, which is a, it's a legitimate company, right? Or I'm pretty sure it is. But Charlie, Charlie says here, Palantir traded at over 240 times forward earnings at yesterday's close. The highest valuation for a company of its size has a $491 billion market cap in history. So, I mean, that's wild. 240 times it's, it's, it's forward. So it's expected earnings.

CHRIS SIPES CFP®: It's, it's mind blowing, you know, and you see this over and over in, in legitimate companies, you know, we had the GameStop thing a couple of years ago. But, but it's really, it's really crazy how that you That is playing through into markets. I feel like it's it's we're going to look back on this and be like, oh, yep, there's the through the through thread of this this cultural time that we're in.

DANO WEIR: Well, and getting back to this week's theme, you know, it did did the bubble just pop or is it going to pop? This is one of the stocks that very shorted. And this just these numbers that you're saying right here. I mean, we've been saying in.

DANO WEIR: Many different ways this over and over again this entire year there's just a lot that's just like okay okay are we gonna look back am i gonna take this am i gonna take this very moment that i'm saying right now and use it as a clip to prove that i was right in six months yeah.

CHRIS SIPES CFP®: Yeah and if you want to hear another kind of interesting reaction to people shorting their stocks look up the CEO of of Palantir, Alex Karp, his response to short sellers.

DANO WEIR: It was the same kind of, is the same kind of clap back that Sam Altman gave.

CHRIS SIPES CFP®: Yeah, it was.

DANO WEIR: How dare you?

CHRIS SIPES CFP®: I mean, I'll let, I'll let people judge it for themselves, but, so under the surface, look, gold, a, an asset that is, traditionally held when in times of geopolitical instability, this from visual capitalists. And with commentary from Luke Groman, Luke says, Central Bank stopped growing holdings of U. S.

CHRIS SIPES CFP®: Treasuries in the third quarter of 2014 and began buying significant tonnages of gold. With gold's price rise and ongoing tonnage increases, another 220 tons in third quarter 25, Central Banks now hold more gold than U. S. Treasuries. But I want to note something here because... Gold is one of those assets that people have a religious fervor around, right?

CHRIS SIPES CFP®: I've yet to meet anybody with the love for bonds that people get, that have the love for gold, Bitcoin, certain stocks. It just, like, I think you want to be conscious of that. Like if an asset or an asset class gets you so excited that you feel like There's nothing that it could do to change your mind. You should be very, very careful.

CHRIS SIPES CFP®: And there's a lot of people out there preying on investors right now, trying to get them to put all of their money in gold. It's becoming more and more common. I'm seeing questions about it and hearing, you know, people saying, hey, I got this email about doing such and such because, you know, the government's going to devalue the dollar and they're going to. Bring on gold or they're going to bring on whatever it might be.

CHRIS SIPES CFP®: Like, look, there's not a secret get rich quick overnight type of thing and being susceptible to this type of fear mongering and, and, whipping people up to try to get into an asset class. That is easy to get people excited about. I think it's, I think it's really, it's awful you know in terms of of getting people to over concentrate into a certain area.

CHRIS SIPES CFP®: And, it gold's just like any other asset where it's going to be volatile. It's going to have its ups and downs. And it's had multiple times where it's down by more than 50%. You never know when that's going to happen, like any other asset class and, and being concentrated in it, no matter how strongly you feel about, you know, the current us government finances or whatever is probably not a great idea.

DANO WEIR: You say you've never met someone who loves bonds like they love gold, but Chris, have you met yourself?

CHRIS SIPES CFP®: I don't know how I got painted with this brush. I've just been an advocate for thoughtful diversification, and here I am painted as some sort of bond worshiper. It's hilarious.

DAREN BLONSKI CFP®: Don't lie, Chris. We know for sure you have a picture of you and the bond king in your office, signed signature. Come on.

CHRIS SIPES CFP®: That's right.

DANO WEIR: Chat GPT.

CHRIS SIPES CFP®: Oh, here we go.

DANO WEIR: Here we go. We'll see that in a minute.

CHRIS SIPES CFP®: So look at this cycles of gold versus the S&P. So going back to, hey, every asset cycles, right? And we're in a current one where gold is outperforming. Now it's early, but again, you never know when that's going to happen. Look at that little blip we got in 2020 where gold started outperforming.

CHRIS SIPES CFP®: If you look back on that and said, Oh, here we go. This is a, this is a, you know, a period of outperformance. Let me put everything in here. And then it went back down versus the S and P. So, you know, there tends to be times, but it's very, it's very volatile. It's cyclical.

CHRIS SIPES CFP®: It's impossible to tell where you're at in the cycle. So. Should you own some gold? Maybe, you know. But be prudent with it. Even people that are advocates of having gold in a portfolio typically are going to tell you to keep it as a portion of the portfolio, not dump all your money into it.

CHRIS SIPES CFP®: So anyway, I know that's probably falling on deaf ears in a year when gold's up as much as it is this year. But if one person deletes that email from a popular radio show host just telling them to put all their money in gold, I'll feel like that whole rant was worth it.

DANO WEIR: I think it's worth noting, Chris, especially because we just dropped our gold episode this week on our other podcast, It's All Money. And the purpose of that episode was one, to talk about it because it has seen great appreciation, but two, to talk about what's reasonable, you know?

DANO WEIR: And this idea of we put everything all in this and we put, oh no, what are we doing now? We're putting everything all in this. You know, that as a firm is not really how we operate.

CHRIS SIPES CFP®: No.

CHRIS SIPES CFP®: Cycles of value versus growth. Now look at the times where value and growth have outperformed. We were in a long cycle. This reminds me of the Charlie Brown meme where he goes to kick the football, football gets pulled out from under him and he lands flat on his back. That was 22 and 23 where value is outperforming. We're back down at these extremes again.

CHRIS SIPES CFP®: So, you know, back in 21, Cliff Asness from AQR said something like, look, if you are ever going to own value, now's the time. Like it's so flat on its back. And this is another one of those times where you look at this on the longterm and you're like, gosh, should I add some value stocks? Like now might be the time to consider it. You know, sure. Could it get more stretched?

CHRIS SIPES CFP®: Yeah. Could it, could it drag out even further? Of course, any value investor knows that's the case. But are you likely getting in somewhere in a reasonable valuation? So if you are someone who's like, hey, I do feel like these parts of the market are pretty crazy right now, there's a lot of other parts of the market that might offer some opportunity for you.

DANO WEIR: Chris, this is my opinion. You tell me if I'm right.

DANO WEIR: The stereotypical thought for an investor is seeing something spike and someone, whether it's their broker advisor or their brother bro with their app says, bro, you got to get in. And that's like your moment where you're daring or whatever, because you're seeing this spike and you catch the wave.

DANO WEIR: But it actually seems like the real daring investor is the one who on a Tuesday with international that's doing nothing at the time is like, no, I think that's going to be it. True or false?

CHRIS SIPES CFP®: Yeah, we're constantly, as investors, fighting between fear and greed. And they can be equally powerful feelings for us. And even the famous banker J. P. Morgan said, basically, nothing makes people feel worse than the sight of their neighbor getting rich.

CHRIS SIPES CFP®: People take all kinds of risks when they feel like they're missing out.

CHRIS SIPES CFP®: This was interesting.

CHRIS SIPES CFP®: The Bloomberg, this was from Lisa Abramowitz at Bloomberg. She says, U. S. Companies announced the most job cuts for any October in more than two decades. This comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt tightening and hiring freezes.

CHRIS SIPES CFP®: Challenger gray and Christmas, were the, I guess whoever came up with this article. So to, to cite them, but, interesting that we've, we've got these massive layoffs in October, kind of going into the holiday season, you know, Amazon announced a bunch of layoffs and, and there's been others.

CHRIS SIPES CFP®: So, you know, something to keep an eye on, of course, is that, is that going to play out into the. Further stretching the K-shaped economy as we move forward.

CHRIS SIPES CFP®: Oh, wow.

DAREN BLONSKI CFP®: You need to put him in an Arlott Hill gross, though, man.

DAREN BLONSKI CFP®: That's a beaut.

CHRIS SIPES CFP®: So anybody that knows me knows I love the classic old Mercedes. So that's a beauty one. Although it looks a little tiny. This looks like. You're driving a go-kart. Yeah, go-kart. Things are getting popular these days.

DAREN BLONSKI CFP®: One of my first cars looked almost exactly like.

DAREN BLONSKI CFP®: That was a white Mercedes Benz. It wasn't a convertible.

DAREN BLONSKI CFP®: And we painted an off-center racing stripe on it. It's a joke. It was diesel. It was the slowest tank ever.

DANO WEIR: Do you remember that one.

DAREN BLONSKI CFP®: Dan, from high school?

DANO WEIR: No, I don't, actually. I don't remember that one.

DAREN BLONSKI CFP®: Oh, you missed that one. That was pretty good. We took it wheeling in the mud, and that was about the end of that one.

DAREN BLONSKI CFP®: Actually, that one I sold to John Campanelli's dad. Remember John Campanelli?

DANO WEIR: Yes, I do, yeah.

DAREN BLONSKI CFP®: I sold to John Campanelli's dad and he got T-boned in San Francisco driving it. And he's like, he's like, that vehicle saved my life. It was so full metal. The other car just bounced off and broke.

CHRIS SIPES CFP®: That's funny. See, you know, the challenge I'm finding driving an old Mercedes guys is that you can't find parts for them. Like little things break on them and you've got to like search the world to find part. They just don't make them anymore. Even on EBay, it's really difficult. Currently one sitting out right now, because I can't find, I can't find one little part for it. So, the trials and tribulations.

DAREN BLONSKI CFP®: That is why they classic cars.

CHRIS SIPES CFP®: Yeah. Yeah. There you go.

DAREN BLONSKI CFP®: All right. All right. Let's take a look at the charts guys.

DANO WEIR: Yeah. We asked the question, did the bubble just pop this week? There are a couple of factors that. That float into that. But let's look at the charts themselves because the narrative is irrelevant. The data is what matters. So Darren is our candlestick expert. What do we got?

DAREN BLONSKI CFP®: I'm our candle. I love the candlestick. So what the points I was kind of watching to see if where the market would close. So we've got this hammer candle, which is usually a bottoming candle, right? So it looks to me like it's highly probable, but this correctional phase that we've just been in over the last two weeks is now maybe over that quickly.

DAREN BLONSKI CFP®: Imagine that. So what you see in this candlestick, so this is representing one day in the market. And that was today. The day started off pretty ugly. And if you look at the 10 minute chart, this is, you can see the market opened up. And then kept tailing down, down, down until it found support at 661 and then traded up.

DAREN BLONSKI CFP®: I was looking back on some of the news sources to see at what time of day it happened that the Democrats and Republicans started throwing some concessions at each other to open this government back up. There was a Senator Thune at one point said that, you know, they would accept any proposal the Democrats had and then walked that back a little bit later and said, well, we're not going to accept anything.

DAREN BLONSKI CFP®: And so there's some back and forth going on. Interesting that now the elections open over for that we just went through earlier in the week on Tuesday. All of a sudden, these two parties are willing to talk about opening the government back up. And you can see this was the day of the election.

DAREN BLONSKI CFP®: So we had our Monday candlestick, a big drop Tuesday going into the elections. Wednesday got a little pop. Market said, no dice. We don't like it. Came down into Friday, but then maybe some talk of this government opening back up gave us some positive. If we look at this on the chart perspective, though, you can see that this area was a pretty important support area over the last three months.

DAREN BLONSKI CFP®: And that's where we traded down into. And then buyers stepped in here and said, oh, we like this. We're going to buy. Gave us this nice daily hammer candle, which usually is a bottoming candle. So I would say that... The risk is to the upside that it's more likely that it goes up next week based upon that.

DAREN BLONSKI CFP®: Although you can see this 20-period moving average here, and we are trading below that, and that does show weakness On The Markets. So one of the areas we have to immediately look when we're looking at the markets is to look at NVIDIA. Why do we need to look at NVIDIA? Why does NVIDIA even matter? Why is it such an important stock?

DAREN BLONSKI CFP®: Well, the best way to see this visually is when we look at the S&P from a heat map perspective, you can see NVIDIA is a massive stock from a capitalization perspective versus all the others. Flattish day, though, for NVIDIA and all the big seven, but we had so much other green on the screen. So, Chris, with you and your bonds and your value stocks, value stocks were looking pretty nice today.

DAREN BLONSKI CFP®: And they picked the market back up which i would think is interesting maybe we're starting to see some of this rotational behavior that we is long overdue and you can see on the one weekly chart video down seven percent microsoft four percent all these dams getting cracked potentially at the moment So I think that's interesting to take a look at, to think about.

DAREN BLONSKI CFP®: And the, all right, so let's go back to the candlesticks. And when we look at the candlesticks, let's look at the egg, which is the measurement of the bond index, basically. And you can see it's actually a similar kind of weakness look on the bond index. We've gone a long way this year. We've made some nice recovery.

DAREN BLONSKI CFP®: In 2025, starting out over here, bonds have actually done well, which has been nice for diversified investors. You can see pretty much the first of the year is right to here. Bonds having a nice year and they come in at a resounding 8% up this year on the egg. So that's good for the diversified investor.

DANO WEIR: I put Chris on the screen for a minute when you said bonds are doing well.

CHRIS SIPES CFP®: There, there, I was going to send it to you, Darren, but I didn't want to, didn't want to upset you. The, Joe, Joe Weisenthal from, from Bloomberg, he had a post when Bitcoin went down into the nineties and he said, look at that, long-term treasuries up more than Bitcoin on the year.

DAREN BLONSKI CFP®: That guy, man, he's like, he's one of those guys that will forever hate Bitcoin just to hate Bitcoin. And then he goes.

DAREN BLONSKI CFP®: Interestingly quiet when it's doing well well so let's talk about yeah yeah that's why i didn't want to get you too i didn't want to get you too upset sorry i won't get upset i just think ease i just get upset when anyone's super all about one of anything right like they're emphatic about it that to me i don't get upset i just think it's stupid and not and you aren't that way about Bitcoin.

DANO WEIR: Darren, just to clarify, you're not emphatic about it?

DAREN BLONSKI CFP®: I'm not actually... Dan, believe it or not, I'm not considered a maximalist, right? So a maximalist wouldn't be able, like you just showed up those podcasts where we talked to the gold company, Jason guy, right? When we're talking to Jason and we're like, and I'm sitting there and rapping with him about gold.

DAREN BLONSKI CFP®: Most maximalists would like turn their nose at that Bitcoin guys. Just like the gold guys will kind of turn their nose at Bitcoin people. It's like these two camps. I'm not, I'm very agnostic, very middle of the road.

CHRIS SIPES CFP®: And see, that's how you know there's like a religious level of interest in that asset class when there's a name for it. If you're a Bitcoin maximalist or you're a gold bug, right? And you can't accept the other camp. It's your tribe or no tribe, right? Wow. Like I can tell you guys from the inside of the bond market, there's none of that.

CHRIS SIPES CFP®: There's no.

CHRIS SIPES CFP®: Not that I'm aware of, at least.

DANO WEIR: You're a bondee? You're not a bondee, Chris?

CHRIS SIPES CFP®: Yeah, I don't think so.

DAREN BLONSKI CFP®: It is interesting. I actually was part of a group for a while of financial advisors, and this was probably three or four years ago, that were interested in Bitcoin. So generally people who are licensed financial advisors aren't super into Bitcoin because...

DAREN BLONSKI CFP®: It's not in there during the the biden administration we couldn't it was we were getting very mixed messages about what would be allowed in the regulatory framework and what wouldn't be and so it was pretty hard to talk to your clients about Bitcoin because you just didn't know what was allowed and what wasn't allowed and we didn't want to be an example of it but anyway i i would we started really being interested in Bitcoin as a potential asset in 2019 for our clients.

DAREN BLONSKI CFP®: And talking to them. It was just very difficult to own as an asset, right? Until IBit came along, the fastest growing ETF ever, even surpassed the gold ETF with BlackRock. Not recommending that one per se, but that's just one of them. And it became a legitimate asset class. So I just look at it as a legitimate asset class.

DAREN BLONSKI CFP®: But so anyway, I was part of this group that was Bitcoin only financial advisors. And I got so tired of the maximalist talk about it. And there's this advisor that goes around the advisor conference circuits and talks about it. And he gets up there and she's a total maximalist. And I watched her speak, I don't know, the last conference, CPA conference I was at.

DAREN BLONSKI CFP®: I just laughed halfway through the presentation because I was like, dude, this is just religious fervor. And I just can't tolerate it. So I do think it's a viable asset class. It's something to be interested in, to pay attention to. But I do think like anything else, you have to. Check your emotions, your thoughts, your feelings about it, because it's just an asset.

DANO WEIR: And I knew, I knew that about you. And that's actually why I asked is because that's something that's been very helpful to me as a, someone who's learning about the industry is that kind of perspective that you and Chris have taught. So.

DAREN BLONSKI CFP®: Yeah. I mean, I think generally. One of the things that really Chris and I connected with as financial advisors in the very early age, early days, Chris, correct me if I'm wrong, but it was like we were both very pragmatic, very practical about our approach to the market, our approach to assets. And we do not believe that people should be in love with their investments at all.

CHRIS SIPES CFP®: Absolutely. Yep.

DAREN BLONSKI CFP®: So SPY, I mean.

DAREN BLONSKI CFP®: Overall not a great week it's a down week but interestingly enough it hit this key support area and found support and traded up oddly enough and i always just find this odd that the market seems to find these like key support things mechanically and when they the market finds those key pieces of support there's like some type of event that happens like oh the Democrats and Republicans are now going to get along and open up the government so we can actually fly places for Thanksgiving.

DAREN BLONSKI CFP®: Magical, but, it's just interesting how it always seems to hit, not always, but most of the time seems to hit these core like support areas. And you can see like, this was an important support area that it traded into. Okay. Let's take a look gold. Cause gold is all the heat. I was looking at the gold, chart this morning early because I like to listen to a lot of these gold bugs and silver bugs on YouTube.

DAREN BLONSKI CFP®: It's, I think gold and silver. Hunting, collecting, whatnot, geologist. My grandpa was actually a geologist. So early on in life, he got me really interested in rocks and going out there in nature and looking for these minerals that exist and hunting them.

DAREN BLONSKI CFP®: And his basement growing up was just full of rocks. And so I'd go down there and be like, what one is grandpa and whatnot. So I still do some of that. And I was looking at the gold charts and I actually think gold's going to keep going down.

DAREN BLONSKI CFP®: You could argue maybe we're getting some support here in this area, but the fact that we traded into this key kind of critical support zone, 3,900, and it's just kind of hovering, makes me wonder if it isn't going to just fall through that a little bit more. It went so hard up so fast.

DAREN BLONSKI CFP®: I think it would make sense on a longer timeframe if we saw a correction. I can see a correction into this area right here and test this support at like 3,500 an ounce and not be shocked because notice we broke out above this and never came back in and tested.

DAREN BLONSKI CFP®: There was no test to see if there's support in that area. And so it makes sense that maybe the economy starts taking off and rip in and then people aren't as concerned about gold and then it trades down in. We are starting to see some cracks in the dams as it relates to the markets.

DAREN BLONSKI CFP®: One of the things that I heard this morning is that junk silver is not moving. So for those who don't know, back in the early 1900s, the US government would make coins out of 90% silver. And so we call it constitutional silver in the collection world or junk silver.

DAREN BLONSKI CFP®: And so some people will buy junk silver and constitutional silver and then use it as a, means to create value store value or potentially if the dollar goes belly up they could use that constitutional silver one day so coins that actually have silver versus the other the nowadays the the u. s dollar or coins are more just junk minerals basically don't hold any value other than collector value perhaps but when you look at what's happening the junk silver is actually backed up and going for below spot.

DAREN BLONSKI CFP®: Which tells you that there's weakness in the market, that the refiners don't want the junk silver. There's just a glut of it. There's too much of it. There's not enough buyers. The sellers are dumping it. And that can be a sign that we're going to start seeing further weakness in the more refined silver markets, the more refined gold markets.

DAREN BLONSKI CFP®: Well, we shall see. But certainly some weakness there. I'd be really careful stepping in there right now. I'd like to see a test of $3,500 for me to feel like, okay I think We're going to see more support there. So I'm going to call 3,500 support and watch that really closely over the next few months.

DAREN BLONSKI CFP®: And when I say a few months, you can see this is November. I think it would take a lot for it to get down that quickly. I think you would be more likely to see something like that and look at first quarter, second quarter next year where we see that test on that 3,500.

DAREN BLONSKI CFP®: So overall, I like the asset class. Silver's what I was talking about. You could maybe argue we have like a triple, an ugly triple bottom going on here.

DAREN BLONSKI CFP®: If we look at the four-hour chart, it'll make that look a little cleaner, but a triple bottom on the silver, so just to argue the other side of the coin, because that's what I like to do, you can see that triple bottom happening, and then there'd be a neckline right through this area. If we break above, let's call it 48.5 an ounce, we could get an extension up. So if we break 48.5, I could see an 8% move.

DAREN BLONSKI CFP®: So if we break above 48.5, I could see a move up into this area to retest underneath that all-time high right here.

DAREN BLONSKI CFP®: So watch that if you're into silver. Look for that 48.5 break. If it breaks above there, you'll probably get an extension up the distance of that triple bottom.

DAREN BLONSKI CFP®: But if it doesn't break above that neckline, then I think we continue to bounce between here.

DAREN BLONSKI CFP®: In this area and then maybe eventually get a breakout or we break down we break down and we go lower there's definitely some support right here at 44 an ounce and then a lot more support at 42 an ounce so anyway that's the kind of short-term long-term look outlook on silver it's definitely showing weakness but there is a possibility we get a breakout here all right I don't know why we went so deep into precious metals today, but we did.

DAREN BLONSKI CFP®: Palantir, we were throwing shade on Palantir earlier. So Palantir, for those who don't know, is considered kind of an AI play. Nobody really knows what AI, I mean, I guess you kind of know, but when you look up what Palantir does, they do like government contracting work and they use AI to help take data. But Palantir is heavily supported by it. Peter Thiel.

DAREN BLONSKI CFP®: Peter Thiel also happened to support the Vice President of the United States in getting him into that spot. And so they're very tied into the current administration in a big way. And so kind of the bet on Palantir is that they have cash flow that's insane because they have so many contracts with the government. But you can see this support area of 170 on Palantir being a pretty important, it's tested it over and over.

DAREN BLONSKI CFP®: The fact that now it's tested in one, two, three and came back for four found support makes me think maybe we go back down to one seven one 60 in this range where there'll be more support it tends to be if the market visits a particular price too often that it will then fall through that area because the buyers just get worn out and it's the same with the top if it hits a particular spot eventually the sellers that we're selling here are no more and then it breaks out and that's what great break up break ups and breakdowns.

DAREN BLONSKI CFP®: In the market. But the fact that it's already visited four times, I do think there's some weakness there in Palantir. So Peter Karp's, was it Peter Karp or Karp? Alex. Alex Karp, that's right. It does look a little weak there. Let's look at the 10-year treasury. 10 year the So we've been watching this long-term trend line on the 10-year, and you can see it looks like volatility is winding up for either a breakdown or breakup.

DAREN BLONSKI CFP®: I'm really watching this 4% on the 10-year as an important area. I think the risks are to the downside on the interest rate, which would be good stimulative, but it would also tell us that we're possibly slipping into a recession. Hard to tell because the data coming out of the government is pretty slim at this point.

DAREN BLONSKI CFP®: Know fully what's happening. Not that we really did anyway when the government reported the data. We have lots of other data points that we try to understand. You can see these are all the various government reporting functions.

DAREN BLONSKI CFP®: And there wasn't really anything that caught my eye other than a build and inventory of oil, which means People are not using their automobiles as much, which can be an early sign. And then we did see some breaking down again of oil, went back up, but now it seems to be working back down. But it seems to be maintaining that 56 on WTI crude.

DAREN BLONSKI CFP®: So I don't see anything too concerning there. Let's talk about NVIDIA. I think we were going to talk about that, and I got distracted, but on some chart. But here you can see NVIDIA. Much like we're not seeing your.

CHRIS SIPES CFP®: We're not seeing your chart yet.

DAREN BLONSKI CFP®: There we go. So you can see NVIDIA traded in to this key support area of 180. And then bounced up. You can see a hammer candle there as well. So NVIDIA did hold today. Why that's just so important is because it's just such a big part of the market. I did find this on predictions, guys going back to the Trump tariffs. And this is, I think, probably pretty important.

DAREN BLONSKI CFP®: I was reading some article too that if the Supreme Court doesn't rule in favor of the tariffs, we have to pay them back to all these countries. And one of the justices was asking, like, can the government pay it back? Like, what would happen then? But 79 cents on the dollar betting that the Supreme Court strikes down Trump tariffs.

DAREN BLONSKI CFP®: We shall see.

DAREN BLONSKI CFP®: You know, I think we'll leave it there. Anything else, guys, for the week?

DANO WEIR: I just want to shout out again, we got dropped two new episodes this week to check out. If you've been enjoying our market recap for the week, you might want to also check these out. Myself and Chris Sipes got together with Meb Faber from Cambria Funds talking about 351 exchanges, which if you or someone you know has a concentrated position, worried about the taxes and maybe the risk profile associated with that.

DANO WEIR: At 351 exchanges can help. We decoded them and explained them. So you can find that here on YouTube or on the podcast feed. Also on our other podcast, it's all money was our gold episode this week that dropped. So check out both of those guys. I think I had one more thing, Darren. Sorry. I want to just make sure that I get this into the show here. It was a picture of, Oh, I can't get it.

DAREN BLONSKI CFP®: No, it's not ready.

DANO WEIR: Where is it? No. Oh, yeah.

DANO WEIR: Load, load, load, load, load, load, load. Yes. Just because I wanted to be fair to Chris.

CHRIS SIPES CFP®: Wow, that's a terrible picture of Darren. Yes, it is. That's supposed to be Darren. Wow.

DANO WEIR: Chris, for some reason, it let me fully mess with your picture. But with Darren, it was like, I'm not allowed to do that to a real person. So this is their impersonation of Darren being a maximalist. So I'll do one for myself next week, guys, just to make sure that we're fair.

DANO WEIR: Are you going to put on like a Mario Kart shirt and like put a football or what? Something like that. So I'll make sure to be as kind to myself as I am to you guys. Hey, thanks for checking out the show this week. We appreciate it. We'd like to have a couple of laughs to answer the question. Did the bubble just pop?

DANO WEIR: Definitively we cannot say yes this week but perhaps we will look back upon this week in the months to come and maybe say different or not wherever you found us make sure to subscribe that really helps the show and you will not miss future episodes so whether it's YouTube apple podcast or Spotify subscribe there and thank you for checking out On The Markets from Sonoma Wealth and Fermata Advisors we'll see you next week you're up to date with Fermata On The Markets.

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CHRIS SIPES CFP®: Fermata Advisors, LLC is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempt from registration requirements. This content was produced by Fermata Advisors, LLC, DBA Sonoma Wealth Advisors, DBA Fermata 401K, DBA Fermata Tax, The opinions expressed by Fermata Advisors, LLC on this show are their own.

CHRIS SIPES CFP®: Information presented on this program is believed to be factual and up to date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed.

CHRIS SIPES CFP®: Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented.

CHRIS SIPES CFP®: Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives.

CHRIS SIPES CFP®: And is not intended as recommendations appropriate for any individual. Viewers and listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.