Jeff Kikel: So you’ve got Arizona State University right there. Ron Lang: You know what? I tell a lot of people this, why’d you move to Arizona and whatever,
there’s a lot of reasons, but of the top six, most populous metro areas, right?
Ron Lang: You know who they are. New York, LA, Chicago, Houston’s number four. Phoenix is number five. Philly used to be number three. Now they’re number six.
Phoenix is number five of the, over the last three plus years. Phoenix is the only one to
have population growth. Wow. Wow. As far as metro area and whatever. Yeah, so this is a great area.
Ron Lang: Obviously people are moving here a lot of california People are moving out of california either arizona [00:02:00] or texas But look this is a great place,
just standard of living everything else housing is still reasonably, price depending on where you’re looking But they can’t get enough skilled workers.
Ron Lang: You got to be kidding me Jeff Kikel: Yeah, which is crazy. Or you’d think they’d be able to ship in enough skilled workers
at that point because they, it’s not, this is not like we’re paying people, 20 grand a year. A semiconductor manufacturing person gets paid pretty damn good. Yeah
Ron Lang: and depending on who you talk to, they said it takes three to five years To build a plant a semiconductor plant
because you got to think about that level of power the all the different Maintenance,
they’ve got to put into the facility three to five years hey, we need more semiconductors. Ron Lang: All right. Can you wait three to five years before we build a plant? So and also from
what I understand because I have a good friend and a client that was in a semiconductor industry for over 30 years I had asked him why can’t they just ramp up production? He goes, those wafers, looks
like a big [00:03:00] frisbee He said do you know how long it takes to make one of those things? Ron Lang: You know how long it takes to fabricate that and then to go in production And i’m like no,
so you get a nice little education about what it really takes for the semiconductor plans to
get online and to manufacture end up, you know It doesn’t happen quickly. And look,
we have all the best technology in the world and we can’t shorten the manufacturing. Ron Lang: I think it’s well,
Jeff Kikel: and I think if I remember correctly about two years ago to, the silicate that they use
to fabricate those things largely comes from China and they had like a massive fire at one of their
plants, I think a couple of years ago. And that’s a large reason what was the downstream effect.
Jeff Kikel: on, when we were having problems with vehicles, getting chips and things like that, it was all upstream from there in the raw material part. So it’s interesting how,
still as we try and decouple a little bit [00:04:00] from. The manufacturing side of,
okay let’s move out of Taiwan and move it on shore here. Jeff Kikel: The United States. We still are screwed because,
if China is the 1 that’s manufacturing the silicate and everything else that needs to be done and they’re having supply problems, it could be. We could still be in the same boat.
Ron Lang: Look, not to talk about all the geopolitical headwinds that could be in front of us, but we all know about China and Taiwan.
Ron Lang: And look, Taiwan. Semiconductor is the largest semiconductor company in
the world. Yep. They’re not stupid and neither is the United States to know. Hey. You got to build more plants here because of China decides to just completely
circle the island. How much do you think is going to get to Europe and to us for our manufacturing?
Ron Lang: That’ll go down to a slow trickle or get seized up. Yeah. I don’t think China’s that stupid, but I think we’ve seen stranger things happen in the last couple
Jeff Kikel: of years. Oh, I think, and I think as the, I just see more and more under. Pinnings of[00:05:00] the Chinese economy really massively slowing.
Jeff Kikel: They’ve got an aging. I was watching a thing the other day, and this guy was talking about the population of China because they had the 1 child policy
for so long. Right now. It’s like there’s not, on 1 end of it. They don’t have.
The young people enough because they had the one child policy. Jeff Kikel: And then all of a sudden they’ve got a ton of old people,
on the barbell on the other side of it and, production slowing, everything’s slowing for them,
and they fake the numbers as it is. And they’re not even able to fake them as much Ron Lang: anymore. I think one of the bigger problems in China right now is,
it’s funny, you correlate. Ron Lang: The one child policy with China, right in the United States, quick,
right? Turn that back. So in the United States, many builders that are building, let’s say, a 50 50 house development will build a few spec houses, right? Because
they want to just show people what it looks like. And then eventually just sell them. Ron Lang: China has this one child policy, but they forget about speculation [00:06:00] housing.
They’ve been building speculation towns now called ghost towns. All over the country.
Nobody’s living there, right? So if you think about it, if you’re building these ghost towns,
right to eventually populate them at some point, you have a 1 child policy. Ron Lang: How are you supposed to populate them? Yeah, so now all those builders are on the brink
of, if not already in bankruptcy and China’s been trying to build them, bail them out. It doesn’t,
it just it just doesn’t make any sense. Who knows what shoe is going to drop there. But remember last week you showed the chart comparing our markets to the European markets,
to the Chinese, the Chinese markets are doing worse than the bottom of 2020 COVID low.
Ron Lang: Yeah. What does that tell Jeff Kikel: us? But I mean that, if you look back over the last 20 years at the perfect,
everybody talked about China and oh, how great it’s going to be. And, the bricks and all this. If you look at the performance of China by itself, it has been absolutely atrocious.
Jeff Kikel: Over the last 20 years. [00:07:00] Yeah, it’s not been that tiger economy go. It’s been this horrid, you basically
lost money over the last 20 years, having money invested in it in comparison to, even the worst of the European markets have done better. Then China in those cases. So it’s,
Ron Lang: It’s just amazing. Ron Lang: If you think about it, because of all the build out and all their technology and everything else. And it doesn’t make any sense, but I think it’s starting to make some
Jeff Kikel: sense. It is. And I heard an interesting interview yesterday with the assistant prime minister of Italy. It was in New York and they were talking
a lot about the just about their economy in general in Italy and things like that. Jeff Kikel: And he was talking very You know, in depth about the China belt and road initiative,
which for people that don’t know what that is really China’s way of rebuilding the Silk Road. Effectively, so they’ve been trying to build these little,
connections with African countries, and they’ve been trying to get their foot into [00:08:00] Italy and some of the European countries in Italy, their previous.
Jeff Kikel: The previous administration to this one, which was very left leaning they
just went all in with China and, there’s a lot of promises on the Chinese side and the
delivery has not nearly been as much. Because there’s this promise of, oh if you’ll let us
kind of trade with you, then we’ll trade with, we’ll take in imports and things like that. Jeff Kikel: And they pulled the same thing that they pull with us. And, Italy’s,
I think I heard him say, he goes, yeah, he goes, we took in all this stuff that they wanted to sell us and we got to sell them tomatoes. Yeah, that was it from the sit on the
Ron Lang: dock and spoil before they actually pass. Jeff Kikel: Exactly. Jeff Kikel: Correct. It was, it’s one of those things where it’s okay,
there they’ve been trying to use that to get resources in Africa and everything else. Oh,
we’ll come in and build roads for you. As long as you sell us your, your resources. So your [00:09:00] people can go dig in the dirt or, be underground in these mines doing all this,
we get it for super cheap, but we’ll put roads into your country for you. Jeff Kikel: And that’s really been the whole belt and road initiative. And this
is Xi Jinping’s like biggest. It’s what he feels like he can use to take over the world, but it’s just not working because people are starting to see behind the curtain and go, eh,
I see how this is good for you. I don’t necessarily see how good it is for me. Ron Lang: Talking geopolitically with all that stuff. Yeah. I don’t know how
we’re partnering with any of these countries cause they all want to see us off the map. Jeff Kikel: I do agree with that. It’s just it’s a never ending thing here.
Let me let me share my screen real quick and I will okay. Jeff Kikel: Can Ron Lang: you see that? Absolutely. MBA mortgage apps,
Jeff Kikel: MBA mortgage apps. So last week we talked about, I was talking to one of my good
friends about who’s been in the mortgage industry for 40 years, and he was like, We have had the, this week, when I talked to him the day before that, he [00:10:00] said
that we had the lowest amount of mortgage applications ever in his 40 year history, whammo.
Jeff Kikel: This week goes off the charts the other way. Up 5%, up
2. 2, 2. 3%. Refi’s are up. This is a very volatile. Ron Lang: Are people at 10 percent mortgages, the refinancing?
Jeff Kikel: I guess. I think when, we had a few. A few years ago. We had a few
like six months ago where we were much higher in mortgages. Jeff Kikel: I guess people are refining I don’t know
Ron Lang: the highest rate in 30 years or whatever it’s been How are people refinancing?
Jeff Kikel: I don’t get it. I don’t get it I mean probably it might be Ron Lang: people 1981. Is that what it is?
Jeff Kikel: Yeah, either that or they’re refining out of 5 year floating rates or something like that at this point.
Jeff Kikel: Oh, my gosh. Only thing I can think of. But, yeah, just sometimes what a difference a week makes keep it on the [00:11:00] housing market side. Housing
starts and permits. Starts were down, but I guess the good part is the permits. Are up
when we look at this for August. Yeah, we’re not starting as many as had been expected.
Jeff Kikel: The consensus and we’re way below consensus range, but the permits were there.
So that means that at least stuff is coming online at this point. Existing home sales
and this from talking to my realtor friends, is right on the money. We’re, they were in
there in the range. Year over year though is down existing home sales are down about 15%.
Jeff Kikel: I’m seeing like in my neighborhood, which is typically 1 that, if a house comes up,
it’s gone. I’m seeing houses for sale, in my neighborhood now for 6, 7 months now. And prices
are coming down. My friend Richard, we’re that we, we do a another podcast together about Austin.
Jeff Kikel: And he was telling me, I guess there [00:12:00] was a house in his neighborhood that he sold last year for 605, 000, like a four bedroom house. The very
comparable house this year is selling for almost a hundred thousand dollars less. Less, which is,
it’s finally coming back to some reality at this point because people were just holding out. Jeff Kikel: They were keeping their prices too high. So I think,
it’s very likely at least here in Austin with the froth that we saw over the last couple of years that we might see home prices starting to come back into reason a little bit.
Ron Lang: Yeah, but a 17 to an 18 percent decline in one year. Yep. Jeff Kikel: Yep. Crazy.
Jeff Kikel: This is another one of, we, we talked about this a couple of weeks ago on the show of some of these really squidgy numbers that are coming out of the government. And, here’s
jobless claims just came in this morning at 830 am consensus estimates were 225. We came in at 201.
Jeff Kikel: And down, [00:13:00] 20, 000 initial claims. I’m sorry, I don’t buy this one. I have a
feeling this one’s going to be one of those that miraculously gets adjusted somewhere a few months
down the road. Because it’s, this is no way, we’ve got all this stuff going on with UAW and all that.
Jeff Kikel: That’s probably going to increase this pretty significantly. Yeah, but Ron Lang: the furloughs that, they didn’t furlough
they I don’t think the furloughs and the retrenchment was as high. It look,
if this continues to go on, it’ll definitely go up. Oh yeah. Jeff Kikel: Yeah. Cause it’s going to affect more than just the big three,
it’s going to affect all the downstream folks, all the people that make parts for them and everything else and the other companies.
Jeff Kikel: This is, this was interesting and this is staying on trend for what we’ve seen over this year when it comes to the manufacturing indexes. You’ve got multiple of these. Throughout
the different feds and, the manufacturing index, the Philly fed has been [00:14:00] bad this year,
but it was really bad, and I, this is somewhat of a forward looking index and a lot of cases and,
Ron Lang: I talk about being out of consensus range. Jeff Kikel: Yeah. It’s like consensus was 0. 5 and this thing came in at negative 13.
So I have a feeling that when we start to see the empire state 1 and all that,
you’re going to continue to see more of this trend of these guys looking at. Okay. Things don’t look good. Looking out into the future,
Ron Lang: that’s where the retrenchment will happen is in manufacturing. Jeff Kikel: Yep. Yeah. And you’ll start seeing the layoffs in the manufacturing side is my
guess at this point. All right, so we talked about it a little bit a few weeks ago. Today
was the number for August. Continued down if. I were a chartist, which I am.
And I look at this chart, if you look at every time in history where this chart’s been down,
that typically means we’re in a recession and this time, [00:15:00] Oh, we’re not in a recession, but I just have a sense that we actually are already in a recession.
Jeff Kikel: Now, the only thing that’s holding it off and it’s not fully indicating it is that GDP has been popping up. But once again, I’m not convinced that. The GDP
number is a solid number at this point because they keep revising it every time, they’ll come up with the final number and then they revise back where you said, what,
last week they were revising back to 2008 at this point. Jeff Kikel: Yeah. Yeah. 15 years later. Yeah. Amazing. What’s affecting it’s, LA, I changed
down 0. 38 again, it was down like 0. 25 last month, so it’s continuing to get
uglier. There’s only a couple of categories that actually are positive. Most of them are negative. The non financial components are, I think the
biggest ones are the consumer expectations of business conditions are way down. Jeff Kikel: The index of new orders continues to be down. And some of these [00:16:00] other ones
that have been positive are starting to peel into the negative. And, as Ron’s talked about before
that 10 year spread. Less fed funds, boom, it continues to get worse and worse. As we go.
Ron Lang: Yeah. Look, it’s a, we’re an echo chamber here almost every week,
but yeah, seeing these things, how do you ignore Jeff Kikel: facts? It is, and you look at,
this is the final chart really off the LEI page. The recession signal, it’s signaling that we’re in a recession. It’s, it is, can’t be flashing it much more at this point.
Jeff Kikel: And it’s intriguing to me that. Typically we see at that spike down and then the spike back up, we see the recession actually indicated and
we’ve turned up a little bit. Although this 1 is a little deceiving because
if you look at the other chart, it’s not nearly as positive as this would appear.
Jeff Kikel: That it is, or the upward moving is this 1 would appear, [00:17:00] but once again, I think it’s telling us. I just have that feeling that we’re going to start seeing
more and more of this going forward. Where we start to roll into the back half of the year,
we’re going to see the consumer really stretched at this point. Jeff Kikel: With all the stuff that’s out there, going into this holiday season, and
it’s going to be interesting. And I think it could really put us. At that point of true recession,
especially from the, the consumer, if they’re not powering the economy, like we’ve been saying, Ron Lang: Let me segue on that.
Ron Lang: 2 things. Yeah, so number 1, I don’t know how I don’t know who’s doing these surveys or whatever, but they already did a survey about. The Christmas and holiday
shopping season that people are expected to spend less. They’ve already got a survey out.
There are people already expecting to spend less. And this just came out this past week. Ron Lang: Second, after the Fed announced. Multiple things yesterday, one, obviously rates
didn’t change, but they’re probably going to raise in November, which we thought it was either going to be September, November, even after [00:18:00] that higher rates for longer, which I’ll start
showing in a second, Bank of America came out and raised their price target on the S and P for
the end of the year to 4, 600, but I think for 44 and they said, and when they started to bring up.
Ron Lang: A lot of the factors we talked about and other things, price of oil, all that’s baked into the market. Oh my God. You got kidding me. It just brought all right
here. Let’s move it along here. Let me know when you see my screen. It looks like it’s Jeff Kikel: coming. There we go.
Ron Lang: All right. So I’m not crazy about this chart. Ron Lang: Jerome Powell’s even come out and said, he’s not crazy about it, but basically folks,
what this is saying without doing analysis by paralysis by analysis is that basically
what they’re saying is they’re looking at one more rate hike. And then by the second half of next year, they reduced their forecast of potentially four or five rate reductions to
the second half of [00:19:00] next year. Ron Lang: And then if you look then it really goes down in 2025 and in 2026. But
they announced higher for longer and it’s going to take a long time Of course no timeline error,
but a long time to get down to the two percent I’m figuring three to four years
Yeah We’ve been talking about this for a while But the reason why I have something
in the upper left hand corner of the screen and I yank This is just a headline on an article.
Ron Lang: We’ve been talking about this on and off for many months all these Frickin
idiot pundits keep coming out. They got a lower rates what the fed is really saying is shut up.
Jeff Kikel: The fed is saying listen to what he’s very Ron Lang: clear about it over the last 20 years, right? We’ve had greenspan We had Bernanke, we had Yellen, and we now have Powell.
Ron Lang: Now, there’s always that infamous new [00:20:00] language everybody needs to learn called FedSpeak. Like they’re speaking in tongues. Like you gotta digest it,
you gotta read into it. If you think about it, right? Stop. Sift through all the cloud, right? Get to the fire. This is what he’s saying folks, right?
Ron Lang: He’s been saying this in almost every meeting for the last year And if you
take when they interview the other fed committee members, they’re all saying hire for longer
Why are you saying no, don’t listen to that what the real stop it stop Guys people live
with it adjust your portfolios accordingly If you’re a business owner, you better get prepared if you’re not already just Stop it!
Ron Lang: Stop! Looking at all the fringe BS and listening to all the people pitching their book. The Fed is saying hire for longer. All right, let’s move on.
All right. So just some other slides here. I will get this off of CNN. I know you’ve pulled this off a few times [00:21:00] on some podcasts. Market momentum is at a greed level.
Ron Lang: I think we realize that because it’s not jiving with everything else. So think about this,
look at the divergence here. Market momentum is at greed, but stock price strength is at
fear. Stock price breath. Is that fear? What is that telling us? It’s those
top eight stocks folks. Yep That’s still an agreed level as far as i’m concerned, right?
Ron Lang: We got some m& a going on today with cisco buying splunk we’ve had
some moderately successful ipos in the last week, which is always encouraging
But if you take a look at the ipos that have come out in the last 18 months I think more than 80%. I don’t know the exact number 80 to 90 percent Are all below their IPO price.
Jeff Kikel: And even the two that came out that were moderately successful Are starting to roll over a little bit, arm and It’s hard, yeah,
Ron Lang: They’re pulled back. [00:22:00] It’s pulling back with the market too, right? Yeah. People are peeling off their profits and saying, moving it into something else.
Ron Lang: So the next one I like, so you got the safe haven trade is at a fear level, but here’s my favorite one. The junk pond demand is at an extreme greed. Why is that
an extreme greed? Because they’re getting yields at six to eight plus percent. Why
wouldn’t they go in? Is there a risk? Of course, but that’s why there’s junk bond funds, right?
Ron Lang: You spread out your risk. You’re still getting a high yield, but that’s a great place
to go for a portion of the portfolio because why you’re going to get great yield. And when
rates go back down, the asset values are going to go up just like any other bond,
just like preferred stocks. You got that seesaw effect between yields and asset prices.
Ron Lang: So junk bond demand, is that an extreme greed? Because money is flowing out of equities and into junk bonds for the yield and for future capital
Jeff Kikel: [00:23:00] appreciation. That’s the highest performer in our momentum trading portfolio that we run.
Ron Lang: And by the way, the junk bond funds will probably a great place to be for the next 24 months.
Ron Lang: Yeah, especially we just talked about it. The Fed talked about two potential rate cuts next year. If we get pauses for several consecutive meetings and we know,
and then of course it’s going to affect the economy and the markets, and then we get a rate decline, the first rate decline, you’re going to see spikes in the junk bond funds.
Ron Lang: Yep. You’re gonna, you have to. Yep. It’ll be interesting. All right. I got one more slide. And I know we talked about this in our pregame.
I don’t, I’m going to bring it up and I’m going to let you, I’m going to let you do the play by play because me, it takes me 10 minutes to say hello and 20 minutes to say goodbye.
Ron Lang: I’m speechless. Can you explain this, Jeff, please go over it first and then I’ll add some color because I don’t [00:24:00] get it.
Jeff Kikel: I think what all feds I’ve completely, I’m completely convinced all feds are just issued a dart board. And they just throw
a dart at a dart board and come up with a number because I have no answer for this. Jeff Kikel: Now, the 1 thing I will say, and we talked about this before the Saint Louis fed,
I think, has been the most accurate on their forecast. I never listened to Atlanta because
they’re just morons and New York’s not much better. But Saint Louis feds actually been
pretty damn accurate. When it comes to their forecast, and I think, I personally think they’re.
Jeff Kikel: Pretty much right on the money at this point. And you figure what’s not in there, probably, I don’t know when these all came out, what’s probably not in there is the impact of the
UAW strike on all of that, the trickle down effect of the UAW strike across the board,
because it’s not just, oh, okay it’s GM, Ford, and whatever the hell they call Chrysler today.
Jeff Kikel: It’s [00:25:00] affecting all the manufacturers that make parts. For them and all the company. Even the companies that make the paint that they
put on the vehicles and everything else, it’s affecting that all the way across the board. And I think it’s going to have a pretty pronounced effect on Q3 GEP.
Ron Lang: This is what I don’t understand. They all have access to the same information. How does the Atlanta fed show strong economy,
strong growth, and we’re trending upward. And then you get another fed saying, Nope,
this is the, this is probably the first of two consecutive quarters of negative GDP growth. Ron Lang: We have contract. They’re showing contraction.
How is the diversity here of over five basis point
Jeff Kikel: difference? And St. Louis Fed, if you, if you believe what they’re saying,
which I tend to follow along there and you look at the leading economic indicators. It’s
actually [00:26:00] probably pretty damn right that we’re actually it, we see a negative and we
start to see the beginnings of a recession at that point, it’ll still be a look back no matter what.
Jeff Kikel: The LEI is what’s telling us ahead of time. But it doesn’t get filled in as a true recession until you have those two negative quarters. Although, last time
we had two negative quarters, the, the federal government went that’s not necessarily true. I,
Ron Lang: I, like I said, I’m speechless. Ron Lang: I don’t get this. Yeah. Here’s the fun thing. Here’s the fun thing
when the GDP, number does come out next month for Q3. I can’t wait to see what the excuses are
going to be on one side or the other, because forget about the New York feds in the middle. Let’s just say they’re in the middle. Yeah. But let’s just say it comes in at 3%. Okay. What is
St. Louis’s feds excuse? And what is the Atlanta feds excuse for being so far under or so far over?
And let’s say it’s a 1 percent right [00:27:00] closer what who, the Atlanta fed, how should any of those people keep their job
Jeff Kikel: or why should we even listen to them at that point? Jeff Kikel: What’s the point of you putting out such horrendous research? And predictions
what’s the point, I just don’t get it, once again, as we’ve said before, the things we I would love to come back as an economist or a stock analyst,
because I can be wrong 50 percent of the time or more and still keep my job. Ron Lang: It’s awesome. I know I said that last week. Don’t forget about a meteorologist.
Jeff Kikel: Oh, that’s true. Yeah. Meteor. I don’t look so good on TV. So I couldn’t do that. And but
Ron Lang: most of you and I got faces for podcasts. That’s why we’re Jeff Kikel: here. I know. Yeah. Cause we’re a little small things on the podcast or whatever,
but yeah, I just, it flabbergast me to see some of these and, we see it on the economic data as well,
where they’ll have these consensus ranges that are, four or five points. Jeff Kikel: Either way, and it’s and they still miss it. That’s what I just think is hilarious.
Ron Lang: Like I said we’ll have to see [00:28:00] where it is next month. We’ll have a fun podcast with that. We’ll, reshow Oh yeah. The forecast versus the actual Yeah. We’ll have to
Jeff Kikel: the single back. Yeah. When they show G d p shave this and go back and say okay guys,
Ron Lang: I I think there may be a report behind this, but how do you throw out a number without any substantiation of how you got there?
Ron Lang: I don’t know. Maybe you gotta look. It’s probably an exercise in futility, but I’m curious to see how both ends here came up with their numbers. I don’t know
if we’re going to have a contraction, but I can’t see a 4. 9 percent growth rate. Yeah,
maybe it’s more towards the New York fed number, but I can’t see 4. Ron Lang: 9. Jeff Kikel: And the other part is GDP and Q3 is typically like the worst one of the year.
So you’re not going to tell me that. We’re going to completely dispense with all history and say that, Oh, this quarter was just amazing this well, we’ll
Ron Lang: see. We’ll have some more fun next month. I guess Jeff Kikel: with it, hilarious, [00:29:00] unbelievable to me. Jeff Kikel: What Ron Lang: else you got?
Nope, that’s it. That was the last one I had to end on a high note here. Of course.
Jeff Kikel: Yes. You had to end on a, God only knows where they were trying to go with this thing. So folks as per usual, there’s some head scratchers in this. I think,
more and more things that I’m seeing are pointing to, all right we’re, things are slowing.
Jeff Kikel: And especially on the, like I said, what I’ve been watching really carefully is that manufacturing index. Across the board, and every 1 of them Richmond Empire State Philly has been
negative most of the year. Even though the predictions have been that they were going to be positive. That tells me that those guys are pulling back and that may be what’s affecting the.
Jeff Kikel: Inside the leading economic indicators, because if those manufacturers are going. Yeah, I don’t know what’s going to hit me coming up to the end of the year.
I’m not really going to be putting out a lot of orders. For for raw materials Ron Lang: or parts. [00:30:00] Yep. And the manufacturing is
definitely a canary in the coal mine for economic expansion or contraction. Ron Lang: That’s for sure.
Jeff Kikel: Absolutely. Cool. Folks, as always, we do these for you. Make sure that you hit that
subscribe button wherever you’re watching this at, which should be mostly on YouTube. And give
us an up up thumb to say, hey, we’re out here. If you’re, if you have enough guts give us a comment,
let us know what you think of some of this and let us know if you have any questions. Jeff Kikel: So as always, we do these every week on Thursdays,
so make sure that you are subscribed so that you’ll get every single one that we put out. And a special announcement to those of us, or those of you that are watching and follow us,
I have a special episode that I Recorded earlier this week that I’m going to drop as well.
Jeff Kikel: This week that is with a friend of mine, who’s an expert in the
college loan [00:31:00] reduction programs that are out there. We went through that.
We talked a little bit about the challenges of the the student loan debt issues and some
ways that you could potentially solve those. So I encourage you to make sure you subscribe. Jeff Kikel: When that one hits, so that’s. Said we’ll see you guys back here the very next time.