Volatility, Policy, and AI: Choosing Growth When Currency Blurs the Scoreboard

September 29, 2025 | Season 7 | Episode 36

Forget the spooky stories—October’s market script is more complex and more constructive than memory suggests. We open by challenging the “October effect,” tracing how volatility and returns actually stack up, and why certain election cycles—not the month itself—deserve the caution label. From there we walk through a potential U.S. government shutdown with a clear, practical lens: what functions continue, where services stall, how a delay in key economic data could muddy rate expectations, and why operational friction matters to both bonds and equities.

The heart of the episode digs into a defining 2025 dynamic: U.S. stocks up while the U.S. dollar slips. For domestic investors that’s a win; for overseas investors it’s a math problem. We explain how currency drag pushes global capital toward growth assets—AI leaders, cloud platforms, and dominant tech franchises—where credible upside can outrun FX headwinds. Then we stage a fair debate on the dollar’s next act, balancing inflation-from-tariffs, debt concerns, and governance noise against the greenback’s haven appeal in a fragmented world. The conclusion isn’t a hot take—it’s a process: align allocations with real risk tolerance, assume your macro call might be wrong, and rebalance on schedule.

We also cover near-term catalysts that could bend the tape: tariff proposals touching pharmaceuticals and the knock-on risks for generics, OPEC+ production signals, shifting trade asks across Asia, and a handful of stock-specific moves from gaming to semis and software. Finally, we spotlight healthcare as a long-ignored corner worth a second look—where late-stage pipelines and selective names may offer asymmetry even if the broader sector lags.

If this kind of clear, no-drama market roadmap helps you navigate the noise, follow the show, share it with a friend, and leave a quick review. Your feedback helps us bring sharper insights to your feed every week.

** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice.

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Chapters

• 0:00 Setting the Stage: October Fears
• 2:15 The “October Effect” Versus Facts
• 5:20 Government Shutdown Odds and Mechanics
• 10:35 Who Works, Who Waits: Services Impact
• 15:40 Market Lens: Dollar Down, Growth Up
• 21:30 Foreign Investors’ Math on U.S. Assets
• 26:00 Currency Calls: Bull or Bear Dollar
• 30:15 Portfolio Strategy: Allocate and Rebalance
• 33:20 New Tariffs and Drug Pricing Risks

Transcript

Alan Eppers: 0:00

And now introducing Mr. Keith Lanton.

Keith Lanton: 0:02

Good. morning. Today is Monday, September 29th, just the final days of the third quarter of 2025. All ready to head into October, which many view with some concern based on some memories of some significant declines in the month of October, and we'll talk a little bit about market activity in the month of October, which we will be in in three days, heading into the fourth quarter. We'll see if the government remains open in October. Right now it's looking like the government may shut down, President Trump is meeting today with congressional leaders, and we'll talk about what a government shutdown may or may not mean and talk about some historical precedent for government shutdown. So if it were to happen, we could at least have some touch points that we can reference in our minds to ascertain what the impacts could be to financial markets, our portfolios, and to the country at large. And then we'll talk a little bit about the barons, we'll talk about a theme that we have been touching on before. I think it's a really critical theme to continue to focus on, and that is taking a look here at U.S. equity markets, especially from the perspective of broad indexes, are moving higher. At the same time, the U.S. dollar, we've talked about this, is moving lower and what that may mean, how investors are are looking at the U.S. markets from an overseas lens, what what they're focusing on, what they're avoiding, and why. And that could U.S. investors and how they and how they take a look at the financial markets and how they position their portfolios. So as we head into October, we remember a quote from Mark Twain, who said October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February. If if you're thinking, well, yes, so Mr. Twain pointed out that October is a month that's dangerous to speculate, but so are all of the others. But there is a reason that the October effect is somewhat ingrained into many of our minds. historically, investors have been fearful of the stock market returns in October, likely because of the crashes of 1929 and 1987. Despite those two events that are indelibly planted in many of our minds, October tends to perform better than many investors think. And the reason for some of the concerns regarding October is less based on evidence and more focused on what psychologists call availability, the human tendency to judge how likely an event is by how easily we can recall vivid examples of it. So even if you go all the way back to the turn of the 20th century in 1907, the panic of 1907 started in October, and then the crash in 1929 began in October, and then more recently, Black Monday, the 1987 crash happened on October 19, 1987. That is the largest single-day percentage drop in stock market history, and then even more recently, a lot of the significant turmoil in the financial crisis happened in the month of October. So when we feel great volatility, unease, and we associate it with a particular time of year, it gets seared into our mind that that is a scary time of year. Now there is some truth to the fact that October tends to be a little bit more of a volatile month. In fact, Sam Stovel of CFRA says that since World War II, the S P 500's average volatility in October has been about 35% higher than the other 11 months, but that high volatility does not necessarily translate into poorer or per per poorer performance or weaker returns. So while October has historically been the most volatile month for markets recording more 1% or larger daily swings in the SP 500 than any month since 1950, it is historically a month where the markets have actually been net positive, up six tenths of one percent. The one month that we are exiting, which is September, has more down markets than October. So the thesis that October is historically a bad month, not borne out by the facts, but there are a few very significant dates where in October there were some very dramatic declines. Now, the one time of year when October tends to be particularly negative is in election years. That tends to be a time when October truly is not a good time to be invested in U.S. equity markets, but that was last year, so we're not gonna see another election year for three more years. All right, what we are potentially going to experience is the possibility that the U.S. government will be shutting down. President Trump is meeting with congressional leaders of both parties today of the government funding deadline tomorrow night, September 30th, heading into October. President Trump has previously stated that a shutdown could result in the firing of thousands of government workers if a deal is not reached. So, one big difference between this shutdown and some previous shutdowns is instead of furloughing some of the workers, President Trump saying that he will permanently retire some of those workers, particularly in agencies that he is not as fond of. So the House did pass the continuing resolution for funding. The Senate, which needs 60 votes, has not been able to get that done because there are 53 Republicans in the Senate, and one Democrat did join them, but they still do not have enough votes. So what is it that Democrats want, because those are the votes necessary to approve a spending bill that they currently are not receiving. And they want to include extensions to the Affordable Care Act subsidies. Republican leaders are saying that should wait until after a shut shutdown is averted. So Republican leaders in the Senate at least not saying no, but saying that they want to get a stopgap or temporary agreement passed, and then focus on that a little bit later. Democrats are why wait? Let's get this done now, at least that's their position today. Now, markets have typically brushed off shutdowns in recent history, however, the could potentially be different, especially with the talk of not only furloughing but removing certain workers. Now, what would a shutdown look like? What would it mean to potentially you if you're seeking to utilize some government services? Well, it's very likely that this shutdown would be more severe than most, with Congress not passing any of the twelve appropriation bills that fund specific agencies, activities essential to protecting life and property, such as military operations, law enforcement, food inspections, those would continue. Federal Reserve, Consumer Financial Protection Board would also remain open. Well, what are the causes of the government shutdown? Well, that is Congress failing to approve spending when previous spending bills expire. Now, this can be somewhat confusing because what are they failing to approve? They are failing to approve raising the the and approving the spending that they've largely already allocated for, but they need to reapprove it once again, and there is a threat here that that will not happen once again. This would be the first shutdown since the Obama administration when Congress hasn't passed any of the twelve appropriation bills that fund specific agencies. And if you go back and look at previous shutdowns, what were the longest shutdowns over ten days? Well, the longest shutdown goes back to 1995 when we had President Clinton in office, and the Republicans were seeking to emphasize the budget deficit and their contract with America, and they were concerned that our budget deficit was too high. Right now that is not the focus of this shutdown by either party, but that shutdown went on for about 20 days. Fast forward to 2013, back when President Obama was in office and we had about a 15-day shutdown, and then the longest shutdown was in 2018 when President Trump was in office and we had about a 35-day shutdown. What happens when the government shutdown? Well, the president continues to carry out his constitutional responsibilities, so most of the White House, the U.S. trade representatives, that remains open. So talk about trade and tariffs, that will go on. But high-ranking federal officials confirmed by the Senate will also be exempt from the furlough, but they may be without staff. Members of Congress must also be paid. Probably a good reason why they don't care as much about these shutdowns. That's as per the 27th Amendment of the Constitution. Government-owned or sponsored enterprises. So if you're looking to take Amtrak, if you're worried about your mail from the U.S. Postal Service, if you're looking to buy a house from Fannie Mae or Freddie Mac, they have funding streams that don't rely on annual appropriations from Congress. They will continue to operate. If you're a government employee, in past shutdowns, about four out of ten employees were furloughed and barred from doing any work under a law that prohibits them from even doing volunteer work. So what does that mean? That means that six of ten workers, at least historically,, have reported for work, but about 40% don't. Those who show up for work or don't, it doesn't matter. They don't get paid, at least not during the shutdown. If you're utilizing Medicare or Social Security, those will continue to operate, although some administrative actions those might be delayed as in past shutdowns. Economic data may not come out, so Friday we're waiting on the employment report, which is an important report to give us a indication on the health of the labor market here, which is something the Federal Reserve President and the equity market participants are actively following. h well, if the government does shut down, it's very possible that that report would not be delayed. Also possible that the Social Security calculation for annual cost of living increases, that could also be delayed. Medical care at veterans' hospitals and clinics would likely go on, but other veteran benefits could potentially be delayed. Now, if you're planning a trip or vacation to a U.S. National Park, that is something that may be on hold or having to be rescheduled. The national parks are likely to be shuttered. In the past, they turned away visitors during government shutdowns. If you're thinking about calling the IRS, it's very possible that they will not be answering calls, or you may experience wait times hard to believe, even longer than the current wait times, so less workers at the IRS. The SEC, the Securities and Exchange Commission, well, they will not be reviewing or approving registrations from investment advisors, broker dealers, transfer agents, rating organizations, investment companies, municipal advisors, so could see a slowdown in some activities that require SEC approval. The Supreme Court saying they will be open on October 6th when their new term resumes. That's according to a Supreme Court spokesperson. Federal Reserve will continue to operate during a government shutdown, and Congress has has the ability here to fund itself will also be running out, so they won't be able to continue fund funding themselves. But, since Congress is needed to end the shutdown, they will still be operating, much to maybe some of the frustration of some of their constituents. So we will see what takes place today at this meeting. Expectations are low on both sides. Seems that both sides are dug in pretty deep. In the past there have been some surprises. You may remember the last time when House Minority Leader Schumer changed his mind and agreed to fund the government, which was a surprise. And then in President Trump's previous term, he surprised h some of the Republicans by going along with some of the proposals by Democrats, really shocking some Republicans. So never know if you're gonna get a surprise at at this meeting. So expectations low, but it's not hopeless. So let's transition to the markets and talk about what is taking place here. We have U.S. equity markets up about 12% year to date, and this is happening despite the fact that the U.S. dollar is down about 9% year to date. We've focused on this phenomenon, markets up, dollar down. Don't forget that our markets here in the United States are denominated in dollars. So if you have markets up 12%, currency down 9%, your net effect is that you're up 3%. If you're an American and you're looking at things from a dollar perspective, well, you're up 12%. But international investors are having an increasingly significant contribution margin to the performance and to the holdings of U.S. securities. A little perspective, foreigners hold about 20% of U.S. equities. And they hold about 30% of U.S. treasury. So what foreigners do has a significant impact on our markets. And if you kind of go backwards and look at the performance of markets and performance of different sectors, specifically technology and artificial intelligence stocks, well, it seems to be that they have performed extremely well. And it may be because if you're a foreigner and you're concerned about a weaker dollar here in the United States, but you still believe that you would like an allocation to the United States, and you believe that the United States is the best place for certain certain investments for fast-growing companies, like artificial intelligence stocks, cloud computing stocks, or the Mag 7 and other exciting growth-oriented stocks here in the United States? Well, despite the fact that the dollar is weaker and that you may believe the dollar continues to be weaker, you may not, these stocks, the calculation to you if you're sitting outside the United States, and perhaps even if you're sitting in the United States when you're when you're viewing investments versus investing overseas, what you say to yourself is how much is the dollar going to weaken if you believe it's gonna continue to weaken? Let's take the thesis that you think it might weaken, and how much more growth do you need as a result of that? So if you think the dollar is gonna weaken another 10% over the next year, it may or may not, obviously, you are going to seek returns that exceed that 10%. So if you're gonna seek returns that exceed 10%, what are you going to look for? Well, you're gonna look for companies that you really believe in that have high growth potential. So you will probably not be a big investor in US bonds that pay three, four, five, six, seven percent, depending on what what type of risk profile they have. If you believe that the currency might depreciate ten percent, well, getting a return of seven percent is still gonna lead to a negative return for you. So you also may not be super excited with consumer staples or you know slow-growing you know real estate investment trusts that that may produce very steady returns, a seven, eight percent, including dividend yields, but still potentially negative returns to you. So what you would do is you would continue to focus on where you see growth and be rewarded for that growth, especially when the alternative looks like it might be a negative return. And this perhaps is one of the reasons perhaps explaining the phenomena we're seeing in the market today, which is the emphasis on growth and the shying away from more safe securities, what's let's call them value in the financial markets, because investors are perhaps making the logical choice that they need to own growth versus value because it's the only way that they could potentially get a net positive return for their investments. So, what are the reasons why investors are concerned about the dollar? Well, they're concerned about tariffs creating inflation here in the United States, they're concerned about the amount of debt that we have here in the United States, they are concerned about the government shutdown, they're concerned about threats to the Federal Reserve's independence. So, with those worries and with concerns that that may fuel some weaker dollar investing, it makes perhaps sense that those investors would be upping their investments in those growth-oriented areas. Now, not everybody is is bearish on the dollar, and this is what makes it so complicated and challenging for us as investors because if the dollar were to not continue to weaken, perhaps how you invest would look different, especially if you're an overseas investor. So if you're confused about which way currency markets here, specifically with respect to U.S. currency may move, if you're confused, well, you should be, because you got Morgan Stanley out just the other day saying that the dollar's drop this year is the biggest decline since 1973, and suggesting that the dollar could lose another 10% by the end of 2026. But wait, if if you are listening to Anshell Sagal, who is the global co-head of fixed income currency and commodities at Gold Goldman Sachs, well he thinks the dollar's decline is just a blip. He says the dollar is cheap in a world that is as fragmented as this, the dollar continues to be an excellent store of value, and I believe that the dollar is in a secular bull market. So, two very different views from two, never met them, don't know them, but arguably very smart people, makes makes the investment thesis going forward with respect to the dollar and with respect to your portfolio more challenging. So, what is an investor to do? Well, an investor should allocate their portfolio to what is appropriate for their comfort and their risk tolerance based on their views of the economy and recognizing that their views may or may not be correct, factoring that into the thesis, and settling on an appropriate allocation and rebalancing that allocation every quarter, every six months, every year, depending on the circumstances, would be, in my opinion, the appropriate path forward, weighing all the different information that's out there, speaking with your financial advisor to give you some additional perspective and to give you some additional insights so that you can not only make an informed decision, but make a decision that is objective as possible and not weighed down by a motion. So you may have heard on Friday after the markets closed that President Trump announced some new tariffs on pharmaceuticals, saying that pharmaceutical tariffs in certain circumstances would be 50%, in other circumstances they would be a hundred percent. But if you were building your manufacturing plants here in the United States, you may not see any tariffs as long as you were making investments here in the United States. Now, some clarification over the weekend is at least at the moment, President Trump's call for 100% tariffs on branded and patented drugs. And those are the ones that could avoid the levies if they set up investing here in the United States. But at the moment, based on this declaration, it does not include generic drugs. And generic drugs possibly are the drugs that most Americans are taking, certainly certainly a significant can contribution to the expenses of many Americans, even though generic drugs obviously a lot less expensive than than drugs that are on patent. So at the moment, there is not a levy on generic drugs, but Trump administration saying that levies on imported medicines could over time end up facing tariffs as high as 250%, and there is no immunity per se for the non-patent drugs. Where do the majority of the U.S. non-patent drugs come from? Well, they come from India. There has certainly been some trade tensions between the United States and India, and some concerns that these generic drugs, specifically the ones coming in from India, could come under tariff charges in the near future. So if if you're taking something like an oral contraceptive, blood pressure medication, antidepressants, a cholesterol drug, 40% plus of those drugs are coming in in the generic space from India. But keep in mind currently not being tariffed, but potential to see higher prices there. So another item for you to put on your radar. All right, let's take a look here at what's taking place this morning. We are seeing markets encouraged, futures higher, seeing a rebound in some of the artificial intelligence names, which sold off last week, even on Friday when markets bounced back a little bit from being down on the week. Uh markets closed down about one to one and a half percent last week, despite the bounce back on Friday. Right now we are seeing Dow futures up about 200 points. Uh also on Friday, markets bounced back after we had some strong income and spending data, which was supporting growth hopes. SP futures are up about 37, NASDAQ futures up about 175 points. Some additional optimism, let's call it, , about that meeting with congressional leaders to see if a shutdown can be avoided. Also, we have potential this week for that employment report. Uh well actually employment report is is scheduled for next week. We do get the jobs data on Thursday, and importantly, what we have at the end of the week is is actually it is on Friday we get the labor data to give us an indication on the employment report happening this Friday. We had this morning Cleveland Fred President Beth Hammock, who is a non-voting member of the Federal Open Market Committee, telling CNBC that the current environment is a challenging time for monetary policy. Another way of saying that she's not sure which which way she should go with with interest rates, not that she's voting, but still influential person and potentially could be a voter in the future. Today at 10 o'clock, we have the release of August pending home sales in trade developments, and this is important. Wall Street Journal is reporting that in exchange for a trade deal, that President Xi of China wants President Trump to oppose Taiwan independence. Also in Trade Talk out of Asia reports that South Korea's national security advisor has said that Seoul will not be able to pay the $350 billion investment guarantee in cash as part of the trade deal that they negotiated with the United States, and that also begs the question of whether or not similar guarantees from other nations will in fact be able to be paid. In company news this morning, Electronic Arts is going to be acquired for $210 per share in in cash. It's about $55 billion. This has been rumored last week. Stock was up significantly on Friday, about 15%. And now this morning it's up about another six percent. Cannabis stocks are moving higher after President Trump posted a video on Truth Social touting the benefits of cannabinoids for seniors. Novo Nordisk is down this morning. This is a GLP one competitor to Eli Lilly, Morgan Stanley downgrading the stock to underweight from equal weight. Lamb Research up about 3% this morning, getting upgraded at Deutsche Bank. Oracle bouncing back a little bit this morning up about 1% after questions about Oracle's ability to fund all of their ambitions came into focus at the end of last week. Boeing, which was up a lot last week, adding the 1% after the FAA said it would relax restrictions on Boeing's on issuing Boeing credit airworthy certificates for some 737 jets. Intel, another company in the news last week, some speculation that perhaps Apple would be an investor in Intel on top of NVIDIA, and it's pulling back about 2% this morning after the big run-up last week. In the financial space, Wells Fargo being downgraded to equal weight from overweight by Morgan Sandley, seeing they see limited upside for Wells Fargo stock WFC. Overseas markets, Asia mostly higher, with the one exception being Japan down about seven-tenths of one percent. Japan is having a election on Saturday, and there's no clear front runner in in Japan. That's the LDP, the Liberal Democratic Party leadership election. Markets in Europe mostly modestly, but mostly higher. Spain saw its credit rating upgraded by Fitch Moody's and SP over the weekend. A European central bank policymaker said the central bank is near the bottom of its easing cycle. Some other news this morning. President Trump, in an interview, says the government shutdown is a possibility and his administration will fire a lot of federal workers if there is a shutdown. He also talked about the situation in Israel and Gaza, saying he is optimistic a deal could be reached to end the Gaza war, and he will meet with Israeli Prime Minister Netanyahu today. President Trump said that he is considering imposing tariffs on foreign electronics based on the number of chips in each device. NBC News is reporting that the U.S. is considering options to target drug traffickers inside of Venezuela, and operations could begin in weeks. SEC chairman Paul Atkins says he plans to fast track President Trump's plan to end quarterly reporting requirements. Bloomberg reporting that OPEC Plus will likely increase production in November. Wall Street Journal reporting that Pentagon wants to double missile production in case there is a conflict with China. New York Times reporting that electronic vehicle sales are likely to have a rough year. Keep in mind that subsidies on electronic vehicles expire tomorrow. So one day left for you if you qualify for those subsidies to to try and lock them in. And reports over the weekend that here in New York City that Eric Adams will be dropping out of the race for the mayor. This morning, Goldman Sachs strategists saying that they are turning bullish on global equities for the next three months, citing a resilient U.S. economy and a dovish Federal Reserve. Gold this morning over $3,800 an ounce, almost $3,850, up almost an additional 1%. We talked about the dollar, it continues to be weaker, it's down about two-tenths of 1%. Treasury market is showing some strength. The 10-year yield is down to a 415 from about a 418. And just to clarify, the big event here is on Friday. Monthly U.S. jobs data will be the big event for bond investors who are wondering whether the report will shake their already wavering conviction in another Federal Reserve interest rate cut as soon as October. As I mentioned, one big complication is a federal shutdown could delay that release. What else do we have going on tomorrow? Nike reports earnings as well. All right, moving on to Barron's the front page story here from Barron's talking about a sector that has been a significant lagger this year, and that is healthcare, and Barron's suggesting that investors take a look at this sector, despite all of the headwinds which they acknowledge continue, that if you peer around the corner, that perhaps there is some relative value here in healthcare stocks. The healthcare select sector spider exchange traded fund, symbols XLV, one of the big proxies for the healthcare space, is down about 2.5% this year compared with a gain of about 12% for the S P 500. Now, if that sounds familiar, well, it was the same story in 2023 and 2024. So healthcare stocks have been laggards for a long time. But the analysts and strategists suggesting that there is hope for outperformance after the Period of extended underperformance. Analysts are also suggesting this is a complex sector, so even if the sector itself doesn't turn around, there are park pockets of opportunity, you know, where the some stocks that are showing some real promise perhaps being dragged down just by the negative sentiment over the entire sector. So I'll mention a few different stocks. There were lots mentioned here, and these are tend to be in general more speculative names, companies that are hoping for success in late-stage clinical trials on their drugs. If these trials do not have success, it's very possible that these stocks could have very significant immaterial downside. On the flip side, if if the drugs do what they are intended to do, there could be significant upside. So one company mentioned positively here from the managing director of global investment research at Goldman Sachs is in Liven Therapeutics. The symbol is ELVN, Echo Lucky Victor Nancy. And Livin is a small targeted oncology company with a lead asset to treat blood cancer CML, which currently is very difficult to treat, and that's chronic myeloid leukemia. This is a $9 billion market with limited recent drug entries outside of Novartis having a drug called Semblix, which launched last year. And Liven's drug is entering phase three development as per the managing director Salvine Richter at Goldman Sachs, and he believes is well positioned to follow the the earlier strong data from that drug from Novo Nordis and Goldman saying they see opportunity in this name, but at the same time recognizing the risks. Another drug mentioned positively here is this was this interview was done before the news came out, , but I thought it was possibly interesting. And this is a drug from Metzera, which was acquired, or at least offered to be acquired hasn't closed by Pfizer. And back at at this point, and obviously this analyst at David Rissinger from from Lyric Lyric was was right on the money, at least with with respect to the others potentially seeing the opportunity that he saw. So what Metserra has, and at the time he called it an underappreciated drug, and it's a monthly injectable GLP1, which is the type of drug compound that you have from Eli Lilly's leading drugs and from Novonordisk. So this is a daily oral peptide and peptide my and and this drug requires less than one-tenth of the active ingredient of Lily's drug, and its daily oral peptide requires less than one-fifth of the oral drug that would be coming out of Novo Nordisk. So this analyst was very optimistic, although still waiting for more clinical data. This is not a foregone conclusion with respect to Medsera, and now if the deal closes, the opportunity for Metsera will be an opportunity for Pfizer. And there are lots of drugs mentioned in this article, and I will mention one more and then conclude. And this is a drug from a company called New Amsterdam Pharma, symbol is NAMS, Nancy Apple Mary Sam. This company is a drug that treats elevated LDL cholesterol, that's a type of bad cholesterol. This analyst is Jared Holes from Miz o, saying that so far the data on this drug has been excellent, and they are waiting on results on cardiovascular outcomes which would potentially support broader use and drive significant uptake. Now, not every analyst on the street is confident that this drug will show sufficient benefit, but he feels that the data will be good enough. This is a small molecule oral drug that patients can use with statins or in addition to statins. So this is a drug by New Amsterdam. He also mentions that New Amsterdam is exploring the use of its drug for early onset Alzheimer's, which could be interesting as we move into 2026. Uh, he says this company could potentially be a takeover candidate, but a deal isn't necessary to see an increase in valuation , in his opinion. That's everything I've got.

Alan Eppers: 34:50

Thank you for listening to Mr. Keith Lanton. This podcast is available on most platforms, including Apple Podcasts, Spotify, and Pandora. For more information, please visit our website at www.heroldlantern.com.

Sophie Cohen: 35:10

Opinions expressed herein are subject to change and not necessarily the opinion of the firm. Past performance is no guarantee of future results. The information presented herein is for informational purposes only and is not intended to provide personal investment advice. It is important that you consider your tolerance for risk and investment goals when making investment decisions. If investing in securities does involve risk and the potential of losing money, if the material does not constitute research investment advice or trade recommendations,