Markets, Tech, And The Week Ahead

October 27, 2025 | Season 7 | Episode 40

A record-chasing market collides with the busiest macro week of the quarter, and we break it all down with a clear playbook for investors. We start with the incentives you don’t see: October fiscal year-ends and bonus locking that can drive sharp, end-of-month positioning. Then we weigh a likely Fed cut, what Powell’s guidance implies for the path of rates, and how a softer inflation print is tilting sentiment across stocks, gold, and credit.

To make better choices now, we rewind 100 years. The data is striking: technology slashed time spent on chores from dozens of hours a week to a fraction, reassigning that time to work, leisure, and child development. The lesson for AI is practical, not hype—breakthrough tools shift our attention from maintenance to leverage. We extend that thinking to health with surprising research on stair climbing for seniors: small bursts, big payoffs. The same principle powers good investing habits—systematic, repeatable moves that compound.

From there, we zoom in on what’s moving tape. Earnings breadth improved beyond the megacaps, with blue chips posting solid results and consensus EPS tracking near 9% growth. Semis bounce on tariff thaw talk, gold softens on risk appetite, and oil reacts to sanctions headlines. We take a sober look at valuations around 22x forward and what it means for risk management into Big Tech results from Microsoft, Meta, Alphabet, Amazon, and Apple.

Most investors still overlook the big story: international markets leading the scoreboard. Korea, Vietnam, Greece, and others have outpaced U.S. indices this year, often with correlations below one. We show how adding global exposure can both raise expected returns and smooth volatility. We also spotlight a few ideas: Progressive’s data-driven edge and special dividends in auto insurance, Expand Energy’s LNG-adjacent scale and merger synergies in natural gas, and Pimco’s multi-sector bond ETF as a flexible tool for carry and credit dislocations.

If you’re recalibrating before year-end, this conversation helps you tune the mix: align risk to goals, diversify beyond the U.S., and convert time saved by technology into better portfolio decisions. Enjoy the episode, and if it helps clarify your next move, follow the show, share it with a friend, and leave a quick review so others can find us.

** 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 Year-End Positioning And Bonus Dynamics
• 0:48 Macro Calendar And Fed Outlook
• 1:56 Think Globally, Diversify Beyond U.S.
• 2:56 A Century Of Tech And Time Use
• 7:40 Family, Chores, And Productivity Shifts
• 11:15 Seniors, Stairs, And Health Research
• 11:30 Markets Rally, Earnings, And Fed Cuts
• 14:40 Trade Tensions, Asia Trip, And Commodities
• 19:46 Earnings Highlights And Valuation Check
• 22:28 Policy Rumors And Global Market Moves
• 27:36 Big Tech Earnings And Fed Path
• 31:23 International Returns And Portfolio Construction

Transcript

Alan Eppers: 0:00

And now introducing Mr. Keith Lanton.

Keith Lanton: 0:05

Good morning. It's Keith. Today is Monday, October 27th. Hope everyone had a fantastic week. Last week of October, coming up on the fiscal year end for a bunch of asset managers. Something to keep in mind. Bonuses for a lot of these asset managers, hedge funds tied to their yearly performance. A lot of them have year ends of October 31st. So as this week goes on, be mindful that you could see some unusual positioning after such a strong year. Analysts, portfolio managers often seek to ensure that their bonuses are secure and they've had a good year of performance. So they like to take some money off the table so that they can lock in those gains. Uh, this may be especially true this week, where we have a Federal Reserve meeting and interest rate decision on Wednesday, and lots of different events taking place. President Trump in Asia, all sorts of news this morning with respect to trade deals, trade conversations, news flow regarding China. So we're gonna touch on all of that, lots to talk about as as we approach year end. Most important thing is to think about your individual portfolios, how are they comprised? Are you comfortable with your portfolios? This year, once again, we had a strong year at least so far in U.S. equity markets where most investors are positioned. We'll talk a little bit about international markets and where some opportunities may be. Perhaps U.S. investors often think of themselves in a in a in a vacuum or a little bubble, don't tend to be as as aware of the international scene. So we'll talk a little bit about that, ways you could diversify your portfolios by including international. In fact, potentially if you're thinking about the you know the efficiency curve, potentially increasing returns and decreasing volatility. Before we start today, though, I want to take us back 100 years ago as we think about our lives today. Most of us think about our lives in terms of what we have experienced. We don't think about the course of human history, we don't think about the evolution of where we've been, where we where we've come from, and you may say to yourself, well, the reason we don't think about that is because I'm I'm looking forward. I don't I don't care about that. I don't care about what happened a hundred years ago. But as as market experts like Ray Dalia will tell you, that studying the past will often give you very good insights into the future, that human nature has not changed, therefore how we act and how we react is is often the same as in the past. So if you study the past, it may give you greater insight into the future, and therefore it may make you a better, not only person, but a better investor as well. So if we think back 100 years ago and we think about how most people spent their time, it was very different than than how many of us spend our time today, and that is because predominantly of technology. Now the world is all the rage about what's taken place with technology, with artificial intelligence and how it's going to displace jobs, how it's going to think for us, do for us, and and therefore therefore perhaps humans will have to reinvent who they are and what they are, and we think that artificial intelligence is vastly different, and this technology is more transformational than other technologies. But if you go back, think about things like transportation, the railroad, you go back and think about telephones, electricity, sewage, plumbing, running water, all of these things having such a dramatic impact in how we live our lives and how we spend our days so differently than we did 100 years ago. So just a hundred years ago, so we're not going back to the 1700s, we're not going back even to 1900, we're going to 1925, which certainly is a long time ago, but something that we can relate to. And if you were to go back to that time period and think, well, how does the average person spend their time? What are they doing during their day? Because they can't be on Instagram. So what what were they doing if they didn't have the internet and they didn't have social media? Well, they were doing a lot of chores. So back in 1925, women were spending 53 hours a week on chores. Today they spend about 16.4 hours a week on chores, so freeing up almost 37 hours a week. And if you think about the fact that there's 168 hours in a week and how many of those are awake and how many are asleep, women were spending a very large percentage of their time doing household chores. On the flip side, men were doing very little household chores. They were spending about four hours a week on household chores. They were doing things like chopping wood, tending to the farm, working long hours, long days, perhaps you know nine, ten, eleven, twelve, thirteen, fourteen hours. And men were only spending about four hours a week on chores. Today, men are actually spending more time on chores. 11.7 women at 16.4. Men's time has nearly tripled in this time period. Part of this is because of the fact that domestic responsibilities are being shared in today's households, the fact that a lot more women are going to to the workplace and are able to work because a lot of the time that they used to spend on those chores is no longer is no longer being spent. Uh so so more leisure time, many of them in the workforce, and therefore these two income families men have changed dramatically. That gender gap has shifted. So women today spend about sixteen and a half hours, men almost twelve hours doing chores. Now, what are we talking about when we're talking about doing chores? Well, if you go back a hundred years ago, the amount of time that homemakers, women spent preparing and cleaning up food was twenty-four hours a week. So three to four hours a day on food preparation. That's down to under five hours a week, less than an hour a day. Why is that? Well, we've got refrigerators, we've got stoves, all these technologies that were revolutionary a hundred years ago, not as revolutionary in our minds today, because we grew up with them. And what this has done, if you're looking at societal shifts, some things that we may lament and look back on and say that would have been nice, is what has also suffered as a result of the fact that we've got two working family parents in many cases, is the decline of the family dinner. Also, if we're thinking about laundry, clothing care, another great technology, brand new technology, not only in some cases less than a hundred years old, washing machines, dryers, synthetic fibers which dry quickly have reduced the amount of time spent on laundry from eleven hours to about one hour a week. Cleaning the house. Wow, imagine a world without vacuum cleaners. In many cases, imagine a world without running water, how long it would take you to clean the home, going outside, filling up buckets, having modern cleaning products. Nine hours to three hours. Now keep in mind all these things happened, all this time was saved, all this productivity was enhanced, we became a more productive nation as technology enabled us to do things better, just like artificial intelligence. Another item, of course, is shopping. Used to have to go down to the store, perhaps the grocery store, the general store in 1925, you know, get your transportation, however you got there, go back and forth. Today, of course, we have stores like Walmart, Target, where you can do all your shopping in one place. You don't need to go to the bakery and then to and then over to the cheese where you're gonna get your cheese, you're gonna go somewhere else to get your meats, etc. Today a lot of that's done in one place, and of course, a lot of it is done online. It gets delivered to you personally, to your home or to your work. One area where we are spending more time is we are spending more time with development and and developmental training and and teaching of of children. So kids getting a lot more attention today. Back back in hundred years ago, the amount of time spent in development and studying kids and helping kids and enrolling kids in sports and music classes and things like that was very low. Today it's north of five hours per week. So change in terms of development. You may think back, you know, a hundred years ago and think, well, these kids were on their own. That's largely true. Mom was doing the household chores, dad was was often at work, and the kids were often left to their own devices. That has certainly changed significantly with the advent of technology, and that's one of the changes you can think about when you think about what changes technology will bring. All sorts of industries have sprung up, all sorts of businesses have sprung up in order to provide developmental training to to younger adults because of the free time that was freed up for the parents due to all of these revolutionary technologies. Now, talking about revolutionary technologies, talking about making our life easier, Barons had an interesting article with respect to retirement. So for those who are seniors, or perhaps those who are listening who have parents or grandparents who are getting older, one of the things that we do to make our lives easier is we suggest to them to live in an apartment, to live in a ranch house. You don't need to go up and down steps. Well, interesting many seniors avoid climbing stairs, and perhaps they shouldn't. Now, this isn't to say that somebody who can't climb up steps because they have a physical injury or they simply are you know too too infirmed should should force themselves to do that. But in many cases, relatively healthy adults at age 60, 65 decide, hey, let's move to a location where we don't have to climb those stairs. Hey, we we we might fall and get hurt, which is a concern. But studies have shown that walking upstairs with a handrail is or may pose less risk to seniors than walking outdoors. And climbing stairs strengthens leg muscles. It also gives seniors who are walking up and down stairs the opportunity to practice that balance. And in the situations when they do need to walk up and downstairs, they're accustomed to it as opposed to if they have not been doing it, there is a greater risk that they will not be equipped and do have a chance of of falling down. Recent research indicates that bursts of physical activity like stair climbing contribute to cardiovascular fitness. So recent research suggests you need to get a certain number of steps per day depending on what you're reading. Uh, but research suggests whatever that number is, that it doesn't have to be done all in one session or two sessions. Uh it can be intermittently spur dispersed throughout the day. So, you know, casually walking up and down the stairs throughout the day for a senior will give them lots of lots of health benefits, potentially lower mortality rates, and improved ability to perform basic chores. So as we're thinking about technology changes, the good and the bad, let's talk about financial markets. Technology certainly has been influencing and moving financial markets. Uh this morning we are seeing futures once again. I say that once again to the upside because last week we once again had further confirmation of a strong start to third quarter earnings season, moving markets to record highs. This week we have another busy week of earnings reports and Federal Reserve meeting on Wednesday, and both those catalysts that could potentially keep markets propelling to the upside. Now we do have the uncertainty of what's taking place in in Asia, President Trump in Japan meeting with their new Prime Minister, and then he is off to Korea for a summit with a host of world leaders, and of course the much anticipated meeting with President Xi of China. So we do have uncertainty, wild cards, as Jim Kramer, I think, called it over the weekend, with respect to what may come out of this this summit taking place in Asia. Now, the record close we saw on Friday came, even though we still have a government shutdown, day twenty seven. We had good news on Friday. Uh we don't have much in terms of economic data or very little, certainly from the government, but we did on Friday get a softer than expected inflation with store softer than expected inflation report. And last week we did have some renewed fears with respect to trade, with respect to China, which looks this week, you know, it's an on-again, off-again world. This week it's looking like the the situation with China perhaps, perhaps, , will will tone down. At the same time as China's toning down, our larger trading partner tensions are moving the other way and trending to the upside. Investors will keep an eye on shutdown negotiations in the week ahead and the slew of earnings, and we will certainly be monitoring the developments out of Asia where that face-to-face meeting with President G is expected to take place. So despite the fact that we had this wall of worry to contend with, the shutdown we just talked about, we also had a spike in oil prices after the U.S. Titan sanctions last week on Russia after President Trump once again tried to intervene in the conflict and has been getting frustrated with his inability to be able to get a deal done there, but trying to apply more leverage to Vladimir Putin and Russia and those sanctions getting attention and causing oil prices to spike. And of course, we just mentioned the conflict with Canada last week, and that was the result of an advertisement that the Ontario government ran featuring President Reagan. We even had a high-profile earnings disappointment with Netflix down sharply last week, down 10%, but none of that was able to take Wall Street out for very long. Dow up over 2%, Nasdaq and SP all up over 2%. Mentioned that the soft CPI report certainly was a big catalyst, as well as sentiment that the Federal Reserve this week will lower interest rates and perhaps say some nice things with respect to inflation and cutting rates further going forward. We also had golds, which had been viewed as a safe haven in this time of uncertainty falling, perhaps attributed to the risk on mentality of a potential thawing in relations between the U.S. and China. Therefore, perhaps some people feeling that they didn't need as much portfolio insurance and deciding to take some of the profits out of gold, which they view as portfolio insurance, and perhaps moving it into more more speculative equities. One of the other predominant reasons that we had some good some good results last week in financial markets is we did have good earnings. Companies like Coca-Cola, General Electric, General Motors, these are traditional blue chip companies reporting healthy results. Based on the results we've gotten so far, if you were to extrapolate them, you'd be looking at earnings for the third quarter up about 9%, and that's certainly something that can contribute to markets you know moving higher and sustaining higher levels. One source of trepidation is that the SP is trading at a little over 22 times forward earnings. That's earnings for 2026, , versus a five-year average of about 19 times. A couple of other companies in the news, and we'll get to some of the lots of the geopolitical stories this morning, and some of these are related. We had yesterday Treasury Secretary Besson saying he expects China to delay imposing strict rare earth export controls as part of a trade deal, and that sent some of the red-hot rare earth mining stocks like critical minerals, USA rare earth, MP materials down anywhere between five and ten percent. We have Lululemon in the news. LULU is the stock symbol there. It's up a little over 3% this morning, partnering with the NFL and Fanatics to launch an apparel collection for NFL teams. Semiconductor stocks tied to China rose after Treasury Secretary Besson said President Trump and Xi are set to reach a deal to avoid a new 100% tariff on Chinese goods. The expectation, therefore, is that perhaps there will be some thawing on U.S. policy with respect to semiconductors. So NVIDIA, AMD, Broadcom all up about 2% this morning. Also gold continuing to fall on a potential trade, truce seeing mining stocks some down three to five percent this morning. Kerrick Dr. Pepper is up about nine percent this morning. They reported earnings in line, they beat revenue expectations, they raised sales growth and they reaffirmed their earnings per share outlook. The symbol for Carrig Dr. Pepper is KDP, and you know the results there are important because they give some insight not only into the high-end consumer, which by all reports is healthy, but some insight into some of the some of the lower-end consumers who are big users of their products. Microsoft, who has earnings this week and was subject of a positive Barons article up about six points or one percent, upgraded to buy from neutral at Guggenheim. Snowflake SNOW reaffirmed its third quarter revenue guidance and fiscal 2026 revenue guidance. This was a stock that had some AI exposure that initially was viewed as potentially a victim of their own success, and perhaps AI would disintermediate them to some extent. And Snowflake recently exhibiting that perhaps they can they can incorporate some of the AI into their products and continue to grow the company. So that's SNOW. Overseas, Asia markets on a higher note. We know President Trump's over there meeting with the Japanese, new Japanese Prime Minister, Japan stocks up two and a half percent. Also, Chinese markets up over one percent, Korea up two point six percent, and that's despite the fact that Korea's President Lee said that talks with the U.S. regarding South Korea's $350 billion investment in the U.S. are still deadlocked. The U.S. Treasury Secretary Bessent and U.S. trade rep Greer announced that a framework for a deal with China has been agreed upon, suggesting that the November 1st implementation of 100% tariffs will at the very least be delayed. Markets in Europe trading modestly to the upside as as markets there reacting to U.S. news with respect to U.S. policy in China, but markets in Europe not participating to the same extent as U.S. markets or Asian markets and are up a muted 0.1% in aggregate. All right, so what else is going on here? Treasury Secretary Besson said there will be no changes on U.S. export controls on chips. That's counter to some of the activity we're seeing this morning in some of those chip stocks, so I guess the answer is we'll see. Uh President Trump is considering targeting cocaine facilities and drug trafficking routes inside Venezuela while the U.S. carries out strikes on alleged drug boats in international waters. That's according to CNN. Bloomberg saying the Treasury Secretary Besson expects a Fed chairman decision by the end of this year. I mentioned policy with respect to Canada. President Trump increased the tariffs on Canada by 10% over that re Ronald Reagan ad. And President Trump telling reporters he will probably not meet with Prime Minister Kearney of Canada for a while. Prime Minister Kearney had pub published some some talks that that distanced themselves somewhat from that Ontario ad, but nevertheless President Trump not not pleased at the moment. President Trump said that Russia should not be testing nuclear weapons and warned that there is a nuclear submarine off the coast of Russia. That's after they tested a nuclear weapon and threatening with that submarine off the coast of Russia. Reuter is saying that President Trump is open to reducing tariffs on Brazil. The White House announced the framework of a trade agreement between the U.S. and Vietnam, where Vietnam will provide preferential market assets for substantially all U.S. industrial and agricultural exports. Also, the White House issued a memorandum of understanding between the U.S. and Malaysia, between the U.S. and Thailand, announcing a framework for a trade agreement between the U.S. and Cambodia. Also, over the weekend, Argentinian President Malay, who was strongly supported by President Trump, won his elections in Argentina, significant, some would I even argue, landslide results for President Malay, which was not anticipated. His party more than doubling its representation in Congress. And finally, President Trump has granted regulatory relief of some EPA restrictions to promote copper security. In other words, make it easier to mine and drill for copper. All right, so locked there. Companies, 160 SP companies reporting earnings this week. It is the busiest week of the third quarter, led by Big Tech. We've got earnings announcements from Microsoft Meta, which by the way, Meta positively penned the article in Barron's talking about Mark Zuckerberg, the amount of investment that he's making in Meta, and how he is continually seeking to reinvent the company and not rest on his laurels, seeking not to become irrelevant and willing to break things in order to continue to grow. We also have earnings of from Alphabet this week, Amazon, Apple, so five of the Mag 7 coming out with earnings this week. We also have earnings from Coinbase, Eli Lilly, Gilead, MasterCard, Chevron, ExxonMobil, United Health Group, Visa, so lots of big US S P 500 companies with their earnings this week. And then on Wednesday, Federal Open Market Committee announcing its monetary policy decision. A quarter of a point cut is all but a done deal. We'll bring the Fed funds rate to three and three-quarters to four percent. Wall Street is more interested in Fed chair Jerome Powell's news conference and how many more interest rates can be expected this year and in 2026. Multiple Fed governors have emphasized downside risks to the labor market in speeches since mid-September. So expectations are that there will be talk of more rate cuts based on this foreshadowing. At the next meeting in December, we are up to a 95% probability being baked into into expectations, and that expectation is that by June of next year, at least this is what the traders are pricing in, that the Fed funds rate will be somewhere between three and three and a quarter percent, which is a full percentage point lower than it is today. Now I mentioned as you build out your portfolios and what you're thinking about, that lots of investors here in the United States are very very focused on U.S. stocks and the US dollar, and may not be as aware that U.S. markets, while having performed fantastically here in 2025, up 14.5% on the SP 500, but nevertheless, the U.S. markets this year are nowhere near the top 10. Korean markets up over 70%, South Korea's up over 65%, Vietnam 65%, markets up over 60% are Greece, Peru, Spain, Poland, even markets in Colombia, South Africa, Vietnam all up over 50% this year. Even if you look at a five-year return, where the U.S. has certainly put in a very strong performance up over 15%. Uh there are markets that have performed comparably or better over that time period. So the U.S. certainly the largest of the markets to perform well, but markets in Poland, Peru, Greece, South Africa, handful of smattering of markets that have performed even better than the U.S. over the last five years. So once again, something to think about international diversification. Oftentimes when U.S. markets are down significantly or up significantly, those markets very often have a correlation to the U.S. markets that is significantly less than one, meaning that they will not act in line necessarily with U.S. markets, certainly at times they will, depending on geopolitical events, but from a portfolio diversification standpoint, including international into your portfolio, may make sense to not only potentially have over long periods of time higher returns, but potentially less volatility. Moving on to a couple of individual stocks mentioned in Barron's. I'll cover them relatively quickly. One is progressive symbol is PGR, that is the auto insurance company. The stock has fallen about 20% from its April peak after a 5% drop from a mild earnings disappointment report. Barron's out very favorably on progressive, saying their insurance policies in force increased 15% year over year in September. That is a slowdown from the 20% increase the prior year, but still 15% is a significant increase in policies. And progressive has a history of enviable profit margins. It was 12% last year, which is 7.5% better than the rest of the industry. T Row Price analyst or portfolio manager Greg Lowcraft saying Progressive is the best run auto and home insurer. And the proof is in the pudding if you're a long-term investor in Progressive, the stock is up 2,500 times since they went public in 1971. So if you bought the stock in 1971 on a split adjusted basis, you own the stock at 8 cents. The stock's at around 220 today. It has outperformed Berkshire Hathaway, which owns Geico over the past five, ten, and twenty years. Why is it done so well? Well, they were one of the early innovators in using telematics, which is real-time driving information, and other price analytics to price policies. While they do use brokers, their largest presence is in selling policies directly to consumers and bypassing the brokers. If you're looking at comparing progressive to other financial companies like JP Morgan and Chubb, their returns on equity are better than both of those companies. You may say to yourself, well, they've done so well, what's left for them to do? Well, there's still room for them to expand in a fragmented insurance market. They have just shy of 17% market share in auto insurance. Uh that's a couple of percent behind state farm, and they continue to take market share from smaller public and mutual insurers, and those companies often don't have the technological advantage that the progressive has. Some speculate that it's a matter of time before progressive passes state farm, as it did with Berkshire a couple of years ago. Berkshire was number two, and now Progressive is number two. Now, not everything is perfect in the auto market here. High auto insurance rates have become a strong political issue, and prices are starting to flat line after increasing significantly, certainly as some political pressure to get these rates to be more affordable for consumers. Also, the cost of repairing cars having gone up, especially electric vehicle costs to repair those cars, is proving to be higher than combustion engine cars. But Elon Musk is bringing us a lot more self-driving cars, Alphabet with Waymo, and the expectation is over the next decade accidents could drop. But perhaps accidents dropping wouldn't be as good for progressive as some of the other auto insurance companies because it would neutralize some of their advantages. Progressive does pay a dividend, and like Costco, they have a small dividend, but they supplement it with special dividends when capital builds up. They declared a 450 special dividend at the end of 2024, and T-Row Prices LaCroft expects a similar declaration at the end of this year based on strong profits and even possibly another special dividend next year. Mention one other company here, and that is Expand Energy. The symbol is EXE. Expand Energy was created as a result of the merger of Chesapeake Energy and Southwestern Energy. They are the largest U.S. gas producer in the United States, and perhaps more importantly, they are strategically located near the liquefied natural gas export facilities, putting them in a unique advantage to not only produce gas but to be able to export. It more affordably than their competition. On top of that, they're realizing synergies of about $600 million as a result of this merger, and that will increase cash flow yield from 9% to 16%. At the same time, analysts are expecting expand energy, again, the symbol is EXE, earnings to jump over two-thirds between 2005 and 2026. Analysts looking for earnings to go from 569 to $9.63. Stock, which is trading at just over 104. Average analyst estimate is for a target of 131, implying upside if that were if that were to happen of about 25%. Finally, we'll mention one last one last article in Barron's, and this is to shift gears to the fixed income market. Barron's talking to portfolio manager at Pimco Sinali Pier. She runs the PIMCO Multi-Sector Bond Active. That's a large wording here for the but this is a PIMCO Multisector ETF. This this ETF is a ETF that basically can go anywhere within the fixed income universe. She is looking to buy distressed bonds at bargain prices. This ETF has gone up 8.4% in the last year, putting it in the top 7% of all multi-sector funds. And also this fund sports a distribution yield of 6.6%, and that has certainly attracted the attention of investors who have moved $8.5 billion into into the ETF. Give you some ideas of how is this ETF able to generate these returns and how difficult is this to replicate? Well, keep in mind that PIMCO has an 85-person research team scouring markets and comparing different asset classes and credit qualities dedicated to this portfolio on top of all the software and the analytics that they have in order to be able to search for opportunity. So trying to replicate this on your own, the Pimpco Multisector ETF would be quite a challenge, and that's one of the reasons that this fund is able to excel. Again, it is the Pimco multi-sector bond ETF. The symbol is P is in Peter, Y is in Yankee, L as in Lima, D is in Delta, and this fund launched in June of 2023, and it is not a replica of one of their existing bond funds. It's something different. They can move into lots of different asset classes, high yield, emerging market. Uh right now they are a big fan of asset-backed securities. Earlier in the year they were more favorable to high-quality corporate bonds, so it can shift. Uh, you may say to yourself, can they invest in private credit? They can, up to a certain extent, , but currently the allocation is about 1%. That's everything I've got!

Alan Eppers: 33:13

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

Sophie Cohen: 33:30

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. Investing in securities does involve risk and the potential of losing money. The material does not constitute research, investment advice, or trade recommendations.