S3 E6: The Federal Reserve Confirms, Stagflation IS the New Trend!

Stagflation, Supermassive Debt Black Holes, Consumer Cocoons, FOMC Policy, Trump Tariffs, the Financial pop-media, the Stock Market, US Dollar and Gold...Greg "talks" all these topics in this recent interview, hosted by an industry legend, the original Wall Street Whiz Kid, Peter Grandich, one-time agent and money manager to some of New York's most iconic professional athletes, now retired.

Transcript

Speaker 1 0:00

There was supposed to be three , then there was two , and who's left ? But the big guy , Greg Weldon . Thank you , my friend , for being the one guy that kept the appointment and is here to talk .

Speaker 2 0:13

Anytime , anytime . I was here watching basketball anyway , so what better time than to do a little halftime interview with the great Peter Grandage ?

Speaker 1 0:21

Well , listen , andy Sheckman and Ben , we're going to get to them in a later date , but glad to start with you because I'm going to get right to it , right to the core . I'm watching the Fed yesterday . I hear the numbers they put out , I watch his press conference and I say wait a minute . Inflation went up , gdp was taken down . Inflation went up , gdp was taken down . Isn't that what Greg Welder was talking about ? Something called stagflation ? First of all , remember , greg , you and I both about the same time 45% of the kids being financial advisors right now weren't even born when you and I started , so there was no stagflation that hit them in the face . That's what it sounds like , greg .

Speaker 2 1:08

You're starting to see even some of the financial media , the prime media , start to use that word . It's the ugly S word and I've been talking about this really since last September with the real kind of vigor that we're seeing this . And when you dig into the data , we've seen this for months and now the visibility of that data has kind of risen to the top where the Fed is acknowledging it and you want to talk about , you know , one of the things around stagflation . I mean , like you just said , they cut their forecast not only for nominal GDP but for real GDP because also raising the inflation forecast . So not only was it nominal GDP lower , but then real GDP was cut again because of higher inflation . So this is a double whammy in terms of growth . And if you look at the range of Fed estimates for growth next year , the bottom end estimate of real GDP growth went from 1.4 to 0.6 . That's the bottom line . As to , some members of the Fed see that GDP growth could be as low as less than 1% on a real basis next year and inflation could be above 3% . Meaning you have nominal growth but it's obliterated by inflation . But we've seen this already in retail sales and in some of the employment numbers . I mean , you've seen this in the ISM , you've seen these things where inflation has hit spending has hit consumer final demand already . These things where inflation has hit spending has hit consumer final demand already and the talk still .

Speaker 2 2:28

It's just amazing to me that we got the retail sales number . I think it was actually this week or late last week . It's like one long day for me anymore a week , you know . So I'm up all night doing this stuff . But uh , when you got the retail sales number , you know it was kind of interesting because people looking at eating and drinking establishment sales are now falling for two months in a row and that's a real rarity . And people all of a sudden are realizing guess what ? You know , you have some disinflation that could become deflation in retail sales . Well , guess what ? Retail sales doesn't account for the increase in prices of the stuff you're buying On an inflation-adjusted basis . Retail sales have been deflating for almost 18 months . Adjusted basis retail sales have been deflating for almost 18 months . And when you look at retail sales , what's interesting about this number is that it was an unimpressive number of 0.2 for the month . Well , let me tell you something , if not for some shenanigans in the background around the seasonal adjustments . This would have been a deeply negative number . Here's the numbers . I'm going to give you the exact numbers because it's important that we have these numbers exactly .

Speaker 2 3:24

When you're talking about the retail sales numbers , the last year , non-adjusted , was up $6.8 billion from January to February . And understand , when you go to December to January you have a big decline in actual sales . They have seasonal adjustments . The seasonal adjustment is pretty much the same every year . It doesn't change a lot until now Because you had the Jan-Feb . Last year was 6.8 . The seasonal adjustment was 680 billion . You had an actual number of up 7.5 on an adjusted basis . So the increase was barely more than a half a billion dollars 682 million actually . This year the unadjusted number was down 26.5 billion in sales . The adjusted number was up 1.4 , which meant the seasonal adjustment was 27.9 billion . Almost 28 billion in seasonal adjustment this year , which is more than 10 times I mean it's like 20 times the seasonal adjustment you had last year . So without that you have a real problem .

Speaker 2 4:22

Not only that , but you're talking about the retail sales , eating and drinking establishments , the year-over-year change in dollar terms of $1.4 billion . That's a very small number . In fact , it's the smallest non-pandemic number since 2014 . Then when you take the real retail sales year-over-year at $1.5 , compared to inflation , it's down almost 2% . This is a consumer recession . When you're talking about credit card , debt is higher than savings . When you're talking about personal spending , it's higher than disposable income . You're talking about the consumer like public debt over GDP has crossed into this debt black hole and we see delinquencies are through the roof on automobiles and credit cards , levels we haven't seen since 2008 . We also see consumer sentiment is souring at such a fast pace .

Speaker 2 5:10

It's not even funny . Just look at some of these numbers . We're talking about sentiment from the university of michigan survey , from consumers , from households earning above a hundred thousand dollars a year is the lowest it's ever been . We're talking lower than 2008 and 9 , lower than 2000 tech bubble crash , lower than a recession in 1990 , which you and I both remember was vicious . All right , the number expecting business conditions to worsen is 58 percent , the highest on record . I mean the consumer is screaming at us that we're in a cocoon , we're getting crushed . It's like you ever go and you see the cars get smashed and the junkyard . That's like the consumer . I mean . He's getting crushed from both ends .

Speaker 2 5:50

So to me , this dynamic around this narrative that's been put out there by Wall Street that the consumer is healthy , and after retail sales there were two prominent bank , you know brokerage house , you know talking heads that came out and said the consumer is , quote-unquote healthy . It's just like these people keep talking their book on TV because everyone's so desperate to have the stock market go up perpetually . The stock market , I told you a couple of months ago , headed for an economic reality check , and that's exactly where we are now . I could throw labor market numbers at you , talking about the labor market last month , where the number of employees fell 588,000 , where the number not the labor force rose by over 600,000 . People dropped out like crazy . It's the only reason it doesn't show up in the headline numbers . The number of people working part-time for economic reasons was up over 500,000 . I mean , these are real serious signs of stress in the consumer .

Speaker 2 6:45

So I think you have a Fed that is starting to understand that they're going to probably have to move more than they want to to protect growth and while they have this period of uncertainty , they can kind of say well , you know , we're going to hold off a little bit and whatnot , but we know that the stage is set for them to do exactly what we said they would do acquiesce to higher rates of inflation to protect growth . They were all over this . They cut their forecast for GDP , they raised their forecast for inflation , but they still expect to cut rates two times this year , if not three or four times by the end of next year . I mean , that's acquiescing to higher inflation in my book . So that's one of the base cases here for gold and it's a base case to see the dollar decline , but that's a whole nother story and maybe a step away still .

Speaker 1 7:30

Okay . So first of all , for you and I that once used to appear regularly on CNBC , or what I like to call , in the last 20 years , talc TV , they have a new requirement . I don't know if you knew it because you haven't been there in a while when you get in the green room , you have to take these pom poms and , for five minutes , rah , rah , rah , rah , before they let you on . Anyway , bottom line , so weaker , weaker times ahead , a Fed that's going to have to adjust it . Now there's a little hiccup Curious and I want to talk to you about the dollar and gold , and then I know you're busy , I'll let you go .

Speaker 1 8:07

But peter schiff put it out that of the 36 trillion outstanding debt , 28 trillion matures in the next four years , and when we're not seeing any real movement on cutting the deficits , how , in god's name does somebody expect on ? Still , it's still 2% , which they pushed out to 2027 . Now it's quietly done in that , even though core is still at 3% . Yeah , we're going to have a tough time financing this debt , especially if the economy slows down .

Speaker 2 8:40

Yeah , unless , unless what do you think ? Qe ? I mean , come on , this is the thing . This is where my whole theme of the debt black hole , the simple fact and we can make it a lot more complicated , but we can make it very simple too which is that when you take household debt and you take public debt , which is basically household debt under a different name , you're talking about $54.9 trillion . And when you compare all of this relative to where GDP is , you're looking at about 186% of GDP . And what does that mean ? It means you have to create $1.86 of new debt to create a dollar of growth .

Speaker 2 9:17

You're into the debt black hole . You cannot get out . You will try and burn as much fuel as much propulsion . There's no propulsion methodology using enough fuel that's going to get you out of the gravitational pull of a black hole a black hole , you know , by scientific terms . In that sense , we will burn money . I mean , that's going to be our propulsion , that's going to be our jet fuel , and it's one of those things too .

Speaker 2 9:38

If you look at the XRT retail ETF in the stock market a very good measure as opposed to the XLY , consumer discretionary , which includes Tesla and Amazon and some other things as opposed to the xly consumer discretionary , which includes tesla and amazon and some other things . But when you look at the xrt , which is the retail etf relative to the s&p 500 , it's at a level it's only been at twice before in the pandemic and in 2008 . And to get this thing back up relative to stocks and we know consumers are still the economy , all all right . So you need the consumer to drive the stock market if you want a kind of organic growth after you have a big correction , I think . But the dynamic there even is that every time we've been at this level , it's been a spark for QE . And you talk about the debt relative to GDP . I mean , it's gonna be QE . It's the only way out .

Speaker 2 10:26

We chose this way all the way back in 1990 . To me , it was the last time we could have really paid down debt . You had the budget surpluses under Clinton . You had a chance , but we blew it after the tech bubble crash and ever since then it's been printing money , monetizing government debt , and this leads to a lower dollar and higher inflation , and the biggest thing it leads to is a lower standard of living and a decline in the purchasing power of the paper currency . And this is where we're in this cycle now , and it's one of these things that's like the next step is to get the dollar down , but what does that do ? It stokes inflation , right ? So this is the cycle we're in .

Speaker 2 11:00

We're in the kind of that loop now where it's really dangerous , and you know , being passively invested in stocks in the next big low which I think is out there . But you know you're going to have to get there first , because you're not even close . To think that this market is corrected this much and that's enough is very short-sighted , in my opinion , not only technically but fundamentally too . You need to get the dollar down . It's the most positive inverse correlation of any two markets . Is dollar down , stocks up , dollar up , stocks down .

Speaker 2 11:28

And you've seen the stock market go up despite the fact the dollar's been strong . You've seen gold go up despite the fact the dollar's been strong . Well , the one that's going to keep going on the dollar reverse is , of course , is gold , but then stocks will come too . But to be passively invested in stocks and to think you're going to outpace the devaluation , the purchasing power of paper money , is also short-sighted . So it's going to take a lot more work and a lot more outside-the-box thinking to keep pace in the next round , when the Fed moves again and they will be forced to move because you need the growth or you can't service the debt , and a debt deflation is way worse . I said in a book I wrote in 2006, . When staring into the debt abyss , central banks will choose to reflate no matter what the cost , at every cost . And that's where we're headed right now . Even though it seems kind of far-fetched to think that way right now , that's the way I'm thinking .

Speaker 1 12:19

So let me ask you one question , and then gold , and then I'll let you go . Does the political slash tariff situation accelerate where you see we're heading ? Slow it down or really have no effect ?

Speaker 2 12:37

Well , I mean , I guess the first question is you know how real and how sustained is this going to be ? Because this is , you know , political bargaining . It's more than it is a policy that we're going to carry out for the next several years . So that's number one . And when Fed chairman used the word transitory , I hate that word because it's been misused .

Speaker 1 12:55

I never thought they would use it again . Greg , when I say it , I joke . I've written that you would never hear the word transitory by a federal official again . That's why I was shocked that he used it .

Speaker 2 13:07

I mean , we were trashing that word so much back several years ago that it wasn't even funny because it was so obvious . But in this case it might be more applicable , unfortunately . But the fact is that , you know , bottom line this again kind of puts the dollar in play . And whatever does come of this , I've actually taken the things that we import that we're going to put tariffs on . I've done the math and I mean you're talking about adding 0.6 or 0.7 to the headline CPI inflation number . On a year-over-year basis it puts us near 4% . So I think that is a problem for the fed and if I could say , it's transitory , all you want . But you also have to remember another thing that we're seeing they don't hear much talk about too , and it has to do with tariffs . But it's not all . Tariff related is supply chains and we're starting to see , like logistics managers survey , one that I watch very closely you're seeing there was a big , you know , move to increase inventories before this tariff . Because you thought you might be able to import goods , you increased inventory so you'd have stuff on hand and everything , but that drove up . You know , warehousing costs , transportation costs , inventory costs , even all of these things are back in some cases at levels above the pandemic highs . So you have this whole thing where you have the inflation within the system too . So you have this whole thing where you have the inflation within the system too . That is also working through , let alone that you know inflation in services . It's great .

Speaker 2 14:27

I heard somebody say the other day and this really is one of my pet peeves and somebody said you know prices are coming down . It was a politician and he said prices are coming down . Nothing is further from the truth . No , I mean prices . You know price of eggs have come down and some things have come down , but in terms of the year over year rate of change , that has slowed . It hasn't gone negative , not at all . On a headline basis . When you look at the service sector , over 60 percent of service X energy items and there's 74 sub indexes in that category All right , and they get the exact number . Forty nine of them are over , 66% are still above 3% , 43% are still above 4% and 22% are still above 5% . That's more above 5% than are below the Fed's target of 2% in services .

Speaker 2 15:17

This is the kind of inflation that's stickier . It's harder to wrangle out . Monetary policy is not as good at doing that . So I think that you still have this inflation problem where another thing I said on your program here was you would see inflation come down in disinflation terms , ok , into we said October , november , all right , we're pretty close on the timeline , and then you would start a new uptrend . We're in that new uptrend and you know when the Fed . You know again when they tell us they expect inflation to be higher . They don't see a case where inflation comes back down to target within the next two years , maybe even the next three years , and they're still going to be cutting rates . That tells you a lot . That's not to say you couldn't have a Fed funds rate of three and a quarter . All right if inflation is three and you want to have a neutral policy , but they're saying they don't want neutral , they want to remain restrictive . So it's interesting to see the back and forth , but I think ultimately the fed will be pushed .

Speaker 2 16:09

Let's not forget when the avb bank or the you know this whole thing that happened in silicon valley I guess it was svb bank , silicon valley bank uh went bankrupt . You know how quickly they turned around to print money In huge volumes . It was so fast to make your head spin . That's the kind of thing they're capable of doing . And not much talk about the fact that they downsized QT in this meeting too , which I think was a big deal , from $25 down to $5 billion in treasuries , and that's an 80% reduction in QT . That was no small chump change either is . And that's an 80 reduction in qt . That was no small chump change either . But nonetheless , the fact that they've kind of pushed off rate cuts has actually lifted the dollar , which is kind of a risk to all these asset prices , including gold . Gold's acting a little herky-jerky here because the dollar made a nice comeback today , but I don't think that's going to last all right .

Speaker 1 16:56

Before I ask you the last question about gold , I want to just say something serious to whoever's watching , whether they're followers of mine or whatever . Greg eats and sleeps . This and sleep is a limited word because I know the times I've up . I've had communications at 3 o'clock in the morning because you're doing all this economic studies and all this kind of stuff . People aren't working like you work now . They really aren't , seriously no they don't .

Speaker 1 17:24

They don't dig into the data . I'm not stroking you . I'm not saying that to stroke you . I appreciate that , but I know the work that you do . I think that's the problem for the investment community , because financial advisors are not putting in the required time .

Speaker 2 17:37

And I love it because it gives me a business . So that's great , you know . But what it is is , you know , I look , I'm not the smartest guy out there , but I'll work . Everybody , that's always been my way , you know . Grindstone I love to grind it out and I love what I do and I'm a mathematician . I love putting the pieces of this 3D puzzle together . Remember the great Bruce Cobner who worked at Kamadi Corp when I ? It's a 3D puzzle , it's a 3D chess game and that's a great analogy because you've got to look at so many different angles , so many different perspectives . So I love to , just , I need to know what's going on in every country , because even what's going on in Angola or Nigeria or Pakistan means something to me in the bigger picture . It refutes or supports the bigger picture themes that we have .

Speaker 2 18:15

What I think people don't do is dig as deep into the data . I mean it's simple . You look at Twitter . It's like people go on Twitter , they read a bunch of headlines , they think they know the whole story behind the data release and they don't . And it's funny because I was actually blasted a few people on Twitter the other day , people that post this .

Speaker 2 18:31

You know , retail sales were a 0.2 , not quite , not great , but it's consumer remains healthy and it's like did you even look at the numbers ? I mean , come on , man , so it's great . I feel fortunate because it gives me a business and it gives me a job . But I'm also a CTA , I mean , so we manage money doing this and that's what makes sure that I'm locked and loaded in my cave here . Luckily , I have a beautiful view of the lake out here . It's important to me to be in a place where I have light , where I have , you know , nature , where I can run to the gym for an hour . I can even run out at five o'clock and hit some golf balls , you know , because it's to me , it's as much as I work , which can be anywhere from 12 to 16 hours a day . I feel like I'm on a part time working vacation all the time because I just love what I do . And I appreciate your comments because , yeah , I mean , I'm at my desk 2 , 3 o'clock most mornings .

Speaker 1 19:24

And actually I have one little quick question at the end , but let's first cover gold . What's your latest thought on gold ?

Speaker 2 19:36

Well , you know , we had 2650 was last year's target , the beginning of last year , beginning of 2024 . And then we upgraded to 3000 here on your program and said you know , it seems even crazy to have said 2650 . Then we're saying 3000 . If you remember , I gave you my three to five year forecast at that point ahead and it was in the 49 , 65 range . So it's kind of interesting 49 , 45 , I think it was .

Speaker 2 19:54

When you look at a place take a place , for example , like India All right , india just cut rates , they're going to cut again . You know their inflation has come way down and everything . But if you look at the price of the Indian rupee in gold , it's quadrupled since 2016 . Think about the debasement of the purchasing power of the Indian currency for 1.46 billion people , now the most populous country in the world . Right , that just went through this massive depreciation in their currency . I mean so to me , the thing to kind of keep in mind is this is global and that you haven't until just now , just this last run something we've talked about you haven't had the Wall Street crowd start to rotate money in . You haven't had the ETF players come back because they all sold out . You haven't had the Wall Street crowd start to rotate money in . You haven't had the ETF players come back because they all sold out . You haven't had a big rise in open interest . It's not a speculative froth here . It's gotten a little bit more attention but it's still not even there yet . You haven't seen that big rotation yet .

Speaker 2 20:53

So I think that the upside is you know , it's one of the things I always worry when I get too one-sided and I always want to check myself and I always want to find things that refute my opinion and the only thing that I really see kind of standing in the way here is either a Fed policy error that creates an entire asset price collapse that takes gold with it . That's not a zero probability , but it's not a high probability either , and I just don't see what's really going to derail this move at this point in time . So it's one of those things that you look at the mining shares they're just now breaking out , and not only are they breaking out . Here's the great thing the junior gold miners breaking out against the NASDAQ , the GDX breaking out against the Infotech , the S&P , xlk . So you have a big double- , double digit outperformance relative to the s&p . You've got reasons now to see that kind of rotation .

Speaker 2 21:47

So , the mining shares , we did the special , you know , just this past week and I know you , I think you pushed it down on , on on x . But , um , you know , to me these these kind of moves are still very much early stage okay .

Speaker 1 21:59

So the last question I have to ask you . I have to preempt it because if I ever run into you again , you can kill me with one slap swoon . So I say this out of love , and it's going to be the hardest question I could ask you to answer , and it's going to be the one where you might not be 100% objective .

Speaker 2 22:18

Right , okay .

Speaker 1 22:20

Are the Rangers making the playoffs , oh , playoffs oh , you know , I don't think so , peter .

Speaker 2 22:25

I think they're too far behind . They don't they play more games . They don't have as many opportunities here to get points . The last two games have been very disappointing . The game at home that they lost to columbus was a nightmare . I do think one of the things I said in the middle of the year the last two seasons have been brutal . We were up 3-0 against the Devils and they came back and won four straight games . It was devastating . Last year we ran into a buzzsaw in Florida . They were just a better team , more physical , and they manhandled us , but we were the best team in the league last year , record-wise . So this has been really hard to take and all of a sudden the team stinks . It's all the same guys , but they stink . And then Lavalette and Drury start moving people and you kind of wonder okay , well , I will say this Lavalette's a winner , he's gone everywhere , he's gone . I feel like we have to give him time to do their thing and to get the team that they feel will play their game best . Some coaches are good at using the talent they have . Other coaches need the talent to play their style . It's two different things with coaching . I've seen them both in my basketball career and my limited hockey career . So I think that in this case , the Rangers' setup now is we need the players that will play the system that Lavalette has used in the past to win . So I'm willing to give them a chance to kind of rebuild this team in the way they want to see it . But it's a rough road , it's been a tough season and , yeah , I don't think they're going to make the playoffs . And , frankly , I was talking to somebody about this yesterday and I said why do we want to make the playoffs ? We're going to go into Washington , get our asses kicked and just as soon , watch baseball . So I'm getting primed for Yankee .

Speaker 2 24:04

I was easily over seven feet on skates and what's funny , peter , is I played hockey before I played basketball and , of course , back when I was a kid we played all sports . We weren't pigeonholed into one sport like parents do with kids these days . So I mean , I played golf , I was on the golf team , I went to football camp I only had a general name for football camp two years in a row but I was . Hockey and basketball were my two primary sports and as a freshman I came in and I hadn't played . In seventh and eighth grade .

Speaker 2 24:30

I was a hockey fanatic , so I was playing hockey the whole time I get to high school as a freshman . I grew to be 6'5" and they're like you need to come out and play on the basketball team . So I did , I went out , and it's funny because I've had this story from my freshman high school basketball coach , who told me this just recently . Only recently did I hear this story that they weren't sure whether I was really into basketball or not . Right , and it was kind of like literally the last man taken , believe it or not , and the head coach told the freshman coach this that kid Weldon would rather read a book than play basketball . And I always thought that was a really funny and probably true comment .

Speaker 2 25:05

But yeah , no , I played basketball my freshman year and hockey the same season , and the only way I was able to do that is because freshman hockey got the worst ice time , of course , which was a very valuable thing . In North Jersey they didn't have a lot of ice rinks and with the demand for hockey , so I mean my dad would take me to hockey practice at four o'clock in the morning and I'd run to basketball practice at eight o'clock , you know , and do freshman basketball practice and run and play street hockey for the rest of the day . Ultimately , I had to give up hockey and went out to play , of course , basketball at Colgate and you know , I had my try on the NBA but I didn't make it . So it took me a lot further than hockey would have ever taken me , that's for sure .

Speaker 1 25:43

Well , I just want you to know how much I love you . That I think I can get it . It must be triple X lodge , but I can send you down a devil's shirt if you need it .

Speaker 2 25:52

No , bother , I'll just have to have a campfire . If you're sending me that shirt , I'll make sure to tape it for you .

Speaker 1 25:59

Tell everybody quickly about your services , cause I really people must . Every client and friend listening to this , you better start reading Greg's work if you want to really have a real chance of stuff . He just does phenomenal work . But quickly tell us what your work is .

Speaker 2 26:15

Sure , it's called the Global Macro Strategy Report . This is just one product . Now We've done away with the GoGuru and the ETF stuff and it's all been condensed into the one product . It's a daily product . We give specific recommendations in foreign exchange , fixed income , global stock indexes , precious industrial metals , the energies and the agricultural commodities which I think have been huge and are going to continue to be huge . So you can get a free trial to my service by emailing me at greg , g-r-e-g , weldon , w-e-l-d-o-n , at Weldon Online one word WeldonOnlinecom . Now I'm also a CTA Series 3 registered and we are accepting new money right now , which is not always the case , accredited investors only . There's a lot of give and take here and we need to make sure you're good for us and we're a good match for you . It's a million dollar minimum , which is a high minimum . Why is it so high ? Not because we want to charge big fees we don't all right but because the markets are so these prices on these , some of these futures , are so high .

Speaker 2 27:12

It's a futures program . It's money is held in your name . There's no commingled funds . I get a limited power of attorney to trade what's an account in your name . You see it every day .

Speaker 2 27:20

We provide full transparency . The only way I can be credible is to be 100 above reproach in terms of our uh , you know , uh our disclosures and to be fully transparent . So our clients see their money , the positions , the wins , the losses , everything every single morning if they choose to . Some people don't . A lot do In that context . We have had a string here since we put this particular program together , which is designed specifically to help investors keep pace with the next stage of what's coming in the devaluation of the purchasing power of paper currencies everywhere , especially here in the US . So to that extent we've done a real job . I don't get into particular numbers in a public forum like this , but we have outperformed , we have kicked butt and our customers are very happy and for a limited time here we are accepting new customers on the CTA front . Also , email me just straight up , greg Weldon , at Weldon Online , and we send you all the information on that .

Speaker 2 28:16

Well , that's great I hope everybody takes you up . Oh , and I would add because if I don't my producer will smack me around the podcast Money Markets and New Age Investing . You can find that on Twitter at money underscore podcast . And of course , I'm on Twitter at Weldon Live L-I-V-E .

Speaker 1 28:33

Well , let me just tell you about and then I'll close that you said about not looking at your statements in the morning . If you're a junior resource stockholder , like I am you , learn not to look at your portfolio .

Speaker 2 28:46

Yeah , no comment .

Speaker 1 28:47

All right .

Speaker 2 28:47

Greg , my friend . Thank you , buddy . My pleasure Anytime , Peter . God bless you .