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.