The WAY to WOW Shows
Know Stock Investing Philosophies
June 26, 2024
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[0:00] hello and welcome to people making money I'm your host Kevin bamel and we are here every Wednesday at 10:00 a.m. Pacific time to talk about matters related to uh business and career development whether it's starting a business or moving yours to the next level and also um wealth building how we um you know build the the kind of financial Legacy that um you know that we we want to have that that aligns with our with our goals so um you know for some people I I presume that means they

[0:36] want to you know 10 figure net worth for other people uh something you know significantly more modest is uh is is is just fine so um however you you know you define uh financial success we are here each week to give you some ideas some some thoughts to ponder as to how to reach those goals so today I'm going to talk about uh one of pro well not one of my it is my favorite book on uh investing in

[1:11] Securities I've got it right here it's called a random walk down Wall Street and it's written by a fellow named Burton G malel um this particular Edition is is the second college Edition I didn't realize that but it was um it was published in in 1981 so this book was originally published in 1973 so 50 years ago uh it has been updated several times since then um but the the essence of the book I think remains consistent throughout

[1:47] the decades this was actually given to me by my my girlfriend at the time um 1981 I I was still in college myself and uh you know didn't know a whole lot about investing and such and I was really captivated by um malkiel's ideas so I'm G to we're going to talk about those ideas um but before we get to that I want to talk about uh the main hypotheses that are that exist with respect to um investing in Securities

[2:24] primarily stocks although um they they um you know they they can apply to bonds as well and and other derivative type Investments but but generally speaking when we were talking about investing in the stock market so there are six main hypotheses uh for investing in the stock market I'm just going to name them quickly and then I'll go back through and give you a little bit more uh information on on each one so there's the efficient market hypothesis hypothesis the random walk Theory um

[3:00] which are somewhat which are kind of related then there's the fundamental analyst analysis Theory there's the technical allowances Theory or hypothesis the behavioral finance and finally the market micr Structure Theory so each one of these is a way of thinking about how the stock market and in some ways people in general behave and therefore how one can be um successful in investing in stock so let's start out with the efficient market hypothesis so when we talk about

[3:35] the efficiency of the market what we mean is how quickly does the market absorb and uh process and reflect new information okay so um a a market like real estate generally speaking is not particularly efficient and the reason is because if I um if I'm let's say I own an apartment building and I you know rent out a unit in my apartment building

[4:10] and that the rent I get for that unit represents a new high or low in the marketplace well first of all that's a private transaction so most other in fact maybe none none of the other participants in the market will will have that information so until that information first of all gets known um the market won't reflect that that aspect and so this is one of the reasons why especially for large buildings um owners and management companies do

[4:46] periodic rent surveys so just to give you an example um in in one of the properties that uh I'm responsible for um we have a vacancy and and I did a a rent survey yesterday um to to get a feeling for where are are our rents at for this particular type of building in in the location in which it it is situated um so that the the asking rent that that we are advertising can could can be as you know as accurate as possible having said that um my rent

[5:21] survey was really based on other PE other um vacancies asking rents so it doesn't necessarily reflect the the actual rents that those buildings um are achieving because that that information generally speaking is not available to the general public so I could call up um owners of buildings and ask them but uh having done that in a previous life um most owners will decline to answer some somewhat annoyedly um but so you know generally speaking rent surveys are done

[5:58] on on an asking rent basis which of course even there even though we may have the most upto-date asking rents that doesn't mean we have upto-date actual rents because again those those are private agreements between a tenant and a landlord so and that's just one reason by the way that that uh real estate markets are considered to be relatively inefficient so Securities markets um are viewed to have uh you know but depending on who who whose view you're talking to may have a greater or

[6:34] lesser degree of efficiency although in general greater than real estate so the efficient market hypothesis EMH is based on the idea that new information spreads through participants in the marketplace very quickly so that the stock markets essentially immediately reflect that new information so so for example let's say that the Federal Reserve changes its Benchmark interest

[7:10] rate so there will be an announcement and and the idea is pretty quickly anybody who's participating in the stock market will know that information because it's been made public it's probably been broadly publicized by newspapers uh you know television and and other news organizations Etc and so you know very quickly um people find out about it and and in fact if you think about it even if you are not actively following economic Trends um if if the

[7:45] uh Federal Reserve for example were to change its Benchmark interest rate uh or it's its Target rate I should I should call it um you're probably going to hear about it pretty quickly um because number one it doesn't happen that often and number two it is of particular note um in terms of how it affects the economy or how it may affect the economy so even if you are not you know an investor in the stock market you're you're probably going to hear that you know the the the FED as it's called has changed its Target interest rate so so

[8:22] again the idea behind um the efficient market hypothesis is information is quickly fully reflected in um prices and activity um with within um within the the stock market okay and there are different versions of it I'm not going to go into that um today um that's that's kind of beyond the scope of what we're doing but in any event um um there there there are different like I said different versions of it okay so the random walk Theory which of course is

[8:58] the theory that is was posited by Burton malel is the idea that um stock prices move randomly and therefore you can't predict um the the direction of of of stock prices and and um the basis for this theory is the idea that so um um let's let's take a situation where um a company has just um uh announced that its quarterly earnings

[9:34] are uh have gone up and indeed are are at an all-time high so one would think if um you have an investment where the earnings underlying that investment have gone up and are at a record level you would see the value of that investment go up but indeed if you were to follow you know the stock market you would see that sometimes a company will will announce higher earnings and yet nonetheless the the price of the stock will drop so what

[10:09] is that about well um it could be due to a number of factors one is that it could be that that investors were anticipating um that that the company was going to announce record earnings and so they've already priced into the stock before the earnings announcement that um that that um that factor of higher earnings and so when the actual announcement is made um perhaps what was anticipated in terms of a of an of what

[10:45] earnings would be actually turned out to be lower than what people anticipated and so they're like oh no you know I thought earnings were going to be you know $3 a share which was an all-time high and indeed they were only $2.75 a share which still was an all-time high but was lower than what I anticipated and therefore you know the price of the stock drops and so um and and and you can see it in other areas I'm just giving you one example of of where prices seem to move

[11:20] at at random and um uh you know another another would be um let's say that um well so um it it's it's probably no surprise that um you know the United States is making a lot of weapons procurement contracts uh currently um to replace stocks of things like Howitzer shells that have been depleted missiles and Rockets that have been depleted um through um you know giving them to um Ukraine Israel Etc um and so one would

[11:58] think that um defense company stocks um would be seeing you know big increases and yet that's not necessarily the case and again some of this has to do with how people anticipate what prices will do um but but again just because a company's experiencing record orders or or not even record orders but just a large increase in orders there are other factors that underguard um what what a Stock's price may be so at the same time that um uh

[12:33] there's a lot of orders being placed for um for weapons um the federal government is running huge deficits around2 trillion dollars a year record record deficits and so investors could be concerned that well okay they're they're placing all these big orders but where is the money going to come from to pay for them and you know in the next um budget to come out of Congress um are they actually going to budget for these or are they going to end up cancelling these contracts okay because government contracts generally come with a

[13:10] provision that they can be cancelled if the Appropriations necessary to pay for those contracts are are not made by by Congress so so you can see just in a couple of uh there's just a couple of factors that influence a Stock's price um and again depending on how different Market participants are viewing those factors and and and either pricing them in currently or anticipating um how they're going to be priced in or maybe waiting to see how they fall out the the price of a stock might move differently

[13:47] than than one would think it would um based on whatever particular announcement is made um in in the media so that's that's what that's the idea that underg gurs the random walk Theory okay next is fundamental analysis and fundal Analysis approaches investing by by analyzing the Financial Health of uh and performance of a company um including its earnings its Revenue its assets and its liabilities so basically um you know the the um

[14:25] financial statements of a company are closely examined and and and and you get a sense of What's called the fundamentals of of a company hence the name fundamental analysis okay and and what what the an investor is trying to do is get a sense of the intrinsic value of a company so I'll give you an example take a real estate investment trust which is essentially a company that is organized to own real estate okay so it is

[15:01] sometimes the case that if you were to add up the value of of all the outstanding shares in that Reit that's short for Real Estate Investment Trust you would find that that value is higher or lower than the appraised current appraised value of the real estate that it owns okay so let's say that there's a a read out there and the value the current value of the real estate it owns is um $5 billion okay and let's say it

[15:36] has um a half a billion dollars of liabilities loans against the real estate and so the the net asset value of that read is $4.5 billion doar then you go and add up the the value of all the shares of that Reit and you find out that the shares of the Reit are are current ly valued at only $4 billion right so it would appear that there's a value gap of a half a billion dollars right and and when that's recognized a

[16:12] couple of things might happen one is that people will bid up the the price of the shares um in or in order to um equalize um that difference another is that someone may make a bid to to buy all the outstanding shares of that Reit at the current Share value knowing that if they were to pay4 billion do for all those shares they could turn around and sell all the real estate for four and a half billion dollar and make a half billion dollar profit now these are somewhat simplified um examples and so

[16:50] you know obviously things in the real Market are are more complex but that gives you an idea of how fundamentals work that's probably the easiest way to to to see it um and and so it's really looking again at the intrinsic value of a company and making a an investment decision based on on those factors now that is um oftentimes contrasted with what's called technical analysis so technical analysis uses historic price data and trading volumes to forecast

[17:25] future price changes okay so um if if you were to look at for example um the uh Down Jones Industrial Average okay it it moves up and down over time although historically if it has moved up okay but there have been times when it's gone down and other times when it's gone up sometimes it's gone up slowly sometimes it's dropped quickly okay so the Dow Jones Industrial Average is an indication of the the movement the fluctuation of prices in

[18:02] the overall Marketplace okay and based on where where the Dow Jones Industrial Average is at that for for for technical analysts gives them Clues as to where the future the future direction of the market I.E will it go up will it go down will it stay relatively flat okay and they'll look at that they'll look at trading volumes you know hundreds of millions of shares or billions of shares traded or you know are is the is the trading volume his Low by historic standards is it very high by historic

[18:37] standards and and what does that mean in terms of what may happen in the future so technical allow technical an analysis is looking at market trends so the way a particular company um uh performs is not of interest to technical analysts just like the way the overall Market is performing is really not of a concern to fundamental analysts that's why they they're they're sometimes consider to be kind of in in you know opposing philosophies okay so again that that

[19:13] gives you just you know briefly um what what those are about okay next one is behavioral Finance so this is really seeking to combine psychology and economics to explain why um investors make what amount to irrational decisions so going back to that example I gave um about the efficient I mean about the random walk Theory where um the a company announces um record earnings and yet the stock goes down that seems to be

[19:49] irrational so why are people selling a stock um at a time when a company is announcing record earnings so that's something that behavioral Finance would seek to figure out okay because it appears to be and may be irrational especially if the record earnings that the company announces are are followed by an announcement that it looks like earnings for the succeeding quarter are going to be even higher it's like well why you know why would the price of the stock drop which would tend to indicate that people are getting out of the stock

[20:26] so um there there may be a psych ology there it may be that um more broadly um people are souring on the stock market because um they're they're they they feel like a recession is is in the offing and so maybe they don't believe that the company's uh future earnings are going to continue to increase um and because they're anticipating a downturn in the economy even though by the way all the economic indicators may be strong and and there there's nothing really to to say that that you know

[21:02] we're heading to recession but but sometimes you know people get into a kind of a a negative sense about the economy and if and if people are feeling as we used to say blue as opposed to depress you know blue about the economy so they they will act in accordance with those those feelings or those thoughts about the economy even though all of the current indicators would seem to be the opposite of of how people are feeling so the behavioral Finance model is looking to understand and to a certain extent reconcile those kind of

[21:39] things and and and predict uh the market uh you know based on those factors okay and then finally um the market micr Structure Theory um when I was doing some research for this this is the first time i' I've come across this so um the it it's a it really looks at the um the processes and outcomes of exchanging assets under explicit trading rules so um so it'll look at things like transaction costs types of orders um how

[22:15] um Market participants behave um Behavior affects the prices um uh uh of of uh stocks um and and the liquidity of stocks so it's it's it's kind of um it's kind of like I think um you know sort of technical analysis and behavioral Finance um put put together into U you know one Theory um and so you you might call it a a bit of a hybrid so um you know of these the ones that you will um

[22:52] hear the most about are the efficient market hypothesis fundamental analys is technical analysis and then those are the three most that you'll hear about most commonly and then after that you'll hear about the random walk Theory and behavioral Finance so that gives you an idea of the different kinds of um of of philosophies if you will or theories of of how the market works out there and and and I wanted to go through that because that forms the basis of of um

[23:27] malkiel's uh work in a random walk down Wall Street so um in in his book um he makes the case for the random Market a random walk Theory I.E that stock prices are unpredictable um and and uh um I think he even uses the the concept that the markets the markets move similar to the way you know a drunk person kind of uh you're never quite sure which direction they're going in um and and so um

[24:03] because of that um it's malel concludes that it is impossible to consistently outperform the market through stock picking or Market timing now I'll Define those terms stock picking means just like it sounds picking individual stocks so let's say today you know you're you're investing in and these by the way these are not these are not recommendations at all I'm just giving an example um in fact I won't even give

[24:38] real names let's say you're you're invested in stock a um today and you know you're examining the market um either the market fundamentals or um you do you do a technical analysis on company a and you decide that it's time to get out of company a and based on your analysis um it's time to get into Company B okay because company a maybe its price is going to drop and the price of Company B is going to go up okay that's stock picking okay and malal

[25:15] would would asserts that you you can't do that consistently over time that inevitably you're you're going to make mistakes um and the fact of the matter is that even for high skilled highly successful investors who do who do so-called stock picking the reality is is is they they M they make mistakes okay so um they nobody has 100% um you know batting record when it comes to uh stock picking nor um now Market timing

[25:50] is the idea that well um now is a good time to get in the market or now is a good time to get out of the market so you're trying you're trying to time the market in terms of is it at its peak if it's at its peak you know you should you should you know sell all all your Investments and put them in cash because the Market's going to drop okay and then when it gets to its trough at trough at the bottom of the market now Buy in again right and now ride the market back up so the idea is you know uh sell High Buy Low is the ideal um Market um Market

[26:26] timing idea let say sorry sell High Buy Low I hope that's what I said um right because that would maximize your return um and again malal is saying because of the randomness of the market you can't you can't do that timing successfully now I was talking to a friend of mine um who's a data scientist a couple nights ago and he was telling me that um he has an idea for you know developing basically an AI that would write the algorithm that would write the algorithm that would allow someone to

[27:04] you know predictably either time the market or pick stocks I'm not sure which he was specifically which he was talking about now um if and and my response was well if you're able to do that okay then um while it you may be able to beat the market initially um pretty quickly people will copy what you're doing and if everybody's copying what you're doing that will essentially erase the advantage that you have right because the idea of being able to time the market correctly is you're making the

[27:39] correct decisions while other people are making incorrect decisions right that's is in in the end um um to you know people talk about um investing in stocks as as a kind of a form of gambling or there's a joke about we won't call it gambling let's just call it betting right but but indeed when when I place a buy order for a stock right in order for it to be filled somebody has to have placed a sell order for that stock so one of us is betting that it's a good idea to own the stock and the other is

[28:14] betting that it's a bad idea to own the stock right and and most likely only one of us is going to be correct because generally speaking it's good it's good either to own or to not own a stock um rarely is there a case I can't think of a case where it's it's it's a good idea to both own and not own a stock right that isn't that inherently doesn't Mak sense right so um with with um with malkiel's Theory what he saying is that to consistently time the market or pick stocks you're not going to be able to do

[28:50] that now underlying that that idea of the of the random walk theory is the efficient market hypothesis okay so the the random walk theory is really an extension of EMH because if you think about it if the market is maximally efficient right all new information is very quickly priced into stocks so then you really aren't going to be able to beat the market because it's it's processing the information as quickly as you are and so all of that data is being

[29:28] calculated into the price and and and trading volumes of a stock and so there's there's really no way to beat it so EMH underlies the uh random walk Theory okay so if you are a random walk theorist like like malal so in general um you're you're you're going to be essentially a passive investor meaning that you'll invest in index funds things that look to replicate the performance of the

[30:04] market overall as opposed to an active investor who's actually trying to pick the winners and losers of of you know among the stocks okay and and and it makes sense so if you think of exchange traded funds which are you know or or are or index uh mutual funds those are those are the kind of passive Investments to which um malal is is referring so you don't it when you're when you're doing that kind of investing it doesn't ma the performance of an individual stock does not matter uh a new um piece of

[30:41] information coming out doesn't matter because what you're doing is you're investing overall in the performance of the market as a whole and so if the market is going up you're doing well and if the market is going down you're not and that's that's basically um um you know his his his theory and then he goes into um he goes through um evidence that he that he believes shows that index traded funds outperform so-called managed funds so um

[31:19] and and those are basically the the two types that you have in a managed fund um the the fund managers are actively picking which Securities are going to be a part of that fund and by the way um they may even um you know pull out of in essence pull out of the market and keep a lot of the funds assets and cash so if you're in a managed fund and the managers think that the market is peing they may sell out a lot of their Holdings in anticipation the market declining so that they can buy back in um at a at the market trough or as close

[31:56] to the market trough as they can come right so manage funds are trying to are working to take advantage of changes in prices among individual stocks Etc um and and malal provides um uh data evidence to show that if you look at um uh index funds versus managed funds that the index funds actually outperform the managed funds so um and the durability of his theory is such that um it it you know it appears that that's a sound

[32:32] analysis now why doesn't everybody do that then well the reality is that um for very sophisticated investors um who who can um put a you know all their time into analyzing the market um so they may be able to take advantage of small um opportun unities um to make higher returns than the market does overall using techniques like Arbitrage and those sorts of things um and so um one

[33:11] of the ones that comes to mind is constellation um this is a a fund that has um or I think it's actually a series of funds that have consistently outperformed pretty much all the other ones right um and and it's uh well nigh in possible to become an investor in them um but but here's the thing um because of the nature of them all they do day in and day out is look for opportunities where they can eek out a slightly higher return or or or more than a slightly higher return than the market overall right that's all they

[33:47] spend their time doing now you and I are we going to do that no we're we're we're not now you could say well why aren't why aren't all the funds doing that and and the answer is that theoretically um managed funds are all trying to do that but practically only some people have the skill the experience the insight and that this that this sort of you know um gen qua I don't know what to call it uh you know that that allows them to you know sort

[34:22] of sense the market if you will and and and know when to you you know you know make these different Market moves and so um most of us um you know even if we spent all our time um you know managing a stock portfolio we're we're probably still not going to um beat the overall Market which is which is you know the under underlying um idea um behind um behind Mal's Theory okay so um um

[34:57] another thing that um malel gets into is is behavior Finance which we talked about before and he talks about these different factors and and how they they cause um Randomness um or um um ill logic in the markets and so he talks about that as well so you'll if you if you read the book um you will get a a nice grounding in that theory as well but you can see that you know this idea that people act irrational right if people are acting irrationally or unpredictably right so that that does

[35:34] support his idea of this random walk right because we can't predict which direction the markets are GNA or individual um stocks are going to take or the markets are going to take and and and the you know the ideas behind this the psychology um and economics of uh Behavior Finance uh Theory um seem to support this idea that that um Randomness if you will or at least illogic is is a fundamental factor of um

[36:09] of the uh of the markets of stock markets okay he he also um talks about what would he um he talks about some of the other strategies he talks about um you know technical analysis and fundamental analysis and these different things and and he you know he goes into um you know deeper explanations than I did about these these different uh hypotheses of of how or theories of how one should invest and and again he he presents the case for why random walk is

[36:45] a superior approach to these by pointing out the difficulties in in exercising these theories um and and giving you examples of um of you know why they they don't work over the long term right so um you know the the random walk Theory I I should I should add is a is essentially a long-term investing Theory so if you're looking to make a killing in the market and get out quickly um you know the the random walk Theory isn't there there's really no theory for that that's that is sort of straight up

[37:21] gambling right um the way to make money in in the stock market is is to map out a long-term strategy um that that you know that fits with with your your you know beliefs your sort of constitution um the amount of risk that you can take Etc um and and stick with that and so that's really what malel is helping you understand is um really where are you going to find uh Comfort um in the sense of being able to sleep at night um as well as um success um

[37:58] when you're investing in the stock markets okay and then he he wraps up by giving um some practical advice for individual investors um looking at you know lowcost strategies um you know things like um no load mutual funds where you're you're not paying big management fees for the um for the management of your investment because um in general um you know because he's not an individual he's not he's a passive investor uh theorist so you know he's he's recommending that you

[38:35] um you know that you invest in funds um especially index type funds um but different funds come with different costs of management okay and um and so you know you need to understand those and see you know what are those costs of management that you're going to incur versus the performance of the fund and so he helps you understand how to examine that and and and make decisions around that and then he also talks about having a well-balanced diversified portfolio that too is a very fundamental

[39:11] aspect of investing in the stock market any kind of successful investing in the stock market it's you know it's very foolish to put all your eggs in one basket and and by the way that's true in any kind of investing whether it's real estate whether it's um precious metals Commodities whether it's stocks bonds Etc right if if if you have all of your money invested in in one thing then if for some reason that one unexpectedly goes Ary so now you've you've compromised you know your entire netw Worth right and for those of you who like me are um fans of Downtown Abbey um

[39:49] you Pro you probably recall that um Lord Grantham um uh pre-World War One um invests um almost all of his wealth in railroad stocks because everybody is touting them because there's going to be such big grow in growth in railroads because of the the war and the need to transport material etc etc etc and he but but instead of diversifying his Investments across many different railroads he puts it all in one particular railroad that ends up failing

[40:26] and he you know loses all of his money and and and and and fears that he's going to lose his estate and everything with it right and that that highlights the the foolishness of of not having a diversified uh portfolio no matter what it is um because you know things especially with an individual company it can look perfectly strong on the outside and you may not realize that um the fundamentals of the company um are are just not there um or maybe there's something nefarious going on in the

[41:02] company that is not public knowledge um the officers are putting their hand in the till so to speak so um always a bad idea to put all your eggs in one basket always a good idea to diversify um you know your Investments and and not just you know your stock Investments but um your your Investments r large so you're you're well advised to have investments in different sectors whether it stocks whether it's like I said Real Estate Commodities whatever it is um you know even things like art and collectibles or whatever um all of these things should

[41:39] be examined as you make decisions about how you're going to um you know structure um your your your Holdings your financial Holdings and even for a small investor okay even if you have just you know few hundred dollars or a few thousand dollars to invest so you know the idea is to be as Diversified as you can within um the Holdings that you have and so while if you only have a few hundred or a few thousand dollars you're probably not going to own real estate and stocks and whatever um but still um rather than owning one stock um you'd be

[42:16] better off owning something like a mutual fund um where you know that mutual fund owns a broad array of stocks and even if you own just a teeny portion of it still you're benefiting from the diversification in that mutual fund or in an exchange traded fund whichever you know whichever one you decide to do um or whichever one you're you know you get advice to do and then you know decide whether to take that advice or not so these are the principles um that you'll learn about in in in a random walk down Wall Street I'll show the book one more time this isn't what the current book looks like um I will put a um a link to

[42:55] uh to the book in the show notes it is going to be in an affiliate link uh you know if you were to click on the link and buy the book I think I might get like you know three cents or something like that so you know full disclosure but um but in any event um um like I said this has been my favorite book on stock market investing um you know since the early 1980s when I first read it um it's up there with um um Step fogle's book on real estate that I've recommended in in previous shows if if I

[43:30] could only have you read you know two books on on investing those would be the two books and and so you know what while even though this show is not about real estate I will put a link to uh step's book um in in the show notes anyway since I mentioned it um and you may want to check it out stephens's book is out of print um it was also written in the early uh 1980s as I recall um you can find used copies um uh typically on on Amazon um and and it is well worth the price of the book anyone who has ever

[44:05] talk to me about getting involved in real estate investing you know you know that that's that is the number one book that I recommend I wish that um Stephen would um you know reissue the book but um uh you know he's uh he's an older guy now older than me as a matter of fact and so I I suspect he's he's living a comfortable Pleasant retirement and uh you know so what does he need with the Migos of you know reissuing a book but in any event um you know these are all this is all food for thought and that's one of the best parts about a random walk down Wall Street is it gives you

[44:41] food for thought um so that you can make um active decisions you can actively decide what is the best way for you to approach Stock Investing and also speak more intelligently with people um who may be advising you about what kind of Investments to make so you'll have a better understanding of the concepts that they're talking about you'll have um an understanding of how markets may work and so as you talk to people and build your knowledge right this will

[45:17] give you a foundation from which to work and it's that's always the best way right that's why we call it a foundation because we we put something solid at the bottom on which we build so that as we get more and more we don't undermine oursel and have it collapse so that is a random walk down Wall Street and um you know we're um we're I'm G to end a little bit early today um but but that's okay you know no sense dragging things out um with a lot of uh you know extraneous blather so um if you have any

[45:53] questions comments criticisms um by all means um feel free to post in to our social media all the links will be in the show notes and um always interested to to hear from you and you can if it's something that's more private my email address will be in the show notes as well you can always send me an email happy to uh respond um you know if you're asking for um you know specific recommendations or such especially if you're asking for recommendations about investing I don't do that so this is not that you know I I would be happy to

[46:28] refer you to someone who does if that's what you're looking for um but but please don't you know if if you ask me well you know what do you think about stock such and such my answer is going to be that's that's outside of my you know scope of knowledge to advise you on um and uh you know need to go to the to the experts um and as well while we're we're talking about um uh show notes and and my YouTube channel if you're not a subscriber please do consider clicking on that subscribe button and that way you will always get a notification when a new show is starting um and and uh and

[47:03] you won't miss any of the episodes of uh the way to wow shows So speaking of which on Monday at um 10: am Pacific time um my guest is going to be Paul rabes Paul is a um real estate uh uh I'm sorry not a real estate he's an estate planning and administration lawyer in Louisiana and he's going to talk about the six um unique aspects of Louisiana estate planning now you may say well I don't live in Louisiana so I'm not going

[47:38] to watch that but I I encourage you to watch it because several of the things that Paul talks about are applicable beyond the state of Louisiana they're important Concepts to understand and also Paul has a great um uh amount of knowledge um um about the history behind probate law and so it's quite fascinating to hear his thoughts on on that as well on Tuesday um at 10: am also Pacific time is my show business lessons from the military and we will be

[48:14] talking um so I'm actually gonna be um this this is gonna I'm this is going to be a very special show for me I'm going to be talking about something that happened to my father when he was in the Navy back in the 1950s lessons that he learned that he taught to me um as as a boy um and and sort of in recognition of the upcoming um Independence Day holiday um do a little little you know tribute uh to to my to my dad um and and uh this is a story that's near and dear to my heart

[48:49] um I used to um uh I'm not I used to i' I've told this story um in uh when I've given talks to different groups including I gave a talk to the army unit in okanawa when I was first um stationed there and they they really uh really enjoyed the the story so join me Tuesday at 10: am and then on Wednesday at 10: am is my show is the next edition of people making money where we will continue to talk about um Building Wealth and improving our business and professional lives so I thank you very much for watching and I wish you a

[49:27] wonderful rest of the day as well as a wonderful rest of the week it's a little bit of a tongue twister and signing off as I always do Marie darling you are my bell courage at all times my friends