Financial innovation is now a Fed problem

This is Invest Talk from KPP Financial, helping investors make sense of the markets one day at a time. Here's your host Justin Klein. Good afternoon fellow investors and welcome back to Invest Talk. This is our Friday Friday. We made it to Friday, Friday, August 21, 2026 edition of Invest Talk and we have an exciting show for you today. We're going to talk all about how this markets reacted this week. It was quite the week. Some big headlines, some big moves, especially in gold, which we'll talk about a little bit later. I've been talking about kind of hammering. I've been pounding the table for the last three, four years now, but some people listening to me, some people haven't, but it's never too late. We're going to talk about that in much, much more during this hour. Most importantly, we'll be your live calls, your questions, eight to eight, ninety nine charges. How do you get through and answer a question on every Invest Talk or after hours, 24 hours a day, seven days a week, you can leave your message. We'll answer it on a future show. We have some topics that we'll bring that I think are great, but most importantly, I can say whatever is on your mind, we are here for it. So let's close out the week strong. Now, just a bit. We'll talk about today's market performance and run down the show topics for the hour, but as usual, we'll tackle this first colleague question now. Hello, Invest Talk. I had a question on ETF, GDX. It's gold miners. From my understanding, it's not invested in gold. It's basically, it owns the miners that probably produce gold. So I was wondering if that's a good exposure to gold. I have none in my portfolio and was looking to get into some. And if I do, I was looking to sell some cash to your puts to see if I get assigned. I don't know what you guys got about GDX. Thank you. Yeah, this kind of links with what I said before, which is you should own gold. We own it through the miners. We buy individual miners, but if you don't want to do the research, you want to just own some of the large miners that are out there. This is a good collection of them. The top holding is I can go Eagle, then Neumont, Barrick, Wheaton, Prussia's Metals, Franco Nevada's in there, Kinross Gold, some of the bigger names with market caps in the tens if not hundreds of billions of dollars. So yes, I think this is a good way to get exposure. If you such if you have none, now should you do cash to your puts. Well, the issue with that is that you mean I could assign unless there's a large pullback in gold and gold miners, which certainly can happen. We've had a good run as of late to hit support back in July early July. What do we bottom out at about $70 per share? Now we're already up to 102 and change. And that's just in the past few weeks. So it's a little bit overbought in the short term. We'd like to see a bit more bit of volatility, a bit of pullback just to get back in. But once again, are you going to get put it exactly? I don't know if that's really going to happen. So I think adding cash to Kurt's puts is not a bad idea, but I wouldn't use that as a sole way to get in because you may not get assigned. And yeah, you'll get you'll creep a little of that premium on the put, but you know, you want upside. That's what this is about. There's a lot of volatility. You have to know that you have to know that volatility is the name of the game. In the miner, in the gold miner world, any of the commodity stocks, they have high volatility. You have to be comfortable with that. But an environment like this where debatement is the name of the game of our financial system, there's the right tail of that volatility that is being experienced right now. And the right tail is the positive outcome. Most people in the here volatility, they think left tail, they think negative, but this is the right tail and things are looking up for the space. They made a great show yesterday. Luke looked into the dollar slide and what it does to your foreign holdings. He explained why currency moves, quietly drive at large share of international fund returns, and whether hedge or unhedge exposure makes more sense. He also answered a question about Zoitus, ZTS. And if you have haven't missed it, go check it out. You can get every Invest Talk podcast wherever you get your podcast. Now with a lot of ground to cover, over the next 45 minutes or so in time permitting, we'll get to all of it. Our main focus point is Jackson Hole, the symposium coming up here in what about a week, is about the dynamics of the treasury market. Excuse me, not the treasury market. What's linked to the treasury market, and that is the crypto market. So they're talking about financial innovation. What they mean is stable coins and that whole evolution of the $307 billion stable coin market. So we'll break down what tokenized money is, instant payments, what does that actually change about the plumbing of the financial system, what investors should read into it or not. So we'll look at that. We have other topics as well. We're going to look at a study that went back over a hundred years that tells you a lot about what stocks work, what companies work, what companies create value, what type of companies, what do you need to look for, large caps, small caps, are you looking at revenue growth, profitability, etc. And then tax sheltered accounts. So everybody wants an IRA, a 401k, etc. But what if you need money? What about liquidity? We're going to look at what are the options, what are the types of accounts that you can actually tap into. We also have voice bank calls. One is on the Vanguard FTSE, developed market ETF, VA, and then IMAX Corp, IMAX, and of course, questions that came in via the comment section on the Invest Talk YouTube channel. Now we're going to head to a quick break, but you can call it anytime and leave your question on the Invest Talk voice bank. If you're listening via our live stream or possibly an AM-1220 in the Bay Area, you can call right now at 88899, chart. But next, I will comment on today's market activity. It's official. Total lifetime downloads for the Invest Talk podcast are now more than 63 million. Justin Klein is here now taking your calls live. Invest Talk, 88899, chart. It is 99 chart. It is 992-4278. So I get through and ask your question on today's show. Let's take a quick look at the market today and really for the entire week. We had a little bit of a bounce back. Today with the S&P up 33 points, about a little less than a half a percent. But if you look at the week as a whole, it was still in negative territory. And really it was driven by the decline in a lot of the hardware names. AI related names in video was down 5.3% for the week. Metedown 7.9, Broadcom, 10.5, Intel down about 14, Dell down about 11. So that was really what dragged the broader market down. Apple of the max 7 was really the strong performer up 1% on the week, Google, Microsoft down as well. So overall, that was dragging down the market. You still had some strength out of healthcare. We had the big shorts covering rally over Moderna earlier in the week, but for the week names like Merck were up 14%. And the retail side though, that was on the weaker side. Walmart down 10% for the week. So the retail sector certainly struggling a bit. Utilities were down as well because of higher interest rates. And those higher interest rates precipitated the treasury buyback announcement that really catapulted gold GDX up over 11% on the week. And the debatement trade is back. And this is a long term trend. This is why I keep pounding the table that everybody is. It's a new era. This isn't your 80s. This isn't your 90s. You have to look at the bigger picture. The broader cycle that we are in, which is this is the fourth turning. This is the time where chaos ensues. And then after we rebuild something that's bigger and better, more sustainable, both from I think a financial situation as well as a political situation as well. So while it seems crazy right now, there is light at the end of the tunnel. But in the meantime, you have to adjust your portfolios. Accordingly, that's why money keeps flowing into gold. This is for thousands of years from millennia going back. God knows how long gold has been the core. And every time you go to fiat, well, you have politicians like we have now that will spend because there's no stopping them. There's no gate. There's no limit until the markets create a limit. And that's what we're starting to move up against. It doesn't mean that governments can't do things about it. But the release valve will be the currency and ultimately all fiat will continue to decline against the dollar. That is a situation we've We are in and that's why it's by the pullback in gold and gold miners early in the year. Then you just say, "It needed this refresh, it needed to reset for that next like higher and it seems like we're at least at the beginning of that." And this was that week where it really all kicked off in earnest. What else do we have today? Dollar next was flat overall but once again, gold finished up 2.4%, silver up 2.1% on the day, just today, Bitcoin up 6.3%, so Bitcoin, how do nice week up 23% really waking up for its slumber? I didn't think it would truly bottom until next year but maybe it could be wrong with the way the treasury has advanced their programs and it's time when it really isn't needed. Yeah, rates are going up but the move index isn't going crazy. So a lot of ways because it's a bit political but clearly this government wants to keep those rates under a certain level, they didn't want the 10 year, I think above 5, so I think that's what they're working on. WCI was up 0.3% on the day, we continued to grind higher in oil, that's another kind of headwind going forward as we head into the back half of the year and the election. We're only about three, yeah, two and a half months until the midterm, so a lot to discuss on that front. I think that was it, that was the week, that was a very, very interesting week but now we're going to pivot over to a YouTube comment question that says, "What are your thoughts on Sandus? We're having him supposed to grow next year and they have very little debt." They're also implementing a new business model to move away from being sickle-go-at. Cute. That's so funny. I mean, it's, it's clear they know, right? The average investor, the average retail best especially if you guys started in COVID, you have no clue about what about the sickle quality of, especially the memory market. The chip market is sickle as it is but the memory market, oh my God, go look at the history of Western digital and Sandus, and micron, and what you'll see is a business that is extremely up and down, okay? The leaders of these companies, they know they're not stupid, they know exactly the sickle quality of the industry and the fact that all of them are trying to add capacity right now, okay? That's a tell, that's not a plan, that's a tell that they know that this is going to be very short-lived. So you have to remember, they're incentivized to give you the story, but what is it? What is that story? What is that plan? I don't understand how, what you can't plan for other companies to not, to bring on new capacity. That's how it works in this industry. So across the space, this is by far the riskiest part of the market right now, and I would run far, far away, and then you look at the chart, the chart, yeah, we got the bounce, this is a brat bounce that everybody is selling into, everybody's selling into this. So no, I think this says much lower to go, these are the type of names that look the cheapest at the top and look the most expensive at the bottom. Simple as that. Sandus won bankruptcy, number of years ago, because of all bad, the industry is how sickle the industry is. They know this, you should too. Now our 24/7 Invest talk, the voice bank never closes, you can leave your finance to invest in question any time on 8/8/9/9 chart, and I'll work it to use it after this break. Every investor is working to build a secure financial future, how they get there, and when they get there, that depends on many factors. The more you learn about how the market works, the better your chances for success. So don't forget to call, Invest Talk, 8/8/8/9/9 chart. Let's talk about how to identify winning stocks. It was a great study that was published in 2017, but it's been recently updated. And what it really found was that most stocks aren't worth owning. There it, most stocks do not outperform the treasury market, for example. This looked at over 100 years of data. So the overall stock market has generated good returns, but most individual stocks have not. And what's interesting is that only 46 firms account for about half of the total creation, wealth creation. That's kind of skewed in the past number of years because of the big tech names, because you didn't use to be the high, so you were more around 100 individual names. But what's interesting is that it's not 100 names that were bought when they're large caps. It was actually those that were mainly bought when they were small caps. While small caps are riskier, they have more volatility. The upside is much, much greater. So you get a lot of skew, they call it skewness, in both directions. Then another question is, okay, we know smaller cap names tend to do better over the long term. And we're looking at 100 plus years. That fundamental factors explain companies with great returns. And you might call them growth stocks, but not in the traditional sense, because usually those are companies that are growing their top line. They tend to trade at high price the book. But that's not what creates a great company that creates a lot of wealth. For the shareholders. But it's growth in things like assets, cash flow, profitability, and revenue. But the most dominant variable is income growth, bottom line, income growth. So let me say earnings matter the most, and guess what, a lot of those also have a lot of volatility. So for example, some of the biggest wealth creators in history are Apple and Amazon, both at drawdowns about 90% when the dot com bubble first. Did you hold through that? Odds are low that you did. So it also shows you is you need to handle the volatility, and you need to focus on the fundamentals of the business, along with that strong near term volatility, the craziness and the economy, politically, et cetera, doesn't matter. It's about that bottom line income growth. Now let's go pivot to invest, talk, a voice bank question from $88.99. Hi Justin and Luke, this is Jay from Salt Lake City. I've been trying to compare two companies, and I was wondering what your thoughts were. The first is a new core, the ticker is N-U-E, the second is still dynamics, and the ticker is F-T-L-D. I would love to know your opinion about it. Thanks again, keep your good work growth. Oh, looking at a steel producer, N-U-E, and steel dynamics. Well, this is interesting, because I've done multiple rounds of. analysis, and a lot of people look at U.S. steel, which is a simple, simple, X. There they go, pot out. But that was around for a long time. But always, I go back to these two. Steel dynamics, STLD, and new core. Both are by far the best steel companies in America, when it comes to from an investment standpoint. Now, which ones better, I always go back and forth, to be honest with you. Because they both have, you know, for a business that is tends to be very cyclical, just look at. Well, STLD Dynamics is, like I said, one of the better ones with new core. Their business is up and down. In 18 to make 305, then 284 and 2020, then $16 and 2021, then 22, they made $22.68, then down to 14, then down to nine, then down to seven, now back up to 16, and then 19 next year. That's a very cyclical business. That is up and down. And new core is not really any different. They have the same general trajectory from year to year. So it's hard for me to say, oh, this one is way better than the other, because once again, it's. kind of splitting hairs. Now, if you go look at the long-term trailing returns, first new core, the 10-year return is 17.8. 15-year return is 15.3. What are we for? Steel Dynamics. We have 15 years 22.6. So, it's much better for Steel Dynamics. And that's why I've always leaned a little more Steel Dynamics. So, I've never actually looked at those numbers. But if I'm going to pick one, I'm just going to go with the one that has a better, long-term performance, and that's going to be Steel Dynamics. Now, the next invest talk, we'll look into the story. Regulation catches up to digital assets. We'll walk through what regulatory framework would actually change for ordinary investors. That story is for Monday, but for now, I'm Justin Klein, and I'm raising your calls anytime at 8-8-9-9-9-char. At KPP Financial, accountability means more than advice. It means we invest alongside you. Through our parallel investing approach, when we recommend an investment for clients, one or more KPP principles invest their own capital at the same time. Same day, same price, same percentage. If your portfolio moves, ours does too. That is alignment. That is transparency. That is the KPP difference. Visit investtalk.com to get your free portfolio review. The weekend is here, or almost here, but you've got finance and investment questions, so step up and call in. Invest talk. 8-8-8-9-9-char. 8-8-9-9-9-9-9-9-2-4-2-7-8. So you could do an answer question on today's show. Let's talk about the Jackson Hole Symposium. This is pretty much the biggest event of the year for the Federal Reserve and just central banks around the world to get together in Jackson Hole. They talk about what's going on in their broader economy and financial system, and there's usually some sort of theme in the theme this year of financial innovation and implications for payments and policy. And really what they're talking about is the stablecoin market that is now about $370 billion in size and how major corporations are integrating these networks into their systems, treasuries, how the Federal Reserve is addressing these technologies and how this overall will rewire the plumbing of the financial system if it continues to grow. So let's talk about how it differs from the current system. Now for a long time, the financial system is relied on a correspondent banking model where there's a series of ledgers, each bank has its own ledger, and money kind of floats. You know that. If you make a transfer, it goes from out of your bank and it might land in the other bank in a day or two instead of instantly. I know I know Chase does. Well, I think it's 25,000 in the limit. You can do instant transfers of the map before. So their traditional banking model is working on this, but it's not seamless. Whereas crypto or some sort of tokenized asset can move instantly 24/7 365, mainly using smart contracts. So what impact would this have on banks? Well, if people are transacting more using stablecoins, banks will lose that money in their bank. As banks will not be able to earn money on the float, they need to manage money in real time requires reserved buffers. So that's something that they'll have to deal with. The good news for the treasury is that the stablecoins are backed by treasuries. And so you have dollars going into treasuries instead of commercial bank deposits where the commercial bank is benefiting from the source of that capital. So commercial banks would lose the cheapest source of funding, think of the money you're checking account, not earning any interest. And so multiple parties would be working on the same ledger, same infrastructure instead of their own proprietary ledger and how they're keeping track of assets and liabilities. The issue though is that it turns the risk of settlement from the banks to cybersecurity and protocol risks for you, the individual. We've heard about people's crypto wall. It's getting hacked and hundreds of thousands of dollars being stolen. Then what about vulnerabilities in the protocol? Who maintains that? These large banks have their own cybersecurity division that maintains their systems and make sure there aren't threats. Not to say it's foolproof, but at least there's somebody monitoring it. That costs money. So who's doing that? So overall, this is creating a shadow banking system that's going to help fund the government, but I think that's a little bit overblown. But it would starve if it grows, start traditional banks with cheap capital and make them less profitable. So think headwinds for smaller regional banks and even the large banks that have a ton of deposits, I think JPMorgan, they don't pay me because they don't want more money. They have plenty of deposits. So if more money eventually flows there, well, that's going to make their net interest margins smaller because they're going to have to raise their rates to compete for capital. So it is bad for banks and that's why I think it's been dragging its regulation. And I think on the crypto side, there's not a lot of comfortability with the protocol, with the safety. Who will benefit? Anything along the infrastructure layer of that type of transaction. What's interesting is that everyone would think that this would be negative for the dollar because money would be flowing into stable coins, but the reality is actually a lot of foreign individuals are moving their money out of their banking system that tends to be much riskier than the US banking system into stable coins, which effectively then go by treasuries and go by dollars. So in the near term, it's actually good for the dollar. But in the long term, if we do eventually move to this type of financial and consistently, and this is the majority of the way that we transact, suddenly yes, that would be a negative on the dollar. So it's good for the dollar in the short term up to a point. So we'll see how this evolves. I think it's going to be slower than most people in the industry want mainly because I don't think there are enough players that are not just out for making a buck. There's only a handful, I think, of people left in the industry that really wants to build real value with the technology, as opposed to just extract as much money as they can from other investors. Let's move back to the best stock voice bank at $88.99. I have a question for you, gentlemen, please. Her just in the other day talking about international B.A. and also V.E.U. I was wondering what you guys thought of these two choices if you give either one of them a thumbs up or not. And if they'd make good international holdings for stocks and my portfolio for long term, thank you for your time. Look forward to hearing your answer. Have a good day. All right, looking at two Vanguard funds, low expense ratio. One is the Vanguard FTSE Development Market Index, ETF V.E.A. That is V.E.U, which is the Vanguard FTSE All-World XUS Index. Just by the name of it, no, let's look at the regions, but by the name of it, the main difference I would imagine is that V.E.U. includes emerging markets because V.E.A. is just talking about the development markets. So V.E.A. is 38% developed, whereas V.E.U. is only 28%. It's V.E.U. is 15% Japan. Well, V.E.A. is 20% Japan. Where's the difference here? Okay, okay, there we go. Yeah, so in V.E.U, about 13% is in emerging. Asian emerging is, excuse me, 2% Latin America. V.E.A. basically has no exposure there. So it's really that emerging market. There's some Africa, Middle East exposure as well in V.E.U. A 3% V.E.A. is only 1%. So that's definitely the difference here is you're getting a lot more emerging market exposure. And frankly, I like that. I rather have the emerging market exposure. So if I'm picking one or the other, I'm picking V.E.U. That's the Vanguard FTSE All-World X-US Index ETF. Now, this is large cap. Much rather more mid cap and small cap, but picking between the two, V.E.U. is the name. Now, Fridays, we're generally going to make time to fit in a quick rundown. some key benchmark numbers for the week. So let's do that now. Two-year yield, 4.23%. Last week, it was 4.16%. Interesting. Interesting move higher on the two-year, which is generally the short-term rates, but definitely sold off as the supply of short-term bonds like to increase with these, this Treasury buyback, more short-term and buying the long end. And with that news, you still didn't get a major rally, even in long-term bonds. In fact, you continued to CSL off. Last week, we ended the 10-year at 4.69. This week, we end with a 4.73. So rates continue to go higher, gold, 46.13. It's $239 increase from last week. So great week for gold and the gold miners. As I said earlier, silver 69.55, an ounce per ounce at the end of this week. That's up $4.87 from the prior week. So silver also getting the notice of debasement from the Treasury Secretary. Oil selling at $86.91 a barrel from up $4.49 from last week. I continue to think oil is going to grind higher. And so is the price of gas. We're at $4.10. $4.10 national average for gasoline up to $3.00 from last week. Here in California, we're up to $5.59 a gallon, a two-cent increase from last week. And over in Indiana, they're doing much better. $3.55 a gallon. It's over $2.00 less than you see here. No reason to stop now. Let's drop in another fresh listener question now. Yeah, Mark, I'm from San Diego. Fortunately, on the roads, I cannot double check these symbols of their common. The first one is Sonos, the speaker company, S-O-N-O. I believe this is cymbal. They're finally turning around. They're starting to make some money, but they have to dig up some downs over the last few years. And the second one is IMAX, the big IMAX figure, which I and AX has been doing quite well sold out. And their profit sheet looks a lot better, a lot more stable. But the question is, for a small amount of money, Sonos with the kind of a speculative play going in, and IMAX would be a speculative play, as well, because I may have voted against the vote on that one. Anyway, just thought I'd get your opinions on those two. I really appreciate listening on the podcast. Thanks. All right. This is a very interesting little battle, as you need to, because I see the value in both of them. First off, I have some Sonos devices. I think they have great products, and they're kind of ecosystem where you can build a sound system throughout your house and run it on your Wi-Fi system. And it's just really easy to use. They have great sounding products. I think it's a great company with actually a pretty good value here. Enterprise value, it was only around nine. You have return equity, around 14%. That's pretty good. Free cash flow continues to go higher. I'm sure they've got a big refund check from the tariffs as well. But if you're looking at the earnings growth, it's exploded this year. They lost money in the last three years, so it's going to make 64 cents this year, but then only 26 cents next year. So that's my kind of issue with it, is that it's pretty up and down. The charts kind of middleing, but I do like the products. I think they're building something good long term. I once again, they're free cash flow at 100 and 24 million. I'll have $1.7 billion enterprise value. That's a six, seven percent free cash flow yield. That's pretty good. Now, I'm asked, on the other hand, that's historically also been a bit up and down, but it's up right now, mainly because something that I'm doing tonight. I am actually finally going to see the Odyssey with some friends in IMAX. I waited, wait, I bought them three weeks ago, took a while to plan it out. But that's pushing their earnings up considerably to $1.77 this year, 202 next year. If you look at their profitability, that I have 11 percent return of equity. They have a similar free cash flow, about 122 million to Santos, but their valuation is almost double, but they also have, I think, technology that's a little more defensible, right, DerriP? Just the way I, all the IMAX theaters installed. That's how a lot of people want to see movies now. They want the full experience, not just the traditional movie theater. They're going to pay up for them. I think my tickets were $35 or something like that. Certainly expensive. The technicals are good for IMAX, definitely better than Sonos. So I like what you're looking at. Both are interesting names, but I'm going to have to pick IMAX mainly because I think their moat is more defensible. You already have the install base in thousands of theaters throughout the country. Movie makers have a lot of experience in shooting in IMAX films, creating IMAX films. So there's a built-in knowledge base there that I don't think is going away. And customers like it. People want to go see the biggest best movies in IMAX. And so long-term, I just think that cash flow will continue to grow. I think they will continue to, the other buying back shares there. Free cash flow right now is 122 million, trailing 12 months, but that is near an all-time high and I think that it higher. I think short-term, you know, there might be a cooling off period because maybe Odyssey was just kind of a short-term boost to the business. But I think there's some long-term secular tailwinds to the IMAX format. So I'm picking IMAX over Sonos, but I kind of like both of them for their own reasons. Now we're heading to a break. It's Friday. Let's celebrate. I'd love to hear from you. We have one last segment on the show. So if you have anything on your mind, give us a call now at 889 UNIONCHART. Invest talk is ready 24/7 for your finance and investment questions. I'm hoping you'll give me your cake on or matte technologies, ORA. Is it a good idea to sell your losses in a Roth IRA and just use whatever you have left to reinvest into better stock? Don't forget to call Invest Talk, 888-99CHART. In the early days, Invest Talk was Jerry Klein and Steve Peasley. Now the torch has been passed and a new generation of hosts is on the job. Justin Klein and Luke Guerrero. So when you've got finance and investment questions, don't forget to call Invest Talk, 888-99CHART. Hey guys, chance from Knoxville, Tennessee. Calling in about KRE State Street Regional Banking ETF. I started a small position over the past few weeks with the average of $76.35 a share at around 6% of my portfolio. I wonder what you guys currently think about regional banks as well as this fund? I didn't have any exposure to financials, and this was the start. So with the recent pullback, should I add more, hold and watch, or cut with a small loss? Thanks. Hope to hear the answer on the show. All right, banks that are rough week overall. I'm starting to see some relevant performance. We just talked about the potential problems. The stablecoin industry could cause these regional banks. Also, the economy overall is slowing and they have a lot exposure. So kind of middle market banks or middle market companies, excuse me. So I just don't think this is not the exposure we have in the financial industry. We own brokerage firms. We own insurance companies. What else are the kind of financials that we own? We own some Fintech companies. So those are the names that we don't really own any banks. They're done decently, well recently, but I'm not really seeing the earnings growth. I'm not seeing the catalyst here for really a great business. And I think there's going to be a lot of consolidation within the industry. So yeah, if I'm just getting exposure to financials, I'd rather own like the XLF than the Carey. Now let's talk about taxable accounts. Everyone wants to talk about a 401k or an IRA or a Roth, but there are some big benefits of just straight up taxable accounts. taxable brokerage accounts, especially in today's age of technology tools. I think everybody needs to add a taxable account to their toolkit, not just those that only turn to it after maxing out their IRA or 401k, etc. And there are a lot of reasons for this. Number one is that there's a limit on those other accounts. There's no limit to taxable money. No structure on how you can withdraw the money, etc. You can use it for a down payment of house, emergency fund, whatever you want. So that's number one, liquidity and no limits on how much you can add. And you can still compound and grow your money in those accounts. The math still works the same. And based on compared to history, they're actually relatively tax-efficient. Long-term capital gains is, for most people, if they're not earning over $545,000 or $613,000 for married couples, your tax is usually 15%. Until you get over that, where your tax is 20%, it's a relatively low rate. Say with the income that you get in qualified dividends. And you can actually do tax loss harvesting. You can take losses and offset up to $3,000 in order to income per year. You can't do that with an IRA or Roth IRA or 401k, etc. And it creates diversity. You want money across, so tax deferred accounts like IRAs and 401k as well as Roths and taxable money so that you can each year, you can take money out based on your financial situation and your tax rate from different accounts. Maybe a little here, a little there. One year, it's more in this account and another year, it's more in that account. And then there's something we do for clients is we do direct indexing. We're buying individual names. We're still tracking a particular index. Maybe it's a global index or something like that. And making sure that it's limited to very little, if any, gains each year. And then you can actually have that money passed on to your heirs and you get to step up on basis and it basically jumps all of, you know, it's rid of all the tax burden about your lifetime when it goes to your heirs. So don't ignore your taxable brokerage account. It can be a very great tool in your arsenal. 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