Tariffs, Tech & Turbulence: Navigating Q4 with Confidence

0:00 Welcome to Something More with Chris Boyd. Chris Boyd is a certified financial planner, practitioner, and senior vice president and financial advisor at Wealth Enhancement Group, one of the nation's largest registered investment advisors. We call it Something More because we'd like to talk not only about those important dollar and cents issues, but also the quality of life issues that make the money matters matter. Here he is, your fulfillment facilitator, your partner in prosperity, advising clients on Cape Cod and across the country. Here's your host, Jay Christopher Boyd. Welcome, and thanks for being with us for another episode of Something More with Chris Boyd. I'm here with Russ Ball and Brian Regan.

0:40 All of us are from the AMR team at Wealth Enhancement. Brian is our team's senior portfolio manager, so we're going to talk to him a little bit about Outlook. Brian, it's hard to believe it's been about six months since the day the tariffs were announced. The Liberation Day. It's been six months since Liberation Day, and here we are, and maybe a little more now, but here we are. We went through that roller coaster earlier, and markets just have been incredibly strong. Nothing seems to get in their way with regard to just higher highs.

1:24 So let's talk about it, what to expect, and we'll think about it as we look forward and what's happening in our economy. Yeah, it's interesting you say that. I mean, it seems like it was smooth sailing and all that, but that first month was far from smooth sailing. I definitely have a few more gray hairs. Yeah. What markets look at, like 20% sell -offs, right, from their highs at that point? It's almost funny to me that you get three, six months away from an event like that, people were just like, oh, good. I don't know what we were worried about. In 2022, we had a pretty significant bear market.

2:04 I find that it's pretty common for people just to forget about that altogether, right? People would just be like, oh, investing has been so easy, and it's like, we had a bear market in 2018, in 2020, in 2022, and we had the tariff tantrum here in 2025. So if this is easy to you, then God bless you. I would say, though, that to your point, it's a great point to remind people, as we get complacent with higher highs, and it's exciting to see great returns as we go through the year, it's important to step back and recognize that markets do fluctuate.

2:53 It's normal for markets to have a decline, as we just illustrated, of about 20% or sometimes more. Routinely, every few years, it's not at all uncommon to see that kind of a disruption. It can be more frequently, it can be less frequently, but it's not uncommon at all. As an investor, what we've been talking about in some of our client meetings lately, Brian, is to point out to people like, well, what if things went down by 30%? How would that affect your forecast? Or how would you feel about it? Does it change the way you think about your tolerance for risk?

3:36 Oftentimes, when we show the forecast, right, Russ, with the financial plan, the impact is not devastating. It's pretty much business as usual. They can sustain that. But psychologically, would they be tolerant of the disruption and the anxiety that often comes with that? Having seen a financial plan in context sometimes can give you that confidence to say, okay, I have some cash reserves, I have some liquidity that I could utilize, and therefore, I see the plan could stomach that kind of a disruption, and I'd still be okay throughout my retirement.

4:20 That maybe can help people to navigate when these things do happen. But I think for most people, when you have a disruption of, say, 30% or something, it's very anxiety-laden, you know? Well, what's interesting about that too, right, like all things equal, if the market were to go down 30%, you should be more bullish. Yeah. And if the market were to go up 30%, you should be less bullish. But I would say with 95 out of 100 people, that's the exact opposite case. So, you know, that's always something that, as advisors, we need to keep in mind when people call us and say, you know, I want to be taking more risk.

5:00 Are you guys seeing what's happening? It's like, well, that's what happened. That's not what's happening, right? We don't want it to happen in the future with any, you know, complete clarity. So, you know, it's worth reminding yourself that regularly that you are human and you have a bias, and that bias is often dependent on what has just recently happened in the market. So does that cause you to think differently as you look ahead in this environment after we've had a pretty nice run this year and followed by following two previous years that were pretty fabulous run up?

5:44 Does this cause you to think differently? I don't think that you should take that in any kind of, you know, variable in your decision making, right? It's not what has the market done, it's where are we now, what's happening now, right? So when I do my fair value analysis, which, you know, Chris, you've seen, it doesn't have any reflection on what happened in the past. It's all about what the Y60 earnings are, what interest rates are today, what people think earnings are going to be in the future, what people think, or what I think is a reasonable long-term expected growth rate. And you put all that together and I come up with a fair value analysis that has nothing to do with the last two years.

6:28 Yeah, you're not looking backward in any of those data points. Yeah, that's a good point. Now, what happened over the last two years, that changes what the price is today. And I could bear what I think the fair value of the market should be and what the price is. Relative to where it is. Yeah, yeah. Right. But I don't say, hey, look, the market's up 25% in the last six months, you know, it has to go down. That's not even a question in my head. You know, the market went up for good reasons. Interest rates were lower. We dialed back on tariffs. The worst fears on the earnings hit expected from, you know, we were having 150% tariffs on certain countries at certain points.

7:12 That's a dramatic effect and change in the landscape of things that we are here sitting at between 50% and 18% net tariff rate. So, you know, it's still not good. And that's, you know, part of what I wanted to discuss here, right? There's one of the reasons, one of the things that people also get wrong is they expect when an event happens, it's going to show up in economic data, you know, immediately. Right. Well, you know, some people, some folks will say, look, there's been no effect on the economy because of tariffs. We did hear that recently from a gentleman we were talking with. He made that very point. Yeah, I'm blown away by that statement. First of all, it takes some time to happen, right? Like there's lead time between ordering things, coming into the border, getting taxed, you know, getting shipped on rails and getting to the storefront and getting into your pocket, right?

8:03 Companies are going to go through the inventory that wasn't tariff first. So, if there was pull forward, which there was plenty of, you know, leading up to April because we knew tariffs were going to happen, even if we didn't know how extreme they were, they're going to go through that inventory first and they're not going to raise price. So, it might take 90 days on average, let's say, for us to go through that existing inventory, three months, and before we actually start seeing any kind of price hikes. It's possible that companies will take a margin hit, right? But they're not going to reflect 100% of that tariffs. That's not only possible, it's likely. And sometimes they do it to either gain market share on competitors that are raising price.

8:45 But ultimately, you know, companies are kind of charging as much as they possibly can, right? They're typically not leaving money on the table. So, you know, eventually the demand for the product is going to dial back if they have to raise price because of tariff concerns. And, you know, that's going to hurt their bottom line. But it can take time. And then even after all that happens, there's at least a month lag on the inflation data, right? So, what have we seen since April? Well, what we have seen is what was a robust job market become a bad job market. Let's just be blunt about it.

9:26 We aren't even getting BLS data this past month, this past week, because the government is shut down. The government shutdown means that, you know, people aren't working, even though it's illegal for them not to get back pay when the government does reopen. You know, the country has had a funny relationship with the law recently. And, you know, that looks like it's possible that they might not get back pay and might be, you know, some of them might be furloughed indefinitely, which, you know, is really just a layoff. But, you know, ADP had a negative number. We shed jobs last month according to ADP. And ADP is a big payroll processing company.

10:07 They have insight into many organizations across the country. To me, it's arguably a better metric than doing the BLS surveys, where they go out to businesses and say, you know, are you hiring? Are you not hiring? The continuing claims, the initial claims, we're seeing a tick up in initial claims. We're seeing a tick up in long term unemployed. We're seeing a dramatic tick down in the openings, job openings. Same time, we're seeing, you know, what I call the big three dragging on the economy.

10:50 We have tariffs, which Fidelity thinks is only going to be a $250 billion drag on the economy. Fine. You know, potential growth is $500 billion. $250 billion is a pretty dramatic cut, you know, working at 1%. Torsten Slag from Apollo thinks it's going to be a 70 basis point hit because of tariffs. In addition to that, you have student loans. Student loans were... What's going on with student loans? You mentioned something about that in something I was reading that you wrote. And has that been a really big drag? I didn't realize that's been such a big issue. Sure. It's a huge issue. I'm not quite sure it's in the data now, but it's going to filter out again.

11:32 These things take time, right? So a couple of things happened. People didn't have to pay their student loans for a while following the pandemic from four or five years. And then they got turned back on. And then in addition to that, after some lag time, nonpayment started getting reported to credit bureau agencies. So think of the effect of that, right? During the pandemic, you didn't have to pay your student loan. Many people got checks in the mail. They were able to pay down their debts. They were able to dramatically improve their credit score. Fast forward four years, they have a 7 % interest. 45 million people have student loans.

12:13 10% of them are in default now. It's a straight up line. So that's 4.5 million people that are taking a sizable hit to their student loans. These are middle to upper middle income people, people with college degrees for the most part. Now, if you think about the hit to their credit, the hit to their income, their buying power dramatically decreases, right? Either the line of credits that they have, they're going to get tottered. Pay more next time they borrow money because their credit score will be higher or lower. They won't be able to borrow. If you think of the loosening in the housing market right now, it's rather significant even as interest rates are coming down or even as mortgage rates have come down some.

13:01 We've seen more loosening in the housing market throughout the country. I know the data says the Northeast and the Midwest is not loosening, but I can tell you from experience living here in the Northeast, it is without a doubt loosening from the tightest levels that it was in. I think a large part of that is because people have lower credit scores and less disposable income. Now, add on top of that, that people might have been reaching for houses between 2022 and 2025 because they were trying to catch onto the gravy train that was increasing prices, might feel the need to sell their houses. So inventory might be going up. Maybe they thought interest rates were going to fall dramatically down to 3%.

13:41 That hasn't happened. It hasn't even come close to happening. So you see this kind of thing building on itself. These issues compound on themselves. Tariffs are a singular issue, mostly affecting goods. There's about $4 trillion worth of imports in this country. I have an 18% tariff rate. That comes out to $750 billion. Fidelity says $250 billion. I'm using that in my analysis just to be nice. But it could be a lot worse. So you extrapolate that student loan, that decrease in demand that I'm talking about, and then you add on the lack of immigration.

14:22 Now, let's say that we had a million people coming into the country, and now we have a million people getting deported from the country. That's a 2 million person swing. On average, those folks are making about $30 ,000 a year. You put that together, and we're talking another significant detraction from the growth in the economy. So you put all this together, and without the other side of the economy, I think without a doubt, we're in recession. Between tariffs, student loans, the decrease in the housing story. We've seen an increase in bankruptcies over the last two years. Most recently, we just saw 11% year -over-year change in bankruptcies.

15:08 Now, they're still not where they were in the mid-2010s, but they're getting there pretty rapidly. So there's a lot to look out for there. You start talking about the strains on things like private credit, and you can start to see that build on itself a lot quicker. Well, Brian, hearing you talk about it, it sounds a little bit gloom and doom, the way you're talking about all these risks. But I don't get the sense that you're actually feeling that it's a bad time to be an investor. Well, we have this other side of the economy that's absolutely booming, and that is the AI economy.

15:49 And the AI economy has huge tentacles. If you think about what it takes to build the AI future, we're talking about large data centers. We're talking about huge amounts of semiconductor chips, whether they be GPUs, but also ASIC chips, and you're going to need CPUs still too. And we're talking hundreds and hundreds of billions of dollars. Just the hyperscalers alone are spending about $400 billion a year. They're talking about data centers the size of Manhattan throughout the world, not just in the United States, but in South America, Saudi Arabia, China, I mean everywhere.

16:29 So we're going to need capital equipment for those semiconductors. We're going to need foundries for those semiconductors. Once the databases are built out, there's going to be all sorts of applications. For the cloud infrastructure, you're going to need security. It's going to need to be scalable. The data is going to need to be clean. And that's before you can get to the applications, like let's say autonomous driving, let's say Roblox. Right now, according to the AI experts of the world, we're only scratching the surface on what we can expect from the future of AI. But here and now today, there's hundreds and hundreds of billions of dollars being spilled in to build out these things.

17:12 So from power to data centers, that's kind of where we are now, right? The power build out and the data center build out. And that's been a big offset to this tariff issue. So I wouldn't say it's fair to say that we haven't been hurt from the tariffs. I would say that it is fair to say that the AI story has saved us from the negative effects that we would be experiencing in the market if it weren't for the AI story. Let me ask you, and Russ, I don't want to, you might have something you want to ask as well, so feel free to jump in.

17:56 But I keep hearing, in addition to my own sentiment, I hear other people comment at times that something about our current situation with regard to AI feels similar to the late 90s. That notion that there's a lot of money, there's a recognition of the great potential of this game-changing use of the internet or computer age at that point. PCs everywhere and so forth. And then that the winners take time to identify who really are going to be the winners, how this is going to be applied.

18:42 That there's a lot of investment going into artificial intelligence today, but will the way it gets utilized and who will be the benefactors as an investor that may materialize differently over time? I'm sure you've given this thought. Do you mind commenting a little bit about how do you think about this notion of, gee, it feels like the late 90s in a certain respect? I think there's a lot of parallels. I think be naive not to think so, right? We have a generational change going on in the economy and a ton of money is being thrown at it.

19:24 I think the big difference is most of the money is coming from the cashflow of these hugely profitable companies. And I think that is the biggest difference I'm seeing so far. That's not true throughout the economy though. For example, open AI has made a lot of promises to a lot of companies without having the cash to fulfill it. So that is where I think a lot of this rhetoric and comparison to the 90s is really getting some fire behind it. And that's because of the situation with open AI. There's a lot of promises without the there there. Now, the reality is, and people do, I've seen more diagrams over the last week about the circular nature of investments with vendors and consumers and the whole AI ecosystem being dominated by a handful of companies.

20:21 And the reality is that's all going to get driven, in my humble opinion, through investor money. I think the capital is there to be invested and they're going to be able to raise money. Open AI is still a nonprofit company. It's laughable, but when they become a for -profit company, when they go public, they're going to be able to raise a lot of equity capital. They already have some revenue. I'm familiar with their financial statements because they're not public, but they have revenue. They're going to be able to raise a ton of money, which means they're going to be able to raise a ton of debt too. I think people are only concentrated on the equity capital, but for every dollar in equity capital, they're going to be able to raise at least $3 in debt, would be my thinking.

21:07 Most likely convertible debt would be my guess. And that's going to be the lifeblood of that ecosystem. Now, that's not unlike how the economy works in general. I mean, sure, these are some of the bigger companies, but this is a new industry and there's some reasons to be concerned there. But I'd be working out for a couple things. Does the investment money dry up? And does the shortage in computing power change into an excess? If we have an excess in computing power, well, you don't need to buy Nvidia chips anymore. You don't need to buy Broadcom chips anymore. You don't need AMD chips anymore, right? You don't need any more data centers, which means you don't need Eaton, which is an industrial company.

21:52 Yeah. I mean, you remember fiber optics and the way the whole telecommunications got impacted by suddenly there was this immense investment that had been made, and maybe it just wasn't needed as much at a certain point. Yeah. And then I think, I tried to think creatively about these things. We have this other side of the economy. I don't think the AI story is completely insulated by the weakness in the other side of the economy, right? So let's say that you have a weakness in a white collar workers, for example, and you don't need as many copilot seats. Well, Microsoft's revenues growth will suffer.

22:35 Are they going to pull back on their AI spending because of that, right? So you could have a decrease in investment, even though it's completely unrelated to the AI story. It could be another part of their business that they need to make up for by pulling back on investment. They have to pay their right hand with their left hand, in a sense. So it's more complicated than just kind of getting wrapped up in one way or another. These things are related and they do speak to each other. But right now, my understanding is there's still a shortage in computing power, and I don't think that there is any shortage of capital to fund all these ventures.

23:15 So the outlook is promising in that regard. To me it is, right? So how have we expressed this in our portfolios throughout the year? Well, you can't ignore the part of the economy that's suffering. You can't do that, right? You have to have some things that are a little bit more defensive than your portfolio. And if you did ignore it, you probably did very well. But does that mean that it's going to be repeatable in the future? Yeah, I mean, when you invest, you want your process to be repeatable and defensible, right? But we also used April as an opportunity to lean into the AI story because we got a lot of these great companies on sale.

23:56 So we got into semiconductors and we've been in utilities for a while. Utilities are a big beneficiary because of the enormous amount of power that these data centers are going to need, right? To give you an idea, there's more data centers under construction right now than there are data centers in general. So there's actual real shovels in the dirt, right? This isn't just kind of a hope and a prayer thing. So we've done very well there. We leaned into some more NASDAQ 100 names. And those are the positive sides of our portfolio, right? And the negative sides of our portfolio have been the healthcares and the staples and the low volatility type stuff that just hasn't been participating.

24:41 Why? Because things seem good, as they've been driven by the AI side of things. And there's just been no reason for them to accelerate. And as frustrating as they can be in my portfolio, you also have to have the discipline to keep them in there to some degree and not get irrational about the prospects for the future. So that idea of the utilities, you've made this, you know, that picks and shovels kind of notion talked about before. You don't have to only be in maybe semiconductors to still benefit from the AI theme. There's other ways to benefit from that. And that utilities is maybe one of those examples that's maybe a different risk dynamic, but it still is going to get some benefit.

25:29 Well, the fact that it's a different risk dynamic is amazing, right? Because that means you're allowed to have the semiconductor exposure that would typically gross up the risk in your portfolio, at least on a quantitative level, because you're taking such a historically low risk type of investment in the utilities. So when they both do well, you know, it's a grand slam. It's something to celebrate because for a reasonable amount of risk, you got a lot of return. Now, I would say the one big benefit from being invested, you know, diversifying and being invested across the spectrum to some degree, and acknowledging that that negative part of the economy exists, has been international stocks.

26:15 So international stocks have really benefited from the falling dollar. The falling dollar really started during the tariff tantrum. And justifiably, you know, some money left the United States and tried to find another home. You know, one of the big beneficiaries of that has been international because typically those stocks are priced another currency. So, you know, a one for one decline in the dollar typically means a one for one increase in those stocks to some degree, right? So if you've had international exposure, if you insisted on diversifying away, you did very, very well there. And, you know, I can only say that I wish we had more. I'm glad that I'm glad that we were investing that.

26:57 Why we had some. Yeah. Yeah. The other thing this year too, the other thing is that the longer term, high quality, investment grade bonds have done exceptionally well as well, too, because as interest rates have come down with fears of a worsening economy, those positions have done well too. So what I wanted you to talk about next to just that, how they're sort of, and that often plays into another theme as it relates to your investing outlook for the remainder of the year. So way on the equity side as well, but elaborate on, you know, this, this dynamic of it's confusing to people when you talk about interest rates, because we focus on the Fed and the expectation that, well, the, there is a presumption that the Fed is going to continue to reduce interest rates to some extent.

27:51 So interest rates may be falling. And on the one hand, that seems like that would be unattractive to investors in that declining interest rates means I'm going to get less yield. And, and then that whole dynamic of what happens on the short end, isn't necessarily what happens on the long end. And maybe just elaborate on how that, what you're envisioning there and how that's playing into some of the way you're thinking about finding opportunities. Yeah. I mean, a lot to talk about there. Interest rates are a very important aspect of the economy. And there's a good argument from David Kelly, JP Morgan's chief economist, who believes that a small change in the Fed funds rate, which we had, that we've had so far in the last month, and, you know, that we're expecting to have throughout the rest of the year, you know, the expectation is for two more cuts, is actually a negative because there are so many people, you know, of the baby boom generation, which has the majority of the wealth that have had the great benefit of having higher interest rates without taking any risk.

29:06 And it's been contributing to their budget and their cashflow. And when you take away 20% of that, you know, all of a sudden what has been a tailwind for the economy is now a headwind. So there's, there's that kind of, you know, point of view. Yeah. Yeah. Yeah. I think we all assume that interest rates will go down and economic activity will go up. And I believe that he estimated that that effect to be of the effect of around a hundred billion dollars, which is, you know, again, going back, the expected growth of the economy is $500 billion in any given year. On average, if you take away a hundred billion, that's a big impact.

29:50 And the reason for that, the other reason for that he says is that the people borrowing money have mostly fixed rate debt, which he's right about, right? Most people, the majority of the debt that people have is through their mortgage, which most people have gotten religion and have a fixed rate mortgage. So, you know, is it, if you're borrowing money at 20% of your credit card, if you, if you start borrowing at 1975, is it really going to change your spending habits? Probably not, right? Your student loans are fixed grade and, you know, 10% of people already can't pay that anyways. You know, the, the majority of the borrowers probably aren't going to be affected. It's more about future borrowing than, than, than past borrowing and past borrowing is important in this case because it affects, you know, your, your debt service payments going forward.

30:41 So he, he makes a good argument that short changes, small changes will actually be detrimental and you have to make a big change. So his thought process is if you cut 75 basis points, fine, but that means you're going to have to cut 300 basis points. And I, you know, from that point of view, if that, if that is your point of view, I think you need to have more exposure on the longer end of the curve because that means that the economy is going to be very, very weak. And you know, we're not going to have the inflation that the market expects right now. The market expects over the next year to have inflation of 3%. Then after that, the expectation isn't supposed to come down.

31:21 Now, 3% is very high, right? We're supposed to have 2% inflation and the federal reserve seems to be ignoring that. Why are they ignoring that? Well, you know, you could say it's political pressure or you could say that they expect the current tariffs to roll off 12 months from now. But sure, that's possible, but you also could make the argument that we haven't seen the effects of tariffs yet. So 12 months from now, you know, we might only be in the full throes of tariffs, but either way, you know, that is their position. And you know, if you believe what David Kelly is saying, then you want to get longer out on the ill curve.

32:02 You know, that's probably not a good outlook for the labor market. That means that things could get much worse before they get better. It's probably not a good outlook for the stock market. Things could get, you know, that, I mean, that's pretty much you saying that we're probably going to have a recession unless this AI build continues to keep us out of one. Thinking about how you invest in stocks as well though, correct? Certain kind of industries. Yeah. So let's say, you know, we disagree with David Kelly's assessment, right?

32:43 And we go with the market consensus. The market consensus is we're going to have 3% inflation and 1% growth over the next year. We're going to avoid a recession. We're going to have 1% growth. Okay. That's consensus. Now that means that you should have interest rates of at least 4%. And we're going to have a few more cuts here this year. You know, according to the consensus, which means what do we have? We'll have a Fed funds rate that is below 4%. We're going to have longer on the curve, higher than 4%. And that is called a steepening yield curve. One's coming down and one's rising. In fact, as we cut, we might see expectations for growth in the future increase in the future.

33:29 Maybe not necessarily over the next year as David, you know, as David Kelly is saying, you know, it could get worse before it gets better, but out in the future, 10 years in the future, which is what was reflected in the 10-year bond, you might see increased growth and you might also see increased inflation, which we'll say is four plus, right? If 2% inflation and 2% growth is the longer term goal, you know, we'll say it's at least 4%. So that gives you a steepening yield curve. Now, what benefits from steepening yield curve? The biggest sector that benefits is banks, particularly regional banks, really, because what can they do? They can borrow short. They could take your deposits and pay you less, whether they be time deposits, broker deposits, checking accounts, they could pay you even less than they're paying today, right?

34:17 And they can lend for more. And this is, you know, an arbitrage that's very typical throughout banks. And yes, there is a mismatch in durations most of the time. And that's why we have things like, you know, the Fed Fund. That's why we have Fed Funds. That's why we have a discount window. You know, lots of different ways for banks to get liquidity that me and you couldn't get as a non-regulated bank. So, you know, if you think financials are going to benefit through that scenario, well, that might be a place that you want to put your equity capital. Now, keep in mind that if things get really bad and the longer end comes down as well, you know, you might not get that arbitrage and you might have a credit event.

34:59 So you don't want to like over-index the financials, right? There's always a discipline to find the right sizing that you want in your portfolio. But that's an area that I'm very interested in right now. In addition to that, you know, I've written about this and I've talked about it extensively and it's headline news right now, but gold has done very, very well. And I always say that I look at gold as a global currency with a 0 % interest rate. Now, if you look at all the other global currencies throughout the world, where are their short-term interest rates headed? Well, if they're heading closer to zero and the economy is getting worse, then gold should get more competitive.

35:42 And so, you know, I think that's another place that you could go. And there's this huge benefit, right? And you think of, all right, you're in the AI names, you're in the AI sector, the AI part of the economy, and you have this other part of the economy that's not doing well, but you want to diversify away from the AI a little bit, right? What are some places that you can go where, you know, if the expectations for a poor economy on this other side, you might get some diversification benefit, right? You don't want to just be on one side of the boat, but you also just don't want to like lose money on the other side. You want to try to find smart ways to be diversified.

36:22 And I think those are two ways that, you know, we can do it better going forward in the next quarter. Excellent. We're going to talk more in future weeks and so forth. Maybe we'll include some discussion about this notion of how to mitigate risk or how with some innovative approaches we're trying to use to think about how to manage risk while giving us the opportunity to take risk with parts of our portfolio. Certainly, that might be one of them, but there's other things that we've found that to be interesting and worthy of consideration. Listen, we'll wrap things up here because we've gone a little bit long, but Brian, if our listeners are thinking that, gee, this sounds like it's pretty deliberate and thoughtful, you know, it's a reminder to say, look, we take an approach, we call it active allocation with our team here.

37:18 If you'd like to learn more about how we can help with anything you might be looking at with your investing, you'd like to get a second opinion on what's your portfolio positioned like and with some of these considerations, where there might be risks and how we might be able to help you navigate that, don't hesitate to reach out to our team. We're here to be a resource. For our clients, Brian, you've got a webinar coming up pretty soon. What is the date of that that we've got that? October what? October 28th. 28th. And for our clients, we'll be putting that out to you in an email.

38:00 We'll do a version that'll be available for the public as well posted on our YouTube and our webpage at somethingmorewithchrisboyd.com. So, with that, Brian, thanks for some really interesting stuff. Lots to consider, lots to evaluate, and I'm glad you're doing a great job keeping us on track. Thanks for being with us today. Thank you. Until next time, everybody keeps driving for Something More. Thank you for listening to Something More with Chris Boyd. Call us for help, whether it's for financial planning or portfolio management, insurance concerns, or those quality of life issues that make the money matters matter.

38:44 Whatever's on your mind, visit us at somethingmorewithchrisboyd .com or call us toll free at 866 -771-8901 or send us your questions to amr-info at wealthenhancement.com. You're listening to Something More with Chris Boyd Financial Talk Show. Wealth Enhancement Advisory Services and Jay Christopher Boyd provide investment advice on an individual basis to clients only. Proper advice depends on a complete analysis of all facts and circumstances. The information given on this program is general financial comments and cannot be relied upon as pertaining to your specific situation. Wealth Enhancement Group cannot guarantee that using the information from this show will generate profits or ensure freedom from loss. Listeners should consult their own financial advisors or conduct their own due diligence before making any financial decisions.