Jason Hartman takes a look at economic recoveries from past U.S. recessions. Beyond understanding the shape of an economic recovery, the details of the growth percentage and the term of growth can help us to understand where we are now. While some economic predictions can be made based on past information, the Coronavirus Pandemic does contribute to breaking pre-pandemic trends. Jason also discusses umbrella insurance policies and some flood insurance myths.
Jason Hartman 0:54
Welcome listeners to Episode 1471 Thousand 471 I hope you enjoyed yesterday’s 10th Show episode, where you learn to speak like Ronald Reagan and be a great public speaker. That’s a that’s an important skill in life. It really is. It really is. Okay. So today, we’ve got to talk, we’ve got a lot to talk about. There’s just a lot of odds and ends I got to talk to you about. So first off, I’ve got a listener question from Tony just sent me this one today. And I thought I’d answered on the show here. So Tony, thank you for the question. And let’s see what we can do for you. Okay, so paraphrasing what Tony says here is he says, Hi, Jason, there are properties that I own in an individual LLC, should I get a commercial umbrella, meaning insurance policy? I guess you could get a commercial umbrella Tony. I just got a huge big umbrella yesterday. I love it. By the way listeners. Let me give you some advice on regular umbrellas. Not Insurance Policies see tinge alert. When Carmen and I were in Denmark last year, I had my typical black travel umbrella and we had some crazy storms there were just rain like crazy. And I went out to walk the dog because that you know of course Coco was with us right and by the way, Coco will be at our first ever virtual meet the masters. I know she comes to all our live events and hundreds hundreds if not thousands of you have met her over the years and my other dog puppy, the late puppy at our events, you know, we have events where we have a house dog Isn’t that cool? Well, anyway, Coco will be here at my home. At our virtual meet the Masters event, maybe we’ll give her her own zoom login so you can you can see her right there just with her own on her own screen. I think I think the dog deserves it. Anyway. You know I have my black umbrella and let me tell you something, a black umbrella is dangerous. doesn’t stand out in the crowd on a dark stormy day you got an umbrella that blends in and there’s cars and traffic and in Denmark, everybody’s riding a bike. Right? You need a bright colored umbrella that stands out. Okay, so that’s my first advice on umbrellas.
Jason Hartman 3:18
And then you need a windproof one and a big one. If you’re in a stormy area like Florida boy, we had some storms yesterday. I love those storms. There’s so much fun. They’re really neat. You know, a storm is like God putting on a show. It’s just totally awesome. Anyway, I was out there with my big giant umbrella and it was it was a lot of fun. Okay, so these umbrella insurance policies. Okay. Tony goes on to ask and if yes, what I get an umbrella under the holding company? Well, I don’t know exactly what you’re saying there, Tony. But let me just tell you, generally the thing, okay. The first thing is, people get really confused about this umbrella policy thing. It’s like it’s a funny buzzword You don’t necessarily need an umbrella insurance policy ever. If you want more insurance, you can just take the core insurance policy and increase the coverage. An umbrella policy simply means that it covers a higher limit than the traditional insurance policy. By the way, the disclaimer, I’m not an insurance expert, I’m certainly not a lawyer, or a tax advisor. So take that for what it’s worth. I’m just giving you my layman’s understanding here. An umbrella policy only covers you know, what’s above the coverage limit of the underlying policy, the primary policy and the coverages may be somewhat different. So there might be some exclusions in the underlying policy or some exclusions in the umbrella policy. Okay. And the umbrella policy also, as the name would imply, could cover many policies. So for example, Tony, or anybody else is You own 25 properties that you purchased at Jason hartman.com slash properties. And that’s where you should go to buy them. And by the way, our technical issues seem to be resolved. And now there’s a lot more properties on the website. For a while there. We had a couple weeks where there weren’t as many because of our little technical glitch, but it’s all fixed now, I think I think it is looks fixed. Anyway, if you go there, you buy 25 properties, you can get one umbrella policy that can cover many of those properties. Okay. And it would go above the underlying policy, you’ll have an individual policy on each property probably, and then an umbrella policy that will give you extended coverage on all of those properties. Now, you’re probably not going to find many umbrella policies that cover 25 properties, and they probably won’t span state to state. So you might get a few different umbrella policies if you wanted to, but sometimes it’s cheaper and it’s a better deal. just increase the coverage of the underlying policy. Also consider this. A lot of times, you’ve got more than enough coverage. Folks, some of you are just way too worried about this. Okay. Listen, in my way too many years, over three decades of doing this of owning properties of being in the brokerage business. I have yet to be sued by a tenant. I have yet to be sued by a customer. It is difficult to sue someone, I’ve sued some people and it’s no easy task. Okay. I hear everybody’s saying Oh, the US is so litigious ball, ball ball. I know we all hear that. Okay. Yes, that’s true. But the US is also more prosperous and it also is safer in litigation increases safety. Okay. You know, folks, everybody gets to college. And these sound bites that they hear, okay? You know, it’s just not that simple. Okay? But whatever, here’s the point, what you need to do is don’t necessarily worry about these umbrella policies, you can just increase the policy limits. And then if you have a holding company, Tony, if the holding company doesn’t engage in any transactions, that’s the idea of a holding company, at least my idea of it and again, consult a legal professional. And by the way, get ready. I’m about to give you a link, because we have finally launched our long awaited asset defense webinar. Yes, it’s coming up this weekend, and on Wednesday, we are running this so you’re gonna like it. So get ready because I’m gonna give you a link for it. Okay. And it’s totally free. It’s an hour and a half of an excellent attorney. I mean, I think he’s very good. And he is going to go into a lot of depth on this stuff. I think you’re gonna like what he has to offer. He has a very low cost package like, I negotiated with him, he came down and his prices, I said, Look, I’m gonna refer our clients to this other attorney because the deal was better. And he really worked on this deal. And it’s, it’s a good deal. Okay, so you’re gonna like this, okay, so you’ll definitely want to jot down the link and join this webinar, make sure you register for this webinar, you’ll like it anyway, the holding company, it simply holds assets, it doesn’t actually engage in any transactions. So the general thinking and I agree with it. Now, there can always be an exception because we live in a world where anybody can sue anybody for anything, okay? But the holding company shouldn’t be creating any liability because it’s not, it’s not renting any properties to anybody. It’s not going to do any business. It’s simply going to own assets. That’s all it does. And those assets have other entities underneath. So it owns these entities. So the liability should stop at the entity. Meaning that if you’re looking at a little chart, like you’ve seen at those multi level marketing meetings, okay? You know, you’ve got your holding company at the top of the chart, and then you’ve got maybe your 25 houses. And maybe each of those houses has an LLC that owns that property, or maybe there’s one LLC that owns several of the houses, that’s your firewall, okay? That’s the idea that it doesn’t go beyond the company that is actually transacting the business. Okay, that owns the asset, and then the company that does that is owned by a holding company. That’s the idea. Okay, and it’s kind of hard to illustrate this without a whiteboard, but hopefully you get the idea and you know what? We’ll probably do that at our upcoming virtual meet the Masters event. Okay. But look, you can learn some of it on this webinar, and it’s great. It’s free. Check it out. It’s this weekend and then on Wednesday, too, okay, so here you go, you’re ready for the link. It’s and we’re going to stop using these Bitly links, by the way, we’re using it for this one, and then we’ll probably, we’ll probably change it for our next webinar or event. Anyway, go to bi t.li. Slash protect me today. Bi T dot L y slash protect me today. And those Bitly links. It’s a link shortener. Those are case sensitive. So that’s all lowercase. Okay, no capitals. All right. Bi t.li slash protect me today. Join us for the webinar. Okay. Hope that helps. Tony. It’s a complicated subject. I really can’t do it justice. And I’m not an attorney. Okay, let’s talk about flood insurance. I got this email and I just thought I should share this with you a little bit about flood insurance. Okay, it’s entitled debunking five common flood insurance myths. Floods can happen anywhere it rains, and it only takes a few inches of water to cause damage to a home or belonging belongings right? So here’s a myth. My homeowner’s policy will cover a damage caused by a flood. Flood is not covered under a standard homeowners policy. Okay, so understand that myth number two, I can’t afford coverage, the truth, okay. And this is according to an insurance broker that sent this email blast out. flood insurance cost as little as 129 bucks a year. That’s less than 35 cents a day. That’s what their email says the average flood costs a consumer $55,000 Wow, that’s a lot. Okay, myth. I don’t need flood insurance. My neighborhood never floods. Truth. 20% of all floods occur in low to moderate risk neighborhoods, neighborhoods that probably Never flooded before. I don’t know about that one I don’t think he can say never might have flooded 100 years ago or something, but you know, just an inch of water that enters your home can cost thousands of dollars. Okay, myth, next myth. I can purchase flood insurance when I need it. That’s obviously not going to cover pre existing conditions. You know, I’ve got cancer give me life insurance. Yeah, right. Okay. My house burned down. Now I need some fire insurance. Yeah, I don’t think so. It doesn’t work that way. It takes 30 days for a flood insurance policy to take effect so you’re not going to buy it the day before. A massive hurricane is coming in right or whatever, right? Because you cannot predict floods 30 days in advance. It’s important to carry flood insurance, your ramp myth, the government will pay for any federal flooding disasters. Truth. The government will not pay for losses covered by a flood policy. Covered by floods, not covered by flood policy. Okay. floods and flash floods happen in all 50 States since 1978, the National Flood Insurance Program has paid over 36 billion for flood insurance claims and related costs. You know what I don’t like about that statement. You hopefully know you regular listeners, you know, they say they paid out $36 billion since 1978. But what is the Jason Hartman question compared to what I would like to know in that statement on balance, how much they received in premiums since 1978? That would answer the question. So I could really assess the risk and assess the value. And I can’t do that without knowing the premiums they collected. But anyway, there’s a little thing on flood insurance for whatever it’s worth. Okay, we got to go over some graphs here, folks. There’s just so much out there and I can’t wait until you join us and meet the Masters for my pandemic, investing. presentation, you’re gonna love it, you’re gonna love it. This one is interesting. I am looking at a graph and you don’t need to see it. I’m just going to help you visualize it and give you the upshot of it. What’s the takeaway here? Right? The US savings rate increased by the highest percentage in 39 years since the pandemic really hit the news. Okay, this is on believable. So look, people are at home. They’re not spending much money. That’s good and it’s bad. At the same time. The soundbite idiots in the mainstream media would say, Oh, that’s bad. A lot of the politicians would say, Oh, that’s bad. And they’re not completely wrong. Okay, I’m giving them some flak here, obviously, but they’re not completely wrong because we have an economy based on 70%. Almost two the economy is based on consumer spending. So You do need people to spend money to keep this whole machine going. But in the more prudent, long term view, saving money is a good thing. I mean, why would we be upset that the savings rate has increased by the highest percentage in 39 years, folks, if you want to create real wealth in a society, in a country, in a household, on a personal level, on a corporate level, whatever, you’ve got to have capital formation, you don’t get something for nothing. In life, unless you’re Jerome Powell or Ben Bernanke, or Janet Yellen, or Alan Greenspan, then I guess you get to create money out of thin air, and you do kind of get something for nothing. At least for a while. So here’s my disclaimer. What do you think? But hey, people are saving money and that ain’t all bad. Okay? It’s no it’s good, bad. take it for what it’s worth jobless claims. Whoa, seriously, it’s We don’t even need to go over that it’s tragic. These charts look terrible. But I will say on the good side, we’ve all heard the phrase now flattening the curve. And we’ve certainly done that with with the virus. But we’ve also done it with the jobless claims. The jobless claims are mellowing. Thank God, the worst is over. Okay. So they’re going down. The curve is flattening. That’s good news. But Wow. You know, a lot of these jobs they just, they just aren’t coming back, folks. They aren’t coming back. We are going to wake up and I’m going to present this in detail at the upcoming virtual meet the Masters, they soon to be announced and registration link to be announced soon, too. And we’re going to go into my view of the recovery. They added another one they the mainstream media out there, guess what they’re talking about now? No, everybody’s hoping for a V shaped recovery. Some people say it’ll be a W which is basically Just two V’s right put together. Some people say it’ll be an L shaped recovery. And this is all if you’re looking at a chart, right? What does the recovery look like? And recovery or downturn usually refers to GDP gross domestic product. Okay? Some people say it’ll be a U shaped recovery. And that’s bad because it means you’re at the bottom of that you for quite a while, and it’s a slow, slow recovery. V is the best. Okay, and then they invented a new term, they said, Oh, it’ll be a Nike swoosh, right? Hey, Nike must love that. Their corporate logo, their trade dress is getting all kinds of free publicity, a smooth recovery. Now, they made a new one. They’re talking about the O shaped recovery, the O shape recovery. So figure that one out. You know, everybody’s got their view. Okay. Here’s another chart. I know you can’t see it. I’m gonna tell you what it says. Number have new homes sold in the United States from 1995 to 2018. Now, this doesn’t account for the pandemic, but I gotta tell you home sales are skyrocketing. Yes, they are. But that’s a very recent trend. They were dismal. For two months, there was like, you could hear a pin drop in the in the traditional real estate market. There wasn’t much going on. Okay. But it is coming back with a roar. Let me tell you, I mean, this is early, so it’s, it’s early. Okay. I understand. It’s early. But a lot of people are out buying homes as these as these quarantines left. And you know, people are just I don’t think the government had to make any announcements because I think people were just kind of sick of it. And people are kind of feeling like they’ve been hoodwinked. Like, this thing has been totally overplayed. And, you know, there’s some good reasons to believe that, that this is a false flag of sorts, not a it’s not exactly a A false flag by the typical definition but of sorts anyway, you’ve heard me talk about false flags before. That’s a military term. You know, some say 911 was a false flag. Pearl Harbor was a false flag. You know, there’s all kinds of them in history, some believe that okay, we won’t go into that now. But if you look at this chart, obviously, new homes now there’s only new home sales, not resales. So just new construction, massive in you know, leading up to 2005 and 2005 the peak. Now, most of you know that I sold my traditional real estate company in Southern California. I sold Coldwell Banker, and that deal closed November 11 of 2005. Some say my timing was pretty darn good. And yeah, I guess it was in hindsight. And then the lowest point of this chart is 2011. Okay, now why wouldn’t the lowest point be 2007 In 2008 2009, that was the Those were the kind of the grimmest years of the Great Recession, the worst economy in seven decades. Well, because there was still inventory to clear. And if you want to make sales, you got to have something to sell. Right? So if you don’t have any homes to sell, you’re not going to have any deals happening, right? There’s going to be no deal flow. If there’s no deals to buy, no matter what the prices are, no matter what the demand level is, you got to have supply. This is we’ve talked recently about supply demand shock, that economic malady that we’re that we’ve already gone through with the airline ticket prices, okay. And I’ve explained that and we’re seeing that signs of that in the oil market. Okay. It hasn’t totally played out yet, but give it a little time it will play out. We’re probably going to see that in the home market. I think that’s going to be a factor and we’re seeing that a lot. If you’re just buying anything online. You know, we all got so spoiled ordering things online, you know, you could go to any online seller and delivery was like lickety split, you know, you could have your stuff, sometimes the same day, if not, maybe the next day, maybe two days. Okay. But now everything’s taking longer. And you know, our expectations, we got spoiled, right, you know, oh my god, I have to wait a week to 10 days to get my product. Yeah, that’s called normality. Okay. And but but the reason is, is that the supply chain disruptions, when, when so much is made in China, the workshop of the world, and you got supply chain disruptions, you have the makings of supply, demand, shock, supply, demand shock is not fun. It leads to the misery index, and obviously we’ve talked about that before. Okay, so you and then from 2011, the low point you see a steady uptick, and this chart only goes up to 2018. But we know what happened after that anyway. 2000 And then obviously, pandemic, you’re gonna see a couple very slow months in there in the traditional home buying market. Now the investor markets chugging along pretty darn well, you know, I gotta say businesses all right, and thank you for making it all right. I feel very blessed. So that’s kind of a scoop on that Okay, number of months between yield curve inversion, and the start of a recession. Okay. So the yield curve, the difference between short term bond interest rates and long term bond interest rates, those invert sometimes and again, basically, the concept is this. When you invest your money in a bond, or if you make a loan, and that’s all a bond is it’s just alone. Okay, you’re loaning money to some company, or some government in the form of a bond. So think of it on a mortgage. If you want to buy a property, and you take a 15 year mortgage for 15 years, as opposed to 30 years, the lender is going to give you a lower interest rate. On the shorter mortgage, the 15 year mortgage is going to be cheaper to borrow than the 30 year mortgage. Now, that doesn’t mean you should do it because obviously, the 30 year mortgages cheap enough, and it’s better to borrow the money for longer, because then you force the inflation risk on to the lender. And you get the benefit of that is the borrower through my trademark strategy of inflation induced debt destruction. A beautiful beautiful thing and we all know that. So, sometimes this yield curve or you could almost call it the lending curve. It inverts right where the short term rate is, oddly, higher paying a better rate on the show. Short term bond, then it’s paying on the long term bond. Well, that doesn’t make any sense. And what it shows is it shows that people are getting worried. And so that then you have a yield curve inversion, which has always been the sign of a recession for as long as I can think of and and so the bond market can tell you if there’s a recession coming now, last year, we talked a lot about this on the show. And you know, there were, it’s kind of you, you know, you don’t know what what happened, because now we had COVID-19. And we will never know because you can’t hear the dogs that don’t bark, right? You cannot hear the dogs that don’t bark. And we’ll never know what would have happened. We now we can all say COVID caused the recession, or depression possibly. And I don’t mean to make light of that, by the way, but you know, we need to laugh a little bit. And so we’ll Never know what would have happened. But anyway, here’s what the chart tells us 1978 It took 16 months between the time the yield curve inverted and the recession started. In 1980, it took 10 months. 10 months later, you had a recession after the yield curve inverted. In 1988, there was another recession, and it took 18 months from the time the curve inverted until the start of the recession. Then in 1998, it took the longest 33 months 2006 that was the great recession. It took 22 months. Now, 2019 has an asterisk by it, because we don’t really know. Okay. We’ll never know because now we have this pandemic and all bets are off. It’s just a totally different world. But 20 months, okay, 20 months to zero. So that’s kind of just an interesting thing to look at the lag time between inversion of the yield curve and the recession. Okay. Here’s one for you. home price changes during various recessions in the United States since 1980. Okay, now, huge, huge disclaimer on this one. Because this is the absolute stupidity of the national housing market, and you are a more aware investor. And you are smarter than the average bear because the average bear talks about the housing market and they think it’s all one thing and it’s obviously not there about 400. housing markets in the United States. There’s no such thing as a national housing market, in a country as large and diverse as the United States of America. huge country. It’s a set of 400 markets divided In the three categories, linear markets, cyclical markets and hybrid markets. So with that said, let’s just look at the National stats. And the problem is that the national stats are weighted on the cyclical markets. The cyclical markets get most of the weighting whenever you look at these statistics, so they just can’t be right. This is so misleading, but hey, let’s go through it anyway. Okay. 1980 recession. 2.6% decline in housing prices. 1981 to 1982. Now, there are months in here, but I’m not going to bore you with that. It’s too complicated. 1981 82 there was a little recession there. 5.8% decline 1990 to 1991 6.7% decline. Here’s one for you. Remember, the.com bubble remember, remember 911 Well during that recession, I remember I had my last of three houses I owned in one of the most expensive zip codes in the entire country. Newport coast, California. Okay, up on the hill, I had three beautiful homes up there. I was trying to sell the last one. And I remember really slow down on me. And it was before 911 that I sold it. I sold it to guy from Broadcom. This kid walked in young kid, by the way, and he put like, six 700,000 down on that property. And back then, I mean, adjust that for inflation. That’s a lot of money. It was a lot of money even then, but it’s more today. So he bought the house from me as you know, single guy and he worked for Broadcom, and obviously, you know, Broadcom, and their stock went through the roof and a lot of people became many, many millionaires out of that company at the time. So during this recession from March of 2001, to November of 2001, okay, we were in over session, home prices went up. Yeah, you heard that right up by 4.4%. Okay. Now, the next one is the great recession. This is the granddaddy. That’s the big one. That’s the worst economy in seven decades since the Great Depression. Okay, December 2007 to June of 2009. Home prices went down by 16.7%. Okay.
Jason Hartman 29:31
Mostly weighted obviously, on the cyclical markets, not the linear markets that we prefer and that we would invest. Okay. So let’s look at the flip side of that. And we’ll, we’ll end with this one, because we’ve got to wrap it up for today. But let’s look at some expansions. Okay. These are the this chart is showing me the longest growth cycles in US history. Okay. The question mark here is, is the longest growth cycle in US history about to end? Well, let me just tell you folks, the answer is yes. It already ended. Okay. And it ended. We don’t know if the economy would have ended it anyway. Because the business cycle, you know, the debt load that this that the other thing, I mean, we’ve all talked about it a million times, but we had pandemic. And so, with a pandemic, you know, that ended it, and probably, it would have ended anyway, but we don’t know how and when, why. And it’s just hard to tell because we’ll never know because he can’t hear the dogs that don’t bark. Okay, so, let’s go back to the 50s. Okay, so, annual real GDP growth, and the number of months of the expansion. So way back to the 50s remember this post World War Two, baby Boomer era, America was prosperous, things were good. Everybody had a very positive outlook about the future of the country. America was the superpower of the world. You know, we had the bomb. I don’t know if the Russians had it quite yet. I’m not sure the exact year they got it. But anyway, America was the thing. Okay. And by the way, no matter what anybody says it still is the thing. Okay. So 1954 to 1957 39 months of growth 4% annual GDP growth, and then before that 1949 Oh, this is by the number of months, so it’s going to jump around timewise okay. 1949 to 5345 months of consecutive growth. 6.9% annualized GDP. Wow. Impressive. Talk about what came in. That’s how we came into the 50s. post World War Two, booming economy. I mean, wow, just incredible. You know, all of those factories were Rosie the Riveter worked. And they built, you know, I mean, look, the reason the US won World War Two is because it was the the quintessential, I mean, you win a war nowadays by manufacturing. That’s how you win a war. Okay. And America that just out manufacturer anybody else back in that day. And so the manufacturing capacity of the country was retooled so quickly. And all of those factories were just producing military everything right. And then they retool those factories very quickly after the war. And they started producing consumer products, cars, cars, cars, and there was America’s love affair with the automobile for better or worse. Okay. All right. So 45 months of growth 6.9% that’s truly amazing. Incredible. Okay. 1975 to 19 8058 months. 4.3% annualized GDP average 2001 2007 73 months? Wow. 2.9% not as big growth but a long time. 1982 to 1990. Hey, the Reagan era you heard about him yesterday. Right The gipper 92 months that was the longest peacetime expansion of the economy to date ever before in world history. Any economy 92 months. Average annualized? 4.9% GDP growth? Okay. 1961 to 1969. Okay, now that wasn’t peacetime remember we have a lot of military action going on during that time. A lot of civil unrest in our country to 106 months 4.9% average 1991 2001 this overtime Took the prior period, the Reagan era that I mentioned as the longest expansion and it was the clinton era and Clinton gets too much credit for that he deserves a little bit and I’ll tell you why slick Willy. A good lie guaranteed. Someone gave me a golf ball with Clinton’s face on it once when he was president. And it said that a good lie you know golfers talk about the lie the way the golf the way the golf ball lies and in the in the grass on the on the green right. A good lie guaranteed. That was Bill Clinton.
Jason Hartman 34:32
He was like tricky Dicky Nixon, right. Oh, boy. They lie a lot. Those guys. Anyway. His expansion mostly could be credited to globalization and the internet. Okay. But whatever. 120 months 3.6% average annualized GDP growth. And then you have the guy who extended the business cycle beyond belief. Nobody thought it was possible. But that was Trump love him or hate him. Okay? You had a long expansion. They’re coming off a grave, terrible economy. And I know you lefties are gonna be saying, Well, what about Obama? Jason Obama? Yeah, you’re right. Obama look, sure. But it wasn’t very hard for Obama pianism to improve the economy, because the economy was in such a trough. It was in such a valley. It was going up anyway. Okay. And there was so much stimulus. Remember those three giant stimulus bills? I mean, listen, you can wake up any patient, if you put enough electricity through their body, okay? You, you know, put a bunch of electricity and give them a shot of adrenaline and, boom, they’re gonna wake up, okay. And that happened, and Hey, now it’s happening again. So Trump is not getting all the credit for what’s going on now. You know, the stock market has come back and the economy even though we have a much more Devastator thing we’re dealing with right now. The economy is definitely coming back. Now. Is it fake? Is it real? Well, no, it’s not real. It’s fake. Okay, it’s stimulus. Some of its real, but a lot of it’s, it’s just stimulus. Right. And that happened during the Great Recession too. But there was a lot less stimulus, but a lot less needed back then. So 129 months, up to basically two months ago, okay, up to two months ago, we had 129 months of growth, averaging 2.3%. That is truly amazing. Amazing. Amazing. So there you go, folks. Let’s wrap it up. That’s a long one. You’re probably sick of me rambling on today. I hope it was interesting for you. But I just wanted to share some of these these charts because they tell you a lot of stuff. Let’s wrap it up for today. Remember, that link will be in the show notes if you didn’t catch it. But I hope you join us for the asset defense webinar. Learn how to protect your assets and learn how to do it without spending a ton of money. He just there are so many promoters that are just ripping people off. Okay, this offer is economical. This guy, you know, he’s a long established attorney. I’ve been doing it for a long, long time. I think you’re really gonna like this presentation. So bi t.ly slash protect me today. Go there, register for the webinar and join us this Sunday. All right. Until further ado, happy investing. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website Hartman Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice or advice and any other special lized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.