2012 had some ups and downs, but ended up in the positive territory for the un-managed stock market indexes.
My outlook for 2013 is not quite as optimistic as it’s been the past few years for a number of reasons.
In my video, I recap 2012, provide some thoughts on 2013, and discuss my philosophy how different strategies should be considered going forward.
TRANSCRIPT:
Good morning! Mike Brady with Generosity Wealth Management, a full-service, comprehensive wealth management firm headquartered right here in Boulder, Colorado, and I am the President.
Today, I would like to talk with you about 2012, a little bit of a recap. We’ll also talk about the outlook for 2013 and what my analysis and what my opinion might be on 2013. Before I go any further, there will be a discussion here at my office, 45 minutes to 60 minutes, a seminar on the Outlook for 2013 on January 30, 2013, at 6 p.m. If you are interested in coming to that, please RSVP with Cassidy@generositywealth.com or you can call my offices: 303-747-6455. I will be sending out an invitation as well within a week or so.
Let’s look at 2012. I’m going to flip up there on the screen and you’re going to see the unmanaged stock market index for 2012. The first quarter was good. The second quarter was bad. Third was good and fourth pretty much held its own, although November wasn’t looking so good.
For the first quarter what you’ll see is if you missed January, you missed some of that first quarter’s gain and the second quarter was a tough one. That was very uncomfortable at that time. And when things like that happen (I’m going to throw up on the chart there again, there we go.) What you’ll see is it is common throughout the year for there to be declines. This does not mean that the year will end a decline. When those things happen, people have a tendency to get concerned, maybe even freak out. Last year was at 10%. The year before, it was 19% and then it was a16% decline. Three years ago, 28%. It is common for there to be a decline throughout the year.
At the end of the year, we had all of the election discussion. In case you haven’t been paying attention, President Obama did win re-election and then we went right into the fiscal cliff; right at the end of the year.
This video is really not so much about all the intricacies of the fiscal cliff and what was decided there. But in general, most people from a marginal tax bracket were not hit—39.6% for the highest tax bracket, if you’re at $400,000 or $450,000 income or greater, whether you’re single or married.
The capital gains and the dividends stayed the same for most people, except it’s now 20% for those at the highest rate. That does not mean that you are completely avoided any additional taxes. Before I go into that, there’s also a $5,250,000 exemption on estate tax and that rate did go up from 35% to 40%. However, there is a 3.8% tax for ObamaCare and the payroll tax that was 2% about a year ago, kind of a tax break, that was allowed to lapse. The full 6.2% of the employee portion of it is now going to be taken out of your paycheck going forward. You’re still going to see some kind of a tax bite at all the various ranges and income levels.
Last year there was also a little bit of a calming over in Europe but it is still, particularly in the credit market, but it is still disaster over there from a mid- to a long-term.
Let’s start talking about where we are right now in 2013. The last two or three years, I’ve been optimistic. You look back at the videos, you look back to my newsletters and you’re going to see that. I’ve always said that a diversified portfolio, while it does not guarantee a positive return, does not guarantee, particularly, in a generally trending down market that you know the perfect scenario on the outside, I do believe that it is a key ingredient to going from point A to point B in your goal planning.
Goal planning is really going from point A to point B, identifying those financial events that might knock you off and might derail you from getting to what your goal is, whatever that might be, and proactively addressing it and seeing if there is anything you can do to mitigate it.
There are a couple of different strategies from an investment management point of view as I like to think of it. There is sailing, which is like sailing your boat and then there’s rowing, like “row, row, row your boat.” Sailing and rowing.
Sailing is a little bit more passive than rowing and just think about the wind blowing it. If the wind is going in your direction, things are good and it is very forgiving of any errors you might have. The wind stops, you stop; the wind goes the other way, you might be going backwards.
If we’re in a generally upward market, this might be a good way to have your portfolio. The last two or three years, I felt comfortable, depending on the client of course. I am always making sure that it’s an individualized portfolio for them to meet their investment objectives, having less of an active trading strategy in there. Yes, we would move and allocate appropriately as the year unfolded, but it’s been very forgiving of any mistakes.
I believe in 2013 and looking into 2014, we’re going to be more of a trading range and that we might want to add in and complement some of our sailing strategies, some of our diversified asset allocation strategies with some managers who have a good track record of being a little bit more active.
Why do I think that? I think that 2013 and 2014, we’re already seeing that taxes are going up. I already mentioned that earlier. You’ve got the payroll tax, the ObamaCare tax and that is going to lead to some less disposable income.
I’m going to put up here on the chart, we’re going to see what some inflection points are and how things have looked in the last 10 years or so. From a technical point of view, we’ve had a great run in the last three or four years. The question is, are things going to continue to go straight up?
We’ve practically, in an unmanaged stock market index, doubled in the last three or four years. In the next three or four years, are we going to double? Is it going to be quite as easy? I’m a little hesitant to say something like that.
Earnings growth for the fourth quarter has not released, but it’s expected to be down. Manufacturing inventories are up, which is a bad thing. While forward PE ratios* I take with a grain of salt, the price to earnings growth ratio is higher, which is a negative thing which basically means the pricing market in relation to the expected growth.
PE ratios are higher now than they were a year, and even two years, ago. While the debt to GDP ratio for the federal government is about 103% which in my opinion, is in a danger zone. Not to make this into a political video, whether it’s a revenue or a spending problem depending on what your philosophical views are–Democrat, Republican, whatever it might be—everyone is agreeing that having too much debt is a problem. I think that we’re getting into a danger zone, particularly that debt in relation to the Gross Domestic Product (the GDP). That has me concerned.
Profits are good for corporations. They’ve been very efficient and have really cut a lot of their expenses. They are really trying to get “bare bones” in the last two or three years, which I think is great. The amount of cash that they’re holding on their balance sheets is good and high. But the question is with some bumps in the economy going forward, how much of a buffer do they have in order to ride it out? My concern is that they might not have quite as much of a buffer as we would like and what they’ve had in the past to cut expenses than they did in the last two or three years.
One of the big pieces of news in the last month that was really overshadowed by the fiscal cliff discussion was the Fed saying that they would like to phase out some of the quantitative easing in 18 to 24 months. They even pegged that 7.5% unemployment is something that would cause them to change their strategy. Whether or not what they say in their notes and what they’re actually going to do, that could be two different things.
Even Bill Gross, who is the manager of the largest bond fund in the world, he says that you have to pay the piper at some point and that it may lead to inflation. I believe that’s the case as well. I don’t know if it’s going to be inflation in 2013, but I do know that at some point, there will be increased inflation and that’s going to be a damper on some of the stock market. When you have slower growth and you’ve got inflation and when you have prices that have really seen a high rise in the last three to four years- that causes me to question whether or not that’s going to continue going forward.
Getting back to my philosophy, I do believe that there are different types of strategies—both sailing a little bit more passive and a little bit more active ones, more of rowing strategy–and having both of them may make sense in a portfolio for a client.
I’ll be talking with my clients in the next month or so to see what’s appropriate for them. I also think that having income strategies may make sense going forward and so I’ll be talking with my clients about that as well. If you’re going to take some risks, at least get some income as well. That’s one strategy and it may make sense with whatever the particular client might need going forward.
Those are my thoughts. I am going to expand upon them January 30, 2013, at 6 p.m. when I have a seminar here at my office. You’re always welcome to give me a call or an e-mail. Mike Brady, 303-747-6455.
I’m hoping that I’ve got all my notes here. I’m going to quickly look through here. It does look like it and the nice thing is I do videos throughout the entire year. If I’ve forgotten something here, I’ll just catch up with it on the next video.
You have a wonderful week and we’ll talk to you later.
Bye, bye now.
* “PE Ratio” is price to earnings ratio of a stock.
You’re probably hearing a lot about the Fiscal Cliff, and may be wondering
• What does it really mean?
• What are the implications?
• What can, or should, I do?
In order to answer these questions, I have a slightly longer than usual video this week (about 10 minutes), but one of the best ones I’ve done in a while (if I do say so myself).
This is a very timely subect, and you’ll be hearing about the Fiscal Cliff in all the media for the next month or so. Now is your chance to be as informed as possible, and take action if necessary.
Click on the video
TRANSCRIPT:
Good Morning! Mike Brady with Generosity Wealth Management speaking to you from Boulder Colorado. Hopefully you had a very nice Thanksgiving weekend.
Today, I want to talk about the fiscal cliff. Perhaps you have read or heard about the fiscal cliff and have wondered, “what the heck is it?” I mean they seem to talk about it like it is so obvious what the implications are and I thought I would take a step back with you and talk about the origin, kind of what the fiscal cliff is, but also what are some things that we can do between now and the end of the year and also what the implications may be for the stock market.
Let’s start off with the beginning. Back in 2001, there was a pretty much across the board reduction in income taxes from the lower rates to the higher rates about 3% give or take. At that time there were also child credit increases, which was a good thing. This was all renewed in 2010. It was supposed to expire in 2010. At that time the Obama administration with the Democrat Senate and House of Representatives extended it for another two years and that two years is coming up. So when it is described as the Bush era tax cuts, at this point really I would say it is the Bush and the Obama because really both sides of the isle have either started it or extended it. And so, at this point now, both sides of the isle want it extended as well, but they are disagreeing about how to extend it and to whom it is extended and which parts of it.
What does this really mean? Well, from an income tax point of view, pretty much across the board from the lower income tax rate all the way up to the higher ones; it is going to go up about 3%. I am going to throw up a graph there on the video and you’re going to kind of see how before and after it can go up. In addition capital gains are going to go from, at the very lowest it is going to go from 0 – 15 or from 15 – 20% on capital gains. Dividends are going to go from 15% all the way up to whatever your marginal tax bracket is, which could be 39.6 if you are in the very highest. Your payroll tax, two years ago, in addition to extending the tax cut, they lowered the FICA tax that is charged to the employees. It went from 6.2% down to 4.2%. Well that would be reversed. So 4.2%, so basically an extra 2% tax for those that are W-2 employees, well all people who pay FICA tax, so whether you are self-employed or a W-2. Also from an estate tax point of view, right now estate taxes are 35% to the amount in excess of 5.12 million, the amount that is excluded from estate taxes. If this isn’t resolved, in January it will be the amount over 1 million dollars per person, will be at 55%. It will go from 5.12 at 35 to 1 million dollars at 55%. A million sounds like an awful lot of money but once you start adding up life insurance and your house and your retirement account, it is very easy and quick to get over a million dollars. So this is a huge impact for a significant number of people.
You might ask yourself, who cares about all taxes, whether or not they are higher or lower, etc. And the argument, the reason why this is such a big deal is when taxes are raised, that is usually a decrease in production of some amount and so the question is although, for each dollar there is more of a tax in my example, right now we are talking about 3%, there might be less productivity in order to charge it on, so that your net after-tax is actually less to the federal reserve, to the federal treasury than you had before. Both sides of the isle ultimately want the tax rates to be lower because they believe that it will hinder the growth that has been happening most recently and harm the recovery that we’re seeing some legs under right now. So both sides want it. The question is to whom is the extension really going to be applied to. Is it going to be applied since the reduction was across the board, is the reduction across the board going to stay or are some at the very highest going to allow to be lapsed and so their rates go up when everybody else gets to stay the same?
That right there is where a lot of the compromise is going to happen in the next month or so. Now let’s talk about what could happen. I mean, essentially, number one, they could let it lapse. I don’t think that’s very likely. Both sides want something to happen. Congress has a tendency to work well when the pressure is on, when the public and when the media is putting so much of a spotlight on it. They could extend some but not others. That is absolutely possible. As a matter of fact, I would even argue that that is more likely, either some to all is going to be extended. Of a lack of the overhaul, the whole tax mode and that’s great, wonderful thinking, but that’s not going to happen.
What does this mean for the markets? Remember about a year and a half ago, the AAA rating of the US government was downgraded. At that time there was a huge decline in August and September and a little bit into October of 2011. There was a huge deal by S&P, or was it Moody’s? I can’t remember. One of the two, basically saying that they felt that the deficit was getting out of control and that we didn’t have the political will in order to solve it. This would be another further confirmation that that assessment a year and a half ago was actually true. I think that that would be a very bad thing if we are not able to get this resolved.
I still believe and you’ve heard me the last nine, 10 months or so, feeling strong about the underlying fundamentals of the private sector of the corporations, etc. Although we have a kind of a jobless recovery, the efficiency and the profitability of some of the corporations are great and I am feeling very optimistic and positive about that. This is a huge drain on the full economy of the United States and, of course, on the world because we are the world’s largest economy. I do believe that the market would go down and there is going to be a reaction to it. The question is how long that would be, whether that would be temporary or whether that would be permanent. If it does go down, I believe that it would be a temporary thing because the underlying fundamentals I still feel strong about.
A year and a half ago, let’s not forget, that the markets went down in August in September and they actually had a very nice rally after that. We got rid of some of the people who got scared. Those of us that were still invested in October, in general, in an unmanaged stock market index, did very well in the six months following. I think that this would be potentially a temporary downturn as well. We still have a whole month before now and then and it’s been hard to try to guess what the federal government is going to do and our particular politicians.
What can you do between now and then if you believe that tax rates are going to go up and it is not going to get resolved, basically you try to do more taxation in this year. You can sell those assets that have capital gains. You could reposition your assets, like for dividend paying stock, they can go over to maybe reposition in IRAs and some things of that nature. Or you are looking at bond issues, maybe it would make sense to go into municipals or tax-frees or something that is not fully taxable. There are a number of different things that you can do. If this does occur and what can we do in 2013? Absolutely we should consider the estate tax. At that point I will be talking with many of year to ensure that you have your estate planning and your estate planning attorney have really reviewed your particular situation as it relates to estate tax with various types of trusts and other things that you can do to try to minimize the very high estate tax that you might suddenly find yourself.
Anyway, that is the fiscal cliff in a few minutes. A few minutes, I think, probably turned into an even longer time, maybe ten minutes, which is a longer video than normal, but this is your summary.
Mike Brady
Generosity Wealth Management
303-747-6455
Hopefully I can help you out. If you are one of my clients, of course, I have an ongoing conversation with you. If you are not one of my clients and want to give me a call, go ahead and do so at 303-747-6455. My pleasure talking to you. You have a great day. Thanks, bye bye.
After a long campaign season, it’s finally over. Whew! You’re either very happy or sad this morning.
So, in order to give you a break and avoid inundating you immediately with my views on what this election return means, I’ve decided to answer the age old question “Do People Really Walk in Circles When They’re Lost?”.
I, of course, also tie this into my views on the importance of goal setting in your financial life.
Relax, sit back, and hear something refreshingly non-political.
TRANSCRIPT:
Good morning, Mike Brady with Generosity Wealth Management speaking to you from Boulder, Colorado. And today I’m here to answer the question- do people really walk in a circle when they’re lost? Do they end up where they started when they’re lost in a forest, or just lost anywhere.
And so, there was this great article (and this is what actually prompted my thought for this video) in Mental Floss, which is this great magazine, really interesting articles… I’m going to throw up on the video here the link to this article, but there was a scientist who put a bunch of volunteers in a Bavarian forest, and a bunch of volunteers in the Tunisian desert, and basically they had GPS on their body so they could track what happened-whether or not they did go back into a circle.
And the answer is- every single person veered off course. They were told to go from point A to point B, and every single person veered off course. However, the degree to which they veered off depended, frankly, whether or not they were able to have some vision. The people in the desert, when there was a moon out, were the straightest line people. They were able… they veered off a little bit but they had it in their sights and were able to navigate by the moon. When there was not a moon, when it was overcast, they were much less accurate and they did veer either left or right.
Those in the forest, very similar, but what is interesting is when they were in the forest, more than half went back into a circle- right back where they started. But every single one, the degree varied depending on whether or not they had some sight in the future. If it was a cloudy night they also went back and veered off but just much slower. And what’s really interesting is that when they had a blindfold on, the quickness with which they went back to the beginning was even faster.
So really it had to do with having a point in the future that you are going towards and being able to navigate and having other things around in order to keep you on the right track. That’s the way I read it. And it was a very interesting article, in my opinion, because it relates to what we’re doing in our lives.
We’re at point A- that’s today. And we need to determine where point B is. We might not know exactly where point B is- but seeking it out, and identifying it, and stating it I think is really, really important. And this relates of course to our finances as well.
Having a retirement plan, having a retirement analysis, does not guarantee that that’s going to happen. However, it’s my opinion that it does give you something to go towards and those that have that point in their mind and are tracking it consistently, perhaps every year or so, as you go toward your goal. You’ll vary, of course, some because we don’t know what the future holds, but vary less than someone who is completely blindfolded. And some people who are completely blindfolded absolutely make it to point B but it might be more luck, or happenstance than an actual plan of how they get there.
That’s really what I wanted to talk about today. I feel that so much emphasis is placed on “this investment” or “that investment,” which is important, don’t get me wrong, but I also think that one of the best things that you can do for yourself, and one of the best things that I do for my clients, the dynamic value that I bring, is really identifying what it is that we want to do first and foremost. Then how are we going to get there; and reviewing it in a systematic, professional way. And I think it increases our odds of getting there. It does not guarantee it unfortunately but it does increase our odds of getting to where we want in the future. If you don’t have that, if you are sitting here saying, “Gosh, I don’t know what point B is.” Talk with me. I’ll be happy to try to help you out with that. That’s, I believe, one of the dynamic values I and my firm, Generosity Wealth Management, brings to the table.
Hope you’re having a good election week. Half of you are probably happy with the result and the other half are not. But I just wanted to throw that in there as well. Mike Brady, Generosity Wealth Management-303.747.6455. You have a wonderful week. Thank you, bye, bye.
The 3rd quarter was good, essentially across the board.
However, I’m concerned about some leading indicators that are slowing and indicating a tough economy ahead (notably Chicago PMI) and I’m factoring that in.
That being said, I’m still looking for a nice finish to the year, but watching this next quarter very closely.
If it’s weak, then I’m concerned about 2013.
I’ll keep you posted throughout the quarter, but watch my video now to get my current thoughts.
I’m a believer in Diversification as a component of any long term investment strategy. One of the most famous money managers of all time, Peter Lynch, once said “I love all my stocks–that’s why I own them–but I know 20% are going to be dogs and disappoint me. I just don’t know which 20%”.
This is a key investment strategy.
This week’s video I talk about Diversification and Dilution. Are you truly diversified?
TRANSCRIPT:
Good morning, Mike Brady Generosity Wealth Management talking to you from Boulder, Colorado. And today I want to talk about diversification, dilution, how much diversification is good, how much is a waste, just kind of what my thoughts are around that. Because every once and awhile I’m asked the question, “Mike, how much is you know really diluting the returns? And I’ve heard that so many sectors, or stocks or mutual funds or something, it’s just really waters everything down and you don’t get ahead…”
You know I’ve heard that before and my answer to that; and by the way I only hear that when the market is going up, but I never hear it when the market goes down. I mean people like being diversified when the markets are going down because chances are, I’m generalizing here, that the decline is not as much as if you were in one individual stock or one individual sector. And so really you have to look at both…, the market does three things; up, down, sideways- that’s it. There’s no rocket science around that. It goes up, down or sideways. And yeah, in an upward market you wish, that in hindsight, you were in this particular hot stock or this particular hot sector. But unfortunately, that’s hindsight and you have to acknowledge that we don’t know what the future holds. But what we are doing is an analysis of what we think might be in the future and weight things accordingly. Understanding that, “well, gosh, I might be wrong.”
And so, diversification: I’m not an individual stock picker. I’ve never recommended an individual stock to a client in my entire 21 years because I’m of the belief that I want to decide on a sector. And a sector in my mind is not necessarily biotechnology or something very specific, although that is also a sector, but what I’m talking about right here is large cap, small cap, middle cap, mid cap, value or growth, US, international. These are the types of sectors that I’m looking at. And it can also be sub-sectors that I mentioned earlier like biotechnology or health care or automotive or consumer discretionary etc. But either way, it’s really through analysis of what you feel that sector is looking at because when we go a layer deeper to the individual stocks there can be four out of five companies, let’s say, that are doing well in that sector and one that is not, and are you going to be good enough to choose (not choose in this case) that one that has done really poorly? I think that is a very difficult thing to do and so it’s one of the reasons that I believe that sector, or even which kind of category of stock or bond, depending on the client, is the better place to be.
From a diversification point of view, most studies have shown that once you get over 20 you’re not getting increased value for having that 21st stock or if you have 40 you’re not twice as diversified as if you just have 20. That’s what many studies have shown. My experience, and kind of my approach, is once I choose a kind of a broad sector, whether it’s large cap, small cap, mid cap, etc., I usually have one to two positions within there; a lot of times an index within those particular sectors. And the index itself is of course, usually dozens if not hundreds of stocks. But I’m buying the particular sector or that particular category, whether it’s growth or value or large or small, etc.
So I don’t believe that, I mean, dilution is really only when somebody wants to start hitting some home runs. I think that diversification is a better approach and the three types of markets that I’ve described, up, down and sideways, I do believe more in a kind of sector approach to it. If you haven’t already gotten that from this video, for goodness sakes.
So how much is too much? How much is too little? There’s no right answer to that. It is something that I talk about with each client and I’d love to talk with you as well. 303.747.6455, Mike Brady. I’ve got a couple of disclosures here coming up so stay tuned for that and you have a wonderful week. We’ll talk to you later, bye bye!
The 2nd quarter distinguished itself by significantly increased volatility and ultimately seeing the unmanaged stock market indexes down.
Those same market indexes are still up for the year, and it’s my belief they will end the year positive, but with continued volatility.
November is the big election here in the United States, and regardless for whom you feel is better and hope will win, the market likes a reduction in uncertainty. At that point, at least some semblance of planning can be done for a few years by the private sector as it analyzes the tax and regulatory environment it may find itself.
Europe is unwinding, unemployment is still high, and Asia is slowing down. Profitability is high in our largest companies, cash balances on large multi-national corporations are huge, and creative destruction is in full bloom.
All adds up to some volatility.
Watch my video for a more detailed discussion
TRANSCRIPT:
Happy 4th of July to you! Mike Brady speaking to you from Generosity Wealth Management here in Boulder, Colorado; and happy summer to you. Here for the second quarter review and the third quarter pre-view. Second quarter was a difficult quarter, okay? I don’t want to minimize that impact. May was just an absolutely brutal month. June recovered from some of that but not enough to make the unmanaged stock market indexes positive for the second quarter.
If you look back three months ago, one thing that I said is that I believed that volatility was going to increase, and it did. It did in fact increase; we saw a much more erratic market in the second quarter than we did in the first quarter. The unmanaged stock market indexes are still positive for the year. Three months ago, six months ago, I said that I believed 2012 was going to end as a positive year for those stock market indexes and I still believe that is true today. That does not mean you should not have a well-diversified long term strategy in your portfolio- you absolutely should. I think that’s important for every client.
Now as I look forward to the third quarter, there’s going to be a lot going on, particularly as we lead up into the election. The election is, of course, the first week of November, so we’ve got the third quarter leading up to it with the convention and all kinds of hype. But we also have, if you’re looking for things to be negative about; you’ve got the looming Iran crisis; you continue to have Europe problems with Spain and Italy; you’ve got China showing a slow-down and many analysts saying they’re going to have a huge correction at some point in the future; (who knows if it’s going to be third quarter or not.) But the you also have, not this quarter but in December, you’ve got the expiration of Bush Era tax rate cuts. And so they’ve been extended and now it’s come due again and it’s going to be in that after-the-election-but-before-the-inauguration and that’s kind of a big thing going on this year, between now and the end of the year.
On the flip side though, companies have huge cash balances, companies have been very successful at reducing their costs. So one of the positives of being very lean and mean and efficient from a company point of view is some of their fixed costs, like a decline in oil in the gas prices, can have a major impact on their profitability. And so I believe that’s a positive trend for these companies. Plus, they’re dealing with lower expectations. There’s a lot of bearish sentiment out there, so that’s lower expectations that they have to meet. One of the most recent studies has shown that potentially the housing crisis has hit a bottom, the prices. And so I think that it’s going to kind of stoke the stock market a little bit more.
I do continue to believe that the end of the year is going to be volatile, but it is going to end positive. You’ve got to remain diversified. I believe you should meet with your advisor and hopefully that’s me if you’re one of my clients, to find a portfolio that works well for you, that meets your long-term goals. I’ve said this time and time again, that one of the best things that you can do, and hopefully you can do that with your advisor, is figure out, you’re at point “A”, where is point “B”? How do you get there? What plan works for your risk level? With all the variables, so that you can have the life style that you want upon retirement. Or if you’re already in retirement, that you can not out-live your money. All the kinds of variables add up together. If you do have a long term strategy, frankly, month-by-month, quarter-by-quarter, these things are just data points and so I hope that you are sleeping well at night because someone is worrying about it on your behalf.
You are always welcome to give me a call, Mike Brady, 303.747.6455. My e-mail is mike@generositywealth.com www.generositywealth.com is my web site, I’d love for you to go see that. Hope you have a wonderful 4th of July. Not sure exactly when this video is going out, hopefully it is going out Monday afternoon, maybe it’s going Tuesday, I’m not sure but I’m recording it Monday, July 2nd. And like I said, I hope you have a wonderful 4th of July. We will talk to you later, bye, bye now!
