B (2:42)

Not bad.

A (2:43)

That is amazing. That. That is the kind of thing I like to hear. That's a great. Not to brag of the week. And that is. That's awesome. That. And that's one of those things where I tell people, like, it's not just because you waited too long and you're starting late doesn't mean that all is lost. Like, you can. You can do these things. That's, that's. That's awesome to hear.

B (3:01)

How much leverage do you think we used?

A (3:03)

I mean, the timing was November 2022 is when ChatGPT hit the market. So I'm sure she went all in an AI in our retirement accounts. Yeah, but great work. All right, can I just.

B (3:12)

Can I share something that I got kind of a. An offensive comment on YouTube. I just want to share real fast. T7W1 said Duncan is 38. I listen to the podcast and don't see the gray beard. Duncan, the YOLO years are behind you. Time to give up on oatly and think of your future. Time is running out. Time is running out. I'm sorry, man.

A (3:37)

He called you middle aged. It's over.

B (3:41)

Yeah, that hurt me.

A (3:42)

You've got gray in your beard just like me. My kids are always giving me crap about it. All right, let's get to the first question of the day.

B (3:48)

Okay, up first today, we got a question from Chuck. Is there any downside to buying a bitcoin ETF in a brokerage account rather than buying bitcoin itself? On Coinbase, is there any scenario where the price of the ETF and the coin itself are delinked? Somehow.

A (4:02)

Okay, let's bring on an expert for this one. Eric Balchunas from Bloomberg is a preeminent authority on all things ETFs. Eric, does anyone love ETFs more than you do? They can't, right?

B (4:11)

Definitely not.

A (4:13)

Well, you're good for the industry. You're an ETF proponent. So there's a couple of different angles here with this question. The first one, I guess, is cost. So I have some personal experience buying and selling Bitcoin directly on, like, Coinbase or Robinhood, and I am shocked by the bid ask spreads there. They're still, to me, insanely high. So I want you to walk us through the difference in transaction costs of buying an ETF on an exchange, wherever in your brokerage account versus buying crypto directly on one of these exchanges. I'm curious, what do you think that looks like?

C (4:47)

You know, you're correct. If you're from the crypto world and you're buying it on Coinbase and it goes up 50% every year, you probably don't notice that you paid like 1.4% to buy it because you're up so much and you don't know any different. But if you come from the tradfi world and you're used to like free commission, commission free trading, and like tight Pennywise spreads, it's highway robbery.

A (5:11)

Right?

C (5:12)

The irony, by the way, the whole irony of the crypto industry, it's a.

A (5:17)

It's.

C (5:17)

I think an underreported story is it's all populist, but the intermediaries are living in like 1970s stockbroker world. Yes, it's a tradfi, meanwhile, is living in pure hell. People underrate how much these Schwab and Vanguard and BlackRock and all the brokerages, honestly, have just been competing. Remember when they all went to commission free and they all had to copy each other? It is brutal. It's a hellscape. So the Bitcoin etf, if you buy it on a brokerage account, there's no trading Commission. There's probably a 2% of 2 basis point spread, maybe 3, something like that. We'll call it almost nothing. Then you pay like 20 to 25 bips a year in expense ratio.

A (6:04)

Wait, do you think those will go down, those expense ratios? Because they were. When they started, they were lower than I thought they'd be. And I know that there was a ton of competition. Do you think those will continue to be eaten away as well? Maybe.

C (6:13)

I. I think for now they're like at a, at a, at A place where most people would say they're cheap.

A (6:18)

Yeah.

C (6:21)

But like if a Schwab were to come out with like a 10 bip, you know, maybe that would force the issue but. Or Vanguard but if some no name issuer came in at like 2 bips, it wouldn't matter. It would need to be a big issuer coming in about half the cost and I don't really see that happening. So I would just assume we're going to be 20 to 25. By the way, GBTC was 2% and hedge funds were 2%. So this is a, you know, virtually 8 to 10 times cheaper than what was previously on the market. So you got that, that's really. Your fee is 25, 25 bips a year, something like that. And with Coinbase I tried this, right? So I've been working on a book all year about this. So I was like, okay, let me try to get bitcoin on my own. If the transfer from your bank account and then when you look at the different I actually got this app called Ledger which is a hard wallet and that has a software that allows you to look at all the exchanges to see what the deals are. And honestly I couldn't find anything below 1.5% when I wanted to trade my dollars for bitcoin. And that I believe is inclusive of the spread. But also it's almost like it felt to me like when, you know when you go to airport in a foreign country and like there's the currency exchange in the airport and like that's the fee, you pay a much higher fee there than if you like went in town and used the bank. That's I feel like what it felt like for me I felt like I was getting fleeced and I couldn't get a lower fee. Now James Safer is crypto native. He claims that he can get 50 bips in terms of a round trip with bitcoin on his thing. But I did my best to do it, you know, and I'm not dumb but it took me a while and it chart it was 1.4%. So honestly though, if you buy it one time and you're never going to buy it again, I think you have to hold it for four or five years because then that, because that 1.4% is a one time cost. The expense ratio of an ETF is every year. So if you only buy it once and you never make another purchase, it would be cheaper probably to use the exchange if you were going to hold it for more than four or five years. Most people don't operate like that, but if that's what you're going to do, then fine. The other thing with an exchange where you get some benefit is if you want to. Sorry about that. If you want to download the bitcoin into a wallet, right, and actually like have your own address and be able to like, you know, cross a border with it, you know, do the cool bitcoiny things you want with your bitcoin, then you, you, you can't do that with an etf. And I did that and I have a little wallet. I'll show you what it looks like. This is the wallet. I forget how much I have on here, but there is bitcoin with my name on here. And I gotta be. It feels kind of cool to have this money in something the government.

A (8:58)

I wouldn't trust myself. Well, that's the other thing I wanted to ask you about, like the storage itself. I for one would rather have a Fun company like BlackRock or Fidelity or Grayscale or whoever handle that for me. So I'm curious, what are, what are these fun companies actually doing? Like what? Because I know some people, like almost don't they wonder, like, what, what could cause this to go wrong. But like the fund companies, they have their asses covered here. Like what are they doing to. To make sure your crypto is safe when they're holding in an etf?

C (9:24)

Yeah, well, they use. Most of them use Coinbase, but some use two. I believe BlackRock now uses two. And just like gold, like there's a couple gold ETFs that diversify across different countries where they hold the gold. In the end though, it's like gold. Like nobody's going to rob the gold out of the vault in London from JP Morgan. It would take like something way beyond even like a Pink Panther movie. But in the bitcoin case, there has been hacks, I get it. But the security is really good. And most of the hacks that you've read about are when the money's in a hot wallet. But all of the ETFs immediately move money to multiple cold wallets into cold storage, which is, you can't hack. So if there was a hack, it would probably be a small, tiny version of the sort of like temporary funds they have. But once they get like, once the creation of redemptions are over, they sort of shifted over to a cold storage and that's pretty secure. So.

B (10:19)

And. And that's basically just like hard drives in a vault, right? So, yeah, completely inaccessible.

C (10:24)

The equivalent of the Other thing is, honestly, if Coinbase were to get hacked, we'd have like a national emergency. Because I was looking up the biggest robbery ever was nickel dime compared to what you could get off of Coinbase. So I do think that the more people like BlackRock and others that use Coinbase and even just regular retail people, the more it becomes like, a government's problem. Not that they're going to hack it, but it's not like some of these hacks that were in really smaller exchanges. And a lot of times the bigger issue for bitcoiners is a getting scammed. Some people go on these zoom calls and you share your screen and are able to take your bitcoin. I've seen that happen. You don't have to worry about with that, with BlackRock or with an ETF, and then the other one is just getting kidnapped. I know it sounds crazy, but some guy got kidnapped and, like, they made him smoke crack cocaine and like, basically like, you know, beat him. Beat him up and dangle.

A (11:24)

Someone's gonna torture you for your passcode now.

C (11:25)

Yes.

A (11:26)

That they sell your cold storage.

B (11:27)

It sounds like a John Wick.

C (11:29)

There actually is a movie called Hacked or Cold Storage. I saw it on an airplane when I was doing research for the book. I watched every bitcoin movie.

A (11:35)

Sounds like an airplane movie.

C (11:37)

Yeah. And there's a movie called Cold Storage where they kidnap the guy, and it's about this exact premise. But then they try to get some woman who was like the wife of a guy who ran an exchange. They kidnapped her in France, but then someone intervened every, like four or five months. There seems to be a story the. Even the native bitcoiners are actually thinking about moving some to the ETF to avoid this, like, kidnapping issue.

A (11:59)

It makes sense. I mean, so the thing is the etf, it just. It makes your life simpler, right? Yes. It's easier to transact if you're like buying this thing on a monthly basis or something. And like you said, you have those really tight spreads, that expense ratio that you're paying, as far as I'm concerned, for peace of mind and for ease of access. And then when you get out of it, if you ever do want to sell, you're not paying these exorbitant spreads. Right. Which is on a bigger pile of money, hopefully. If it keeps going up, I think the ETF just should add some peace of mind. And I think that's why for advisors, it sort of unlocked this whole new thing.

B (12:30)

Thing.

C (12:32)

Absolutely. It's the same thing for stocks. People Want to outsource stuff. The crypto crowd sometimes can't understand that. They're like, why not your keys, not your coin? I'm like, that's exactly. Nobody wants the coin, really. They want to outsource this. Same with stocks, same with bonds. I would say if you're somebody who's thinking of an allocation, I just think commit to a four year timeframe because there's never been a four year period where you lose money in bitcoin. But if you do one to two years, anything can happen. And the second thing is I would tinker a little with maybe trying to get a little money on a hard wallet, like play with that concept. Because there is a scenario in the future where people do start using wallets to transfer assets around. So it's worth exploring. But personally, if you're going to make a big investment, just seems like a no brainer to buy the etf, right?

A (13:20)

Totally agree. All right, thanks, Eric. Appreciate it, man.

C (13:23)

Yeah, you got it, man. Have a good one.

B (13:25)

See ya.

A (13:26)

All right. Okay, let's do the next one.

B (13:29)

Okay. Up next, we got one from Alex. Like skydiving. I have absolutely no interest in cryptocurrency. However, I'm heavily invested in NASDAQ and S&P 500 stocks. The recent crypto crash didn't appear to affect the market a lot, but my understanding is that some investors were selling stocks due to the drop. Due to the incredible volatility of crypto, I'm growing more concerned about the effect it may have on my portfolio, even though I don't own it.

A (13:57)

Okay, two crypto questions this week.

B (14:00)

Yeah.

A (14:00)

So my wife always says no way she would want me to, but I would totally go skydiving. I would love it. There's one you can go on the, on the Michigan coast and you can see like all of the sand dunes and the Michigan coastline. You wouldn't do it? I would do it in a heartbeat.

B (14:12)

I don't even like flying that much. I would never jump out of the water.

A (14:15)

Oh my gosh. I would do it in a heartbeat.

B (14:17)

You know, you should, you should go with Jessica from Data Trek. She goes skydiving all the time. Yeah.

A (14:22)

And honestly, it's one of those things where, listen, if you die skydiving, God forbid, no one can feel sorry for you, right?

B (14:28)

No. You literally are like the punchline of jokes after the fact.

A (14:31)

Yes, exactly. But that's a good way to go. How did he die? Skydiving. Can you believe it?

B (14:36)

I'm sorry. Everyone can believe it.

A (14:38)

Yeah. All Right. So Luke Kawa from Sherwood News actually wrote a story about this recently where he talks about how bitcoin is behaving like a non profitable tech company. All right, let's do the chart here that he shared. So this is the correlation, like a two month correlation, three month correlation of bitcoin versus non profitable tech, which is a Goldman Sachs index that they have, which is kind of funny that they even have an index for this. But it shows that the correlation has been rising. You can see it kind of ebbs and flows. But recently the correlation is rising, which basically means it's at like 0.6 something basically means that they're moving in the same direction. You can do chart off. Daniel. I guess the thing is sometimes bitcoin moves in line with tech stocks and sometimes it doesn't. So let's do another chart on this is Bitcoin versus the NASDAQ 100 for the year. You can see for most of the year it was more or less in lockstep with the NASDAQ 100. And then in recent months, crypto crashed. The NASDAQ 100 really didn't. And I guess the way to think about this is maybe bitcoin is a precursor of things to come in tech. But I don't think it's realistic to think crypto can cause disruptions in the stock market. This is not the tail wagging the dog. The entire crypto market cap right now is $3 trillion. The U.S. stock market is $70 trillion. Right. Bitcoin I think is half of the market cap or maybe 2/3. So crypto is not going to cause a stock market crash. Crypto is just a risk on, risk off asset. So if tech stocks are falling and there have been a lot of nonprofit tech stocks getting killed lately, that's not because of crypto. Crypto is falling because those stocks are falling and there's a risk off attitude. Right. So it's not the cause of these moves. It's more like a gauge of risk sentiment. And so when risk is off, sometimes bitcoin and crypto is going to be off.

B (16:14)

Well, that's the Venn diagram of people who own bitcoin and own a lot of tech stocks is probably a circle, right? You know?

A (16:20)

Yes, yes, that's the thing. Crypto really has been like this. At the beginning it was like a venture capital investment. Right. And now it's more like this, like it, like they said, a more like nonprofit tech company with no cash flow. So and it trades 24,7. So the volatility is expected. But no, I do not think crypto is going to cause some sort of stock market crash. These crypto people get liquidated all the time. There's so much leverage in this, in this industry, and these people get nuked and come back to live another day, and it seems to be fine. So I don't think crypto is nearly big enough to cause a stock market correction. It's just that the tech stocks were falling. So crypto is falling, too. It's not a cause.

B (16:57)

And if it ever does, then we'll clip this and share it on social media.

A (17:00)

Bring it. All right, let's do another one.

B (17:03)

Okay, up next. We got this one. It's referencing a tweet. Saw this tweet going around and wanting to get Ben's take. Do low gas prices always signal a recession?

A (17:14)

All right, so the tweet. Yeah. So it says, you know when gas prices are low during recession, that's when. Because gas prices are pretty low right now. What is it for you? For me? I saw 267 today.

B (17:23)

Not to brag. I drive an electric vehicle. I don't pay attention. I have no idea. Ah.

A (17:27)

Oh, cool guy. So in theory, this would make sense from a supply and demand perspective. You would expect gas prices to fall or be low when there's an economic slowdown. But gas prices, low gas prices in and of themselves do not guarantee a poor economy. Let's do a chart on here. The Federal Reserve has gas prices going back to the late 1970s. You can see, like, gas prices have fallen in the past five recessions. Right. 2020-2008-2001-1991, and 1982. They actually rose in 1980, but that was because inflation was out of control and there was, like, a gas price oil problem. But look at the 80s and 90s. Gas prices were low and or falling throughout the 80s and 90s, and the economy did pretty darn well back then. Gas prices have fallen a lot since that spike in 2022. No recession. Chart off, please. I got my driver's license in the summer of 1997. Gas was insanely cheap back then. I had a 1989 Honda Accord. It was a stick shift. My very first car was a stick shift. First time I ever drove it, I wore that clutch out. And I finally figured it out, though. You know, actually driving this. I don't know if they even have manual transmissions anymore. It makes you feel like you're driving a race car.

B (18:31)

It's more of a special. Yeah, special thing now.

A (18:33)

Yeah, I'm sure because people on their cell phones all the time in their cars, they probably don't have it anymore. But I liked driving a stick shift.

B (18:38)

My first car was an 88 Honda Accord. And it was automatic, though, so lasts forever, right?

A (18:43)

So I remember putting in like $5 a week into that thing and it would last me all week. Because gas was like 92 cents a gallon back then. It was so cheap. And guess what? The economy was booming in the 90s. So low gas prices then, back then did not signal that. That it was a bad economy. It was just there was a glut of oil. And the same thing is happening today. Right. So a lot of it has to do with oil prices. Let's do the next chart here. This is. This is nuts. This one really surprises me. Gases or oil is $56 a bale right now. It first hit that level in 2005, which I remember back in 2005, paying about $2.50 a gallon for gas. And it's still there 20 years later. So for two decades, there's a two lost decade for oil. It's gone nowhere for two decades. Want to know why? We discovered more oil. We found better ways of extracting it. We produce more oil now in the United States than ever before. And so that's why gas prices are low. This is a good thing. This is not a bad thing. Now, will they fall even more if we go into a recession? Yeah, probably. Do gas. Low gas prices right now indicate that we're in a recession? Not necessarily. No, they don't. It's one or the other. It's kind of. It's. It's.

B (19:53)

I like that. Definitive. Definitive.

A (19:56)

Yeah.

B (19:57)

I've got a funny. A funny story for our European audience that. That listens or watches. When I went to Germany a couple years ago, we were renting a car and I saw the gas prices and was like, gas prices really aren't that different here. And then I realized it was liters, not gallons.

A (20:11)

Yeah. When I was in Italy last year, I saw, I looked at it, I tried to do the calculation. They pay like six or seven dollars a gallon there. They pay a ton of money because they have all these taxes on it. Yeah, they pay. That's why all the cars over there are small.

B (20:22)

Yeah, yeah, exactly.

A (20:23)

They do not have the big trucks. And also why we do.

B (20:25)

Why electric has taken off so much fare. Yeah, yeah, yeah.

A (20:28)

All right. But yes, low gas prices. Guess what? Right now, this is a good thing. This is not a bad thing.

B (20:34)

We'll take your word.

A (20:35)

For it again, throw it in my face if we're actually in a recession right now.

B (20:38)

Yeah, you're giving us a lot of good stuff here to. To timestamp. All right, all right. Up next question. We got a question from Boris. My question first ever.

A (20:46)

Boris gotta be right.

B (20:48)

Maybe I'm not. I'm not sure. I'm not sure.

A (20:50)

You think we've gotten a Boris before? No way.

B (20:53)

It kind of rings a bell.

A (20:54)

The question.

B (20:55)

Maybe it's just because. Maybe I've watched too many episodes of the Americans. Okay. My question is about the potential troubles coming. Let's say the market goes down 20% or even 30%. Would I be happy? No. But investing for more than 12 years already, mostly dollar cost averaging. I would think about this kind of decline as a time travel back two or three years. Wouldn't this be a good thing?

A (21:16)

Boris, Excellent question. Do you think if you have a name like Boris, you have to like vodka?

B (21:21)

I mean, you're missing a good opportunity.

A (21:23)

My. My mother's maiden name is Kennedy. All my uncles love drinking Guinness and Jameson.

B (21:28)

Good taste.

A (21:29)

I feel like you just kind of have to.

B (21:30)

Yeah.

A (21:31)

I love the time traveling idea here by Boris. And side note, has there ever been a bad time traveling movie? I say no. What a great concept. Every time.

B (21:39)

Were you a hot tub time machine guy?

A (21:42)

I think that movie is actually underrated. That's a really funny movie.

B (21:44)

Yeah, I thought it was funny.

A (21:46)

All right, so let's take a look at a chart to see how far back a 30% decline in the stock market would take us. It's actually not as far back as you think. If we fell 30%. This is the Vanguard Total Stock Market index fund. A 30% decline from current levels would take us back to January 2024. Things were not so bad in January 2024, were they, Duncan? I bet a lot of people felt pretty wealthy because of the gains we've already seen. So it's not as bad as you think. Right. And I guess it obviously makes sense, right? The stock market was up more than 20% last year. It's up almost 20% this year. A 30% decline would take us back again to 2024. Time traveling wouldn't be the worst thing in the world. Boris, are you going to continue to dollar cost average? I bet you are, comrade. Right? No, but don't you think like that? If you're going to dollar cost average, then yes, you should be probably every once in a while, like he said, not being happy about something like that. But it's A chance to go back to those levels. That. Boy, I wish I would have bought more stocks in January 2024. Most people would say that right now, wouldn't they? Gosh, the stock market's up so much since then. I would love to buy stocks at those prices again. Right, well, maybe you can if we time travel. So, yes, you're right. Wouldn't be the worst thing in the world. And would it surprise me if we had a nice little tumble here? No. Because of the gains that we've had. Absolutely not. But I like the way that he's thinking about this. This is a good way to frame it.

B (23:04)

You know what I was probably doing in January 24th was looking at my tech ETFs, looking at my tech ETFs and being like, nah, I don't want to bring my cost basis up by buying here.

A (23:15)

Exactly right. Things are way too stretched here. Valuations are too high. Yes. Yeah, well said. Whenever that 20 or 30% crash happens, Boris is going to be ready. All right, let's do one more.

B (23:27)

All right. Last but not least. Wow, this is kind of. I'm feeling sentimental. This is our last. Ask the compound question of last year, of the year of 2025. Okay, here we go. This one's from Ryan. I'm in the unique position where I make too much to contribute to an ira and most financial advice seems to be geared towards Americans that make less than $100,000 annually. I'm curious to hear what you think about that, because I don't think that's.

A (23:49)

The case personally, but I have strong feelings here.

B (23:51)

I've. I've made over $400,000 each of the past 12 years. I have amassed over $3 million in a hodgepodge of custom whole life, a very healthy 401k and taxable investment accounts. How can I maximize retirement savings in a tax advantaged way? Or grow a portfolio that will both capture upside growth and withstand extreme downturns that invariably pop up over the next 20 year period? My, my goal is to have $300,000 in annual retirement proceeds adjusted for inflation. I'm 46. Are they saying they want $300,000 a year to spend in retirement?

A (24:27)

Yes. Yes. So do the, do the 4% rule on that. Duncan, how much does he need? Let's see. So we do 300,000 divided by 04. He needs seven and a half million dollars if he wants to spend that 4% rule.

B (24:43)

I mean, you work with people in wealth management all the time. That's a big number to spend In a year, right?

A (24:49)

Like that's depends how much money you have.

B (24:51)

I feel like most people, most people are aiming for significantly less than that.

A (24:55)

When I read, listen, we work with people that want to spend a million dollars a year sounds crazy, right? But some of it is front loaded. And here's the thing, Ryan, my friend, you are mistaken. Most financial advice in the wealth management industry is explicitly geared towards people like you who have millions of dollars.

B (25:11)

That's what I was thinking.

A (25:13)

One of the criticisms of the wealth management industry over the years is that it's a club reserved for the wealthy. Most financial advisory firms have a million dollar minimum. You can't come to us unless you have a million dollars in liquid assets, right? I think the last 10 to 15 years has seen an explosion of advice on the Internet that's geared towards people who don't have as much money. So that's a good thing. But the wealth management business is mainly for rich people now. That's changing in some respects there are far more options now. Daniel, put the little chart, I'll do a pat of the back here. Little self promotion. We at Ritholtz, we now cater to people at every level, right? From 0 to 250,000, 250 to 1 million, a million to 7. Like we have all these different tiers where if you have money and you're looking to invest and need some advice, we're willing to work with you. And there's a lot of other places that are doing this now too, which is great. You can do the chart off here. Here's the thing, Ryan, you need a financial advisor. You have a hodgepodge of investments, right? You have a goal, you want to hit a specific goal. You have a number in mind and you don't think that there's any advice out there for you. You need to talk to a wealth management firm. You need to talk to someone who will work with you and figure out a plan for these next 20 years or however long until you retire. Hey, here's my goal. Here's how we're going to get to it. We're going to take these hodgepodge of investments and turn them from a hodgepodge and into a well oiled machine that is going to give you the amount of money you need. It's going to help you reach your goals, it's going to minimize your risk. All of these things we're going to take into account your time horizon, your goals, all this stuff. You need to talk to someone who can give you advice for that kind of person. But yeah, you're looking in the wrong place because there is a ton of advice for people like you. Listen, the wealth management industry wants you.

B (26:47)

Even, even this show, open arms. People sometimes complain, you know, probably what, 70, 75% of our questions come from high net worth people, you know. So, yes, and we try our best to have a nice diversified amount grouping of questions. But yeah, I feel like things are definitely catering to wealthier people.

A (27:03)

Yes. Again, that's been a criticism over the years of the wealth management industry that you don't, you don't have enough, you don't open up to more people with less means. So, Ryan, any wealth management, any wealth manager you talk to, they will gladly offer you advice and I think that's what you need to do at this point. Like, you've obviously amassed a large amount of money at 46 years old. Kudos to you. Well done. Now it's time to take that pile and do something with it and make an investment plan and a retirement plan and get some advice. Tax planning, estate planning, insurance planning, all this stuff. Talk to someone, anyone will be happy to help you.

B (27:38)

Yeah, for sure.

A (27:39)

All right.

B (27:39)

And good job.

A (27:40)

Yeah, yeah, well done. You're our last not to brag of the year. You made it in right before the, the finish line.

B (27:46)

There we go.

A (27:46)

All right. Yeah. Thank you to everyone who's sent in questions over the years, especially this year. We've had a great time. Duncan tells me we're like breaking out on the time highs and listeners and.

B (27:57)

Viewers, we've seen amazing growth this year and yeah, we really appreciate it. The one thing I want to see more of the we need more reviews and comments on Spotify and Apple.

A (28:07)

So Duncan's Christmas wish make Tiny Tim's wish come true. Right? Merry Christmas. Happy holidays to all. Remember, email us your questions Ask the compoundshowmail.com we will see you January 3rd 2nd. What's the date?

B (28:22)

I don't know.

A (28:22)

First week in January.

B (28:23)

But yeah, we'll see you next year.

A (28:25)

Send us your text. Questions Mr. Bill Sweeper, our first guest of the year. See you then.

B (28:28)

See everyone.

C (28:31)

Thanks for listening to Ask the Compound. All opinions expressed by Ben Carlson, Duncan Hill and any of their guests are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management.

B (28:41)

This podcast is for informational purposes only.

C (28:43)

And should not be relied upon for any investment decisions. Clients of Ritholtz Wealth Management may maintain positions in the securities discussed in this podcast. Been out here all morning. Not a single bite. Guess the fish finally figured it out.

A (29:03)

Just like hackers do when Cisco Duos.

C (29:06)

On guard with Duos end to end phishing resistance. Every login, every device, every user stays protected. No hooks, no catches, no bites. Cisco Duo fishing season is over. Learn more at duo. Com.