Lead-Lag Live
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Lead-Lag Live
Charles Rotblutt on Emotional Investment Influences, Small-Cap Growth Prospects, and Diversified Portfolio Strategies
What if your emotions are driving your investment choices more than actual market changes? In our latest episode, we sit down with Charles Rotblutt, Vice President of the American Association of Individual Investors, to uncover the complex dynamics of market sentiment and its surprising influence on investment decisions. With a focus on the rapid information flow in today's markets, we examine the emotional rollercoaster investors often experience, even when their portfolios remain steady. Charles offers his unique insights into how maintaining a long-term investment strategy can help navigate these emotional waves and reveals why undervalued sectors, such as small-cap stocks and international markets, could be poised for a comeback.
We tackle pressing concerns dominating investors' minds, from inflation and national debt to interest rates and current market valuations. The conversation spans the shifting behaviors in investing—from traditional strategies to the gamification and speculative trends seen today. Despite these changes, there's hope in diversification, allowing investors to discover hidden gems within market volatility. By discussing valuation disparities between small-cap and large-cap stocks, as well as between international and U.S. markets, we emphasize the critical importance of balanced portfolios. Whether you're a seasoned trader or just starting, this episode is packed with valuable insights and strategies to help you navigate the complex financial landscape.
The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.
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Do you think that the way that people perceive time maybe throws off some of these sentiment surveys, that it's not the same signaling power like maybe it once was?
Speaker 2:Yeah, I think it does play a role. I don't think it necessarily totally lost their signaling power, but I do think it's affected, and everything is so rapid right now in terms of information that people do react to it. What we tend to see in our surveys is that our summit moves very quickly, but our asset allocation doesn't, and I've plotted two together. We tend to see people's emotions swing, but not their portfolios, which is really good, because your emotions will always be very reactive, and that's just from our pure genetics, from pure evolution.
Speaker 1:I actually met Charles at the Money Show briefly some time ago. It feels like it was yesterday, but God knows, everything feels like it was yesterday when you're so busy. But I'm looking forward to this conversation because it does look to me like there's a lot we can glean as far as tax loss, harvesting going on in markets right now, with year ends, sentiments, where we are on the cycle, and what in the world is going on with fart coin. That's going to be a big part of this conversation. So, with all that said, my name is Michael Guy, a publisher of the Lead Lager. Joining me here is Charles Roeblatt. Charles, introduce yourself to the audience. Who are you, what's your background, have you done a career and what do you do currently?
Speaker 2:Sure, sure Again. My name is Charles Roeblatt. I am a vice president with the American Association of Individual Investors. I'm also the editor of our magazine, the AAII Journal. I'm a chartered financial analyst. I've now been an investor I hate saying this, but now I'm going on close to 30 years, and I swear I had more hair when I started, but yeah, so my background. Actually, I started off doing valuing privately held businesses, moved into more public equities, and so I've had experience working both with individual investors but also with a separately managed account firm as well. So I've seen investing from different angles, and me personally, I tend to be a value investor, but I do understand growth strategies, and I also understand the trading strategies as well, although myself I'm not an active trader. It's just not my personality.
Speaker 1:Alright, so you get some more hair when value is in vogue 13 years have not been very good.
Speaker 1:I just put a post out on X even this month, you've had 11 days now in a row where the Ross 1000 value is negative daily, actually losing money, while the NASDAQ is pushing higher and all the bullish sentiment is driven based on that. I'm just curious to hear your thoughts on when, if at all, value will ever have a cycle that lasts for more than a few days, because it seems like this whole growth dynamic, with really tech being the reason it keeps working it's been hard to beat.
Speaker 2:It's very hard and one of the things about when you look at strategies like value, they work really well for the long term but over shorter terms they can underperform and shorter term can be much longer than you possibly have. Sanity or you know, as the old saying goes, can remain solvent. But when we look at valuations, particularly the US markets, the S&P 500, it's really driven by this max seven stocks. And if you look at various charts JP Morgan's market chart book, book of the Markets they actually plot the percentage of the top 10 holdings S&P 500s are waiting and now it's in the mid-30s and it's just really historically off the charts. When you look at the waiting, say, of your NVIDIAs, your Apple, your Microsoft, your Alphabet, at some point these trends tend to revert back to the historical average. And when you look at what valuations are for small cap stocks versus large cap stocks, they are historically undervalued. If you look at developed international countries, they are historically undervalued relative to US domestic cap. So at some point we are going to see small cap maker resurgence. We are going to see international stocks maker resurgence. But it is a pendulum and at some points in the market the pendulum can stay way skewed to one side and it can stay that way for a very long term, long time. And so when we look at the markets, there's always an old saying that the polite version of it is that reversion to the mean is a real pain, and what it means when things revert back to average is very painful for the people who are on the wrong side of that swing. But what people don't tell you is, while you're waiting for things to return back to typical averages, it's also a real pain and it requires a lot of patience. So I do think at some point we're going to see small cap value make a big resurgence.
Speaker 2:I do think at some point we're going to see international stocks make a big resurgence. Does it happen in 2025? Does it happen in 2027? That's anybody's guess. Right now we're certainly seeing things doing well and it partially might just require either some antitrust breakups of tech, maybe more competitors for NVIDIA.
Speaker 2:When you look at AI, at some point you might see overbuilding of data centers. You might see people realizing that AI's hit its temporary peak, pulls back, it's not meeting its lofty expectations, which we did see in the internet era. We had really high expectations for the internet back in 2000. That bubble got popped when people realized valuations were getting way ahead of things. Things pulled back and then we saw generation two, really after the financial crisis, where you start seeing cloud computing, you start seeing streaming services. So I do think in AI we're in the early stages. It would not surprise me for us to see a big pullback and then perhaps some type of resurgence with new uses that people really aren't thinking about right now. That that's going to come about. But again, predicting the timeline for that is probably tougher than trying to predict what team is going to win the NCAA tournament in March.
Speaker 1:And God knows I know a little bit about that predicting game and how bad and how hard that is. Let's talk about sentiment here, because I think it's a tale of two markets, sentiments being driven by S&P and NASDAQ, you know, index-based performance. I would still argue that a lot of the market is surprisingly weak and not co-moving the way historically it does. Again, going back to small-cast value as part of that dynamic. Where are we in terms of where the sentiment surveys are? Are we nearing or at some kind of peak optimism, peak bullishness, where the contrarian antennas come up, at least for short term?
Speaker 2:Not yet we have seen both of them kind of pop above. It's what we actually consider an unusually high level and we define it as being one standard deviation above the average. So for those listening who are not big on statistics, basically if you draw a big hill at the sides usually statistically usually have what we call tails where the number of readings kind of level off, and so we have seen bulls pop above into unusually high level a few times. We have seen bear cert pop up and right now bull sentiment's really close to historical mean. It's above average but not extremely high. But whenever we do see it rise above average we do send it to the markets underperformed not pulled back, but underperformed. But it's really been a relation to what we've seen in the markets really strong run towards the end of the year, particularly after the election. It has people optimistic. I don't see it being overly optimistic. If you look at something like the Bank of America bull bear ratio, they actually survey institutional investors whereas our surveys just really focus on individual investors. That's not running really hot either. So I think relative to the markets it's running definitely warm. I don't think it's overheated. But we have had this long streak of bull summit being above average. But we have had this long streak of bull sentiment being above average and we do tend to see that We'll have periods where bull sentiment runs above average for several months when you go back to 2022, I always thought bull sentiment really rang below.
Speaker 2:I do think it might take a research of inflation, perhaps some bumpiness in the market, return of downside volatility, to kind of bring sentiment back. But it's not at a point where I actually think it's overly worrisome. But it certainly has been hitting. It's that edge where it does suggest the markets at times could be set up for some underperformance. But I do want to point out one thing. I'm using the word underperformance and that's different than negative returns, because when we tend to see the market underperform, it still tends to actually realize positive returns because we've done our survey since 1987. Month period, the S&P 500 has delivered a positive return. It's just that sometimes it returns higher returns and sometimes it returns it delivers lower returns, but still positive.
Speaker 1:Talk to me about how these sensitive surveys are conducted. I often find that people just kind of go with the conclusion, not realizing that maybe the timeline on the question is longer than one might think, based on one's own view of what the definitive short term is, or intermediate term or long term.
Speaker 2:Certainly so. We haven't changed the questions since we started the survey since 1987. I mean, it basically is over the next six months I expect the market to be up, which is bullish, unchanged, which is neutral or bearish, which is down. And we used to do a survey by postcard. We literally sent out postcards to a random group of members and whenever postcards came back by Wednesday night of that week, we actually tabulated for the survey.
Speaker 2:In the mid-1990s we actually switched to the web and so AI members can take the survey any time between Thursday about 12.01 am Central Time to 11.59 pm Central Time on Wednesday, and so that is the survey period Thursday through sorry, really, it's Thursday through Wednesday.
Speaker 2:Period Thursday through sorry, really, it's Thursday through Wednesday. We do send out reminders to a random sample of our members throughout the week, throughout the seven-day period, to try to even out the response rate, and so we do actually see people responding versus that. But we also have people just coming right to our website and taking the survey as well. So it is always that one-week period of Thursday through Wednesday and if something happens during the seven days that could impact the sentiment survey for that week, but it also depends on when that event happens. So, for instance, if you have a Fed meeting, they announce their decision on Wednesday. Most of the rings for that week have already been captured. So you really have a small group of people that particular week taking the survey, say Wednesday afternoon, wednesday evening. So you don't necessarily all the market action that's going on as well. But we do ask members what their viewpoint is or the expectations is over a six month period.
Speaker 1:What I find interesting is that six months seems like a lifetime now right in a very kind of hyperactive, short-term, low-attention span world, whereas two decades ago six months was more intermediate term right, let alone short-term. Do you think that the way that people perceive time maybe throws off some of these sentiment surveys, that it's not the same signaling power like maybe it once was?
Speaker 2:Yeah, I think it does play a role. I don't think they necessarily totally lost their signaling power, but I do think it's affected. I mean, everything is so rapid right now in terms of information that people do react to it. What we tend to see in our surveys is that our summit moves very quickly, but our asset allocation doesn't, and I've plotted two together. We tend to see people's emotions swing, but not their portfolios, which is really good, because your emotions will always be very reactive, and that's just from our pure genetics, from pure evolution.
Speaker 2:Richard Thaler once told me that there's probably were at one point, species that were completely immune to risk, and all those species are probably now extinct immune to risk, and all those species are probably now extinct.
Speaker 2:So if we didn't have this greed and fear, we probably wouldn't be surviving here.
Speaker 2:But what keeps us alive isn't necessarily good for your portfolio, and so we've always tried to encourage our members to invest long term, to really think about their goals and when do they need the money, not react to the markets. And that's what we tend to see in our surveys is that they are reactive in terms of their sentiments, but not reactive in terms of allocations, which is good because it does suggest a large number of them are separating it. Are some reacting with their portfolios to what they're seeing in the markets? Absolutely, I think that's human. But by and large, we are seeing our members manage their portfolios in a different manner than they perceive the short-term movement of the markets, and I think it's important to realize that if you're a short-term trader, your time horizon is going to be a lot different in terms of how you make decisions than if your goal is I'm setting aside money for retirement or some other long-term goal and you're investing more of a buy and hold strategy versus more of an active trading strategy.
Speaker 1:How much of that sentiment feedback is driven by real thoughtful analysis about scenarios going forward versus just recency bias. I mean, I got to assume the majority of it is well. If the market's been doing well, then probably the market's going to keep doing well. If the market's doing poorly, it'll probably keep doing poorly.
Speaker 2:Yeah, there definitely is a lot of recency bias priced into our survey. We see that when there's a big move in the market one way or the other, we do see shifts in our summit survey. If you look, for instance, our bear sentiment hit an all-time high in March 2020, right when the you know sorry our bull sentiment in our survey actually hit January 2020, right when the market almost reached the top in the tech bubble. You go to 2008,. We saw bullish sentiments really hit a high right before actually March 2009,. Right before the market turned around.
Speaker 2:So you definitely see that playing a role in sentiment and even on a weekly basis, if there's a big move in the market, we do tend to see those moves.
Speaker 2:But there's other weeks where I think sentiment theories would come out one way and I get the results and it's something else where I'm like, oh, I didn't expect that. I come out one way and I get the results and it's something else where I'm like, oh, I didn't expect that. So I think it's definitely mixed by who's taking a survey each week, but there certainly is a reaction going on to to the markets in terms of how people vote and what's in their minds, and I'll point out, that's also been shown to affect trading. There was one study came out years ago saying that, depending on how the weather was outside, the stock market would be up or down. So if you look at the weather in New York City, if it's a cloudy day, stocks would be down. If it's a beautiful sunny day, stocks would be up. So humans, even though they don't think they're affected by these things, that shouldn't affect their sentiment towards stocks, but they certainly are. There's a huge psychological factor at play.
Speaker 1:Talk about what typically happens around this time of the year as far as actions taken regarding taxes, tax losses. You don't have really that many losses to kind of take taxes to sell into the way that things have acted this year. But what are investors kind of broadly, especially the institutional investors, doing right now?
Speaker 2:Yeah, I think some of them are looking to see if they have opportunities to harvest losses. And certainly, if someone made a bad investment, even though it's a good market, maybe you had something that just didn't work out or turns against you, just didn't work out or turns against you. I do think it's a good time this time of year to consider doing some perhaps tax loss harvesting. But what I'll say and people always seem to struggle with this is understanding the wash sale rule. And so the wash sale rule basically holds that if you sell an investment at a loss, you have a 60-day window really 61-day window where you cannot transact in that same security. So say, you've lost money in stock XYZ. If you bought within the last 30 days, you can't sell your position. If you bought a new position in the last 30 days the position you have a loss on you can't sell it now and claim a loss. You have to actually wait 30 days from the time you either a loss on. You can't sell it now and claim a loss. You have to actually wait 30 days from the time you either bought the investment or 30 days after you sell the investment to repurchase it before you can actually claim a loss in your taxable account, so that loss has to be in a taxable account.
Speaker 2:There is one loophole which is interesting. If you're dealing with ETFs say you own the S&P 500 SPY just use a very simple ETF If you have a loss in that and granted, this year it's been hard to have a loss in it. But if you do, theoretically you can't turn around and buy SPY. But you could actually turn around and buy, say, a large cap ETF like the Vanguard VTI, which is basically the broad market but it buy an S&P 500 ETF from a different fund family. You could actually do that without violating the wash sale rule Buying S&P 500, s&p 500 Spider, which is issued by State Street, and then buying ETF by iShares or Vanguard. I personally would not go that close to the line. Shares of Vanguard I personally would not go that close to the line. I think you're better off actually buying a slightly different fund. That's close to it but not exact, not raise the IRS.
Speaker 2:But the one thing about the watchdog rule for those people who are trading cryptocurrency it doesn't apply to Bitcoin, which is interesting because Bitcoin you do realize capital gains and capital losses, like you would with a stock, but Bitcoin is actually treated differently from the wash sale rules. So if you do actually guess wrong on Bitcoin, you realize the loss on it. You could actually turn around and repurchase it, claim the loss and repurchase it immediately, because there is a loophole right now regarding cryptocurrencies where, even though it's subject to capital gains, it's not subject to the wash sale rule. Now, does that change? On new tax laws, we'll see. Given the anti-regulation stance of the incoming administration and their seemingly friendly stance towards cryptocurrencies, I don't expect it to change, but it's something people should keep an eye on, and we'll see what happens with tax law next year.
Speaker 1:Since we're on that topic, you brought it up on sort of the deregulation side of things. What sectors and industries do you think stand to benefit the most from Trump taking on a more deregulation perspective? I mean my mind goes to regional banks, banking in general, cannabis, crypto, evs I mean anything that I'm missing there that you know you think could be interesting plays next year.
Speaker 2:No, I certainly think you know the crypto and the banking certainly seems to be targets. I think one of these you can look at also is industrial and oil companies that are perhaps, you know, instead of being green, they're brown. So I think companies that tend to be more affected by environmental regulations. They should be aided by the lighter touch. One of the things we don't know is when you look at infrastructure companies say your Jerdickis Engineering, those have a big firm. You can look at HRI, which is the old Hertz Reynolds company. I actually own that stock those types of companies, united Rentals.
Speaker 2:What happens with the Infrastructure Act? Do they keep building, because Trump was very big on infrastructure in his first term, or do they pull back? I think, industries that might be adversely affected. It might be interesting to see what happens in terms of the CHIPS Act, where they try to pull back some of that spending or not. And then when you look at the pharmaceutical industry, that's going to be anybody's guess. With RFK Jr coming into the office, you do have that question about whether it's a layer touch on the FDA versus what types of changes does Kennedy try to push through against big pharma? So that one? Right there I put a big question mark if you're trying to guess what the regulatory impact on that's going to be.
Speaker 1:Do you get a sense that deregulation could be inflationary, in the sense that it gets investors more optimistic, which causes them to to take on more risk and you know the wealth effect becomes an even bigger driver of spending power.
Speaker 2:You know, it's hard to say because I think we're looking at a few different factors depending on what President-elect Trump does with his promises. I mean, you're also talking about what he may or may not do in terms of immigration. You know, obviously there's a lot of immigrants that are involved in home building, the impact on the rural sector, on it in terms of labor as well, so that's going to be the tough thing on it. And obviously, when you look in terms of tax reform, who gets new tax breaks and what tax breaks are going to be extended there's no doubt in my mind there's already heavy lobbying going on. So I do think there's a few factors going on at once and I think we have to wait and see how those play out. And obviously, in the background, what does the Federal Reserve do or don't do? I do fully expect President Trump to jawbone Chairman Powell to lower interest rates as well, regardless of how the economy is doing.
Speaker 1:You talked to a lot of high net worth investors, individual investors, those that are doing the surveys. What are the biggest concerns that they have, if any? I mean, is the simplest answer the right one? Just don't worry about inflation. That's what's top of mind, I mean, of the myriad of things that can go wrong, what are the things that people are focusing on?
Speaker 2:I think inflation is a big one. I think a lot of people are worried about that. We constantly hear from our members about the national debt. That tends to come up quite often when we ask them about things that are going. I think there's a push and pull with interest rates. To the extent that a lot of our members are retired, they do like the higher interest rates because they do want the higher income off their portfolios. But I do think there's also concern when you look at housing. Obviously mortgages are high and that's a drag on the economy. So I think all those things going on, we do see a lot of push and pull in terms of politics and just worries about it.
Speaker 2:But I think you know, besides the economy, I would say when you look at macro themes, I think there's a lot of concern about what impact the long term you know-term debt levels being really high what impact that's going to have on yields Is that some point going to come around? And also impact stocks as well. And I think you know I'll add to that, I think valuations. I do think there's a certain number of members are concerned about valuations, particularly when they look at measures like Robert Shiller's CAPE ratio, which is a long-term indicator of valuations, but that's at levels we haven't really seen since the tech bubble of 2000s or if we go back to really the 1920s, that is really high, Although Shiller himself has said you do have to consider that we have had this pair of low interest rates, have had this pair of low interest rates. Uh, we've also had, you know, higher margins as well. Um, impacting uh that uh his ratio.
Speaker 1:yeah, the, the valuation, uh, that's uh ben graham actually calling you to draw on you about valuation from the great. Uh, you showed me the book, by the way, the start, right as far as the, the ben graham book, um, can we talk about fundamentals for a second here? Because I, I don't know, man, it seems like you've seen, I'm sure, that meme that's all across X, right, it's like somebody throwing out the intelligent investor, right to describe today's market environment. And I got to say it seems like everything has become gamified and everyone's essentially a gambler instead of an investor now, and that's where a lot of flows, by the way, in the ETF world have been going. I know it's dangerous to say that valuations don't matter anymore, but it sure feels like valuations don't matter anymore. What's it going to take to get valuations to matter? Is it just you need to have the Fed restore some sanity by maybe hiking rates again? I mean, I'm of the mindset that they may have to pivot entirely if this kind of media doesn't stop soon.
Speaker 2:Yeah, I don't know if it's necessarily all the Fed. I think sometimes when you look at these speculative bubbles, things just happen in the market where people take a step back and they realize, wait, things have gone too far in it. I do think some of these possible tech breakups, as I mentioned before, I think when you look at NVIDIA and I'll be honest with you, I've been in NVIDIA for a while I didn't think I'd keep going higher.
Speaker 1:You would be wrong. Hold on, you've been wrong. You're talking to me, come on.
Speaker 2:But, yeah, I'm an investment club. We hold NVIDIA Unfortunately, everyone else in the club with saying we're not selling it and it's been good. But you know, I think when you look at some increased competition, I think for some of these big tech companies it's going to play a role. But I think the other thing is Ben Graham. He was a deep value investor and you can't necessarily invest now the way he did in terms of selling multiples. But one of the things he talked about was really this idea about being an investor versus a speculator, and there are periods of times where you're right, the speculators are going to take hold, but I think there's a reliance on just total fashion fundamentals and I think it's important to realize that everyone focuses on the stocks that are in the news, but if you look around, you always find stocks are deep valued, stocks that are really strong fundamentals are just overlooked by the market and a lot of times some of the best performing stocks are ones that people just haven't looked at or perhaps, you know, passed on.
Speaker 2:I think United Airlines, I think it's up like over 100% this year and it wasn't expensive to begin with year and it wasn't expensive to begin with.
Speaker 2:But you tend to find that there are stocks that aren't necessarily the public eye, that have really good improving business, reasonable valuations, that if you catch them at the right time, they do really well.
Speaker 2:So I don't think the fundamentals have gone out the door, but I think the focus has gone away from fundamentals and it does leave a whole wide variety for investors who are willing to build a diversified portfolio, pay attention to valuation, pay attention to fundamentals to find really attractive stocks that are going to do well. But you do have to build a portfolio that's diversified and realize you're going to get some really good stocks but you're also going to have some strikeouts or stocks that are going to disappoint you. But if you go purely in the speculative realm as well, too, there might be a good chance that perhaps you hit GameStop. Believe Wong Tesla, for as good as it's been, if you're going at it with a short-term time horizon, it's very easy to get your timing wrong. On Tesla, even though investors have bought and held it and ran through the valuations written through some of the drama that always seems to accompany Elon Musk, have done well.
Speaker 1:I have this quote that diversification means owning parts of your portfolio that you hate. Because why would you hate it? Because it's not performing. If it's not performing, then it's not correlated, which is the definition of non-diversification. I'm curious for you yourself, as somebody who's a market observer and investor how do you think about diversification in an environment like this? I mean, are you looking at things like Bitcoin, like gold, inverse even? I mean what types of opportunity you plan with?
Speaker 2:you know, I know blackwork recently came out the paper talking about having an allocation of bitcoin. I've not been on a cryptocurrency bandwagon but, uh, when fidelity first opened their uh brokerage to doing crypto, I just threw a little bit of money, um into it, just literally like just a few dollars into it, just to kind of guess what they're doing. Uh, and I happen to just look at my account today and to give you an idea of my investments in Bitcoin. I realized that I had bought it at $17,000 when Bitcoin was at $17,000. And we all know what it is now. My total Bitcoin holdings are maybe worth 50 bucks, so I have enough just to kind of fool around with it. But I think now I probably have enough to perhaps afford a movie on Popcorn AMC now afterwards.
Speaker 2:But I do think diversification overall is a good thing. Gold itself has historically been a very good diversifier because it's not really correlated with anything. But I view diversification as really protection against being wrong. Or, if you do the inverse of that, it increases the odds of being in the right asset category at the right time. And when diversification works really well, you are supposed to have assets that aren't correlated, which means when one's doing really well, one's going to really anger you. But when the market suddenly switched and one day Mr Market wakes up and he's in a really bad mood, you suddenly realize your portfolio isn't going to do down as much either. So you can almost view it as insurance, where insurance is a cost and we all pay homeowner's insurance, or if somebody's running, they're paying rental insurance and most times it's money out the door. But that one time you really need it, you're really happy that you have it. And I think the other thing about diversification is just looking at it from a risk tolerance perspective.
Speaker 2:What's your personal ability to deal with volatility in the markets? And some people are fearless. They can put 100% in stops If you have a bad bear market. If you're like 2022, where things go down, they're not phased. But for people who get really nervous when that happens, diversifying just smooths out the ride. And I think if it helps you psychologically stay allocated to stocks for a longer period of time, and then that case diversification is really worth it and it can really end up leaving you with higher long-term returns than if you took a very aggressive allocation and you found out you just can't stick with it when downside volatility rears its ugly head and we know that's going to happen again. It's not a question of if. It's just a question of when it'll happen.
Speaker 1:Charles, for those who want to track more of your thoughts, more of your work and learn more about AAII. Where do you put it to?
Speaker 2:Just go right to our website, aaiicom. I also do a weekly commentary. That's at AAIIcom slash investor updates, where I'll talk about the markets. I'll talk about the bonds research. Once a month I actually do a chart of interest where I go around and see what other people are posting. I'll be doing it actually this week. The focus is a lot on actually valuations this month and also a little bit about Christmas inflation too. So people who are interested in knowing what the cost of lortile leafing to buy those for your sweetheart are I've got a table showing that as well.
Speaker 1:Always a fan of your perspective, charles. Appreciate those that watch this. Thank you, charles, appreciate it. Thank you, michael, appreciate it.
Speaker 2:Thank you, michael, I enjoyed it.
