Intelligent Investing #67 Glenn's Tips to being a Successful Investor in a Down Market The Do's and Do Nots Part 2 of 4

In this episode Glenn explores tips to being a Successful Investor in a Down Market The Do's and Do Not's Part 2

Glenn unpacks concerns and how he walks clients through these concerns.  He also explores the truth and the misconceptions about each.

1) Should I move everything to cash?

2) I only want to invest when stocks are going up

3) Why is my portfolio down? Isn't there something you can do to make it so it never has a temporary draw down

4) I don't want to pay for investment management if my account is down

5) Look how much I have lost, my account lost _______ amount of dollars

6) What about Gold, I hear that is safe. What if I move everything over to Gold?

7) The market is going to zero.

8) What should I do if we enter a recession?

9) I heard about this annuity from my neighbor that pays 7%, should I move a large amount of my $$ into that?

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Transcript

 The following is paid programming brought to you by WT Wealth Management. Nothing we discuss should be considered as investment advice. This conversation is for informational purposes only. Please do your own research and speak to an investment advisor or financial planner before making any investment decisions.

All right. Welcome everyone. You're listening to Intelligent Investing with Glenn Leest and we're picking up right where we left off last week. Glenn Leest obviously here. You must be here at your, your show. Glenn Yeah, I hope so. Cody Harmon is here as well. Works with Glenn. And um, we went over last week. A lot of the calls you've been getting.

Mm-hmm. And you can call Glenn anytime. (928) 225-2474. About the market being down last year. Yeah. You got a lot of emails. Intelligent investing@wtwealthmanagement.com. If you want to talk with Glenn, uh, or Cody. I don't know who checks that. The both of you? We both do, yeah. Okay. Yeah. And it was what, what types of concerns?

You've been seeing, and I'll just read the list quick because we got through, I think half of these. Should I move everything to cash? Yep. That was one of them we went over that you can get listen to that, uh, detailed explanation last week. Yeah. The podcast, the potential pitfalls of doing that. Yeah.

Yeah. The podcast is intelligent investing. We, Glenn Leest looked that up and subscribe. Another one was, I only want to invest when stocks are going up. Uh, okay. Why is my portfolio down? Isn't there something that Glenn can do about. Um, to fix it. Magic kind of wand type thing. Uh, silver bullet, . Then if its going down, people don't want to pay for the investment management that Glenn works on all the time.

Yeah. Or anyone in your industry. Yep. To be fair. Um, and then now we're going to get into, look how much I've lost. Oh no, we, we covered this one last week. Yeah. Look how much I, I've lost my account. Lost X amount of dollars, you know, checking it all the time. Yeah. And what it takes to re. Those losses, things like that.

Yeah. And you don't lose until you sell. And so on paper, you know, if your account is down, cause they, they, a lot of my clients will say, I've lost this much. Mm-hmm, which is not a hundred percent accurate in my opinion. I would paraphrase it as my portfolio is down this much, because unless you see. Sell at that low point, you haven't really realized a loss.

If you bought Apple shares for $10 and now it's worth eight, but you don't sell it, and then the next year it pops back up to 12, you know that one year your temporary down, but overall, you're still ahead. So that's something I try and reframe with my clients is that, um, like I get it, like I, you know, six figures, you know, people are down and, uh, sometimes seven, it's, it's uncomfortable.

It's not a happy day. Yeah, it's not a happy day. I get it. But I think if you have the right perspective, and a lot of my wealthier clients, they've been doing this a while, this is not new to them. They know what to expect. They've kind of been through this, this song and dance before, so it's, it's to be expected.

Um, but it's when you panic and do sell, that's when you realize the loss. It's real. Um, so yeah, it's, uh, and time horizons are everything. And, and yeah. Um, like, like I said last week, I shared my story. I mean, I invested with you last. It wasn't a great year, but I don't really, look, I've been doing this for a long time and, but everybody has a different situation.

Yeah. Yeah. Leest and you, if you get a first-time person, it could be quite jolting if yeah, that first year. I'm always on thin ice. Right. Because what happens to the first year, like you, it's a down year and if the client doesn't have the right perspective, that could really mess with them. I, I mean, I had clients that invested right at the height of 2022 before the market started going down.

Leest um, but I mean, if they only had a year horizon, and yeah, their concerns are a hundred percent valid. I mean, yeah, they, you know, they, they're going to be in, in tough, tough waters there, but if they're time Horizons, four or five years, we had a graph that sometimes we show our clients that it shows about what's the probability of your account being positive over X amount of.

years or months. And Leest um, after you get past two years, it's like a 90 something percent chance that your account's going to be positive. And then, you know, after two years there's a 90% chance that your, you know, count won't be down too. So, it goes both ways. Leest um, I think that's helpful to remind us, remind ourselves, because if we have a three-to-five-year time horizon, and you and Glenn and we've talked about this and we have a kind of the game plan, but after six months you want to bail on the plan.

It's like, I don't know. People be successful. Yeah. Sorry. I, I can, I can be there and walk through them and, you know, misery loves company to talk to them like, Hey, I'm down too. I get it and it's uncomfortable, but this is how I can help you be successful. And, and jumping ship or jumping out of the rollercoaster midway through is not the way to be successful.

Well, I, I lied last week though. I did check the account once. Uh huh, and I saw it was down. Mm-hmm.  and I went and I stole all your chickens and held them ransom, and I, I hedged with the eggs because those eggs have. A whole bunch, right? Yeah. It was a good investment for 2022. We might, we might get more chickens.

And we were talking about a couple weeks, uh, last show. Uh, hopefully it's not peak chicken right now though.  on your show we're talking about, you know, uh, you know, being entrepreneurs and so I think, you know, my daughters, they loved caring for the chickens. That might be something I put them in charge of as well, is if we get another 10 or 20 chickens is helping get the eggs, put them in the dozens or whatever and you know, sell them to family friends.

Do you find since family of friends, they'll pay up apparently. Paying 12 bucks and Phoenix eggs. So, what are farm fresh eggs worth? I just hope they don't like to do the, you know, kids trying to sell lemonade and lemonade stand and the city officials come by and say, where's your business permit? Where's your L O C?

Yeah. And kind of show out. I haven't heard about that one in quite a few years because I think it was such a negative. Oh yeah. They got hit so hard when the poor kids out there selling lemonade. I always feel bad when I drive by the kid and I'm like, your kids have been there. Yeah. I'm like, oh, I got, you're busy.

And you're like, but I got to stop. I got to buy this questionable lemonade from the side of. I, I never sold lemonade, but yard work and detailing cars was where all the money was at for me and watching animals. Those are, those are my three things growing up. And they are mowing lawn for me. Yeah. Yeah. Okay. So, another one we want to hit on here with Glenn is, what about gold?

Mm-hmm. . Um, I hear that it's safe. What if we move everything over to gold? We'll hit on that. The market's going to. That's a good one. I think we touched on that a bit last week. Yeah, we'll talk about it again. What should I do if we enter a recession?  question if we already did or not. Right? I heard about this annuity from my neighbor that pays 7%.

It's always good when you get the, the neighbor advice or the brother-in-law. Mm-hmm. , yeah. Advice. Right? Uh, should I move large amounts of my dollars into that? So, let's start with where we left off last week, which is other asset classes. And you've talked about gold on the show, Uh huh, precious metals and commodities before.

What about gold? I hear it's safe. I want to move everything over to gold right now. Boom. . Yeah. So you hit a safe, let's actually take a step back and, and think about gold. What does gold do? Um, everyone thinks it's this very rare metal, and it's, it's not as rare as you might think. I mean, given enough money and energy, you can mine gold, you know, all throughout the.

The world with modern technologies a thousand years ago is a way different story. But you know, gold is just a metal, and it just sits there, right? It's not innovating. It's not creating new software. It's not creating no goods or products. In fact, gold takes money because you must guard it, right?

Cause if you have a lot of gold, you know, a million dollars of gold in your basement, you got to invest in some security or you.  put it in a warehouse and have guards there. Um, but it's not innovating, it's not doing anything. And, and gold historically has kept pace with inflation to a point, and I've heard this analogy with gold is that, you know, one ounce of gold can buy a, you know, man man's fine suit, you know?

Mm-hmm.  a tuxedo suits. Mm-hmm. No. Fair enough. Pretty much been fair across the board. Um, but if you're looking to try and put everything in gold, um, I just don't think that's a great long-term plan because gold, if we look at all the different asset classes over the last 120 years, the US dollars down, like 95%.

Gold might have been $1. You know, 1905 might be worth like 15 or $20 today, but if you had it in, you know, growth stocks, it'd be worth like 10,000. Leest um, if you're getting out of stocks to go to gold, I think you run into the same problem as if being in cash. Um, and, uh, we still use gold in our portfolios, but not a ton.

You know, maybe two and a half, 5%. And then we have been shifting out of this, Cody and I, when we, um, Client set up, we, we call it like rare earth metals and that doesn't just mean gold. We're looking for metals that have an applicable use. Because aside from jewelry and maybe some electronics, I mean, gold isn't used all that much.

It's just a shiny piece of metal that we like. Whereas copper, titanium, tungsten, lithium, those are all things that are used very much in our daily life. If we're going to try and hedge against inflation or have some metals, I like those. Even copper and silver have a lot of uses too, so I, I mean gold, I don't have anything against it.

Gold is also a tricky asset class because I used to trade gold for years and, uh, it doesn't always move the way you think it should move. It's, it's very manipulated. I'm sorry, that over years too by the monetary policy of the Federal Reserve. Leest yeah. So going all to. I, I like a little bit of gold, but I think the question was, put it all in gold because the zombie apocalypse coming and basically Sure.

The downtime. That's different from saying having an allocation Yeah. That you look at in your individual situation. Yeah. It's much different. So good example is, I had a client of mine just the other week. He's got some gold, but he's, he keeps just enough gold to be able to transact for maybe six months or a year if everything, you know, went to Yeah.

You know, just went to. Helen handbag or whatever. Yeah. Um, but he's not like saying, I'm got to, you know, take 25% of my portfolio and invest all in gold. Because for him that might be $750,000 just in gold. And if you own the physical gold, there's also the, um, the transaction or the bid ask spread. So, what you buy it for versus what you can sell for right away.

So, say you buy it for 1200, you might be able to turn around and sell it for 1150. So, there's a little bit of, you know, hit that you take in that, in that aspect. And then also if we're thinking about. If everything went bad, you know, how easy is it to, to transact in gold? Like you'd have to have coins, you'd have to melt it down or do the gold dust thing.

And so, I think there's just more efficient ways. If you're really thinking, you know, there's going to be an apocalypse, you know, to have store value. Um, like, uh, water farming supplies, eggs, um, Seeds, produce, ammunition, clothes, those are all probably better stores of value. I, I don't know that the food rations are a good idea either.

I mean, because uh, I have some food rations. This may be enough for two weeks. Like the long-term storage stuff. Yeah, exactly. Yeah. Leest um, I, I've always been like, you never use it. You know, I always like to buy stuff I use. Yeah, yeah, yeah. That you can use. But yeah, if you're looking for like a hedge, if everything went wrong, I would put food rations above gold because it has more use.

But above food rations, I'd put like the other things we just named off. Like things you use. Yeah. And, and, and I, I, people would listen to my show know that I, I like gold, but it's an insurance policy. Yeah, yeah, yeah. It's not, and we talked about this a couple weeks ago where, uh, There are problems out there, but you still have to live your life and invest in all that.

Yeah, yeah, yeah. And if you think the zombie apocalypse is coming, then you probably would be trading in bullets and you shouldn't do anything with the stock market. You know, if you think the market's going to zero, you shouldn't even have money in the bank. You shouldn't even be investing in the stock market because those are two counter ideas to say, oh, the market's going, the world's going to zombie apocalypse, yet I'm going to invest in the stock market too.

Because those, those two philosophies don't line up. You know, could the market fluctuate? Could we have some economic recession? Sure. But I don't think things are going to zero. Like even if a meteor hit the earth like and it took out most of the earth, I think that's the one scenario that Cody and I thought of that would actually, you know, probably to zero.

Yeah, go to zero. Yeah. But world War, huge, you know, famine or labor shortages or, you know, resources crunch. We're still going to use some of these companies. I'm not going to drill my own oil. I'm not going to haul my own trash, not going to heat my own home. Uh, I mean, I do have a, uh, wood stove, but you know, all these things that we use in our daily life, I'm not going to farm my own food.

Like we try to do that. We have a garden every year. It's hard. It's hard and it's expensive. Get your survival seed kit here. If the apocalypse hit, you'll grow your beans and this and that, and I'm like, you'll be dead before those things. You know, seeds, I, it's hard. I like that idea of stockpiling seeds that are non-genetically modified because I think as time goes on, you think it's going to be harder to get Yeah, yeah, yeah.

Yeah. Because everything's going to be modified. I mean, even places in Mexico that have, you know, no contact, you know, they get the, you know, genetically modified seeds, you know, in their fields and then it's technically a, a patented seed by the corporation. We've seen a lot about that. Yeah. I want to come back and touch a little bit more about the market going down to zero, because I think that was an interesting conversation we had.

Yep. Yep. Last week too. And if you got a question for Glenn. Give them a call, 9 2 8 2 2 5 24 74, or you can email, uh, any of your que you could add to this, uh, pretty long list of questions that people have had for Glenn. Yes, please do. By emailing Intelligent Investing at WT Wealth Management that's intelligent investing at WT Wealth Management back in just a minute.

You're listening to Intelligent Investing with Glenn Leest. Glenn a call right now at (928) 225-2474. That's 9 2 8 2 2 5 24 74. More intelligent investing with Glenn Le when we come back.

The following is paid programming brought to you by WT Wealth Management. Nothing we discuss should be considered as investment advice. This conversation is for informational purposes only. Please do your own research and speak to an investment advisor or financial planner before making any investment decisions.

All right. Welcome back to Intelligent Investing with Glenn Leest. We've been, this is the second part of this because there were so many kinds of questions and comments you've gotten over the past couple months regarding last year's kind of rough year. Yeah, yeah. And, uh, I think a lot of great, uh, comments from, uh, people that invest with you and, and talk with you, Glenn, and you can email them in intelligent investing with w WT Wealth Management.com or call 9 2 8 2 2 5 24 74.

But the one we touched on last week that I found fascinating that I thought of afterwards, and it may be other people have as well as, , this idea of I'm not going to do it, everything's going to zero, it's all going to, to heck. Mm-hmm. And you know, we're, we're, we don't, we're down, we're, we're up a creek without a paddle.

Whatever you want to say here, sure. And I, if that's the philosophy, then bunker in, I guess, and, you know, get your survival seed kit. Mm-hmm. But I, I think most of us don't want to live like that. Yeah. And don't need to live like that, quite frankly. Yeah. You mentioned the meteor, or you know, some of those movies, those disaster movies.

I guess anything's possible. Sure. But do you want to live like, and everything going to zero? It would take an extreme. Hmm. That's crazy. Yeah. Not saying it, it couldn't, not saying it's not, there's not a probability of something else. Remote possibility. Like a dumb and dumber. You're saying there's a chance,

So, you're saying there's a chance one in a million. Yeah. Um, address that a little more. Yeah. So, I heard from a family member we're, we're working on some stuff on one of my, uh, renovation houses, and they, uh, they were convinced that, uh, the market was going to zero. Mm-hmm. And I said, really? Um, why, why do you say that?

And he's like, well, market went to zero in the seventies. And, uh, people were jumping out of windows, and I was like, that's not accurate. The market didn't go to zero Now, could have had a, you know, couple of bad years. Oh, absolutely. But it didn't go to zero. I said, okay, well let's take this a step further.

Um, are there companies that you think are, um, you know, insulated that wouldn't go to zero? And I asked, well, what do you think about oil companies? Oh, those are going to go to zero. I was like, well, what about, you know, um, food companies? Oh, those are going to zero. And well, what. Ammunition or, you know, weapons companies to help defend your, your home.

Oh, those are going to zero. So that, that the line of thought process tells me that there's so much fear involved in that line of thinking. And so, taking a step back and, and looking at that thought process, um, critically and saying, is that a reality? Right? Is everything really going to go to zero? And um, you know, because people want to know, oh my gosh, my account's going to be at zero if we keep up this pace.

And you're like, well that's not really a realistic, um, Scenario. I mean, what are we going to like farm our own food heater, our own houses? You know? Well, maybe that car, maybe that's a good choice for that. If that person is so convinced and that Uh huh, maybe investing isn't for them. Oh yeah. Yeah. And maybe you should go buy a thousand acres in the middle of Iowa or Kansas or something and kind of do that.

And then there's nothing wrong with that. Sure. Yeah. And if you want to wait around for that, Ian, if it doesn't happen, that's. Yeah. It's just not, but most of us aren't Yeah. Doing that or want to do that. The line of work does that. Yeah. The line of work that I do, if someone has that strong of a conviction, like everything's going to zero.

And there's no companies that I can invest in, they're just awful. Yeah, you're right. You know, investing is not for them, you know? Yeah. Um, I would even say that the banks aren't right for them too, because even the banks, you know, the, the whole system. Yeah, the whole system. The whole. Yeah. Leest but on the flip side, Glenn, if I can, I mean, you're someone who tries to be self-sustaining mm-hmm.

And prepared and you cut firewood, you raise chickens, you do this and that. Um, but you're still in the system shall always say. But you're trying to prepare yourself for Yeah. Yeah. The what ifs. I want to be prepared and I want to live a good life. Yeah. Prudent planning and wisdom, but. You know, not living in fear, because fear is a, uh, nasty line of thought.

Yeah. And it can make you make rash decisions. And so, I've never liked to live my life or make any decisions in fear, because if I am, um, that means I need to step, take a step back and, and just give it some time. Like Dave Ramsey says, if you're, you know, stressed out, angry, drunk, or fearful, that's not a good time to make a, uh, life decision.

Right? Cause you're, you're not thinking, you know, things clearly. And Leest yeah, I think if people really that concern and it’s do have legitimate, they really are convinced the market's going to zero, then the stock market may not be right for them. And then I tell people too, like if they're going to invest in the market, you got to gimme at Least two years.

If you're not willing to commit to two years to the work that we do, it's going to be really hard for me to be successful for you. Yeah. Um, I may be successful in the first six months. Great. You know what happens if we had a year like 2022 and we start off and it's just a rough year. So, I, I try to coach my clients in having.

Perspective and making sure that their perspective and my perspective are, are similar. Because you know, if they, if they're convinced, like I said, the mark's going to zero and got to hoard all their money into their mattress, you know, I, I don't know how much I can help them. You know, maybe if that's all they want to do now, if they want to have a part of that, I, I can respect that and I think that's, you know, okay.

But yeah, that, that fear of everything going to zero, I just don't think is a hundred percent warranted in my opinion. Well, Lisa the next point because I mean, what if we have another year, like 2008? What if we have another year, like 1929, or what should I do if we enter a recession? And I think you talked about as, but technical standards probably we have been in one, but they kind of change the numbers.

But what if we enter recession? I, I would rephrase that as what happens when we do enter a session Because this, it's not like that's not going to happen ever. . Yeah, it's inevitable. Um, it's going to happen to eventually, and so I've talked with a lot of people that don't think we're quite in a recession right now.

They're like, oh, what happens? We're, you know, in a recession we're like, we already are in a recession, you know, by a technical definition, which is two quarters of declining GDP. Um, which the White House has then said, oh, that's not really the definition. So, they can kind of, uh, change it or make themselves look better, but that's the long-held definition.

Leest um, yeah, we're in a technical recession right now. The big question is how long you know and how severe and, um, you know, am I well insulated for that? Uh, right now we're looking at the job market is still red hot. You know, consumer spending is still up even though interest rates have. People are still spending; people are still working.

Leest um, I think that's a good sign where technically we're in a recession, but yet things are still strong. When, when no one's working and people are getting foreclosed on and everyone's losing their houses, that is a much different scenario of a recession. We think of recession as 2008, like the. Pretty dramatic.

Mm-hmm. , but that's just an extreme case. You know, they could be a, you know, kind of mini recession or a baby recession or just a mild one. So, I think that's something to take into account too, is, you know, I, I think when the people think of recession, they're automatically going to the extreme. And I just don't think that's always, uh, a fair assessment.

And the final one here, and, and we've gone over a lot, and I encourage everyone to listen back to last week's podcast as well, because these are great questions that, um, a lot of. Brought to Glenn, uh, look up intelligent investing with Glenn Leest on your favorite podcast provider. Um, I, I call this to the, I mentioned it before, the brother-in-law or the neighbor, you know, the advice, the, or, you know, the barbershop advice or whatever, if anyone does that.

I heard about this annuity from my neighbor that pays 7%. Should I move a large amount of the, the, the money, my money into that? Because I heard about it. Is it seven? Fixed. Uh, done. Yeah. To your point too, have the different advice. You don’t want to take advice from like a talking animated fox on tv.

Yes. . That's like the worst place to get advice. There's a lot of those. Yeah. And I've seen those where like a dancing crocodile telling you what to do, it's like, oh, that's terrible, but mm-hmm. , if you are getting advice from people who themselves, like. They're not successful or where you want to be. I'd always take it with a grain of salt.

If someone's in a much better position than you are and you want to attain them and this is what they say, I would take that with a lot more, um, you know, just, it'd be higher weight mentors and people who have been there. Yeah. So, let's talk about the annuity. Um, okay, so say you're an insurance company and you're offering annuity that pays 7% guaranteed.

Well, how does the annuity or insurance company make money? Right? Because they don't, they're not just doing this out of the goodness of their heart, right? So how are they, there's got to be some sort of catch, right? There's got to be between the lines. Uh, caveat because if you could just get a 7% guarantee, there's no risk of loss immediately, liquid.

Yeah, that's seems like a pretty good deal on the surface, but that's not always the case with annuities. There's a lot more moving pieces, and from what I've seen, um, 7% is rich. Um, if you're at maybe 65, that's more like five, five and a half percent from real life clients that have annuities that I've seen.

Um, but one thing that they may not have, told you that the neighbor, you know, didn't disclose is, you know, how much are they paying for that annuity? Because the annuity company must make money. So they're paying all these fees, fees and costs to have these quote unquote benefits. And there's usually a lockup period too.

You must buy the annuity and stay in it for X number of years, and if you get out early, you get penalized. So, there's that.  Plus, um, you know, the one thing is, oh, they'll get a 5% guaranteed, you know, you know, withdrawal, but it's on a, you know, it's on a different amount than maybe what the account value is and you must annuitize it.

And so, they pay that out over a year. So, it's not like it's a bad thing, but I think it's just always in context. Um, is it a tool? Yeah, it's a tool. Certain situation. Yeah. And it can, you can be used for certain situations. I like to try and see if we can't create our own annuity like product and not be in that seven-year surrender period, not have all the same fees.

Cause my father-in-law was in annuity for years. Um, and he brought me a statement and, uh, he was like, hey, I was invested in the market this whole time. Why isn't my account up? Well, he was paying 4.4% in ongoing cost between everything. And that's standard for some annuities. Leest um, those are just things to consider.

So not to say annuities are bad, but it just, you must get the full story. Yeah. And how strong is the company behind them? Exactly. Yeah. I mean, we've seen it. Exactly. Yeah. Leest yeah, if you could guarantee 7% return somewhere and there's no, or, or even another, uh, example is, you know, I've seen some land deals.

Um, some of my clients are involved with some stuff where they'll hard money lend mm-hmm.  or they'll lend to a builder or developer and they'll, you know, get charged the developers maybe 12 or 13% interest, but the investor gets a 10% return. And so, they say, Hey, that's pretty good. It pays 10% in day in and day out.

But what they're not thinking is, what is the risk of. Uh, builder going out of business because they couldn't get traditional financing. That's because if they did, they would've gone to Bank of America and got a 7% loan. Yeah. So, they're higher risk to begin with and say the economy slows down and the marketing housing market, you know, retracts and they, which it has their project, well now you got all this money tied up into this project that it's going to take years through litigation to get your money back.

Leest so everything has a caveat. Right? And that one was paying 10%, which sounds pretty good, but. You know, how much risk, you know, does she have to take to get that 10% power? Is it too good to be true? Yep. Oh yeah. All right, Glenn, uh, good stuff here. And I, like I said, I encourage everyone to go back and listen to last week and probably this one over again as well by looking up intelligent investing with Glenn Leest and call Glenn anytime.

(928) 225-2474. Also, intelligent investing at w WT wealth management.com. That, that's all the time we got for today, but y yeah. And. Plug is, um, if you guys want to have some certain content or guests or topics to cover, email me those@intelligentinvestment.com would be happy to cover it. And we've got a lot of people I know, a lot of professionals, a lot of great relationships.

So, whatever you guys want to hear that you think we haven't covered, that'd be great. Or questions, uh, shoot me an email we'd love to incorporate in the show. Intelligent investing@wtwealthmanagement.com, and a lot of those are up on the podcast. Oh yeah, yeah. Yes. A lot of professionals that have come in as well.

All right. We'll be back next week, a great week. See you soon.

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