Crypto, Housing, The Fed and Your Portfolio | Weekly Market Recap

Andrew Brill  0:00  
Hello, and welcome to Wealthion. I'm your host, Andrew brill. And this is our weekly market recap, which means it's the weekend. So kick back, relax and enjoy some of the valuable insights from this past week. We hope you're as excited as we are for June 1, which is when we'll bring you our next conference, in conjunction with salt will have some of the biggest names in the industry join us to bring you ways to keep and grow your wealth. We hope you'll join us. And now for the recap.

Tom Lee, the co founder and head of Research at Fundstrat, join SpeakUp to talk about going from tangible to tradable the rise of real world tokenization.

Tom Lee  0:50  
Wall Street tokenized mortgages a long time ago, and what hasn't been tokenized just yet are things like homes, or legal documents, or even, you know, 10 set artwork that I think is all technologically possible. People who make money off keeping it off. financial transactions are the ones preventing it and real estate's a good example. You know, there's a lot of money that people make with title insurance, and checking claims and approving mortgages that don't want to have this happen on a blockchain because it eliminates so much cost and it eliminates their job. But it prevents a lot of fraud. I think the next generation of consumers is already comfortable with tokenizing. That's why I think it's inevitable. And, you know, if you talk to any legal expert, you know, putting a legal document on the blockchain is actually one of the securest ways to store a legal contract, because the blockchain could tell that if you took a million page document, but you just changed one period in it one word that the cryptographic hash would fail. And that's why securing documents on the blockchain is so secure. And so I think it's just a matter of time. And then the same thing with money, we already pretty much carry money on our phone, like Apple Pay is really digital money. But there's so many people with their finger in the pie, you know, today, the banking system still gets a big, I mean, they're sort of share of using the financial system globally, it's still 4% of global GDP, is the cost of using the financial system, you might think it's free, it's expensive. So digital money like Bitcoin or stable coins, takes that cost to zero, that's, you know, that if you take a 90 Trying to our economy, that's almost $4 trillion of unlocked money back to consumers, it's a huge amount of value.

Anthony Scaramucci  2:56  
I mean, I mean, this is the thing. I mean, you do a great job of explaining this. But if you could, if you could save that money, and again, just think about the productivity gains from the internet, if I don't have to go to the store, if I can hire somebody to go to the store, and bring the goods to me at the house, and I'm saving the gas, and I'm saving the time, and I'm saving the energy or I can make a long distance phone call for $0 Or do this interview for $0. The unleashing of productivity is staggering. And we're now going to be able to do that with financial transactions. So so what happens to the banks in a situation like thatTom?

Tom Lee  3:39  
Well, banks, really, really have to, will have to reengineer themselves. To give you an idea. I think if you look at the mortgage department of the bank, they have one employee for every 100 mortgages. So think about it. Like there's a guy that's in charge of all the paperwork related to a mortgage. That's a lot of analog manual record keeping, that's like imagine if you got a library needed, like a librarian for every 100 books, you know, like, you know, libraries would employ a gajillion people and a bank, a big bank typically has 200,000 employees like a JP Morgan. In a world of tokenization, and digital money and blockchain, the bank might only need 1000 employees. However, the bank's profits might actually be higher, because half of the bank's cost is employment expense. So the banks could actually cut prices. But because they have so many fewer employees, they could actually make more net income. I know it sounds strange. That's why it's not a bad thing eventually for banks, but it's a lot of people who work in the banks that are against the idea of blockchain. And of course, they're the ones telling the CEOs that it's a bad idea.

Anthony Scaramucci  4:52  
Yeah, well, I mean, but you're also making a point that is comparable to web one, because everyone said well, the phone And companies are going out of business. The phone companies didn't go out of business, they found ways they, they, they may have shrunk their personnel and they widen their technology. And they found ways to make even more money from the process. And also they, the unleashing of all of that technology from the Bell System, as an example, led to the rise of social media, Amazon, etc. So, so there are industries that are going to grow. Tom from the technological innovation known as the blockchain. Am I Am I wrong in thinking that?

Tom Lee  5:34  
No, you're you're absolutely right. I mean, each of the banks today has enormous resources and institutional knowledge, like they have so much knowledge of their customer. And if if you gave them a blank board and said, Okay, imagine that you could cut 90% of your staff. But now with that freed up time, and capital, and sort of fresh eyes, you could change your relationship with customers, banks could really make a lot more money because they know how their customers spend money, and they can do things to really improve their customers lives. So you're absolutely right. If banks are innovative, I mean, that would I would call them becoming a FinTech mindset, that they could really become better stocks themselves. That's exactly what happened to Mehta. I mean, Mehta used to be a web based company. They totally pivoted to mobile, and it made them a far better company. I mean, every one of these mag seven, has made that pivot, and that's what banks can capitalize on.

Anthony Scaramucci  6:43  
I think it's just important that people understand that there's no need for this whole doom and gloom about the introduction of new technology. So um, alright, so why are you how are you so calm? By the way? I mean, you know, I mean, is it the, I don't know you? Are you like a Zen guy? Did you? I mean, obviously, you're my mother didn't raise me, right. I'm like, all over the place. You see my video like this?

Tom Lee  7:09  
Yeah. Well, I guess I can attribute it to three things. I mean, one is just my family upbringing, my dad and my mom were both exceptionally calm people. My dad was a peace loving doctor, that he was a psychiatrist, but always just wanted to mean the way he was he just didn't want to create any pain or harm in the world. So he's very zen, as you said, um, the second, of course, is, you know, I'm a Christian. And I think it's important to understand that we all report to a higher power. So to me, I endure a lot of criticism on for our work, because sometimes our analysis offends people, they think we're either saying something they don't agree with, or we might, causing them pain if they're short, a stock that we're recommending, but it's not, it's out of my control. So I don't take it personally. And financial markets are unpredictable. So I'm not trying to say it. Take it personally if we're wrong.

Andrew Brill  8:14  
In our newest segment, next week on the trading floor, Jon, Najarian talked about the struggles of the airline industry. And let us in on the unusual options activity of the week. 

So one of your positives for this coming week is Goldman Sachs. Let's look at the negatives a little bit and I got a feeling you might go to the airlines for this. There's a bunch of airlines discount airlines that are hurting a little bit. And I think that one of your losers this week is is in that boat?

Jon Najarian  8:44  
Yeah, and I'm surprised that you and I actually even consider them a discount airline? Because I don't know if you've priced southwest lately. But it is anything but a discount airline? Yeah, you do get to include two pieces of luggage. But my gosh, these guys, those tickets are more expensive than I pay when I have to fly commercial on United or American. They're just I think they do very well. But that's the pause. But the problem is they're not going to be getting as many planes as they'd hoped. So their growth will not be 6%. They've cut that to 4% already. Maybe it even goes lower than that. And Southwest is basically losing money, which is something no airline wants to see. And southwest lost a lot of that money to the point where now they're going to cut four airports out. I think three of them in the United States, one down in Mexico, close the mouth, and then they're still considering cutbacks at O'Hare in Chicago and Atlanta. So those are things that are Most airlines would not be cutting back service at any airport right now, but these guys are because they can't stomach the losses. And apparently it's expensive to operate in Chicago. So they're cutting back. They're not eliminating that. But they're eliminating Houston and like I said Cozumel, an airport in Washington, I think Bellingham or something like that. And again, Southwest had a real problem with this aircraft, slow down production at Boeing. And Boeing's going to end up hurting a lot of these airlines. With that slowed down. And Southwest has been extremely loyal. It's the only plane they fly. There is no regional jet with Southwest, there is no Airbus with Southwest. And so that helps them stay lean and mean with their crews. Because obviously you have to repair and keep those aircraft flying. But my gosh, right now I think Southwest is in a little bit of a hurt. So they're sort of in my penalty box right now, Andrew. 

Andrew Brill  11:04  
Yeah, they were, their high was about $39. This year, they're down in the mid 20s. So that's not and I did, I did read about those four airports that they're going to cut out if they cut out South Chicago, my son will not be very happy, because that's where he lives. And Southwest is one of the airlines that he flies. So that's a that's gonna be a big, 

Jon Najarian  11:23  
They're just cutting back. They're not eliminating Chicago. 

Andrew Brill  11:26  
Right. All right. I'll let him know. And hopefully he'll be happy about that. Is there a way for them John to become cash positive, I know that a lot of their efforts now are raising cash. And the way to raise cash is to make cuts is, is there a an avenue for them to get healthier?

Jon Najarian  11:46  
Well, cutting those four airports that we described, that will help somewhat, because they must not have been operating at peak efficiency. And thus, they're not making as much I doubt that they were losing a lot of money on those airports. But there's a real push right now for them to maybe address some of the fees that they don't charge or have not charged, but every other airline does charge. So that two free bag thing that I described earlier, they could end up having to make some adjustments to things like that, they've already gone out and you can buy that first group boarding on Southwest. So you don't have to just it's not just dependent on, you know, you rushing to get your seat, you can be in that first line, but they're gonna have to find some other levers to pull. Maybe some of them are the roller boards and things like that, and still give you the free checked bag. But maybe they can start charging for roller boards and things. That's what everybody else does, really, unless you're a high level flyer with American or United. If you're boarding in group eight or nine, they're going to charge you to check that bag at the gate. So I imagine Southwest is exploring avenues like that. 

Andrew Brill  13:12  
So this is part of your three and three. And explain to us what that three, three, I know it's Morgan rebellion, you put it up on Twitter, what's your three, a three?

Jon Najarian  13:22  
So three, three, Andrew is a brief program that usually runs between five and 10 minutes at three o'clock Eastern time. And it's basically the three best opportunities we've seen that day. And we post it up for our subscribers, who in many cases are already in some of those stocks, but they don't know ahead of time, which ones I'm going to cover, because I go through all of the list of perhaps 2530 different stocks that we've seen. And I say okay, let's do this one. Let's do CCJ. Let's do for instance, Mehta, and let's do American Airlines and see how these three stocks perform. Because that's where we're seeing that unusual activity. In other words, that's the smart money I want to follow. 

Andrew Brill  14:12  
So you're following the big, big dollars going into the the options for those particular stocks. And explain to me your vertical approach.

Jon Najarian  14:22  
Well, what I like to do is a vertical spread is where for instance, if the stocks 49, I'm probably buying the 50 strike call, that gives me the right to buy at 50. And I'm selling the 50 twos or 50 threes. What was the catalyst for getting into that trade, the unusual activity following the smart money, but I also like moving the odds further into my favor by collecting a premium for the option above the market and owning an option at the market. The market being where the stock is trading at that moment. And if I do that, I think I've moved the adds into my favor. I've committed less capital to the markets. And I'm in a good position that if the stock does react positively to earnings, I could double or triple my money on that bet. And that's what I'm always trying to do. And when it doesn't work out, Andrew, I loss move on to the next trade.

Andrew Brill  15:19  
Laureen Gilbert joined Wealthion and talked about the current state of the housing market, investing in spaces, interest rate cuts, and the millennial guide to home ownership.

James Connor  15:32  
And I want to get your views on interest rates. Now, when we started the year, everybody was looking for six cuts, or that's what the Fed was communicating to the markets, then that moved down to three cuts. And now with these latest GDP numbers, and also with some inflation numbers that we've seen here in the last month or so, now, we're talking one cut, what's your view on interest rate cuts? When do you think they're going to start? And how many are you looking for this year?

Loreen Gilbert  15:59  
Yeah, so let's talk about the market really got ahead of itself, with and that's why we saw the rally at the beginning of the year, is that the markets were pricing in a march rate cut, which clearly did not happen. And then, you know, kind of pushed it out. We were thinking, you know, maybe this summer, and the Federal Reserve came out with their summary economic projections and indicated, you know, then three rate cuts. But now, what we're seeing is that with the data that's coming out, I think the Fed is going to hold longer, I still think that we're going to see two rate cuts this year, September and end of the year. So you know, we're looking at potentially two rate cuts, what was encouraging is the PCE number, so the PCE number was still higher than we would like, actually came down from the month prior. So that was that was significant, because it did not continue to trend upward. So while I think you know, the Fed is going to pause, I do not see a rate hike in the future in the near future. So I think they're just going to pause for longer, and then start on their rate cuts.

James Connor  17:14  
Loreen, there has been a lot of concern with the US housing market and where prices might be going. And there's no denying that higher interest rates have led to higher mortgage rates. And this has caused a lot of pain for a lot of individuals. But what are your thoughts about the US housing market? And where do you see prices going into 2025?

Loreen Gilbert  17:33  
Right? Okay, that's, so we've definitely seen higher interest rates, and it's had an effect of people not wanting to sell their homes, we have a lot of Americans sitting at a 3% mortgage rate. By the way, that's why the consumer has been so strong, there's been enough discretionary income from the lower rates that people locked into gay people more money to spend. Now, where we're also seeing a lot of strength is on the low end of the market below a million dollars on home sales, because those are first time homebuyers. So you have people who are more easily able to, to afford a higher rate on a mortgage because the mortgage isn't as large. And so what you're seeing in those homes is you're seeing offering prices go for either the offer price or higher. So you still see that on the lower end of the market, where you're seeing it take longer to sell a home is over a million dollars. And so the home sits on the market longer, but they're still selling. And so what we're seeing with homebuilders is they're still building because there isn't enough supply in housing. So we still have housing needs. So home builders continue to build. So why say overall, is the housing market is still strong. And then what we're seeing with the that people just don't want to move as rates go lower. Again, once rates start to go down, I think we're gonna see the housing market continue to be strong. So I don't see a problem in the housing market, I actually see that we still have more people need housing, that that want to buy houses, the millennials who are starting to buy their first home. So it's still see a lot of pipeline, as far as purchases are concerned.

James Connor  19:26  
And what's a mortgage go for now in the US?

Loreen Gilbert  19:31  
6% or so?

James Connor  19:33  
And do you think we will ever see 3% mortgage market again,

Loreen Gilbert  19:38  
You know, I don't think that we're going to see those low lows as far as a 30 year fixed mortgage at like 2.75 or 3%. But if we settle into, you know, again, in the fours, lower fives, that would be positive that people can, you know, I think people are going to have to get used to again that We're gonna have a little bit higher. Those, by the way are not. Those are bad rates, really historically long term rates.

James Connor  20:08  
And what advice would you give a young millennial or a Gen Z about buying a home versus renting?

Loreen Gilbert  20:16  
Yeah. So, you know, eventually, the reason to buy a home is a is a protection against inflation. If there's one thing we've learned over the last few years is inflation, Israel, and it is going to impact your lifestyle. And so with that the reason for buying a home at current dollars is that as inflation continues to impact, you're locked in, hopefully with a fixed mortgage. And so it's easier and easier over time to afford that home, and you've locked in your price. So the message to millennials is yes, you know, to save for your down payment, and then buy a home. And what we've seen a lot of people doing is buy their home at these higher rates with the intention of eventually refinancing that home when rates are lower.

James Connor  21:07  
So you're not concerned about the residential housing market. Now I want to talk about commercial I was recently having a conversation with Ben Laidler. From eToro. He lives in London, he works at Canary Wharf, and he made mention of the fact that only 50% of the people are back to work in their offices within Canary Wharf, and that's a huge complex, right 1000s of people. All right, working there. But what are your thoughts about this whole work from home thing and remote work policies? Do you think that's having an impact on commercial real estate prices? In the US? And do you think this could be a concern going forward?

Loreen Gilbert  21:47  
Yeah, so I'll tell you that office is an area that I would from an investment standpoint, I would stay away from right now, because there's a lot of pain there, that's going to continue to ripple through Office. So just as a sector of commercial real estate, that's an area that's hurting even so as an example of that, even in Austin, Texas, which Austin, Texas is booming, right, you see cranes everywhere. But I just heard from a colleague there that their vacancy rate for office spaces over the top, so huge vacancies, even as there's continuing building there. So Office is going to go through a slump, that's going to be long living. So it's going to take a while now, I do think that more people are coming back into the office, you have more companies that are requiring workers to be back in the office. But as far as office space, there's still so much vacancy, it's going to take a while to work through. And that could take up to 10 years to work through that. Just that the vacancies so so it could take a long time.

Andrew Brill  23:00  
Ben Laidler, Global Market Strategist at eToro, join us to talk about the hotter than expected economy, navigating short term mortgages and spoke about crypto and gold investments.

James Connor  23:14  
You made mention of the fact that in the UK, they have short term mortgages. And we also have that here in Canada, you either get a three year or five year mortgage. And I recently had a discussion with David Rosenberg, and he was expressing concern that he thinks we might see a reset in the Canadian housing market because of the short term mortgages coming due. And people are, of course going to be resetting at a much higher interest rate. Do you share any of those concerns with what's what might happen in the UK?

Ben Laidler  23:44  
Absolutely. No debt levels are high. People are very exposed to to interest rates in the mortgage market. And this is sort of a slow moving train wreck. Given the you know, there's this three to five year, you know, reset. Basically, we're in a race between those resets and lower interest rates. Absolutely. This is a significant drag on the economy. It's why interest rate cuts are so important. The UK is a particularly consumer driven market as well. So anything you're paying away extra to the bank and your mortgage payments is something that you're not out spending in the shops. So yes, absolutely a big deal. But what I would say, though, is that everybody has known this. This is why the markets depressed. This is why the economy has been reasonably depressed. This is why I think interest rate cuts in the UK are a particular catalyst given how interest rate sensitive the economy and the stock market are. 

James Connor  24:38  
In your offices, Canary Wharf and I'm always curious when I talk to people in other cities, what's happening in terms of the workforce, is everybody back to the office five days a week or is there are people working remotely or is it hybrid?

Ben Laidler  24:52  
Absolutely hybrid, and places like Canary Wharf which is, you know, a office district with not a lot else going on. have been particularly hard hit by that.

James Connor  25:03  
And do you think this could be an issue going forward with the commercial real estate market?

Ben Laidler  25:10  
I think it is an issue today. I mean, there's an awful lot of these buildings in Canary Wharf which are half empty, or completely empty, and will need to be repurposed. Well, some of them may or may be handed back to bank. So yeah, absolutely. I think it's an issue. But I guess similar to my comments on the mortgage market, your average commercial real estate loan is even longer than your average mortgage. So the least bad thing I can say about this is it's a, it's a it's a 10 year workout, which everybody can see coming and therefore, whilst negative, it won't be a surprise to anybody. 

James Connor  25:44  
Then I want to move on now and get your thoughts on. Bitcoin. Your firm has written extensively about Bitcoin as an investment class. And given its huge outperformance in the last couple of years, I want to get your thoughts on this. It's still up 50% on the year it has pulled back from its high. But and we recently went through this having process but what's your take on it now?

Ben Laidler  26:07  
So I would say we're still very long term bullish. And I would say two things. One, right now you're seeing a classic supply demand squeeze. We've seen the spot Bitcoin ETFs launched in the US back in January, which have collected over 12 billion of funds. So far, it's probably been the most successful ETF launch in history. So we've seen a big pickup in demand, and then she'll point the Bitcoin having is just further depressing supply growth, having it but we only have 6% of all bitcoins still left to be issued from here. So this is your classic supply demand squeeze in the short term, which is helping prices and longer term. This is a big institutional adoption story. professional investors dominate other asset classes three to one versus retail investors, crypto is completely the opposite. Retail Investors dominated and it's still a very small and very young asset class. This year, we have we're gonna have new accounting regulations in the US, which make it easier for companies to own crypto, we're gonna have new banking regulations, which make it easier for banks to own crypto. At some point, I think we're gonna see a central bank, step up and own crypto or Bitcoin as part of its reserves. So I think this whole institutionalization story, is still to play out and is going to be very, very significant. 

James Connor  27:33  
And you also cover the gold sector, what's your view on gold?

Ben Laidler  27:36  
Bit well qualified on gold, and it's been doing well, we've had seen new all time highs, the drivers of that central bank buying geopolitics, people looking for safer havens. But outside of that, I'm just a little bit nervous, the traditional drivers of gold are not in place today. bond yields are rising, not falling. The dollar is strengthening, not weakening, flows into the gold ETFs. We're seeing outflows not inflows. So I guess I think this is a sort of a low quality gold rally. And I just be a little bit cautious that it really has the legs here.

James Connor  28:17  
And so when it comes to speaking with investors who speak to both institutional and retail investors, how do you reconcile the two investments? What are you suggesting investors do between allocating resources toward Bitcoin and or gold?

Ben Laidler  28:32  
Well, I always say, you know, diversification is the is the quickest route to happiness in your investment portfolio. They both do sort of slightly different things. I think gold is a great diversifier. It's obviously much more time tested than Bitcoin and has much lower volatility. Bitcoin, I think, has much higher returns and will continue to generate much higher returns, but it does it at the cost of much higher volatility. So I'm very, I would own both, and I'm both in moderation as part of our diversified portfolio.

James Connor  29:00  
Then as we wrap up, you are very bullish on the US economy and also the US equity markets. If there was one risk to your thesis, what would it be?

Ben Laidler  29:08  
I'll give you two. What one is obviously inflation. If it rears its head again, markets see that as a tail risk today, but they absolutely don't see it as the base case. And if it became so I think markets, you know, that's the second pillar of this bull market. So I think that will be very negative. I think the second one, which has made me somewhat less appreciate is just how supersize US assets are. US stocks are 65% of global market cap. Its bond markets are almost as big, its dominance of the currency market is almost as big meaning that if I'm wrong on the US economy, if something terrible happens at the election, if debt keeps rising, if the US sort of really stumbles here, it has a completely will have a completely disproportionate impact on on global capital markets.

James Connor  30:01  
Yeah you just touched on debt. We didn't even discuss that. But is that a concern with you at all the US debt levels are around $35 trillion and growing by $1 trillion every what is it every 100 days? 

Ben Laidler  30:15  
So the levels look manageable. The problem is the rate of change and the direction of travel, and the seeming complete lack of political willingness to do anything about it. At some point, there will be a tipping point. And the bond market vigilantes will come back, and they will force politicians to do something about it. I don't know when that's going to happen. But yes, it's absolutely one of those sort of tail risks which are looks over the shoulder. It's beginning to feed into things like that term premium discussion in the bond market, I talked about not a huge issue today, but could easily become one in the not too distant future. 

Andrew Brill  30:57  
Finally, East Chop Capital's, Carrington Carter let us in on the secrets of vacation home property investing. 

So vacation rentals can also you know, the, it's obviously the best if you're going to have own a rental, you want to have it rented out. But vacation rentals can be lucrative as well as you say you're sitting in one of your vacation rentals that can be lucrative as well, even if it's not rented. 100% of the time?

Carrington Carter  31:27  
Correct, correct. And so when we started a single families, you know, it's also obviously the traditional 12 month lease. But one of the reasons why we want to pivot to vacation rentals on a short term basis, a weekend extended weekend or a week or even longer, is the ability to adjust pricing based on demand. And so that that gives you added flexibility versus kind of the long term rentals. So with that flexibility, you don't necessarily need 100% occupancy. And we tend to focus on kind of the larger houses the five to 12 bedroom houses. Typically there's less competition in that segment. And there are a lot of different ways that different types of groups can use these homes.

Andrew Brill  32:07  
And do you when you go into a project? Like you say you're overseeing some projects in Orlando now? Do you buy land? Or is it something that you've purchased, that you're going to knock down and rebuild?

Carrington Carter  32:21  
Andrew great question. And this kind of goes to the pivot strategy earlier. So when interest rates were low, and when there was less competition in the market, you could typically find a house, maybe do some renovations, and it would be a strong performer. Now big but because rates were low, and a lot more people got into this space, we decided to pivot buy land at favorable prices with with cash, and then work with builders who have a strong reputation for building high end custom luxury homes, and then try to amortize try to realize some economies of scale by building multiple houses with the same builder. So even during, during COVID, you know, where there was still some uncertainty, we absolutely came in and bought land at favorable prices, and we know we would eventually build on on those plots of land.

Andrew Brill  33:07  
Are there major challenges to what you do? And how do you overcome those challenges?

Carrington Carter  33:13  
I would say first starts with having a strong team. And we have a strong team with East Shop Capital and obviously our our local partners on the ground, either our builders and contractors or our property management companies who help us manage the house and and with the maintenance of the homes and also deal with our guests. So it starts with having a strong team. And then with any entrepreneurial type of endeavor, or any business, a lot of it's about resilience, it's about grit, it's about hard work and sticking to it, and then be willing to pivot and adjust based on whatever market dynamics are happening at the time. 

Andrew Brill  33:47  
But East Chop Capital isn't just, "Okay, we're gonna build this," you'll you'll take in investors, let's say I wanted to invest in something and I'm just wasn't quite sure I could come to someone like you and say, You know what, I have some money put away and I'd like to invest, you would take that money and give me the opportunity to invest in a certain project, right?

Carrington Carter  34:08  
That's correct. That's correct. So with our first two funds, our first fund is doing well our second fund is doing well. Those funds are closed, we will likely launch several funds in the future. And we also have isolated real estate projects that we do seek investments for, it just kind of depends on on our deals and opportunities at the time. And then, you know, kind of going back to what I mentioned in college and understanding this concept of having your money work for you and not just working for your money. Real estate is a big component about of what we do. But we also Angel invest in a variety of industries understanding that you know, especially with technology and and other investments, those are also in part of building kind of a diversified wealth building portfolio, and we invite our investors to join some of those investments with us. As a matter of fact, I will say so far this year, we Closed about six deals outside of real estate, ranging from FinTech to insure tech. Invest in a professional sports team, a hotel hospitality fund, we've invested in a Starbucks licensee we've invested in so industry agnostic is kind of our kind of our mantra or strategy. It's kind of depends on the appetite for different deals at the time.

Andrew Brill  35:24  
Thanks again for tuning into Wealthion's weekly market recap, make sure to sign up for your no obligation portfolio review, and Wealthion.com. And please, if you could like and subscribe to the channel, we would really appreciate it and don't forget to hit the notification bell so you are alerted whenever we post a new video. Thanks again for watching. We'll see you next time here on Wealthion. Until then, stay informed, be empowered, and may your investments flourish.