[The Miller Wealth Group 2024 Outlook]

0:07
Kurt Miller: Good morning and welcome to our the Miller Wealth Group's 2024 Outlook.

We're trying to make things short this morning, so it should be about 15 minutes.

We appreciate your time being out here and we our Q&A is locked.

So if you have any questions after, please feel free to reach out to us either by e-mail or by phone.

First off to move over here to our disclaimers.

 

[Legal Disclaimers

Kurt Miller is a Portfolio Manager with CIBC Private Wealth Management - Wood Gundy in Edmonton. He and his clients may own securities mentioned in this column. The views of Kurt Miller do not necessarily reflect those of CIBC World Markets Inc.

CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same.  CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2024

Performance Numbers shown are model portfolios maintained by our team, and actual client performance may differ, possibly to a material degree.  Past performance cannot be relied upon to predict future performance.

Insurance services are available through CIBC Wood Gundy Financial Services Inc.

This presentation should not be misconstrued as a recommendation for any investment.  You are advised to seek advice regarding your particular circumstances from your personal investment, tax and legal advisors.

CIBC logo with Miller Wealth Group]

0:34
Kurt Miller: As you know, these days these things are very, very, very important.

And so please read them, study them and they'll be questions later the year.

[The Year That Was (A Short Review)]
 

Kurt Miller: The year that was. A short review.

So 2023, last year was a year filled with volatility.

 

[2023 was a Year Filled with Volatility

 

But you were rewarded for patience

 

A chart with a line graph plotting Canada’s biggest balance growth mandates. The Y-axis shows values for 0 to 9.20. The date range on the x-axis shows January, 2023 to November, 2023.

CIBC logo with The Miller Wealth Group]

0:49
Kurt Miller: This is one of Canada's biggest balanced growth mandates.

0:55
And as you can see, during the year, there was a lot of volatility even at the end of October and even during September, you almost had no gains whatsoever.

1:05
And then you were rewarded for your patience.

1:07
Patience all the way until the end of the year in that particular fund did quite well.

1:11
Obviously, as you know, we did much better than that.

1:13
But the idea is this is what a typical investor saw last year, a lot of volatility and a lot of reasons for people to be scared I guess.

1:23
And but if you held on, you're rewarded for that patience which is investing in a lot of ways.

1:29
Inflation was top of mind.

[Inflation was Top of Mind

But started declining mid year

Graph with a line showing ‘’Inflation Rate is Rapidly Declining.’’ The date range on the x-axis is November 1, 2018 to November 1, 2023. The Y-axis shows values for ‘’Year-Over-Year Change in US Consumer Price Index.’’ There is a large arrow pointing down from June 1, 2022 to July 1, 2023

CIBC logo with The Miller Wealth Group]

1:31
Kurt Miller: Many of our conversations last year was where it was based on the word inflation.

1:36
Many of the things you saw in the news was based on inflation and many of the things you saw within grocery stores and different places like that was, was based upon prices going up.

1:46
However, but mid year it started declining and we see that continue to decline and continue to be a lot lower, which is a good thing.

1:58
One thing that happened last year as well was interest rates skyrocketed.

 

[Interest Rates Skyrocketed… Relatively

Graph that shows the Canada Prime Rate. Date range on the x-axis shows July 2021 to January 2024. The values on the y-axis show 1.50% to 7.20%.

CIBC logo with The Miller Wealth Group]

2:01
Kurt Miller: So interest costs were much more expensive for people that had mortgages that had loans and that was a major, major difference in the world and this is in Canada, but also the rest of the world.

2:15
But I say relatively at the end of it because where we are right now even in the in regards to Canada's prime rate, it is very, very historically similar to many, many, many periods.

2:28
We've just been used to very, very low interest rates.

2:31
And so therefore, we think very differently, but in reality that interest rates and even where we are today is very, very historically normal.

2:39
Through all that we did very, very well.

[We Outperformed – Again

Our smart & steady Managed Portfolio vs Balanced Growth Peer Tactical Benchmark

A bar chart that compares the Smart & Steady Managed Portfolio to the Balanced Growth Tactical Benchmark.

The values on the y-axis shows 0.00% to 16.00%. The Smart & Steady Managed Portfolio is at 14% and the Balanced Growth Tactical Benchmark is at 8%

CIBC logo with The Miller Wealth Group]

2:43
Kurt Miller: Our flagship portfolio that we managed for our clients is called our smart and steady managed portfolio.

2:48
It's a balanced growth mandate.

2:50
So that means there's lots of defense and lots of offense and we tactically managed that offense and defense in the portfolio.

2:57
It did very, very well last year.

3:00
This tactical benchmark is a benchmark of of well who we feel are five of our top competitors and we typically outperform them by 4 or 5%.

3:11
We did a lot better than that last year compared to our competitors.

3:14
One of the reasons was going back it was that resolve, it was that resolve and being able to be tactical within the portfolio, but also the resolve that we saw.

3:25
We don't have to be out of the markets and scared and things like that.

3:28
We can just tactically be in where we are and do very well within what we have for holdings.

[The Miller Wealth Group 2024 Outlook

The Times They are A-Changing – Bob Dylan

CIBC logo with The Miller Wealth Group]

3:36
Kurt Miller: So 2024, it's a new year.

3:37
I know we're we're 17 days in and we've seen, you know, many things happen already this year so far.

3:45
But what what do we see moving forward?

3:46
There's, there's 11 1/2 months left.

3:48
What do we see?

3:50
We're generally constructive globally on 2024.

 

[We are Generally Constructive, Globally, on 2024

• The economy is slowing, but it doesn’t seem to be in a significant manner.  We believe that this will be a 1st quarter phenomenon and growth will pick up again for the remainder of the year.
• Employment is strong in the US, and slowly strengthening around the world.  The exception is possibly China.
• For interest rates, we see rates going down, with Canada being more than likely a first mover, and moving more…
• In Canada, CIBC’s Target rate for the end of 2024 is 3.5% - 1.5% lower than today.
• Because we believe Canada will move sooner and deeper on interest rates, we do see a lower dollar.  The rest of the world has “taken its medicine”, while Canada has “increased its meds heavily”. 
• Because of our high debt and tax levels in Canada – government and personal – we do feel that Canada is less attractive as a place to invest.

CIBC logo with The Miller Wealth Group]

3:53
Kurt Miller: The economy is slowing, but it doesn't seem to be in a significant manner.

3:57
We believe that this will be a first quarter phenomenon.

4:00
So we believe that the slowing of the economy will be more centered upon the first part of the year and growth will pick up for the remainder of the year.

4:09
Employment is strong in the US and slowly strengthening around the world.

4:14
The exception is possibly China.

4:16
China has had some negative numbers in their economy over the last even couple of years, but more and more are coming.

4:22
Even the this morning there was some negative news in regards to China.

4:26
Those are some of the things we have to keep our eye on because that has been a historical driver of growth.

4:31
But we'll see how that goes for interest rates.

4:35
We see interest rates going down with Canada being more likely a first mover and moving more.

4:41
It's something I'll get into later, but the idea is Canada is in a more precarious situation.

4:46
Our economy is in a more precarious situation than the rest of the world.

4:50
Part of the reason is because of our our levering, our high leverage in regards to housing and in regards to personal consumer debt in regards to housing.

5:00
So therefore we believe that Canada has less of ability to keep interest rates higher where they are today and more of a need to bring interest rates down South CIBC, we feel our target rate for the end of the year of 2024 is 3 1/2%, which is 1 1/2% lower than today.

5:19
And we do see interest rates going down in Canada earlier than the rest of the world because we believe Canada will move sooner and deeper on interest rates.

5:29
We see a lower dollar.

5:31
I always say you never, never know when it when it when it comes to currency.

5:35
But how things work necessarily is that when we raise or sorry we move lower interest rates sooner than other economies, we typically will see a lower dollar.

5:46
But obviously as you know there's a number of different factors involved with that as well.

5:49
So I I know that there's a strategist for for one of Canada's largest managers who believes we'll see a 60 ish cent dollar, but we'll see how that goes.

6:02
The rest of the world has taken its medicine.

6:04
I heard this a while ago and it's interesting.

6:06
The rest of the world has taken its medicine after COVID.

6:08
Well, Canada has increased its meds heavily.

6:11
That doesn't bode well for our economy.

6:14
But as you know, the majority of the movement for Canada's economy comes from outside of Canada.

6:19
And so therefore we can still increase our meds and not take our medicine and and be influenced from a positive and stronger U.S.

6:27
economy.

6:28
But because of our high debt and tax levels in Canada, government and personal, we believe that Canada is less attractive as a place to invest.

[Artificial Intelligence Will Be a Game Changer

To What Extent? No one really knows for sure, but…

‘’AI McKinsley estimates add $4.4 trillion annually (5% Global GDP)

Generative AI could create additional value potential above what could be unlocked by other AI and analytics.

AI’s potential impact on the global economy, $trillion

CIBC logo with The Miller Wealth Group]

6:37
Kurt Miller: So moving down artificial intelligence will be a game changer and to what extent no one really knows.

6:46
However, I saw this a while ago.

6:49
It's Mckinsley which is a large global consultant.

6:53
They believe that it should estimate or so they've estimated that it should add 4.4 trillion annually to global GDP, which is 5% global growth.

7:03
So what does that mean for for normal people like you and I?

7:06
What that means is our growth globally should be accelerated by the efficiencies and the abilities to grow via artificial intelligence.

7:17
That's exceptional.

7:18
That is also an estimate.

7:19
So who knows necessarily or in the early stages of that and things won't happen next month or next week.

7:25
These will be over the next 5 to 10 years.

7:28
But many, many smart people believe that this will be a game changer.

[Stocks will fluctuate

• From 2009 and on, central bankers flooded the globe with liquidity – they are doing the opposite now
• Options markets, 3x leveraged ETF’s, ETF’s in general, CTA’s, etc inherently make the market more volatile.
• “The Kardashian Effect”

Graph that shows ‘’the value of staying invested, even through volatility in 2009’’

Growth of a $100k investment over 20 years (from q1 2004 through q4 2023

Buy & hold the S&P 500: 9.69% Annualized Return

Move to cash at bottom of 2008 financial crisis for 1 year

6.75% annualized return

2.94 fewer percentage points per year

Move to cash at bottom of GFC and hold:

-1.36% annualized return

11.05 fewer percentage points per year

CIBC logo with The Miller Wealth Group]

7:36
Kurt Miller: This is a a tongue in cheek one, but I I read this when I was.

7:38
I was reading a lot of many of of you know in in my December and and early January I read hundreds and close to thousands of pages of of prognostications in regards to strategists from all the different firms in Canada and the States and around the world in regards to how the the economy and and stocks will do over the next year.

7:59
And and one of the ones that that I read of strategist said stocks will fluctuate which sounds funny because stocks always fluctuate.

8:08
However in that case actually he used a a quote from from JP Morgan which is an actual person in the early 1900s and he said well and he was asked you know what do you think the market's going to do this year, What do you think stocks are going to do.

8:22
And he said, well, I believe stocks will fluctuate, which is a funny thing.

8:26
We know what's going to happen.

8:28
We think this will be another year where stocks will fluctuate.

8:32
Why is that important for us to talk about?

8:34
Because as investors, we have to know that stocks will fluctuate.

8:38
When I go back to last year, stocks fluctuated.

[2023 was a Year Filled with Volatility

 

But you were rewarded for patience

 

A chart with a line graph plotting Canada’s biggest balance growth mandates. The Y-axis shows values for 0 to 9.20. The date range on the x-axis shows January, 2023 to November, 2023.

CIBC logo with The Miller Wealth Group]

8:45
Kurt Miller: But as you held on in the markets, as you did the right things and we moved tactically with that to augment those gains, you were rewarded.

8:54
But in the meantime, stocks fluctuated and that's a natural thing.

 

[Stocks will fluctuate

• From 2009 and on, central bankers flooded the globe with liquidity – they are doing the opposite now
• Options markets, 3x leveraged ETF’s, ETF’s in general, CTA’s, etc inherently make the market more volatile.
• “The Kardashian Effect”

Graph that shows ‘’the value of staying invested, even through volatility in 2009’’

Growth of a $100k investment over 20 years (from q1 2004 through q4 2023

Buy & hold the S&P 500: 9.69% Annualized Return

Move to cash at bottom of 2008 financial crisis for 1 year

6.75% annualized return

2.94 fewer percentage points per year

Move to cash at bottom of GFC and hold:

-1.36% annualized return

11.05 fewer percentage points per year

CIBC logo with The Miller Wealth Group]

8:59
Kurt Miller: So from 2009, one of the things that we're up against now is that central bankers from 2009 flooded the globe with liquidity.

9:06
They're doing the opposite now.

9:07
They're taking liquidity away slowly, but they're doing it how?

9:11
How are they doing that?

9:12
By raising interest rates and by taking liquidity out of their quantitative easing programs that they've had over the years.

9:18
Another reason the stocks will fluctuate and we believe stocks fluctuate more now than they ever have because of high level option markets, high level participation option markets three times leverage ETFs, ETFs in general, Ctas, etcetera, etcetera.

9:36
They inherently make the market more volatile every single day.

9:40
Another thing that I always say is that that call it the Kardashian effect that you've heard me write.

9:44
I've read about it when I've written about it, but you've also heard me talk about it before.

9:48
And what that means is, is that the market moves so much quicker now because news and news flow moves so much quicker.

9:59
So the idea is that the Kardashian, in fact everything's got to be on Instagram, everything's about Twitter and whatever else.

10:03
And even you saw earlier last year when it came to a regional bank crisis in the States, a lot of it was augmented in regards to a lot of it was accelerated from Twitter and from comments that came from Twitter that scared people, made people panic more and therefore pulled their deposits and on and on and on did it in an irrational matter.

10:22
And you're seeing a high level of irrationality, irrational activity from different people around.

10:29
And a lot of it is because everything is in your face.

10:31
And I call it a Kardashian effect, and I think it's very fitting, but my bottom chart is really interesting and this is something where it's a value of staying invested.

10:39
So if you don't like the way the markets are, stay awhile.

10:42
And what that means is necessarily is if you on hold the S&P, this is from 2004 on, you did about 10% a year.

10:49
But if you move to cash at the bottom of the 22,008 financial crisis and you did that for one year, you lost about 3 percentage points of a return, which is a fair bit.

11:01
But if you move to cash at the bottom of the of the great financial crisis and held in Gic's, you earned a -1.5% return, which is significant over time.

11:14
So one of the things we've had many conversations with over the last 20 years that have been in the business with clients is that should we go into cash for a bit, Should we do this and that?

11:24
The actual answer from studies is the answer is no, you should not.

[Stocks will fluctuate

But, discipline wins championships …

A bar graph that shows ‘’20-year annualized returns (2003-2022)

The x-axis shows ‘’Investment Returns’ for U.S Stocks at 9.8%, REITs at 8.4%, International Equities at 7.0%, Homes at 3.7%, Average Investor at 3.1%, Government Related Bondss at 2.7% and Inflation at 2.5%

Source: Bloomberg, January 30,2023. Average asset allocation investor return is based on an analysis by DALBAR, INC.

CIBC logo with Miller The Wealth Group]

11:29
Kurt Miller: And one of the other things that supports that is this stocks will fluctuate, but disciplines win champions or discipline wins championships.

11:37
So this is an interesting chart.

11:39
What this shows is U.S.

11:41
stocks since 2003 earned that much, which is almost 10% per year.

11:49
However, the average investor earned 3.1%.

11:52
And why is that?

11:53
Because the average investor wants to go in and out and in and out to the markets because they feel that that's the best way to do things.

12:00
Studies show that that's the opposite of what things should do.

12:03
But not just that, but this is a study right here that shows that that is the opposite.

12:07
So that shows the average investor earns more than 6%, six, well 6.7% less per year than the average or sorry, than the markets.

12:18
And they do that because they're always going in and out and in and out and trying to time out, which is not a great strategy.

12:25
Stocks will fluctuate.

12:27
That's natural.

 

[Stocks will Fluctuate

But, wait a bit…

Bar graph that shows ‘’Distribution of S&P 500 Annual Total Returns (1957 – 2023)

Source: S&P Dow Jones Indices. Data as of Dec 19, 2023. Chart is provided for illustrative purposes.

Bar Graph that shows ‘’Exhibit 2: As time horizons grow, equity losses fall off. Probability of negative returns, based on S$P 500 total returns from 1929 – present. X-axis shows timeline from 1 day to 10 year. Y-axis shows values from 10% to 50%.

Source: S&P, Bloomberg, BoFA US Equity & Quant Strategy.

CIBC logo with The Miller Wealth Group]

12:31
Kurt Miller: Stocks will fluctuate.

12:32
And like I said, but wait a bit.

12:35
This is a good chart that shows the markets go up.

12:38
This is since 1950, seven, 80% of the time.

12:42
20% of the time they go down.

12:44
Most of the time it's for small losses.

12:47
Often you hear people that are panicking talking about huge losses.

12:51
That's only happened one year over the last not 100 years but almost 100 years only once.

12:59
And as your time horizons grows and this is includes 1929 so it's going to skew that number your your chance of loss over a 10 year.

13:07
In the equity markets is is less than 5%.

 

[Cash (and GIC’s are NOT king and … what about re-investment risk?)

A line chart with three lines. The x-axis date range is from January 2023 to November 2023. The values for the y-axis are -10.00% to 26.19%

CIBC logo with The Miller Wealth Group]

 

13:12
Kurt Miller: One of the things I've heard a lot about over the last year is is GS, CS, GS, CS, GS, CS cash and GS, CS are not king.

13:21
For one, your reinvestment risk is if we believe interest rates are going down, you're going to earn 3% next year instead of 5% on a gic.

13:28
That's a significant difference.

13:29
But we just held on, put it into a nice well, even even a balanced fund or anything like that type of thing with offense and defense, you're earning significantly more than a gic.

 

[Possible Risks

 

CIBC logo with The Miller Wealth Group]

 

 Kurt Miller: Possible risks to the market and possible risks to our our, our views.

13:50
A couple things.

[We Live in a Less Stable World

The rise of a “saber-rattling” China, Russia, and almost a division of the world’s powers has created a new geo-political environment – one that is less stable and less friendly.

 

• Russia is working with China, North Korea, Iran, and other powers less friendly to the US, Canada, and our other allies. 
• The Middle East
• The United States Vs Itself – Election Year for a very fractured country

 

The secular result – less certainty and security moving forward in the foreseeable future

CIBC logo with The Miller Wealth Group]

13:51
Kurt Miller: Number one is we live in a less stable world right now.

13:54
The rise of Saber rattling with China, Russia and now obviously in the Middle East has created a new geopolitical or highly charged geopolitical environment, one that is less stable and less friendly than we saw earlier and in the sense of the last few decades.

14:13
So Russia, China, North Korea, Iran, the Middle East, all these types of things could blow up into larger challenges.

14:24
And that's happened many, many times over the years.

14:26
We've made our way through it.

14:27
But the point of the story is these are issues that could be potential risks.

14:31
Another potential risk this year is that we're in an election, election year in a crazy election environment in the States.

14:40
We have a candidate who looks like he's going to be the candidate, which is, is Donald Trump.

14:46
You know you saw the the first primary in Iowa the other day and and he he annihilated everyone else that was running.

14:53
And I believe he he will more than likely be the Republican candidate.

14:59
As you know Donald Trump creates a lot of division in regards to people's views.

15:04
Some people like him, some people don't, Some people love him, some people hate him, all these different types of things.

15:09
And and that the dispersion between views is going to create a very fractured country this year.

15:17
And that'll be interesting to see how that plays out.

15:21
The secular result from all of this is that less certainty and security moving forward, It's something that we're probably going to see and something we're probably going to have to get used to.

 

[Equity Markets Have, and Should Be, More Volatile

• Additionally, we believe that public equity markets will provide lower returns.
• From 2009 and on, central bankers flooded the globe with liquidity – they are doing the opposite now
• Options markets, 3x leveraged ETF’s, ETF’s in general, CTA’s, etc inherently make the market more volatile.
• “The Kardashian Effect”
• More uncertainty, inflation, higher interest rates typically mean lower valuations and more volatility.

The secular result – Central Bankers and Global conditions were working for you

– now, they are not.

CIBC logo with The Miller Wealth Group]

15:31
Kurt Miller: Equity markets should and will be more volatile.

15:35
This is something we've already talked about, but we believe that that's something that we'll see.

[An image of an article in the New York Post titled ‘’Chinese lab crafts mutant Covid-19 strain with 100% kill rate in ‘humanized’ mice: ‘Surprisingly’ rapid death.’’

CIBC logo with The Miller Wealth Group]

15:43
Kurt Miller This is an interesting one, is that the biggest risks are things that we don't know and and that's that seems obvious but it's an interesting statement.

15:51
This is something I I saw on the well, I saw on Twitter this morning and and it's in the New York Post, but a Chinese lab craft a crafted a mutant COVID-19 strain with 100% kill rate in humanized mice.

16:07
That's insane.

16:08
That's insane that they're even trying to do that.

16:11
But the point of the story is there's always things you don't know about.

16:14
When I read that article, I was like I was shocked.

16:17
And and there's always things that we don't know about that could always come up.

16:21
And that's the way the world works.

16:22
We all know that, right.

 

[So…

CIBC logo and The Miller Wealth Group]

16:23
Kurt Miller: So, So what are our views for the world?

 

[Positioning

Given that we are generally constructive on the markets, we are currently positioned as follows:

• We are cautiously optimistic, and our long term tactical positioning reflects that view.
• Within equities, we hold several high quality companies - capital compounder companies that have traditionally shown resilient and secular growth.  In short, we don’t need the economy to move significantly for these to grow, and our aim is to hold these high quality equities for several years.
• Within fixed income (bonds), we are again leaning on the acumen of bond pool managers, rather than individual bonds, cash, or GIC’s.
• We are holding income producing dividend and option strategies to produce income, growth and reduce volatility.
• We continue to believe that our Private Investments (Private Equity, Private Credit) will remain outperformers and drive higher returns.

CIBC logo with The Miller Wealth Group]

 

 

Kurt Miller: Given that we're generally constructive on the markets?

16:32
We are currently positioned as follows.

16:35
We are cautiously optimistic and our long term tactical position reflects that view.

16:40
Within equities, we hold several several high quality companies.

16:44
Capital compounder companies have traditionally sown resilient and secular growth.

16:48
In short, we don't need the economy to move significantly for these to grow and our aim is to hold these high quality companies for several years.

16:56
Within fixed income bonds, we are again leaning on the acumen of bond pool managers rather than individual bonds, cash or GICS.

17:05
Interestingly, last year we heard a lot of people talk about Gic's bonds were the better purchase and that was certainly shown last year.

17:13
So if you came to us a year ago, we talked about Gic's or bonds, we bought bonds, we made a lot more money on bonds.

17:20
Now what we're doing is we're using bond pool managers rather than bonds or Gic's.

17:25
As bonds are maturing, we're moving them into there and we believe over the next one to two years that will be a significantly but significantly higher return than bonds or Gic's.

17:38
We're holding income producing dividend and option strategies to produce income growth and reduce volatility, something where you you can talk to us and and we'll tell you a little bit more about that.

17:49
And we continue to believe that our private investments which is private equity, private credit infrastructure, things like that will remain outperformers and Dr.

17:57
higher returns.

17:59
And lastly, this is an important thing and and and it speaks to what we were saying is that positive people are not only more fun to hang out with, they end up with more money.

 

[Positive People are Not Only More Fun To Hang Out With, They End up With More Money

A chart that shows ‘’Reasons to Sell.’’ The date range on the x-axis is from March, 2009 to September 2021. The line graph shows the various reasons for selling in different years. The reason to sell for March 2009 was 663k jobs lost in March, total top 5. The reason to sell in September 2021 was Inflation.

Data source: S&P 500 Total Returns, Y charts

CIBC logo with The Miller Wealth Group]

18:11
Look at this chart.

18:11
There's always reasons to sell.

18:13
This is from March 2009 all the way until this is a couple of years ago now.

18:20
U.S.

18:20
government shutdown, Ebola virus, another U.S.

18:23
government shutdown, taper tantrum, S&P downgrades U.S.

18:28
debt on and on and on.

18:30
However, if you just held on, you made significant amounts of money in the markets and that's the way to look at things.

18:38
There's always a reason to sell.

18:39
There's always a reason to be scared.

18:42
However, it's better to be rational.

18:45
Look at history, look at statistic, statistics and things are very different.

18:51
And that's it.

18:52
It's about 20 minutes in.

18:54
So I said 15 to 20 minutes.

18:56
I appreciate your time.

18:57
We're here to answer any questions that you guys have.

19:00
Please e-mail those or please send them or sorry or please call us and we'll answer those right away.

19:06
But in the meantime, have a great day.

19:09
Thanks for joining us and we'll have another one soon.

19:11
Thank you.