Jason Hartman talks about correlations with real estate and great cities. Just like when timing the market he tells us it’s about where not when. This leads to a discussion about timing markets.
In the final segment of today’s episode, Jason answers a listener’s question about timing the market.
Investor 0:00
My goals is maybe get into real estate also help my friends do what I’ve been able to do, and spend more time with my family.
Announcer 0:07
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 0:58
Welcome to episode number 1387 1397 and thank you so much for joining me today. Wow, it has been absolutely crazy life lately. So think about where I’ve been and what I’ve done. It’s just been absolutely like head spinning. Does your life get like that sometimes I’m sure it does, but probably in a different way than my own. So, a few weeks ago, I was in Kansas City, and I learned how to throw an axe because there’s this place you go for dinner where you do axe throwing, and I was actually pretty good at it. If you happen to be friends with me on Facebook. You might have seen it or if you happen to I believe it’s on the Jason Hartman. com Facebook page or commercial page too. So even if you’re not friends with me, you can go see it there. And you can see me throw the axe and I swear, I it was the first cut. I did not do another video of this. The employee there held the held the camera and I threw the axe. It hit the bullseye right away from like 20 feet away. nice firm throw right in the bullseye. And then he went over to the side and got me from a different angle and I did it again. I couldn’t believe it. Hey, Beginner’s luck. Maybe not. I don’t know. But it was pretty good. All I did before that was he just showed me how to throw it a couple times. And I did it like three times and then we videotaped and there was, so I went from freezing cold Kansas City where it was 20 degrees. And then I came back home. I was here for a couple of days. I went on an eight day Caribbean cruise. It was a business cruise. It was not a pleasure cruise. Hey, it sounds like a lyrics to Queen song. It’s not like a queen song that says, life ain’t no pleasure cruise or something like that. Yeah. Anyway, so I did that. I came home for 19 hours. Then I flew to Aspen Colorado. I got a little sick, which was a real bummer. I guess my body did not like the temperature change. I came back. I was here for just a couple of days. And then I went to Sarasota for one of my mastermind group meetings, not my own mastermind group and other one that I’m a member of. And that was great. And then I spent the weekend in Tampa, after that got to see nourishes new baby, and well, I guess it’s not it’s only half the rushes, right? It’s half his wife’s as if the baby is property. But yeah, I got to see their new baby I should say. Then I came home last night and here I am. I’m tired. It’s a little tuckered out. Anyway. Hey, we got some great stuff for you today. First off, well, what should we do first, first, first, first. Let’s go first, well, let’s talk about romance. Because we have a very romantical day coming up and that is a Valentine’s means day, it’s on Friday. And what does this have to do with real estate? Can we tie the two together? Well, probably if you’re a if you’re a real estate investor or a homeowner, and those are different things, by the way, you’re going to be considered a more eligible mate. So that’s for sure. So, you know, in the old days, it was like all about property. And I tell you, human nature hasn’t changed too much since the old days has it? Because Because everybody still likes property. And this is you know, maybe it’s a little bit skews to more women are more attracted to successful men, but hey, nowadays, you know, it’s more modern world, right? So that equation goes both ways. You know, if you’re single and you’re a guy, and you’re looking for a female, I can’t make any assumptions, by the way, you know, I was looking at a house over the weekend in Tampa and the realtor shown me the house and, and she says his in her closets and I go
Jason Hartman 5:10
You can’t save that anymore. You can’t say things like that. That is a discriminatory remark, you know could be hers and hers or his in his you never know could be whatever, right? So you gotta be careful with these assumptions, right? It’s just all baked into the language. And you know, me I’m not big into political correctness. But hey, some things are just right and wrong, right? Anyway, people with resources are more desirable mates, right? So buy some more properties, you’ll be a more desirable mate, even if you’re already taken. Right? Because your mate will still desire you more, right if you’re more successful, but what about love, right? What are the best cities for dating in the good old US of A? Well, this is a real estate article. It was published. Buy apartment list.com and rent o nomics. And according to them, which I take all of this stuff with a grain of salt, but it’s kind of, I don’t know, kind of, I think some of its pretty accurate. Some of it I would take issue with having lived in many cities and bend almost every city, you know, and being technically single, you know, from a marriage perspective, at least, all my life. I don’t know. I’m not so sure. So you tell me what you think. And go to Jason Hartman comm slash ask and tell us if you agree or disagree with this stuff, and ask any questions about it. But the top 10 best cities for dating in the good old US of A I’ll go from the bottom up. Many of these have been our markets we’ve been in in these markets. Over the years, we’ve sold many properties in some of these markets, to clients who have done very well made certainly on the Money seen maybe on the dating scene to number 10, Grand Rapids, Michigan. That’s a market we’ve definitely done some business in. Chattanooga, Tennessee. Number nine, Houston number eight. We’ve done lots of business in Houston, hundreds of transactions over the years. Denver, Colorado. We used to recommend the Mile High City, but hey, it just got a mile too expensive for us. Wow. Can you imagine our clients that purchased from us in Denver? back in like 2007 2008 2009 1011 12? Probably probably 2012 was the last business we did in Denver. They made a fortune. You guys made a fortune. Congratulations. Are you glad we met? That was a very profitable meeting, meeting us. Right. discovering my podcast, made you a lot of money. Share it with your friends and family and they’ll be happy you did. Okay, Pittsburgh, Pennsylvania. I used to live there when I was a little kid number six Knoxville Tennessee number five. So Bridgeport, Connecticut number four way too expensive. We wouldn’t do that market. Raleigh, North Carolina we’ve done some business there long time ago in a galaxy far far away. Again another market that got too expensive, but our investors that are already there, they made a ton of money. Richmond Virginia number to Provo, Utah number one, number one probably the big Mormon community really, really helping with that I bet worst cities for dating. Now this is not for investing, but for dating. Okay, so North port Florida, the worst? Deltona, Florida we’ve done lots of business there. That wasn’t so good. Lakeland we’ve done business there to New Haven Connecticut have not done anything there. Buffalo New York. Nothing there. Syracuse, New York. Harrisburg, Pennsylvania. worchester. Massachusetts, Spokane, Washington. I’m surprised that’s not a little better for dating. Maybe it’s just raining too much. Birmingham Allah Bama, we’ve done a lot of business, they’re not good for dating. So if you’re single, you know, feel free to invest in those cities, but do not move there. Because you will be lonely, lonely, lonely, and you don’t want to be lonely. That’s no fun. Okay, so then the divided this up male versus female. In other words, where were men most satisfied with their dating lives? versus where were women most satisfied with their dating lives? And I won’t read all of them because it’ll take too long. You know, we gotta go both sides the list twice, right? But we’ll put a link to this article in the show notes. How’s that? And you can look at the charts and read the narrative and all that stuff. But, but the number one best Well, I’m going to do the top. The top four for what the top? I don’t know, maybe I should do the top of the ground. Oh, there’s too many. Okay.
Jason Hartman 9:59
I’m just gonna say it. number one best city in the US for men for dating, which actually really quite surprises me. I live there. And I don’t agree. I don’t agree. San Diego, San Diego, California, the Socialist Republic, number one for women. This one I guess I can see. Columbus Ohio. Yeah, Columbus, Ohio. Women said they were most satisfied. in Columbus men said they were most satisfied in San Diego. Number two for both genders. Denver for men, Houston for women. Yeah, I could see that. Number three Houston for men. Now that’s interesting because Houston, both genders were pretty happy with their dating life. See, that’s an affordable area. No one’s under too much stress. Yeah, okay. Go to the Galleria mall. You know? It’s nice there for women, Boston, Massachusetts, Boston. Their pocket in the con half and Jada. Okay, Virginia Beach for men, Atlanta, Georgia for women, okay. St. Louis for men, Denver for women Denver Coming in at number five for the women number two for the men up on the list there. And then Miami for men Cleveland for women. Washington DC for men, and also washington dc for women on par. Wow, those do that’s like a tide Boston for men where it was way up on the list for women little much lower for men, Philadelphia for women. Charlotte for men, Charlotte, North Carolina. We’ve done lots and lots of business there. Minneapolis for women, Milwaukee for men, Charlotte for women. Interesting. Anyway, this is a little hard to understand without seeing it. Then they’ve also got best cities for dating based on education level. I don’t want to date stupid people, that’s for sure. Best Cities for dating from the full data set with all of the male female satisfaction, the education level, etc etc. So it’s a Just kind of interesting tells about the methodology. We’ll put a link in the show notes to that one. Hey, let’s take a quick break here. I want to play for you a little discussion segment we had at one of our live conferences. And then I am going to come back with more more to come right after this. Carrie, one of the things I know feel free to just answer any Frequently Asked Questions from the stage that you’re getting from clients. But a couple of them that you brought up and take what you want, you know, is investors trying to time the market, you always get people saying, Well, I’m just gonna wait till the next crash and then I’m going to buy everything. Right. This is this does not work just so you know. But people try it. It’s just sort of an irresistible tendency. I think we all have as humans we want to deal, right. So waiting for better returns or investing now. I mean, obviously the returns five, eight years ago. are much better than they are today. prices are higher. And that’s why they were and it takes a while for this brands to catch up to that.
Carrie 13:07
Well, yeah, so I mean, five years ago, they were probably double the returns are getting now but a year ago, they were less than you’re getting today. So it is a cycle, it goes up, it goes down. You just need to know which market to be in, in which market is good for your investments. Right now. We have three great markets for great markets are here today that are all performing well today that you’ll get into today or in 2020 when they close. I know you’re probably your problem, but why wait, you know what you get in now. Because if the longer you wait, the longer you’re going to see a return on anything. I mean, why we
Jason Hartman 13:43
so that’s a good point. So one of the things I always see that people fail to calculate is, let’s just say you could time the market and say you could do it beautifully. you’d wait three years and then the recession finally comes and the recession will come. It’ll be definitely come. It’s always a cycle. But the thing investors don’t see is that they lose the returns during that period they’re waiting. That’s what they almost never calculate. You know, we talked about how you can hear the dogs that don’t bark, and that’s one that definitely doesn’t bark. Granted, you could have that investment in something else. But pretty much everything is influenced by the recession, right? And when that cycle does come, and when that cycle does hit, things will go well until they don’t, okay. And people rarely calculate the returns. They’re losing. Oh, Coco, this is really good. That’s definitely a thing that the conversation clients have, right?
Carrie 14:36
Yeah, exactly. And I’m going to take Tyler’s deal interest rates. Do I get it locked in right now? Do I go later, nine months ago, he was locked in at a 6% rate and Joe’s refinancing for him and he’s going to get an extra 50 to 75 a month now in cash flow. So again, he didn’t wait he went for it. He got the property. And now nine months later, he’s doing 20% better on his returns.
Jason Hartman 15:00
So Carrie, in that newsletter that should have been in your packet, right, if you look at the high five indicators on the front of it, and I don’t remember the exact number, but I think it is the median mortgage payments are right on the front page. And it shows that I think month over month, that mortgage payment went down by $26, just because of the change in interest rates. So Isn’t that interesting? I mean, a $26 a month savings in the course of one month. Okay. So there’s obviously a lot of factors that go into that. But, Jim, do you have any thoughts on the timing the market? I mean, you talked about it broadly by this idea that people can do and, you know, I think that you’re always time in the market. What works now, because I’ve had so many people that went to six classes. Thanks for inviting me. I’m just about to pull the trigger on my first investment property. You have friends like that? Sure. So I don’t insects Yeah. When going someone’s life. And yeah, and they can tell us more about the strategies than I can. But they haven’t pulled the trigger. So I, you know, I think there was a unique time or it was maybe 2007, where it was just wasn’t you shouldn’t be buying that was that that was there, but I timing the market. I think you have to look at fundamentals. If there’s fixed interest rates, there’s cash flow. I’ve always worked in growth markets, you know, bakers, who was a very big growth market when I was there in the late 90s and early 2000s. I think you have to follow the trends of the markets, you’re going into individually, and look at what is cash flow today. And you know, Warren Buffett talks about intrinsic value, what’s the intrinsic value? You’re getting in at a good price per square footage? Are you getting in in an area where the affordability index is healthy? So there’s things to look at when you look at that? Now, that’s what I look at. And when people say, Oh, it’s not good. Well, if you’re comparing it to 2010, that was a very unique time. 2009 very unique time. The returns are still really strong. I mean, Where I look at it timing the market is saying Can I get into for now my eyes? Can I get into a new construction property for the double digit cash on cash return today at a good building cost per square footage? And the answer is yes. So timing the market is you can’t base it off of what was available. Oh, I wish eight years ago but doesn’t work today as it sound today. And when you take that part of it out of it, I think that you can see that so I kind of focus on the now because otherwise if I’m going remember that deal I did in 2009 that was that then you kind of you you’ll never do it. There’ll never be a crush it right? you crush everything else. But you know when the fundamentals are completely out of whack and you’re forced to be a speculator rather than an investor. That’s when you shouldn’t be doing it. Yeah, begin again that grow rich at the property cycles things you know the investment they will be saying like when I was in Bakersfield in 2005. So these were houses that I bought for 50 And it was selling for 185,000. But they were only renting for 950. So they’re only running for a point five RV ratio that’s in these warehouses from the 1940s. So they were the you know, they had higher maintenance repair. So when you look at it didn’t make sense. I mean, it was very good way you just made me think of something that I think is really relevant to what you do because you have long term buy and hold rentals that make sense with good RV ratios. But you also have short term rentals that are largely marketed on Airbnb. Yeah. And interesting. tie into our conversation this morning. When you look at the bits and bytes. Think about how just one company Of course there are others but Airbnb is that the flagship made so many properties so much more valuable because it opened up a whole new market of properties that would not qualify as legitimate smart rental properties before and it makes them work on a cash flow basis. Because when you write a smaller slice of that property out, in other words, Night by night, or weekend, by weekend or week by week, whatever, you can charge a higher premium. So the bits and bytes of Airbnb took something that was the same atoms. They didn’t change the properties were already there, right? They already existed in the marketplace. But just the way it was delivered in small slices rather than monthly slices or annual slices. In other words, a monthly rental or an annual lease. If you could lease that property for a couple of nights. You could charge a premium for that, like a hotel. That’s right. And so the bits and bytes, the information economy, change the value of a whole slew of properties. Yeah, it’s pretty incredible. When I think as an investor, you have to be open to that because if you get stuck in your old ways, you’re not going to grow. I think that you always have to be keeping your eyes open as an investor because things have changed. From what I was doing 22 years ago, or you were doing, it’s a little different, yeah, for different things, there was no such thing as this short term for the most part. But I stay open to that. So everything that I’ve done for growth wise, you know, even the fact of working with investors like yourself, post meltdown, when we got approached, I was like, I do my own deals, and then started working, you know, with Jason and the gang and then looked at the short term rentals, then new construction. So I’m always trying to, I think you want to have your core, but you want to be able to branch off of that core and be open to these things that are coming down the line, not shiny pennies, but things that have fundamental sound principles that are working, and it’d be silly to ignore them. Yeah. And you know, that’s a fair statement, because we need to see the Airbnb economy go through a recession hasn’t happened yet. Okay. So, you know, the short term rental industry has been around really since the early 70s. You know, it’s been there, but it’s there in a much bigger way now. So it is it’s not something to do with all of your portfolio is to do with maybe 20% of your portfolio. Yeah. Which is what we talked about that. Okay, good. So, I want to ask you about some common misconceptions about local markets metrics to consider on the performer. For the break, we asked everybody what metrics they liked the best about you? Yeah, well, I think most people said cash on gas. I will get cash on cash return, but also rent to value ratio. Obviously, the 1% rule, one thing that I wanted to add about timing the market, my one regret is that
Carrie 21:37
I didn’t get in sooner. So as I said earlier, I got in about two and a half years ago. I’ve known Jason for seven years. I should have gotten in the moment I met Jason in 2012. But I was one of those people who was thinking, oh, there’s going to be I would read the mainstream news. And I would think that there’s going to be some kind of recession there’s going to be a double dip and So I just waited and I waited and I waited. And it wasn’t until I talked to Jason a little bit more than I said, you know what it’s it’s time to jump in, there’s still some values in this market. And if I don’t jump in now that I’m never going to jump in and talking to some of you guys over the past couple of days, I heard some of you, you said that you just found Jason a few weeks ago or a couple of months ago, and you’re looking to buy your first property, but you’re also waiting for that next recession. And we know it’s going to come but it’s just When is it going to come? Is it going to come next year? Is it going to come in five years, we have no idea. So again, my recommendation just like the other panelists have said is, if you find a good deal, go ahead and jump in, don’t just blindly buy anything. But just go ahead and jump in. And the team here my investment counselor, when I got started with Sarah, Sarah, the investment counselors, the property managers, the lenders, Jason and his company, have all those contacts and they help guide you through that process. So there’s really nothing for you to be feared. Full about.
Jason Hartman 23:05
I hope you enjoyed that discussion. And I have a listener question from Archie and Archie, I believe you have sent some questions to us before through Jason Hartman comm slash ask. And what is on Archie’s mind is a common concern and it is a it is a good concern, but it represents only part of the equation. So here’s what he said in a nutshell. He says I’m concerned with investing in a housing market top, I believe there is more of a probability that prices will decline rather than increase in the short term. Not sure what short term is but okay. I understand that inflation is the upside of the 30 year fixed rate mortgage, single family three bedroom, two bath 1% Rv rental value ratio, below cost of construction linear market investment How do you weather the storm with this investment strategy in a deleveraging deflationary scenario? How did this strategy do if you bought in 2006? Are there any other downside risk that I’m unaware of with this investment strategy, like opportunity costs? Would it be better to save your liquidity for an illiquid market bottom? Okay, great question. Here’s the thing you got to understand he can’t talk about a housing market top. Because the question is Where, where, where, where, you know, I sound like a broken record talking about this stuff. But look, if you’re thinking of investing in New York, or the Socialist Republic of California, or Washington state or the Oregon coast or you know, South Florida, or any of those expensive Northeastern markets, this is a valid valid concern our chief here in some of those markets. But if you’re in these boring linear markets in the southeast, the Midwest, some not all of what people call the smiles states, okay? In other words, if you’re looking at a map of the US and you put a smile on it, that kind of crescent shape of that smile, most of those markets are pretty good. Not all of them. Okay? Be careful, because the hope you don’t want the edge of the smile on either side. Okay, that that’s where you might get hurt, especially on the West Coast side of that smile, that’s gonna, that’s going to hurt you. But most of that is going to be pretty solid. Because remember, you’re not investing for capital appreciation, even if it depreciates, who cares? Really, who cares? You’re not selling anyway. I mean, of course, we would all rather have our properties appreciate in value, obviously, but it’s not a big deal. It’s not why we’re in vesting, we are yield oriented investors look in the bond market for example, you can buy bonds and hold them for the yield, okay? Or you can trade bonds and try to make capital gains on those bonds. You can buy a dividend paying stock, and you can hold it for the yield the dividend it pays or you can buy a non dividend paying stock and just try these very simplistic very bad strategy of buy low sell high. We’re investing in a multi dimensional asset class, we are investing for yield. We are buying prudent low cost properties, properties that have universal need that are below the median price in any given market, almost always. And these properties are just in demand. Now you asked a very good question here are cheap How did this strategy do if you bought in 2006? Great question. Great question. Okay, here’s why that’s such a great question. First off, you have to realize that the great recession that came right after 2006 was the worst economy in a lifetime, the worst economy in seven decades. It was an anomaly. Of course, we’re going to have other recessions. Of course, we’re going to have other market crashes. Obviously, there is a cycle there is a business cycle. There is an economic cycle, there is a recessionary cycle, we will have another recession. Hey, if Trump isn’t reelected, the party’s probably going to end pretty quickly after that, okay, if we get a delusional old man socialist, like Bernie Sanders, who, hey, listen, he probably means well, but he’s just delusional. Okay? You know, Elizabeth Warren, I hey, I can like some of Elizabeth Warren stuff, you know, I like how she attacked The banksters and the Wall Street crooks and all that stuff, but you know, her plans going to be a disaster. Okay. And then you got the Donald right. And I mean, he just keeps saying things that like, offend everybody. And it’s it’s sort of funny, it’s very entertaining actually. But, you know, why does he? Why does he have to offend everybody Seriously? Because, you know, if you just look at purely his presidency, at the very least how he’s handling the economy, God, give the guy some credit. I know the media won’t. But, I mean, this is the biggest economic expansion in history. Okay. You had huge expansions under Reagan, the largest peacetime expansion in the history of the country under Reagan, and then you had it again under clinton. Now Clinton was a little bit different. Okay. Even though I did not like slick Willy Bill Clinton. he’s a he’s a total crook. I gotta give him some Credit like trying Don’t be so partisan all the time. People, okay, that’s what I’m trying to say. Like, give people some credit where it’s due right Clinton, where’s it do look, it didn’t really jive with his beliefs, okay. But he to a reasonable extent, didn’t mess the economy up. He didn’t screw it up. He didn’t interfere very much as like Obama did Obama interfered way too much. Okay. Clinton, sort of just it was a little bit laissez faire about the economy, which I, I love, I was totally in agreement with that. And also, he had the extreme good fortune of presiding over an economy that was just ramping up in a huge way globalization, and that put downward pressure on prices. So consumer goods got a lot cheaper. Now, it took a while for all the Americans to lose their jobs because of this, right? But that eventually happened. These terrible trade deals that Clinton presided over took effect and as ross perot said that giant sucking sound. But the other thing that Clinton was so fortunate, and I know this is going to sound silly, but the fax machine, the fax machine, yes, the facsimile machine. That was a big deal. I don’t know, if you really remember how that sped up the velocity of money, the velocity of commerce, we had fax machines before Clinton, but under clinton, they really caught on. Okay, and you saw the result of the humble fax machine in the economy. Now, you’re probably thinking Jason, he didn’t even mention the internet. The information superhighway Well, obviously that was way bigger than the fax machine. But I wanted to give you the preamble to it and that was the fax machine. Do you remember how slow commerce was before fax machines and how it just totally sped up with the good old humble fax machine. And then, of course, that internet thingymajig Well, that was a pretty big deal. And Clinton, he was in the right place at the right time. I mean, that just obviously changed the world so dramatically. And we’re still reaping the incredible, incredible profits of the internet age, this world of frictionless e commerce, that, you know, remember, one of the things economists talk about a lot is the velocity of money, the velocity of money is a big deal. Because when you have more velocity, more trade, you increase the size and speed of the economy. So that velocity, just making things simply move faster, makes people more prosperous, doesn’t have to be that everything else is right, just increase velocity, and you’ll increase the size and scope of the economy. And the internet gave us this world of largely frictionless global e commerce. was just obviously incredible. I don’t have to overdo it on that. So Archie back to your question, just buy good properties in these good linear solid markets and keep them and stop trying to time the market. At the very worst, you’re going to lose the opportunity cost. Because if you have to wait three years to try and time a market bottom, or five years or seven years, who knows when you’ll see the bottom and trust me, when you’re there, you won’t know you’re there. That’s the other problem. And when you’re at the peak, you won’t know you’re at the peak, we don’t know we’re at the peak. Now. I certainly don’t believe we’re at the peak in any of these linear boring markets. Now, if you’re telling me about cyclical markets, like LA, San Francisco, New York, Miami, and many others, you know, I’m going to say don’t touch them with a 10 foot pole, but I wouldn’t touch those anyway, because they don’t make any sense. They don’t get a 1% rent to value ratio or even close. So you’re going to lose I mean, if you go to Jason hartman.com slash pro properties right now. And you look at the performance on our website, and you find a property performance that all in is going to generate a conservative return for you of say 22% annually, 25% annually. Okay, you wait three years, you’re going to miss 75% return on investment. Okay? Now, say the prices do go down by 20%. Okay, you’re going to lose more by waiting. The likelihood is you are I mean, what are you going to do with your money until you wait, stick it in the stock market? Well, it’s easy to argue that the stock market said a top right, that’s much easier than arguing that linear real estate markets are at their peak. So you can put it in the stock market and lose your principal there. You know, this is this is not a winning strategy. Timing the market is generally for anybody just simply not a winning strategy. So buy good properties, hold on to them. It’s the most historically proven asset class in the entire world. Just don’t buy in the crazy cyclical markets. And if you’re really concerned about a market crash, don’t buy in the hybrid markets either get the really, really conservative bread and butter properties in the linear markets, and you should be in good shape. And you can find those at Jason Hartman calm and we got to wrap it up for today. Archie, thank you for the questions. Other people go to Jason Hartman comm slash ask, tell me why I’m right or wrong or ask your questions, make your comments, share an article share a link whatever, we’d love to see it we’d be happy to talk about it on the show too. And until tomorrow, happy investing.
Jason Hartman 34:43
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