Transcription
The US dollar is picking up some steam here. It's now at 10166 at the Dixie here. The question though is, what is this strength in the US dollar mean for the markets? What does it mean overall for us investors, especially gold and silver investors? Of course, is it a headwind? Is it a tailwind? Is it a nothing burger? We we got to talk about this. Of course, part of the conversation, we're we're going to touch on the Fed, the role of Kevin Worsh moving forward here. Two rate hikes are sort of in the cards for this year. The question is, what's the impact? What is priced in into the markets? What is priced into the dollar? What's priced into gold and silver? So, lots to talk about with my phenomenal guest, Bill Flackenstein. Really looking forward to catching up with him. He was on earlier this year. So, we're going to take a look back. Of course, a lot has changed. It feels like three, four years squeezed into six months already, and we have a lot to dissect. But before I switch over to my guest, do us a favor. Help us out with the algorithm. Hit that like and subscribe button. Leave a comment down below. It helps us out tremendously, and we much much appreciate it. Now, Bill, it is a great pleasure to have you back here on Soore Financially. Tremendously appreciate you taking the time here and during the summer.
>> Well, thanks for having me back, Kai.
>> Yeah, we we got lots to discuss. Always enjoy our conversation. So, um, don't even know where to start because my head is spinning a little bit after yesterday. The the gold and silver price, let's call it a crash. Like, 8% for me is a crash. But um, maybe we'll start on the economy itself, Bill. Um, we haven't spoken in like six months. I'm curious, like, what is your um assessment of the economy right now? Are we better off than we were six months ago, or are things slowly starting to fall apart?
>> Well, it depends where you are in the in the uh financial bell curve. Uh, folks that have assets are generally better off, and folks that are uh working 9-5 probably are are generally worse off. Now it depends if you're 9 to 5 and you're you're working the oil patch, you know, you're you're you're maybe doing fine. There are certain construction jobs and things like that.
>> But I think the the the tailwind for the economy is the size of the budget deficit. Um, and uh uh ob the the whole AI spin and uh um uh hope, expectation, angst, you know, all those emotions thrown in there has, I think, resulted in um less young people being hired out of college for certain tech firms. Um, so I I think the economy is about the same net net net, but different sectors are doing either better or worse, and um, you know, the the tailwind the de that the deficit provides is is pretty is pretty potent. Yeah, we haven't seen a lot of change in the unemployment numbers. Um, job creation all seems to be somewhat steady at what is it? 4.3% unemployment rate. Personally, that's 4.3% almost sounds like full employment.
>> Yeah, except it isn't. But yes, I know I know what you mean.
>> Right? So, um, I think full employment 3% is full employment officially.
>> No, I just mean I just mean we know of pockets where there's
>> Yeah.
real weakness where there didn't used to be weakness, like uh college grads with real degrees, not studies in basket weaving, you know what I mean.
>> Absolutely, uh arts arts history, it's usually one, right.
>> That sort of thing, feminist studies, etc.
>> Yeah. Um, Bill, like one one thing that has changed since we spoke um in in early January is that we have a new fed chair, of course, um Kevin Walsh at the helm. Uh, we we witnessed the the first press conference here last week, which was an entertaining one, I have to admit, although bit of a nothing burger, cuz nothing really was said, um, besides maybe signaling to the market that there will be two rate cuts coming, or sorry not cuts, rate hikes coming down the pipeline potentially later this year. I'm curious, what was your take away from it? Did you follow it at all?
>> I didn't spend a lot of time with it. I mean, uh, it's an interesting, uh, conundrum because Worsh now is perceived as hawkish when the only way Trump would have given him the job if he was, it would be if he was going to be anything but that. And since Trump got fooled with Powell, you would think he would have been extra careful about Worsh. Um, uh, so I don't really know what Worsh's exact game plan is. He strikes me a little bit as uh uh quite a bit like Greenspan to some degree, who, you know, I was no huge fan of. Um, but I think his attempt—I think getting rid of the forward guidance is a is a really sound idea. There's no reason why the Fed needs to spoon feed the markets. In fact, all that does is lead to misallocations misallocitation of capital, um, because people are all too comfortable with what what the Fed's going to do for them. Um, but I think he's gone out of his way to try to talk tough, uh, so that he doesn't have to act tough. Um, I don't think there's going to be two rate hikes this year. Uh, I'd be a little surprised if there's even one, though. I understand the school of thought that says he has to prove that he's tough, and and maybe he'll do that. I don't know. But one rate hike is the most I think you could possibly get. Um, you know, and probably not too likely to do it in October right in front of the election. So you got, you know, a couple of months here when they might might do it, but, you know, again, I think he's going to talk tough and not do much, but we'll see.
>> Yeah. Well, the inflation picture seems to be, you know, get getting better, um, with with oil now. All he's got to say is, you know, a lot of this uh price hikes we've seen were directly related to the the Gulf War. Uh, and um uh it's starting, um, oil's flowing. Uh, it looks like the price price of oil has been coming down, and uh those um hikes are going to—sorry, those price increases will melt away, and then we've got all the AI productivity miracle in front of us. So that's the rhetoric that he would use to say, "So we don't really have to do anything." Now maybe he wants to say that after he hikes once, I don't know. But if we get one hike, that's all we're going to get in my opinion.
>> Do you think the Fed is still as relevant as it was perhaps two years ago, three years ago, 5 years ago? Um, I know you're you're a bit of a critic here. Um, it it seems like with Worsh coming in, it it wants to be more irrelevant, getting rid of forward guidance perhaps. Um, maybe not as be as market—or the market depending on it as much perhaps.
>> Well, I mean, it's still relevant. Um, uh uh, it's maybe not as relevant when it was doing massive QE and [clears throat] it's relevant if it starts to move its balance sheet around in a significant way. Um, but um, having having these these uh FOMC members not give speeches and having the Fed not give forward guidance is a step towards uh acting somewhat responsible in my opinion. Now they're kind of pinned in because, you know, the the deficit is what it is, and the debt is what it is, and the term structure is been shortened. Uh, so the they they might want to do some things, but the bond market uh is liable to have [clears throat] a say in it, or the size of the deficit is liable to have a say in it. Um, you know, they could never jack rates dramatically because the the cost of service and the debt moves up pretty uh dramatically every 100 basis points. So I I don't think they have that much operating room, which is all the more reason why they have to talk tough.
You just touched on QE, which prompted me to bring back a sentence like I've quoted last week in an interview as well. It's from the FOMC statement, actually. "The committee reaffirmed its policy of maintaining ample reserves in the banking system." Right. So they've created a lot of headway or a lot of headroom um in terms of liquidity. We had Michael Howell on. He said, well, the Fed directly and indirectly pumped $600 billion into the system already. It's more now—like it's been a few weeks since I spoke with Michael. Um, what do you make of that? Like the Fed being the ultimate liquidity provider here?
>> Well, they are, and and M2 has been growing uh because of the phenomenon you just described. So, um, you know, we'll just have to see how how that progresses and how that plays into um the whole uh rate hike um dialogue as we go forward. I don't have any big opinion on
>> on on on the consequences of that other than it seems like that's been linked to a pickup and M2 growth.
>> Well, let's create a task force, Bill, and we'll figure it out together. [laughter]
>> Yeah. So,
>> that's a good idea,
>> right? And then in the fall, maybe we'll come up with some results, but first we need some government funding. Let's do that first. Um, no, I'm being facitious here, but it is interesting because um, which leads me sort of to the next topic I want to discuss with you is the dollar. Um, it seems to have reacted somewhat strongly to to the statements and uh the the new fed chair coming in, and strongly—like I'm I'm putting that here in in air brackets here. The US the Dixie at 10166 as we speak, Bill, here on what is it, June 25th, 5:15 p.m., time the central European Central time. Our audience loves time stamps, by the way, that's why I'm mentioning it. But um, the point is though, like the US dollar has reacted to it. It's showing some strength. Uh, the question is, why, Bill? Like, maybe you can explain it a bit to us.
>> I think we have to define strong. Uh, if I look at my chart on my screen over here, let's say in the beginning of '22 the dollar index was 95. You know, it spiked all the way to 115, and then um through '24 it traded mostly between 100 and 110. In the last two years, it's traded around 100. Traded down to like 96 or seven, and now it's back to 100. So yeah, here you go. It it where how far—
>> US dollar still. Hold on. That's the dollar still. The Dixie hasn't loaded yet. Hold on. There we go. Started out in like uh you know mid-'21 or something
>> here. Why isn't it loading? [cough] Something's stuck here. Give me one second. Uh, let's restart. That's the dollar. Perfect. Where's the Dixie? There we go. Sorry. It was frozen. There we go. So
>> that's the five year.
>> No. No. Where'd it go?
>> There we go. That's the 2021. Let's go five years. So,
>> well, I just want to make sure I I got to look at the date, cuz
>> yeah, sorry, that's now 20 beginning of 2021.
>> You see my point? I mean, 100 was the low, and now we're talking about strength. I mean, yeah, it's stronger than it was, but it's if you looked at this chart, you'd say the dollar's strong. Really? I mean, yeah. I mean, the yen made a new low and the euro's in the toilet, but both of those currencies have huge problems. So does the dollar. It's just the one-eyed man in the land of the blind. And you know, I don't think it's really going to go very far. So, you know, I I think it's kind of a non-event. I mean, you look at this chart and say, well, I mean, it's kind of nowhere.
>> Yeah. No, it's true. Like, we I'm not sure—what what do you think you'll need to see to believe that it's it is going higher? Um, I mention, even if it goes to 105, I mean, who cares? Yeah. Yeah. It's still in that range as you mentioned. So,
>> I mean, well, you know, it's it's nowhere. I mean, it's up by default because the yen, the pound, the euro—they're all worse, but so [clears throat] I guess I'm saying it's slightly better, but it's not like, oh my god, it's not like it can go wild like the Swiss Frank used to in the old days, or more importantly, the Deutsch mark. So those those were currencies that really could appreciate and and continue, you know, appreciate like like you know, gold kind of took over that role in the last seven or eight years until recently. So um, yeah, I I just I just don't—I think it's a kind of I think it's kind of a non-event.
>> Yeah. Interesting. Because I want to follow up with another thing because Scott Bessent was on CNBC a couple of days ago, and maybe we we'll watch the beginning of the clip here. It's a minute and a half long, but uh it's about talking the role of the US dollar when it comes to foreign policy decisions. And I thought that was quite interesting, and I hope you can hear it as well. Bill, give me—let me hit play here.
>> [snorts]
>> So, Bill, a bit surprised the US dollar was centerpiece of the foreign policy moves apparently by the United States. Russia going back on—
>> I wouldn't draw that—I wouldn't draw that conclusion. Look, look, I believe Bessent is brilliant. I think he's doing a great job with a difficult hand to play, and uh I have tremendous respect for the guy. Having said that, if you take a step back, he's the world's number one bond salesman. I mean, the Treasury's got to finance his debt. So, he's going to talk a good game about that every chance that he gets. And he should, because we got a lot of bonds to sell. And to the extent that he can get foreigners to feel comfortable, that helps him, helps the country as well. But just because he says that's what they want to do, doesn't mean that's what they want to do. I mean, you think the Russians are going to feel feel really comfortable with a lot of USD assets domiciled where they can get picked off, like happened after the Ukraine war started. I'm not defending the Russians, but I'm just saying that altered people's, you know, thinking. I don't think that genie is going back in the bottle right away. So, I don't—I think it's um I think it's a bit hyperbolic to say that, you know, Russia wants to get back in the dollar system. I mean, again, I don't mean to disrespect Scott Bessent because I have a tremendous amount of respect for him, and I think he's doing a great job.
>> But as it as it pertains to, you know, outcomes, um, you know, I don't think that the dollar foreigners are will be as comfortable holding dollars as they were prior to the Ukraine war or even the latest war. Um, and and if if if they're going to if they're going to get that comfort level again, it'll be quite a ways down the road.
>> Now, I think I think it's interesting because we talked about de-dollarization quite a bit here on this channel as well. And it seems to me that the US was able to stop that trend for now. Um, maybe even reversed it a little bit, like based on what Scott Bessent said here. Um, maybe even reversed that uh the dollar decline as world reserve currency. Is that a statement you would sign? Well, as we looked on the chart, the dollar's been in a huge range. It's at the bottom of the range. Yeah. The de-dollarization, I think, was a bit of a, you know, people get all caught up about the whole BRICS concept. I never thought that it was going to get that far. It's it's done what it's done. I look, the dollar is the world's reserve currency, and it's going to stay that way. What's going to you usurp it? All the other currencies? I mean, they they all have problems. Like again, it's not like when there used to be a viable currency alternative, whether it was the Deutsch mark in the old days or the Swiss franc. So, uh, you know, I don't even know why we're discussing the dollar so much. I just don't think it matters. I mean, of course, it matters, but it's not a variable that it's change that is changing in a big enough way to make any difference to anything.
>> Yeah, that that's the thing. Like, we we'll see in hindsight, of course, what what what that all means, right? And how it will play out. The question is, how how does it affect other markets, and uh how does it affect perhaps the bond market? You you just called Scott Bessent uh the number one bond salesman in the world because he's got what—what is it, $10 trillion, I think you mentioned as well—that he's got to refinance this year.
>> I don't know exactly what the refi number for the year is. I probably should, but I don't, but so [clears throat] but we both know that um, you know, there's a trillion and a half new orphans coming out of the orphanage every every year here in the United States. I'm referring to the bond market, right? There's a new bond crop to the tune of a trillion and a half every year or so, plus or minus. So, in addition to what we have to roll and try to extend.
>> So, he's got bonds to sell.
>> Yeah. Like, how healthy is the bond market right now? Meaning, I'm looking at 440 on the 10-year. I'm not sure whether 30 years is at top of my head right now. Uh,
>> so I'm curious, like, what what's the bond market telling? What signals is it sending? It seems to me it's neither here nor there right now. It seems fairly neutral.
Well, it it had been rather weak. It's been weak in the context of the fact that when the rate cutting cycle began, um, you know, rates, you know, seven years and out are higher now than um, you know, you can interpret that a couple different ways. One is the bond market wasn't very comfortable when it looked like the Fed was going down an easing path. Now that it looks like the Fed's not going to go down that path, it may be tightened. Bonds have rallied. So that suggests to me that prior to this, the bond market was going down because it was it feared Fed easing, which would be a vote of less confidence in the Fed. Now that it's rallied because it thinks it's tightening, that kind of corroborates it. Up to the point that we we just have seen the rally on the on the more hawkish tone and beliefs. Uh, it could have been argued that the bond market was declining in in anticipation of potential rate hikes, or that—I have a smart friend who's a bond guy who's makes that claim, and he may be right, but the recent action makes it sound like the bond market wasn't overly confident in the Fed, and now they're happier that the Fed's looking to maybe be less dovish. But again, we're trying to impute motives to uh a market, you know.
>> Yeah. Well, I'm just trying to read the tea leaves quite honestly and see what it tells me, right? And doesn't mean I'm right or wrong. It's it's not an exact science, especially when I'm doing it. So, um,
>> no, fantastic. Um, I think we're working here [clears throat] through uh, you know, so the asset classes. I know we haven't talked about the the overall stock market, like the S&P 500, for example, and maybe even SpaceX. Um, maybe we could keep it to a short conversation because I want to talk gold and silver with you next year as well, but S&P 500 near record levels still. Um, how nervous are you about a breakdown in the overall markets right now?
>> Well, you have to remember that what what drives the US stock market and what has warped it and allowed these multi-trillion dollar companies to exist and to move up like penny stocks used to, [clears throat] pardon me, is the indiscriminate passive bid. Vanguard and BlackRock and the target date 401k plans that [clears throat] is the driver of the market because it's the the indices are market cap weighted, and uh I've discussed that, and I've I've said if people want to learn more, they should listen to what Mike Green has to say. He's the one that originally brought it to everyone's attention. [clears throat] Sorry. That is about 55% now of daily activity, getting up to, you know, in the guess gaining two or three percentage points a year in market share. So two, three years, it'll be up to 65%, which is, according to Mike, the real danger zone. So that is what drives the market. Fundamentals have very little to do with it anymore. And um, so uh, if un if unemployment were to tick up enough—I I've been told that the trigger is around five, maybe a little over five—to to to slow those inflows, and or retirees decide to, you know, change their allocation. If you shift the dynamics of the flow that go in automatically into the passive bid, that would make a big difference. What's layered on top of that, there are other mechanical strategies that operate, which are CTAs, trend following, uh momentum oriented schemes, and then you also have uh vol vault control funds where where uh premium gets sold, uh insurance companies take a lot of that product, and uh and then you have these massive double and triple ETFs that are concentrated—a lot of them in the tech sector—they produce tremendous volatility. So you have a situation today where last night Microsoft, uh sorry Micron, uh was successful, beat the number, and at one point today the stock was up almost 18%.
>> Now I mean, it's a tr—you know, it's a I don't maybe it's a couple trillion dollars now. I mean, does that make any sense? Of course not. But that's the dynamic, and anyone who doesn't understand what the driving force is is going to be in trouble sometime in the next couple years because if you think fundamentals are moving this, if you think SpaceX is where it is because of fundamentals, then you don't understand the process. You know, they engineer these things so they can get into the indices because the indices are indiscriminate buyers. So, uh, the the this has been progressively the case. You know, it's been getting bigger every year. Started to really have a meaningful impact around 2013. You know, along the way QE mattered, too, but that the the passive bid is the driving force in the stock market, and that's the only thing that really matters. I mean, other stuff does at the margin for a day or two, but then
>> the machine comes back in and is buying them. So, people don't ever really experience much pain. Therefore, they think stocks kind of almost always go up. And you you you create this warped behavior that keeps getting reinforced until one time it gets too big and then the machine breaks and then there's a serious 1929 style kind of collapse. That's in our future, but it might be two, three years out. I I don't I don't think you can game when that'll matter. You just have to pay attention and say, "Oh my god, something's changed now. It's important." Um, so everyone needs to follow Mike Green and see what he says.
>> Yeah, he's fantastic in that regard. We've had him on the channel before, and I think we talked at nauseam about it as well when we spoke earlier this year, Bill.
>> Um,
>> no, I really appreciate your insights there on the stock market, but we got to talk gold and silver. Um, we we've done our homework now. We we chewed through the other asset classes because I'm really trying to understand what is moving gold and silver right now. Um, if you look online, it could be the rate hike fears. It could be the US dollar. But I'm curious, what what are you thinking, Bill? What is sort of putting pressure on the precious metals right now?
>> Well, um, a combination of things. You know, coming into this year, January, February, everyone assumed that Trump would have, you know, some reckless easy money guy at the Fed, and and now the narrative has turned to just the opposite. So, it has to it has to deal with that change in psychology. Uh, the the the the uh geopolitical landscape may potentially have taken a turn for the better if in fact, you know, Iran is stripped of its nuclear capabilities and in ability to and and its ability to project terrorism. So that would be net net a positive for the world. Um, uh uh, and then you know some central banks, when the when we had the oil spike, you know, needed to defend their currencies or needed to fund their deficits uh or to buy oil. So there's a handful of central bank sales. So you you didn't have a lot of American spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe spe speculators. You flushed out a lot of world speculators. Obviously there's virtually, you know, no open interest in the in the uh in the gold futures contract. It's it's at a multi-year low. Uh, and so there's been—you you can't quite put your finger on exactly what got to—part of what got to it was the the stretch to 5,300 or whatever it was, and then that boom that that ran out of gas, and then the whole thing has turning on itself, and guys are going to make up stories about real interest rates and all this crap. Look, people pick narratives with which they want to trade things, especially things like gold that don't have any underlying sales, revenues, margins, you know, incremental data to trade. So, the market gets an idea in its head that this is what we're going to focus on, and it does for a while, and then it changes. Like quite frankly, I couldn't figure out what the narrative was when we had the blast from, you know, say 4,000ish to 5,300. I kept thinking, what's the incremental information that's making this go crazy? Um, and and and now it's like, oh my god, the world's going to end if you're a precious metal investor. So, the DSI is down to 10 in both gold and silver. Uh, the caveat I would add though is when DSI's get to, you know, single digits and low double digits, it's only off—it only m it only persists in bear markets. So, you wouldn't—it was 14 two weeks ago on the prior low. Now we made a new low, and maybe this is testing the other low, and the market's going to turn around and flush and maybe reverse. Commodity markets do that all the time. That if you're bullish, you have to hope that's the scenario. So since I'm bullish, that's what I hope happens. I uh um I had uh I I never sold any of my bullion, but I had lightened up on my mining shares quite substantially. Um, just because, you know, I didn't understand why the price was going up, and I had plenty of bullion, and so I unloaded a lot of my miners. Um, I thought maybe we're making a low a couple weeks ago. I put on a little trade. I took it off in front of the FOMC meeting. Now I'm looking to put it back on. And what's interesting is a lot of times when you test a low like might be happening now, people are more scared than on the low. That's how you know that, and that sometimes makes a really good test. So I think that might be happening. Um, and uh if it does, then you know then then obviously the metals markets will start to dig in, you know, and start to grind higher, and then you know, eventually uh before the party is over, Americans will be, you know, heavily invested in gold. You know, um, the crypto market's kind of been uh discredited, I think, to some degree, and but the stock market continues to go up, and so that that draws a lot of mind share, but I I I I have believed that the bull market and gold that we've been experiencing wouldn't end until there was strong American participation. And I don't believe we've seen that. And I think that's still in front of us.
No, that sounds very encouraging because uh you know what what encouraged me yesterday as well is that the big miners didn't move down with a gold price, or
>> Well, that's because they got destroyed last week though.
>> Okay. Okay. So,
>> you know, they got destroyed on the way down. But what you'd like to see in the test is, you know, some of these miners didn't make new lows. So, the right now you can say, hey, we're we are having a uh we're testing the low from last week. This has got—this thing could turn around and this could be it. But to conclude that, you need to see a few more things, right?
>> What are those things? I was just going to ask you, like you said, you're about to put a trade back on. So, I'm curious, like, what what are you waiting for? What
>> trigger?
>> I want to see how the how the—you know, I'd like to see some signs of stability in the gold market itself and start, and then you you know, when you're trying to catch turns, you have to be somewhat technical. You know, you you can have some things you want to see. You want to see the DSI down, and you want to see the recommended exposure of the, you know, the market news newsletters writers be totally negative—all that's all those boxes are checked. The open interest is ne—so everything is in place from a from a quasi fundamental standpoint regarding human psychology. That's all good, and that was good [clears throat] last week when the DSI was 14, or two weeks ago. Uh, so [clears throat] we we we have we have some we have positive. We have we have the we have the ingredients in place to have this be a successful low. But I, you know, I'd like to see a little more proof, right? I mean, you could buy some now and say, "Okay, if it looks like it's holding and building and and you you see something on the chart that you like, then you can add to it and build up a position and hope you get it right." And then if you if you start to see it be wrong, you can you can flush it. I mean, when you're trading around inflection, you know, what you think is a a big inflection point or a turn in the market from this leg down, you have to be you have to be pretty disciplined, right? Because you don't you don't want to—depending on how big your positions are away from this and what everything else you're doing. But that's just [clears throat] how I do it.
>> Yeah.
>> So, it's all cost average in maybe over the summer as well. It might be a strategy.
>> I don't like to blindly do that. Okay. Well, it depends. If you have zero and you want to get to 5, 6, 8, 9, 10% or 15 or whatever, that's one thing. But if you already have a decent position and you've lightened up and you want to put it back on, then I think when you when you when you add to add to it, then you you want to be a little more—you want to be pickier about what you want to see, right? You've already got some. So if you miss it, you didn't—you only missed
>> re-buying something you might have sold. But I just think it argues you want to have you want to you want to use a fair amount of discipline. I think uh uh and you can only blindly dollar cost average up to a certain small portion of your portfolio in my opinion.
>> No, fair enough. And Bill, maybe last question here. It doesn't sound to me like you're worried about the summer doldrums at all, because uh you could jump into the market any any time right now.
>> Yeah, I've never worried much about quote unquote seasonality over the course of the summer, and uh, you know, traders aren't here because they're on vacation. I've never—I've been doing this since the early '80s, and I've never thought about that once.
>> Okay,
>> fair enough.
Awesome. Bill, like I I could chat with you for hours again. I'm not sure like where where the time went. Uh, we're already 31 minutes in. Um, where where can we send our audience to follow more of your work? Definitely worth it.
>> Well, um, my handle on Twitter is FleckCap, FleckCap, and my website is FleckensteinCapital.com. It's $130 a year. I write a column every day about the market, and I answer questions. Um, and uh, one of those two places. I noticed I've got my name spelled wrong on your machine here.
>> Oh, me and the iron are in the wrong place. [laughter]
>> Good thing you put it in, not me. So, uh,
>> yeah. Did I do that?
>> Yeah. Yeah. Yeah. So, fortunately—otherwise, I I take the blade. You're going to have a guy on your network that can't spell his own last name. [laughter]
>> Now that you—cuz I'm looking at a um I'm looking at a teleprompter and it's mirrored, so I haven't really paid attention to it, and it's a bit smaller.
>> I just noticed a little while ago. I thought, did I do that? Anyway, I'll have I'll fix it then.
>> No, I did I didn't see it cuz you're you're on my main screen here, but I got a teleprompter mirroring it, and it's all mirrored, and uh
>> so I didn't even see it.
>> Tell these folks the guy you're having on can't spell his own name. You know, you got to have some fun once in a while. See if people catch it. You know, if if you did catch it, put it down below. So, there you go. That's how you farm some engagement, Bill.
Fantastic. Awesome. No, tremendously appreciate your time, Bill. Um, we should connect early in the fall or mid-fall. See where we're at and what it means for the markets, what it means for us investors.
>> See how many—we'll see how many glaring mistakes I made.
>> Yeah, we we should take the transcript, run it through AI, and just like the fact check.
>> So, and then we'll just go through the list.
>> Sounds like a good idea. [laughter]
>> Awesome. Fantastic. Bill, appreciate your time. It was great catching up, and everybody else, thank you so much for tuning in to Soore Financially. Wonderful conversation here with Bill Flackenstein. Tremendously appreciate his time and, you know, him coming on. Um, if you did enjoy it as well, do us a favor, help us out with the algorithm. Hit that like and subscribe button. Leave a comment down below. Did you notice that he misspelled his name? Let us know. Curious. Um, thanks so much for tuning in, and take care out there.