Episode Transcript
[00:00:02] Speaker A: But you gotta focus on the intent, not necessarily the narrative. Okay? And this is how a lifelong businessman has always gotten things done. If you take every single statement, or God forbid, every tweet literally, you're gonna have the same emotional knee jerk reaction that the market had, particularly February, April and March.
We wanna encourage you to focus on the end result, not on the noise in between, because there's going to be a lot of them.
[00:00:44] Speaker B: Welcome to Lancepedia with Tyler Texan Lance Browning of Income well Solutions. Pleasure to see you, my friend. How are you?
[00:00:52] Speaker A: Hey, man, good to see you. Yeah. So, Garrett, this will be number three. So hopefully the third time's the charm and I don't mess it up too bad. Right?
[00:01:00] Speaker B: Hope you're enjoying the waning days of summer here. So we're going to go back through a sort of a halftime report for this that you put out in July. So what are we going to talk about today? What you got?
[00:01:13] Speaker A: Yeah, Garrett. So every year, kind of in the middle of the year, we do what's called a halftime report. And I'll do these as like a video blog, we'll post it on YouTube, and then I'll do a live event with it as well. We kind of talk about, okay, here we are, middle of the year.
And so here's what's going on, here's what we think's going on, here's what we think is happening, why it's happening, and what we think is going to happen going forward.
And so every year we have a theme and it's normally this versus this. So this year we've got, we're going to talk about tariffs. So you've got this opening slide, you've got this American flag with this silhouette of Donald Trump, and you got all the other other country flags and kind of what all that entails. And, and then you're gonna see the big four.
So you know, those of you that have listened to our halftime reports before, if not, you can find them on our YouTube channel every year. So you may recall from past reports about us talking about the big four. The big four. These four, these are the big four economic indicators that we use. So these four are gonna be the yield curve, treasury yield curve, leading economic indicators, index, corporate earnings, and the Fed's balance sheet. Okay, Fed's balance sheet. We'll start with the yield curve and we'll talk about that. So for the last couple of years, we've had what's called an inverted yield curve. So common sense would dictate that the longer term Maturity of bond that I buy, the higher rate of interest, the yield that I will get in return, that I will earn. And in recent years, that has not been the case. So in other words, short term rates have been higher than long term rates. This dislocation is called an inverted yield curve. Now, inverted yield curves are often a early indicator of a pending recession. That's why we care about these things. And you'll kind of see some different color graphs on here. So you'll see the peak July of 2023, you see this peak inversion where short term rates, the upper left and that kind of that GRE olive were significantly higher than long term rates out to the far right.
So what we've seen now is this thing as of July, as of last month starting to un invert. So if you look at that kind of purple, darkish blue line there saying June 5, 2025 to current, all right, the yield curves finally normalized. Now, where longer term rates are actually a little bit higher than short term rates, we would generally view that as a positive as things sort of normalizing.
So one of our favorite, the next one's going to be the lei. Garrett. So one of our favorite indicators that we use around here is the leading economic indicator, or LEI index. So it's a measure of 10 separate economic indicators and it's generally a pretty good measure of where the economy is going.
Notice here that it's been steadily declining for the better part of four years. And you're going to see historically some big camel humps that proceed a recession. Okay, so the light blue line is the current LEI leading economic indicator. 10 indicators. Okay, these vertical lines, gray lines that run up, straight up and down, those are recessions. Obviously you saw tech bubble away and then, you know, Covid, obviously during pandemic. Okay, so you've seen these recessions and you'll notice these where I've got them highlighted with the red arrows, these big camel humps where economic indicators gradually rolled up and then declined.
Typically what I call, I call these camel humps. Those generally will proceed a recession. You'll see where that thing will roll over. Recession, roll over. Recession. Well, we're rolling over and have been for four years and for now at least, Garrett. We haven't had a recession. We've not had one.
[00:05:10] Speaker B: And we're looking here at the dark blue line versus the light blue line. So in the first two scenarios there you've got a. When the, when the light blue started to go down, not too far behind it, the dark blue comes down with it, but in this third. Right, but in this third scenario or in the, on the far right here, you've got the, the hump in the dark blue, but the light blue or the, we've got a hump in the light blue, but the dark blue just keeps steadily climbing up into the right.
[00:05:36] Speaker A: Yeah. Another one that we use, another indicator is going to be the Federal Reserve's balance sheet. The balance sheet, okay, so it's kind of our number three of our, of our big four. All right. So in other words, if you're, how many assets does the Federal Reserve currently hold on its balance sheet? Historically, when the Fed balance sheet is expanding or growing, think especially post pandemic, the market generally goes up as well. Pretty tight correlation between the Fed's balance sheet and the S and P, the stock market. As of right now, the balance sheet looks to be leveling out. You kind of see in the far right there where that thing is sort of trending lower and flatter. Okay. The Fed's going to call this QT or quantitative tightening where it is acquiring or it's actually decumulating assets on their balance sheet. Still a ton of them, but not as much as we had say, post pandemic response. Last but not least, certainly not least are corporate profits or earnings. So conventional wisdom is going to tell us that if a company's profits, their earnings are growing, its stock price is going to grow as well. Typically, that's what you're going to see. All right, so here is the earnings dashboard for quarter one of 2025, quarter two, obviously we just got those out. Just sent those out. Obviously look pretty strong as well. But this is really a pretty solid report card. So you're going to see that earnings per share grew for s and P500 companies grew at over 13% year over year. 13% profit growth, top line, that's pretty strong.
That's solid. We'll take that. Revenue or what we're going to call top line growth, was a pretty solid 4.8% increase year over year. So these are some pretty strong numbers. And you know, we saw this carry forward in the second quarter as well. So that's encouraging. That's good news. We'll take that.
So the moment we've all been waiting for, right? So let's talk tariffs. This slide is from the great folks at First Trust. And so for starters, let's ask, you know, what are tariffs? We've heard this and heard this and heard this over the last seven, eight months. All right. Tariffs are taxes or duties imposed on imported goods by a particular government.
Why are they used? Why do tariffs exist? Well, their intent is to protect domestic industries, encourage local domestic production, generate government revenue. That's the big one, revenue. All right?
And a lot of times you'll see reliance on, you know, that they're going to try to reduce reliance on foreign goods. Respond to trade policies of other nations. Okay? It's the last part of that sentence, the response to other nations that we'll be spending most of our time talking about today on this podcast. Garrett. So lastly, common. So what are potential impacts of tariffs? So tariffs will generally raise prices, generally raise prices for consumers. They will affect relationships, particularly trade relationships with other countries.
They're going to influence economic growth. And don't miss the last part of that definition.
Influence economic growth. That's going to be key here in just a second. All right, so let's talk kind of take a little trip down memory lane here, all right?
And we're talking about what happened with tariffs during Trump's first term. All right? So disclosure disclaimer before you even start, all right? Other people get paid a lot more than I do to provide political commentary, okay? So I'm going to keep my day job and I'm going to focus on the data, not the narrative. We're not concerned about politics here today. That's not what we're here to do.
So one of the more frustrating things for me, Garrett, really, from February to April, during kind of what I call the tariff tantrum, was the constant hand wringing over tariffs. All right, so here's the thing. This is not our first rodeo with tariffs. It's not our first rodeo with tariffs during a Trump administration.
Okay?
And so here you see the effect of tariffs during Donald Trump's first term. So the blue line is basically going to represent growth in the market, the s and P500, okay. The orange line is going to represent inflation.
And what we can learn from this is that inflation fears generally spike up early on during tariff negotiations, only to decline, come back down when reality sets in. The key word in this is going to be negotiation. Negotiations. Okay? Love him or hate him, Donald Trump is not a politician.
Every single thing with this guy is a negotiation. He wrote a best selling book years ago called the Art of the Deal. The whole book, the theme to the whole book is about negotiation, negotiation. And that's what you see in this tariff thing. So when negotiations begin, you're going to hear and see some really outlandish sounding things from Trump.
You have to focus, but you got to you got to focus on the intent, not necessarily the narrative. And this is how a lifelong businessman has always gotten things done. If you take every single statement, or God forbid, every tweet literally, you're going to have the same emotional knee jerk reaction that the market had, particularly February, April and March.
We want to encourage you to focus on the end result, not on the noise in between, because there's going to be a lot of it. So let's look at average effective tariff rates since 1970.
So here you're going to see average effective tariff rates on imports going back post accident Revolutionary wars. So we got a long data set here.
You see a very gradual decline over time, getting as high as about 57% in 1830, down about 2% today.
And I would point out that this big spike in the 1920s where tariffs just went crazy, went from 5% to 25%. This was due to something called the Hawley Smoot Tariff Act.
These increases in tariffs, along with incredibly lax margin requirements, trading in the stock exchanges, were largely credited for the market crash in 1929 and then subsequently the Great Depression. All right, And I think a big part of the reason for the decline in recent years down to almost zero, has been because of globalization. Right? Over the last 50 years or so, our manufacturing base has left and moved overseas in search of cheaper labor costs. Think China. Right?
The very low tariff environment may very well have contributed to this manufacturing exodus. And we're going to talk simple average tariff rates, U.S. and top 10 trading partners. Okay? So this graph probably does the best job of laying out Donald Trump's case for tariffs. And again, we are not endorsing or condemning these policies. We're not trying to tell you orange man good, orange man bad, you're grown ups. Figure that out yourself, Right? We're just trying, simply trying to show you the what and the why. Okay, so here you're going to see average tariff rates that these countries charge other countries is they import goods. So if I were to ask you what country has the highest tariffs, you probably would say China.
Actually, it's India down here at the bottom with a 17% average tariff rate.
We really don't think, Garrett, we really don't think Trump is trying to achieve free trade, quote, unquote, free trade. We believe he's trying to achieve a fair trade where there isn't such a disparity in these tariff rates between a 3.3% rate, on average, the US charges all the way up to 17 for India. So he's trying to close. We Believe we think the disparity in these rates. Okay, we'll pull up this, this map of the usa. We'll talk about the largest importer partner as a share of overall imports. You're going to see a map of the United States. Going to be busy, but we're going to kind of break it down. Okay, so, and this map is going to be color coded by the largest import partner countries of each and every state in the union. So it shouldn't surprise you that southern states typically import a lot of goods from Mexico. Mexico is the largest country on our southern border. Makes sense. Northern states, on the other hand, are going to import more goods from Canada.
Largest country on our northern border. Makes complete sense, right?
[00:14:51] Speaker B: Totally.
[00:14:52] Speaker A: And so let's look at the import value of the US's top trading partners. Okay, we're going to break three of them down here. Okay, so next pop quiz. Which country exports the most to the United States? Which country do we import the most from? So if you said China, that's not correct. The US imports almost half a trillion dollars each year from Mexico. China's number two, followed closely by Canada at number three. You wouldn't have expected that.
That.
[00:15:26] Speaker B: Absolutely not. Yeah, that's, that's not what you hear or not.
[00:15:30] Speaker A: That's not the narrative. That's not right. And we're trying to separate data from narrative. The whole point, whole point to this. So next slide is going to be exports as a share of gdp. This is going to be the United States and the top five trading partners of the United States. So the United States is the world's largest economy as measured by gdp, which stands for Gross Domestic Product, Right. GDP is the bottom line report card. You'll remember that from our, from PODC too, on any economy. So which countries rely the most on exporting good to other countries as a large part of their gdp? Okay, which countries were most reliant on exporting? The United States exports only account for about 11% of US GDP.
China's exports are 20% of zero GDP. Still pretty big.
And we would expect China to be a little higher, but they're not.
And so then we've got Japan, Canada, Mexico and Germany. Exports account for almost half of Germany's economies. That's a lot of BMWs and Mercedes there, Garrett. But right or wrong. Again, right or wrong. This illustrates Trump's motivation with these tariffs. So the most powerful economic force in the history of the world is the American consumer. We have them. Other countries desperately need them.
Trump knows this, as do all these other countries, as it was in the first Trump administration. We think most other countries will eventually negotiate more favorable terms with us, with us on tariffs. And I think we're seeing that.
Okay, let's talk about the components of GDP growth. Gdp again, gross Domestic product.
And I want to clarify my statement about the American consumer just a little bit further here. So in the past, we've said repeatedly that the consumer accounted for about two thirds of the US economy. And I think this chart from JP Morgan illustrates it pretty well. So over the last 25 years or so, consumption has accounted for 68% of US GDP. Clearly, the consumer is critically important to the US economy, very clearly. You can see that here. And the US Consumer is very important to any other country that relies on the American consumer, on the US consumer. So that's where all this kind of starts to come into play. Okay, next slide from JP Morgan again is going to be consumer finances, Garrett. And we're going to talk about that. So in last, last year's halftime report, again, you can find that on our YouTube channel. We talked at length about debt, both consumer and government. All right, we talked about this in podcast two last time. But government debt is clearly, clearly out of control. We get it. Okay. But let's talk a little bit more about the consumer. Okay, so consumer debt is at or near an all time high. That's a true statement. All right, but let's dig a little bit deeper. You can't just look at debt. You got to look at the entire balance sheet, which will of course include assets. So here you see total US consumer assets account for a little over $190 trillion. That's a lot. That's stocks, bonds, that's everything they own. You can kind of see in that large bar to the far left there. Okay, and so total consumer debt, which is high, okay, accounts for almost $21 trillion. That's a huge disparity.
In the top, right, you're going to see a debt service, what's called a debt service ratio. So you'll notice that that line has decreased pretty dramatically coming down over the last 20 or so years. What this is showing us is that even though consumer debt is very high, and it is, the consumer has more than enough assets to service that debt.
So next, let's talk about inflation components.
These are again, good folks at JP Morgan, they put out some really good stuff that we use. So we'll talk a little bit in a second some more about consumer confidence. All right, but one thing that can really drag the consumer confidence down is Inflation.
That said, let's look at what constitutes inflation. Let's see what makes up inflation cpi.
Since April, inflation has been gradually trending down, even with the tariff hysteria. Okay. Latest reports show inflation at about 2.3%. All right. That's a quite welcome change from where we were even in recent years. Right. We'll take 2.3 all day long. This is a busy graph, so we want to kind of break that down. So currently, shelter costs, which are the darker blue down there on the. On the big mountain chart here, shelter costs are the largest component of inflation. And we saw this just meteoric rise in housing prices over the last four years or so. And that would make sense that that's a big component of inflation. Cul de, the second largest component. Garrett.
Dining, recreation, and other services.
Interesting. So keep that last one in mind here. Just a second. We talk about consumer confidence here in a couple of slides. All right, so what this is going to help us show is there's a pretty big contradiction between how consumers say they feel and what they actually spend their money on. Right? So if a consumer was truly that despondent and the world was ending and they thinking everything's so bad, they probably wouldn't be spending so much money eating out, vacations, going to the movies, et cetera. So there's pretty big disconnect there that we want to look at.
So on the left here, Garrett, we're going to look at the difference between tariffs charged by us by the United States versus our other. Other countries, our other trading partners. Okay. All right. And we've heard Trump talk an awful lot a ton about quote, unquote, reciprocal tariffs. All right, this goes back to the fair trade discussion we just had a few minutes ago. Okay? This line of reciprocity from bottom left to top right, according to the president, according to Trump, the further your country is away from this line, the more you're ripping us off. Okay.
[00:22:08] Speaker B: Okay.
[00:22:09] Speaker A: As you can see there, China and India are way far away from that line. Okay. So to help better, maybe help explain the concept of quote, unquote, reciprocal tariffs. Let me describe it. Maybe explain it this way. If your country is charging us a 25% tariff on the stuff we send you, we're not going to charge you 5% tariff on the stuff you're sending us. Again, this points back to, again, beating a dead horse here, the concept of fair trade.
So on the right, we want to compare exports by country for seven of our largest trading partners. So the blue line in the bar represents how much each country Exports or sends to the US the black represents what that country sends to the rest of the world. Once again, you pretty clearly see how concentrated Mexico and Canada are with us and with US Consumer. Clearly these two countries are heavily, extremely reliant on the all powerful US consumer.
So let's talk about interest rates and inflation. A lot of talk about interest rates right now. A lot of feuding between the federal Fed chair, Jerome J. Powell, I call him Darth Powell, and the President.
All right, we'll close out talking about the Fed and the consumer. So here you're going to see a blue line representing the 10 year treasury bond benchmark. So if that's what like mortgages and things, we pegged to a 10 year treasury bond, the black line is going to represent inflation adjusted yield. Basically the wider the gap between the blue and the black line, the higher interest rates are from where they should be.
We've talked a lot over the last couple of years about the Fed being subject to a lot of political pressure to cut interest rates. And that seems to be very, very much the case right now, Garrett, with the ongoing feud between Donald Trump and Jay Powell, in our humble opinion.
And they don't care what we think. Right? We established that last week last time. All right, The Fed has left interest rates way too high for way too long.
The Fed has claimed that they want to be quote, unquote, data driven. That's great. But we saw a second ago that inflation's running about 2.3%.
This is very, very close to the Fed's kind of self imposed inflation target of 2%.
Long story short, we believe it's way past time for the Fed to start cutting rates significantly. And that's a lot of the feud with Trump. Okay, so let's talk about the consumer. Let's talk about consumer confidence and the stock market.
So we have long asserted around here that consumer confidence in the stock market were very tightly, closely, directly correlated. When the market's up, consumers feel good.
When the market is down, consumers feel bad. Common sense. Many of us, many, many of you will recall us joking about the old Hee Haw song, gloom, despair and agony on me, right? They probably still play that in North Carolina where you are bud. But all the time former Federal Reserve chair Alan Greenspan, sort of the godfather of the Fed here, coined a term back when that he called the quote unquote, wealth effect. Wealth effect. Basically, Greenspan was saying that when asset prices, stocks, bonds, commodities, real estate, when those prices are high, people feel really good and they buy stuff. They feel Quote, unquote rich. They feel rich, right? And look, we're all emotional creatures. God made us that way. I get that. But the irony is that even when consumers say they feel nervous or bad, they're still buying stuff.
In the last four or five years, investors have aggressively bought stocks at or near the bottom of market corrections. We call this the buy. The dips is the term we've always used.
So consumers seem to be doing buying the dip even when they don't feel confident.
Interesting. We'll touch more on this disconnect in just a second.
We'll go a little deeper into that. All right, so slide 20. Shocker alert. Shocker alert.
When a specific consumer and a specific individual's preferred political party is in power, they tend to feel pretty good. When the other evil party is in power, they tend to feel pretty bad. This chart from JP really illustrates the political lunacy, Garrett, of our time that we live in. So at this point, pretty much every aspect of our lives has been politicized.
As investors, I believe it's absolutely critical that we control our emotions. We talked about that in episode one. But we can't let outside biases affect our good judgment. And you kind of just see here, you know how good people feel depending on if their person's in office. Right. So that's that. That would make sense. All right, this is a report this is going to be from. The next one's going to be a March 5, 2025 LPL note for Jeff Buckbinder. Jeff's our chief equity strategist here at lpl. So I'm going to quote Jeff. He says, after a sizzling recovery from the pandemic, followed by a period of surprisingly solid and steady economic growth on the back of resilient consumer spending, there it is. The economy finally seems poised to downshift to its pre pandemic trend of near 2% growth.
Recent confidence surveys suggest that consumers remain in good shape financially overall, particularly upper income folks who drive most of the spending. Here it is. In fact, the top 10% of earners are now responsible for about half of all spending.
That's going to make sense with higher income folks who disproportionately invest in stocks, bonds, commodities, gold, silver, real estate. Right. These folks have the most money to invest because of their income. They also have the most disposable funds to go buy stuff and invest when the market is up. The wealth effect really kicks in for these folks. The more rich they feel, the more stuff they buy.
Makes sense.
[00:28:45] Speaker B: Simple enough.
[00:28:46] Speaker A: And so we've talked a lot about how emotions can drive consumer and investor confidence. So this is a very good example of needing to separate the data from the narrative. Okay, so here's a CNBC article from the middle of April and showing retail sales being much higher than expected in March. And keep in mind consumer confidence in February, March and April were really low because the stock market had gone down due to the tariff tantrum. So confidence was low, market was acting stupid, but consumer retail sales were still okay, they were still growing. Kind of a.
Doesn't make a lot of sense there. Big contrast. So we believe it's, it's a whole lot more important to focus on what consumers and investors do with their own money rather than how they say they feel.
Big, big deal.
[00:29:40] Speaker B: Actions versus words, basically.
[00:29:42] Speaker A: Yes, sir. Watch. Watch what they say, watch what they do and spend their money on. Absolutely. So every year in these halftime reports, Garrett, we talk about what could go right, what could go wrong. Right? So we'll talk a little bit about this. So what the bulls want, what could go right. So the Fed, the bulls believe and hope that the Fed will begin lowering interest rates very soon and fairly aggressively. Maybe is, is, is soon as the September meeting next month. They're going to hope, the bulls are going to hope that tariffs do not disrupt, disrupt the supply chain or reignite inflation. That would be bad. We don't want that. Bulls want economic data to continue to improve and they want the US Economy to avoid a recession. Very, very important. All these things combined would really, really help our big four indicators. We talked at, at the start. Talked about the start.
So if you're a bear, okay, here's what you're, you're wanting or what you're thinking or what could go wrong. So by the way, just disclosure, bears are not much fun to talk about it. Talk to at cocktail parties. All right?
These are pessimistic people, man. They sing the Hee Hawk, Gloom, Despair, Agony on Me song. They sound like Eeyore from Winnie the Pooh.
To be a bear, to be that gloom and doom. You gotta believe that tariffs will continue to be very disruptive.
You gotta believe that tariffs will reignite inflation.
You gotta believe that the federal deficit and national debt will continue to spiral just out of control. We talk about that in our dollar report.
The Fed, the bears.
You know, we're thinking the Fed's going to be very, very slow and deliberate in cutting interest rates and that the global economy continues to slow down.
And lastly, the biggie is going to be a black swan event.
Could cause Chaos.
Every year. Every year I was talking about a black swan event. I just put that out there generically. And invariably when I do that, Garrett, something bad happens. Right, Covid, or whatever. So the Israel and Iran conflict, you know, Russia, Ukraine, whatever thing just out of the blue. Covid was the ultimate black swan. Just out of the blue that disrupts everything. We really don't want to see a lot of that.
[00:32:03] Speaker B: Okay, before we move on here, props to your. Your team, because I don't know how you found a picture of a more depressed looking bear than what you got here. I mean, it was.
[00:32:13] Speaker A: Exactly. Yep.
[00:32:14] Speaker B: It's not easy to find about a bear that looks that sad.
[00:32:17] Speaker A: He needs a hug.
[00:32:18] Speaker B: He really does. He really does.
[00:32:20] Speaker A: He needs a hug. Yep, yep. Exactly. Right. Yep. So we closed with this slide in last year, 2024, and I think it's. It's really, really key to kind of look at and where. Where our emotions kind of get us. So this is from our friends again, JP Morgan. And we started using this last year in a halftime report. This gives us about 45 years or so of data on market returns into an intra year decline. So we talk a lot about the folly of average returns. We joked about me and Shaquille O', Neal, on average, being 6 foot 5. All right?
And as investors, we're obsessed with average returns. So here's what's interesting if we want to talk about averages. Okay? So over the last 45 years, the market will have at least one drop annually, at least one drop of, on average, of 14.1%.
Okay? We had 20 plus February, March and April this year. Okay, so the black bars on the chart here, Garrett, are going to represent the average annual return for any given year in the market.
And so the red minuses down there with the dots show the entry year decline. So let's look at a couple of years. Let's go back actually to 1987. That's my first red arrow, kind of down there at the bottom left. All right, so 1987, following Black Monday, everybody remembers that October 19th, the market was down 34% for the year. In late October was at the end of the. At the time, it seemed like the end of the world. Was it the end of the world? Not really. The market, get this, actually finished up, up 2% in 1987. You wouldn't believe that at the end of October, but it did. We made it move over to 2009. The next red arrow kind of there on your right down there to the bottom.
All right, so the market was down 28% in the first quarter of 2009 following the collapse in 2008. Right.
The market actually finished up 23% in 2009 after starting off 28% in the hole after getting its brains beat out in 2008.
So moving out. And we'll even go recently, the COVID pandemic in 2020. So the market, by the end of March, from Valentine's Day, the end of March 2020, the market was down 34% entry year, end of the first quarter. Right.
Did the world end? It seemed like it would. Did the world end?
[00:34:58] Speaker B: Sure it did. Sure feel like it was going to.
[00:35:00] Speaker A: It did.
The market get this, though, Gary in and all the hand wringing. And I get that the market actually finished up 16% in 2020.
So far in 2025, we had about a 19% decline in the market due to what I keep calling the tariff tantrum. So was that the end of the world? No, we're actually up a little bit as of this recording in the market for the year. So that's a good thing. So. And I think the point is up and down volatility are very normal for the market.
The market does not move in linear fashion, either up or down. That's the folly, the fallacy of average returns. So, Garrett, imagine a guy climbing a mountain. We talked in our first podcast about Mount Everest. So you gotta. You got a guy, person climbing a mountain. Okay. The overall trend climbing the mountain is upward, right?
[00:35:58] Speaker B: Yep.
[00:35:59] Speaker A: Now imagine that same person climbing the mountain is playing with a Yo yo while they're climbing the mountain. Up and down and up and down and up and down. Our emotional human nature, the way God wired us and the media, God help us, they're gonna focus. Where are they going to focus all their attention? The Yo Yo? Yeah. Okay. The reason most investors fail is because they're watching the yo yo, not the mountain climber. So keep that in mind kind of going forward as we talk. So love to talk to you. Give us a call here. 903-787-8916.
Www.lancebrowning.com is the website.
Or you can come see us at the Troop Command center here, TroopCom in Tyler, Texas.
[00:36:49] Speaker B: Yeah, Lance, and if you'll shoot me over a link, I'll include a link in the description here below for the YouTube channel as well, so they can check the. The previous halftime reports that you mentioned there and any other really cool content that you got on the. On the YouTube channel. And yeah, I appreciate the yo yo analogy. There because I think that's, you know, like you said, media is wired to try to get that emotion out in us. You know what I mean? It's just a great analogy to describe that what the actual trend of the mountain climber is versus that yo yo of emotions. It's. We would never sit there and just focus on the oh no, he's going down. Just because the yoyo is maybe in a down.
But. But yeah, great stuff. I really appreciate it. And we will get that linked. So we'll link it in the description below. Whether you're watching on YouTube or listening to the podcast, should be able to find the link to to check him out. And Lance, we'll see you next time. Really enjoyed it. I hope you enjoyed the rest of your day.
[00:37:43] Speaker A: See you, brother. All right, talk soon. Take care. Thanks. Bye.
[00:37:45] Speaker B: Lancepedia is for entertainment and educational purposes only. Views and opinions expressed in the show or that of Lance Browning and are not guaranteed to to come to fruition. If you have questions about your investments or your financial plans, you should seek a financial professional or give Lance a call at 903-787-8916. We thank you again for watching or listening to the podcast and we'll see you next time.
