1 00:00:07,980 --> 00:00:14,409 Suze: March 8th, 2026. Welcome everybody. Today is International Women's Day, 2 00:00:14,750 --> 00:00:18,309 Suze: and we also have a surprise for you, but kind 3 00:00:18,309 --> 00:00:22,350 Suze: of a regular now. We're having Keith Fitz-Gerald, better known 4 00:00:22,350 --> 00:00:26,510 Suze: as Fitzy, according to me, although KT is like Suze, 5 00:00:26,670 --> 00:00:26,829 Suze: address 6 00:00:27,104 --> 00:00:30,545 Suze: him properly as Mr. Keith Fitz-Gerald. How do you feel 7 00:00:30,545 --> 00:00:32,384 Suze: about me calling you Fitzy, Fitzy? 8 00:00:32,845 --> 00:00:36,604 Keith: I love it. This is great. And KT I love you, 9 00:00:36,884 --> 00:00:37,965 Keith: but I'll go with Fitzy. 10 00:00:38,284 --> 00:00:41,674 Suze: So, the reason everybody that I wanted Fitzy to come back, 11 00:00:41,685 --> 00:00:46,044 Suze: on to the Women in Money podcast is this. 12 00:00:47,490 --> 00:00:52,250 Suze: The times are crazy. I'm getting thousands of emails from 13 00:00:52,250 --> 00:00:54,849 Suze: all of you saying, Suze, I don't know what to do. 14 00:00:54,930 --> 00:00:57,810 Suze: We're at war. Should I sell everything? I think I 15 00:00:57,810 --> 00:01:00,990 Suze: should get out of tech and get into defense, and 16 00:01:01,490 --> 00:01:06,529 Suze: today is really here to calm you down again because 17 00:01:06,529 --> 00:01:07,750 Suze: as we speak, 18 00:01:08,220 --> 00:01:12,699 Suze: we are at war. Oil is skyrocketing. Tech is still 19 00:01:12,699 --> 00:01:15,720 Suze: something that all of you are scared of, and you 20 00:01:15,720 --> 00:01:20,580 Suze: need solid direction, in my opinion, when it comes to 21 00:01:20,580 --> 00:01:24,819 Suze: the financial markets. And truthfully, nobody, in my opinion, is 22 00:01:24,819 --> 00:01:28,849 Suze: better than that than Keith Fitz-Gerald, or as I call him, Fitzy. 23 00:01:29,180 --> 00:01:31,260 Suze: So Keith, seriously. 24 00:01:32,010 --> 00:01:35,879 Suze: Are these hard times? Are these times to be worried? 25 00:01:36,089 --> 00:01:39,129 Suze: Are these times for people to be selling? What are 26 00:01:39,129 --> 00:01:42,589 Suze: these times that are happening right now in your opinion? 27 00:01:43,250 --> 00:01:45,889 Keith: Well, I'd be lying if I didn't feel the angst too. 28 00:01:45,970 --> 00:01:48,209 Keith: I mean, I'm a father, I'm a husband, I, you know, 29 00:01:48,290 --> 00:01:50,690 Keith: we're a military family. I mean, this stuff is for real. 30 00:01:50,730 --> 00:01:53,690 Keith: It's scary. There's angst creeping around the edges. The other 31 00:01:53,690 --> 00:01:56,250 Keith: thing to think about is that this is not our 32 00:01:56,250 --> 00:02:00,930 Keith: first rodeo, Suze. In fact, conflict like this is upset. 33 00:02:01,279 --> 00:02:04,900 Keith: as it actually is sets the stage for what happens next. 34 00:02:05,199 --> 00:02:09,000 Keith: Even the fiercest fighting eventually stops. So the real problem 35 00:02:09,000 --> 00:02:11,720 Keith: right now with the markets is actually your emotions and 36 00:02:11,720 --> 00:02:14,240 Keith: the person looking out at you in the mirror, and 37 00:02:14,240 --> 00:02:16,399 Keith: that's the person you need to get under control because 38 00:02:16,399 --> 00:02:18,860 Keith: the companies and the profits, they'll follow. 39 00:02:19,600 --> 00:02:22,710 Suze: And if you were to go back, if you can, 40 00:02:22,960 --> 00:02:25,679 Suze: and look at all the wars, maybe not all of them, 41 00:02:25,919 --> 00:02:28,559 Suze: but a lot of the wars that have happened. 42 00:02:29,380 --> 00:02:32,410 Suze: After they were over, what did the markets do? 43 00:02:32,990 --> 00:02:36,470 Keith: Well, that's an interesting and very important question for everybody 44 00:02:36,470 --> 00:02:39,940 Keith: listening today. If we look back at 10 major conflicts 45 00:02:39,940 --> 00:02:42,910 Keith: over the last 35 years, there's some surprising data that 46 00:02:42,910 --> 00:02:45,179 Keith: shows up. And to the point about calm and not 47 00:02:45,179 --> 00:02:47,889 Keith: being our first rodeo, let this stuff sink in. So 48 00:02:48,110 --> 00:02:54,320 Keith: in August 1990, Iraq invaded Kuwait. The S&P 500 dropped 16.9% 49 00:02:54,320 --> 00:02:59,309 Keith: over 71 days. Every headline screamed sell every talking head 50 00:02:59,309 --> 00:03:01,639 Keith: said the end is upon us. People who sold at 51 00:03:01,639 --> 00:03:06,279 Keith: the bottom locked in, you know, 17% loss, but investors 52 00:03:06,279 --> 00:03:08,639 Keith: who bought at the bottom and who reinvested all the 53 00:03:08,639 --> 00:03:12,960 Keith: way through that conflict made at least 24% in under 54 00:03:12,960 --> 00:03:14,240 Keith: five months. 55 00:03:14,639 --> 00:03:16,919 Keith: Right, so that's just one of the conflicts. If we 56 00:03:16,919 --> 00:03:20,910 Keith: look even at the horrific events of 9/11 in 2001, right? 57 00:03:21,160 --> 00:03:23,800 Keith: I mean, I lost friends that day like many people did. 58 00:03:24,038 --> 00:03:27,500 Keith: The worst attack in American history. Markets closed for 4 days. 59 00:03:27,600 --> 00:03:32,119 Keith: The SPY dropped 11.6% in a single week. And again, 60 00:03:32,429 --> 00:03:34,559 Keith: everybody said, you know, wow, this is terrible, this is 61 00:03:34,559 --> 00:03:38,110 Keith: the end. But in fact, the markets bottomed on September 21st, 62 00:03:38,119 --> 00:03:42,970 Keith: and by December had recovered 21.2% from that low in 63 00:03:42,970 --> 00:03:44,039 Keith: just 10 weeks. 64 00:03:44,429 --> 00:03:46,850 Keith: And then if you go to 2003, right, the US 65 00:03:46,850 --> 00:03:51,449 Keith: invaded Iraq, the market had already sold off 14.7% in 66 00:03:51,449 --> 00:03:54,479 Keith: the lead up, very similar to this. Fear had been 67 00:03:54,479 --> 00:03:58,490 Keith: priced in for months, but again, markets rallied 27% in 68 00:03:58,490 --> 00:04:00,570 Keith: the year that followed. And finally, if we go to 69 00:04:00,570 --> 00:04:04,160 Keith: 2020 where we had the Soleimani strike, markets barely moved. 70 00:04:04,330 --> 00:04:10,610 Keith: COVID came in afterwards, and the S&P 500 exploded 67% 71 00:04:11,679 --> 00:04:14,639 Keith: in the following few months. So the thing that you 72 00:04:14,639 --> 00:04:18,429 Keith: wanna think about, and again as uncomfortable and as disconcerting 73 00:04:18,428 --> 00:04:21,919 Keith: as this is, every investor who sells out now is 74 00:04:21,920 --> 00:04:25,260 Keith: making an emotional decision under the guise of being rational 75 00:04:25,480 --> 00:04:27,880 Keith: when being rational is really what you want to do 76 00:04:27,880 --> 00:04:31,239 Keith: because the numbers present something very, very different. The average 77 00:04:31,238 --> 00:04:33,100 Keith: recovery is 16%. 78 00:04:33,480 --> 00:04:36,260 Suze: But here you are, they're going down and down, but 79 00:04:36,359 --> 00:04:39,719 Suze: you're stuck because you don't have any more cash. What 80 00:04:39,720 --> 00:04:40,559 Suze: do you do then? 81 00:04:41,359 --> 00:04:44,000 Keith: Well, there's two things to think about, right? Number one, 82 00:04:44,279 --> 00:04:47,119 Keith: now is the time to make sure you're comfortable with 83 00:04:47,119 --> 00:04:49,200 Keith: the companies you own. So let's say you don't have 84 00:04:49,200 --> 00:04:52,039 Keith: any more cash. Take a hard look at, are you 85 00:04:52,040 --> 00:04:55,119 Keith: comfortable with every single company that you own? And if 86 00:04:55,119 --> 00:04:57,359 Keith: you're not, the question to ask yourself is, do I 87 00:04:57,359 --> 00:04:59,399 Keith: want to own this in five years or will I 88 00:04:59,399 --> 00:05:01,899 Keith: regret not owning it in five years? And if the 89 00:05:01,899 --> 00:05:04,238 Keith: answer is I don't know what this company does and 90 00:05:04,238 --> 00:05:06,640 Keith: I'm not comfortable with it, now is actually the time 91 00:05:06,640 --> 00:05:11,010 Keith: to sell. But if you've been buying great companies all along. 92 00:05:11,470 --> 00:05:13,299 Keith: Then now is the time to take a deep breath, 93 00:05:13,589 --> 00:05:15,779 Keith: you remember the numbers that I've just shared with you, 94 00:05:15,869 --> 00:05:18,470 Keith: and you just ride this thing out as uncomfortable as 95 00:05:18,470 --> 00:05:22,390 Keith: it's gonna be. History shows there has never in recorded 96 00:05:22,390 --> 00:05:25,869 Keith: human history been a war for which the markets have 97 00:05:25,869 --> 00:05:26,750 Keith: not come back. 98 00:05:27,140 --> 00:05:30,380 Suze: And the reason, everybody that I wanted Keith on is 99 00:05:30,380 --> 00:05:33,140 Suze: that I've been telling you this now for years, for 100 00:05:33,140 --> 00:05:35,738 Suze: over 40 years that I've been doing this, but I 101 00:05:35,738 --> 00:05:40,100 Suze: think it's very important that you also hear a second opinion, 102 00:05:40,660 --> 00:05:44,019 Suze: that it's not just Suze saying, do this, keep investing, 103 00:05:44,140 --> 00:05:47,480 Suze: do that. It's important when we check with each other, 104 00:05:47,559 --> 00:05:49,709 Suze: don't you think, Keith, to make sure that we're still 105 00:05:49,709 --> 00:05:49,730 Suze: on the same wavelength, right? 106 00:05:50,420 --> 00:05:54,579 Keith: Well, absolutely. You and I talk very, very regularly to 107 00:05:54,579 --> 00:05:57,459 Keith: do exactly that because, you know, even we check with 108 00:05:57,459 --> 00:05:59,299 Keith: each other because we want to make certain we have 109 00:05:59,299 --> 00:06:01,769 Keith: clear guidance, we know where the road is going. We 110 00:06:01,769 --> 00:06:03,899 Keith: already know where the road has been, so it's important 111 00:06:03,899 --> 00:06:06,179 Keith: we stay focused on where the road is going, and 112 00:06:06,178 --> 00:06:08,779 Keith: you've done that better than anybody for 40 something years. 113 00:06:09,059 --> 00:06:15,149 Suze: Here we are, we're seeing oil spike again. So, should 114 00:06:15,149 --> 00:06:18,549 Suze: people be buying oil, selling oil? What should they be 115 00:06:18,549 --> 00:06:21,190 Suze: doing at this point in time, if they happen to 116 00:06:21,190 --> 00:06:25,750 Suze: own energy stocks, or they want to own energy stocks, 117 00:06:25,790 --> 00:06:26,690 Suze: in your opinion? 118 00:06:27,510 --> 00:06:30,350 Keith: Well, that's a very important question, a very important distinction, 119 00:06:30,549 --> 00:06:33,709 Keith: because you don't wanna chase oil for oil's sake. What 120 00:06:33,709 --> 00:06:36,510 Keith: you wanna do is chase oil with great companies that 121 00:06:36,510 --> 00:06:38,868 Keith: produce it, store it, move it, and let it go 122 00:06:38,869 --> 00:06:41,589 Keith: around the world. So a company like Chevron, for example, 123 00:06:41,660 --> 00:06:45,149 Keith: which has a great dividend, it has balanced upside and 124 00:06:45,149 --> 00:06:48,510 Keith: downside distribution and production, meaning that it's not just the 125 00:06:48,510 --> 00:06:50,820 Keith: stuff coming out of the ground, it's how they process it, 126 00:06:50,950 --> 00:06:53,459 Keith: where it goes, who are they selling it to. A 127 00:06:53,459 --> 00:06:56,329 Keith: company like Chevron can make money at $30 a barrel, 128 00:06:56,380 --> 00:06:56,510 Keith: and it 129 00:06:56,589 --> 00:06:59,529 Keith: can make money at $100 a barrel. So forget about 130 00:06:59,529 --> 00:07:02,828 Keith: chasing oil just because it's going up. Concentrate on finding 131 00:07:02,829 --> 00:07:06,238 Keith: a great company that can maneuver with oil, no matter 132 00:07:06,238 --> 00:07:08,170 Keith: whether it goes up or down. 133 00:07:08,428 --> 00:07:10,190 Suze: I'm going to put you on the spot here. I 134 00:07:10,190 --> 00:07:12,269 Suze: already know your answer, by the way. So if you 135 00:07:12,269 --> 00:07:16,510 Suze: were going to pick one energy company, oil company, people 136 00:07:16,510 --> 00:07:19,269 Suze: want to participate, they see it in the 80s, it's 137 00:07:19,269 --> 00:07:23,029 Suze: probable it's going to go to 100. Would you be 138 00:07:23,029 --> 00:07:27,970 Suze: buying Chevron right here via a dollar cost averaging basis? 139 00:07:28,619 --> 00:07:31,869 Keith: Without a doubt I own plenty of it and I 140 00:07:31,869 --> 00:07:33,989 Keith: hope to own a lot more because I like the 141 00:07:33,989 --> 00:07:37,230 Keith: same things we're talking about. I like stability. I like growth. 142 00:07:37,429 --> 00:07:39,309 Keith: I like being able to sleep at night and most 143 00:07:39,309 --> 00:07:42,510 Keith: of all, I really like the dividend because that's cold 144 00:07:42,510 --> 00:07:45,549 Keith: hard cash. So to return to our earlier example, if 145 00:07:45,549 --> 00:07:48,589 Keith: you're investing in companies like this, you're never really out 146 00:07:48,589 --> 00:07:51,260 Keith: of cash. You've always got a dividend coming in, for example, 147 00:07:51,459 --> 00:07:53,790 Keith: and that can be reinvested in Chevron or even turned 148 00:07:53,790 --> 00:07:54,989 Keith: to other opportunities. 149 00:07:55,540 --> 00:07:58,000 Suze: Now, tell everybody why you just said a second ago, 150 00:07:58,019 --> 00:08:00,899 Suze: they're going to make money, the oils are up. Tell 151 00:08:00,899 --> 00:08:04,940 Suze: everybody why Chevron isn't going to be as affected as 152 00:08:04,940 --> 00:08:09,179 Suze: much about what's happening out there as many other oil 153 00:08:09,179 --> 00:08:10,220 Suze: companies will be. 154 00:08:10,799 --> 00:08:13,279 Keith: Well, sure, one of the beauties of Chevron, right, and 155 00:08:13,279 --> 00:08:15,339 Keith: one of the reasons why I continue to focus on it, 156 00:08:15,399 --> 00:08:18,459 Keith: to the exclusion of all of the other oil majors 157 00:08:18,690 --> 00:08:21,579 Keith: is that they've got distributed production around the world. So 158 00:08:21,799 --> 00:08:23,559 Keith: if we have problems in the Middle East, they can 159 00:08:23,559 --> 00:08:26,040 Keith: shift to Guyana, they can shift to South America, they 160 00:08:26,040 --> 00:08:28,679 Keith: can go back to Venezuela because they never left. They 161 00:08:28,679 --> 00:08:31,600 Keith: have stuff in the Permian Basin that's functionally profitable at 162 00:08:31,600 --> 00:08:31,920 Keith: 30 163 00:08:32,013 --> 00:08:35,372 Keith: to $40 a barrel. So it's a company that has 164 00:08:35,372 --> 00:08:39,051 Keith: a well rounded, very defensible, to borrow a term from, 165 00:08:39,131 --> 00:08:42,853 Keith: from Uncle Buffett, moat around it, and it's, it, I 166 00:08:42,852 --> 00:08:44,612 Keith: think one of the finest companies in the world that 167 00:08:44,612 --> 00:08:48,492 Keith: you can buy great dividend, great stability, and we're gonna 168 00:08:48,492 --> 00:08:50,473 Keith: need dinosaur juice for a long time to come. 169 00:08:50,773 --> 00:08:52,732 Suze: So all of you, here's what I really want you 170 00:08:52,732 --> 00:08:53,252 Suze: to get from. 171 00:08:53,385 --> 00:08:57,145 Suze: This, especially with the oil companies and dividends, you have 172 00:08:57,145 --> 00:09:00,046 Suze: to look at a company, not just at the yield 173 00:09:00,046 --> 00:09:02,786 Suze: it's giving you, OK? You look at the stock and go, 174 00:09:02,875 --> 00:09:05,306 Suze: oh my God, it's going to give me a 7% dividend. 175 00:09:05,585 --> 00:09:08,325 Suze: You have to make sure that the dividend is safe. 176 00:09:08,785 --> 00:09:13,085 Suze: You have to know, does the company itself have diversification 177 00:09:13,085 --> 00:09:14,526 Suze: within the company? 178 00:09:15,020 --> 00:09:18,140 Suze: So that if something happens in X, they still have 179 00:09:18,140 --> 00:09:21,780 Suze: Y to produce money for them, which is why I 180 00:09:21,780 --> 00:09:24,179 Suze: wanted to bring up this topic. Keith, would you go 181 00:09:24,179 --> 00:09:27,189 Suze: so far to say that if people have other oil 182 00:09:28,020 --> 00:09:30,760 Suze: companies right now and they see them going up... 183 00:09:31,640 --> 00:09:34,119 Suze: How do they check to make sure that they're not 184 00:09:34,119 --> 00:09:37,630 Suze: exposed to them going back down or danger again? Should 185 00:09:37,630 --> 00:09:40,839 Suze: they transfer to a stock like Chevron? What would you 186 00:09:40,840 --> 00:09:42,700 Suze: tell them at this point in time? 187 00:09:43,280 --> 00:09:45,640 Keith: Well, that's an interesting question. Uh, you know, obviously everybody 188 00:09:45,640 --> 00:09:48,039 Keith: has very different positions. If you've held the stock for 189 00:09:48,039 --> 00:09:50,359 Keith: a long time and it's a legacy stock and it's 190 00:09:50,359 --> 00:09:53,000 Keith: working for you, then, OK, that's fine. But if you're 191 00:09:53,000 --> 00:09:55,440 Keith: concerned about the company's longevity, like I am, for example, 192 00:09:55,510 --> 00:09:58,829 Keith: which is why I own only Chevron in the oil majors, 193 00:09:59,119 --> 00:10:00,979 Keith: you want to check three things. You want to check. 194 00:10:01,320 --> 00:10:03,559 Keith: Where do they produce their oil? You want to check 195 00:10:03,559 --> 00:10:05,869 Keith: how much debt do they carry, because if they carry 196 00:10:05,869 --> 00:10:08,679 Keith: a lot of debt, that means their break even is much, 197 00:10:08,799 --> 00:10:11,559 Keith: much higher, and they're subject to the price of the 198 00:10:11,559 --> 00:10:15,039 Keith: underlying oil shifting around. And finally, you want to look 199 00:10:15,039 --> 00:10:17,640 Keith: at management. Does management, and again, you'll get this from 200 00:10:17,640 --> 00:10:19,500 Keith: an annual report, you can do it in 20 minutes. 201 00:10:19,799 --> 00:10:20,630 Keith: Do you get the sense that... 202 00:10:21,070 --> 00:10:22,840 Suze: Wait a minute. You just said you can get it 203 00:10:22,840 --> 00:10:24,218 Suze: from an annual report. 204 00:10:25,260 --> 00:10:28,159 Suze: Nobody knows where to get an annual report, Keith. You 205 00:10:28,159 --> 00:10:29,179 Suze: know where to get an annual. 206 00:10:29,299 --> 00:10:30,799 Keith: No, no, no, no, hold on, hold on. 207 00:10:31,049 --> 00:10:32,020 Suze: All right, right, right. Go on. 208 00:10:32,090 --> 00:10:34,419 Keith: We got this great thing called the internet, right? So, 209 00:10:34,530 --> 00:10:36,849 Keith: so what I would encourage any investor who's concerned about 210 00:10:36,849 --> 00:10:39,140 Keith: this to do is forget the chat rooms, forget the 211 00:10:39,140 --> 00:10:41,619 Keith: ticker stuff. Just go right to the company. There's gonna 212 00:10:41,619 --> 00:10:44,340 Keith: be a little section on their website says investor relations. 213 00:10:44,700 --> 00:10:48,099 Keith: Pull up the most recent annual report, read through it, 214 00:10:48,179 --> 00:10:49,099 Keith: take 20 minutes. 215 00:10:49,559 --> 00:10:53,500 Keith: Because annual reports will give you an instant snapshot of 216 00:10:53,500 --> 00:10:56,599 Keith: where the company is, and you will know really quickly 217 00:10:56,599 --> 00:10:59,059 Keith: whether the company walks the talk or talks the walk. 218 00:10:59,320 --> 00:11:01,679 Keith: In a company like Chevron, for example, if you read 219 00:11:01,679 --> 00:11:04,439 Keith: the annual report, even quickly, you're gonna see that they're 220 00:11:04,440 --> 00:11:06,599 Keith: the real deal. If you read an annual report from 221 00:11:06,599 --> 00:11:09,590 Keith: another company, maybe you're gonna see management hemming and hawing. 222 00:11:09,840 --> 00:11:11,469 Keith: Maybe you're gonna see some of the dog ate my 223 00:11:11,469 --> 00:11:14,119 Keith: homework kind of language. Maybe you're gonna get the sense that, hey, 224 00:11:14,159 --> 00:11:16,919 Keith: they really produce 90% of their oil in the Middle East. 225 00:11:17,809 --> 00:11:20,650 Keith: It doesn't have to be complicated because even, even a 226 00:11:20,650 --> 00:11:23,450 Keith: rank amateur, even my grandmother used to say, you know, 227 00:11:23,690 --> 00:11:27,010 Keith: even the simplest farmer can figure out where the most 228 00:11:27,010 --> 00:11:29,479 Keith: complex crops grow, and you just look right at that 229 00:11:29,479 --> 00:11:31,140 Keith: annual report, you'll know in 10 minutes. 230 00:11:31,700 --> 00:11:33,500 Suze: All right, now let's say they don't want to do that. 231 00:11:34,010 --> 00:11:36,809 Suze: If they went to Chat GPT or any of the 232 00:11:36,809 --> 00:11:40,309 Suze: AI devices that are out there and they put in 233 00:11:40,489 --> 00:11:44,039 Suze: the things that you just said, what is management, what, whatever, 234 00:11:44,250 --> 00:11:47,090 Suze: would they get the correct answers there? Would they? 235 00:11:48,780 --> 00:11:50,489 Keith: I would like to think they're going to get the 236 00:11:50,489 --> 00:11:52,900 Keith: correct answer, but in many cases they won't because they're 237 00:11:52,900 --> 00:11:56,099 Keith: gonna get an amalgamation of what chat GPT thinks is 238 00:11:56,099 --> 00:11:57,000 Keith: the correct answer. 239 00:11:57,429 --> 00:11:59,150 Keith: So this is one of those things like if you're 240 00:11:59,150 --> 00:12:02,140 Keith: a doctor, right, the doctors look right at the patients. 241 00:12:02,190 --> 00:12:04,189 Keith: If you look just at an EKG machine you're gonna 242 00:12:04,190 --> 00:12:06,909 Keith: know some information, but it's better to look at the patient. 243 00:12:06,989 --> 00:12:09,218 Keith: So look right at the patient in an instance like 244 00:12:09,219 --> 00:12:11,299 Keith: this because if your fears are getting the better of you, 245 00:12:11,590 --> 00:12:14,030 Keith: that's the sure antidote that's the way to fix this 246 00:12:14,030 --> 00:12:16,348 Keith: is to look right at the patient, which is in 247 00:12:16,349 --> 00:12:17,890 Keith: this case the individual oil company. 248 00:12:18,150 --> 00:12:21,039 Suze: So for those of you that get afraid, an annual report, 249 00:12:21,190 --> 00:12:23,843 Suze: I have to do that, can you just try it. 250 00:12:24,083 --> 00:12:27,682 Suze: Can you just try doing it, reading a little bit 251 00:12:27,682 --> 00:12:30,723 Suze: about it? It's not as scary as you think. And 252 00:12:30,723 --> 00:12:32,512 Suze: how many times do I have to say to you, 253 00:12:32,763 --> 00:12:35,322 Suze: what happens to your money directly affects the quality of 254 00:12:35,322 --> 00:12:39,922 Suze: your life, not anybody else's life. So, what we're trying 255 00:12:39,922 --> 00:12:42,631 Suze: to do here is not just tell you what to do. 256 00:12:42,881 --> 00:12:46,843 Suze: We're trying to educate you as to how to do it, 257 00:12:47,232 --> 00:12:47,922 Suze: how you could 258 00:12:48,135 --> 00:12:53,005 Suze: know for yourself, because especially on International Women's Day, all 259 00:12:53,005 --> 00:12:56,176 Suze: of you have to really own the power to control 260 00:12:56,176 --> 00:12:58,416 Suze: your destiny. And one of the ways that I want 261 00:12:58,416 --> 00:13:01,356 Suze: you to do it, Keith wants you to do it seriously, 262 00:13:01,535 --> 00:13:05,005 Suze: is to know where to go on your own to 263 00:13:05,005 --> 00:13:08,056 Suze: get the information that you need. Switching topics for a 264 00:13:08,056 --> 00:13:12,536 Suze: second here, so many emails saying, what defense stock should 265 00:13:12,535 --> 00:13:13,155 Suze: I buy? 266 00:13:13,820 --> 00:13:19,429 Suze: Should I sell my tech, and should I get into defense? Now, 267 00:13:19,710 --> 00:13:22,789 Suze: I've told them what I thought in the podcast. Now 268 00:13:22,789 --> 00:13:23,450 Suze: it's your turn. 269 00:13:25,809 --> 00:13:28,929 Keith: Well, again, you know, ask yourself very simply, look in 270 00:13:28,929 --> 00:13:30,929 Keith: the mirror. Do we need both of these things for 271 00:13:30,929 --> 00:13:33,489 Keith: a very long time to come? And if you're an investor, 272 00:13:33,530 --> 00:13:36,250 Keith: you get one answer. If you're a trader, a speculator, 273 00:13:36,309 --> 00:13:39,968 Keith: or a ticker tourist, you get another, right? My impression, 274 00:13:40,130 --> 00:13:42,690 Keith: my point of view is that we need these things 275 00:13:42,690 --> 00:13:45,209 Keith: for a very long time to come, and many defense 276 00:13:45,210 --> 00:13:49,330 Keith: stocks are in fact tech stocks and vice versa. So yes, 277 00:13:49,409 --> 00:13:51,369 Keith: I would submit we do need these things, but I 278 00:13:51,369 --> 00:13:52,950 Keith: wouldn't sell either of them, honestly. 279 00:13:53,750 --> 00:13:57,469 Suze: So you wouldn't sell defense here, you wouldn't sell tech here. 280 00:13:57,789 --> 00:14:00,109 Keith: Nope. As a matter of fact, I'd do the exact opposite. 281 00:14:00,150 --> 00:14:04,049 Keith: I'd be buying more tech in particular because those businesses, 282 00:14:04,270 --> 00:14:06,590 Keith: you know, despite the short term noise, Suze, and despite 283 00:14:06,590 --> 00:14:09,059 Keith: the fear that's raging through the headlines right now, the 284 00:14:09,059 --> 00:14:11,150 Keith: angst that we all feel, you know, many of those 285 00:14:11,150 --> 00:14:14,909 Keith: tech companies are growing at double, triple digit rates, you know, 286 00:14:15,109 --> 00:14:16,049 Keith: the short term market 287 00:14:16,322 --> 00:14:18,641 Keith: noise has very little to do with the business case 288 00:14:18,642 --> 00:14:22,921 Keith: for owning the world's greatest companies, tech in particular. People 289 00:14:22,921 --> 00:14:25,682 Keith: wanna make it complicated all the time, and that's what 290 00:14:25,682 --> 00:14:28,442 Keith: we struggle with, right? You know, people like me, I 291 00:14:28,442 --> 00:14:31,122 Keith: try to explain it simply. Suze does it really well 292 00:14:31,122 --> 00:14:33,762 Keith: and I try to emulate her because I've learned from 293 00:14:33,762 --> 00:14:36,632 Keith: Suze over the years, but you know, you, you've got 294 00:14:36,632 --> 00:14:38,742 Keith: to just keep it really, really simple. 295 00:14:39,013 --> 00:14:41,294 Keith: Where do I go from here? And the answer is 296 00:14:41,294 --> 00:14:43,213 Keith: we're probably gonna need both of those things for a 297 00:14:43,213 --> 00:14:46,374 Keith: long time and tech in particular is beaten down to 298 00:14:46,374 --> 00:14:49,453 Keith: the point where the, the value of that company in 299 00:14:49,453 --> 00:14:53,294 Keith: the market's opinion is equivalent to something like a consumer stock, 300 00:14:53,414 --> 00:14:55,414 Keith: meaning where you go buy your bread and butter quite 301 00:14:55,414 --> 00:14:58,013 Keith: literally or your tennis shoes or whatever, and that makes 302 00:14:58,013 --> 00:15:00,573 Keith: no sense because you know tennis shoes you have to 303 00:15:00,573 --> 00:15:01,573 Keith: buy a pair of shoes 304 00:15:01,705 --> 00:15:03,986 Keith: every time you want to turn a profit, but a 305 00:15:03,986 --> 00:15:06,426 Keith: tech company, you change a few lines of code and 306 00:15:06,426 --> 00:15:10,906 Keith: you produce billions of dollars. So the scale is much 307 00:15:10,906 --> 00:15:14,026 Keith: more significant, which is why when they're on sale, you 308 00:15:14,026 --> 00:15:16,085 Keith: want to go for the tech, not the shoes. 309 00:15:16,265 --> 00:15:19,666 Suze: So let me ask you this for energy, you gave 310 00:15:19,666 --> 00:15:23,745 Suze: them Chevron. If you were going to give them one 311 00:15:23,745 --> 00:15:27,340 Suze: stock for tech, what would that stock be? 312 00:15:27,919 --> 00:15:31,080 Keith: Today it's gonna be Microsoft. When you think about how 313 00:15:31,080 --> 00:15:34,599 Keith: many people use Microsoft around the world, people think about 314 00:15:34,599 --> 00:15:37,359 Keith: it as software, but I submit the real business of 315 00:15:37,359 --> 00:15:40,500 Keith: Microsoft is bringing people together. It brings them together through 316 00:15:41,080 --> 00:15:44,640 Keith: Word and Excel and all the document processing we do 317 00:15:44,640 --> 00:15:47,359 Keith: every single day on the computer, but it brings together 318 00:15:47,359 --> 00:15:50,039 Keith: the big data through Azure. It's cloud storage. It brings 319 00:15:50,039 --> 00:15:51,479 Keith: together gamers. It brings 320 00:15:51,559 --> 00:15:55,280 Keith: together processing medical records, so the company is really about 321 00:15:55,280 --> 00:15:59,159 Keith: this huge ball that is humanity, and I think it's 322 00:15:59,159 --> 00:16:01,979 Keith: one of the most fundamentally needed companies in the world 323 00:16:01,979 --> 00:16:04,640 Keith: today and it's trading on par with the valuation that 324 00:16:04,640 --> 00:16:06,880 Keith: we haven't seen but a handful of times over the 325 00:16:06,880 --> 00:16:10,380 Keith: last 30 years the dot com crash, the financial crisis, 326 00:16:10,760 --> 00:16:14,960 Keith: the 2022 tax reset, the Powell pivot in 2018. So 327 00:16:14,960 --> 00:16:17,640 Keith: you can buy Microsoft cheaper than you'll probably see in 328 00:16:17,640 --> 00:16:18,140 Keith: a generation. 329 00:16:18,849 --> 00:16:22,239 Suze: And just I have to ask this, does Apple rank 330 00:16:22,239 --> 00:16:23,890 Suze: at all in your opinion? 331 00:16:24,179 --> 00:16:27,340 Keith: Oh, yes, I mean, don't get me wrong, I'm not, 332 00:16:27,460 --> 00:16:29,479 Keith: not pooh hoohing Apple at all. As a matter of fact, 333 00:16:29,960 --> 00:16:32,880 Keith: I think Apple is one of the greatest single winners 334 00:16:32,880 --> 00:16:34,960 Keith: out there. One of the things that I've learned about 335 00:16:34,960 --> 00:16:37,039 Keith: Apple over the years, and I've been following this company 336 00:16:37,039 --> 00:16:40,619 Keith: for a very, very, very long time, I figured out 337 00:16:40,619 --> 00:16:43,679 Keith: early on that it was a platform, not a phone, 338 00:16:43,799 --> 00:16:46,109 Keith: not a computer maker, whatever. You've got a company with 339 00:16:46,109 --> 00:16:50,479 Keith: 2.5 billion installed devices out there. 340 00:16:51,030 --> 00:16:55,169 Keith: Every single one of those devices is potentially a cash platform, 341 00:16:55,289 --> 00:16:59,200 Keith: a data platform, a medical platform, an exchange platform, uh, 342 00:16:59,369 --> 00:17:01,650 Keith: of an ability to do research, an ability to talk, 343 00:17:01,890 --> 00:17:04,250 Keith: you know, they're not behind in AI, they're not behind 344 00:17:04,250 --> 00:17:07,130 Keith: in anything else. The company is most dangerous when it's 345 00:17:07,130 --> 00:17:11,729 Keith: quietest and everybody has written it off because they redefine 346 00:17:11,729 --> 00:17:13,929 Keith: the customer experience and I think 347 00:17:14,115 --> 00:17:17,426 Keith: Apple's getting ready to release something very significant at its 348 00:17:17,426 --> 00:17:20,446 Keith: developer conference this year because I get that same sort 349 00:17:20,446 --> 00:17:24,066 Keith: of quiet sensation that I got just prior to the iPhone... 350 00:17:24,066 --> 00:17:24,994 Suze: You get that tingling in your belly, do you? 351 00:17:25,186 --> 00:17:25,666 Keith: What's that? 352 00:17:25,916 --> 00:17:28,696 Suze: You got that tingling in your little belly. So now 353 00:17:28,696 --> 00:17:34,594 Suze: you've said Chevron, Microsoft, Apple. Let's talk about defense for 354 00:17:34,595 --> 00:17:37,215 Suze: a second here. If you are going to give 355 00:17:37,332 --> 00:17:41,101 Suze: people, a defense stock that you would feel comfortable in 356 00:17:41,102 --> 00:17:43,261 Suze: buying right now because if you look at what's happened 357 00:17:43,261 --> 00:17:46,501 Suze: to many of them over the past week, they actually 358 00:17:46,501 --> 00:17:49,982 Suze: took a serious hit. Didn't you find it was funny 359 00:17:49,982 --> 00:17:52,541 Suze: that when we were bombing, we were doing all this 360 00:17:52,541 --> 00:17:55,982 Suze: stuff and those stocks were going down and down and down. 361 00:17:56,342 --> 00:17:59,291 Suze: So if you were going to give them a defense stock, 362 00:17:59,342 --> 00:18:00,442 Suze: which one would it be? 363 00:18:01,182 --> 00:18:03,712 Keith: Well, my favorite bar none is going to be Lockheed 364 00:18:03,712 --> 00:18:07,141 Keith: Martin because of the way the company operates. 365 00:18:07,579 --> 00:18:09,989 Keith: Again, if you look at the annual report, they make 366 00:18:09,989 --> 00:18:12,429 Keith: exactly the kind of technology that we need to defend 367 00:18:12,430 --> 00:18:16,589 Keith: this country, uh, to prosecute the war, whether we like 368 00:18:16,589 --> 00:18:18,909 Keith: it or not is moot. Again, you know, I'm not 369 00:18:18,910 --> 00:18:20,750 Keith: a fan of this. I don't like what's going on. 370 00:18:20,829 --> 00:18:23,900 Keith: I would have handled this potentially very differently, but that's 371 00:18:23,900 --> 00:18:26,670 Keith: not my call. What is my call is to figure 372 00:18:26,670 --> 00:18:29,430 Keith: out how we get through this, and Lockheed Martin makes 373 00:18:29,430 --> 00:18:32,359 Keith: many of the defense systems that are integral to how 374 00:18:32,359 --> 00:18:33,790 Keith: this is going to get done and what's going to 375 00:18:33,790 --> 00:18:36,050 Keith: be needed to keep our country safe for a long time. 376 00:18:36,479 --> 00:18:39,459 Suze: So here we are at a time of a whole 377 00:18:39,459 --> 00:18:42,839 Suze: lot of turbulence of nobody really knowing, is it going 378 00:18:42,839 --> 00:18:44,479 Suze: to get worse, is it going to end in a 379 00:18:44,479 --> 00:18:46,159 Suze: week or two? Is it going to go on for 380 00:18:46,160 --> 00:18:51,339 Suze: a year or two. We have all these people out there, 381 00:18:51,810 --> 00:18:56,239 Suze: and let's just say somebody is in their 70s because 382 00:18:56,239 --> 00:18:59,180 Suze: a lot of my peeps are in their 70s. They 383 00:18:59,180 --> 00:19:00,199 Suze: are women. 384 00:19:01,060 --> 00:19:04,780 Suze: What would you tell them? How would you kind of 385 00:19:04,780 --> 00:19:07,900 Suze: say this is how you should be invested, assuming they 386 00:19:07,900 --> 00:19:10,760 Suze: don't have any credit card debt, they have everything else 387 00:19:10,979 --> 00:19:15,459 Suze: in order. In terms of their portfolio, how would you 388 00:19:15,459 --> 00:19:16,438 Suze: be investing them? 389 00:19:17,339 --> 00:19:19,790 Keith: So I would say number one, good on you because 390 00:19:19,800 --> 00:19:22,569 Keith: you've gotten all the bases covered, but number two, the 391 00:19:22,569 --> 00:19:25,250 Keith: thing to think about is that you may live odds 392 00:19:25,250 --> 00:19:27,689 Keith: are as we improve science and medicine, you may live 393 00:19:27,689 --> 00:19:30,250 Keith: a lot longer than you think you will, which means 394 00:19:30,250 --> 00:19:32,329 Keith: you need to stay in the game longer than you 395 00:19:32,329 --> 00:19:35,129 Keith: think you will. The old fashioned rules about, you know, 396 00:19:35,290 --> 00:19:37,050 Keith: invest x percent because you're this 397 00:19:37,219 --> 00:19:40,709 Keith: many years old, don't work anymore and the world is accelerating. 398 00:19:40,790 --> 00:19:42,079 Keith: So number one, I think you need to stay in 399 00:19:42,079 --> 00:19:44,469 Keith: the game a little bit longer. Number two, I would 400 00:19:44,469 --> 00:19:46,829 Keith: take a very hard look at what allows you to 401 00:19:46,829 --> 00:19:49,500 Keith: sleep at night, you know, are you over your skis, 402 00:19:49,550 --> 00:19:51,540 Keith: meaning you're taking on too much risk? Are you uncomfortable 403 00:19:51,540 --> 00:19:54,589 Keith: for any reason? There's usually a very simple explanation for that. 404 00:19:54,750 --> 00:19:56,969 Keith: Maybe you're investing in stocks you don't understand. 405 00:19:57,410 --> 00:19:59,579 Keith: But my advice would be take a good hard look 406 00:19:59,579 --> 00:20:02,500 Keith: at your portfolio, take a good look at the dividend producers, 407 00:20:02,579 --> 00:20:05,969 Keith: take a good look at the stuff that's stable, no 408 00:20:05,969 --> 00:20:07,900 Keith: matter what happens in the Middle East. 409 00:20:08,339 --> 00:20:10,180 Suze: And, and here's what I would want all of you 410 00:20:10,180 --> 00:20:12,800 Suze: to know from my perspective, which is, 411 00:20:13,339 --> 00:20:19,680 Suze: The markets don't take as long to recover today as 412 00:20:19,680 --> 00:20:23,489 Suze: they did five or 10 years ago. So what really 413 00:20:23,489 --> 00:20:26,250 Suze: aggravates me so much, I can't even stand it. I 414 00:20:26,250 --> 00:20:30,170 Suze: think I talked about it on last Sunday's podcast about 415 00:20:30,170 --> 00:20:34,410 Suze: regrets is when people get out of stocks as they 416 00:20:34,410 --> 00:20:35,569 Suze: get older and into 417 00:20:35,680 --> 00:20:40,030 Suze: to bonds to keep them safer. Are you kidding me? 418 00:20:40,290 --> 00:20:43,760 Suze: That is not what you want to be doing anymore. 419 00:20:44,079 --> 00:20:46,399 Suze: And I even said to you know, in my books 420 00:20:46,400 --> 00:20:49,339 Suze: that I've written over the past, God knows how many years, 421 00:20:49,560 --> 00:20:52,609 Suze: where you would take your age, subtract it from 100, 422 00:20:52,680 --> 00:20:55,079 Suze: and that's how much you should be in stocks, that 423 00:20:55,079 --> 00:20:57,939 Suze: doesn't hold anymore, everybody. 424 00:20:58,540 --> 00:21:01,500 Suze: So, you really have to, in the same way, you've 425 00:21:01,500 --> 00:21:05,099 Suze: been able to excel because of AI, because of the computer, 426 00:21:05,300 --> 00:21:08,619 Suze: because of all the new technology out there, you have 427 00:21:08,619 --> 00:21:13,660 Suze: to understand that things don't work the way they used to. 428 00:21:13,780 --> 00:21:15,339 Suze: Would you agree with that, Keith? 429 00:21:15,869 --> 00:21:19,260 Keith: Oh 100%, because, you know, not only are the things 430 00:21:19,260 --> 00:21:21,839 Keith: not working the way they used to, but they're accelerating. 431 00:21:22,250 --> 00:21:24,728 Keith: Now the beauty in that is at first it seems scary, 432 00:21:24,770 --> 00:21:28,170 Keith: instinctively that seems scary, but really it's opening an entirely 433 00:21:28,170 --> 00:21:31,369 Keith: new door of opportunity and the bond markets in particular 434 00:21:31,369 --> 00:21:34,329 Keith: are a great example because what people don't realize is 435 00:21:34,329 --> 00:21:36,910 Keith: the very bonds that Wall Street is telling you are safe. 436 00:21:37,359 --> 00:21:41,510 Keith: In fact, the bond market is more volatile, more collateralized, 437 00:21:41,530 --> 00:21:43,969 Keith: and more debt ridden than the stock market. 438 00:21:44,359 --> 00:21:47,680 Keith: So my preference would be and my advice to you 439 00:21:47,680 --> 00:21:51,000 Keith: would be look for those great CEOs, look for those 440 00:21:51,000 --> 00:21:54,979 Keith: people who are executing because those people, forget the government, 441 00:21:55,199 --> 00:21:57,609 Keith: forget the Fed, forget the banks, any of that nonsense. 442 00:21:57,880 --> 00:22:01,160 Keith: The CEOs are tasked with finding their way through this anyway. 443 00:22:01,439 --> 00:22:04,319 Keith: So if you can identify great people just like you 444 00:22:04,319 --> 00:22:06,300 Keith: talk about all the time, so the first people, 445 00:22:07,219 --> 00:22:09,719 Keith: then money than things in that order you can find 446 00:22:09,719 --> 00:22:11,698 Keith: that in the annual report. You can find that in 447 00:22:11,699 --> 00:22:12,170 Keith: the newspaper... 448 00:22:12,170 --> 00:22:14,319 Suze: You and that damn annual report of yours. 449 00:22:14,819 --> 00:22:15,520 Keith: Exactly. 450 00:22:15,910 --> 00:22:19,819 Suze: I don't know what I think about that. Obviously we hear these 451 00:22:19,819 --> 00:22:23,060 Suze: jobless reports all the time. They affect the market, then 452 00:22:23,060 --> 00:22:28,140 Suze: they reevaluate them. However, AI is, in my opinion, and 453 00:22:28,140 --> 00:22:29,920 Suze: you know, is having an effect, 454 00:22:31,479 --> 00:22:34,010 Suze: on jobs, certain jobs, and things that are going to 455 00:22:34,010 --> 00:22:37,829 Suze: happen in the future. One thing that I want us 456 00:22:37,829 --> 00:22:40,010 Suze: to address, and it comes a little bit off topic 457 00:22:40,010 --> 00:22:41,250 Suze: of the stock market... 458 00:22:42,790 --> 00:22:45,819 Suze: Are parents writing in to say, I don't know where 459 00:22:45,819 --> 00:22:47,469 Suze: to get the money to send my kid to a 460 00:22:47,469 --> 00:22:53,189 Suze: $65,000 a year school. Suze, what do you think about it? Now, 461 00:22:53,270 --> 00:22:57,750 Suze: I've told everybody my opinion about what I think about 462 00:22:57,750 --> 00:23:03,109 Suze: colleges today, not necessarily years ago, but today, especially if 463 00:23:03,109 --> 00:23:05,250 Suze: you have to go into debt to send your kid 464 00:23:05,550 --> 00:23:07,969 Suze: to college. What would you tell them, Keith? 465 00:23:08,560 --> 00:23:11,510 Keith: Oh my goodness, you know, my advice has changed considerably 466 00:23:11,510 --> 00:23:14,430 Keith: over the years as well. You know, I grew up thinking, oh, 467 00:23:14,439 --> 00:23:16,319 Keith: I gotta go to college, and this is what's expected 468 00:23:16,319 --> 00:23:18,599 Keith: of me, blah blah blah. If I had a do-over 469 00:23:18,599 --> 00:23:21,119 Keith: right now today, the first thing I would do is 470 00:23:21,119 --> 00:23:24,640 Keith: encourage my children, my unborn grandchildren, learn a trade, learn 471 00:23:24,640 --> 00:23:27,839 Keith: which end of a hammer works, figure out how electricity functions. 472 00:23:28,349 --> 00:23:32,989 Keith: Because that's the stuff that is really worth bank and 473 00:23:32,989 --> 00:23:35,310 Keith: you can go to the job market all day long 474 00:23:35,310 --> 00:23:37,829 Keith: and look for computer skills and AI and this, all 475 00:23:37,829 --> 00:23:41,550 Keith: of which is replaceable and or fungible, but what you 476 00:23:41,550 --> 00:23:43,829 Keith: can't do is replace the electrician who knows how to 477 00:23:43,829 --> 00:23:45,550 Keith: put the wires together, the person who knows how to 478 00:23:45,550 --> 00:23:47,589 Keith: build the house, the person who can move the oil 479 00:23:47,589 --> 00:23:50,910 Keith: rig around, those are, you know, the truckers. Everybody thinks 480 00:23:50,910 --> 00:23:51,669 Keith: those jobs are gonna go away. 481 00:23:52,000 --> 00:23:54,239 Keith: but they're not. In fact, they're gonna become more integral 482 00:23:54,239 --> 00:23:57,760 Keith: and more valuable. So no, I would, I would have 483 00:23:57,760 --> 00:24:01,650 Keith: a hard time arguing for a $65,000 a year school, 484 00:24:01,680 --> 00:24:06,439 Keith: but instead prefer to see my kids, grandkids, other kids 485 00:24:06,439 --> 00:24:09,160 Keith: I see out there go learn a trade, go into 486 00:24:09,160 --> 00:24:11,879 Keith: doing a job that is worth something because that's how 487 00:24:11,880 --> 00:24:12,739 Keith: you're gonna get ahead. 488 00:24:13,010 --> 00:24:16,119 Suze: Yeah, so I think all of you out there are 489 00:24:16,119 --> 00:24:21,300 Suze: starting to understand, if you already don't, the times are changing, everybody. 490 00:24:21,880 --> 00:24:24,760 Suze: The government can't save you. They can't even save themselves, 491 00:24:24,810 --> 00:24:29,489 Suze: as you've heard me say, right? You can take action 492 00:24:29,489 --> 00:24:32,930 Suze: today to protect your tomorrows, and it is not just 493 00:24:32,930 --> 00:24:36,129 Suze: about what stocks you should buy. It's really, where do 494 00:24:36,130 --> 00:24:38,448 Suze: you buy those stocks? Do you buy them in a 495 00:24:38,449 --> 00:24:41,579 Suze: Roth retirement account? You better be. Do you have a 496 00:24:41,675 --> 00:24:44,234 Suze: will and a trust and all of those things in order. 497 00:24:44,574 --> 00:24:47,425 Suze: Are you going to be mortgage-free by the time you 498 00:24:47,425 --> 00:24:50,464 Suze: retire if you're going to keep your home? All of 499 00:24:50,464 --> 00:24:55,425 Suze: those things make the total picture of, are you going 500 00:24:55,425 --> 00:24:59,584 Suze: to be enjoying your retirement years? Cause I can tell 501 00:24:59,584 --> 00:25:02,665 Suze: you right now, you can do everything great with the 502 00:25:02,665 --> 00:25:03,385 Suze: stock market. 503 00:25:04,239 --> 00:25:08,359 Suze: But if you don't have everything in place, all of 504 00:25:08,359 --> 00:25:10,719 Suze: a sudden you go into a nursing home, something happens, 505 00:25:10,969 --> 00:25:13,689 Suze: there goes all your money, cause you're gonna have to 506 00:25:13,689 --> 00:25:15,889 Suze: sell in order to keep yourself. Do you understand what 507 00:25:15,890 --> 00:25:18,448 Suze: I'm saying to all of you? So the two of 508 00:25:18,449 --> 00:25:25,880 Suze: us together, bring a perspective of your total financial well-being. 509 00:25:26,310 --> 00:25:29,909 Suze: Which is why really, Keith, I love having you on 510 00:25:30,199 --> 00:25:33,040 Suze: because I want them to hear it from you as 511 00:25:33,040 --> 00:25:36,280 Suze: well as from me. Anything else you want to say 512 00:25:36,280 --> 00:25:36,939 Suze: before we end? 513 00:25:37,640 --> 00:25:39,939 Keith: No, just that you're very kind and thank you to 514 00:25:39,939 --> 00:25:41,579 Keith: everybody who's spending a moment, because 515 00:25:42,140 --> 00:25:45,800 Keith: change is always an opportunity. It's scary, but when you 516 00:25:45,800 --> 00:25:50,270 Keith: really look at history, change produces innovation. Innovation produces profits, 517 00:25:50,579 --> 00:25:54,530 Keith: profits and all of that are this big comprehensive, dynamic, 518 00:25:54,569 --> 00:25:57,359 Keith: exciting picture that believe it or not, improves our lives 519 00:25:57,359 --> 00:25:57,890 Keith: over time. 520 00:25:58,619 --> 00:26:02,050 Suze: All right, so, until next week, there's really only one 521 00:26:02,050 --> 00:26:03,930 Suze: thing that we want you to remember when it comes 522 00:26:03,930 --> 00:26:08,349 Suze: to your money, and it is this people first, then money, 523 00:26:08,609 --> 00:26:13,390 Suze: then things. Now you stay safe. Bye-bye, everybody.