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Speaker 1: Exactly how many ETFs should we own if we plan

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Speaker 1: on retiring early and retiring rich. Together, We're going to

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Speaker 1: answer this question right now. Hi everyone, welcome back to

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Speaker 1: start here the very special mini series within Sugar Mamma's Fireplay,

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Speaker 1: where I answer your real life money questions with practical

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Speaker 1: steps to help you get started with clarity and confidence. Now,

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Speaker 1: today's question is actually one that I get asked all

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Speaker 1: the time, not just from listeners who are building their

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Speaker 1: share portfolio, but also my own friends. So this particular

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Speaker 1: DM was sent to me. It said, Hi, Canna, I'm

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Speaker 1: building my share portfolio and I want to know how

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Speaker 1: many ETFs or listed investment companies I should own already

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Speaker 1: own WHF, WHI, SOOL, SOL and the ETF VHY should

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Speaker 1: I add more or should I focus on owning more

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Speaker 1: shares in these current investments? Now, this is such a

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Speaker 1: brilliant question because it touches on something that many investors

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Speaker 1: don't realize until it is too late, and that is,

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Speaker 1: you can absolutely over diversify your investment portfolios. And when

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Speaker 1: that does happen, it actually can dilute your performance. It

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Speaker 1: really does complicate your portfolio. It creates duplication. Throughout the portfolio,

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Speaker 1: and it also creates a whole pile of unnecessary life

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Speaker 1: admin few which can also cost you time and money,

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Speaker 1: particularly if your accountant is billing by the hour. So today, together,

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Speaker 1: I'm going to go through and break down how many

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Speaker 1: ETFs and listed investment companies you might actually need to own,

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Speaker 1: and whether you need to look at adding more or

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Speaker 1: whether or not you just need to just hold tight

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Speaker 1: with what you've got to build that up. I'm also

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Speaker 1: going to share with you what the actual research says

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Speaker 1: from the experts, and that being Vanguard and morning Star.

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Speaker 1: But I'm also going to share with you a very

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Speaker 1: powerful strategy called the core Satellite strategy, and I'll explain

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Speaker 1: in a very simple, actionable manner. In fact, it's something

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Speaker 1: that I use myself for my own share port follow

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Speaker 1: and even the thousand dollars Project share Portfolio. I'm also

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Speaker 1: going to share with you how to avoid that accidental duplication,

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Speaker 1: which we're all guilty of and innocently happens, particularly when

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Speaker 1: we're starting up, and then what to do if you

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Speaker 1: realize you're actually over diversified. And this is where we'll

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Speaker 1: cover the practical steps to help fix that situation, but

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Speaker 1: help make sure that you are moving with confidence as

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Speaker 1: you build your long term, growing passive income. So before

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Speaker 1: we begin, a reminder obviously everything is general advice. I'm

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Speaker 1: not going to give you product advice, investment advice, or

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Speaker 1: strategic advice. This is very very much under the idea

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Speaker 1: of education, and of course always go and speak to

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Speaker 1: a financial planner when in doubt. All right, now that's done,

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Speaker 1: let us begin. So the first step is to actually

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Speaker 1: understand what you already own within your share portfolio. So

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Speaker 1: before you go and rush out and buy anything new,

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Speaker 1: you've got to look at what you already have inside

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Speaker 1: your investment portfolio. Now, this particular listener mentioned that they

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Speaker 1: own Whitefield, They own the white Field Income listed investment Company,

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Speaker 1: They own Soul, which is a bit of a conglomerate,

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Speaker 1: and then they own the ETF VHY. Now these are

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Speaker 1: all high quality Australian investments. And the thing that stands

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Speaker 1: out to me, not necessarily as a red flag, but

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Speaker 1: something that awareness is needed is they all swim in

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Speaker 1: the same pond. That is, they are all Australian equities.

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Speaker 1: They are all large cap, predominantly industrial focus companies, which

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Speaker 1: I love. They all pay dividends, and they all have

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Speaker 1: a strong income tilt, which is great if you're building

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Speaker 1: that financial freedom through passive income and dividends. But they

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Speaker 1: also have very little international global exposure. So if you

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Speaker 1: jump onto each of the farm manager's website, but it

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Speaker 1: be Whitefields, whether it be Vanguards or the sole website,

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Speaker 1: you'll see that they often hold very similar businesses. You know,

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Speaker 1: Vanguard and you know, say Whitefield might own all of

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Speaker 1: the same banks, all of the same supermarkets, all of

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Speaker 1: the same infrastructure, and you know, transportation companies, all those

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Speaker 1: sort of major domestic companies. You'll see that it looks

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Speaker 1: very similar. So what I see here as being the

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Speaker 1: biggest risk isn't actually the quality. These are all excellent

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Speaker 1: long term, high growth investments. The issue I see here

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Speaker 1: is actually the concentration. If your goal is to build

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Speaker 1: a well rounded, resilient portfolio, adding more Australian focused listed

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Speaker 1: investment companies or ETFs, that is, new ones may not

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Speaker 1: necessarily add any great value to your portfolio. In fact,

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Speaker 1: you might actually be multiplying you know what you've already got,

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Speaker 1: which then brings me to the most important step, and

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Speaker 1: that is a risk profile. Checking for any missed asset

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Speaker 1: classes that might be appropriate for you, your comfort levels, and

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Speaker 1: of course those really important financial goals of yours. So

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Speaker 1: this is why I recommend to everyone you do a

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Speaker 1: risk profile. When you take the time to do a

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Speaker 1: risk profile, which can take literally twenty minutes, there are

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Speaker 1: hundreds of them online, it's free. I recommend doing it

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Speaker 1: a couple of times and even doing a couple of

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Speaker 1: different ones. But when you do a risk profile, it

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Speaker 1: really does make you look at things from a different angle,

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Speaker 1: which I think is really powerful. So it makes you

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Speaker 1: look at you know, how much risk you are actually

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Speaker 1: really comfortable taking. A lot of us think, oh no,

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Speaker 1: I'm fine, I'm not really worried. But when you actually

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Speaker 1: sit down and answer these questions, sometimes your answers can

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Speaker 1: actually quite surprise you. It also makes you really think

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Speaker 1: about the time frame. Yes, you might be a high

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Speaker 1: growth investor, but your time frame in needing that money,

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Speaker 1: such as paying for a deposit on a home loan,

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Speaker 1: may actually be short term, so that having a high

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Speaker 1: growth portfolio may actually not be right for you in

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Speaker 1: this particular money right now in your life. It also

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Speaker 1: makes you get really clear and articulate to yourself, what

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Speaker 1: your financial goals here? What is the purpose behind this

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Speaker 1: share portfolio? Is it to build up a lump sums

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Speaker 1: that you can use that to pay for a deposit

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Speaker 1: or wipe out debt, or is it to build that

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Speaker 1: passive income streams that covers your living expenses. So it

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Speaker 1: does force you to really get clear with your goals,

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Speaker 1: which is always a wise move. It then allows you

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Speaker 1: to see what your tolerance levels are for volatility investing

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Speaker 1: in shares, whether you're using ETFs or listed investment companies,

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Speaker 1: are still considered high risk, highly volatile investments, particularly over

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Speaker 1: the medium or short to medium term. And doing the

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Speaker 1: risk profile, once you do all the questions and it

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Speaker 1: spits out the answers, it gives you a really great

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Speaker 1: guide as to the right blend of asset classes that

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Speaker 1: suit you, your time frame and the goals for you. So

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Speaker 1: this is really important. If you haven't done one yet,

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Speaker 1: go and do one the moment this podcast is finished,

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Speaker 1: I'm going to go link a couple in the podcast

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Speaker 1: notes for you. And this is really where so many

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Speaker 1: people go wrong. You know, they jump in, they're so

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Speaker 1: excited to start investing, and they think, oh yeah, I'll

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Speaker 1: just go with like Whitefield, or you know, I'll go

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Speaker 1: with this Vanguard one because you know, I've heard Canna

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Speaker 1: mentioned she owns this, or I've heard this financial influence.

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Speaker 1: I mentioned they bought it the other day. So I'm

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Speaker 1: just going to do what they're doing. Like that is

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Speaker 1: not what I recommend. I recommend you do a risk

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Speaker 1: profile and then you do your research. But what tends

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Speaker 1: to happen I see this all the time is you know,

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Speaker 1: you jump in the deep end and you buy the

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Speaker 1: ets without really actually taking time to understand whether it's

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Speaker 1: right for you. And this is why you need to

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Speaker 1: look at the asset allocation. You know, for this particular listener,

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Speaker 1: I have no idea what profile is. I don't know

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Speaker 1: how much money is in the share portfolio. I don't

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Speaker 1: know what their goals are. I don't know what the

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Speaker 1: deadline is for these goals. But I would recommend asking yourself,

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Speaker 1: am I missing international shares? AM I missing emerging markets?

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Speaker 1: Am I missing maybe some global small caps? Maybe I

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Speaker 1: do need some more conservative, smoother investments like bonds or

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Speaker 1: fixed interest, or perhaps I need some listed property or infrastructure.

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Speaker 1: These are the questions you've got to be sort of

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Speaker 1: asking yourself before you had anything new to your portfolio

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Speaker 1: or even get started. You know, for so many investors,

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Speaker 1: particularly ones who own lots of Australian shares, the biggest gap,

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Speaker 1: the biggest piece of the puzzle that's missing in their

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Speaker 1: portfolio is quite often that international diversification. So ask yourself this,

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Speaker 1: do I need something new or am I actually just

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Speaker 1: duplicating what I already own? And this question alone can

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Speaker 1: save you years of confusion and unnecessary investments and a

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Speaker 1: huge inefficient waste of time and money. So have a

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Speaker 1: look at what is missing. Once you know what we

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Speaker 1: your risk profile is, and that will help you work

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Speaker 1: out what are the other gaps in your portfolio you

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Speaker 1: can start to fix with new money. But I will

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Speaker 1: come to that in a second. The next thing I'd

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Speaker 1: also be doing is thinking, well, okay, ETFs are pretty

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Speaker 1: well diversified. You know, you're taking one big box with

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Speaker 1: just one listed investment company or even an ETF. So

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Speaker 1: how many ETFs and listed investment companies should you actually own?

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Speaker 1: Now this is goto. There's a lot of people different

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Speaker 1: answers and opinions, and I'll even share with you what

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Speaker 1: I've got as well. In a second but Vanguard and

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Speaker 1: morning Star, which I think are very reputable sites with

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Speaker 1: huge amounts of experience, both suggest that most investors only

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Speaker 1: need between five to ten ETFs, including listed investment companies,

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Speaker 1: to be properly diversified, and in most cases investors actually

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Speaker 1: can afford to have say two or three ETFs listed

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Speaker 1: investment companies. So, to answer your question, more ETFs doesn't

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Speaker 1: actually mean better diversification. In fact, it can sometimes mean

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Speaker 1: the opposite, which we call in financial planning deversification, and

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Speaker 1: that is where you've got lots of the same holdings

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Speaker 1: overlapping through the same but similar products, and they're adding

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Speaker 1: no new value, no new benefit, and absolutely no new

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Speaker 1: efficiency to your portfolio. You know. Classic examples are like

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Speaker 1: vas IoZ STW. You know, if you're buying these and

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Speaker 1: they're in your portfolio, you're essentially buying the same investment,

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Speaker 1: but in four different packages. You know they're holdings, their

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Speaker 1: underlying investment portfolios are almost identical, and you can clearly

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Speaker 1: see this for yourself by comparing the fund's top holdings

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Speaker 1: simply on the fund manager's website, which is easily accessible.

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Speaker 1: And this is why the thousand dollars Project portfolio works

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Speaker 1: so well. Because I own a maximum of seven listed

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Speaker 1: investment companies and ETFs, I am not at the stage

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Speaker 1: where I'm adding any new products whatsoever. Instead of what

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Speaker 1: I'm doing now is actually building up what I already

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Speaker 1: own with consistency. So as a quick insight, my listed

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Speaker 1: investment companies give me that Australian equity exposure. My ETFs,

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Speaker 1: not all of them, but most of them, like ninety

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Speaker 1: percent of them give me that exposure to my international

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Speaker 1: asset class. So coming back to this, instead of you know,

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Speaker 1: asking yourself, you know, how many should I own? Instead

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Speaker 1: I would be asking myself, all right, what role does

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Speaker 1: this ETF or listed investment company play in my portfolio

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Speaker 1: and my goals? How does it you know, adding something

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Speaker 1: new add value to my portfolio? And most importantly, does

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Speaker 1: it actually align with my risk profile? Here, you know,

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Speaker 1: this can quickly help you work out whether proceed ahead

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Speaker 1: or whether just to look at perhaps a different investment

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Speaker 1: or build up the amazing work that you've already done.

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Speaker 1: You want to make sure that you are picking investments

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Speaker 1: that actually are working for your goals and taking you

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Speaker 1: closer and closer to success. Now, there is a very

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Speaker 1: powerful strategy called the core satellite strategy, and this is

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Speaker 1: my favorite approach for everyday investors because it keeps things

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Speaker 1: really simple, It keeps your portfolio nice and strong, but

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Speaker 1: it also allows a bit of flexibility, particularly if you

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Speaker 1: want to get a bit creative or a bit more daring,

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Speaker 1: as your level of experience and understanding naturally increases over time.

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Speaker 1: So let's break this down clearly together. So the core

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Speaker 1: that is the foundation of your investment portfolio, then the

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Speaker 1: bulk of your foundation, you know, and this could be

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Speaker 1: anywhere between sixty to ninety percent of your portfolio. This

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Speaker 1: is where you reserve it for really will diversified investments.

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Speaker 1: You keep it nice and simple, very much that Warren

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Speaker 1: Buffett long term buy and hold very low cost, which

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Speaker 1: is where you know ETFs and listed investment companies can

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Speaker 1: be great because they're incredibly competitive. And these are the

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Speaker 1: investments that are designed to like quietly compound in the

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Speaker 1: background for you and you know, work their magic for

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Speaker 1: you while you focus on earning extra income that you

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Speaker 1: can then put towards the portfolio. And classic examples of

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Speaker 1: this for me in my portfolio are white Field Soul,

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Speaker 1: even some of my Vanga diversified international ETFs. You know

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Speaker 1: you've got vEDS, you've got IVV, You've even got the

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Speaker 1: high growth diversified ETFs like vd HG. So that is

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Speaker 1: the core, that is the foundation of your portfolio. And

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Speaker 1: you know, the core is where you get that Australian

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Speaker 1: international possibly like developing markets, emerging markets, and even maybe

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Speaker 1: some bonds depending on your risk profile. And you know,

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Speaker 1: I love this part of my portfolio. It's the backbone

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Speaker 1: of my portfolio and I'm grateful for the consistency that

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Speaker 1: it gives me. Then there is your satellites, and this

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Speaker 1: is where your reserves say ten to a maximum of

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Speaker 1: forty percent to really targeted personal investment selection. It's where

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Speaker 1: you can like customize your portfolio and add a bit

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Speaker 1: of personality to your share portfolio. For the record, I

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Speaker 1: think there's a maximum of maybe twenty to twenty five

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Speaker 1: percent of the thousand dollars project diversified portfolio that's exposed

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Speaker 1: to the satellite. So the satellite investment options include like

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Speaker 1: sector based ETFs, like ETFs that specialize say in healthcare

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Speaker 1: or tear or cybersecurity or clean energy. Then you've got

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Speaker 1: your country based ETFs, so ETFs that focus on one

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Speaker 1: area such as like South Korea or India or Japan.

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Speaker 1: Then you've got thematic ETFs, so you know robotics, automation, esg,

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Speaker 1: cryptocurrency exposure, even some of the geared ETFs. For example,

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Speaker 1: one of the ETFs which is where I have some

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Speaker 1: exposure to gearing through an ETF is actually and it

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Speaker 1: is Australian base, but it's the gear based ETF which

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Speaker 1: is the ticker is g E A R SO. And

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Speaker 1: then you of course you can then go and pick

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Speaker 1: those individual companies that you love, those individual stocks. You

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Speaker 1: might want to own some Extra an Z for example,

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Speaker 1: or you might want to own some Woolworth stocks you

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Speaker 1: know that you might be I want to own, you know,

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Speaker 1: say a transportation company that you know, companies that maybe

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Speaker 1: perhaps you use, you really love or you really believe in.

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Speaker 1: You can see there are a lot of really exciting

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Speaker 1: things ahead of them. That's what you preserve for your

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Speaker 1: satellite exposure. And you know these are high conviction listed

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Speaker 1: investment companies even and you know dividend focused investments as well.

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Speaker 1: You know it doesn't just because it's risky still may

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Speaker 1: mean it pays a dividend, so it can actually work

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Speaker 1: and actually over time it can be potentially part of

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Speaker 1: you know, your core if it does very well, so

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Speaker 1: your satellites and often will overlock lap with your core.

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Speaker 1: And that is perfectly fine as long as it's intentional.

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Speaker 1: You know, for example, you've got VDHG, which includes some

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Speaker 1: global tech. You've then got NDQ, which is one hundred

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Speaker 1: percent NASDAK. So yes, technically you are doubling up, but

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Speaker 1: you're doubling up intentionally you've decided that's what you want.

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Speaker 1: And it is exactly the same with listed investment companies.

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Speaker 1: You know, I own Whitefield. I have a large exposure

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Speaker 1: to Whitefield, and within that Whitefield holding, they own lots

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Speaker 1: of the banks, and I own those banks individually as

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Speaker 1: well because I like that. I want that and that

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Speaker 1: works for me. So not necessarily duplication for me, because

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Speaker 1: it's part of my strategy. But here's the rule, it's

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Speaker 1: got to be intentionally duplicated. Accidental duplication is never a

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Speaker 1: good idea. That's being naive, that's being ignorant, that's not

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Speaker 1: doing your research properly. So step five and that is,

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Speaker 1: I guess doing a bit of a cleanup. You know what,

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Speaker 1: if you've already over diversified your share portfolio. You jumped

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Speaker 1: in the deep end, you bought to say ten, fifteen, twenty,

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Speaker 1: even different. This is investment companies and ETFs, and you're realizing,

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Speaker 1: oh my goodness, no wonder, nothing's really happening with my portfolio.

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Speaker 1: I've over diversified. Ken is talking about these diluted returns,

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Speaker 1: and that's what I've been seeing. No wonder, I've been

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Speaker 1: scratching my head. Now, don't be embarrassed, don't be ashamed.

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Speaker 1: It's happens. It's very common. You know, there's no shame

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Speaker 1: at all. It's just done. But there's lots of things

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Speaker 1: we can actually do. We've got options to help clean

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Speaker 1: it up if we need to. So option number one

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Speaker 1: is to keep everything as it is, but just stop

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Speaker 1: adding to the clutter. So don't add any new ETFs

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Speaker 1: or listed investment companies to your portfolio. And the benefits

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Speaker 1: of doing that are obviously there are no tax consequences,

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Speaker 1: no selling expenses like brokerage, and you've put no administration headaches,

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Speaker 1: and you can just perhaps redirect any new money that

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Speaker 1: you're going to invest into your intentional, chosen core investments

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Speaker 1: and even maybe some satellites if you want to sort

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Speaker 1: of start getting a bit more sophisticated with your portfolio.

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Speaker 1: Option number two and that is to consolidate into a

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Speaker 1: smaller number of ETFs and listed investment companies. Now, this

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Speaker 1: can be really helpful if you have way too many

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Speaker 1: products all doing the same thing. However, the issue here

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Speaker 1: is you are potentially going to be triggering capital gains

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Speaker 1: tax if you've made a gain, or crystallizing a capital

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Speaker 1: loss if you've that investments have actually gone down in values.

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Speaker 1: You've got to plan very carefully and always obviously get

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Speaker 1: advice when in doubt. So this is a way of

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Speaker 1: I guess, facing the noise, accepting you've got it wrong,

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Speaker 1: and just doing a massive detox, you know, a deep

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Speaker 1: clean and getting your portfolio cleaned up back on track,

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Speaker 1: and then you can just keep it going as it is.

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Speaker 1: It is cathartic, you know. It is does feel nice

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Speaker 1: to have that sense of clarity back in your portfolio,

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Speaker 1: knowing that it's now set up correctly and you just

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Speaker 1: need to add to it as you go by. It

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Speaker 1: really does come down to personal choice. But there actually

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Speaker 1: is a third option, and this is one that I

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Speaker 1: would probably lean to myself. Personally, and that is transitioning

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Speaker 1: gradually over a period of time, say six to eighteen months. Now,

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Speaker 1: the benefit of doing this is you can actually spread

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Speaker 1: out the brokerage costs, you can spread out the triggering

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Speaker 1: of tax, potentially make the most of say fifty percent

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Speaker 1: capital gains tax discount or offsetting the losses against other

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Speaker 1: future gains. And it actually does allow a far calmer,

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Speaker 1: more methodical, intention decision making process. And often the simplest

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Speaker 1: strategy is, you know, just stop contributing to anything new

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Speaker 1: and then obviously clean up, make those adjustments slowly and steadily,

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Speaker 1: maybe spread it across a couple of financial years, and

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Speaker 1: then make sure that any new money you've got, you know,

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Speaker 1: you funnel into the right investments that need your attention

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Speaker 1: or perhaps you know, creating that core satellite strategy with

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Speaker 1: that new money. But you've got to remember, like building

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Speaker 1: wealth doesn't actually ever require the most perfect investment portfolio.

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Speaker 1: If you want to succeed financially as an investor, the

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Speaker 1: best thing that you can be is be consistent and

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Speaker 1: be intentional with your investment decisions and your contributions, you know,

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Speaker 1: adding as much as you can when you can safely

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Speaker 1: afford to and of course reinvesting everything back into the

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Speaker 1: portfolio for compounding growth. It's really as simple as that.

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Speaker 1: Don't try and be a Warren Buffett, don't try and

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Speaker 1: be a fund manager. Don't try and be this like

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Speaker 1: sexy sophisticated like day trader. Stick to what is easy,

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Speaker 1: what is simple, and what you're going to really enjoy

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Speaker 1: growing over time. And then that brings me to step six,

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Speaker 1: and that is your personal framework for making these decisions.

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Speaker 1: You know, before you buy any ETF or this investment company,

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Speaker 1: ask yourself, does this investment match my bridge profile? Does

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Speaker 1: it match my required asset allocation? Know? Does this actually

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Speaker 1: add to my portfolio? Or am I actually spreading my

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Speaker 1: investments too thinly? And importantly, can I actually explain to

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Speaker 1: myself what this ETF invests in? You know a lot

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Speaker 1: of people will just go with, you know, ticker codes

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Speaker 1: that they see on people's screens or especially financial influences.

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Speaker 1: They'll just copy, but they have no idea really what

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Speaker 1: they've actually purchased. And I will know this myself when

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Speaker 1: people tell me about their portfolios, because they'll just say

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Speaker 1: the ticker code. They don't know what the ticker code

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Speaker 1: actually stands for what that particular company does. Please don't

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Speaker 1: be like that. Know where your money is going. You know,

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Speaker 1: you want to ask yourself, does this investment move me

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Speaker 1: closer to my goals? Is this intentional? Or perhaps I'm

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Speaker 1: being a little bit impulsive, And you know, is this

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Speaker 1: investment going to form part of my core strategy or

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Speaker 1: my satellite strategy? And of course I want to make

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Speaker 1: sure that you build a portfolio that you can manage

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Speaker 1: without any stress, with minimal expense, with minimal or no

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Speaker 1: headaches whatsoever, where you can really clearly see the passive

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Speaker 1: income the dividends growing consistently year after year well into

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Speaker 1: the long run, because that is ultimately what's going to

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Speaker 1: give you that financial freedom. So to answer yes to

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Speaker 1: most of these questions that I've just listed out, well,

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Speaker 1: then yes, you sound like you might be on the

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Speaker 1: right track with picking the right investments for you. If

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Speaker 1: not doesn't mean don't invest, It just means do your research, reassess,

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Speaker 1: and of course, when in doubt, go and speak to

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Speaker 1: a financial planner and get them to look at the

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Speaker 1: portfolio and to give you some feedback or some ideas,

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Speaker 1: and they can of course draw up a statement of

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Speaker 1: advice and give you clear recommendations what stocks, what to ETFs,

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Speaker 1: what listed investment companies. They can do it all for

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Speaker 1: you and even implement it. So as I wrap up

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Speaker 1: today's episode of Start Here, please know that you do

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Speaker 1: not need dozens of ETFs or listed investment companies to

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Speaker 1: build wealth and financial freedom. You don't even need ten.

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Speaker 1: As I said, I've got a total of seven, and

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Speaker 1: that includes both listed investment companies and ETFs. What you

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Speaker 1: really need is that clarity, that consistency, a really strong

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Speaker 1: diversified core, those sexy, exciting, creative satellites, which of course

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Speaker 1: are always invested in intentionally without a doubt, the discipline

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Speaker 1: and motivation to build something powerful for yourself, just like

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Speaker 1: I've been doing with a thousand dollar project. It's all

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Speaker 1: about those simple, small, repeated contributions that add up to

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Speaker 1: something extraordinary. So please note that if you've built a

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Speaker 1: portfolio and it's looking a little bit messy and over diversified,

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Speaker 1: it's not too late to make some changes. You're not behind,

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Speaker 1: and you can very easily adjust it. You can adjust

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Speaker 1: it immediately, you could adjust it over time, or you

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Speaker 1: can just leave it as is. This is all about

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Speaker 1: your goals, your strategy, your money, and your financial future. Now,

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Speaker 1: if this episode helped you, can you please do me

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Speaker 1: a huge favor and share it with someone who you

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Speaker 1: know is trying to build a share portfolio and is

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Speaker 1: feeling perhaps a little bit confused, or in fact, maybe

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Speaker 1: you're worried that they are owning and shopping and buying

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Speaker 1: too many different investments and not actually adding any value

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Speaker 1: and getting close to the goals. Send them this episode,

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Speaker 1: and of course please make sure you are following this

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Speaker 1: show and I will be back on Monday as part

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Speaker 1: of our normal Sugar Mamma's fireplay every Monday morning at

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Speaker 1: five am. This is start here as part of Sugar

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Speaker 1: Mama's Fireplay. See you on Monday. Chow for now,