IFB118: Questions about Investing an Inheritance as a 21 year old

Announcer:                        00:00                     You’re tuned in to the Investing for Beginners podcast. Finally, step by step premium investment guidance for beginners led by Andrew Sather and Dave Ahern. To decode industry jargon, silence crippling confusion and help you overcome emotions by looking at the numbers. Your path to financial freedom starts now.

Dave:                                    00:36                     All right folks, welcome to Investing for Beginners podcast. This is episode 118 we are back with another session of answer question mode. We got some other fantastic questions. You guys are sending us some great stuff, and this was a lot of fun. So Andrew and I get to answer some questions and try. I hope you guys weren’t a thing or two. So I’m going to go ahead and read our first question and Andrew and I, we’ll do our little give and take. So, first of all, it says hi Andrew. I want to start by saying thank you for the time and effort you put it into your podcast. As a beginner, I can honestly say that every podcast I’ve listened to so far has been a little pot of gold for gaining knowledge and investing. I appreciate it. I’m a 21-year-old from the UK who recently came into some inheritance due to my father passing away unexpectedly. I’m looking for the wisest ways to invest this and creating a solid portfolio I can build on.

Dave:                                    01:26                     At the moment I’ve invested a large sum of money through Hargraves Landsdowne stocks and shares Isa into Vanguard strategy at 100% equity, which I plan on keeping it there to grow over the next 10 15 years. But I feel like there isn’t any anywhere near enough. I have a few questions. I hope you’d be able to find the time to answer. The first question I hear you talk about aiming for around 20 funds to invest in to minimize any loss. Would you advise that I invest in 20 funds over a course of say two years or aim to invest larger sums of money into four to five funds over a course of two years and keep adding from the money, which is returning from the Andrew, what are your thoughts?

Andrew:                              02:09                     First thing so sorry for your loss. I can’t even imagine. Having said, okay, so I’ll try not to jump ahead. I did read the questions previously, so I’ll try not to jump ahead. Specifically, when you talk about 20 funds, I’m assuming he meant to say 20 stocks. So let’s recap why we do that. There’s been a lot of research and data that shows that a small portfolio of the size of 15 to 20 stocks has tended to be pretty optimal for investors. So the reason behind that is once you get above 30 stocks your returns start to mimic the stock market. And so at that point, that’s like, well, why am I picking stocks when I might as well buy an index? So when you buy around, you know that many stocks, then, you tend to get results that are similar to just having the whole stock market.

Andrew:                              03:13                     So that’s the first reason why you have that upper limit of 20 stocks. The second reason, and by the way, this isn’t just like value investors. I’m like business nerds like me and David’s. It’s also like if you’ve heard of trend-following and technical analysts and the analysis, they also, a lot of them tend to follow the same portfolio approach. They call it different terms. So instead of saying diversified in the 20 stocks, they’ll say have a position size of 5% or less. And so a position size of 5%, that’s the same as having a portfolio of 20 stocks. It’s just 100% of either by 20, and that’s 5% so, and then when you, when you get to the 15%, that’s having enough diversification where one stock doesn’t kill you. So I mean if you had like ten stocks, you could have one stock that drops let’s say 50% that would be a 5% hit to your portfolio. That might be a little bit too much than you’d be comfortable with. And so that’s why the 20 is there. And so it’s like not one, not one individual stock making you super nervous and, and, and making you your returns like too volatile over time

Andrew:                              04:34                     When it comes to adding those in and, and building that. I’ve always had the approach, and this is something that I’ve taught over the years and something I’ve done myself where when you’re first building a portfolio you want to average out and don’t try the, you don’t want to like take all these stocks and buy 20 out once. So for, for several reasons, and sometimes I feel like I’m a broken record, but there might be some of you haven’t heard this. Reason number one is it’s very unlikely that you’re going to find 20 great bargains on stocks in, in one month. So you want to spread. The reason for spreading it out is, is to do that.

investing an inheritance

Andrew:                              05:19                     So, I did this. Okay. So I’m a pro, I’m going to say; I can’t give personalized advice. I’m going to say what I would do if I were in your shoes. And I would also say that it’s going to be different from what I did for these reasons. So I had about $20,000 that I had in a 401k from an old job. So I started the new job. And as you do that, you know, you can’t contribute to the old 401k anymore. So it’s a good time to roll over into an IRA. So I rolled, I think I had a 401k and the Roth 401k. So I rolled those around 10 or 15,000 into a regular IRA, then around five or 10,000 and to a Roth Ira from the Roth 401k. And so now I had all this money. It was just a big pile of cash that was sitting in my IRAs that was not invested.

Andrew:                              06:10                     So I didn’t want to build that into 20 stocks for the reason I just said. So what I did instead was I, I split it into ten. So I, I could’ve done 20, like, like like when I first started the portfolio, the real money portfolio, which is the leather that tracks the real-money portfolio. To recap $150 a month put into the market every month and with a, with a stock pick every month I am sending out to paid subscribers. So with that, it was one new stock a month. And so it was like the first month was one stock. After five months, we had five stocks. And then finally it took about two years to build a fully diversified portfolio. With the large sum of money, I just split it into ten because I wanted, you know, we’ve, we’ve done episodes in the past where we’ve talked about how time in the market is more important than timing the market.

Andrew:                              07:13                     So ideally you want to get that money in the market as soon as possible, but you know, and this is very important, but you want to make sure you’re comfortable with your skill level. And also I think it’s good to kind of dollar cost average and spread it out over time. Depending on how you feel the market level is. So I, I wanted to take advantage of time in the market, and so that’s why I didn’t split the $20,000 into 20 months. But then I also didn’t want to put all my, my whole 20,000 in the very beginning because that could have been subject to, you know for one, I’m not, like I said before, I’m not able to split that into 20 stocks. Right. So I’m not diversifying myself that much. So 10 was kind of like a happy medium that said also, and this is very important as well.

Andrew:                              08:12                     I had been in the market for several years, so I was very comfortable with putting that much money in the market, very comfortable with having had a lot of money at stake in the market. So I think that’s a huge factor and contributor to how this decision gets made for somebody who’s in a similar situation based on the rest of the email and the entire email. I’m sorry, what’s his Thomas Thomas is very new. He’s 21. So he’s already getting a huge headstart on the market right. I mean didn’t start investing Talos 23, 24 and then really seriously committing with the leather at 25 so he has more than 40 years to compound. So I think time in the market isn’t necessarily as much of a factor as how comfortable are you, how skilled are you and how likely is it that you’re going to make, you know, you don’t have to make perfect investments. But decent investments that you can constantly kind of stick your flag in and say, when the market goes bad, I’m going to stay by stick with these investments.

Andrew:                              09:27                     I’m very confident with where my skill level is at now, where I feel like the stocks I’ve picked are good businesses. I understand why they’re good businesses; I know what the numbers are that tells us that they’re good businesses. All of those sorts of things. And so being in a, what I believe is a kind of like a similar to an index ETF. I’m not, I’m not big on the UK investment vehicles, but if that’s what it sounds like, then I think having a plan where maybe you’re eventually phasing that out is great. But I think so what I would do in that situation, and this is coming from where I’ve been and what decisions I made in the market I loved, I love. And I always talk about the idea of picking a dollar amount and putting that into the market and telling yourself that you’re going to put that same dollar amount every single month.

Andrew:                              10:30                     So looking at your budget, seeing, you know, how much can I do that still allows me to live my life, but also sets me up for greater success over the very long term. And then just doing that every month. So once you have that dollar amount and you’re doing that every month, that’s building your diversification. And so it takes, again, if you’re following what I did that took about two years and then separately you have this other money that’s, that’s a much greater amount. I don’t know how much the inheritance is, but I’m assuming that’s probably significant. And you have to think that the strategy changes when you’re going from growing a portfolio, from scratch to managing money, depending on how much you know, what, what’s, how significant is the size of money? Is it enough where you can retire today? Do you know what I mean? And then that strategy might look different than if it’s maybe half of what you need to retire. And so maybe you take a more conservative approach to get it to, to complete that other half. I guess there’s just so many factors when it comes to the size of it. But the biggest factor when it comes to the kind of diversifying into 20 funds and doing that and picking how long you’re going to make that process for yourself. I think having a skill level and having an honest assessment of where your skill level is as an investor how much experience you have. And how significant this money is and how much kind of advantage you can get.

Andrew:                              12:12                     Managing it yourself versus letting it sit passively. I think that’s more valid, leads you closer and gets you warmer to having the type of results I think that most people would want to have versus maybe you know, jumping in and getting over your head and maybe losing money or reacting kind of knee. Like having a knee jerk reaction where you’re selling the stock prematurely just because you weren’t, you’re not used to seeing the balances fluctuate up and down. That’s a huge thing when you first start is getting comfortable with looking at your account and seeing that stock might be down 10% and then you see that dollar amount, and it’s like, oh, you’re down, you know, $500 that Kinda hurts when you first started. But over time as you get more comfortable, then you can start to get comfortable with big amounts.

Andrew:                              13:06                     And so I think that’s why I kind of lean towards the building up portfolio with with the dollar cost, averaging them out and then kind of taking a larger sum and implementing that. And you know, there’s no rush at the age of 21 to try them, optimize your investment returns right from the gate. I think just having it invested somewhere and then maybe as you get more comfortable kind of making moves later on. I think that’s, that’s what I would do if I was that age at that kind of knowledge level and trying to figure things out for the first time.

Dave:                                    13:44                     That’s excellent, though. That’s some great advice, and I would agree with what Andrew was saying completely. Let’s move on to the next one. Due to little slash next to no knowledge of the stock market. Would you advise I trial creating my portfolio with a small amount of money first or would you add buys? I invest everything I can afford at the moment. I know a lot of people say micro-investment equals micro wealth and trialing may take up precious time. I could be investing for real. Andrew, what are your thoughts?

New Speaker:                   14:14                     Yeah, just kind of answered that. So that makes it easy. Right? An hour I would get that dollar-cost averaging them out. I would figure out what that is and I would, I would put that in right away. And so you, you’re getting that precious time that’s compounding, but you’re also getting experience, and at the same time you’re not blowing up and inheritance.

Dave:                                    14:33                     Yup. I would agree with that too. Right. You know the, you’ve got to dip your toes in to get wet, and the only way you can swim is to get in the pool. And so you know, you, you gotta, you must take off the, you know, kind of blank on the term. The trainee has the fluid, think the training, take off the training wheels and dip your toes in and try and I think we could probably answer that with the next question. What’s the best strategy for choosing a dividend fund? Is it worth going for the stable funds like apple, Facebook, et Cetera? For my first few funds, I invest in. What are your thoughts, Andrew?

New Speaker:                   15:10                     I think for like a first stock, I think, yeah, any of the big names. That’s great. We’ve talked in the past, our, both of our first stocks were Microsoft, and I still own it, and it’s very nostalgic for me, you know, so yeah.

Andrew:                              15:25                     And it’s ironically been one of my best investments probably too, but I think that a lot, a lot of that has to do with that was my first one. And so I was getting in really when the market was a lot lower. I guess moving forward, you know, a dividend fund or you know, I think again, he meant to say a dividend stock. You want to start to learn about the financials, about how what, what, why is a stock good? Why is business good? So if you think about why w whether, why are businesses even there and what do they do? What’s their function? A business is there to make a profit. Somebody opens a business and owns a business, and they’re going to sell some products maybe. They’re going to serve people maybe some food. But the idea is whatever the cost is, and you want to bring in more than it costs and that keeps you in business.

Andrew:                              16:23                     And somebody who’s a business owner, they can take that money, and they can either use it to hire more employees, or they can use it to take vacations you know, in the Caribbean or whatever. But you need profits to, to make that happen for some foremost. And so in general, it’s going to be the businesses that are best able to do that, that are going to be better stock picks. Now what’s great about Wall Street and the stock market is that these numbers, you know how much they made them profit last year. Those are all publicly available. I could pull up on my computer right now and see exactly how much apple made in profit. And because I have the experience and the knowledge and me, and I’ve, here’s the key. I think I’ve taken the initiative to teach myself. And you know, luckily for people who are looking to teach themselves, that’s all we do is teach, teach, teach.

Andrew:                              17:21                     So you can learn from what, what we’ve learned learning those metrics and how they make contexts on the numbers and understand the numbers and then you can start to make determinations. And so when you talk about the stock market and why it’s worked to make so many people so much money over time, it’s because companies can grow their profits every year. And so as the, as the earnings grow, Wall Street tends to follow and especially over the very long term, it’s the businesses that get bigger and bigger that tend to have higher stock prices. And so based on those kinds of basics, that’s, that’s why the stock market works as it does. And that’s why you can take advantage of that too. That’s what I love about it. I mean, if you, you go down to your local small business and ask the owners like, hey, how much did you make them profit last year?

Andrew:                              18:20                     He’s probably going to tell you the F off. But you can do this for all the big businesses. And so even getting started, and I think to put this in a complete circle, getting that dollar-cost average in getting your feet wet and then maybe trying to approach, you know, when you’re building a portfolio for your dollar-cost averaging, you’re building brick by brick. You’re not; you’re not trying to get rich overnight. You’re looking at this like, hey, this is something I’m going to do for the rest of my life. The compounding that starts now is going to build my wealth for the next, you know, next year it will, but the next five years at, well in 10 years at well. And it’s just; it’s going to be this big snowball that I’m going to grow, and that’s going to be my wealth that can find whatever I want to find in the future.

Andrew:                              19:12                     So with that, I think your skill level and how much you learn about the stock market and about stocks y that compounds and grows over time too. So maybe the very first month your goal is, hey, I want to buy a stock that I like and see what it’s like to have a stock, see what it’s like to see my balance move up and down. See what that’s like when a news article will come out on my stock and then they will drop 3% see what those things are like and then the next month maybe you’re like, I want to make a stock purchase based on the price to earnings ratio on the stock. That I felt great about the price to earnings ratio and then you’re just building from there and trying to learn more and more and more. And so maybe that those first 12 stocks you buy maybe aren’t the best-performing stocks of your life, but it’s building that foundation and then maybe it’s the second year of stocks that you buy. Maybe those drive crazy returns compared to the first year. It’s, I think that’s, that’s the approach I would take and not a strategy of like, Hey, I’m going to try to have the best strategy from day one, but building your strategy and skill set over time. I think it’s going to be far more rewarding and probably a lot easier to sustain than trying to do it all at once.

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Dave:                                    20:46                     I would agree with that. I like that idea and me, the thing I guess I would throw out there about the best strategy is it gonna come down to you because of your passion level or your interest in warning as much about the companies that you’re going to invest in. It may not be as much as Andrew and I or maybe more than us. And so the strategy that, that we try to utilize may not necessarily work the best for you. And you may be, you know, somebody that gets into this and has the time and the energy to dig into this and get fully immersed in it. And then again, you know, somebody may not be as, you know, they don’t have the time, or it’s interesting to them, but it’s not something that they want to spend, you know, every waking moment, you know, reading 10 ks.

Dave:                                    21:37                     So it depends on what your interest level is, and that’s going to help determine what your best strategy is. And you know, something that I wanted to throw out there as a, as a possible idea of looking for a company or two to by first to make them your trial balloons if you will, is looking at somebody like a dividend aristocrat. And if you’re not familiar with what those are, those are companies that have been paying a rising dividend for over 25 years. A is a certain market cap, and I believe they are in the s and p 500 I think those are requirements. Am I correct on that? I’m not sure. Okay. Well, we did an episode on it. We had a, yeah, we did that. Reynolds on the dividend aristocrats. I know it’s super easy to pull out. You can get a list just immediately on Google.

Dave:                                    22:26                     So yeah, it’s very easy to find. So anyway, regardless of what the requirements are, dividend aristocrats are companies that have been paying a dividend for a very long time and a rising dividend, which is all awesome. They’ve been doing it for a long time. They’ve been in business for at least 25 years, if not longer. And they’re stable companies. Are they going to be, you know, these huge growth machines that are going make you zillions of dollars? Probably not, but they are companies that are going to be stable. They’re not going to go bankrupt overnight. They’re not going to be a big risk or a big gamble to get into something as opposed to like maybe buying into the latest shiny thing like a marijuana stock or something like that. So instead of doing something like that, you pick something like, you know, a boring company like Disney or McDonald’s or Apple or any of those companies buying one or two of those is, you know, like Andrew said. It may not be the greatest growth machine you’ve ever had in your portfolio for the rest of your life, but they’re a great place to start, and they’re safe and they’re stable.

Dave:                                    23:31                     And it may go down a little bit, it may go up a little bit, it won’t be huge either way, but you’ll still be having dividends that you can reinvest in the company, and they could be a great way for you to start to learn how investing in a comp, a company works

Dave:                                    23:46                     And warn all the different ins and outs of that particular company. And because they’re so stable, you can go to bed at night and not worry about, oh my God, you know, I got this bad news, and you know, Johnson and Johnson are going to go out of business. Well, that’s not going to happen. So unless there’s the end of the world and then obviously we’ve got bigger things to worry about. But you know, I guess that’s, you know, one thing that I would recommend to somebody newer is look at some of those kinds of companies first to kind of use those as your building blocks. Like Andrew was talking about, to help you learn how to invest in a company. Look at the p ratio, the price of book the dividend yield that they give you, how long they’ve been paying a dividend.

Dave:                                    24:31                     Is their revenue rising? Is it not rising? You know, what kind of things do they make? What kinds of things do they sell? All those kinds of things are things that you can learn. And when you’re doing it by buying a company like Disney, for example, you’re going to feel comfortable owning it because it’s a stable company. It’s a good company. They’ve been around for a long time, and it’s not a big risk, and you’re not like, you know, your finger is going to be twitching when you go to press the button to make the sale. Whereas if you buy something else that’s a little more, you know, ambiguous like that you buy a bag, this might be scary, but buy-in Disney’s not going to be scary. It’s like going into the store and buying a coffee. It’s like, oh, okay, great. So hopefully that helps.

Andrew:                              25:15                     I love that idea to check out the dividend aristocrats, get that drip going immediately. Love that.

Dave:                                    25:23                     All right, so let’s finish up his, his thoughts. So his last little bit as I’m setting myself goals each week, month and year for savings and investment plans and I hope in the future I can make myself enough to live a happy, fulfilled wife and make my dad proud. Thanks again for your time. Kind regards Thomas, while Thomas, I think you’re going to make your dad proud. You know, I think this is, you’re on the right track, and this is, this is great. I’m proud of you for doing this. It takes it’s, you know, it’s a great thing for you to start in. You know, when you someday have a family, you can pass this onto your, to your kids as well. So that’s awesome. So let’s go ahead and move on to the next question.

Dave:                                    26:05                     All right. Hey, Andrew. Okay. I’m only 17 years old, almost 18, two more months. Once I turn 18, I can open a TFS account. I’m a Canadian by the way and can start investing with my bank. There is a commission of nine 95 per equity per stock, which is way too overpriced. So the question I have is, how do I invest in stocks with a much cheaper commission? Should I use a brokerage or maybe opening an account with another bank? What would you say is a good price for a commission per equity or per 100 equities? Thanks. Very helpful emails. I appreciate it. Thanks, Jack. Andrew?

Andrew:                              26:44                     Yeah, good question. So, back on, I’m pulling up the archives here. So back because you’re the good year at the good cohost. Episode 88 we had Braden Dennis, he is our Canadian expert. And so he has recommended quest trade. So quest trade is a Canadian brokerage. They do four 95 trade commission fees. So that’s a lot more reasonable than nine 95. And you know, it might not sound like a lot, but when you’re talking about your investments, particularly if you’re starting small, that’s going to eat up a lot of return. And so having a commission up four 95 versus nine 95 allows you to kind of get in with a lower investment amount. So I know Brayden, he’s [email protected]. He has an investing course for beginners who are in Canada. And inside of that, he has a deal. I believe you get like $50 free for opening an account with quest straight, something like that.

Andrew:                              27:55                     Don’t take my word for it 100%, but if you’re Canadian and you’re looking for a brokerage, and you want somebody with low commissions, that’s, that’s your perfect option when it comes to what is a good price for commission. That’s a really good question. And it’s a big reason on why I set that $150 a month kind of goal. So several reasons, right? Again, I have an e-letter that I publish, and there’s a real-money portfolio, invests $150 per month, and I started that when I was 25, and it’s going to run until I’m 65. So for the year time period, if you get 11% returns, which would be 1% more than the average stock market return has been for many, many decades, then you would have over a million dollars. So that was kind of like one reason, $150 to a million. That sounds cool. And I think it’s a reasonable goal to have like a 1% outperformance per year.

Andrew:                              28:58                     That’s not, it’s not like we’re Warren Buffet with 25% a year. We’re not. Benjamin Graham was 17% year. I’m talking about 1% a year of outperformance. It’s not; maybe it’s not a crazy goal. Second thing, obviously $1 million sounds cool. And the third thing is when you compare what a commission is to $150, it gives you a good so if you do four 95 is the commission fee for Ally, which is the one the broker I use for my Roth IRA and my I have a couple of accounts, so I use them for that. And I’m four 95 out of one 50. That’s 3.3%. So if you think we’re hopefully buying these stocks and holding them for 10, 20 years, 3% loss off the bat isn’t terrible. If you’re buying like a dividend stock that, that’s one of those higher yield dividends you’re making that back in the first year just from the dividend.

Andrew:                              30:03                     So that’s Kinda why I picked 150 because you take a 3% loss off the bat with the commission fee, but it’s not terrible. I think over time it’s something that can be more than made up for with a good stock and you can even make up for it with the, with the really good dividend yield in that first year. So that kind of that I think that helps. Going back to the first question too, and it’s you ask the question, how much should I dollar-cost average per month. Keep in mind how much the commission fees are. And so like for an example, if you did a $50 a month thing instead of $150, now you’re looking at like 9%. 9% loss right off the bat because of your commission fees. So that’s probably not as good. If you had average returns, that’s your whole first year gone.

Andrew:                              30:54                     I would prefer not to have that. And so maybe in that case, either you’re raising how much you’re investing, or instead of making a commission trade every month, you’re making it every three months to soften the blow of those, those commissions. You do have other platforms that offer free commissions, but nothing’s ever really free. So always look into why they offer free commissions. You’re going to be paying for it somewhere else. Those would be my thoughts on the kind of starting young and having small amounts of start out with and making sure your commission fees aren’t eating up too much of your returns.

Dave:                                    31:35                     That’s great advice, and I think that is something that is not talked about enough because one of the two ways that you can hurt yourself with your investments unknowingly is the commissions that we pay. And not, you know, factoring that into the amount that we’re investing and the returns that we’re going to get. And the other one is taxes. And so both of those are things that you need to have an idea of what you’re doing when you start looking at investing because those are two things that can eat up your profits very, very quickly if you’re not careful and aren’t aware of those. And that’s just something that doesn’t talk about enough. So I’m glad you asked that question, Jack. That’s a very important question, and it’s something that needs to be addressed from time to time, so people are aware of those, those ideas. All right, so let’s move on. The next question we have is, Hey Andrew, I’ve been listening to your podcast for a while and enjoy it. A question that I haven’t heard answered or may have missed. How do you become enrolled in a DRIP? I Robinhood and haven’t Seen that option there. Do different platforms offered it as an option, or how do I get enrolled with it? Thanks for all the sound value investing advice Drip King has spoken.

Andrew:                              32:50                     Andrew about to speak. Okay, so Robin Hood doesn’t offer drip. We’ve covered that in the past, and I saw an article recently, a couple of days ago where somebody was giving the idea of like a, you can manually drip with Robinhood by just collecting the dividends and then buying shares, which kind of defeats the purpose. And it’s like you would have to be investing a lot to get shares and it’s just, it doesn’t make sense for the majority of people. Like most people use Robinhood because they want the free commission. So usually they don’t have as much money to invest, or they’re just starting. And so some of these not going to have who are just starting to invest and probably won’t have enough money to make a manual drip happen just because you need the fractional shares.

Andrew:                              33:46                     So anyway even though there are people online who are trying to say that you can manually Robinhood drip, you still can’t, you can’t do a real drip. So I have two brokerage accounts and each of those I’ve enrolled in drip in each of those I had to do differently. So for Merrill Edge, they have an option where you can go in the menu online, and you go through the dropdowns, and then there’s a dividend reinvestment section. You click on that and then it shows you each position, and you can pick from a dropdown that, hey, I want to receive cash or I want to reinvest dividends automatically. What’s annoying about it is you have to wait to see that. So as an example, if I buy a stock with Merrill Edge today I will have to wait, I think it is a month, and then go back to the tab and then select drip for that stock.

Andrew:                              34:49                     And you have to do that every single time you buy a stock. Super annoying. With ally, all you have to do is you make one phone call; you let them know, hey, I want to drip all my positions. They set that up and then that’s automatic. And you never have to do anything like that again with other brokers. I don’t know what the process is, but generally, if your broker isn’t like, I would call, get on the phone and call. And it’s like, if they’re not picking up in a reasonable amount of time, that’s one of the reasons I like allies because they, they, their whole times aren’t that bad, at least the last time I called them. So I think it’s reasonable to expect your brokers to pick up when you call, and they can let you know if you can’t find it online. Yeah, that’s great. That’s great advice. And allies. Service has always been impeccable. They’re one of the better companies out there that I’ve ever encountered.

Dave:                                    35:38                     So yeah, I agree with everything Andrew is saying. All right folks, we’ll that is going to wrap up our conversation for this evening. Thank you, guys, for the fantastic questions. That was a lot of fun. There was a lot of great stuff in there, and we got to hear the Drip King make an appearance. So that’s always, that’s always fun too. So all right. So again what we’d like to thank you guys for sending in the great questions, please, please keep them coming. That’s a lot of fun for us. If you are enjoying the podcast, we would also love it if you guys would take a moment and give us a review on iTunes. Any five star rating if you feel so inclined would help us greatly because the more great reviews we get, the more people can see us and the more people we can help, cause this is what we’re trying to do is help everybody learn more about investing. So without any further ado, go out there and invest with a margin of safety, emphasis on safety. Have a great week, and we’ll see you all next week.

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