RHP Market Talk
Complicated economic topics distilled into digestible and palatable investing principles.
Hosted by Natalie Picha, Partner and CXO of RHP Wealth Management.
RHP Market Talk
The 2025 Year-End Review: The Roaring 20's, Rewired
Are we in the new roaring 20's? In our latest episode, Natalie Picha, CXO, and CIO, Glenn Royal, CFP®, look back on the markets in 2025 and look ahead to what 2026 might bring. From changes in inflation and a friendlier Fed to a shift from AI hype to real productivity, 2026 is shaping up to be an interesting year. Natalie and Glen explore:
• where leadership may rotate
• why the grid is the new bottleneck
• how they are structuring tax-smart, resilient portfolios
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https://podcasts.apple.com/us/podcast/rhp-market-talk/id1538051530
Hi everyone, I'm Natalie Picha, Chief Experience Officer and Partner at RHP Wealth Management, and this is Market Talk. Today's episode is our special year-end wrap-up and new year outlook. This is typically one of our most anticipated and listened-to episodes of the year. Here we are, after wrapping up one of the most complicated and data-heavy years investors have ever faced. Today, we're going to break down what happened, what's next, and how RHP is positioning clients for the road ahead. I'm joined by our chief investment officer and founding partner, Glenn Royal, with over 40 years of market experience. Glenn is responsible for directing our firm's investment strategy, portfolio management, and market analysis. Our goal is to help our clients and listeners understand the relationship between the financial markets, the overall economy, and how it affects their personal financial goals. Thank you for joining me for today's episode. Well, hi Glenn. How are you?
Glenn Royal:I'm well, Natalie. How are you doing today?
Natalie Picha:I'm doing well. Thank you so much, as always, for sitting down and having this conversation. I know our listeners are always chomping at the bit to hear what we've got to say about markets. And we are wrapping up a very, very unusual high velocity year in markets for our listeners. This is our year-end wrap-up and a little bit of our outlook for 2026. We want to discuss some of the risks and opportunities heading into 26. And we also want to highlight a little bit of research from some of our leading strategists that we listen to and get Glenn's perspective on markets and , well, what it is to be a hands-on fiduciary this year and what all we've had to do for our clients. So I'm just going to jump right in, Glenn, and ask you about the roaring 20s. Dr. Ed Yardini is a researcher that I know you follow quite a bit. Are we in the middle of the roaring 20s?
Glenn Royal:I have long thought that. I mean, we started talking about that at the beginning of this decade. And I have felt that way. I thought a lot of the play things were in play for us to have a very good run, particularly after a decade that was booked in by dot com and then, you know, the 2008 financial crisis. So I think we had a pretty good setup. So I think we still are. AI has been the driver of that, but now we're starting to see it broaden out to earnings and and other companies. So I think that that's going to allow the broadening of growth with the friendly Fed, the combination of the two should drive markets further into 26. So we're we're pretty excited about the outlook.
Natalie Picha:Yeah, and I think with where we started with the pandemic, I if anyone had said we're going to be in the middle of the roaring 20s by 2025, I'm not sure anyone would have believed you at that point.
Glenn Royal:I think it was the money pump. Whenever you get the you know, fiscal and monetary money being pumped into the system, it gives me good confidence it's going to lift risk assets. Yeah. That's largely what we've seen.
Natalie Picha:Well, and so it's interesting that if you look back just 12 to 18 months ago and we were talking about are we are we in the middle of a of a rolling recession? Are we having a soft landing? Like, oh my goodness, those conversations seem so they just seem way in the past now.
Glenn Royal:Yeah, and I do think that is the case in certain areas. Um we we see winners and losers in this market. You could maybe argue the small cap stocks, the smaller cohorts of in the broader market have been in that recessionary punk. But we're starting to see that change. And and I think Fed being stimulative, they've already been lowering rates. They just cut a quarter of a point again yesterday, looking for a couple more points cuts next year. That all bodes well to break us out of these rolling recessions. There may be some caveats with that, with some of the valuations we're seeing in the larger companies. But I think we have been going through that. And it's not unusual to see different groups like energy, right? Healthcare, staples, they've all kind of struggled a little bit coming out of COVID, but we're starting to see those guys take off. And that that's pretty exciting to me.
Natalie Picha:So where do you think that takes us in terms of inflation? Because we've been battling inflation now for a while.
Glenn Royal:Yeah, and that's I look, you know, affordability, inflation, whatever you want to call it, right? Or is your I think as as surprising as this is when we look at inflation, the components of CPI, roughly two-thirds of the individual components are rolling over. So the Fed is probably acknowledging that we're shifting the dual mandate of the Fed, the constant tension that's there between full, you know, stable employment and stable prices, they're now shifting to the employment side because they feel like they've got inflation under control. If I look at the markets, they're forecasting for inflation a trend back towards 2% in the coming year. Different things can cause that. One's just the natural disinflation that's kind of going on, China exporting disinflation to the rest of the world, that sort of thing. But I think that's going to be the big surprise of coming into the next year is that inflation's going to come down, the Fed's going to focus more on labor. That's really where we got to watch. There could be some chop in that.
Natalie Picha:So I know another another analyst that you follow, um, Savita Submermanian, head of U.S. equity and quantitative strategy at at B of A Merrill Lynch, it's been interesting to hear what she's had to talk about when it comes to profitability, valuations, cash flow. And we've talked a little bit about this in-house as well on around the productivity and how that's changing profitability. Can you tell us a little bit about what key points of that you think are going to make such a big difference in 2026?
Glenn Royal:Yeah. Wow, great question there. And Savita is just one of my favorite analysts. She's she's absolutely terrific. And what she's pointing out, , we've had such a big boom in the AI hyperscalers, the Mag 7, right? And and there's this concept of mean reversion. After several years of just up, up, up, you you tend to kind of come back towards average. So the thinking is is as we get into next year and we move from the big spin by these hyperscalers, which you saw a little bit of the, you know, the cream coming off the top when you saw Oracle report last night. Yes. And their expected expenses on the build out has gone up by 15 billion higher than people expected, you know, through the first quarter of next year. So they're spending more and they're not getting the return yet because they're in that phase of you, if you build it, it will come. Uh, so I think in that light, that group that's Mag 7 that's really driven the market is starting in the last few weeks, starting to be questioned. We want to see that return on investment by these guys quicker. We want to see that path to profits. The amount of open AI generates $20 billion in revenue this year. It's committed to $300 billion spent, I believe it's with Oracle here in the future. If you bring in $20, how do you spend $300? So those are the questions we're we're having. I do think this is a major transformational thing that we're going through. It's one of the big industrial revolutions, just like with steam locomotive or electrification or a number of things. It's happening faster and quicker, like everything does these days. And the implications are huge, what it's going to do. But I think as we get into next year, and I'm just starting to see this, Natalie. I'm starting to see because of the Fed, and perhaps because of these this group of concentration of this market, I'm starting to see healthcare, I'm starting to see energy, I'm starting to see small cap stocks all outperform those Mag 7. And I'm looking now for the end users, is where we're trying to find investment ideas. I still want to be long, those big guys, because they, you know, they make all the money in the world. If you look at the revenue, they're 50% of the market cap, the S&P 500, and they generate over 50% of the revenue. But I do think there's opportunities away from that stack, and that might be the tension we have. Could be more volatility next year, , but we're going to see some tension. And there's another little thing I wouldn't mind stepping off into on this part. And a lot of it is investors in this space. Um, we're seeing a lot of the use of zero data expiration options. We're seeing double and triple leverage exchange traded products. And now you're starting to see kind of the gamification from the betting markets, Kashi and Pelly Market, things like that come in. And I think those things have the potential for creating a lot of volatility next year. Uh, and what we have to do as investors is to kind of look through market noise from short-term trading, zero day to expiration volume today on these options that have come out really prolific since COVID, , allows you to kind of gamble, right? You're you're not investing if you're just your time horizon's one day. That's just speculating, right? It's now 60% of the S P 500's volume, daily volume. So we have quite a bit of gambling, and there's other reasons we can talk to why we think that that's going on right now. But look for some volatility next year, look for leadership change. I still think the Mag 7 do market performance, but they don't necessarily outperform the S&P . The other areas looked out perform, including international, particularly in emerging markets. So there's there's other opportunities for investors aside from this Mag 7 cohort that we've heard so much about this year. And really, you know, you're up 17 plus percent for the year on the S&P 500. Seems kind of easy, right? Well, anything but easy this year to get those kind of returns. It's a very narrow market, a lot of volatility.
Natalie Picha:Well, and now I was going to actually ask you that question is is this idea that stock picking returns in an era where we've been pretty much dominated by you could just be in the S&P and you know, is that what we're looking at going forward? And then of course, you just mentioned if 60% of the trading volume is really these kind of day trades, how much of that is wrapped up in AI as well? Because we know that AI is now coming into the trading right.
Glenn Royal:Well, actually, some of some of the investments we use use AI and machine learning as part of their investment process for some of the research groups that we stepped out to. Yeah, just amazing and really, really good performance. I mean, you can't can't argue with it. So I think those tools are coming along, but really what it is, it's just if I have a lot of price volatility, which we have in these names, I tend to have stocks that go up, moonshots. That just brings then that quick money investor into that space. So I think you're just drawn to it for what it what it provides. Part of that, I think that's going on, Natalie, is when I get to, you know, the Fed has shifted to the employment side of its leisure mandate for right reasons. And it's the rising unemployment we're seeing in the younger cohort that under 30, starting to have, you know, go from over 6% right unemployment rates in that group, hard to find jobs. And what AI is doing is it is stealing the thunder from the entry-level worker. Uh you don't really need it. So that AI boom has a double-edged sword. It does increase our productivity, and that's that's the main thing I'm most excited about is we we've gone through 150 years of basically 2% average GDP growth, real GDP growth. And you know, it's conceivable, possible, that AI can break us out till we get a 4% growth spike. We start getting these high growth rates that the current Trump administration believes that we can have. Uh what's kind of cool about that is the last time we saw these productivity gains was when the internet came about. And Alan Greenspan was chairman of the Federal Reserve. Uh, in the mid-90s, he saw, where the rest of the board didn't really see this, he saw the productivity gains the internet was going to bring. So he kept interest rates low at a time we had a little inflationary pressures, and there was some balking about that. But he was right that productivity gains has the ability, one, you don't have to hire as much, so you don't have the cost of operating the business, and you're able to reduce your costs and increase your profits by productivity. So that is a big, big driver that we can see next year. And again, I don't think it's the provider of the compute hyperscaling power, the Max 7. I think it's the users. Example, C. H. Robinson Logistics Trucking Company. I'm seeing here where their quotes they used to tell bill of lading, I got a I got a product with goods, I need to get a truck shipped across the country. Used to take them hours, up to four hours to do that. They're getting it done in 32 seconds now. 32 seconds from several hours. It's now do over 3,000 automated bills of lading a day. If I look at Rocket Mortgage, the mortgage origination company, this is a company that's taken its call volume, saved 9,000 man hours a month in call volume because the AI agents are answering the questions on the first call when the customers call in, , processing paperwork from four hours down to you know 90 seconds, on and on. UPS is saving something like 100 million miles of driver routing because of the AI use of tools of how they do their routes, the most efficient routes. So that's amazing. You can see it going. It's just happening everywhere. And that's going to be the transition into these kind of companies. They're not Mag 7.
Natalie Picha:Yeah, right.
Glenn Royal:They're industrial, they're materials, healthcare is another big winner in this space. So that's all the excitement that we have going next year, but it does kind of hurt that younger cohort at this point because of the job market opportunities. They would have taken those jobs in the past. And I don't know how that's going to work out. My guess is it's probably going to be like you may have a different career than what your college education you you went to school for. You may find your, like we've we've seen in the past, creative destruction is kind of the nature of capitalism, and job changes come with that as we move on to different things. So that's going to be something that we're going to deal with. You know, that's a reality of the labor in that space. It's affecting their home affordability. The average age of a a young person used to be when I burnt bought my first home, I was 30. Today, the average age of a new first-time home buyer is 40. Uh, it takes you, if you have a 45-year estimated working life from 19 to 65, it takes you almost almost half of it, over 40 percent today to be able to get the funding to buy that first home. So things are changing in that way, the affordability. And I think that's going to have to be a political answer. I don't know what that is, but that's something brewing under the surface that we'll have to deal with next year. And those are the things that create this tension and this volatility. And it's going to be hard because you know, we talk about the K economy, and I'm having these discussions with folks who are they're seeing the real life impact that's happening. And I'm seeing it from the economic impact, the cost savings, the profit growth, the you know, cheap interest rates coming on, how that bodes well for markets, but it doesn't necessarily bode well for you know regular standard of living. So those are that's something I'm going to pay attention to next year and see if there's any kind of blowback in the markets, but I definitely think it's going to create more volatility. We talked about all that zero data expiration, , double and triple lever exchange traded products and stuff, the gambling. There's going to be periods when that all stop goes, like we just kind of had recently with AI. You're going to have, as an investor, is you're going to have to have the ability to look through it, to have the patience to keep your eye on the long ball and realize it's not about a one-month performance return on a statement. It's about, you know, three, five, ten years type of investment grub that you look at. The ball is just part of the the trade.
Natalie Picha:Yeah. Well, so we we see all of this momentum going into next year. But one thing that keeps coming up over and over again are the energy constraints and grid capacity around AI. I saw this statistic and was just really surprised. We're doubling the computing demand. AI's computing demand is doubling every six to nine months. So yeah, productivity, all the things that it's bringing, but there's still some we still got some pretty big challenges as we're in this.
Glenn Royal:Our grid is 50 years old, our transmission grid. Europe's 30, China's 15. China has five times the energy production capacity that we have. They can the full data centers. So it's kind of what we talked earlier on about emerging markets, looking kind of interesting. They have the the newer infrastructure that's the built-out in the last couple of decades, unlike us. It's also a reason why we like investing in industrial and utilities, because they benefit from this build-out here in the United States. The question I have, and kind of my one of the things that keeps me up at night, is will I start seeing dark data centers? And what I mean by that, when we had the fiber optics, remember how high-speed cabled everybody's home? They laid miles and miles of fiber, big expensive, and a lot of it laid dark. It was never used, installed, but just laid there. So am I going to get to a position where I have data centers that are built out and ready to go, but they're dark because they don't have the power. Interesting, too. Another another little side note here. Uh, a crypto in the crypto space, we see what's going on there, right? It's kind of all over the map. Losing its thunder is certainly correlated, highly correlated with non-profitable tech companies, is really what it tries to. But I saw where a crypto miner this week that realizes that they're not making any money on mining crypto, but what they have is the energy to mine the crypto. So now they're selling their energy back to the AI data centers and making their money that way.
Natalie Picha:Wow. Yeah.
Glenn Royal:Well, you know, capitalism.
Natalie Picha:Yeah, that's capitalism. Absolutely. 100%. Which I think you've already mentioned this, but international value in emerging markets, right? Because China has that better grid, if you will, the ability to have more energy. We are seeing opportunities there. So we've been mostly in the US. US has had all the steam behind it for this AI trade, but now we are considering broadening out a little bit into those emerging markets and international opportunities.
Glenn Royal:We we moved, um, actually we entered that emerging markets during the Liberation Day sell-off through a dimensional funds product that we have, and it has a little EM component in it. It's done really, really well. I'm mindful that we are not the only one that has the ability to build AI data centers. You're seeing that all over the world right now. So they're going to benefit in their home countries through the use of productivity enhancing tools. So that that wants makes me want to lean in that space. The other caveat is that this is kind of interesting. We disengaged again with the rest of the world. We're in a rate cutting cycle where the rest of the world is either holding or raising interest rates. They're a little bit ahead of us in in some ways, maybe in their growth. I don't know, I don't want to blame things on tariffs. They catch the name for everything, but there's things happening out there where we're seeing growth in international markets. I'm seeing for the first time Germany's 50 billion plus defense spending. I mean, you know, they still have their first nickel, right? Germans don't take on debt, but they are taking on debt. You're seeing that in Europe. And so, like what we're going to see here next year, and one of the other things really gets me excited about the U.S., and I don't want to ban in the US, don't get me wrong. The U.S. is the core of the market portfolio, but to have 15, 20 percent kind of leaning out outside the US makes some sense. But , I'm going to not only do I have this monetary policy stimulus here by our Fed, which really goes around the world, I also have, you know, a fiscal policy stimulus. I have tax rebates coming in next year. What if the tariff is overruled, the EPA is overruled, you know, is that rebates that's basically a a tax cut for corporations in a way. If you think about it, boom, the profitability goes up. So there are some stimulative effects with the tax cuts, the from , you know, no tax on tips, the seniors get the $6,000 they can on their Social Security, , all kinds of things that are happening. You're going to see a flood of money, a flood of stimulus come in in the first part of next year. That tends to come find a home and risk assets. So I think the market's going to lift not just here, but globally, but it does give you this opportunity. Is we've been really talking a lot about this. How do you handle AI risk is where you diversify your portfolio, right? And so I think you're giving a really strong opportunity to do that. Even in the fixed income space for the balanced portfolio, I think you have a good opportunity there because of the the Fed lowering rates at auto fixed income prices.
Natalie Picha:Well, how do you think we're going to have a transition here very soon? We saw just this week the Fed lowering rates by 25 basis points with three dissenters. We know that it could be Chair Powell maybe replaced here very shortly. What do you think that's going to do to markets going into 2026?
Glenn Royal:If the Fed is allowed to do what the Fed does, maintain its independence as a central bank, I think it's going to probably question some of these cuts coming next year. Right now, the market's expecting two more cuts and in 26, kind of a spring and a later in the year cut. We'll see. The concern that you're seeing in the bond market, and one of the how we're playing the bond market right now is we're staying shorter maturities because you know, the shorter end of maturity, I'm going to get 100 bucks back right at mature is out. I'll go out longer. I have all that uncertainty I have to deal with. And so there's this concept called the term premium. I want a premium if I'm an investor in fixed income debt for that uncertainty, particularly 10 years and out. And that's important because the 10-year treasury is really the benchmark rate that's controls mortgages, credit card, everything relates to the 10-year rate. So I can see a case where I have what we call a steepening of the yield curve because of various concerns, particularly if there's concerns about Fed's independence, you'll see the longer end of the curve trend higher. The shorter end, if you had concerns about the independence, it's because it's been loaded with doves, right? And there's a little wrinkle in the system. Uh, we've talked a little bit about this, about how the makeup of the Fed is. And this is what I'll be watching for in February, I believe, is when it happens. But right now there are five sitting Federal Reserve governors, and then there are 12 bank presidents. Seven of the bank presidents rotate to be voting members on the FOMC Federal Open Market Committee, along with the five permanent governors, Chair Powell being one of them. Uh, that's going to change. You're going to get possibly looks like the leading candidate is Kevin Haslett, coming from Council of Economic Advisors, a really sharp guy, very, very capable of doing the job. But he, you know, he he shares the president's affinity for lower rates, you know, shares a lot of thought thinking there. So if you have a situation where you can change the makeup of the governors to where you get three of the five, and there's there's a possibility of that. I mean, I don't want to bet the farm on it, we're just being aware of it. Um, then when the 12 bank presidents come up for appointment, they can be not reappointed. Uh, it happens every five years, it happens on years in at six and one. So February, we're going to have all 12 bank presidents suffer reappointment. And the reason why I think the market's looking at this with some caution is that the Treasury Secretary Bessant and along with Hasslett have recently floated up the idea in the last week that the Federal Reserve Bank presidents within those districts, like Dallas, Kansas, San Francisco, et cetera, have to have lived in that district for the prior three years. Well, maybe that's not a bad idea. You know, you know your district quite well if you live in it, versus bringing us some from New York to Dallas, right? So that's that's kind of what we see going on. So if I have doves put on the board, friendly, and the market will see right through that. And then you could see pressures in the bond market, and then , you know, we'll we'll have to address that if it comes. I I'd say it's a low probability event, but you know, things I thought were low probability have happened. So, you know, who knows? But we're watching it for sure. The other wild card I think um that we're all bets are off next years if if China were to invade Taiwan or Russia were to go into Europe. I mean, those are geopolitical things, but all bets are off. I I don't we're we're just going to have to reassess what's going on should that occur.
Natalie Picha:So I think that's a great transition to you know what we do um at RHP and some a little bit around our portfolio construction methodology. And you know, at the we've always said one of our number one priorities is we're risk managers first. So whether we're doing financial planning or we're doing portfolio construction and portfolio management, we're we're thinking about all the risks across the board. That's first and foremost. But then of course, to your point, looking at the broadening out of the the markets, where we've been with AI and productivity, our second priority is always trying to identify the opportunities in the markets and current economic cycles and not just being static. Can you talk a little bit about what you're going through? Because I know you do this every single year, what you're thinking about and what the setup will be for 26 and how our portfolios will be constructed going forward.
Glenn Royal:Yeah, one and thank you for asking that question. Um, you know, one of the things that we really try to do, and I've been trying to do is, you know, rather than being a strong portfolio manager in a sense where I'm picking individual stocks and doing all this as my portfolio in that light, there's there's increased risk with that, the smaller shop like ours. And so what we've done the last couple of years is we've we've shifted the portfolio, still our style, what we like, but I'm bringing in underlying active managers. So I'm becoming more of a macro allocator. So we'll hire American funds, we'll hire , you know, dimensional, we'll hire whomever, JP Morgan, et cetera, BlackRock, but best in class in those respective areas. So we're putting a portfolio together that has all types of active management. But one of the key things we really focused on this year, in addition to performance, was what we call tax alpha, right? Minimizing that tax bill. Preservation of wealth would be either taxes or market declines or super critical. And so the ETFs, we use exchange traded funds. And what's cool about those is all that trading that goes on, unlike a mutual fund that distributes capital gains at the end of the year, the the structure of the ETF, the legal structure, allows them to embed that capital gain. So it's not distributed to us. So we can get big lifts with active managers trading it, doing everything they can. And until we sell that ETF, I don't have a taxable event. So that that's a big change we've done. Um, I still take kind of a multi-approach to the portfolio where we'll bring in, we have some broad-based indexing. I call it cheap beta. It's very inexpensive to get that exposure, S&P 1500 type names of the portfolio international. But then I step into um because I want to beat the market, right? It's human nature, right? You always want to try to beat it. We bring in quantitative finance. I'm bringing in the mathematicians, I'm bringing in the machine language, I'm bringing in the AI guys to help run that a big chunk of that portfolio. And then around that, we're starting to come into where I overlay some thematics. And I think you're going to see a lot more of that. We have in the portfolio, for example, kind of utility sector, , which was a build-out for the AI stack, done quite well for us. We got into also infrastructure as we built out around the country, the grid, the transmission, et cetera, here too. Those are kind of thematic plays that I think you may see more of in the coming year. Uh, but around the the core of the portfolio, the bedrock of the portfolio, , which is those quants, the the indexing, we we're just kind of laying that. Really like the portfolio. Um, there's some tweaks we're probably looking at doing is based on some of the discussions we're having this today, , as we get we look into next year. But I I think one thing to be aware of, I'm not the only one thinking this way, right? So when we cross January 1 into the new tax year, you could see some profit taking across the board and some of these big AI names. That would be the time to do it if you don't book taxes this year. Yeah, watch for a little indigestion like that, tax trading.
Natalie Picha:Well, and that's a great point. I think something else to think about when we talk about our portfolios and where we are with clients and and how the portfolios line up with their long-term financial plan is that our emphasis at RHP has always been on long-term purpose-driven planning and investing. So, you know, we're not we're not trying to shoot the moon. We're we're trying to provide a relatively smooth ride when we can for our investors that lines up with their overall goals. And this is not a it's not a short-term game.
Glenn Royal:And having the team that we have at RHP between the most important part around here is the financial planning, because as y'all work with clients and you understand their individual goals, that factors into, you know, down at my end of the hall and what I'm trying to do to help y'all meet those. And it really works well.
Natalie Picha:Well, I mean, at RHP, we're committed to helping families navigate uncertainty with clarity and confidence. That's that's really what we wanted to say today is that we're here to help you get through whatever happens in 2026. But boy, what a ride, 2025. Who would have said who would have guessed?
Glenn Royal:You know, a year ago we were having this conversation, it was kind of the same thing. And yeah, who would have thought we were concerned, everything was oh, we didn't and then you had the liberation, and bam, you know. So what it tells me is you stay long in the markets, understand when it's over, there's too much risk, kind of undue risk, don't have to take that step back, but stay long, stay invested. Time is your is your biggest ally in the markets. And if you do zero day to expiration, you know, I get it. I mean, I understand why part of the investment process of folks I speak to under 30 is not only long one things we do, it's also the zero day to expiration, a little akashi bolly market. Betting on the side is their whole deal. And for the astute trader, they're going to do great. But unfortunately, not many are astute and they're going to have a painful financial lesson, I'm afraid, when this, you know, that dance stops.
Natalie Picha:Well, thank you as always for taking the time to have this conversation. I know that we have a we have a pretty good fan base at this point. We have clients who are like, when are you putting that podcast out? So you guys keep us on our toes and we appreciate that. Uh so thank you, Glenn, for today's conversation.
Glenn Royal:Thank you, Natalie. Uh, always glad to be here.
Natalie Picha:Thank you. Thank you for tuning in to this episode of Market Talk. Please take a moment to subscribe and leave us a rating and a review. Our hope is to reach as many listeners as possible. So please share this episode with friends and family. Helping others is what keeps us going every day. You can find us on LinkedIn, Facebook, and Instagram for additional content. And to book a consultation or discuss today's topic, visit us at RoyalHarborPartners.com. Whether you're just beginning your financial journey or already working towards your ultimate life goals, we're here to guide you. Experience the difference of working with a firm that empowers your life. A firm that focuses on what matters most.
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